A treatise on money and essays on monetary problems.

A Treatise on MIoney and Essays on Monetary Problems. By J. SHIELD NICHOLSON. Third Edition. (London: Adam and Charles Black. 1895.) THE appearance of a third edition of Professor Nicholson's book testifies at once to the wide interest now aroused in monetary ques-tions, and to the appreciation felt for the lucid and vigorous treat-.

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Representative money is any medium of exchange, often printed on paper, that represents something of value, but has little or no value of its own (intrinsic value). Unlike some forms of fiat money (which may have no commodity backing), genuine representative money must have something of intrinsic value supporting the face value.

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John Law's monetary thought is largely contained in two works, Essay on a Land Bank (1704), and Money and Trade (1705). The first of these works, Essay on a Land Bank, was a proposal to the English parliament of the day advocating the use of a land money in lieu of silver money. The content of the essay is best seen in Law's opening sentences.