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David Ricardo: Money
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[A]s a strong advocate of 'Sound' Money, David Ricardo persuaded the British parliament to establish a strict anti-inflation monetary standard (which it did pass, called the Peel Act). This is the same goal Alan Greenspan and the rest of the world's central bankers have today.
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At 21, Ricardo broke with family tradition and his orthodox Jewish faith when he decided to marry a Quaker. His family disinherited him, his reputation and friends stood by him and he continued to make healthy money; funds sufficient enough to retire in 1814, aged 41, to his country estate, Gatcombe Park.
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As can be seen from the quote, Ricardo's burden-free tax is a tax on gold used exclusively for money. A reduction in the quantity of gold results in a proportional increase in its price; since the services provided by a coin depend on what it will buy not how much it weighs, the smaller quantity produced as a result of the tax provides the same monetary services as the larger quantity produced before the tax. The revenue to the government is paid by the reduced cost of producing a smaller quantity of gold.[1]
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