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occasion for, while another has less. The former consequently would be glad to dispose of, and the latter to purchase, a part of this superfluity. But if this latter should chance to have nothing that the former stands in need of, no exchange can be made between them. The butcher has more meat in his shop than he himself can consume, and the brewer and the baker would each of them be willing to purchase a part of it. But they have nothing to offer in exchange, except 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 their merchant, nor they his customers; and they are all of them thus mutually less serviceable to one another. In order to avoid the inconveniency of such situations, every prudent man in every period of society, after the first establishment of the division of labor, must naturally have endeavored to manage his affairs in such a manner as to have at all times by him, besides the peculiar produce of his own industry, a 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 industry.

Many different commodities, it is probable, were successively both thought of and employed for this purpose. In the rude ages of society, cattle are said to have been the common 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 armor of Diomede, says Homer, cost only nine oxen; but that of Glaucus cost a 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 Timæus, 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 rude bars, therefore, performed at this time the function of money.

The use of metals in this rude state was attended with two very considerable inconveniences: 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 alnagers 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.

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. But 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. By means of those operations the princes and

sovereign states which performed them were enabled, in appearance, to pay their debts and fulfill 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 in the state were allowed the same privilege, and might pay with the same nominal sum of the new and debased coin whatever they had borrowed in the old. Such operations, therefore, have always proved favorable to the debtor and ruinous to the creditor, and have sometimes produced a greater and more universal revolution in the fortunes of private persons than could have been occasioned by a very great public calamity.

It is in this manner that money has become in all civilized nations the universal instrument of commerce, by the intervention of which goods of all kinds are bought and sold, or exchanged for one another.



(From "The School for Scandal.")

[RICHARD BRINSLEY SHERIDAN: A British dramatist; born in Dublin, September 30, 1751; died in London, July 7, 1816. His father was an actor, his mother the author of several plays, and his mind naturally turned toward the drama. His first play, "The Rivals" (1774), was performed January 17, 1775, at Covent Garden Theater, and at first met with utter failure. It was later revised and reproduced, and was successful. Among his other plays are: "St Patrick's Day; or, the Scheming Lieutenant," first produced May 2, 1775; the book of a comic opera, " Duenna," November 21, 1775; "A Trip to Scarborough," February 24, 1775; "The School for Scandal," May 8, 1777; and "The Critic," October 30, 1779. In 1776 he succeeded David Garrick as manager of the Drury Lane Theater, and in 1780 he entered politics as a member of Parliament. He subsequently neglected his dramatic work for politics, was financially ruined, and finally arrested for debt.]


Sir Peter-When an old bachelor marries a young wife, what is he to expect? 'Tis now six months since Lady Teazle made me the happiest of men and I have been the most miserable dog ever since! We tiffed a little going to church, and


fairly quarreled before the bells had done ringing, I was more than once nearly choked with gall during the honeymoon, and had lost all comfort in life before my friends had done wishing me joy. Yet I chose with caution-a girl bred wholly in the country, who never knew luxury beyond one silk gown, nor dissipation above the annual gala of a race ball. Yet she now plays her part in all the extravagant fopperies of fashion and the town, with as ready a grace as if she had never seen a bush or a grass plot out of Grosvenor Square! I am sneered at by all my acquaintance, and paragraphed in the newspapers. She dissipates my fortune, and contradicts all my humors; yet the worst of it is, I doubt I love her, or I should never bear all this. However, I'll never be weak enough to own it.


Sir Peter-Lady Teazle, Lady Teazle, I'll not bear it! Lady Teazle-Sir Peter, Sir Peter, you may bear it or not, as you please; but I ought to have my own way in everything, and what's more, I will, too. What! though I was educated in the country, I know very well that women of fashion in London are accountable to nobody after they are married.

Sir Peter Very well, ma'am, very well; so a husband is to have no influence, no authority?

Lady Teazle - Authority! No, to be sure: if you wanted authority over me, you should have adopted me, and not married me; I am sure you were old enough.

Sir Peter-Old enough!-ay, there it is. Well, well, Lady Teazle, though my life may be made unhappy by your temper, I'll not be ruined by your extravagance!

Lady Teazle-My extravagance! My extravagance! I'm sure I'm not more extravagant than a woman of fashion ought to be.

Sir Peter-No, no, madam, you shall throw away no more sums on such unmeaning luxury. 'Slife! to spend as much to furnish your dressing room with flowers in winter as would suffice to turn the Pantheon into a greenhouse, and give a fête champêtre at Christmas.

Lady Teazle - And I am to blame, Sir Peter, because flowers are dear in cold weather? You should find fault with the climate and not with me. For my part, I'm sure I wish it was spring all the year round, and that roses grew under our feet!

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