From the PREFACE. THE following pages, the order not being preserved, are, with some alterations, taken from a work in process of publication, "The Monetary History of the United States." In them money is treated as a subject coming within the range of the exact sciences, every proposition in reference to it if properly elaborated having all the force of mathematical demonstration. There should be no more difference of opinion in matters relating to money, whatever the kind, than upon the proposition that two and two make ...
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From the PREFACE. THE following pages, the order not being preserved, are, with some alterations, taken from a work in process of publication, "The Monetary History of the United States." In them money is treated as a subject coming within the range of the exact sciences, every proposition in reference to it if properly elaborated having all the force of mathematical demonstration. There should be no more difference of opinion in matters relating to money, whatever the kind, than upon the proposition that two and two make four. If the propositions now put forth have not a like conclusiveness, the fault is with the writer, not the subject. It has been for the want of its scientific treatment that the wildest theories, often embodied in laws, have prevailed with the most disastrous results. In the present work it is assumed as proved that the value of metallic money, whatever the kind, is intrinsic, being no greater in the form of coins, the cost of coinage added, than in the melting-pot. Legislation can impart no other value. But metallic money is no longer that of affairs, having been superseded by representative money, or symbols of merchandise the ordinary subjects of consumption. Such money can be no more in excess, nor the cause of disturbance, than gold, the means for its retirement being provided previous to its issue, and as it is presently retired by its use. The two kinds described are the only proper money of affairs. All others are spurious or imitations....
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