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In the following pages the subject of Money has been treated as coming within the range of the exact sciences; the conclusions being assumed to be in the nature of demonstrations. That they wholly contradict those laid down in the books, which have been accepted as fundamental truths for more than two thousand years, is due to the fact that a subject which could only be made to yield to rigid analysis has been treated after the manner of Aristotle and the Schools. Although the laws of Money are assumed to be sufficiently laid down in the first part of the work, the writer, from the universal prevalence of erroneous opinions, has lost no opportunity of illustrating them in the discussions which follow. If he have not in all cases clearly established the connection between his conclusions and premises, the reason will, he believes, be found in the fact that he has not, with all his efforts, yet been able entirely to emancipate himself from the methods of the Economists and Schoolmen.

BROOKLINE, Mass., 1877.


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This universal desire renders them the universal equivalent

The grounds of this preference, their beauty and the uses to which they

can be applied. . .

Other qualities fitting them to serve as money

Illustration of the uniformity of their value (note)

From their durability they become the reserves of society

Illustrations of their value as reserves (note)

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Necessity to social and material progress of some article or articles for

which a supreme preference is felt

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Contracts in them authenticated by written instruments

Hence the origin of paper money

Exchanges must be made at the standard, but may be made without the

actual intervention of the precious metals

Their use always barter.

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Based upon or symbolize merchandise, and retired by its use

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These are made by an exchange of their notes, presently due, for the bills of
their customers, due at a future day. . .

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