The Present State of England, as to Coin and Publick Charges. Treating of the necessity of more money before taxes can be effectual, or trade revived, and of ways and means to procure it: as calling in all the plate on ready money; restoring credit; bringing out hoarded money; rectifying the ballance of trade; raising the value of money, against which the opposite prejudices, as injurious to King, Parliament and People, with Mr. lock's chief positions, are refuted by demonstrable reason and matter of fact.

HODGES, James.

Published by London: Printed for Andr. Bell, 1697

About this Item

First edition of this contribution to the coinage debate of the 1690s, calling for the depreciation of the currency, and asserting that money should be treated as a commodity. "Money, said Hodges, is a commodity. The only thing that makes money different from any other commodity is that its price and its value always fluctuate and always equal each other. Modern economists would regard this as simplistic, but Hodge's basic assertion that money itself is a tradable commodity that fluctuates in value continues to resonate today" (Witzel, p. 241) Hodges complains of the scarcity of money, and proposes that plate be called in and coined and the value of English standard money to be raised as a remedy for this scarcity. Hodges acknowledges that the increase in the volume of money may result in a rise of prices, but that this rise would come about only after the increase in the volume of money had acted as a means to further production. Hodges criticizes the views put forth in the debate by John Locke, who had opposed an increase in the money supply. The 1690s saw the government attempt to replace the country's coinage, which was both widely clipped and forged, and also in short supply as specie left the country to garner higher prices abroad. This reform engendered much debate, not least on the nature of money as a means of exchange and as a store of value, and appropriate government policy to stimulate trade and prevent a drain of wealth. ESTC R16911; Goldsmiths' 3427; Kress 2029; Wing H2299. Morgen Witzel, Management History, 2010. Octavo (171 x 104 mm). Eighteenth-century calf, rebacked, marbled endpapers. 18th-century armorial bookplate to front pastedown, ownership signature dated 1967 to initial binder's blank. Paper fault at foot of Q4, single manuscript correction to leaf Y4r. A very good copy.

Seller Inventory # 160959

Bibliographic Details

• Title: The Present State of England, as to Coin and Publick Charges. Treating of the necessity of more money before taxes can be effectual, or trade revived, and of ways and means to procure it: as calling in all the plate on ready money; restoring credit; bringing out hoarded money; rectifying the ballance of trade; raising the value of money, against which the opposite prejudices, as injurious to King, Parliament and People, with Mr. lock's chief positions, are refuted by demonstrable reason and ...
• Publisher: London: Printed for Andr. Bell, 1697
• Edition: 1st Edition