Ebook The Science of Money

That, toward the close of the eighteenth century, the scarcity of money (at the customary levels of prices in each country) was marked by the use of clipped coins of ante revolutionary and of inconvertible notes of revolutionary date that this scarcity was intensified by the Spanish American revolutions of 1810 and the closure of the mines of Mexico and South America; and that these events gave rise to that great extension of convertible bank paper notes which marked the era of 1797-1821.