Index

INDEX Acceptance: see Bill of Exchange Act of: 1666 (England) establishing free coinage, 166 1717 (England) fixing legal tender value of guinea, 153 1774 (England) limiting legal tender of silver, 153 1844 (England) governing note issue, 193ff. 1871 (Germany) establishing gold standard, 163 1792 (United States) establishing U.S. Mint, 157 1834, 1837 (United States) governing ratio, 158 1853, 1873 (United States) demonetizing silver, 164 Agricultural Adjustment Act of 1933 (Thomas Amendment), permitting dollar devaluation: 262 Antwerp, as commercial center: 102ff. Arabs: acceptance of Islam, 70 ff. coinages of, 70 ff. commercial practices of, 109ff. medieval fairs, 100 paper making, 116 Arbitrage: see Bimetallism As: see Rome, coinage Aureus: see Rome, coinage Authoritarianism, growth of: 250ff. Bank credit, 1921-29: 223 Bank deposits, protection of: 200ff. Bank failures, in 1929-33 crisis: 233 Bank guarantees: 185ff.

"Bank Holiday": 235 Bank money: development of, 166ff. nature of discussed, 237ff. Bank notes: control of in United States, 184ff. modern beginnings of, 171 ff. Bank of: Amsterdam, 97 England, beginnings of, 175ff. changing functions in 20th century, 228 in 1893 crisis, 211 1931 default, 234ff. founded, 176ff. referred to, 172 Hamburg, 98ff. Pennsylvania, 181 the United States, 182ff. Bank regulations: attempts and failures, 183ff. medieval attempts, 96ff. Banking: as currency issuer or safekeeper, 199ff. functions perverted, 198ff. medieval, 90 ff. power over economy, 243ff. principles of, 97ff. Bankruptcy: see Defaults Baring Bros.: default, 196 Bezant: introduced, 48, 49 disappearance of, 60 widespread use of, 50 ff. See also Byzantium Bills of exchange: origins, 92ff. Bimetallism: arbitrage dealings, 148ff. discussed, 145ff. Byzantium: bimetallism in, 147 coinage, 50 ff. fall of, 54 laws on usury, 83 monetary policy, 33fL, 46ff.

monetary system, 147 political influence, 59 Capitalism: beginnings in Italy, 84ff. monetization of wealth, 106ff. Charlemagne: 60 Cheap money cry: 204, 213ff. Check book money: 260ff. growth of, 207ff., 238ff., 260 ff. Coinage: beginnings of, xiv invention of, 11 ff. medieval, 56ff. Roman, 33ff. state control of, 83ff. Coinages: multiplicity of in Europe, 155ff. Commercial associations, medieval: 108ff. Commodity dollar: 169 Concentration of wealth, fostered by credit: 246ff. Condottieri: 64ff. Constantine, monetary reforms of: 47 302 INDEX 303 Constitution, on coinage and paper money: ix, 251 ff. Consumer debt: 226 Credit Anstalt: 233 Credit: attempts to control, 194ff. inflation, mechanism of, 223 instruments, development of, 88ff. see also Debt Crises: 13 due to unregulated banking in the United States, 184ff. in England, 195ff. in France after Louis XIV, 120ff. Roman, 28ff., 35 United States, of 1837,185 of 1857, 1873-79, 1882-84, 195ff.

of 1873, 205ff. of 1893, 21 Iff. of 1907, 213ff. of 1929, 220ff., 23Iff. of 1933, 208ff., 222ff. Currency manipulation, Federal Reserve powers: 219ff. Damnum emergens', see Usury Dawes Committee: 255 Debasement of coinage: medieval, 65ff., 73ff. Roman, 38ff. Debt: in ancient Greece, 15ff. beginnings of public debt, 84ff. and business cycle, 281 ff. through easy credit, 245ff. as factor in 1929 panic, 222 fostered by bill of exchange, 94ff. growth of, 210ff.,278ff. in medieval loan business, 107ff. monetization of, 82ff. as money, discussed, 200 ff. progress of in 20th century, 278ff. in Roman empire, 30 ff. system, beginnings of, 78ff. effects of, 280 ff. in United States, 1929, 244ff. Defaults: Bank of England, 177ff., 195, 229 by Charles II, 174 France, 197 by sovereigns, 86ff. United States 1968,265 1971,265 Demonetization, discussed: 260ff. Denarius, 3 see also Rome, coinage Deposits, in U.S. banks, growth of: 209fL, 218ff.

Devaluation: ancient Greece, 17ff. England, 263ff. France, 197 United States, 265 Dinar: 70 ff. Diocletian: price fixing decree of, 45 reforms of, 47 Dollar, devaluation of: 1934, 262ff. 1971, 1973,265 weight and fineness established, 158ff. Drachma: 17ff., 37ff. influence of, 20 ff. in Roman empire, 41 Easy credit policy of 1920's: 220 ff. "Economizing gold": 260ff. Electrum: 12 Employment Act of 1946, effect on Federal Reserve policy: 276ff. England: debasement of coinage, 69ff. free coinage of gold suspended, 167 gold standard established, 154ff. inflation in 20th century, 227ff. joint stock companies, 111 ff. medieval money, 62, 69ff. note issue regulation, 178ff. paper money beginnings, 117ff., 171 ff. usury laws, 81 Export-Import Bank: 258 "Fairs of exchange": 101 Federal loan and aid programs: 253ff. Federal Reserve Act, functions and provisions: ixff., 214fL Federal Reserve notes as legal tender: 191 ff.

Federal Reserve System: constitutionality questioned, 251 ff. described, 213ff. diverted to financing Treasury, 252ff. as instrument of economic control, xi misuse of, 276ff. Fiat money, movement toward: 261 ff. Flexible currency: 213ff. see also Federal Reserve System Forced loans, medieval: 85ff. Foreign aid, origin and growth of: 256ff. Foreign lending, 1921-29: 226ff. Fractional reserve banking, beginnings of: 99ff. France: debt and inflation under Louis XIV, 120ff. devaluation of franc, 197, 263 free coinage restricted, 167 under John Law, 114ff.

304 MONEY AND MAN medieval money, 56ff. medieval standards, 67ff. note issue 1848, 197 Free coinage: importance of, 167 principle of, 150ff. restricted, 167 significance of discussed, 166ff. of silver, suspended, 164 Full Employment Act of 1946: x Germany: bimetallism, 155 devaluation, 263 medieval moneys, 68ff. monetary confusion in 19th century, 162 note issue established, 196 Reichsbank, 196 Giro banking: 102,116,119 Gold: abundance of in Byzantine empire, 49ff. coinage, medieval, 62ff. resumption of, in Europe, 89 convertibility, resumed in England, 1925, 229ff. suspended in United States, 1933, 235 derided, 276ff. Exchange Standard, discussed, 230 ff. free coinage suspended in England, 167 hoards, 49ff. "hoarding," 264ff. holdings, by countries, 1929, 232 inflow in World War I, 217 market, reopened, 263 medieval coinage, 62ff. as personal security, 277ff. private trade resumed in United States, 1974, 266 production data, 203ff.

redistribution of, 255ff. reserve, decline of, 221 ff. requirements in Europe, 197 suspended in United States, 265 in Roman empire, 33ff. sales, as anti-inflation measure in World War II, 269ff. stock, U.S., 209fL, 259 see also Precious metals Gold-Silver ratio: see Ratio Gold standard: in England, 150ff. in Europe, assisted by Federal Reserve, 220 established in Germany, 163, 266 rise of, 145ff. after World War I, 229ff. Goldsmiths, forerunners of note issue banks: 173ff. Greece, monetary experience discussed: 9ff. Greek influence on money: 48ff. Greenbacks: 192, 205, 209 Guaranty of bank deposits: 185ff. Guinea: 152 Hamilton, Alexander, Secretary of Treasury: 182ff. Homeric society: 9ff. Hoover moratorium: 233 India: demonetization of silver, 211 silver demand, 268 Inflation: by bank credit, 208ff., 223ff. consequences of, 246ff. by debasement of coinage, see chapters on The Roman Experience, The Middle Ages effects of, 246ff.

in France, 130ff. in Germany, 196 mechanism of, 215ff. origins of discussed, 198ff. paper money, 77 post-Civil War, 205ff. in Rome, 38ff. see also, Law, John Institute for Monetary Research, Inc., cited: 283 Insurance, medieval: 104ff. Interest: see Usury Interest taking, theorized: 79ff. International Bank for Reconstruction and Development: 258ff. International banking, medieval beginnings: 90 ff. International lending agencies, growth of: 254ff. International Monetary Fund: 258ff. Iran, paper money forbidden until 1931: 269 Italy: as banking center, 87ff. medieval moneys, 60 ff. Jesus Christ, on money: 3 John Law: see Law, John Joint stock companies, growth of: 108ff. Keynes, John Maynard: 260 ff. Land money, Law's theory: 124ff. Latin Monetary Union: 160ff. Law, John: 99, 114ff. monetary theories, 122ff.

INDEX 305 his system discussed, 140 ff. Lawful money, defined: 191 ff. Leather money: 116 Legal tender: defined, 191 ff. in England, 153 in Rome, 41 in United States, 191 Lend-Lease Act: 269 Lending agencies, proliferation of: 253ff. Leverage, in note issue and circulation, discussed: 219ff. Liquid wealth, pursuit of: 76 Managed economy, by Federal Reserve: xiff. Managed money: arguments for, 239ff. commodity dollar, 169 Keynesianism, 260 ff. Rome, 42ff. Manipulation, of shares: 112ff. Maravedi: 73ff. Mercenaries, medieval: 64ff. Merchant guilds: 108ff. Metallic money, discussed: 274ff. Midas complex: 202 Middle Ages, monetary disintegration: 55ff. Mississippi Bubble: 128ff. Moneta, origin of: xiv Monetary controls, by state: 150ff. Monetary theory, note on: 21 ff. Money: attributes, viifL, 5ff., 22ff., 191 ff., 199 "famine," 203 functions, 5ff., 22ff. instrument of war, 84ff. monetization of land, 126ff.

substitutes, Colonial, 118ff., 181 ff. Money economy: in ancient Greece, 13ff. medieval revival of, 63ff. Money market, medieval origins: 99ff. Monetary standard, distinguished from standard money: 66ff. Moral qualities in monetary management: xvff.,4, 283 Mosaic Law, discussed: 3ff., 275 National Bank Act of 1863: 192ff. National Monetary Commission: 214ff. Note issue: control of, in England, 178ff. leverage through fractional reserve system, 230 ff. Note issue banks: English origins, 173ff. United States, 180ff. proliferation of, 184ff. Note issue regulation in England, by Peel's Act: 178ff. Note issues: post-Civil War, 209ff. see also Federal Reserve Open market operations of Federal Reserve explained: 219ff. Panics: see Crises Paper money: advantages of, 141 ff., 170, 199 arguments for, 199 China, 115ff., 141 Constitutional restrictions on, 182ff. constitutionality challenged, 192 development of, 114ff.

England, 171 ff. limited before 1914, 228ff. Paper money inflation, United States: 264ff. Parallel standard, in England: 152 Peel, Sir Robert, and Bank Act of 1844: 178 Penny, origin of: 3 Pepper trade: 105ff. Pittman Act, for sale of Treasury silver: 268 Precious metals, trade under state control: 150ff. Price control: ixff. Rome, 42ff. Price stabilization :239 Price structure, related to bank deposits: 238ff. Prices, inflated by bank credit: 242 Private money, discussed: 199 Public debt, post-Civil War: 209ff. "Pump priming": 243 Purchasing power: viii, xii Purchasing power of money, Roosevelt policy stated: 275 Quantity theory of money, announced by John Law: 126ff. Ratio question: origin, 145ff. United States, 156ff. Reconstruction Finance Corporation: 253ff. Regulated companies: HOff. Reichsbank: 196 Repudiation: see Defaults Reserve requirements: 215ff. Revaluation: see Devaluation Rome: coinage system, 33ff., 36ff.

monetary experience discussed, 28ff. Royal Exchange of London: 112 306 MONEY AND MAN Saracens: see Arabs Schoolmen, monetary views: 79ff. Security markets, financed by banks: 225ff. Security speculaion: see Speculation Seignorage: 65ff. Seisachtheia: 17ff. Silver: in China, 272ff. consumption data, 272ff. course of market, 267ff. demonetization, 211 ff., 266ff. by United States, 164, 273 market, course of, 267ff. money, advantages, 168, 272 production data, 203ff. service in war, 268ff. stock, disappearance of, 273ff. Treasury sales of, 273ff. Silver Purchase Act of 1934: 267 repealed, 273 Silver Purchase Acts: 1876, 1890,206 repealed, 262 Silver question, beginnings of: 164ff. Silver standard, in 19th century: 158 Single standard, discussed: 168ff. Solon, reforms of: 16ff. Spain: Arab coinages of, 71 ff. under Saracens, 73ff. Special Drawing Rights: xiii, 265 Speculation: in 18th century, 112ff.

1921-29, 223 John Law regime, 130ff. medieval, 104ff. Standard of value, under bimetallic systems: 150ff. State planning: spread of, 276ff. in United States, xiff., 276 Statism: see Authoritarianism Sterling: origin of, 56 Stock exchange, beginnings of: 112ff. Tobacco money: 181 ff. Trade associations, medieval: 108ff. Trade fairs, medieval: lOOff. Trade monopolies, medieval: HOff. United States: beginnings of paper money, 180ff. bimetallism, 156ff. gold standard established, 163ff. Gold Reserve Act of 1934, 167, 168 note issue after Civil War, 208ff. Usury, changing attitude toward: 83ff. laws on, 78ff. medieval growth of, 107ff. Wampum: 118 Wealth, concentration of in United States: 247ff. Weights and measures, medieval, 56ff. World War I: 216ff. financing of, 227ff.