Subject
Currency question -- Great Britain Books
Best books
T. R. (Thomas Robert) Malthus
The Measure of Value Stated and Illustrated With an Application of it to the Alterations in the Value of the English Currency since 1790
"The Measure of Value Stated and Illustrated" by T. R. Malthus is a scientific publication written in the early 19th century. This work explores the concepts of value, particularly focusing on the relationship between the value of goods and currency in the context of economic theory. It aims to establish a measure of value that can accurately reflect the worth of commodities amid varying economic conditions. In the book, Malthus delves into the two principal meanings of value: "value in use" and "value in exchange." He argues that a reliable measure of value is crucial for understanding economic dynamics, specifically in evaluating wages, salaries, and overall purchasing power across time and different regions. Malthus highlights the roles of labor and profits in determining the natural prices of commodities, and discusses how changes in profits and the state of demand and supply impact commodity values. The work ultimately seeks to articulate a method for calculating the absolute and relative value of goods, emphasizing the necessity of using labor as a yardstick for economic assessment.
John Law
Money and trade considered : $b With a proposal for supplying the nation with money
"Money and Trade Considered: With a Proposal for Supplying the Nation with Money" by John Law of Lauriston is an economics text published in 1705. Law proposes replacing Scotland's silver currency with paper money backed by land values, arguing that metal currency has become unstable due to New World silver flooding Europe. The work introduces groundbreaking economic concepts that would later influence Adam Smith and John Maynard Keynes. Though Scotland rejected his proposal, Law implemented his ideas in France, creating a spectacular financial bubble that ultimately collapsed.
John (of Dublin) Haslam
The Paper Currency of England Dispassionately Considered With Suggestions Towards a Practical Solution of the Difficulty
"The Paper Currency of England Dispassionately Considered" by John Haslam is a critical examination of the banking system, particularly regarding paper currency, written in the mid-19th century. This work discusses the implications of the Bank Charter Act of 1844, focusing on the limitations and advantages of the paper money issued in England. The author critiques the existing monetary arrangements and argues for reforms aimed at improving the stability and effectiveness of the currency system. The opening of the pamphlet provides a preface in which Haslam explains his motivations for presenting his views directly to the public, having initially intended for the text to be part of a deferred periodical publication. He emphasizes the significance of the redemption clause related to the Bank of England's privileges and highlights the complexities of monetary law. This section sets the groundwork for discussing the 1844 Act's clauses, its perceived flaws, and proposals for addressing matters such as the issuance of currency and the risks involved in the current banking practices. Haslam argues for a more uniform and state-controlled approach to currency to better serve the public interest.
Hartley Withers
War-Time Financial Problems
"War-Time Financial Problems" by Hartley Withers is a detailed financial commentary written during the post-World War I era. The text reflects on the economic ramifications of the war and examines the financial policies adopted during this time, likely written in the late 1910s, as the world was emerging from the conflict and grappling with its effects on capital and commerce. The book addresses critical issues such as the creation of capital, war finance, and the implications of governmental monetary policies and taxation. At the start of this work, the author introduces the topic of the supply of capital and the conflicting views on its availability in the aftermath of the war. Withers explores concepts related to the definition of capital and suggests that the actual destruction of capital due to warfare may have been overstated. He emphasizes that saving is essential for capital creation, urges the importance of prudent taxation strategies, and points out the dangers of inflation and unsound financial practices. This opening portion sets the stage for a more profound analysis of how wartime financial practices could influence both immediate recovery and long-term economic stability.
Walter William Wall
The war and our financial fabric
"The War and Our Financial Fabric" by Walter William Wall is a historical and economic analysis written in the early 20th century. This book examines the impact of a major war—clearly referencing the First World War—on the financial systems and banking operations of Britain, focusing particularly on issues such as banking, credit, currency, and national financial confidence. It is aimed at readers interested in monetary theory and the mechanics of banking during times of national crisis, offering insights derived from recent and unprecedented financial challenges. The opening of the book, which includes the preface and first several chapters, sets out Wall's fundamental argument that the British financial system, often criticized for resting on a supposed fragile "superstructure of credit," is in fact far more robust, being grounded in the nation's wealth and sound banking practices. Wall discusses the evolution of money from barter to legal tender, distinguishes between types of currency and deposits, and explores how banks really operate—not by creating credit out of nothing, but by transforming existing wealth into liquid capital. He challenges prevailing anxieties about gold reserves and bank runs, stressing that public confidence in sound management, rather than mathematical ratios of reserves, is key to stability. Throughout, Wall uses simple analogies and balance-sheet analysis to demystify the functions of banks, making the complex structures and controversies of wartime finance accessible to lay readers.
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