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Commutation Money Paid: Compensation was made of lile interests, and the ministers were allowed to commute on the same terms as the clergy of the Church. In 1874 it was reported that the commutation money paid had amounted to $2,898,810. The Regium Donum in England was enjoyed by the three denominations, Presbyterians, Independents and Baptists, from 1723 till 1851. The amount required was annually voted by Parliament till 17 July 1857. The Scotch Episcopalians also enjoyed for a time a small share.
In 1551, while conducting a merchant banking business, he was appointed by Edward VI to manage the crown's foreign debt. At this time the pound was worth 16 shillings; it had brought 32 in 1520 before Henry VIII's successive devaluations. Gresham set out to raise the value of the pound, and at his suggestion the crown gave a monopoly over foreign trade to the Merchant Adventurers (q.v.). In exchange, the merchants were twice forced to lend the crown a sum in Flemish money to be paid back in English money at a rate set by the crown.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is determined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will disappear from circulation. |
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