This paper assesses the monetary economics of Henry Meulen, one of the more important forerunners of the "new monetary economics" and the modern free banking school. Meulen's monetary economics was original though flawed. He had important insights into the option clause, the impact of legal restrictions, the separation of monetary functions, the credit cycle, and financial history, but his analysis was sometimes confused and he subscribed to the fallacious antibullionist version of the real-bills doctrine. Copyright 1992 by Ohio State University Press.