In the book "The Evolution of Modern Money" by William Warrand Carlile.
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| The Evolution of Modern Money |
Published in 1901, the author delves into the history and development of money, specifically focusing on the transitions and changes in the meaning and use of different forms of currency.
In the first chapter, Carlile discusses the evolution of the term "pound sterling" and how its meaning has changed over time. He explores how early forms of money, such as the "beaver skin," evolved to represent specific values, such as two shillings. Carlile argues that a "bimetallic" period was necessary for such changes in the meaning of money to occur.
Moving on to the second chapter, Carlile examines the two Roman transitions in the use of metallic money.
He references Mommsen's account of the transition from copper to silver in Rome, where the as aeris gravis came to represent the silver sestertius. He also discusses the transition from silver to gold during the Roman Empire, noting how the old terminology was retained but applied to the new standard. Carlile emphasizes that these transitions were unconscious and also led to the emergence of subsidiary forms of money in both England and Rome.
In the third chapter, Carlile explores the position of gold in Europe before the eighteenth-century transition in England. He addresses Sir Robert Giffen's question about how England adopted gold while Europe had a silver standard, questioning whether Europe truly had a silver standard.
He references various historical accounts and sources to show that gold was indeed a significant standard in Europe, particularly in Germany since 1690. Carlile discusses the monetary situations in countries such as Holland, Russia, France, Italy, and Germany, highlighting the prevalence of gold as a standard in the seventeenth century.
Overall, "The Evolution of Modern Money" provides a detailed and insightful analysis of the historical transitions and developments in the use of different forms of currency, shedding light on the complex evolution of money in various societies throughout history.
