A Discourse Concerning Coining the New Money Lighter. In Answer to Mr. Lock's Considerations about raising the Value of Money.

Verlag: London: Printed for Richard Chiswell, 1696

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First edition of this prescient polemic on state-imposed currency values, anticipating Ricardo's currency principle and modern fiat money. Barbon's tract is among the most extended critiques of Locke's economic theories. 1690s England experienced a severe shortage of silver currency. Coins were melted down and sold abroad as bullion, while many of those still circulating were mercilessly clipped. In 1695, John Locke served on an emergency government commission. He recommended a recoinage of the existing stock, from pure silver, without adjusting its value. Here, Nicholas Barbon (c.1640-1698) outlines a systematic critique of Locke's proposals. Criticizing what he saw as Locke's simplistic view of monetary value, Barbon distinguishes between the intrinsic material value of silver coinage and its mutable economic value. "The Price or Value of every thing arises from the occasion or use of it" (p. 10). For Douglas Vickers, this was "the first statement in systematic form of the cartalist position, which in the eighteenth century, was to be developed by Law, Berkeley, and Steuart" (quoted in Hutcheson, p. 75). In line with this, Barbon estimates that recoinage in pure silver would produce around half the coins originally circulating, and would potentially cause vast deflation if old values were retained. Further on, he anticipates Ricardo's currency principle - that a currency of coins and paper notes should fluctuate exactly as a purely metallic one would - by over a century. "The Balance of Trade (if there be one) is not the cause of sending away the Money out of the Nation: but that proceeds from the difference of the Value of Bullion in several Countries, and from the Profit that the Merchant makes by sending it away, more than by the Bills of Exchange" (p.59). Barbon became a property developer after the Great Fire and is thought to have introduced the concept of fire insurance. Despite this, it is for his economic contributions that he is remembered: Schumpeter ranks him as one of the leading economists of his day, while Hutcheson judges his theories "in advance of their time" (p. 78), Provenance: Society of Writers to the Signet, Scotland's oldest and largest body of solicitors, named for the officials responsible for documents under the royal seal (signet). The Signet Library was founded in 1722, and its 19th-century pressmark ticket is on the front pastedown. ESTC R12375; Goldsmiths' 3248; Kress 1931; Sraffa 222. T. W. Hutcheson, Before Adam Smith: The Emergence of Political Economy, 1662-1776, 1988. Octavo (153 x 92 mm), pp. [xvi], 96. Title printed within double-rule border. Nineteenth-century half calf, neatly rebacked, marbled boards with arms of Society of Writers to the Signet blocked in gilt to centre, spine lettered in gilt. Infrequent orange pencil sidelining. Light bumping and wear, inner hinges split but holding firm, minor browning and foxing to contents, leaf D1 with minor pre-printing crease and short closed tear to outer margin, neatly repaired, leaf D8 with tiny hole, touching one letter: a very good copy.…

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Bibliografische Details

Titel
A Discourse Concerning Coining the New Money Lighter. In Answer to Mr. Lock's Considerations about raising the Value of Money.
Autor
BARBON, Nicholas.
Verlag
London: Printed for Richard Chiswell, 1696
Auflage
1. Auflage

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