Inflation
Sir,—History tells us that Queen Elizabeth I realised that the first necessary condition of the recovery and growth of national prosperity during her reign was an honest coinage. In September 1560 she called in, by proclamation, the existing currency of debased coins to be paid for in new money at a rate somewhat below their nominal value. The skill and success with which this dangerous operation was carried through bore witness that the Queen and her Privy Council well understood the economic aspects of government wherein some finance ministers of more recent history seem to have gone fatally astray. — Yours, etc.,
H. J. van LINN. July 21, 1987.
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Press, 23 July 1987, Page 12
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109Inflation Press, 23 July 1987, Page 12
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