Re: History of Economics Society

[ejnell@xxxxxxx]

Ric,

I see the HES is June 10-13; I had thought you said July.  I think I can do
that, and I would be especially interested in presenting something about
Newton.  I have a project on Newton; it deals with a book I found many years
ago in Onora's grandfather's library.  Lord Rathcaven inherited books from
Johnney Torrens, nephew of Robert.  The book was a collection of mostly
anonymous pamphlets all by members of Jonathan Swift's circle, denouncing
Newton's policies, which, they maintained, were draining silver from Ireland,
making commerce difficult, and causing trade to dry up.  (In 1717 Newton
slightly over-valued gold in relation to silver, causing gold to flow into
London, and effectively establishing England on a gold standard, though this
was not understood or appreciated for many years. A careful reading of
Newton's mint reports suggests he knew very well what he was doing. Very
little gold circulated in Ireland or was earned by their trade, so the drain
of silver was devastating.)  The Irish pamphleteers proposed establishing an
Irish mint.  Their arguments are surprisingly sophisticated at times, and
suggest that they understood the specie-flow mechanism quite well - 40 years
before David Hume.  They attribute this understanding - and much else, some
of it scurrilous - to Newton.

Anyway, I'd be very interested in presenting something on this, if there is
going to be a session on Newton and the Mint.

Edward