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PBEFATORY NOTE
This
'
little
death in 1877.
An
is
likely to be revived
in view of the
Monetary Congress
to be held in
new
the
therefore issued.
accidental
No doubt one
scheme
advantage of
(the adhesion of
Germany
to the proposed
difficult
wrote,
since
On
'
to his plan.
kJ
i88374
PEE PACE
TO
greatest
want
that
Sir
for
economy it what
ancient law.'
Our
best
theory
to be
is
right
is
enough
is
done
practices began
and customs grew up are often erroneous enough. In physical science, it would
be a great mistake to take the easy
the
'
'
sequence
order
of
of
real
elementary text-book
;
for
the
discovery
in
fact,
'
definitions
of political
like
the
first
com-
far harder.
PKEFACE.
I cannot pretend to write least of all
Vll
on such a
subject,
now
in a
papers on a practical
this
reason
In England
'
'
a sort of con-
servatism of
we have got to fancy that our notions are not only most right, but most
coinage
; ;
embody what men have always thought reasonable as well as what we now think so. The moment a real and radical improvement
ancient
that they
is
if
is
frightened,
it
not shocked.
'
said,
'what
"
I
:
"
sovereign
would not rather change than our it is about one of the best things we
have.'
But
yet, if
we
that
in
may hope
to
advance
to come.
We
of
commonly
is
an economic function of government that the Government verifies the quality and quan-
money
tity of
of its subjects,
is
admirably
But
in truth,
if
we look
viii
INTERNATIONAL COINAGE.
is
not an
thought to
people fancy
that
else
it
is
nearly
coin.
contradiction
that
anyone
should
is
if
it
Coining
called a
natural
'
function of
government, as
an
'
inherent
'
right of royalty, as
'
if
no one could
it.
The denomination
is
'
Blackstone
kceret,' is
Such
is
not
only the
legal
but the
popular idea.
That
Caesar's
coin
something
Queen
Victoria's superscrip-
marks something
as rooted in
indefeasibly Victoria's
old.
are
find
beliefs as firm as
they are
You may
them
ever were in a
Eoman
much
reason for
such
PEEFACE.
ix
and though
the
it
is
it.
We
wants of the present, because we forget how much the past had to make for itself, and how much, because the past made it, we
as the
of the present
torical
same
find ready.
is
The
greatest of his-
achievements
Government.
Mankind
large part of
mankind
world
is
that habit
and were
curious
defective in of
too.
means were necessary to implant One most efficient expedient was the use
list
of
Royal symbols.
homage
were so many
reignty.
The stamping
It
it
of the
brought
who used
ment
;
it
was one
by confirming government.
INTERNATIONAL COINAGE.
Probably indeed the coinage was one of the
most potent
of
suggestive symbols.
;
We
are
so
economy have so
thoroughly
worked
down
to
common
in
money
but
less
it
very
now you
may
trace the
same manner
Money
seems to do what nothing else will do. Those who have it need nothing else, for it will buy everything
else
it,
;
those
who
it
are destitute of
it
for
without
they
may
on occasions be unable
to
obtain
'
Money
is
the
universal
you
sure of nothing.
It
but
money
is
never
second-hand.'
it
be sure
will
You may hoard it for years, and be as good when you extract it, as it
Government
is
ever was at
first.
the only
maker
of this magic,
and consequently the prerogative of seems half magical too. As an impresof royal
powers
'
a curious efficacy.
PREFACE.
This
xi
almost
august
prerogative
shielded
The
is
verification of the
quantity
of
metal in a coin
a trade
;
no one
would
naturally verify
gratuitously
the
mode
other
and as much as
trades.
But governments
have commonly ma.de it yield much more. They have had a monopoly of the business they would
;
let
no one
else carry
it
on
they made
not only
making worse
making
so
it
as
is
by
a
Accordingly govern-
their
than the ordinary rate of profit on the capital they were using they could make a
;
let
no one
else
The
profits
'
Lord Liverpool, were so much considered by our monarchs as a certain branch of their revenue,
that they were occasionally granted in whole or in
The trade
is
the simplest
brings
it
holder
of bullion
to
Government
part of
it
;
to coin,
if
Xli
INTEKNATIONAL COINAGE.
ments have,
coining
;
it is
true,
So
that
far,
then, from
is
its
coining
an economic
ments do
been a
political act,
It
own
sake.
;
which they have done for their won them reverence and gained them
money
and revenue, though most monarchs would have been very slow to provide petty cash for small
prestige
dealers.
Nor
1
is
'
it
at all true
verified
well.
The use
minds of many rulers has been that it enabled them to borrow in one currency, and pay in a less.
We
government from the frauds of Europe, but it is only those who know what Asiatic currencies are
who
'
The coinage,
says Sir
W. Hunter, in
'
his
Bengal,
petty potentates,
had been
PKEFACE.
xiii
from
its
original value
by every process
of debase-
ment devised by Hindu ingenuity during a space The smallest coin could not of four hundred years.
change hands without an elaborate calculation as to the amount to be deducted from its nominal
value.
This calculation,
it
need hardly be
said,
was always
Treasury
The
officers
when Bengal
to
passed
under British
rule,
amounted
three
and
year, although no actual depreciation had taken The landholder demanded a double allowplace.
unhappy
of the soil.
illegal cesses
Mr. Keating singles out the "batta" or exchange on old rupees as the most cruel, because the least
defined.
No
Treasury
officers.
The
Government held them responsible for remitting the net revenue in full, and left them to deduct
such a proportion from each coin as they deemed
xiv
INTERNATIONAL COINAGE.
More-
over, so great
would receive
all.
Cowries
(shells),
copper coins
of every denomination,
mohurs worth
each,
twenty-five
to
thirty-two
shillings
and
diversity of Asiatic
Some
colit
;
lectors accepted
payment
in gold
others refused
make up
their
minds
either
use to
Edward
'
I.'s
divers
made
of silver,
can imagine how much poor people, who must take such moneys, suffered how much the rich, who
paid them to the poor, throve by them.
PKEFACE,
xv
So badly indeed have governments verified, that it was necessary to call in another verifier.
This
it
is
a point on which
Adam Smith
his
insisted,
but
which
derived from
historical,
fact,
and
in a certain sense
than those of his successors, and they have neglected some things which were plainly favourite
things with him.
On
he says
'
the point
The currency
coin.
own
low
its
of its coin
its
currency.
Genoa
its
Hamburgh, can seldom consist own coin but must be made up,
or
;
altogether in
in a great
mea-
with which
course.
its
Such a
by reforming
its
its
currency.
this curis
of
own nature
so uncertain,
xvi
INTERNATIONAL COINAGE.
much
it is
In order to
remedy the inconvenience to which this disadvantageous exchange must have subjected their merchants,
bills
of exchange of a certain
common
currency, but
in the books of
banks of Venice, Genoa, Amsterdam, Hamburgh and Nuremberg seem to have been all originally
established with this view, though
some
of
them
to
may
other purposes.
better than the
The money
common
which was greater or smaller, according as the currency was supposed to be more or less degraded below the standard of the
State.
The
agio of the
is
Bank
to be
of
Hamburgh,
for
example,
which
said
is
commonly about
difference
fourteen per
cent.,
the
supposed
PEEFACE.
xvii
between the good standard money of the State, and the dipt, worn, and diminished currency
poured into
it
from
all
and what a
present
Anyone would suppose that they were invented to diffuse modern conveniences and to satisfy refined
desires, as they
do around us.
But, in
fact,
they
new
The
English have based on horseracing a fine system of calculated betting, but the first horse was tamed
for -coarser
However,
have in
cation,
will be said,
verifier,
vernment is a bad
all
a profit out of
verifier
bad
verifi-
had
to be called in
because of
badness, yet at
first,
and when
it
it
must have
But he
'
at heart.
'
is
man who
speaks of
origins
most
common
we can
a
xviii
INTERNATIONAL COINAGE.
tell
by conjecture how they occurred. But conjecture for conjecture, it is more probable that
only
governments began to coin in their own interest, as they have continued to coin for their own profit.
Herodotus gives a graphic account of the
culty of great governments
'
diffi-
who
The Persian
king,'
he says,
treasures
up
his
He
it
earthen
is
vessels.
When
the vessel
is full
cooled,
he
From these
money, he cuts off what he needs.' A sovereign who was possessed of large treasures in the precious
metals would like very
of using them.
much
to
The notion
of coining
money was
borrowed by the Greeks from the East, and it is much more likely that the Babylonian monarchs
found an advantage for themselves in dividing their
metallic
treasures
into
weights,
much
of aiding
the
was too high for common purposes. They coined (what was afterwards called) the iEginetan
of value
'
talent,'
which
is
money.
ancients
must
have
been
very
rich,
PEEFACE.
'
xix
But the
puzzle
explained
if
we suppose the
to
original coins
original coiners,
and
for the
would be out of place here, and it would be difficult, for we have to carry back our minds to a
iceight
'
There
is
;
no
'
natural
unit of weight
no
was ages before any sort of standard was agreed upon. The original talent was the weight in the scale, as well as coined
no cubit
and
it
money
that
it
it
it
was
'
which
it
was
it
still
more would
'
standard
weights
came
in as
new
things,
stamped
We
are so used to
required to be lighted.
we
must not
reject
improvements
in our theories of
XX
INTERNATIONAL COINAGE.
;
universal or ancient
are very
possible ?
is
The
going
answer
plain.
remarkable movement
on in the world towards a uniformity of coinage between different nations. And it was begun in
what seems the way of the nineteenth century the way in which Germany was created, and the unity
;
of Italy too
that
is,
and
own
convenience, and
its
example.
In
way France has now formed a great coinage league, which Switzerland and Italy have already
joined,
Provisional
which Austria has agreed to join, which the Government of Spain has proclaimed,
to
French
alteration.
we could adopt
so.
The advantages
of a single
PKEFACE.
xxi
seem
to
me
fully equivalent.
it
But
fear,
when
looked at strictly,
will be
difficulties
And
?
'
if
Why,
left
we
shall, to
out
;
Germany has a currency to choose none of her many currencies which have descended
in the cold.'
fit
to be her exclusive
If things
is
one.
remain as
;
now, she
already there
Before long
all
England be
This
is
left
rency, but
Every person
curfor
must
rency
demand
for uniformity in
demand
most subjects of legislation, vary between nation and nation they depend on national
Many
subjects,
association
1
In the end
assimilates
much
England than to the French but elsewhere on the Continent the French system has, as Mr. Bagehot expected,
closer to that of
xxii
INTEENATIONAL COINAGE.
causes.
But commerce
is
everywhere identical
buying and
all
selling, lending and borrowing, are alike the world over, and all matters concerning them
ought universally to be alike too. In the old mediaeval law merchant,' the universal custom of trade
'
there was
a recognition of a
we want now.
The possession
by
of
and very
active legislatures
many
states
;
has broken up everywhere old customary laws the unity we need now must be a unity based on explicit
treaty and voluntary agreements.
is
the same.
money
as the symbol of
it.
We
age.
The proposal
money
far as
is
not possible
its
now
I think
it
would
fail
because of
size.
But
I believe
we could
get as
two moneys, two leading commercial currencies, which nations could one by one join as they
chose,
and which,
this
in after time,
fall
might be combined
and though
may
English mind
may seem
the
more probable
CONTENTS.
PAGE
Prefatory Note
Preface
I.
vi
II.
III.
The
Conditions
which
an
International
Coinage should Satisfy, and the Reason no Existing Coinage fulfils them
.
why
.
18
IV.
V.
Discussion
49
VI.
58
Note on Seignorage
09
INTERNATIONAL COINAGE.
i.
of the
a very
document.
many
though not a very original, Perhaps it was not possible that so clever men of different kinds of minds would
sensible,
On
the
main
at a
sound conclusion.
whether
it
They were principally asked was or was not wise to alter by two-
pence the value of the English sovereign in order to make it equivalent to a 25 franc piece, and
they have reported that
able.
it
Instead,
the Commissioners
there
should be a new
International Congress, in
which, on account of
its
magnitude and
difficulty,
INTERNATIONAL COINAGE.
the best
But, besides
Commissioners have given us a vast mass of excellent information, which will enable
those
it
who wish
to
without real
difficulty.
As yet
in
England
has
this
;
it it
in-
terested individual
men
of business, but
has not
reached
common
persons.
Now
that
we have a
of true information
intelligible,
easily accessible
the public
may
begin to
alleged advantages of
an
thus
First, those
Coinage
convenience of travellers.
relate to the
Secondly,
those
;
which
and,
on each
of these.
As
we
England
ought
io
No doubt
cases can easily be imagined in which such a conIf every would be most important. had a different coinage, the vexation English county to travellers would be unbearable. Twenty years
sideration
on
he has
Formerly each
of its
States
had a currency
own
in the
and because,
in case of need,
and on that account ancient Europe, as we may almost call it the world before modern changes began was. encumbered with many petty
;,
is
coinages.
But now
this evil
is
much
diminished.
The progress
steady and rapid towards a few great nations and a few great currencies, and
therefore travellers are inconvenienced very
little.
The
difficulty
INTERNATIONAL COINAGE.
in
France
is
nothing.
So
and
their inhabitants
many home to
little
dreds
who go
abroad.
The good
to be realised is
is
much
home
same objection
those
who send
who
use
coin abroad
it
are so
much
at
number of exchange transactions is so infinitely less than the number of interior transactions, that
the
it
would be extravagant to trouble what is so common in order to improve what is so rare. Some
persons
and who have been not unnaturally deceived by the mode in which exchange transactions are
calculated
to
imagine that
if all
expressed by saying
;
how many
in a sovereign
is
exchange
shillings
amount
if
to a rupee
fancy that
in France,
money
in India,
An exchange
calcu-
country to another.
That
same, whether the country from which the money is exported and the country to which it is imported
the sovereign
is
England have the same currencies the main coin in both but, never;
;
theless, there is
Australia.
and
this
is
the
common
ex-
change calculation in a new shape. If France and America had the same currencies as England, it
would
happen as now, that bills on Paris or New York would be at a discount or a premium. The amount of money wishing to go eastward
still
to be paid in
The
the
remittance of
money
would
remain
In practical exchange
is
to be considered,
INTERNATIONAL COINAGE.
state of credit also.
If
and the
you buy a
bill at
sum
in inte-
depending on the rate for the day, and you rely on the credit, more or less good, of the parties
These main peculiarities of exchange business are fixed by its nature, and no change of
to the
bill.
There
is
in coining
by a single international currency. a man export bar gold to France, unless he can
on terms he thinks
fit,
it
he must take
coined.
it
to the
it
But
if
he ex-
sum
in
;
he could use
to his hand.
it
at once
A man who
all
be coined in
money
is
some he has
pay a charge
besides.
He
therefore
not ready to export coin so soon as otherwise he would be the premium on bills rises to a slightly
:
greater height,
mere
The sums
less complicated.
And
perhaps an increase of
intelligibility
might make
for
it,
and
so
money from
We
cannot
their
monetary habits or
make money
more
flow in
and out
of
London
half an iota
part of a farthing
more cheaply.
You must
pro-
No doubt
common
would
countries,
facilitate vastly
every
The comparative
read themselves
we
can compare the accounts of the Bank of England from week to week. No statistical improvement
INTERNATIONAL COINAGE.
could be comparable.
care as yet, and for
noyance for it. The change of the current coin would bore most men much, and most men care
little for
philosophy.
in comparison of their
currency
it
the
real
advantages
those
which make
are
to be
and we
shall describe
them
in the next
II.
We
for
have explained that some of the alleged reasons changing our coinage, and for using one which
foreigners
would use,
too,
The
advantages were indisputable, but they were not worth the cost at which they would be purchased. We have now to state the great advantages which
make
it
well worth
we
an
should not
make a
for the
establish
most part think that it is. The essential point in which an international money would help commerce is very plain. Suppose
that
trade
circulars were
all
expressed
in
a single currency
pressed
far
instead
in
many
currencies, would
'
they not be
easier to understand ?
10
INTERNATIONAL COINAGE.
Trade
Circular,
which
is
a good
many
The amounts are there represented in pounds, shillings, and pence for instance, we find sums like 44s. 6d. per cwt. 2s. l\d. per
;
stone.'
tries,
And
illiterate
mode
of reckoning, are in a
perfect puzzle as to
goods.
men can make their men cannot. Our imbecause the mass
language.
few, that in learning comparison with the mass of men, and they make a kind of monopoly a source privileged out of ducible
it.
We
have
pay
the
it,
cost
of
their
is,
Some
few
know
of
irre-
profit
it.
Our
exports
suffer
probably
more.
Mr.
One
of the
immensely greater facilities which would be afforded for international transactions, particularly in
England.
might instance
11
Supposing that in Eio they had also joined the Convention, and we had not, the Eio merchant would find perhaps by a London pricelist
so
much
of course he
and take
all
account.
On
or
he found that at
Antwerp
in the
Hamburg
his own,
same currency, or in some multiple of it, as and with the same weights and measures,
he would make the calculation easily; he would say, the freight is so many centimes per pound, or
so
many
is
so much, and all the charges to be added to it amount to so much per cent. He would at once
see the total
will
" I amount, and then he would say, allow one or two per cent, for the risk of the
send
likely
he would prefer
sending
As
ferent nations
half-manufactured goods.
into pieces
must be woven
12
INTERNATIONAL COINAGE.
Although
I
much on
There
is
more every
that
if
year.
and
if
they
have greater
selves
given to
them
as against our-
'
had an
and that a painful one. I had to draw upon a place at which I did not know whether the ordinary currency was the Prussian thaler or
of foreign coins,
endorsed the
bill
at
the exit
whom
was
drawn
and
I
money
bill
is
except
money." The conversion from francs into Prussian money, and then back into English money, cost
me upon
this 91,
45 francs.'
That
is
to say,
an
what money he
a sort of uncertainty
hovers over
all
the subject.
difficul-
movable impediments. We may conquer them, but we cannot remove them nature made them, not
;
man, and man cannot hope to foresee the time when they shall exist no longer. But the painful existence
of real obstacles
is
why mankind
are encumlet
We
do already,
we can
if
not
us be
more
encumbered
than
help.
Yet we
set of
one
us
count
in
the
others
count in
different fashions.
may
is
But, in fact,
it is
perhaps are
An enormous
Except from
not conquered.
accounts of the
Bank
of France.
happened without
their heeding
it.
14
INTERNATIONAL COINAGE.
translation in a City article, they
some
idea
have not an
Bank of France now holds. Yet all English bankers know that, after the amount of bullion in the Bank of England, one of the
bullion the
how much
most imperative influences upon our money market is the bullion in the Bank of France. Of course all
bankers can turn francs into pounds, and some
think they will
of the
;
If the
accounts
two great Banks were rendered in identical language they would be criticised with equal
accuracy.
But now,
the
Bank
most in-
structive
and important, are altogether neglected. In other trades we see the same. The diver-
who
trans-
whether of
is
or
India very
Norway,
or
Aus-
their business
shillings,
bring home.
No doubt
know all
this,
sary a kind of knowledge which he possessed,, but which merchants at large did not share. The
democracy of Trade,
if
we may
so say, is excluded
;
little
men,
it,
and yet it is the lesson of all our recent legislation upon commerce that we must facilitate the transactions of the
to
take care of
The more
But
to
If
make
it
a great change,
we must show
whole
not
only that
The
answer
is
that an increase of
commerce
does benefit
everyone.
benefits
An augmentation
of imports of course
the people,
greater
facilities in
An
is
nation,
16
INTERNATIONAL COINAGE.
it
employs
capital
most
profitable
At present,
transactions are
too, in
many
cases, international
managed by a rough
calculation,
which means
culator,
and upon which he charges a percentage. In the French book trade, for instance, a buyer
in
for
to
give
12 shillings
No one
it is
an easy exchange, by which no individual purchaser loses very much, and by which considerable traders
probably derive considerable gains.
an international money would enable smaller people to trade, and new unskilled
To
sum
up,
people to trade
it
would abolish a
toll
which the
consumer pays, and remove an encumbrance which the merchant feels. There would be a gain to everyone worth everyone's making a certain sacrifice to But this advantage cannot be reached withIt involves
reach.
what
is
not always
coins, but
an
identity of the
common money
of account.
You
of trade circulars
You
will
you will not have effected your object. not have made quotations identical, and
consumer much.
will
Unless you
make
much
on
the many.
How
may
consider.
this
change
is
to be effected
so that
it
18
INTERNATIONAL COINAGE.
III.
THE CONDITIONS WHICH AN INTERNATIONAL COINAGE SHOULD SATISFY, AND THE REASONS WHY NO EXISTING
COINAGE FULFILS THEM.
In the last two articles
we
which were alleged on behalf of an International we showed that though some of the Currency gains most loudly spoken of were either trifling or
;
trade
the gain
it
it.
to
so important that
would
If
prices were quoted in the same terms in every newspaper in every country, trade would be easier
larger.
But what
sort
of
can possess
it
Such a currency
needs
THE CONDITIONS
of commerce,
IT
SHOULD SATISFY,
on a
level
ETC.
19
and
to be
with economic
theory,
must
First,
it
must be founded on a
This
single standard,
at first
not on a double.
condition, but
may seem
it.
an easy
existing
we
many
metal
if
specified portion of
is
gold, then by so
the
system
that
be
of
contract
may
satisfied
two
ways
He may pay
he
likes,
either so
much
gold or so
much
silver as
for deprecia-
creditor
must
receive.
One
and
so
may
No change
his
will
minds
20
INTERNATIONAL COINAGE.
ciation of both.
But they are really injured by the depreThe impaired metal will always be
it is
preferred, because
the Secondty,
cheaper.
coinage,
to
suit
new
present
commerce, must have a high gold unit. The sums to be paid are large, and therefore the medium in
which they are paid should be
costly.
Silver
is
the
nations.
fore
By comparison
;
it is
plentiful,
cheap
and therefore
it
was
But now
paying medium.
The more
The same
principle applies to
reckoning on paper, which is, though it may not seem so, really more important than paying by coin.
The use
mer-
chant begins to think of exporting goods, he reckons what he must buy at and what he must sell at.
Whether he
is
an
after matter,
depending on the
has.
But any way, he counts on paper, and the unit of account is therefore more important than
THE CONDITIONS
the unit of coinage.
all possible
IT
SHOULD SATISFY,
ETC.
21
The unit
of account concerns
transactions, whether they are resolved upon or not ; coin is only used in actual transactions,
all
those.
A
;
high
primary importance, now and that people always think of trading largely
unit of reckoning
of
the best
way
of attaining
it
is
by selecting some
and making it our unit. A few years ago there was such a fear of the sudden depreciation of gold that nations would have
costly gold coin
hesitated
to
choose
it
for
their
it
money.
Some
in fright aban-
doned
it.
excessive,
But experience shows that the panic was and that the depreciation which gold is
is
undergoing
important.
too minute
to be very
Very possibly
we
selected silver
new
mining discoveries might begin to reduce its value. The notion of a commodity whose cost is constant,
and whose
alter,
is
imaginary.
is
;
Monetary business
like
all
business
suits best
that
risks of depreciation
see,
it
most
easily
and reckon
in
it
most
easily.
Thirdly,
the
22
coinage.
INTERNATIONAL COINAGE.
Every new coinage probably will be so, and a system which is to include nations already
having a decimal coinage must be so. There is of course no kind of superior naturalness in a decimal
division
;
it is
if
we had twelve
fingers as
some
have been preserved), a duodecimal division would have been equally natural. But we cannot change Our the human frame or reverse past history.
arithmetical system
is
it is
same.
just as
We
all
money by
tens,
we reckon on paper all things by tens. Fourthly, the new system must be one which
will
It will
one nation to say to any other, still less not do to all others My coinage is better than yours ;
'
my
give
trade
is
;
larger,
and
my
coinage better
known
than yours
therefore do
perhaps are
coinage
it
up your own.'
Most nations
you adopt
my coinage and
all
great nations
such language.
is
The
desire for
an international
The advantages
but they do not
of residents in
at once strike
mankind.
The mass
THE CONDITIONS
IT
SHOULD SATISFY,
'
ETC.
23
;
We
we do not
travel abroad;
;
native
a great mass of
will
which
oppose
improvement, as well as
all
others.
We
must
wounded national
if
the English,
say
we
'
will
We say
'
We
will
the English
Any
plan
may hope
fice
to gain
something.
equally forbid
for
reasons.
The French coinage, though widely propagated by the immense influence of France, is a bad coinage. It is a decimal coinage, and is so far
good
;
but
it is
absurd.
The history
of
24
INTEENATIONAL COINAGE.
is
rash application of
an incomplete theory.
legislators
The
old
;
French revolutionary
found
the
French coinage in a most depreciated condition it had originally been based on the pound weight of silver. But by continual tampering the livre, representing that pound, had come to be worth only
10c?.
The
old division
of 12
own but
as the French
had come
to be so very different
any
use.
part of
The revolutionary legislators saw one the evil and remedied it. They abolished
But they did not perceive the
left
They
unaltered the
;
new franc is
They never thought that they were by then improvements entailing a burden on France. If they had introduced no change, it would have been easy
France now to make a complete change. To gain at once both a decimal system and a high unit would have been incontestably worth a great
to persuade
effort.
fice,
sacri-
is
hard
THE CONDITIONS
to ask her to
IT
SHOULD SATISFY,
ETC.
25
make
other.
The
bore of the
low unit
affects the
few
more than the many the rich more than the poor the cultivated rather than the ignorant those
;
who by
fact,
move
are, in
those
who would
'
The American currency is in a condition yet more curious. On the recognition,' says Mr.
Ruggles, the American Commissioner at the Paris
by England, in 1783, of the political independence of the United States, their then exists
Congress,
ing political organisation, " The Congress of the
proper, also, to throw
'
Confederation," deemed
off
it
the monetary yoke of pounds, shillings, pence and farthings. On the 6th of July, 1785, this Continental Congress
able
monetary ordinance reported by the Grand Committee of Thirteen," of which Rufus King, one
and most far-seeing of the statesmen of America, was a member. Not only did it omit
of the wisest
in
any way
it
distinctly
manent monetary unit of the United States. Its precise weight was fixed by a subsequent ordinance,
passed on the 8th of August, 1786, which further
provided for the issue of a gold coin of ten dollars,
26
INTERNATIONAL COINAGE.
What was
far
ordin-
Considering
the
'
yoke of the
'
dubious.
The
unit selected
the
is
far
the world
currency of half-and-half
which
is
tional adoption.
As every new
new
the
is
new
evil,
themselves now.
who have
do not
like
it
who have
THE CONDITIONS
IT
SHOULD SATISFY,
is
ETC.
27
faulty.
Even were
it
politically
it
No doubt
it
No doubt
'
also
it
has totally
;
besetting sin
may
on that matter.
not decimal.
It
coinage
is
which belonged
to the
You
could not
it
as
it
stands.
perhaps
is
;
The French
embodiment
The French looks quite right till you have examine and study it the English looks quite wrong till you see what it really is, and what such
to
;
things
'
ought to be.
'
manner
and a bad
meaning
the English an
manner.
The
28
INTERNATIONAL COINAGE.
what
is
good in France
is
the
first
what
good in England.
of
They have no claims to be put forward as universal currencies, and no one does so put them
forward.
to is that
no
existing coinage
uses.
as
it
And
this
really
conclusion
which
of
The conditions
an
to have been
itself,
rude ages.
we look
at history,
was the
old currency of
article of dealing
and
traffic.
is
is
is
dear.
But
it
is
;
not possible to
perhaps more numerous than ever. The two metals must be kept in use together but the true system,
;
is
THE CONDITIONS
It
IT
SHOULD SATISFY,
ETC.
29
gold the
for small
standard,
it
But
uses silver as a
discards
all
medium
payments, and
its
value
make
a pound.
is
Gold coinage
artificial silver
and an
coinage circulates at
its
this
was long before nice expedient was detected, and till then both
them both,
left to
unit, again,
not wanted in
small coins.
high
'
'
reckoning engine
is
useless.
Nor would a decimal coinage have been comprehensible. The Arabic numerals which we use have
made 10 seem
like
a law of nature
but in the
much
;
of ten.
of multiples of 2
have reference to
30
the
INTERNATIONAL COINAGE.
modern
world,
in the
if
old world.
We
must not
therefore be surprised
we have
a
fit
to invent a
new
one ready.
What
that
to be
we
31
IV.
We
and the principles which should regulate an International Coinage. We have now to examine
quire
we must
ciples,
see
how
and how
far they
advantages.
national coinage
evil
:
chosen,
in
is
our
common
difficulty
no
The most prominent proposal is that of the Congress of Paris to coin in this country and in
others a 25-franc piece, which should circulate in
32
all,
them
all.
The
cular
coin a
parti-
25-franc piece
is
chosen, because
by 2d. only
of five
in France,
any multiple
Switzerland
coin
;
The Commissioners
'
which on account of their importance it is best to The recommendations,' they say, have before us.
which were made by the Paris Conference, with a view of introducing gold coins which should be
'
common
'
III.
That
all
gold
any
of the countries
Con-
and
The
effect of these
recommendations
if
adopted
five francs
the basis
and
to substitute the
for the sove-
England
33
In Austria
of this value
would also be
Grains.
The Spanish
fine gold
116-487 116-100
The The
half-eagle
And
113-001 sovereign the new coin of the value of 25 francs would contain 112-008
'
therefore,
more
accurately,
993 of a grain).
The diminution
in value
would
The
which
is
new
as
it
now
new
sovereign as they
now do of
The reduction
of the value
must
pound.'
on
it
A
D
coin
34
INTEKNATIONAL COINAGE.
is
of 25 francs' value
else is to
be universal
the object, as
to attain
we showed,
the
which
of
it
was desirable
of account.
money
Quotations were to be
;
an English merchant taking up a French newspaper was to be able to understand the money, and a French merchant
same
in different countries
home
after the
money would
half-crown
is
still
be
francs
it
the
the
present English
money
of
account
it
Bank
much
in international
money
that was
and he can
The case
If
an
Englishman
he the better
He
has a
35
sum
new
to
work
coin,
and
may just
as well remain as
money just as well as into the new money. The inconvenience of changing the value of the
centimes into the old
sovereign would be very considerable
;
it
would be
such as
object,
it
for a great
for
a small one.
we are
us so change
foreigners,
to us.
To make a
and that foreigners may be intelligible slight alteration would cost most and not obtain most of the advantage.
of the price,
controversy of
much
been started.
It is said
now
so.
The
difference
five francs
we might charge one per cent, for coining one, and so keep the value unchanged. What was taken from the quantity might be added
cent.
;
the
new
But whatever
it is
plainly too re 2
36
fined for the
INTEENATIONAL COINAGE.
mass
of
men.
If
mob
cry-
ing,
'
!
never
able
On these very refined points you must Out of the many expect much agreement.
minds which take part in the discussion, few have the knowledge, few the leisure, and still fewer
the mental calmness to understand them.
case the objection would be plain
'
;
In this
adversaries would
say,
You
;
sovereign
by
his contract he
was
to
have so much
his consent,
is to
have
less
man
have ninety
bales.'
and hardly any one would feel sure about it. Nor is it necessary to consider this refined expedient, except as a matter of principle. The proposal
of the Conference of Paris that
and that the English should alter their sovereign by 2d., and leave the rest of their currency as it is, must be rejected on plainer
currency as
it is,
37
account;
currency
;
it
circulating coin.
A second
plan
is
Com-
If the
plan
is
to give us
abolition
;
A
the
mere common
coin, as
we have
is
seen, be
it
not in
itself of
primary use
of
commerce a
money
of account.
to induce the
French
to reckon in sovereigns
Now, and to
most
difficult task.
It
it
was a
;
would
and awaken
inis
herited
No
commercial world
is
much
386374
38
INTEENATIONAL COINAGE.
disputable, the sovereign
;
more
is
but a
common French
peasant
this
;
does not
know
this,
no
;
was
an International money most contrasted with the sovereign and the 25-franc
for
piece
is
These
two suggestions
principle.
He
says, in
you take the 25-franc piece, you will have the same difficulty out of France as if you proposed a new unit, and if you take the sovereign,
If
you
will
difficulty
everywhere out of
England
it
is
and
will
the
scientific unit
all
you
nations will
you
will
surmount the
difficulty of
asking
will
you
be
that best,
all
that
and you will not be worse in But then comes the question, what is
scientific
unit?
What
is
it
that
39
What
To
is
it
that for
its
willing to choose ?
this
M. Chevalier
;
gives
what we must
call
French answer
system of weights
and measures
system
it
and he
practice
alleges
is
in in
more
is
perfect than other systems in science and theory, which indisputably it is not. There is no unit of
itself
all
and by any
quality
better
than
other weights.
arbitrary.
Whatever
selection
means
;
London
pounds means
six
times
There
is
or this length;
different
happens to be fixed upon, but ones might have been fixed upon. The
it
French metre
is
quadrant of the meridian passing through France from Dunkirk to Frementara,' which is as arbi-
The French
is
unit of weight
is
'
cubic
water of
arbitrary
the
temperature
of
melting
ice'
as
and even as
40
imagined.
there
it
INTERNATIONAL COINAGE.
The notion
of
is
something very
scientific
an error
was an arbitrary choice, like any other, as good and no better than any other. But it is upon the Metric system that M.
Chevalier grounds his coinage scheme.
He
justly
sterling
;
was a
so
real
pound's weight of
beginning
to
the
This
is
simple
notion of
'
coin
'
some
Government, or in some way. M. Chevalier with great learning and great acuteness exemplifies this,
as in the Chinese system
and
in other systems
and he argues that because the original coin was a simple weight in some metal, so the new one should
be too
;
defect.
Thus he
when
appears
grammes; and
expression
is
because
its
complex
It
too.
But we
logic.
new
expressible, because
coins
in
their
origin
41
were very simply expressible. The notion of a coin began so ; it could not else be made intelligible to
barbarians
:
we know
contains
is
what a coin
well enough.
is
;
We
we know
the
value, but
we never
in practice think
is
about
it.
into
3^
An
sovereigns,
state
it
more
easily.
But no
difficulty arises
;
we do not think
of the
origin of coins
and primary
do not care.
coin.
We
we
We
to be able to
when we want.
theoretical
advantage a
it
may
be a
coins
it is
M.
that the
new
42
of
INTERNATIONAL COINAGE.
20
francs.'
But why
ten
grammes' weight
Why
gramme
is
is
the unit
of weight ?
seems a gramme
a unit
make
it.
a nice
money by
this
multiplying
and dividing
But surely
'
shows plainly that the entire question is one of convenience and utility that the unit of weight
'
has no indefeasible
that
title
to be a
it
'
unit of
'
money
should be so by a
comparison
The
it
is
only this
Which
coin
an easily expressible
M. Chevalier
more important
for a
new
international
account?
former, but
We
attach
no special
system
;
we do not think
primary importance
we regard
new
coin should be
The
last of
an international coin
It
is
one
of singular ingenuity.
43 English
one
of the
the
Congress
of
Paris
that
prin-
would be nearly
it.
The
cipal
is
plain.
Those
nations
in francs
would be able
;
after the
those
who
now use
call
it,
we should now
the novelty
is
identical
way
it
seems
is
to
have suggested
described
the Congress
authors,
of Paris,
thus
:
British delegates
'
by
its
the
The renunciation
common unit
of higher
Commissioners.
'
it
by some of the
its
members
reason of
insignificant
44
that
it
INTEENATIONAL COINAGE.
does not perfectly harmonize with the deci-
mal system.
4
We
which
would not only be free from these drawbacks, but would be more likely to be acceptable in England, which
is
sovereign.
'
A new
Such a
lation as
an additional member
it
age, provided
and made a
amount
only,
upon
it
"10 francs"
new pound
or metrical
pound, or
might be made the tenth part of a new metrical pound, if a denomination of higher value
it
were demanded.
of
We
an international
'
coin.
it
The scheme
of coinage
would be the
means
45
si*ef piece of ten such pence, in addition to the The ultimate adjustment gold piece of 100 pence.
'
100 centimes
'
In the American
'
'
In the British
'
10 francs (gold
into 100 pence
of
florin,
if
desired,
ster-
8s. piece
could be pro-
could be
sufficiently distinctive by giving it a For the issue of such a piece there is plain edge. the precedent of the silver florin, which was devised
made
to represent the
to bring
The 8s.
46
INTEENATIONAL COINAGE.
which seems entitled to equal consideration at the hands of Government. The issue of such a piece,
while
it
notice,
brought the metrical system of coinage into would not be conclusive as to the ultimate
it
possible
it
at
any time without embarrassment.' As the delegates state their plan, it involves the immediate issue of an 8s. gold piece, which is to
circulate with the present coins.
But
in this there
would be much harm and no good. It would be very inconvenient to have at once in circulation
pieces so alike in appearance, but so sensibly differ-
the cashiers of
all
it
would be a bad
intro-
duction.
The
8s.
it
allied
un-
popular too.
issue of a 10-franc
its
England
is
adoption
47
There
to
it
great magnitude
to English ideas
unit.
is,
the
of the greatest
is
magnitude
a very low
10-franc piece
The
tendency of nations is to
augment the
and the larger the transaction the more convenient to have a high unit in
terms of which to express
is
8s. pieces
sterling.
To
this
it
is
first,
by the improve-
ment
in the
mode
of calculation
may
be set
off
culations the
than the
old.
new method may easily be made better As civilization augments and com-
may become an
now
number
incon-
indeed, even
the use of
of figures.
easily
new system
large-business unit,'
unit.
It
and as a monetary
48
INTERNATIONAL COINAGE.
purpose.
faultless.
It at
universal
money
of account
it
where quoted in it, just as they are now quoted in throughout France and throughout the countries
It
of the Convention.
end,
if
means.
There
might be
monetary
unit,
upon
as a
that
we should decimalise
they would change their unit and decimalise upon it too. But the merits and
49
V.
new
unit of account of
first sight.
There
countries.
eagle, the
in all the
all
very near to
it.
decimal system of
this
wherof the
ever
is
necessary.
scheme
it is
stops.
identical with
and
in America, there
would be a
slight
change to
a change
is
not to be estimated by
its
arithmetical
diffi-
magnitude.
small change
may
Even
cause more
in
France there
;
as yet
it
has been
and
it
50
is
INTERNATIONAL COINAGE.
not desired or thought of by the mass of the
Its
French.
and
of every
is,
money
and there
It
therefore,
no chance
would be a con-
trivance to combine as
many
difficulties as possible,
and
to puzzle as
many
people as possible.
it.
The great
changes of coin
is
with
This
is
prevented, and
is
Twenty years
first
step
scheme, and
to prepare
men's minds.
But
we
we then
were.
by no means certain we could get rid of the penny,' and there the plan stuck. The mass of the com-
munity could not be persuaded to change the petty coins they use and reckon in and so many tolls and
charges some
belonging to private
people
are
we should be im-
mersed in a complexity of compensations. No doubt it could be done, and for a great object ought to be
done, but there would be endless difficulty in per-
it.
On
the contrary,
if
51
all
who
are in
had contracted
to
pay
Now, a system
money.
'
The plan
'
of decimal coinage
known
as the
farthing plan
does this.
to
is
We
1,000
should have to
farthings, or
change
the
;
sovereign
0s. lOd.
now, this
is
which by Act of Congress it is, the American cent equal to an English halfpenny, and the cent
States as
it
would
for
system of
common
And
52
INTERNATIONAL COINAGE.
tage of uniformity
coinage than
it
now
England would have a decimal coinage and a decimal system of accounts, which now she has not, and which, as long as we keep the sovereign
inches.
as our principal
unit, she is not at all
likely to
have.
No doubt it would be
money
But
still
much
much more
a price cur-
important and so
money can
it is
readily use
money would
become the one money. And even before then it might be and would be largely used as the principal
money
of wholesale account.
in
53
its
own
will
Besides
money. it must not be forgotten that Germany have a currency to choose none of her many
;
local
modern commerce
and
may be
sure, ere
money
of
very likely,
might choose to select the money which we put forward rather than that which France puts forward.
In that case, there would be one Teutonic money and one Latin money the latter mostly confined
;
to the
West
of Europe,
and looking to the commercial the Teutonic races, and the comparative
it
; 1
frequently preferred.
In this
There may be less prospect of this now that Germany has chosen a currency of her own but the scheme of our Anglo-Saxon money is in no way dependent upon Germany's adhesion to it.
;
54
less
INTERNATIONAL COINAGE.
coinage would merge in the greater, but at any
it
rate
and we could
would be a great step to have but two moneys, well make shift to do with that if we
be, that there never
were
The worst objection to such a plan state of the American paper currency.
dollar of 4s. 2d. is superseded
is
the present
The metallic
and
sell for
paper too.
two countries
would
we may hope that the paper depreciation of America will be temporary the other difficulties of a monetary union will take some time
adheres to
it.
Still
to settle,
itself.
1
this
one
may
settle
It is
is
Though by
4s. 2d.,
is
valued at
in
not so
much
immense
not pro-
The resumption
removed
of specie
payments has,
a*
Mr. Bagehot
anticipated,
this objection.
55
change for the purpose of founding a monetary union primarily with England, and gradually we
may hope
with much,
if
not
all,
she would)
join
of that union.
would be useless to attempt to rival the currency It would then be supported by the
nations of the Latin race, and by the and the most augmenting nation of the second Anglo-Saxon race it would couple the prestige of
principal
;
the old Continent and that of the new. But as yet the people of the United States have never considered the
'
International Coinage
'
question any
more than the people of England. When they do, it is probable that they would consider a union
with England of greater importance than a union
with
the
;
nations
who have
coinage
now
far
advantage of
common money
to a
with
com-
56
INTEKNATIONAL COINAGE.
union founded on the five-dollar piece must be
to
mon
far
more pleasing
it is
and, as we have
any new International Coinage must be decimal, and the decimal system founded on the involves so much interbetter for us, too, since
ference
with
it
probably
'
stops the
way
not becoming itself more popular, but preventing Englishmen from attending to any scheme which might be popular
and might be
carried.
We
Messrs.
at Paris
10-franc
scheme.
On
the
Graham
contrary,
we think
Commissioners
who
'
first
it,
made an immense
Before that
advance in
one currency
discussion.
went
to
and bargains
Nor
is
now
Its
they speak on
'
they say
We
DISCUSSION.
51
sacrifice
do you join
we have adopted a new currency with us, and change your currency as
It is
; :
we have
hard to reply 'Oh, you have changed too fast you have chosen a currency you should not have chosen you must change again
?
; ;
'
you must make a third currency if we are to join For a moment, the difficulty of inducing the you.' present race of Frenchmen and of French imitators
to disuse the
franc
is
insuperable.
will
'
Generations
it,
think of
much
less
the best of
'
'
clients a
who
'
will
consent to
nothing
you will not have have none, for we will not con:
If
house
you may
have just " built a new or may not come and live in it
We
it
third
is
What
we
will
show
58
INTEENATIONAL COINAGE.
VI.
We
in-
genuity of the
national
10-franc
that
it
'
scheme
for
an
inter-
money
;
other scheme
that
more
scheme.
But we
many
objections
to
it.
responsible
Minister
would hardly face Parliament with it. First. It would alter the penny, and the penny
is
The
indistinct
manner
which
this grave
objection
has been
understood by some accomplished supporters of the plan is remarkable. Thus Mr. Leone Levi, on
'376.
Do you
ASSIMILATION OF CURRENCIES.
59
scheme.
The
difference
my
proposal
is,
that with mine you have a gold and international unit as the basis, whilst formerly that plan seemed
to
imply a
silver unit,
377.
altered too ?
Not in
reality,
is really
worth 10 centimes.
1
378.
4cZ. ?
Yes, nominally.
Yes.
What
380. There
cent. ?
is
is,
contemplated
it
the rela-
tion
would bear
course, be different.
'
Yes, that
'
the basis.
piece
is
382.
The 10-franc
equal to 8s. ?
Yes,
60
'
INTEKNATIONAL COINAGE.
383. After the change
? No
then
it
will
be
some
the
diffi-
manner, arising
from
slight
new
that
make
the standard.
'
would
it
not be changed
Not in respect
In
its
relation
would have
to be.
You
at the rate of
it is
385.
Of course
its intrinsic
is
value
is
much
is
below that ?
'
Yes
that
what
for
mean.
386.
Yes.'
all
is,
that
would be taxed nearly lOd. in the , would ask for compensation, and must have compensation.
An
The owners
;
of bridge
and
system
of
railway carriage
based on
penny
ASSIMILATION OF CURRENCIES.
charges.
61
charges
62
INTERNATIONAL COINAGE.
;
Neither
pound,
shilling,
equivalent in the
account.
new coinage or the new money of On a given day we must all take to francs,
shillings.
and abandon
Some imagine
gested
'that
is
it is
sug-
(which
of less value
than
8s.
by about three
to 4.'
;
made
legal tender
up
no one
would quote prices in them no one think in them. We have had for years the florin as an introductory
'
'
coinage
mals, but
writes in
to the
'
'
of deci-
we
'
No one
pieces of 2s.
8s.
They are and 24d., and they are no more. The token would be equally neglected in thought,
useless as
florins,' or talks in
and equally
an introduction.
men
is
many,
for
example
it is
ASSIMILATION OF CUERENCIES.
63
change in the modes of reckoning could be effected, but it is not so here. A great deal of counting both
their
own way
way
not easy to
tell.
money could not keep them at all if he were obliged them in any other money. He would get
bothered.'
to
him
them he cannot
get on.
The change
difficulty,
of bookkeeping
it
because
change in prices.
Almost
Take the
'
fol-
lowing
current
list
'
Hides.
Video,
price
Ox and
64
INTERNATIONAL COINAGE.
Hides
continued.
s.
d.
s.
d.
New York
East India Kips, Russia South American horse
06
. . .
3f@0
8
11
10J
12
per hide
Indigo.
Bengal
all
same moment.
One would be
another to
changed
to the
advantage of the
seller,
his disadvantage.
And
of the country
many
if
to
know
if
be quite at sea
would be insolvent.
'
below,' as
it
were
But there
'
would be
'
'
10-franc
from above
It
is
plan
would be said
For our purposes the movement a retrograde movement. We have a unit, the
ASSIMILATION OF CURRENCIES.
sovereign, well suited to large business,
65
and you
less
We now
reckon in
8s. -pieces.'
fear
we must
reject the
;
No
none more
interesting.
But
;
invincible.
But none
for a single
and which
to
Germany
the
That plan
is
make
its
scale
Unit
1
s.
d.
10
2
1
*
ifc
T<foo
2i
0i
Every sum
culty in
would be exactly
diffi-
There would be no
tolls.
The penny
it
might continue to
a coin, though
scale, just as
66
INTERNATIONAL COINAGE.
is
is
It could at
once be written
new money
common
dealings, all
common
quotations of
prices, could
in prices there need be no change as before whatever the new and the old would be change
;
exactly equivalent
diffe-
rently
number
same
What
system, and which of our present silver coins called in, would be a matter for very careful reflection;
were a piece of
2s.
Id.,
it
for
as they
now
as 2s. Id.
s. d.
as at present.
The
main
difference
new
it,
we might
call
in a day,
Erratum
Page 67
line
9,
ASSIMILATION OF CURRENCIES.
it
G7
could be written at
all
They are
ever
is
down on paper in the new currency. The rules of reduction between the
To turn the
would be
old
and new
'
'
Convert the
sum
is
sum
in the
new
currency
thus, 185
9s.
4%d.
185
20
68
again,
INTEKNATIONAL COINAGE.
more
figures to write
rency.
is
is
it is
or worse as a unit
of
pound
in old accounts
it
not
would be
facilitated
by handy tables. The Americans would have just the same facilities at the change, subject to the minute change to
bring the value of the dollar to the Congress value
of 4s. 2d.
dollar, their
their
cent would
half-eagle, their
be exactly expressible in
the
new
would be the
as now,
coinage.
Their half-eagle
their
5-dollar
unit.
and they could reckon as now, if they liked, at once, and on the instant
they thought that more pleacould judge for himself.
is
Each American
real objection
;
The
that after
all
this plan
it
moneys
but
if all
and the
a future
left to
69
NOTE ON SEIGNORAGE.
scheme proposed by
comprehension
explained
to
difficult of
be adopted by Parliament,
country, but I
or
to the
am bound
:
to
made
to
it.
In the
Economist
remarked
it,
'
It is evident, as Sir
John
Lubbock
well put
that the
new
sovereign could
and
;
to
currency
if
made equal
necessity for
to the former
if
it
effected, while
reduced to the
will arise.'
latter,
the
compensation
He
proposes that
it
should be
to circulate
through
70
INTERNATIONAL COINAGE.
all
When
it
is
objected
that
the
French
The
French now charge a very considerable seignorage in one way or another, and the plan is, that they
should charge a minute fraction more in a prescribed way.
It is often
value
'
differs
if
by
yfg- of a sovereign
quite true,
tained in them.
in
England
it
passes not as so
bullion plus
as so
charge.
like a
much
just
charge
making gold
plate for
little
plate.
If
goldsmiths
chose to
make
in
cheaper
government
it
is
just
makes
Accordingly, a coin
may
NOTE ON SEIGNOEAGE
71
contained in
it
would buy.
a subsidised producer
nothing.
Such
is
French Government,
it
France
it
plate
by near T^- F
of a sovereign.
The
sovereign purchases a certain quantity of various 25 francs articles, because it has so much bullion
;
buy nearly as much, though they have less bullion, because the coining of them costs something too. But all this discussion is too fine for the mass
of
men.
If the
it,
how
will the
House
Commons
follow
it
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:
Second Edition. Crown Svo. 10s. Gd. Athletics and Football. By Montague Shearman. With an Introduction by Sir Richard Webster, Q.C. M.P. and a Contribution on Paper Chasing' by Walter Eye. With 6 Full-page Illustrations, and 45 Woodcuts in the Text, from Drawings by Stanley Berkeley, and from Instantaneous Photo'
By Lord Walsingham and Sir Balph Payne-Gallwey. With Contributions by Lord Lovat, Lord Charles Lennox Kerr, the Hon. G. Lascelles, and A. J. Stuart-Wortley. With 21 Full-page Illustrations, and 149 Woodcuts in the Text, by A. J. Stuart-Wortley, Harper Pennington, C. Whymper, J. G. Millais, G. E. Lodge, and J. H. Oswald Brown. Vol. I. Field and Covert. Second Edition. Crown 8vo. 10s. Gd. Vol. II. Moor and Marsh. Second Edition. Crown 8vo. 10*. Gd. Cycling. By Viscount Bury, K.C.M.G. and G. Lacy Hillier. With 19 Plates, and 61 Woodcuts in the Text, by Viscount Bury and Joseph Pennell.
Shooting.
Boating.
graphs by G. Mitchell. Second Edition. Crown 8vo. 10s. Gd. By W. B. Woodgate. With an Introduction by the Rev. Edmond Warre, D.D. And a Chapter on Rowing at Eton by R. Harvev Mason.
' '
With 10 Full-psge Illustrations, 39 Woodcuts in the Text, after Drawings by Frank Dadd, and from Instantaneous Photographs, and 4 Maps of the Rowing Courses at Oxford, Cambridge, Henley, and Putney. Second Edition. Crown 8vo. 10s. 6d. Cricket. By A. G. Steel and the Hon. R. H. Lyttelton. With Contributions by Andrew Lang, R. A. H. Mitchell, W. G. Grace, and F. Gale. With 11 Full- page Illustrations, and 52 Woodcuts in the Text, after Drawings by Second Edition. Lucien Davis, and from Instantaneous Photographs. Crown 8vo. 10s. Gd. Driving. By the Duke of Beaufort, K.G. with Contributions by other Authorities. Photogravure Intaglio Portrait of his Grace the Duke of
;
Drawing by G. D.
Edition.
Crown
Second
In Preparation.
Riding. By the Earl of Suffolk and Berkshire and W. R. Weir. Crown 8vo. 10s. Gd. Fencing, Boxing, and Wrestling. By F. C. Grove, Walter H. Pollock, Walter Armstrong, and M. Prevost.
Lawn Tennis, Racquets, and Fives. By By Horace Hutchinson and other writers. Yachting. By Lord Braseey, Lord Dunraven, and other
Tennis,
Golf.
Julian Marshall.
writers.
CO.,
Co.
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3ITY
OF CALIFORNIA AT
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