FINE AND RARE BOOKS AND AUTOGRAPHS

463

Law's Economic System. Arrest du Conceil d'estat Du Roy Portant Suppresion des Billets de Banque.

EUR 400,00
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EUR 800,00 / 1.000,00
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Description

Law's Economic System. Arrest du Conceil d'estat Du Roy Portant Suppresion des Billets de Banque.
 Arrest du Conceil d'estat Du Roy Portant Suppresion des Billets de Banque au premier Novembre prochain Du 10 Octobre 1720. Paris, l'Imprimerie Royal, 1720

In 4to, mm. 228x180; p. 12. Slight trimmed on the upper margin. Nice specimen.

Condition Report

Very rare first edition. This decree of the King attests the end of the Law system, documenting the suppression of the paper money for the stratospheric sum of 707.327,460 Lire.In 1720 the Law system had entered a dead end: on May 21st, 1720 Law issued a decree requiring the planned reduction of the value of money tickets and shares. The public, who had been led to believe in a continuous increase in the value of tickets and actions, feels betrayed and loses trust in the system. The decree is revoked, but trust is no longer recovered and investors abandon the coin-share circuit. It follows a collapse in the value of the tickets and the actions that determine the failure of the whole system. The final pages of the edict contain a statement that documents the issue of paper money from February 5, 1719 until May 1, 1720; another table deals with the number of bank bills burnt since June 28th.
thu 25 June 2020
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