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Mann on the Legal Aspect of Money by Proctor, Charles (2012-10-25)

Part I The Concept of Money and Monetary Systems, Introduction

Charles Proctor, Dr Caroline Kleiner, Dr Florian Mohs

From: Mann on the Legal Aspect of Money (7th Edition)

Charles Proctor

(p. 3) Introduction

Intro.I.01  The first part of this text considers both the concept of money and the nature and organization of a monetary system.

Intro.I.02  Chapter 1 considers the general concept of ‘money’, and examines the attempts that have been made to formulate a satisfactory legal definition of this elusive term. As will be seen, it is the view of the present writer that such a definition serves only a limited value in a private law context, where the notion of ‘payment’ is likely to be of far more practical importance. Nevertheless, it remains necessary to formulate a definition because the term ‘money’ is also used in broader contexts. For example, public international law bestows upon the State the power to create and to regulate its monetary system; such a right can only be meaningful if the expression ‘money’ has a meaning that is recognized for the purposes of defining the monetary sovereignty of the State. It is also necessary to take account of a new theory of money propounded by an eminent writer. Considerations of this kind have led the present writer to reformulate certain aspects of the State theory of money adopted in earlier editions of this work completed by Dr Mann himself.

Intro.I.03  Chapter 2 examines the organization of the monetary system, the role of domestic currencies, and the nature of the legislation required to create a monetary system. Chapter 2 also considers the nature of the unit of account, the manner in which a monetary system may be varied or replaced, and the difficulties that may periodically arise in identifying the existence of an independent monetary system.(p. 4)