A Discourse of the general Notions of Money, Trade, & Exchanges, as they stand in relation to each other. Attempted by way of aphorism: with a letter to a Minister of State, further explaining the aphorisms, and applying them to the present circumstances of this nation. Wherein also some thoughts are suggested for the remedying the abuses of our money.

CLEMENT, Simon.

Published by London: Printed in the year 1695

About this Item

First edition of this scarce mercantilist pamphlet, uncut and folded as issued. Chi-Yuen Wu notes that "Although the honour of having given the first descriptions of the specie-point mechanism must be shared by Petty, Locke, and Simon Clement, the description of Clement is the most elaborate of the three" (p. 50). In the 1690s, England experienced a severe shortage of its silver currency. Coins were melted down and sold abroad as bullion, while many of those still circulating were mercilessly clipped. Here, Simon Clement (c.1654-c.1730), a London merchant, argues that the bullion drain could be countered by restricting exports, and that the widespread clipping could be resolved by a general recoinage. Clement identifies the mechanism as a self-correcting response to the silver shortage, whereby the outflow of bullion would cause a reduction in money supply, leading to a decline in the domestic price level, a rise in competitiveness, and so, a correction in the balance of payments deficit. ESTC R38746; Goldsmiths' 3101. Chi-Yuen Wu, An Outline of International Price Theories, 2007. Quarto, pp. 38, [2]. Uncut and folded as issued. Contemporary ink inscription to foot of title page: "written probably before 1693 S.B.". Stab-sewing renewed. Light bumping, chipping, and soiling, faint foxing and damp staining to contents, tears to fore- and lower margin of final leaf, text unaffected; a good copy of a vulnerable pamphlet.

Seller Inventory # 169334

Bibliographic Details

• Title: A Discourse of the general Notions of Money, Trade, & Exchanges, as they stand in relation to each other. Attempted by way of aphorism: with a letter to a Minister of State, further explaining the aphorisms, and applying them to the present circumstances of this nation. Wherein also some thoughts are suggested for the remedying the abuses of our money.
• Publisher: London: Printed in the year 1695
• Edition: 1st Edition