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1788 Warning: Paper Money Paves Path to Panic

4/24/2025

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Summary

Story summary

In a cautionary letter from May 27, 1788, the author alerts Edward Carrington to the perils of rampant paper money in London, contrasting it with the scarcity of coinage. He foresees looming bankruptcies and an economic panic, stressing that paper currency is nothing more than a deceptive facade of wealth.

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Story summary

In a cautionary letter from May 27, 1788, the author alerts Edward Carrington to the perils of rampant paper money in London, contrasting it with the scarcity of coinage. He foresees looming bankruptcies and an economic panic, stressing that paper currency is nothing more than a deceptive facade of wealth.