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successfully established, in opposition to the paradoxes of Ricardo and his followers, a rational theory of the currency. Mr. J. S. Mill, an avowed iconoclast and reformer, has followed or preceded these writers on some of their points of dissent from the old school, and has incorporated into his work some very bold speculations respecting the laws of inheritance and the distribution of property; but in other respects, he has followed very closely in the footsteps of Malthus and Ricardo. From the writings of all whom I have mentioned by name, and of several others, I have derived valuable aid and instruction.

Throughout the work, I have had in view the wants of learners, and have tried to incorporate into it such elementary information about banking operations, the system of disposing of the public lands, the nature of bills of exchange, the functions of the currency, the supply of the precious metals, and the course of trade both at home and with foreign countries, as might be useful not only to classes in college, but to other young men, who, with less preparatory training, are about to enter the mercantile profession.

CAMBRIDGE, December 28, 1855.

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