Money and Trade considered.
With a Proposal For Supplying the Nation with Money.Edinburgh: Heirs and Successors of Andrew Anderson, 1705 Stock Code: 117696
NotesFirst edition of the major work of the famous Scottish financial adventurer John Law (1671-1729), which presents his theories on the establishment of paper note-issuing national banks. The title exists in two states: one with an ornament of an eagle and vines, the present with a coastline and its reflection. Textually they are all the same. Of the few copies we have handled in the past, all had the eagle-and-vine ornament.
"Like other 18th-century writers Law adopted a disequilibrium theory of money, viewing it as a stimulant to trade. In a state of unemployment, Law maintained that an increase in the nation's money supply would stimulate employment and output without raising prices since the demand for money would rise with the increase in output. Moreover, once full employment was attained the monetary expansion would attract factors of production from abroad, so output would continue to increase" (The New Palgrave III, p. 143). Law put this theory into practice with the establishment of the Banque Générale in Paris in 1716 and then again with the Compagnie d'Occident, established a year later. Although both ventures were immediately successful - leading to his appointment as France's Finance Minister in 1720 - the speculative mania which they prompted eventually caused the bubble to burst; by December 1720, Law's banking system had collapsed, with disastrous repercussions for France's economy and society.
Bound up with Money and Trade considered are these additional texts:
i) ARMOUR, James. Proposals For Restoring Credit; For Making the Bank of England More Useful and Profitable; For Relieving the Sufferers of the South-Sea Company; for the Benefit of that of the East-India; And for Raising the Value of the Land-Interest of Great Britain. Humbly Offered to the Consideration of Both Houses of Parliament. London: 1721. Pp. 74. First edition. Goldsmiths' 5954.
ii) ARMOUR, James. Proposals For Making the Bank of Scotland More Useful and Profitable: And for raising the Value of the Land-Interest of North-Britain. Edinburgh: printed by John Mosman and Company, 1722. Pp. 2, 20, 4, 2. First edition. Goldsmiths' 6121.
iii) HUTCHESON, Archibald. Abstracts of the Number and Yearly Pay of the Land-Forces of Horse, Foot and Dragoons in Great Britain, for the Year 1718... With Some Remarks relating to the same. London: 1718. Pp. 2, iii, 2, 25, 3, 5. First edition, the issue with "8 regiments of foot" at the end of the tenth line of the title (neither given precedence).
iv) SCOTS HOSPITAL OF KING CHARLES II. The Original Design, Progress, and Present State of the Scots Corporation At London, Of the Foundation of K. Charles II. To which is Added, A List of the Masters and Treasurers, as also of the Benefactors. London: 1714. Pp. 14, 10. First edition.
v) ANON. Unto the Right Honourable, The Lords of Council and Session, The Petition of the several Brewars in and about Edinburgh under subscribing... Edinburgh: 1725. Pp. 8. First edition of the petition concerning the Act of sederunt restricting the work of brewers.
vi) PHILASTHENES. A Letter from A Gentleman in Town To his Friend in the Country, Relating to the Royal Infirmary of Edinburgh. Edinburgh: 1739. Pp. 8, 14. Second edition (first 1738), with a engraved plate showing the north front of the Royal Infirmary and a four-page separate Letter from a Gentleman in London to his Friend in the Country bound in after the title page, discussing the suitability of Scotland's society for the propagation of "Christian Knowledge".
vii) ANON. Account by A. C. Writer in Edinburgh, of his Conduct in a certain Particular, concerning the Poors-Rate, ----occasion'd by a Letter in the Edinburgh Evening Courant. Edinburgh: 1749. Pp. 8. First edition. Goldsmiths' 8443.
viii) ANON. Memorial containing The Reasons for opposing (by all lawful Means) the Imposition, at this Time of a Poors-Rate on the City of Edinburgh, by Authority of Parliament... Edinburgh: 1749. Pp. 29, 1. Goldsmiths' 8447.
ix) WILLIAMSON, Jos. Memorial for The Magistrates and Council of the City of Edinburgh, containing A short Account of the Erection of the Charity Work-house, the Reasons for applying to the Legislature, in order to procure the Establishment of a certain and equal Fund for the Maintenance and Employment of the Poor belonging to this City and Royalty: With Answers to the Objections, against applying to Parliament for a Poors Rate. Edinburgh: 1749? Pp. 34, xx. First edition. Goldsmiths' 8449.
x) SOCIETY OF WRITERS TO THE SIGNET. Observations by The Committees of the Writers to the Signet, and of the Heritors and Householders of Edinburgh, upon a Memorial for the Magistrates and Council, concerning the Affair of the Poors-Rate, &c. Pp. 31, 1. Edinburgh: 1749. First edition.
xi) EDINBURGH TOWN COUNCIL. Remarks for The Magistrates and Council of the City of Edinburgh, upon a Pamphlet, signed by Ten Gentlemen, entituled, Observations by the Committees of the Writers to the Signet, and of the Heritors and Householders of Edinburgh, upon a Memorial for the Magistrates and Council, concerning the Affair of the Poors Rate, &c. Edinburgh: 1749. Pp. 24.
xii) ANON. Letter from a Gentleman in Edinburgh to a Friend at London; in relation to the Proposals for establishing by Law an equal and certain Fund, for Maintenance and Support of the Begging Poor, and Out-Pensioners of the City of Edinburgh. Pp. 22. First edition, the issue not dated at the end "Edinburgh, Feb. 11th, 1749" (neither given precedence), of this reply to the author of Alarm to the Housholders and Heritors of the City of Edinburgh, published the same year. Goldsmiths' 8445.
xiii) ANON. A Short View of the Frauds, Abuses, and Impositions of Parish Officers, with some Considerations on the Laws relating to the Poor... London, printed: Edinburgh, reprinted, and sold at the Printing-House in the Fish-market, 1749. Pp. 45, 1. Second edition, first published in London by J. Stagg in 1744.
xiv) LOVE, John. A Letter to A Gentleman in Edinburgh, wherein The Proposal made to the late General Assembly, for having Doctor Johnston's Paraphrase of the Psalms taught in the Schools, as a proper Sacred Lesson betwixt Castalio's Dialogues and Buchanan, is considered: Buchanan is vindicated, And critical Remarks upon the Doctor's Paraphrase are offer'd. Edinburgh: Hamilton and Balfour, J. Trail, A. Kincaid, and others, 1740. Pp. 22. First edition of the pamphlet signed "Philo-Buch".
xv) LOVE, John. A Second Letter to a Gentleman in Edinburgh, wherein The Proposal made to the late General Assembly, for having Doctor Johnston's Paraphrase of the Psalms taught in the Schools, as a proper Sacred Lesson betwixt Castalio's Dialogues and Buchanan, is considered: Buchanan's Paraphrase is vindicated, And the critical Remarks formerly offered upon the Doctor's Paraphrase are defended and confirmed. Edinburgh: Hamilton and Balfour, J. Trail, A. Kincaid, and others, 1740. Pp. 35, 1. First edition of the pamphlet signed "Philo-Buch".
Quarto (211 x 164 mm). Bound third in a contemporary pamphlet volume of (see below), recently rebacked to style using old calf, spine retooled in gilt as originally with "Miscellanies" on black ground to second compartment and "35" to third. Housed in a dark blue quarter morocco solander box by the Chelsea Bindery.
Woodcut printer's vignette of a coastline and its reflection to title.
Engraved armorial bookplate of Sir William Forbes Bart of Pitsligo to front pastedown, with his manuscript listing of the volume's contents to the front free endpaper. Money and Trade expertly removed from volume and washed, repaired (including title leaf fore edge, small hole to leaf E1 infilled), and re-sewn in. Spine re-glued, lined, new headband; extremities and endpapers discreetly repaired; leaves cleaned and repaired throughout, some of the pamphlets trimmed close in the binding process not affecting text, first item in the volume with some loss to single leaf touching the first line of text (sense recoverable). Overall a very attractive volume, sensitively restored where necessary.
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