Money and the Nation State: The Financial Revolution, by Richard Timberlake Richard (Editor), Merton Miller

By Richard Timberlake Richard (Editor), Merton Miller (Foreword by) Jr.

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William and his government were themselves in no better position. But the Bank was an institution newly floated in triumph in the face of all opposition. At least half the City of London believed in it. The king's "pay" was bad; but where his tallies would no longer go he could place with ease the Bank's "bills," sealed with the common seal of the corporation, and engraved with the figure of Britannia seated upon a bank of money. Thus the king's immediate difficulties were surmounted by an inflation of credit of the simplest order.

23 But a temporary wartime suspension was not considered an abrogation of the gold standard if there was a commitment to restore the prewar parity after the war. If so, the gold standard can be viewed as a contingent rule with an emergency escape clause. To support expectations of future price-level stability, the contingent rule had to include an irrevocable commitment to restore the original parity after the war. S. resumption at the old parity after the Civil War, despite the resulting serious postwar recessions, indicate how seriously the commitment was regarded.

Cato Journal 8 (Fall): 351-73. I The History of the Modem International Monetary System 1 An Evolutionary Theory of the State Monopoly over Moneyl David Glasner The history of money virtually coincides with a history of the debasement, depreciation, and devaluation of the currency by the state. Despite the discontent that the sovereign's debasement of the coinage has always provoked, neither the monopoly over coinage that allowed such debasement nor state control over more modem forms of money creation has occasioned any serious challenge to the legal monopoly over money that has permitted the state to depreciate the value of money for its own purposes.

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