Joseph White while the former slave trader and shipmaster slept. Chris Beatrice By E. Wagner Smithsonian Magazine Subscribe November On the evening of April 6,the light of a full moon stole through the windows of Essex Street, one of the grandest houses in Salem, Massachusetts.
Good Money Drives out Bad?
The Theory of the Breaking Point 7. Gresham's Law Under Bimetallism Overvalued Money and the Institution of Legal Tender The Evidence of Hoards Macleod, writing infirst brought attention to the law that he named after Sir Thomas Gresham: No sooner had Queen Elizabeth ascended the throne, than she turned her attention to the state of the currency, being moved thereto by the illustrious Gresham, who has the great merit of being as far as we can discover, the first who discerned the great fundamental law of the currency, that good and bad money cannot circulate together.
The fact had been repeatedly observed before, as we have seen, but no one, that we are aware, had discovered the necessary relation between the facts, before Sir Thomas Gresham. This passage errs in two points: Gresham was not the first to make explicit the idea we now know as "Gresham's Law," and the assertion that "good and bad money cannot circulate together" is a glaring error.
It is a far cry from Gresham's Law. That Macleod was careless about his statement of the law he named after Gresham serves as a warning that the ideas involved are more subtle than at first appears.
PREFACE C. Suetonius Tranquillus was the son of a Roman knight who commanded a legion, on the side of Otho, at the battle which decided the fate of the empire in favour of Vitellius. In , many British radicals interpreted the early events of the French Revolution in mythic terms, as signs that a cataclysmic event, akin to the Christian apocalypse (entailing the renovation of the fallen world), was at hand—and that, paradoxically, human beings rather than God were the agents of this absolute change. The difference between the right word and the almost right word is really a large matter — it's the difference between a lightning bug and the lightning.
We can begin this discussion of Gresham's law by outlining some of the highlights of its history. Twenty centuries before Sir Thomas Gresham was born, the elegaic poet, Theognis, born in Megara near Athens, writing in the late 6th and early 5th century BC, wrote some lines suggesting Gresham's Law.
Theognis has been described as "an eloquent and strongly biased witness of the struggle of the old aristocracy, for its traditional ideas and ideals which were partly adopted and partly destroyed by the rising lower classes. In The Frogs he wrote: It was hardly a novel idea at that time.
From BC onwards, the Spartans had occupied Decelea 6 north of Athens and cut off the supply of silver from the Laurium mines. In BC, confronted with a dire threat to the Athenian fleet and an empty treasury, the Athenians had recourse to melting the gold in some of the statues in the Acropolis to make emergency coins.
Eight statues of Nike, 7 the god of Victory, on the Acropolis had been clad with two talents of gold each, to be removed in case of emergency. The gold was thus struck into coin. In the next year, copper coins were issued on the credit of the state as replacement for silver coinage, and it "is a modern inference that the emergency coinage was of copper plated by silver.
A new use of small coins gave Aristophanes an occasion to raise a laugh: When he goes home with his jury pay under his tongue, his daughter lines manages to get it away from him in a welcoming kiss! Uelpides The Birds, swallows an obol by mistake. It was explicitly developed in Oresme's De Moneta.
Written in the middle of the 14th century, this was the most important work on the theory of money before Bodin's and Grimaudet's writings in the s. Nicholas Oresme was the Norman Bishop of Lisieux who made contributions to theology, mathematics and astronomy besides his work on money.
His De Moneta laid stress on the rights of the public with respect to currency and the great evils associated with debasement and devaluation, a courageous performance in view of the fact that it was written during the reign of John the Good who devalued eighty-six 13 times!
Oresme had a clear statement of what we call Gresham's Law.Republicanism is a political ideology centered on citizenship in a state organized as a republic under which the people hold popular srmvision.com countries are "republics" in the sense that they are not monarchies..
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