The Online Library of Liberty

A project of Liberty Fund, Inc.

• Notice.
• Mr M C Culloch’s Publications.
• Treaties and Essays On Subjects Connected With Economical Policy; With Biographical Sketches of Quesnay, Adam Smith, and Ricardo
• A Treatise On Money. 1
• Sect. I.—: Circumstances Which Led to the Use of Money. Principal Properties Which Every Commodity Used As Such Ought to Possess. Not a Sign Or a Measure of Value, But a Real Equivalent.
• Sect. II.—: Circumstances Which Regulate the Exchangeable Value of Money.
• Sect. III.—: A Moderate Seignorage On Coined Money Advantageous. Principles Which Should Regulate Its Amount. 1
• Sect. IV.—: Expense of a Currency Consisting of the Precious Metals.
• Sect. V.—: Paper Money. Principle On Which Its Value Is Maintained.
• Sect. VI.—: Whether Gold Or Silver Should Be Adopted As the Standard of the Currency, Or Whether It Should Consist of Both.
• Sect. VII.—: Standard of Money. Degradation of the Standard In Rome, France, Great Britain, and Other Countries. Effects of This Degradation.
• Tables Relative to the Money of the United Kingdom.
• Treatise On the Circumstances Which Determine the Course of Exchange.
• Inland Exchange.
• Foreign Exchange.
• Sect. I.—: Nominal Exchange.
• Sect. II.—: Real Exchange.
• Sect. III.—: Computed Exchange.
• History and Influence of Bills of Exchange.
• Essay On Interest and Usury Laws.
• A Treatise On the Letting and Occupancy of Land.
• 1.: Money Rents.
• 2.: Proportional Rents.
• 3.: Produce Rents.
• 4.: Service Rents.
• An Essay Showing the Erroneousness of the Prevailing Opinions In Regard to Absenteeism.
• Sketch of the History of Commerce, to the Sixteenth Century.
• Sect. I.—: PhŒnician Commerce.
• Sect. II.—: Grecian Commerce.
• Sect. III.—: Roman Commerce.
• Sect. IV.—: Italian Commerce In the Middle Ages.
• Sect. V.—: Vasco De Gama and Columbus.
• An Essay On the Rise, Progress, and Decline of Commerce In Holland.
• An Essay On the Rise, Progress, and Decline of the Hanseatic League.
• Essay On the Origin of the Compass.
• Sketch of the Progress of Maritime Law.
• An Essay On the Colonial System of the Ancients.
• Sketch of the Life and Writings of Francis Quesnay.
• Sketch of the Life and Writings of Adam Smith, Ll.d.
• Sketch of the Life and Writings of David Ricardo, Esq., M.P.

TABLES RELATIVE TO THE MONEY OF THE UNITED KINGDOM.

No. I.—English Money.—Account of the English silver and gold coins; showing their value; the seignorage or profit upon the coinage, and the mint price of the pound troy of standard gold and silver, from the Conquest to the year 1816. (This and the next table, No. II., are taken from Part II. of “Essays on Money, Exchanges, and Political Economy,” by Henry James.)

No. II.—English Money.—Account of the quantity of fine silver coined into 20s. or the pound sterling, and of the quantity of standard silver, of 11 oz. 2 dwts. fine, and 18 dwts. alloy, contained in 20s. or the pound sterling. A similar account with respect to gold. And an account of the proportionate value of fine gold to fine silver, according to the number of grains contained in the coins: and the proportionate value of fine gold to fine silver, according to the price paid by the mint to the public. Calculated in grains and 1000 parts troy-weight.

No. III.—Scotch Money.—Account of the number of pounds, shillings, and pennies Scotch, which have been coined out of one pound weight of silver at different times; with the degree of purity of such silver, or its fineness, from the year 1107 to the year 1601. (From Cardonnell’s “Numismata Scotiæ,” p. 24.)

No. IV.—Scotch Money.—Account of the number of pounds, shillings, and pennies Scotch, which have been coined out of one pound weight of gold, with the degree of their purity, and the proportion that the gold bore to the silver. (From Cardonnell’s “Numismata Scotiæ,” p. 25.)

No. V.—English Paper Money.—Account of the average market price of bullion in every year, from 1800 to 1821 (taken from Papers laid before the House of Commons), of the average value per cent. of the paper currency, estimated from the market price of gold for the same period, and of the average depreciation of the paper currency.

TREATISE ON THE CIRCUMSTANCES WHICH DETERMINE THE COURSE OF EXCHANGE.

In commercial economy, the term “Exchange” is commonly employed to designate that description of mercantile transactions, by which the debts of individuals residing at a distance from each other are liquidated, without the intervention of money. The object of this treatise is to explain the nature of these transactions, and the principles on which they are founded.

This will be best effected by treating, first, of the exchange between different parts of the same country; and, secondly, of that between different and independent countries.