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instrument　of　commerce；　and；　though　they　must　have　been　a　most

inconvenient　one；　yet　in　old　times　we　find　things　were　frequently

valued　according　to　the　number　of　cattle　which　had　been　given　in

exchange　for　them。　The　armour　of　Diomede；　says　Homer；　cost　only

nine　oxen；　but　that　of　Glaucus　cost　an　hundred　oxen。　Salt　is　said

to　be　the　common　instrument　of　commerce　and　exchanges　in

Abyssinia；　a　species　of　shells　in　some　parts　of　the　coast　of

India；　dried　cod　at　Newfoundland；　tobacco　in　Virginia；　sugar　in

some　of　our　West　India　colonies；　hides　or　dressed　leather　in　some

other　countries；　and　there　is　at　this　day　a　village　in　Scotland

where　it　is　not　uncommon；　I　am　told；　for　a　workman　to　carry　nails

instead　of　money　to　the　baker's　shop　or　the　alehouse。

　　　　　In　all　countries；　however；　men　seem　at　last　to　have　been

determined　by　irresistible　reasons　to　give　the　preference；　for

this　employment；　to　metals　above　every　other　commodity。　Metals

can　not　only　be　kept　with　as　little　loss　as　any　other　commodity；

scarce　anything　being　less　perishable　than　they　are；　but　they　can

likewise；　without　any　loss；　be　divided　into　any　number　of　parts；

as　by　fusion　those　parts　can　easily　be　reunited　again；　a　quality

which　no　other　equally　durable　commodities　possess；　and　which

more　than　any　other　quality　renders　them　fit　to　be　the

instruments　of　commerce　and　circulation。　The　man　who　wanted　to

buy　salt；　for　example；　and　had　nothing　but　cattle　to　give　in

exchange　for　it；　must　have　been　obliged　to　buy　salt　to　the　value

of　a　whole　ox；　or　a　whole　sheep　at　a　time。　He　could　seldom　buy

less　than　this；　because　what　he　was　to　give　for　it　could　seldom

be　divided　without　loss；　and　if　he　had　a　mind　to　buy　more；　he

must；　for　the　same　reasons；　have　been　obliged　to　buy　double　or

triple　the　quantity；　the　value；　to　wit；　of　two　or　three　oxen；　or

of　two　or　three　sheep。　If；　on　the　contrary；　instead　of　sheep　or

oxen；　he　had　metals　to　give　in　exchange　for　it；　he　could　easily

proportion　the　quantity　of　the　metal　to　the　precise　quantity　of

the　commodity　which　he　had　immediate　occasion　for。

　　　　　Different　metals　have　been　made　use　of　by　different　nations

for　this　purpose。　Iron　was　the　common　instrument　of　commerce

among　the　ancient　Spartans；　copper　among　the　ancient　Romans；　and

gold　and　silver　among　all　rich　and　commercial　nations。

　　　　　Those　metals　seem　originally　to　have　been　made　use　of　for

this　purpose　in　rude　bars；　without　any　stamp　or　coinage。　Thus　we

are　told　by　Pliny；　upon　the　authority　of　Timaeus；　an　ancient

historian；　that；　till　the　time　of　Servius　Tullius；　the　Romans　had

no　coined　money；　but　made　use　of　unstamped　bars　of　copper；　to

purchase　whatever　they　had　occasion　for。　These　bars；　therefore；

performed　at　this　time　the　function　of　money。

　　　　　The　use　of　metals　in　this　rude　state　was　attended　with　two

very　considerable　inconveniencies；　first；　with　the　trouble　of

weighing；　and；　secondly；　with　that　of　assaying　them。　In　the

precious　metals；　where　a　small　difference　in　the　quantity　makes　a

great　difference　in　the　value；　even　the　business　of　weighing；

with　proper　exactness；　requires　at　least　very　accurate　weights

and　scales。　The　weighing　of　gold　in　particular　is　an　operation　of

some　nicety。　In　the　coarser　metals；　indeed；　where　a　small　error

would　be　of　little　consequence；　less　accuracy　would；　no　doubt；　be

necessary。　Yet　we　should　find　it　excessively　troublesome；　if

every　time　a　poor　man　had　occasion　either　to　buy　or　sell　a

farthing's　worth　of　goods；　he　was　obliged　to　weigh　the　farthing。

The　operation　of　assaying　is　still　more　difficult；　still　more

tedious；　and；　unless　a　part　of　the　metal　is　fairly　melted　in　the

crucible；　with　proper　dissolvents；　any　conclusion　that　can　be

drawn　from　it；　is　extremely　uncertain。　Before　the　institution　of

coined　money；　however；　unless　they　went　through　this　tedious　and

difficult　operation；　people　must　always　have　been　liable　to　the

grossest　frauds　and　impositions；　and　instead　of　a　pound　weight　of

pure　silver；　or　pure　copper；　might　receive　in　exchange　for　their

goods　an　adulterated　composition　of　the　coarsest　and　cheapest

materials；　which　had；　however；　in　their　outward　appearance；　been

made　to　resemble　those　metals。　To　prevent　such　abuses；　to

facilitate　exchanges；　and　thereby　to　encourage　all　sorts　of

industry　and　commerce；　it　has　been　found　necessary；　in　all

countries　that　have　made　any　considerable　advances　towards

improvement；　to　affix　a　public　stamp　upon　certain　quantities　of

such　particular　metals　as　were　in　those　countries　commonly　made

use　of　to　purchase　goods。　Hence　the　origin　of　coined　money；　and

of　those　public　offices　called　mints；　institutions　exactly　of　the

same　nature　with　those　of　the　aulnagers　and　stamp…masters　of

woolen　and　linen　cloth。　All　of　them　are　equally　meant　to

ascertain；　by　means　of　a　public　stamp；　the　quantity　and　uniform

goodness　of　those　different　commodities　when　brought　to　market。

　　　　　The　first　public　stamps　of　this　kind　that　were　affixed　to

the　current　metals；　seem　in　many　cases　to　have　been　intended　to

ascertain；　what　it　was　both　most　difficult　and　most　important　to

ascertain；　the　goodness　or　fineness　of　the　metal；　and　to　have

resembled　the　sterling　mark　which　is　at　present　affixed　to　plate

and　bars　of　silver；　or　the　Spanish　mark　which　is　sometimes

affixed　to　ingots　of　gold；　and　which　being　struck　only　upon　one

side　of　the　piece；　and　not　covering　the　whole　surface；　ascertains

the　fineness；　but　not　the　weight　of　the　metal。　Abraham　weighs　to

Ephron　the　four　hundred　shekels　of　silver　which　he　had　agreed　to

pay　for　the　field　of　Machpelah。　They　are　said；　however；　to　be　the

current　money　of　the　merchant；　and　yet　are　received　by　weight　and

not　by　tale；　in　the　same　manner　as　ingots　of　gold　and　bars　of

silver　are　at　present。　The　revenues　of　the　ancient　Saxon　kings　of

England　are　said　to　have　been　paid；　not　in　money　but　in　kind；

that　is；　in　victuals　and　provisions　of　all　sorts。　William　the

Conqueror　introduced　the　custom　of　paying　them　in　money。　This

money；　however；　was；　for　a　long　time；　received　at　the　exchequer；

by　weight　and　not　by　tale。

　　　　　The　inconveniency　and　difficulty　of　weighing　those　metals

with　exactness　gave　occasion　to　the　institution　of　coins；　of

which　the　stamp；　covering　entirely　both　sides　of　the　piece　and

sometimes　the　edges　too；　was　supposed　to　ascertain　not　only　the

fineness；　but　the　weight　of　the　metal。　Such　coins；　therefore；

were　received　by　tale　as　at　present；　without　the　trouble　of

weighing。

　　　　　The　denominations　of　those　coins　seem　originally　to　have

expressed　the　weight　or　quantity　of　metal　contained　in　them。　In

the　time　of　Servius　Tullius；　who　first　coined　money　at　Rome；　the

Roman　as　or　pondo　contained　a　Roman　pound　of　good　copper。　It　was

divided　in　the　same　manner　as　our　Troyes　pound；　into　twelve

ounces；　each　of　which　contained　a　real　ounce　of　good　copper。　The

English　pound　sterling；　in　the　time　of　Edward　I；　contained　a

pound；　Tower　weight；　of　silver；　of　a　known　fineness。　The　Tower

pound　seems　to　have　been　something　more　than　the　Roman　pound；　and

something　less　than　the　Troyes　pound。　This　last　was　not

introduced　into　the　mint　of　England　till　the　18th　of　Henry　VIII。

The　French　livre　contained　in　the　time　of　Charlemagne　a　pound；

Troyes　weight；　of　silver　of　a　known　fineness。　The　fair　of　Troyes

in　Champaign　was　at　that　time　frequented　by　all　the　nations　of

Europe；　and　the　weights　and　measures　of　so　famous　a　market　were

generally　known　and　esteemed。　The　Scots　money　pound　contained；

from　the　time　of　Alexander　the　First　to　that　of　Robert　Bruce；　a

pound　of　silver　of　the　same　weight　and　fineness　with　the　English

pound　sterling。　English；　French；　and　Scots　pennies；　too；

contained　all　of　them　originally　a　real　pennyweight　of　silver；

the　twentieth　part　of　an　ounce；　and　the　two…hundred…and…fortieth

part　of　a　pound。　The　shilling　too　seems　originally　to　have　been

the　denomination　of　a　weight。　When　wheat　is　at　twelve　shillings

the　quarter；　says　an　ancient　statute　of　Henry　III；　then　wastel

bread　of　a　farthing　shall　weigh　eleven　shillings　and　four　pence。

The　proportion；　however；　between　the　shilling　and　either　the

penny　on　the　one　hand；　or　the　pound　on　the　other；　seems　not　to

have　been　so　constant　and　uniform　as　that　between　the　penny　and

the　pound。　During　the　first　race　of　the　kings　of　France；　the

French　sou　or　shilling　appears　upon　different　occasions　to　have

contained　five；　twelve；　twenty；　and　forty　pennies。　Among　the

ancient　Saxons　a　shilling　appears　at　one　time　to　have　contained

only　five　pennies；　and　it　is　not　improbable　that　it　may　have　been

as　variable　among　them　as　among　their　neighbours；　the　ancient

Franks。　From　the　time　of　Charlemagne　among　the　French；　and　from

that　of　William　the　Conqueror　among　the　English；　the　proportion

between　the　pound；　the　shilling；　and　the　penny；　seems　to　have

been　uniformly　the　same　as　at　present；　though　the　value　of　each

has　been　very　different。　For　in　every　country　of　the　world；　I

believe；　the　avarice　and　injustice　of　princes　and　sovereign

states；　abusing　the　confidence　of　their　subjects；　have　by　degrees

diminished　the　real　quantity　of　metal；　which　had　been　originally

contained　in　their　coins。　The　Roman　as；　in　the　latter　ages　of　the

Republic；　was　reduced　to　the　twenty…fourth　part　of　its　original

value；　and；　instead　of　weighing　a　pound；　came　to　weigh　only　half

an　ounce。　The　English　pound　and　penny　contain　at　present　about　a

third　only；　the　Scots　pound　and　penny　about　a　thirty…sixth；　and

the　French　pound　and　penny　about　a　sixty…sixth　part　of　their

original　value。　By　means　of　those　operations　the　princes　and

sovereign　states　which　performed　them　were　enabled；　in

appearance；　to　pay　their　debts　and　to　fulfil　their　engagements

with　a　smaller　quantity　of　silver　than　would　otherwise　have　been

requisite。　It　was　indeed　in　appearance　only；　for　their　creditors

were　really　defrauded　of　a　part　of　what　was　due　to　them。　All

other　debtors