The man who had intimate personal experience with experiments with a paper currency
was John Law (1671-1729). Aside from the disaster he brought on France through the
application of his financial schemes, he also wrote a theoretical essay advertising the
benefits of paper money called Money and Trade Considered. In this essay Law argues
for one of the prerequisites of the income theory of money, which is the theoretical
separation of the movement of the values of goods from that of money: “Money is not
the value for which Goods are exchanged, but the value by which they are Exchanged”