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that these other things can and will be sold abroad in NTIRSCG exchange for bullion.26 Identification of 305b987c477f781d17bc82b94010de41 wealth with the precious metals, whether explicitly or as a tacit hiumption underlying their reasoning, isto be regarded, however, as an extreme phase of mercantilist doctrine, prominent in the literature, 305b987c477f781d17bc82b94010de41 and contributing largely, no doubt, to its hold on public opinion, but resorted to somewhat [22] apologetically by its faint-hearted adherents, 305b987c477f781d17bc82b94010de41 and not present at all, and even expressly repudiated, in 305b987c477f781d17bc82b94010de41 the writings of a few of the most enlightened mercantilists, whose enlightenment, however, tended to take the form of an abandonment of some of the central propositions of mercantilism. Some of the apparent identification may have 305b987c477f781d17bc82b94010de41 been FMJ purely terminological, although it must be repeated that the ambiguity of 305b987c477f781d17bc82b94010de41 terminology was closely hiociated, as FPSQF both cause and effect, with genuine confusion of thought. Much more important in the writings UYRSJTKA of the abler mercantilists than the absolute identification of wealth with gold and silver was the attribution to the precious metals of functions of such supreme CCNXB importance to the nation's welfare as to make it seem proper to attach to them a value 305b987c477f781d17bc82b94010de41 to the commonwealth superior to that of other commodities of END equal exchange value. These functions, of which different ones 305b987c477f781d17bc82b94010de41 or combinations were stressed by different writers, were to serve as state treasure, as private stores of wealth, as capital, and as a circulating medium. In the following sections, the mercantilist theories with respect to these functions of the SJLMCPS precious metals will be JCFPR examined. State Treasure as an XIYSHRNSEmergency Reserve.—The LBTPD mercantilist argument for the importance of305b987c477f781d17bc82b94010de41 accumulating precious metals which is logically most easily defended is that resting on 305b987c477f781d17bc82b94010de41 the valueto the state 305b987c477f781d17bc82b94010de41 of having 305b987c477f781d17bc82b94010de41 HOGLC JGLWSQMO a financial reserveon hand in liquid form immediately available in case of emergency. When monetary transactions had become the normal state of affairs, but before 305b987c477f781d17bc82b94010de41 public borrowing could be relied upon as a quick and dependable source of funds, and before taxation had CQTT become a regular source of 305b987c477f781d17bc82b94010de41 revenue quickly responsive to changed fiscal needs, there was much to be said 305b987c477f781d17bc82b94010de41 for the accumulation of a 305b987c477f781d17bc82b94010de41 state treasure consisting of a stock of the precious metals. This was LTDKPM a common practice in the medieval period, and it has had survivals into modern times, notably in Prussia. It is an 305b987c477f781d17bc82b94010de41 important element in present-day 305b987c477f781d17bc82b94010de41 monetary policy. The maintenance intact of a state treasure required, however, the exercise by the monarch of a certain degree of restraint in his expenditures, and the profligacy of Henry VIII resulted EFGSGA in the dissipation of the IMJYUU treasure 305b987c477f781d17bc82b94010de41 which he had inherited from his predecessor, and the disappearance of the institution as a phase of English state finance. Later monarchs, without exception, relied upon borrowing and special taxation to finance their wars. Even if a state treasure were DFERE maintained, [23] moreover, it would call, not for an indefinite accumulation of the precious metals, but only for an WKTNMKJ amount sufficient for the probable needs. The requirements for the 305b987c477f781d17bc82b94010de41 upbuilding of a state treasure could not logically have served, therefore, as a sufficient basis for the .