Bernard Quaritch Ltd January 2015 MONEY: an idea transformed by use Specie or paper, life-blood of trade: the art of credit
[email protected] MONEY: An idea transformed by use Specie or paper, life-blood of trade: the art of credit 1. [ANON.] [BANK OF ENGLAND.] [drop-head title:] A letter to a friend concerning credit, and how it may be restor’d to the Bank of England: being the original of a copy lately published, wherein were many alterations and additions that are not in this, now published by the author. [Colophon: London, Andrew Bell, 1697 ]. 4to, pp. 8; evenly foxed throughout, a good copy in later marbled wrappers; spine frayed. £3250 First edition, very rare: a persuasive essay arguing the economic necessity of increasing the available credit. The author points out that, with specie drained by the pursuance of the Nine Years’ War (1688-1697), the nation cannot hope to continue to trade profitably. He argues: ‘therefore since we have not real Species to do it with, nor can hope in any reasonable number of Years sufficiently to encrease our Species, I think there is no other Way or Means left us, either to carry on the War or our Trade, with or without a War, to the Honour and Advantage of this Kingdom, but only by restoring Credit, and by that Credit supply our want of real Coin’ (p. 3). The author suggests that the Bank of England, established two years earlier, is the ideal mechanism for building a supply of credit. He argues that, with strong Parliamentary backing, the Bank will be on firm financial footing which will inspire confidence and lead men to deposit their money there.