Although these institutional developments did not inherently instigate monetary debasement, they represented a departure from the sound-money mechanisms of the ideal, market-based gold standard.
Befuddled by years of monetary-policy ineptitude and the seeming failure of drastic fiscal measures to stimulate economic activity, the Roosevelt administration turned to the treacherous financial alchemy of debasement in a desperate attempt to "reflate" the economy.
Mariana was probably interested in this common form of monarchical misbehavior as early as his time teaching at the Sorbonne in Paris (1569-73), and surely prior to the publication of his De ponderibus et mensuris [On Weights and Measures] (1599), which treats subjects profoundly related to the debasement issue.
As Mariana states repeatedly, monetary debasement is immoral; indeed, he allows that it is akin to the immorality of slavery.
Since Wisselbank funds were payable in coins with a relatively stable value, the pace of debasements slowed to a trickle as more and more transactions were settled in bank funds.
By transforming its deposits into outside money, the Wisselbank was able to more effectively discourage debasements and their inflationary consequences.
Pamuk stresses the fiscal reasons behind the great debasements of Mahmud II in 1828- 31.
The debasement of 1585-86 is also analyzed in the context of those fiscal difficulties.
Debasement served to cheapen the manufacture of coins.
Thomas Wilson's A Discourse upon Usury(29) underlines increasing anxieties about ungovernable exchange and exportation during the sixteenth century, but nevertheless successive Tudor regimes resorted to interference in monetary policy, particularly through debasement tactics, in order to "inflate" and manipulate the money economy to their own advantage - literally, to capitalize on money.
4) Sussman (1993) presents a sound analysis of later debasements which illustrates the general principles and raises the right questions.
Debasements, Royal Revenues, and Inflation in France During the Hundred Years' War, 1415-1422.