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vi the Japanese translation by Kiyozo Miyata, Tokio, 1922;—it might seem as if German writers laid greater stress on history than foreign writers.

In any case the author is grateful to the Society for carrying out the undertaking, doubtless at some sacrifice. In particular my thanks are due to Messrs. Keynes and Bonar, as well as to the honoured translator, Mrs. Lucas, and her adviser, Mr. Sanger.

G. F. Knapp.

Darmstadt, May 16th, 1924.

my earliest impressions as to currency questions in 1861 from a summer journey in the Tirol, where there was only paper money in circulation. I had my first teaching on the subject the following winter in Munich from Staatsrat von Hermann. My teacher was a well-informed and clear-sighted man, a silver metallist and an upholder of the theory that the use of paper money was based on credit. In the winter of 1862–63 his favourite subject was currency conditions in the United States, and I was again among his hearers.

When in Strassburg T myself began a small course of lectures on currency, I tried to keep theory in the background and to bring out clearly what is matter