who runs may not only read, but understand; for difficulty connected with this matter there is none whatever, nor even the shadow or resemblance of any mystery at all. Well, thanks to "Past and Present," my Preface is written the sixteen pages are satisfied, and my book is finished. I trust that Mr. Carlyle will read it, and that, as a sequel to his "Past and Present," he will one day favour us, in somewhat brighter colours, with-" The Future." CONTENTS. INTRODUCTORY-Difficulties of the subject detailed-Popular Lectures in general teach that which is admitted, whilst in the present in- stance the task of the Lecturer is that of contending for opinions which, for the most part, are new to the public-General character In a perfectly free commercial society, uninfluenced by the existence of any monetary system whatsoever, Production would be the uniform and never-failing cause of Demand. In the aggregate, it would be as easy to sell goods as it is to buy them, and that ad infinitum; PRODUCTION, naturally the cause of Demand, is now the effect of it- the operations of our existing monetary system having reversed their position. The co-equality, therefore, of Production and De- mand, which has thus been insanely suspended, must be restored, DESCRIPTIVE of a Banking System, by the Establishment of which Pro- duction, now the Consequence of Demand, may be converted at any THE SUBJECT of the preceding Lecture continued that is to say, Con- tinued description of a Banking System, by the establishment of which Production, now the Consequence of Demand, would be con- THE SUBJECT of the fourth and fifth Lectures continued and concluded Fallacy of the Existing Principle of Coinage shown, and the True PROFESSIONAL MEN, the nature of their avocations considered with refer- ence to Money-Pecuniary provision for the conducting of such Retail and other Business as may be wholly unconnected with the THE Social System-Early offer of a Copy of these Lectures to the Provisional Government of France-Unaccepted Challenge to The Times to discuss the Monetary Question for the sum of Five Hun- dred Guineas-Terms and conditions of a Prize Argument on the subject of Money, for the sum of One Hundred Guineas-A List of the Parties to each of whom a Copy of this Work will be Presented LECTURES ON THE NATURE AND USE OF MONEY. LECTURE I. INTRODUCTORY.-Difficulties of the subject detailed.-Popular Lectures in general teach that which is admitted, whilst in the present instance the task of the Lecturer is that of contending for opinions which, for the most part, are new to the public.-General character of these opinions. Ir is under the influence of feelings of much anxiety that I venture to come before you upon this occasion; and very earnestly do I solicit your kind indulgence under the rather peculiar circumstances in which I am at present placed. In the first place, then, as most of you indeed are already aware, the task before me-that of addressing a numerous assembly-is one to which I am wholly unaccustomed. I am not in the habit of speaking in public, nor do I indeed very frequently attend public meetings of any kind; and hence in the attempt I am now about to make, I feel the A utmost diffidence; although confessedly none whatever so far as regards the opinions which I propose to lay before you, should I only be able to express them clearly and audibly. Again, the subject to which I am about to call your attention-money, its nature and proper qualities, what money is, what it should be, what it must be, before this or any nation upon the earth can prosper -is one which seems, by very general consent, to be regarded as all but incomprehensible. And hence, perhaps, it is the last that could be selected with very much chance either of amusing or interesting ́a popular audience.* And again, in pursuance of the inquiry before us, where is our text-book? In the arts and sciences, generally, on which lecturers are in the habit of addressing assemblies of this description, we have a large collection of standard works, containing at least their elementary principles, ascertained, demonstrated, proved to dispute any one of which elements would be merely to exhibit our own ignorance. Hence every lecturer on a popular subject finds himself, to some extent at least, in a situation similar to that of an ordinary teacher of arithmetic. He imparts knowledge, previously ascertained and demonstrated, to those who desire to acquire it; and who, therefore, come to him to learn that which he is understood and supposed to be capable of teaching. And it is only upon occasions wherein he may extend his inquiries beyond the rudiments-beyond the first principles of * A considerable number of Ladies as well as Gentlemen usually attend the Lectures of the Edinburgh Philosophical Institution. |