"... rendered incapable of any public office or place of trust."

Paper currency, undefined by and inconvertible to precious metal, preferably gold, has a long history of abuse and pernicious consequences.  The abuses of paper money, then known as "bills of credit," reached such proportions in the American colonies that the British Parliament prohibited future issues.  Parliament even provided draconian penalties to any colonial governor or commander in chief who connived at such practices: to "forfeit and pay the sum of one thousand pounds, and shall be immediately dismissed from his government, and for ever after rendered incapable of any public office or …Read more

A Pennyweight

A PennyweightSome of the standard fundamental denominations of gold by weight are grains and pennyweights.  "Pennyweight" has an interesting, and significant, back story.  1807 British , Reverse According to : In the Middle Ages, a 's weight was literally, as well as monetarily, 120 of an ounce and 1240 of a pound of . ... ... The pennyweight is the common weight used in the valuation and measurement of precious metals. ... The most common abbreviation for pennyweight is dwt; d, for the Roman , was the abbreviation for penny before . Lord Keynes, in attacking the gold standard in his 1930 essay Auri …Read more

Adam Smith Indicts American Colonial Paper Money

Adam Smith Indicts American Colonial Paper MoneyAdam Smith, in Wealth of Nations, , makes a pointed critique of American colonial paper money, and praise for the Currency Act prohibiting such. Image courtesy of Smith: The paper currencies of North America consisted, not in bank notes payable to the bearer on demand, but in government paper, of which the payment was not exigible till several years after it was issued; and though the colony governments paid no interest to the holders of this paper, they declared it to be, and in fact rendered it, a legal tender of payment for the full value for which it was issued. But allowing the colony …Read more

Dido's Treasure

Dido's Treasure Death of Dido from (Vatican Library, Cod. Vat. lat. 3225). The erudite Ryan Sellars, publishing at recounts two variants of the once-famous legend of Dido ... and her treasure. [B]y the first century CE, the legend of Dido’s treasure had been circulating around the Mediterranean for close to a thousand years, and many Romans would have been familiar with the version of the story told in Vergil’s Aeneid. An earlier version of the myth, however, comes from Pompeius Trogus, a contemporary of Vergil who was probably following in the tradition of the Greek author Timaeus, and whose works were …Read more

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In Memoriam
Professor Jacques Rueff

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