INTRODUCTION THE following work is an attempt to explain, in as clear and simple language as possible, the elementary principles of Currency and Banking, their progressive development in practice, and the laws at present affecting them. Many of the works already existing on these subjects are excellent in several respects, and contain much valuable information; but...
Read more »

PREFACE THE principles of the following Work have appeared in former publications, but are more fully developed in this. Those publications have not been generally read, but were not, perhaps, without their effect. They at least have furnished the sub-stratum of more than one popular essay: if any writings on subjects of Political Economy can...
Read more »

PREFACE In the present edition of these Lectures I have corrected some inaccuracies which occurred in the first. I have in many places, where my meaning seemed to be obscure, endeavoured to make it plain ; and I have, in some instances, altered the arrangement of the subjects. I believe that they are thus better...
Read more »

THE metals have so long performed the use of money, that money and coin are become almost synonymous, although in their principles they be quite different. The first thing therefore to be done in treating of money, is, to separate two ideas, which, by being blended .together, have very greatly contributed to throw a...
Read more »

MONEY is one of those terms which political economists have borrowed from popular speech and found ill-adapted to their purposes. In spite of numerous attempts to make a suitable definition, it still lacks the precision and definiteness of meaning which should characterize scientific terminology. Popular usage is tolerably consistent and clear, but fails to...
Read more »

PREFACE There are many excellent manuals treating of the history and principles of money, of credit, and of the history, principles and practices of banking, but the author has not found any single book which presents in a concise way the whole general subject of money and banking, so arranged as to make it...
Read more »

INTRODUCTION Every head of a corporation, every business man, in fact everyone employed in a responsible position and upon whose judgment the success of an enterprise largely depends, should provide himself with a general knowledge of the problem of investments and speculation. Investment and speculation are so closely associated with the well-being of trade that...
Read more »

Abstract In a world were trading is costless, assets with identical cash flows must have identical prices. If arbitrageurs face unit time costs, or holding costs, the prices of these assets need not be equal, i.e the assets can be relatively mispriced. This paper constructs a dynamic model of the equilibrium determination of prices...
Read more »

PREFACE This volume is the result of four years of experimentation in the teaching of an introductory course in Money and Banking. It is not a book of collateral readings or materials in the ordinary sense, but is designed to serve the purpose of a text and at the same time to give the...
Read more »

PREFACE This volume of exercises and questions is for use with the author’s Principles of Money and Banking and is designed to serve as an aid in the working out or elucidation of those principles. It is coming more and more to be recognized by teachers of economics that if their work is to...
Read more »

INTRODUCTION IN presenting this work to the public our object has been to explain the technicalities of the Stock Exchange, and to clear up such difficulties as have hitherto lain in the paths of inexperienced investors. We show the principles upon which a capitalist, large or small, can obtain the highest return for his money,...
Read more »

WHETHER the monetary disturbances have reached their climax and matters will now steadily mend, or whether we are destined to witness a fresh outbreak from some unexpected quarter, is a question on which the most expert financier would hardly care to venture too dogmatic an opinion. Outside the financial world, the business community in...
Read more »

INTRODUCTION. It is alleged by persons of great political influence, that defects very injurious to the community exist in the present system of Banking in England, and manifold evils in its practice ; and that the Legislature is imperatively called upon to remove those defects, by sanctioning some new method of Banking, and introducing...
Read more »

PREFACE. No one will question the need of a systematic treatise on National and State finance. The exercise of more intelligent public economy and more efficient justice are matters of great practical importance with many who feel the burden of taxation. These matters are not less vital to the toiling millions, whose struggle to...
Read more »

INTRODUCTORY The meaning of Money is not a question of economic theory. The object of this volume is to explain a matter of plain, positive, practical fact, which is very important, very dull and very little understood ; and to do so as clearly as may be, and with the least possible use of...
Read more »