LOCKE, John (1632-1704). Further Considerations concerning Raising the Value of Money. London: for A. & J.Churchil, 1695.
8° (161 x 90mm). Contemporary speckled calf, red morocco lettering-piece tooled in gilt on spine. Provenance: Brigg Fountaine.
A FINE COPY OF THE FIRST EDITION of an important work refuting the work of William Lowndes. "In 1695 the long-continued debasement of the silver coins threatened the national credit. The parliament of that year faced the difficulty of re-coinage, and the treasury entrusted the preliminary investigation to Lowndes. In his report, containing an essay for the amendment of the silver coins, issued in September 1695, he reviewed the expedients of the former reigns, urged a re-coinage, and, to meet the current demand for money, suggested a change in the standard by raising the nominal value of all coins 25 per cent... silver was still the only standard, and the proposal was therefore to degrade the standard 25 per cent. The wide-reaching evils that would have followed the scheme are beyond dispute... the treasury ordered the publication of the report and invited discussion. This led to Locke's second treatise on the coinage, containing, along with a graceful tribute to Lowndes's financial abilities, a complete refutation of his arguments point by point. In the debate on the standard the opposition took up Lowndes's position; the goverment defended itself with Locke's arguments, and on 10 Dec. 1695 carried the measure for the re-coinage upon the old standard by a majority of 225 against 114": DNB. Wing L-2745; Kress 1905.