The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-11-11

superiority. But il this latter should chance 10
have nothing that the former stands in need OF,
no exchange can BE- made between them. The
butcher has more meat 10 his shop than he him.
sell can consume, and the brewer and baker
would each be willing to purchase part Of il /;
but they have nothing TO offer in exchange ex
cept the different productions Of their respective
| trades, and the butcher Is already provided with
all the bread and beer which he has immediate
| occasion for No exchange can in This case be
made between them. He cannot be then mer-
chant, nor they his customers and they are all
OF them thus mutually less serviceable TO one
another.
To avoid the inconveniency Of such situa-
tons, every prudent man. in every period Of So
clety, after the establishment OF The division of
labor, must naturally have endeavored TO manage
his affairs in such manner as TO have al all
| times by him, besides the peculiar products OF
MS own industry, certain quantity Of some one
commodity or other, such as he imagined few
people would be likely TO refuse in exchange for
the produce Of their induslry.".-( Wealth Of Ma
irons, vol. p. 43.)
COMMODITIES USED AS MONEY IN DIFFERENT couN-
This commodity, whatever il may be, is mo-
ney. 1t should rather be called a pecuniary
currency-for money" is stamped metal
An infinite variety of commodities have been
oSSu 10 ihohSt III ulHctcUt COuHtIleS anu states
OF society. Those nations who chiefly subsist
by the chase, such as the ancient Russians, and
the greater part OF the Indians who now occupy
the uncultivat,d portions of America, use the
skins OF wild animals as money. In pastoral
state Of society cattle most commonly used
for that purpose Homer tells us that the ar
mour OF Diomede cost only nine oxen, whilst
that OF Glaucus cost one hundred elias. lib.
g. lin. 1857 The etymology Of the Latin word
(pecunia) signifying money, and of all its de-
rIvatives, proves that cattle (pecus) had been
the primitive money of the Romans. They had
also been used as such by the ancient Germans
for their laws uniformly fix the amount of pc
nalties 10 be had for particular offences in cattle.
(Storch, in loco cetato.) In remoter ages, corn
was very generally used, in agricultural coun-
tries as money; and even now, il is by no
means uncommon TO stpuate for corn rents and
wages Other commodities have been used in
different countries Salt is said 10 be the COM
mon money of Abyssnia, Wedlth of Nations,
p. AS. j species of Shells called cOpries ga
thered on the shores Of the Maldavia Islands, are
used in smaller payments throughout Hindostan,
and form the only money of extensive districts
Of Africa. Druf fish forms the money of Iceland
and Newfoundland; sugar, of some Of the West
India Islands and DR.. Smith mentions that
there was, at the period of the publication of the
Wealth Of Nations, village in Scotland where
il was customary for workman to carry nails,
as money, to the bakers shop or the ae-house.
Wealth Of Nations, 45)
DEFECTS OF THESE COMMODITIES
But these commodities are universally def
cient in some Of the principal requisites which
every commodity used as money ought to pos
sess. Products must frequently be brought to
market worth only half an OK, or half skin
but as an OK could not be divided, and as the
division of a skin would probably deprive it of
the greater part Of its value, it would be impos-
sible TO exchange them for such money.
Dvsibiliy is not, however, the only indis-
pensabe requisite in a commodity used as a
medium OF exchange. II is necessary that il
should admit Of being kept for an indefinite pc
Rod without deteriorating; that it should, by
possessing great value in small bulk, be easily
transported; and that one piece of money of a
certain denomination, sho, Id always be precise
ly equivalent TO any other piece of money Of the
same denomination.
But none Of the commodities above named
as having been used as money possess these
properties. Though cattle had been differ
emily Invisible, they could neither be preserv-
ed. nor transported from one place to another,
without great deal of trouble and expense
while, owing to the difference in heirqualities,
an OK might be worth two or three oxen of an
inferior species 1t is plain, therefore, that they
could not serve as money except in very rude
known, and where the raising of cattle formed
the principal employment
Corn was sufficiently diyisibe but its bulk
was lar too great IN proportion 10 its value to
admit OF its easy transportation; and il also was
Of very different, and not easily appreciated
qualities. Salt, sugar, shells, and fish, are all
liable to insuperabe objections The values of
equal quantities Of all OF them differ very great
ly; some of them cannot be divided, and others
cannot be preserved or transported without great
loss.
But the commodities in question were def
cient in still more important particular. Their
value was not sufficiently inuariabie TO permit
of their being advantageousy used as money
They were not durable commodities, nor was
it possible 10 adjust their supply so as TO avoid
sudden fluctuations of price,
The occasional abundance and scarcity of
pasture has powerful influence on the price Of
cattle, which is still more seriously affected by
the prevalence of epidemical Diseases and other
contingencies
The fluctuations in the price Of corn, arising
from the variations OF the seasons, are loo strlk-
ing and obvious to require to be pointed out.
And in the islands where cowries are picked
up strong gale from articular point Of the
compass has frequently, in few hours, sunk
their value considerably.
1t was impossible, therefore, that such COM
modities could ever be either generally or per-
manently used as money in civilized communi-
ties
No person would willingly exchange the pro-
duce of his industry for a commodity which
might, in few weeks, or even days, lose a
third, or half, of its value.
GOLD AND Silver THE rITTEsT MATERIAL FOR
MONEY.
The desire of uniting the different qualities of
inrariabiity of value, diuisibiiity, durability,
facility Of transportation, and perfect same
ness, doubtless formed the irresistible reasons
which have induced mankind. in every civilized
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