Pat: Yes, the Earl Hamilton mentioned by Rod Hay wrote about the impact of American "treasure" on European prices and wages. For his wage-lag theory (probably the source of Rod's comment) see Hamilton’s “Profit Inflation and the Industrial Revolution, 1751-1800,” Quarterly Journal of Economics 56 (February 1942): 256-73; and “Prices as a Factor in Business Growth,” Journal of Economic History 12 (Fall 1952): 325-49. The most important criticism of that hypothesis is found in Reuben A. Kessel and Armen A. Alchian, “The Meaning and Validity of the Inflation-Induced Lag of Wages Behind Prices,” (American Economic Review 50 (March 1960): 43-66). Hamilton later worked on Law's banking system: "Prices and Wages at Paris under John Law's System," and "The Political Economy of France at the Time of John Law" (History of Political Economy 1 (Spring 1969): 123-49). The early results of his study of the inflationary impact of war were published in "The Role of War in Modern Inflation" (Journal of Economic History 37 (March 1977): 13-19). Ross B. Emmett