A Proof of the Depreciation of Bank Notes
The High Price of Bullion A Proof of the Depreciation of Bank Notes
John Murray, 1811.
Fourth edition with additional appendix. Bound to style in recent half red morocco with gilt rules on marbled boards, gilt titles and two raised bands to spine detailed in gilt. A very good copy, with some foxing throughout.
Ricardo's rare first separately published work, which focuses on how English Bank Policy was the catalyst for the "Bullionist Controversy" leading a committee to be established to analyse the rising cost of gold.
Ricardo argued that banknotes should always be immediately convertible into gold to avoid inflation, because if the value of paper notes issued did not exceed the value of gold or silver coins available it would always be possible to sell them abroad for the same value as another country's currency, meaning English currency could not fall too far in value.
Ricardo used this tract to show that the increasing price of bullion was due to an excess of inconvertible paper notes being issued, made possible by the Bank of England separating paper money from gold.
The work was immediately influential on economic policy debates and was reprinted quickly. This fourth edition appeared just a year after the first, expanded in form with an additional appendix. Copies are seldom seen in commerce with no copy at auction for more than 50 years.
Stock ID: 46533
£8,500.00
