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A RARE AND INFLUENTIAL ECONOMIC WORK RICARDO, David THE HIGH PRICE OF BULLION A Proof of the Depreciation of Bank Notes London John Murray, 1811, [46533] Fourth edition with additional appendix. Bound to style in re- cent half red morocco with gilt rules on marbled boards, gilt ti- tles and two raised bands to spine detailed in gilt. A very good copy, with some foxing throughout. $12,000 Ricardo’s rare first separately published work, which focuses on how English Bank Policy was the catalyst for the “Bullionist Controversy” leading a committee to be established to analyse the rising cost of gold. Ricardo argued that banknotes should always be immediately convert - ible into gold to avoid inflation, because if the value of paper notes issued did not exceed the value of gold or silver coins available it would always be possible to sell them abroad for the same value as another country’s currency, meaning English currency could not fall too far in value. Ricardo used this tract to show that the increasing price of bullion was due to an excess of inconvertible paper notes being issued, made possible by the Bank of England separating paper money from gold. The work was immediately influential on economic policy debates and was reprinted quickly. This fourth edition appeared just a year after the first, expanded in form with an additional appendix. Copies are seldom seen in commerce with no copy at auction for more than 50 years.
A CORNERSTONE IN THE HISTORY OF DEMOCRACY MILL, John Stuart ON LIBERTY John W. Parker and Son, 1859 [45493] First edition. 8vo. Original publisher’s brown cloth with gilt titles to the spine and blind ruled borders to the covers. A very good copy indeed with fading to the spine as usual and a little wear to a corner at the head of the spine. Internally fresh with perfect hinges and a discrete ownership stamp to the front endpaper. An exceptionally well preserved copy which is seldom found with - out significant repair. Housed in a stout cloth box. $17,500 Mill’s most significant work on the importance of freedom of speech, upon which much of his lasting influence rests. It was described on publication as “one of those remarkable works whose appearance forms an event in literature, as its perusal constitutes an epoch in the reader’s mind.” (The Spectator, Feb 1859) “Many of Mill’s ideas are now the commonplaces of democracy. His ar - guments for freedom of every kind of thought and speech have never been improved on. He was the first to recognize the tendency of a demo - cratically elected majority to tyrannize over a minority” (PMM). PMM 345
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