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2020-02-14 18:50:06
John Locke
1695 JOHN LOCKE Money ENGLISH Coinage NUMISMATICS Economics PHILOSOPHY Currency
London: A. and J. Churchil, 1695. Further considerations concerning raising the value of money. Wherein Mr. Lowndes's arguments for it in his late Report concerning an essay for the amendment of the silver coins, are particularly examined. Locke, John. London : Printed for A. and J. Churchil, 1695. 2nd Edition. --o0o-- The Great Recoinage controversy of the 1690s was the impetus for Locke s writings on mercantile and monetary theory. In the 1660s Sir Josiah Child had argued that the legal rate of interest should be lowered. It was still a topic for political discussion in the early 1690s: Child was still pressing the argument, and was supported by London merchants. Locke however defended a legal rate of interest but refused to fix it below the current rates. This was the occasion for his publishing Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money in 1692. When William Lowndes, Secretary of the Treasury, proposed in 1695 to raise the nominal value of coins, Locke slightly revised Some Considerations and also published two further pamphlets, Short Considerations, and Further Considerations (the later of which is found here). At that time gold and silver coins had a value equivalent to their metal content, representing nothing but their silver or gold quantity. Locke rejected devaluation, basing his argument on this commodity theory of money. He considered raising of the denomination or the increase of alloy to be debasement and fraud" (Yolton). Locke's second major essay, Further Considerations Concerning Raising the Value of … [Click Below for Full Description]
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