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• Title: Argument 407: if Coins That by Law Or Generally Accepted Custom Had a Different Value in Relation to Other Copper Coins of a Lesser Value, In Places Also Different, Can They Be Justly Exchanged Between Those Places Keeping to the Equality?(Treatise on Money) (Excerpt)
• Author : Journal of Markets & Morality
• Release Date : January 22, 2005
• Genre: Business & Personal Finance,Books,
• Pages : * pages
• Size : 313 KB

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The issue is of great utility, and worth knowing seeing that the practice of the merchants and the doctrine of many doctors do not agree with each other. Some look for weakly ploys and try to make them prevail in order not to condemn the practice in some places, this being so that if their main assertion were true, such practice would be usurious, especially if the banker gives the money first so that it is later returned to him in another place. Consider that in this argument we are not discussing the increment the banker may licitly charge for reason of the exchange, nor the rulings that allow him to licitly charge it. We are discussing the commutation itself (putting aside such rulings and such increment), and want to know if there is an equality when money that in comparison to the small copper coins is worth less is exchanged for the same money to be delivered in a place where in comparison to the copper coins it is worth more, or if, on the contrary, there is no equality in such practice, and such excess or difference must be compensated in order for there to be equality in the contract, and, thus, if the one changing the money in the place where it is worth less should reduce the exchange of the similar coins that he has to give back in another place. And vice versa, if the one who carries out the exchange where they are worth more may and should increase in the exchange the respective increment. Some examples. When the ducat began to be minted, it was worth in Castile 375 maravedis, in Portugal 400 reais and, in Flanders, its value in what they call gruesos in that province was equivalent to 400 reais or maravedis, according to the estimation of the merchants and to the consensus in exchanges and in all negotiations. But since today there is no coin that has precisely that value--as said in Argument 400--the ducat's value in these three regions is still the same to the present day, whatever the coin used to pay. What is more, if in the exchanges, or in any other business or contract, the ducat is suddenly mentioned for any reason, its value is understood to be in Castile 375 maravedis, [and] in Portugal and in Flanders 400 reais or maravedis. The question, therefore, is: when those gold coins had that value in former times, and when today, that they no longer exist, they speak of ducats in the exchanges making reference to the explained value, do they observe the equality when exchanging a ducat in Castile for a ducat in Portugal or in Flanders? And vice versa, when a ducat in Portugal or in Flanders is exchanged for a ducat in Castile, do they observe that equality?

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