necessidade de considerarem os fatores extraeconômicos na formulação da política monetária;

"To entertain, rightly or wrongly, a distinct conception of money, and the manner in which its function is mechanically fulfilled, is one thing; to apply such conception to a given condition of affairs is another. This may only be done by the statesman, who is not satisfied to inquire what is correct, but must also know what is practicable and what is prudent. The political circumstances of each state have usually moulded, and must continue to mould, its monetary system; and rash are those teachers who have sought or who yet seek to change it for any other reason or upon any other grounds.

These views indicate in another way the scope of the present work: it is not confined to gold money, nor silver money, nor paper money; it embraces all money, and it seeks by analysing the various experiments that have been made with this subtle instrument, to derive from them whatever light they may be able to throw upon the questions that vex us today".

(Alexander Del Mar - History of Monetary Systems — Londres, 1895, prefácio, pág. IX.)

Calógeras escreveu sua grande obra com esse mesmo espírito. Como o escrupuloso escritor inglês, declara:

"Les faits matériels s'y trouvent, sincèrement exposés, constituant le substratum de l'ouvrage, entièrement impersonnel.

Notre action n'ayant pas toujours été concordante avec celle des doctrines victorieuses, nous nous sommes constamment attaché à les exposer avec impartialité, du point de vue de leurs défenseurs, tout en faisant leur critique".

(J. P. Calógeras - La Politique Monétaire du Brésil — Rio, 1910, pág. VIII.)