Excerpt from Norman's Universal Cambist: A Ready Reckoner of the World's Foreign and Colonial Exchanges of Seven Monetary and Currency Intermediaries With the Aid of Less Than Figures 60, 000 Figures
From the Author's early study of economics he had formed the opinion, owing to his want of knowledge of the worlds different monetary and currency systems through which interchanges are carried out, that international and intercolonial interchanges were all along conducted on the terms of barter. In 1895. from the study afresh of J.S. Mill's writings on the subject, he learned that Mills dogma can be only true when the world possesses one intermediary, whereas at present there are seven. Students of this volume will notice that this discovery conflicts with views put forth by the writer previous to 1895.
He considers, on maturer consideration, that the true dogma has been arithmetically proved in his "Money's Worth" and "British India's future Standard Currency." In this last little work of thirty-six pages, based on thirteen tables of figures, mention is made of five descriptions of trade: Fettered. Free, Fair, Foul and Foolish, which could easily be explained. He has all his life been an ardent free trader. He now puts fair trade first and free trade second. And above all, such trade as secures to each people an effective metal monetary system. This appears tantamount, at least from one point of view, to the recognition of the soundness of the old mercantile system.
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