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in facilitating trade. He advocated restricting imports as a means of preventing the export of bullion, and favored recoinage of worn
British coins, while opposing devaluation of the coins. In A Dialogue Between a Countrey Gentleman and a Merchant Concerning the Falling of Guinea’s (1696), Clement
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by the borrower, or by the "proper stock" of the banker himself. Thus a banker need only take care to issue money to borrowers who offer sufficiently valuable collateral, and the value of the bank’s money will be preserved regardless of the quantity issued. This idea is the basis for what later
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It is noteworthy that
Clement’s exposition of the real bills doctrine required only that money be issued in exchange for sufficiently valuable collateral, and not necessarily to finance "productive" activity. Thus he avoided the errors of later writers, including
281:, a problem that would not be remedied "whilst people have the Vanity to give more for a tawdry Callicoe, than for a good silk of our own making." The true remedy, he claimed, was for consumers to restrain their consumption of
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opportunities for currency traders, to the detriment of the nation. In
Remarks Upon a late Ingenious Pamphlet (1718), Clement claimed that an unprecedented scarcity of silver had been caused by excessive British imports from
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and the influence of credit on trade. The pamphlet (widely attributed to Harley) produced several replies, which
Clement answered in A Vindication of the Faults on Both Sides (1710). In it he dismissed what modern
243:, and that he was married to Mary Hollister. Mary’s niece was Hannah Callowhill, who became William Penn’s second wife in 1696. Through Penn, Clement achieved some influence with Harley.
267:. In A Discourse of the General Notions of Money, Trade, and Exchanges (1695), Clement explained the advantages of trade and specialization, and the importance of metallic
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goods. He also argued against "the absurd
Opinion, that the Raising our Coin would advance its Value, and prevent its being carried out of the Nation".
314:, and Clement was one of the earliest defenders of that doctrine. As recently as 1945 Clement’s exposition of real bills principles was attacked by
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Léoutre, Marie (2014). "Contesting and upholding the rights of the Irish
Parliament in 1698: the arguments of William Molyneux and Simon Clement".
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239:. From the letters we learn that in 1712 Clement was almost 60 years old, that he had a son Daniel in London who attended
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A Dialogue
Between a Countrey Gentleman and a Merchant, Concerning the Falling of Guinea’s (Cornhill, 1696)
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argued against raising the value of
Guineas, on the grounds that this would under-value silver and create
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The
Interest of England, as it Stands, with Relation to the Trade of Ireland (London, 1698)
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A Discourse of the
General Notions of Money, Trade, and Exchanges (London, 1695)
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on his embassy to the Emperor from 1711–12, later acting as Peterborough’s
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204:(c. 1654 – c. 1730) was an English diplomat and writer on economics.
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Snyder, Henry (1977), ‘The Authorship of Faults on Both Sides’,
292:(1710). This was a wide-ranging pamphlet that briefly discussed
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Mints, Lloyd (1945), A History of Banking Theory, Chicago:
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Clement’s writings concerned exchange and specialization,
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A Vindication of the Faults on Both Sides (London, 1710)
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What little is known of Clement’s life comes from the
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Remarks Upon a Late Ingenious Pamphlet (London, 1718)
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A Vindication of the Bank of England (London, 1707)
138:but its sources remain unclear because it lacks
235:’s collection of a series of letters saved by
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228:in Vienna from April 1711 until late 1714.
50:Learn how and when to remove these messages
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366:Parliaments, Estates and Representation
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288:Clement’s most influential work was
212:Clement spent his early career as a
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216:and merchant. He served in
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