THE INTERNATIONAL SCIENTIFIC SERIES.

VOLUME XVII.

1.

Works already Published.

FORMS OF WATER, IN CLOUDS, RAIN, Rivers, Ice, and GLACIERS.
By Prof. JOHN TYNDALL, LL. D., F. R. S. 1 vol. Cloth. Price, $1.50.

II. PHYSICS AND POLITICS; OR, THOUGHTS ON THE APPLICATION OF THE PRINCIPLES OF "NATURAL SELECTION" AND "INHERITANCE ΤΟ POLITICAL SOCIETY. BY WALTER BAGEHOT, Esq., author of "The

English Constitution." I vol. Cloth. Price, $1.50.

III. FOODS. By EDWARD SMITH, M. D., LL. B., F. R. S. I vol. Cloth. Price, $1.75.

IV.

MIND AND BODY: THE THEories of their RELATIONS. BY ALEX. BAIN, LL. D., Professor of Logic in the University of Aberdeen. I vol., 12mo. Cloth. Price, $1.50.

V. THE STUDY OF SOCIOLOGY.

$1.50.

By HERBERT Spencer. Price,

VI. THE NEW CHEMISTRY. By Prof. JOSIAH P. COOKE, Jr., of Harvard
University. I vol., 12mo.
Cloth. Price, $2.co.

VII. THE CONSERVATION OF ENERGY. By Prof. BALFOUR STEW-
ART, LL. D., F. R. S. I vol., 12mo. Cloth. Price, $1.50.

VIII. ANIMAL LOCOMOTION; OR, WALKING, SWIMMING, AND FLYING,
WITH A DISSERTATION ON AERONAUTICS. By J. BELL Pettigrew,
M. D., F. R. S. E., F. R. C. P. E. I vol., 12mo. Fully illustrated.
Price, $1.75.

IX. RESPONSIBILITY IN MENTAL DISEASE. BY HENRY MAUDS-
LEY, M. D.
I vol., 12mo. Cloth. Price, $1.50.

X. THE SCIENCE OF LAW. By Prof. SHELDON AMOS. I vol., 12mo.
Cloth. Price, $1.75.

XI. ANIMAL MECHANISM. A TREATISE ON TERRESTRIAL AND AËRIAL LOCOMOTION. By E. J. MAREY. With 117 Illustrations. Price, $1.75. THE HISTORY OF THE CONFLICT BETWEEN RELIGION AND SCIENCE. By JOHN WM. DRAPER, M. I., LL. D., author of "The Intellectual Development of Europe.' Price, $1.75.

XII.

XIII. THE DOCTRINE OF DESCENT, AND DARWINISM. By Prof. OSCAR SCHMIDT, Strasburg University. Price, $1.50.

XIV. THE CHEMISTRY OF LIGHT AND PHOTOGRAPHY. IN ITS APPLICATION TO ART, SCIENCE, AND INDUSTRY. By Dr. HERMANN VOGEL. 100 Illustrations. Price, $2.00.

XV. FUNGI; THEIR NATURE, INFLUENCE, AND USES. By M. C. COOKE, M. A., LL. D. Edited by Rev. M. J. BERKELEY, M. A., F. L. S. With 109 Illustrations. Price, $1.50.

XVI. THE LIFE AND GROWTH OF LANGUAGE.
WHITNEY, of Yale College. Price, $1.50.

By Prof. W. D.

XVII. MONEY AND THE MECHANISM OF EXCHANGE. By W. STANLEY JEVONS, M. A., F. R. S., Professor of Logic and Political Economy in the Owens College, Manchester. Price, $1.50.

XVIII.

ANIMAL PARASITES AND MESSMATES. By Monsieur VAN
BENEDEN, Professor of the University of Louvain, Correspondent of the
Institute of France. With 83 Illustrations. (In press.)

MONEY AND

THE MECHANISM OF EXCHANGE.

BY

W. STANLEY JEVONS, M.A., F.R.S.,

PROFESSOR OF LOGIC AND POLITICAL ECONOMY IN THE

OWENS COLLEGE, MANCHESTER.

NEW YORK:

D. APPLETON AND COMPANY,
549 & 551 BROADWAY.

1815.

332.

953

PREFACE.

IN preparing this volume, I have attempted to write a descriptive essay on the past and present monetary systems of the world, the materials employed to make money, the regulations under which the coins are struck and issued, the natural laws which govern their circulation, the several modes in which they may be replaced by the use of paper documents, and finally, the method in which the use of money is immensely economized by the cheque and clearing system now being extended and perfected.

This is not a book upon the currency question, as that question is so often discussed in England. I have only a little to say about the Bank Charter Act, and upon that, and other mysteries of the money market, I refer my readers to the admirable essay of Mr. Bagehot

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