The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-09-05
FROM the London Bee Hive.
THE A B G OF SOCIAL SCIENCE.
MONEY.

When speaking Of interchange, We stated
that the great Inconvenience people suffered
in bartering or exchanging their commodi
ties directly for others was, that they could
not always obtain the exact kind, or guam
thy of the commodity that they stood in
need Of. To obviate this great inconven-
fence they eventually adopted a common
medium or va Jung as well as exchanging
their commodities such a medium as all
would agree TO take, and with which they
could make whatever purchases they needed
both il kind aud quantity; the name given
60 this medium is money.
By money, then, is meant any commodity
ustd as " a standard by which to measure
the value OF all other commodities, as well
as q general instr Ament OF medium for ex-
changing them"
Different kinds Of commodities in val ious
parts u the world have been used for tins
purpose, scch as oxen, shells, sal. %, furs,
leather, &c. out the money used among
civilized nations, for many ages past, has
consisted mostly Of gold, silver, and copper
CONS. 10 which have been added, in the
most advanced Of them, paper-money and
credi consisting of bank notes, pr0missory
notes. N'lls OF exchange, cheques, book
debts, g., the ratore Ut winch will be given
IN the next lesson.
Gold and silver-deslgnated the precious
metals-haVe been very generally used for
the making Of money by reason OF th -ir
general appreciation in most countries, ami
also on account of their Comparatively steady
value, of their great durability AID divisibil-
ivy without much loss, and OF their porta-
bilty and great value in small bulk.
In ancient times gold and silver had to be
weighed and tested in almost every mone-
tary trans action, aud frauds in their weight
and fineness were very prevalent. To guard
against such frauds, as well as to ayold the
trouble OF weighing and testing the metals
10 every transaction, the Governments Of
most countries have long taken upon them
selves the responsibility Of making money
many Of them, however, without being very
just as regards weight OF fineness.
They now, however, very generally cause
different coins 10 be made, each Of n uniform
weight aud hneness, sad impressed with
the National stamp upon them. They also
prohibit by law all persons fro=a coming mo-
ney, though they will readily csin the gold
ana silver IF others into money, on t:s.s pay
ment Of q trihIng drawback towards the ex-
pense Of coming.
The mint standard Of fineness for our gold
coins--our soVereigns and hall soserclgns--
"ls eleven-twelfths Of pure gold, and one
twelfth copper, the small quantity Of copper
being ADDED 70 harden and make them more
durable. The mint standard for our silver
coins is thirty seven fortieths Of pure silver,
and three-lertieths Of copper" A standard
ounce Of gold is valued II IS Is. l01d., and
standard oHnce Of silver At s.. Cd.
| The coin called the sovereign is cur legs
standard Of value our other coins serving
as convenient and fractional parts IF Il, no
person being compelled 70 take more than
forty shillings in silver for any debt, nor
u.oTt than one shilling's worth OF copper.
IL Is here II cessary to observe, however,
that she national stamp on our CONS does
not indicate their UdIsle, bnt only their weight
and hneness, their value, as Of al o.her
commodities, depending on the supply and
demand, and ultimately u he cost prics d
obtaining them.
The value Of gold and silver, and csnss.
quently Of coin, would be lowered by IN in
creased supply Of them, or by any cause
that would dlmlnish the demand of then
and would be raised by any diminished sup.
ply, or by any increased demand for them
But rs the tan sncsions Of commerce. through.
out the world require q large smount OF gold
and silver CONS, 40 well Is large amount
OF gold and silver to make good the annual
waste and wear and tear Of them, Is well a
what is consumed in our manufactures and
rs the annual supply Of them II the minss
bears but small proportion 10 the stock u
hand, the FAiue Of guld and silver Il aub;rc,
TO very little ductuation.. 49,. !,