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justices or as jurymen; and those for voting at elections of different kinds. Among these latter, before the qualification by rating becomes effective, there is a qualification by time, or length of residence, necessary. R. W. B. QUALIFIED ACCEPTANCE. The accept

ance of a bill of exchange is qualified when in terms it varies the effect of the bill as drawn. For instance, an acceptance is qualified when it is conditional, or when it is an acceptance to pay at a particular place and there only, or when it is the acceptance of some only of the drawees. The holder of a bill is not obliged to take a qualified acceptance, and if he takes it, he does so at his own risk, unless the previous parties assent thereto.

[Bills of Exchange Act, 1882, §§ 25 and 44.]

M. D. C.

MONEY.

QUANTITY THEORY OF According to this theory, prices are determined by the relation between the demand for, and the supply of, money. The demand consists in the offering of goods for money; the more goods are offered, the greater the demand. The supply consists of the money-pieces, whatever their material or form, available for the purchase of goods. The goods to be exchanged through the instrumentality of money remaining the same, an increase in the supply of money will, according to this theory, raise prices; conversely, a decrease in the supply of money will lower prices.

It will be seen that the quantity-theory is merely an application to the special case of money, of the general principle that value is determined by demand and supply. Prices, being merely the value of goods in exchange for money, must be deemed to be governed by the general law of value, unless some reason for an exception in this case be shown, which has never been done. However much men have cavilled at the quantity-theory, no one has ever yet seriously undertaken to show what determines the value of money-that is, prices-if supply and demand do not.

The causes of the difficulty which many persons feel in accepting the quantity-theory of money are: first, the complexity and elusiveness of the elements involved; and, secondly, the fact that those who deal with this subject, either as writers or as readers, do not sufficiently attend to the proviso which should be attached to every statement of this doctrine, namely, "all other things being equal.' The first of these causes of the difficulty experienced in fully appreciating the quantity-theory cannot be removed; the second may be, by greater emphasis laid upon the proviso, and by fuller illustration of its scope. The habits of a people in regard to carrying and using money, the facilities for transportation, the introduction or extension of banking agencies-all these are subject to change; and no statistics of "per

capita circulation" can show whether the real money supply has been increased or diminished, unless such changes are taken into account. Moreover, the mere increase of the moneysupply may itself become the cause of a further demand for money, which will enter to prevent prices from rising in proportion to such increase of supply. Thus, while it is estimated that the money-supply of Europe was increased 500 per cent during the first few generations after the discovery of America, prices are not generally thought to have increased more than about 200 per cent. The commerce of the world had been starved through the long silver famine of the middle ages; and the new supplies from Mexico and Peru were eagerly taken up by the depleted system. Speculation and enterprise arose in every land; new industries were brought into being, and traditional industries were rapidly increased; commerce extended its operations to new quarters of the globe. A similar effect, and possibly in a higher degree, was produced by the Californian and Australian gold discoveries. The increased commercial and industrial activity and enterprise, due to the flood of new gold, themselves became a part of the demand for money, and prevented prices from rising proportionally to the increase of supply.

It is not necessary to multiply illustrations of the importance of the proviso, "all other things equal." Nowhere is that proviso of greater importance than in respect to the theory we are considering. It does not, however, belong to the advocate of that theory to prove its validity, inasmuch as it constitutes merely a single case, under a principle which is in all other instances admitted to govern value. The burden of proof rests upon those who would dispute this theory.

[Prof. Francis A. Walker, Money in its relations to Trade and Industry.-Political Economy.· Money.-Nicholson, Pol. Econ., vol. ii., 1897.Zuckerkandl, Theorie des Preises, 1889.]

F. A. W.

QUARANTINE strictly means merely a period of forty days. It is practically restricted to the period--whether forty days or any other length-appointed by the law of most nations for the detention of a vessel arriving from a port where infectious disease is prevalent before persons on the vessel in question are admitted to intercourse with those on the land.

This species of detention seems first to have been adopted by the Venetians about 1484, probably on the alarm of some recurrence of the plague. It was little understood or used till 1719, when a vessel named the Grand Saint Antoine introduced into Marseilles a plague which carried off half the city. Up to 1800 there were very few regulations on the subject in England in the earlier years of last century they became frequent, and a lazaretto was erected

at Chetney Hill, Kent. The earlier laws were directed mainly against vessels coming from the Levant, which was looked upon as the nursery of the plague. The act of 1825 (6 Geo. IV. c. 78) was the first consolidating act on the subject, and most of it is still in force; it is directed chiefly against plague and yellow fever. The privy council was till recently the controlling authority, but the local government board now is charged with the initiative in cases where quarantine is needful. Most of the British colonies have more or less stringent quarantine laws, and in many of them the law is enforced with absurd rigour and timidity. Most foreign countries also, especially those surrounding the Mediterranean, at times enforce quarantine very strictly, not only on arrivals by sea but also along the land frontier. The term "quarantines terrestres' was much in evidence at the International Sanitary Conference at Dresden in 1893.

Quarantine may be discussed: (1) in relation to international law; (2) in relation to the public health; (3) in regard to its effect on commerce and shipping. It is properly only in the last relation that it has any bearing on economics.

The evil effects of quarantine upon commerce arise: (1) from the delays imposed upon shipping; (2) from the risk that a cargo may be destroyed as infected. Both of these points may raise serious questions as to the liability of the owners of vessels. The great divergence of quarantine regulations in different ports is a fruitful source of commercial irritation. In a recent " Milroy" lecture before the college of physicians, Dr. Collingridge laid it down that in a commercial country like England quarantine had proved not only useless but actually impossible.

The application of the term "quarantine" to the regulation of the landing and sale of cattle coming from abroad requires passing notice. The administration of the rules for this purpose is under the customs authorities in the United Kingdom.

[Sir Sherston Baker's Quarantine Laws.-Report of the General Board of Health on Quarantine, 1849.-Report of the International Conference on Quarantine, 1850.-Report of the West Indian Conference on Quarantine, 1888.-M'Culloch's Commercial Dictionary.-Proceedings of the International Sanitary Conference at Dresden, 1893. There is a collection of laws of the United States, now rather out of date.] C. A. H.

QUARTER (measure); see MEASURES AND WEIGHTS.

QUARTILLO OR CUARTILLO. Mexican silver coin of the value of one quarter of a REAL de plata, or one thirty-second of a PESO. Weight 8458 grammes, = 13.05 grains, fineness 902.7. This coin belonged to the currency system in force up to the year 1861, the smallest silver coin of the system then introduced being a five-centavo piece of nearly double

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the weight of the quartillo, 1.353 grammes, = 20.88 grains.

Quartillo is also the name of Spanish measure, of liquid and dry capacity.

F. E. A.

QUASI-CONTRACT. A quasi-contract may be defined as a transaction or state of facts to which the law, independently of the volition of the parties, annexes an obligation similar to that which would arise from a contract. The term, though a familiar one in Roman law, has only been recently adopted into English law. Yet a quasi-contract is clearly distinct from an implied contract, the term which was formerly used to cover both classes of obligations. When a man goes into a shop and orders goods, and nothing is said about the price, there is an implied contract to pay for them, for this is the intention of both parties. But the obligation of a principal in the absence of any agree ment to indemnify his agent for any thing done pursuant to his authority, is an instance of quasi-contract. The law annexes the obligation to the relationship between the parties. [Anson, On Contracts, ed. vi. p. 357.]

QUAYAGE, money paid by the owners of ships for the use of a quay for unloading or mooring.

A. E. S.

QUEEN ANNE'S BOUNTY. In the year 1704 Queen Anne made a birthday gift to the church of the first fruits and tenths of ecclesiastical benefices. These were respectively the first year's income of the newly-appointed incumbent and a tenth part of the annual profit. They had been paid into the royal exchequer since 1534, when, by 26 Hen. VIII. c. 3, they were "united and knit to the king's imperial crown for ever." Previously they had been a kind of papal perquisite. The pope's claim to them seems to have arisen in the 13th century. It was often resisted, but never with much success, owing to the papal leanings of large sections of the clergy, and the policy of the popes in conciliating the crown by occasional grants of a portion of the proceeds to the king. Little came of the action which parliament was sometimes induced to take. For instance, at the parliament of Carlisle in 1307 the laity petitioned for legislation against the reservation of first fruits; but Edward I. entered into negotiations with Clement V., and before any.

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Oxford, 1875.-Stanhope, Queen Anne, ch. iv., London, 1870.-Year Book of the Church of England, London, 1897.]

T. J. L.

The charter by which Queen Anne made her gift was confirmed by act of parliament (2 & 3 Anne, c. 11). The revenues derived from first fruits and tenths were vested in trustees, called the governors of Queen Anne's Bounty. The archbishops, bishops, and deans, together with a number of highly placed laymen, are the governors, whose duty it is to apply the funds at their disposal to the augmentation of small benefices. They have power to accept property from benefactors and also to sell any lands they may have acquired, the purchase money being treated as part of their general funds. A new and important function was conferred on them by an act passed in 1776, commonly called the Gilbert Act. By it and subsequent legislation in extension of its provisions, the governors of Queen Anne's Bounty are empowered to lend money at per cent interest to incumbents, on the security of a mortgage of their benefices, for the repair and improvement of the glebe buildings, the erection of houses of residence, and other purposes.

The consent of the bishop and the patron must be given before such a loan can be granted, and there are elaborate arrangements for the proper performance of the work, insurance, repayment, etc. To meet cases of serious diminution in the value of a benefice, an act was passed in 1896, giving power to the governors, with the consent of the patron, to extend the time for the repayment of loans and decrease the annual payments in proportion. In fact a great body of law has sprung up in regulation of the proceedings of the bounty office, and a still greater body of rules has been created by the governors themselves, while by a curious mixture of abolition and retention the now meaningless values of Henry VIII.'s time are still continued. The governors are now a most important corporation possessed of interests of various kinds in vast masses of ecclesiastical property, and they hold a capital sum of 7 millions. Their original function of providing for the augmentation of small livings has not been neglected. In the year 1906 a sum of nearly £26,000 was expended in grants for increasing the income of 135 benefices.

[Cripps, The Laws of the Church and Clergy, bk. ii. ch. i. § 6 and ch. iv., London, 1886.-Phillimore, Ecclesiastical Law, pt. ix. ch. ii., London,

QUEEN GOLD. In medieval times, whenever a man fined to the king, he was required to make an additional oblation to the queen. This was called Aurum Regina or queen gold, and it was claimed for the queen by a special officer whose functions are minutely It was,

defined in several ancient records. however, from the first a matter of doubt whether the amount of the queen gold bore a definite relation to the original fine, or varied according to circumstances. The author of the Dialogus asserts that, although it was generally a tenth of the original fine, the matter was under litigation at the time when he was writing. This point may now be definitely decided, as the Red Book of the Exchequer has preserved a passage, in which an exchequer baron, writing about the year 1230, assures us that the doubt which existed in the time of Henry II. had since been removed, and that queen gold should properly be reckoned at a tenth part of the original fine. The correctness of this statement is amply proved by a reference to the pipe rolls.

[Dialogus de Scaccario, ii. 26.-W. Prynne, Aurum Regina, London, 1668.-Red Book of the Exchequer, p. 760 (Rolls).]

A. E. 8.

QUESNAY, FRANÇOIS (1694-1774), born at Méré (Seine-et-Oise), where a commemorative monument was recently inaugurated, died at Versailles, was the head of the school styled by Du PONT de Nemours, in 1767, the PHYSIOCRATS. His father, a distinguished lawyer, but little favoured by fortune, brought him up in the country; and at the age of ten or eleven he could not even read.

His brilliant ability was strengthened by his powerful will, and he taught himself so successfully that at the age of twenty-four he became a master-surgeon. In 1737, La Peyronée, a celebrated surgeon of the day, appointed him the permanent secretary of the academy of surgery which he had just founded. In 1744 Quesnay graduated as a doctor of medicine, and became first an associate of the faculty of Paris, then physician in ordinary, and finally consulting physician to Louis XV. It is not, however, to these titles that the celebrity of his name is due. His fame as an economist equalled that attained some years later by Adam SMITH. These two great thinkers were far from being jealous of each other; it was only the death of Quesnay which prevented Adam Smith from dedicating to him his Wealth of Nations.

The system of the PHYSIOCRATS (q.v.) is dealt with separately, here it must suffice to say that Quesnay's ideas are based on the predominance of agriculture over all other industries. Agriculture alone of all industries

produces more than the total sums advancedthe surplus is the famous PRODUIT NET, at the expense of which all the other industries, called barren, but not useless, live. In consequence, it is this produit net which finally supports all the weight of taxation, which, whatever its form or whatever is desired, always reverts more or less directly on agriculture.

Hence taxation has been divided into two classes-direct, that is to say, taxes levied by name and without intermediary means on agriculture, and indirect, in which other industries advance the amount in the first place, and are reimbursed by agriculture. As a result Quesnay divided mankind into three classes, the productive class, the class of proprietors, and the unproductive class. Without following this classification further, it suffices to mention that Quesnay struck the first blow at the MERCANTILE SYSTEM; he supported absolute freedom in trade, industry, and labour, but in politics he held that power should be in the hands of one man alone. He looked to public opinion, in the controlling power of which Quesnay, as is well known, has great confidence, provided the people were enlightened-to moderate the aberrations of despotism; and declared that in the contrary case it was the representative system alone that could struggle against the consequences of public ignorance. His saying, “If the halberd leads the kingdom, it is opinion which leads the halberd," is well known. In seeking to disseminate his views he commenced by conversation, and then, at the age of sixty, he took up his pen and began, after mature and serious consideration, to give a summary of them in the Encyclopédie, in which he wrote, 1756 and 1757, the articles "Fermiers" and "Grains." He carried this out more completely by publishing, in 1758, his Tableau Économique, a most remarkable analysis of the economic condition of his country.1

The king took great pleasure in the conversation of his Sage, as he delighted to call Quesnay. He lodged him at Versailles, where his apartments were on the entresol, whence

the celebrated Réunions de l'entresol received their name. His rooms were the meeting-place of many of the able men of that timeDIDEROT, d'Alembert, Duclos, HELVETIUS, MARMONTEL, Buffon, besides the members of the secte des économistes, the elder MIRABEAU, BAUDEAU, ROUBAUD, MERCIER DE LA RIVIÈRE, ABEILLE, TURGOT, Trudaine, De Fourqueux, MALESHERBES, LAVOISIER, de Jaucourt, CONDORCET, RAYNAL, DU PONT (de Nemours), LETROSNE, and others.

Adam SMITH, when staying in Paris (176566), had frequent discussions with them.

1 An édition de luxe was printed at Versailles under the eye of Louis XV. himself, who, it is said, corrected the proofs. A fac-simile reprint, from the original MS. with a preface by Mr. H. Higgs, has been published by the British Economic Association (London, Macmillans, 1895).

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Though the first edition of the Tableau Économique has so completely disappeared that the Bibliothèque nationale does not possess a single copy-the greater and, it seems, the most important part was reproduced by Du Pont de Nemours in 1758 in his Physiocratie ou constitution naturelle du gouvernement le plus avantageux au genre humain (2 vols. 8vo);—Le droit naturel, l'Analyse du Tableau économique, les maximes générales du gouvernement économique d'un royaume, les deux problèmes économiques, and Les dialogues sur le commerce et sur les travaux des artisans. What is described here, and the two articles in the Encyclopédie quoted above, are reproduced in full in the publication of Guillaumin (Physiocrates, 1st volume).

The elder Mirabeau, in his work L'ami des hommes (1756-60), has in the sixth and last part, published 1760 (the date is of importance), in

cluded a thesis under the title of Tableau aconomique avec ses explications.

Quesnay was the first in France to raise political economy to the dignity of a moral science. To discuss with his disciples the means of improving the lot of the people was his one pleasure. Though in high favour at court, he was never a courtier, and only employed the favour which he stood in there for the advantage of others. His character and brilliant intellect were held in high esteem; and throughout literary and philosophic Europe, Quesnay and his ideas were a leading subject of discussion for some half century.

It must, however, be mentioned that he had some opponents, among others FORBONNAIS, who was not without ability.

The 'éloge" of Quesnay was spoken in 1774 by Grandjean de Fouchy at Paris, and in 1775 by the Comte d'Arlon at Lyons. Eugène Daire wrote a very interesting notice on him (Edition Guillaumin), and his Œuvres économiques et philosophiques, preceded by an introduction and note by M. Aug. Oncken, appeared in 1888 at Frankfort. A. C. f.

QUETELET, LAMBERT ADOLPHE JACQUES (1796-1874), born at Ghent, died at Brussels, was the first promoter in France of the study of moral statistics, which declines to limit enquiry to material facts only, investigating also and classifying moral qualities. He may also be said to have originated, in 1871, the study of anthropometry and of the methods which at the present time are so largely employed in the identification of criminals.

His principal works are:-Sur l'homme et le développement de ses facultés ou essai de statistique

sociale, 1835, 2 vols. 8vo.-Lettres à S. A. R. le duc régnant de Saxe-Cobourg et Gotha sur la théorie des probabilités appliquée aux sciences morales et politiques, 1846, 8vo.—Du système social et des lois qui le régissent, 1848. (See sects. ii. and iii. of the first chapter of Du Système social et des lois qui le régissent; and the third chapter "Des qualités morales et des qualités intellectuelles," and "De l'Humanité.")- Physiologie Sociale, ou Essai sur le développement des facultés de l'homme, 1869, 2 vols. 2nd ed.; Anthropométrie

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ou mesure des différentes facultés de l'homme, 1871.

A. C. f. QUIA EMPTORES or the statute of Westminster, iii. (18 Edw. I., stat. i.), is the first statute since the conquest which (1)authorised an out-and-out sale of land, and (2) prohibited SUBINFEUDATION, or the qualified sale of land under which the purchaser held his land of the vendor. This statute established free trade in land. It did not, however, apply to tenants in VILLEINAGE, nor to tenants in capite (the landholders who held directly of the king). Before 1290 alienation of land was grudgingly permitted by the Anglo-Norman legislature. Under a law of Henry I. c. 70, a man who purchased land might, but a man who inherited land might not, aliene it, Glanville adding that even then the vendor might only aliene part of the land quia non potest filium suum exheredare. Alienation was not only regarded as a fraud on the heir, but also as a fraud on the lord. For instance, Henry III.'s Magna Charta (1217, c. 39, and 1225, c. 32), the most liberal law before Quia Emptores, allowed freeholders, other than tenants in capite, to aliene only a part of their land; they had to reserve a sufficient part to enable them to perform the rents and services incidental to their tenure. Coke interprets sufficient part" as "one half." Even these enabling statutes refer rather to subinfeudation than to out-and-out sales, because Dedi et concessi, the operative words of a feoffment, which was the only means of aliening land, meant at that date subinfeudation, not sale, unless sale was expressly mentioned (see Wright). Stubbs describes Quia Emptores as meant to do to the feudal lords what De Religiosis (1279) was meant to do to the church. Its intention was doubtless political, i.e. to limit the independent impositions and jurisdictions of the nobility, but its most important effect was economic, i.e. to make land saleable, and, according to Hallam, largely to increase the number of landowners.

a

As to tenants in capite, they could not at this date aliene without licence from the king-the penalty being forfeiture, as in the case of Thomas of Hoton (Rot. Claus. ii. 38), or fine. It is said by Butler, Elton, and others that Quia Emptores was "extended" to them by 17 Edw. II. st. i. c. vi. and 34 Edw. III. c. 15. But Edward II.'s statute only extended the provisions cited from 9 Henry III. c. 32 to tenants in capite; viewed as an enabling statute, it was according to Wright a dead letter; viewed as a disabling statute, it, along with 1 Edward III. st. ii. c. 12, which substituted a fine for forfeiture, only imposed what was practically a tax upon alienations by tenants in capite. Edward III.'s statute (1360) only confirms alienations during the reigns of Henry III. and his predecessors "saving the king's prerogative." There is no general prohibition against alienation by tenants in capite contained in any statute except these. And no statute expressly prohibits subinfeudation

by tenants in capite. It is difficult, therefore, to see why the king might not have joined with his tenants in subinfeudating down to 1660, or why they might not have done so without his consent, thereby incurring, at most, a fine. In 1660 feudal incidents, including rent-services, fines on alienation, aids, etc., etc., were swept away except such as existed in connection with memorial and frankalmoign tenures valid at that date. So that since 1660 the question has no importance. Whatever is the answer to the question "When and how far was Quia Emptores extended to tenancies in capite?" all agree that, as a fact, (1) there has been no subinfeudation-no creation of feudal incidents, or of manors, or of frank-almoign tenures-by tenants in capite since either 1290 or 1324 or 1360, by other freehold tenants since 1290; (2) tenants in capite have enjoyed free sale (subject to fines) since 1324, and without fine since 1660-these privileges have been enjoyed by other freehold tenants since 1290. And both these results are due indirectly or directly to Quia Emptores (see FRANKALMOIGNE).

[Wright's Tenures, 153 et seq.-Coke upon Littleton, 43a, 384a.-Coke's Institutes, vol. ii. pp. 500 et seq.-Blackstone's Commentaries, vol. ii. C. 19. Glanville's De Legibus Anglia, lib. vii. c. 1.-Hallam's Middle Ages, iii. 16. -Stubbs' Constitutional History, ii. c. 15.Stubbs' Select Charters.-Butler's notes to Coke upon Littleton, 191a.-Elton on Copyholds, p. 10, note f.]

J. D. R.

The

QUINARIUS. The quinarius or half DENARIUS (q.v.) first appeared in 269 B.C., and continued to be issued up to 206 B.C. The type of this first coinage was the head of Roma with the numeral V., denoting five asses; reverse, above the word Roma, the dioscuri galloping with lances in rest. Its weight was 36 grains, or 144 to the pound of silver. second issue was about 104 B.C., when the victoriatus was withdrawn. It had the type of the victoriatus, but was marked with the letter Q. This issue of the quinarius lasted until about 84 B. C. A third began in 49 B.C., and from that time it continued to be coined, though in small quantities and in an interrupted way, under the empire. The senate in the reign of Philip (A.D. 244) ordered a coinage of large bronze quinarii. This form was known as the Philippus æreus.

R. H.

See DE QUINCEY.

[E. Babelon, Monnaies de la République Romaine, 1886.-Encyclop. Brit., 9th ed., vol. xvii., art. "Numismatics."] QUINCEY, THOMAS DE. QUINTOS, the fifth part of the produce of the gold and silver mines in America, for which, in 1525, the Spanish kings gave up their former exclusive right of property in these. In 1723 and 1777 this contribution was reduced to 1 per cent for silver and 3 per cent for gold. [Canga Argüelles, Diccionario de Hacienda (1826).]

E. Ca.

QUIT RENT. A small fixed annual pay. ment, formerly made by the tenants of a manor in commutation of all customary services