The independent. [volume] (Lincoln, Neb.) 1902-1907, 1903-11-19

sary for the maintenance of oppOrtun-
tiles to facilitate a just distribution
OF wealth. !. The measure of prices
in the western world at the present
time consists chiefly of metal, as such.
When that metal is gold, the measure
is called the gold Standard when it
is silver, the silver standard ETC.
But in the days OF Augustus this was
wholly unknown. There was no in
diyidual coinage. The measure of
prices was the whole number of coins
which were legal tenders, and which
circulated, not merely in Rome, but
throughout the empire, after they were
rennced to one of the various denomi-
nations which were affixed to them by
law. Within prudent limits, it made
no difference whether the coins were
pure or impure, light or heavy, yell
low, white or brown. No one could
lawfully stamp them except the state.
The value they bore was within pru-
dent limits) whatever the state chose
to stamp upon them; and this prin-
ciple was SO deeply implanted in the
Roman law and constitution, that it
became the groundwork of judicial de-
cisionS as to what constituted a good
and lawful tender Of money, down to
and including the period of Sir Mat
thew Hale"
AS to the origin of the pounds, shil-
ling and pence system, and the pound
OF silver theory, Mr.. Del Mar says,
those writer's whose researches into
monetary systems are bounded by the
barrow conclusions of Adam Smiths
Wealth Of Nations or Tooke's His
tory OF Prices usually attribute the
origin of { s. d. to William the Nor
man or to Charlemagne, and their ex-
PLANTATION OF The system is commonly
confined to that of the /, which they
regard as the symbol for a pound
weight OF silver, or else pound
weight Of silver coins The different
boons in which this delusion is re-
peated are probably sufficiently nu-
merous to stock a good sized library;
yet it can be demolished in a few
words. Neither the contents of the
Norman or Carloyingian nor of any
other coins sustain this theory, neith-
er Is 1t sustained by the texts of the
Carlovingian or any other period. The
libra OF money mot the whole triad of
t S. d. is at least five hundred and
may be fifteen hundred years older
than Charlemagne, being closely de-
lined in the Thcodosian Code Glib.
Kill, tit, H., III of which the follow
ing is the text and literal translation:
'Ita ut pro singulis lipris argenti quiz
nos solidos inferat'7v'So that for each
libra OF money five solidi are to be
understood
In the last quarter of the third CEN
fury the homan empire was divided
between four Caesars. Even be-
lore this division took place, the di-
versity OF bronze and silver coins was
SO great as To produce confusion.
tPrior to that sums OF money were al
ways couched in one denomination.
With four emperors almost daily
adopting new designs for coins. and
several thousand unauthorized mon
eyers expelled from Mount Caelius
and other places to ply their trade in
every province of the Roman empire,
the confusion became intolerabe.
without some device by aid OF which
this maddening variety of types and
weights could be readily harmonized
and valued, it became impossible to
carry on the operations of trade. Sueh
device was t S. d. (rhese being)
imaginary moneys, might be repre-
scented by either gold, silver or bronze
at the pleasure of the government, and
as best suited the convenience of the
times or the equity of payments.
tfrior 10 that a contract TO pay SEES
fences meant SO many silver coins, and
the name sesterce had been so long
welded to silver coin that IL was
found easier to establish a new de-
nomination than divorce sesterce from
silver The same may be said of the
gold aureus. Under tho system OF
.. d. any coin or piece of money
could be legalized or decried ut pleas
ure OF the government. and any value
could be put upon II that seemed ex-
pedient or desirable. All that was
needed was brief edlct OF the SUI
preme sovereign. and at once, with
military precision. this or that piece
OF money took its allotted station
among the { >. d."
MIR. Del Mar. discussing the sacred
character OF gold, says that "the right