THE MOST “INFLUENTIAL SOURCE” FOR ALEXANDER HAMILTON’S CRAFTING OF AMERICA’S FINANCIAL SYSTEM: POSTLETHWAYT’S DICTIONARY OF TRADE AND COMMERCE, EXPANDED 1766 EDITION

POSTLETHWAYT, Malachy. The Universal Dictionary of Trade and Commerce, Translated from the French of the Celebrated Monsieur Savary… With Large Additions and Improvements. London: H. Woodfall et al., 1766. Two volumes. Large folio (10-1/2 by 16-1/2 inches), contemporary full speckled brown calf, raised bands, elaborately gilt-decorated spines, red and blue morocco spine labels.

Third edition of this massive folio Dictionary, the “most influential source” for Alexander Hamilton in crafting America’s financial system and the “inspiration for U.S. industrial policy” in its impressive two-volume assemblage of international treaties and laws of manufacturing, maritime commerce and much more, complete with 26 folding tables and 24 large folding maps, including many of North and South America, as well as those of Europe, Asia and Africa.

To Alexander Hamilton, respected British economist Malachy Postlethwayt was "the ablest master of political arithmetic." Postlethwayt's authoritative two-volume Universal Dictionary was crucial in influencing Hamilton, whose "clear and prescient vision of America's future political, military and economic strength" consistently turned to Postlethwayt for guidance (Chernow, 110, 4). Similarly this was a major work in the library of Jefferson, known to recommend The Universal Dictionary to Secretary of State John Quincy Adams and others. Historians further see Postlethwayt as elemental in understanding principles behind the Constitution's phrase "to regulate commerce" (Crosskey I:130-31).

It was in the winter of 1778 that Hamilton, encamped with Washington at Valley Forge, began a process of educating himself. "Probably the first book that Hamilton absorbed was Malachy Postlethwayt's Universal Dictionary, a learned almanac of politics, economics and geography that was crammed with articles about taxes, public debt, money and banking. The Dictionary took the form of two ponderous, folio-sized volumes, and it is touching to think of the young Hamilton lugging them through the chaos of war… Postlethwayt gave the aide-de-camp a glimpse of a mixed economy in which government would steer business activity and free individual energies" (Chernow, 110-11). "Almost all of the material for the first part of Hamilton's notes in his Pay Book (1777) was taken from Postlethwayt's Universal Dictionary" (Syrette, ed. Papers of Alexander Hamilton, 373n). In addition "he recorded tables from Postlethwayt showing infant-mortality rates, population growth, foreign-exchange rates, trade balances, and the total economic output of assorted nations" (Chernow, 111).

"Postlethwayt had devoted 20 years to the preparation of The Universal Dictionary (Rare English Books 371), utilizing and translating "Savary's Dictionnaire de Commerce as the basis… upon which he has engrafted additional matter. It contains a good deal of useful practical information, on the different subjects of maritime and commercial law" (Marvin, 566-8). It was the focus on improving financial systems that Hamilton especially sought when he let "the English mercantilists (in particular Postlethwayt) and not Adam Smith, be his inspiration for U.S. industrial policy" (Reinert, Origin of Development Economics, 15). In seeking to resolve America's war debt, Hamilton "was familiar with Hume's work on public credit and the views of Hobbes and Montesquieu on the importance of honoring contracts… Yet probably the most influential source was The Universal Dictionary… which he paraphrased in parts of his Report on Public Credit. Hamilton agreed with Postlethwayt's emphasis on the need to honor debts, promote the easy transfer of securities, and encourage the rapid circulation of funds" (Riccards, A Republic, 92). In further researching a plan to "charter America's first central bank… Hamilton [again] turned to Postlethwayt's Dictionary" (Chernow, 347). Few works had greater influence on the Founding Fathers in laying the foundation of America's financial system. Complete with engraved frontispiece, 26 engraved folding tables, 24 large engraved folding maps, and red- and black-lettered title pages featuring engraved vignettes. With engraved ornamental initials and headpieces, numerous in-text tables and computations. Preceded by Postlethwayt's first edition of 1751-55 and second edition of 1757; Savary's Dictionnaire published 1723-30. Palgrave III:176. Marvin, 577. Sweet & Maxwell, 170:32. Sowerby 2102. Harvard Law Catalogue II:376. Sabin 77277. See Goldsmith 9210, Kress 5157. Owner signatures to title pages.

Plates and text exceptionally clean, expert restoration to binding. A beautiful copy.