Walter Bagehot addresses the issue of a universal currency in A Practical Plan for Assimilating the English and American Money, as a Step Towards a Universal Money. He presents the issue of differing currency among trading nations, which allows for dishonest exchanges. As an editor of The Economist, Bagehot presents an intellectual argument for an international coinage by citing the issues it would solve, while including its limitations and discussing the practicality of his plans.British journalist WALTER BAGEHOT(1826-1877) was an early editor of The Economist and was among the first economists to discuss the concept of the business cycle. He is also the author of The English Constitution (1867), Physics and Politics (1872), and The Postulates of English Political Economy (1885).