New York: Published by the Author, 1849. First Edition. Presentation copy, with a very early inscription (Jan 1, 1849) to a William F. Day, "with the affectionate regards of the Author." First printing. Octavo (23cm); publisher's blind-embossed cloth, titled in gilt on spine; xxx vi,-298pp. A very sound, internally fresh copy; the boards slightly rubbed at edges, with small perforations to cloth at joints; Very Good.
A major early work of American economic reform, in which Kellogg (1790-1858) articulated his views on fiat money, interest, and the labor theory of value. His proposal – that "paper currency issued from a central office...be loaned to individuals...at an interest rate uniform throughout the nation, with interest fixed by the government at that rate which would secure to labor and capital their respective rights..." (see Destler, "The Influence of Edward Kellogg Upon American Radicalism" in Journal of Political Economy v.40, no 3, Jun, 1932) went little noticed at the time of publication, but would become highly influential in the years immediately following the U.S. Civil War, when federally-backed fiat money became a matter of necessity. The precise identity of the recipient of this copy is uncertain, but one William F. Day appears in contemporary newspaper accounts as a civil attorney practicing in Elizabethtown, New Jersey. ADAMS (Radical Literature) p.49. GOLDSMITH'S 36346.