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scarce ever be known with any degree of exactness。 Those of corn；
though they have in few places been regularly recorded； are in
general better known and have been more frequently taken notice
of by historians and other writers。 We must generally； therefore；
content ourselves with them； not as being always exactly in the
same proportion as the current prices of labour； but as being the
nearest approximation which can commonly be had to that
proportion。 I shall hereafter have occasion to make several
comparisons of this kind。
In the progress of industry； commercial nations have found
it convenient to coin several different metals into money； gold
for larger payments； silver for purchases of moderate value； and
copper； or some other coarse metal； for those of still smaller
consideration。 They have always； however； considered one of those
metals as more peculiarly the measure of value than any of the
other two； and this preference seems generally to have been given
to the metal which they happened first to make use of as the
instrument of commerce。 Having once begun to use it as their
standard； which they must have done when they had no other money；
they have generally continued to do so even when the necessity
was not the same。
The Romans are said to have had nothing but copper money
till within five years before the first Punic war； when they
first began to coin silver。 Copper； therefore； appears to have
continued always the measure of value in that republic。 At Rome
all accounts appear to have been kept； and the value of all
estates to have been computed either in asses or in sestertii。
The as was always the denomination of a copper coin。 The word
sestertius signifies two asses and a half。 Though the sestertius；
therefore； was originally a silver coin； its value was estimated
in copper。 At Rome； one who owed a great deal of money was said
to have a great deal of other people's copper。
The northern nations who established themselves upon the
ruins of the Roman empire； seem to have had silver money from the
first beginning of their settlements； and not to have known
either gold or copper coins for several ages thereafter。 There
were silver coins in England in the time of the Saxons； but there
was little gold coined till the time of Edward III nor any copper
till that of James I of Great Britain。 In England； therefore； and
for the same reason； I believe； in all other modern nations of
Europe； all accounts are kept； and the value of all goods and of
all estates is generally computed in silver： and when we mean to
express the amount of a person's fortune； we seldom mention the
number of guineas； but the number of pounds sterling which we
suppose would be given for it。
Originally； in all countries； I believe； a legal tender of
payment could be made only in the coin of that metal； which was
peculiarly considered as the standard or measure of value。 In
England； gold was not considered as a legal tender for a long
time after it was coined into money。 The proportion between the
values of gold and silver money was not fixed by any public law
or proclamation； but was left to be settled by the market。 If a
debtor offered payment in gold； the creditor might either reject
such payment altogether； or accept of it at such a valuation of
the gold as he and his debtor could agree upon。 Copper is not at
present a legal tender except in the change of the smaller silver
coins。 In this state of things the distinction between the metal
which was the standard； and that which was not the standard； was
something more than a nominal distinction。
In process of time； and as people became gradually more
familiar with the use of the different metals in coin； and
consequently better acquainted with the proportion between their
respective values； it has in most countries； I believe； been
found convenient to ascertain this proportion； and to declare by
a public law that a guinea； for example； of such a weight and
fineness； should exchange for one…and…twenty shillings； or be a
legal tender for a debt of that amount。 In this state of things；
and during the continuance of any one regulated proportion of
this kind； the distinction between the metal which is the
standard； and that which is not the standard； becomes little more
than a nominal distinction。
In consequence of any change； however； in this regulated
proportion； this distinction becomes； or at least seems to
become； something more than nominal again。 If the regulated value
of a guinea； for example； was either reduced to twenty； or raised
to two…and…twenty shillings； all accounts being kept and almost
all obligations for debt being expressed in silver money； the
greater part of payments could in either case be made with the
same quantity of silver money as before； but would require very
different quantities of gold money； a greater in the one case；
and a smaller in the other。 Silver would appear to be more
invariable in its value than gold。 Silver would appear to measure
the value of gold； and gold would not appear to measure the value
of silver。 The value of gold would seem to depend upon the
quantity of silver which it would exchange for； and the value of
silver would not seem to depend upon the quantity of gold which
it would exchange for。 This difference； however； would be
altogether owing to the custom of keeping accounts； and of
expressing the amount of all great and small sums rather in
silver than in gold money。 One of Mr。 Drummond's notes for
five…and…twenty or fifty guineas would； after an alteration of
this kind； be still payable with five…and…twenty or fifty guineas
in the same manner as before。 It would； after such an alteration；
be payable with the same quantity of gold as before； but with
very different quantities of silver。 In the payment of such a
note； gold would appear to be more invariable in its value than
silver。 Gold would appear to measure the value of silver； and
silver would not appear to measure the value of gold。 If the
custom of keeping accounts； and of expressing promissory notes
and other obligations for money in this manner； should ever
become general； gold； and not silver； would be considered as the
metal which was peculiarly the standard or measure of value。
In reality； during the continuance of any one regulated
proportion between the respective values of the different metals
in coin； the value of the most precious metal regulates the value
of the whole coin。 Twelve copper pence contain half a pound；
avoirdupois； of copper； of not the best quality； which； before it
is coined； is seldom worth sevenpence in silver。 But as by the
regulation twelve such pence are ordered to exchange for a
shilling； they are in the market considered as worth a shilling；
and a shilling can at any time be had for them。 Even before the
late reformation of the gold coin of Great Britain； the gold；
that part of it at least which circulat