Theory of Money and Banks Investigated.

Boston: Charles C. Little and James Brown,, 1839. Towards an American central bank First edition, seeking to set forth principles of money and credit by which an American banking system could be established. Tucker analyses the nature and function of money and banks, and the arguments for bimetallism. George Tucker (1775-1861) served in the House of Representatives for Virginia. His publications led Jefferson and Madison to appoint him as Professor of Moral Philosophy at the newly founded University of Virginia. "One overriding theme in Tucker's work... is the need to interpret economic thinking in the light of American experience... he represents a growing confidence in America's own voice and mind on economic matters" (Biographical Dictionary of American Economists). "The issuing of notes, or paper money, by banks had become a burning question with the expiration of the charter of the second United States Bank in 1836... It was clear enough to Tucker that paper currency was a useful, indeed an almost indispensable, handmaid to commerce, and he hoped that if sound principles of banking could be exhibited in true form the wide differences of opinion might be lessened. For his scientific approach he turned to the experience of England, where banking had been developed with fervour and with obvious success" (Snavely, pp. 87-8). Tucker promotes a national currency backed by a central bank operating on the principle that the quantity of money must not exceed the volume of goods and services exchanged. He supports the convertibility of paper currency into specie. Octavo. Original black cloth, spine lettered in gilt, covers panelled in blind. Very slight wear at spine ends, contents a little foxed; a bright, tight, mostly unopened copy. Goldsmiths' 31028; Kress C.5024. Tipton R. Snavely, George Tucker as Political Economist, 1964.