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1、WRITERSONENGLISHMONETARYHISTORYMORRISONANDGIBB,PRINTERS,EDINBURGH.;;SelectTractsandDocumentsIllustrativeofEnglishMonetaryHistory1626—1730ComprisingWorksofSirRobertCotton;HenryRobinsonSirRichardTempleandJ.S.SirIsaacNewton;JohnConduitt;TogetherwithExtractsfromtheDome
2、sticStatePapersatH.M.RecordOfficeByWM.A.SHAW,MA.AUTHOROF"THEHISTORYOFCURRENCYClementWilson,London:18969PREFACEThefollowingworkisintendedasaverysimpleobject-lessoninCurrencyHistory.Itisscholasticentirely,thatis,innosensecontroversial;indeed,inordertoavoidanyreproach
3、ofcontroversy,therangeofthebookisdeliberatelyrestricted.TofillupthemeasureofahandbookofdocumentsillustrativeofEnglishMonetaryHistory,amuchmoreextendedrangeofdateandsubject-matterwouldberequired.ItwouldbenecessarytogobacktotheearliestMintIndenture,andtocomedownatany
4、ratetothePeelBankAct.Thefollowingpagesarenotofthiscomprehensivenature.Theyarerestrictedpracticallytoacenturyastoextent,andthat,acenturywhichisincapablebyanystrainofinnuendoofbeingmadeorheldcontroversial.Controversyapart,therefore,andassumingthispurelyscientificdisp
5、ositionofthematerialofthesepages,whatistheirgeneralsubstance?Inverybrief,itisanillustrationatfivedifferentpointsoftime,throughtheyears1620to1730,oftheonemaindifficultywhichthemonetarysystemsofeveryStateofEuropeexperienced,astheresultofamechanisminheritedfromtheMidd
6、leAges,andwhichtheycontinuedtoexperienceuntilthereformsviPrefaceofquitemoderntimes.Morebrieflystill,itisanillustrationoftheactionofGresham'sLaw,throughthatperiodofourmonetaryhistoryinwhichitismostinstructivetowatchtheactionofthatlaw.Thereare,however,twoobjectionsto
7、theuseofthisterm,Gresham'sLaw.Inthefirstplace,theprincipleenunciatedinanadagebySirThomasGresham,hadbeenknownandacteduponforcenturiesbeforeGresham'stime.And,inthesecondplace,theformofGresham'sadageisnottomymindcompletelysatisfactory.Insteadofsayingthatbadmoneydrives
8、outgood,heshouldhavesaidthatunderthemediaevalEuropeancurrencysystembadmoneywasallowedtobuyupgoodmoney.Itisnottruethatbadmoneydrivesoutgood.Suchap
