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

IL uSIOI/ !
Even in a review Of more than usual
length, one can give little more than
a glimpse of the valuable historical
data, and still more valuable conclu-
slons, with which Hon. Alexander Del
Mar has filed his History of Mone-
tary Systems" Cambridge Encyclo-
redia Co., New York; 496 PIP. and in
dex; cloth, $2)
In order to give the reader COM
prehensive view of the scope OF this
monumental work, it may be well to
give the titles to the various chapters:
photography (This Is an exceed
ingly useful feature of all of Mr.. Del
Mars books.)
/. Rome.
2. The Sacred Character of Gold.
3. Pounds, Shillings and Pence.
A. Gothic Moneys.
5. Moslem Moneys.
6. Early English Moneys.
7. Moneys of the Heptarchy.
s. Anglo-Norman Moneys.
TO- Later Plantagenet Moneys.
II. Evolution of the Coinage Pre-
rogatiye
H. Saxony and Scandinavia.
13. The Netherlands.
ID. Germany.
15 Private Coinage.
16. Statistics .of the Ratio.
IL. Bank Suspensions Since the Era
of Private Coinage.
18. Existing Monetary Systems.
-. France.
Before taking up these chapters, it
is advisable to give the reader some
inkling of certain conclusions arrived
at by Mr.. Del Mar early in his investi-
cation of the whole subject of money
and the precious metals. Perhaps a
quotation will best serve this pur-
pose.
money is not the principal use to
which the precious metals are devoted,
(but) it is by far the most important
one. 1t is a popularity of money that
it cannot with propriety be treated in
its functional capacity apart from
other money, because, unlike physical
measures, it's function is affected by
numbers. To increase or diminish the
number of yardsticks or pound
weights would have no effect upon the
measurement of length or weight;
whilst to increase or diminish the
number of coins or bank notes would
have a very decided influence upon
the measurement of value. This is a
principle which has not been left to
for it will ho 1ig-
cerned in the most ancient works
which have been spared to us BY time
and prescription. In its relation to
value, money therefore means all the
money of a given epoch, or else all the
money within a given Jurisdiction.
ITO admit that 1t is the quantity of
the precious metals coined and in cir
culation which influences their value
and not what it may have cost to pro-
duce them, Is to admit that value is a
relation and not an at tri b Il t e
OF commodities; it is to admit that
money is a measure or measurer of
value; that like other measures il is a
creation OF law; and that to work
equitably it should, like other meas
uIes, be defined and limited by law
WITH pTeclSlOn. tTfeidAt lo tlletOIy
OF the Precious Metals" second edi-
ticn.)
Mr.. Del Mar. accordingly, insists
that the unit of money properly
means all the money In a given state. =
commenting that unit OF money. or
monetary unit, or unit coin. has ac-
quircd the meaning OF the principal
denomination OF money. as the sover-
eign In England. the franc IN France,
the imperial mark In Germany etc.
This is misleading. because II as
sumes that the value OF money IN de-
tcrmined by the quantity of metal
contained In the so-e1lled unit,
whereas II Ii In point OF fact deter
mined by the arlthmetleal denomlna-
tiona and aggregate volume 0l all the
'Luits. Including paper notca. no mat
ter how much or how little metal The
former may contain. This principle II
admitted, but often forgotten. By all
the leading economists and writer's on
money" tliist Monetary systema,
pp. Slb-G)
Cnncrctely Mr. ne Mars naNitlun