On the record
It is the universal law of political economy that, whenever two metals or two moneys are in circulation, the least valuable will drive out the most valuable; the latter will be exported.
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gutenberg.orgJohn Sherman: “It is the universal law of political economy that, whenever two metals or two moneys are in circulation, the least…”
Editor's note · Context
Sherman articulates a fundamental economic principle regarding the circulation of two types of currency and their relative values.
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