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In the opinion of the Fathers of the Republic coin was the only money that the people needed; paper was but an incident, a make-shift that might be used to bridge over periods of scarcity of coin; it was in no sense regarded as a permanent medium of exchange.~ William Brough, Chapter VII: Mandatory Money and Free Money"Here we see how money first came into use in the world.it becomes money only when it is used as the common medium of exchange." First published in 1896, The Natural Law of Money is a fascinating look into the mind of the man who played a pivotal role in world of economic thinking. William Brough argues forcefully that privately supplied money offers benefits not offered by government-supplied money.Contents include.· The Beginning of Money · Bi-Metallism and Mono-Metallism · Paper-Money and Banking · Paper-Money in Colonial Times · Monetary System of Canada as Contrasted with that of The United States· Money, Capital, and Interest· Mandatory Money and Free Money · The Hoarding Panic of July 1893 WILLIAM BROUGH (b.1826) began to study medicine as a young man but abandoned it to join the world of business. He moved to New York in the mid-19th century and then to Pennsylvania, where he was a pioneer in the development of the oil industry. Upon his retirement, he devoted his time to the study of economics that resulted in a tenured professorship in his name at Williams College.

In preparing this volume, I have attempted to write a descriptive essay on the past and present monetary systems of the world, the materials employed to make money, the regulations under which the coins are struck and issued, the natural laws which govern their circulation, the several modes in which they may be replaced by the use of paper documents, and finally, the method in which the use of money is immensely economized by the cheque and clearing system now being extended and perfected.-from the PrefaceAs the global economy reels from ongoing threats of terrorism, skyrocketing oil prices, war, and political strife, this classic exploration of the basics of our sophisticated economic environment offers a profound look at what we often take for granted. Jevons, a pioneer of modern economic thought, examines:· the early history of money· the invention of coins· the principles of circulation· the varieties of promissory notes· the fundamental nature of credit· the basis of a national economy· and much more.First published in 1875, this remains a vital foundation for understanding the world monetary situation we face in the 21st century.English economist and logician W. STANLEY JEVONS (1835-1882) was born in Liverpool. He studied chemistry and botany at University College, London, and was later professor of logic and political economy at Owens College, Manchester. He is also the author of The Theory of Political Economy (1871) and The State in Relation to Labour (1882).