Bradford continues:
"The metals as money. --- Historically, such designed instruments of exchange have usually put in an appearance with the
coining of money from the metals, although the metals in uncoined form were used as exchange media long before coining
became common. The coinage of metals developed early in the Mediterranean region, silver pieces being issued in Aegina
about the middle of the eighth century B.C., while coins of gold, electrum, and copper were also used in this territory at
early dates. Silver coins were first struck officially by the Romans in 268 B.C., and the first issue of gold coins
occurred about 240. Bronze coins had been in use in Italy, however, since the latter part of the fourth century B.C.
"From these early, and very simple, monetary systems (if such they may be called), the intricate and highly efficient
arrangements of the present day have developed. While copper and bronze coins are still in use, their appearance in modern
monetary systems seems to have followed the use of silver, and for many years the leading commercial countries have employed
silver or gold or both metals as a basis for their monetary systems. Some isolated countries have used other metals as
money because of their availability, but silver and gold have predominated among highly-developed peoples since the time of
the Romans.
"The choice between gold and silver seems to have depended partly on their relative values and partly on the preferences of
the peoples concerned. The Germans used silver as a basis for their monetary system prior to 1870, the laws of 1871-1875
placing that country, legally, upon a gold standard. England adopted a full gold basis as early as 1816, but preceded the
other leading nations of Europe in so doing. France was legally on a bimetallic basis (silver and gold) from 1803 to 1878,
while, from the formation of the Latin Monetary Union in 1865 until 1878, Switzerland, Belgium, and Italy--the other members
of the original Union--as well as France, had, theoretically at least, a bimetallic standard. From 1878 on, the majority
of the leading countries of Europe have been on a gold standard, although silver coins have been retained in use in their
monetary systems."
NOTE: To read the Preface and Chapter I, go to YouTube: http://www.youtube.com/watch?v=qeTyHjLJvLA
"Reasons for the adoption of gold and silver. --- The reasons for the widespread adoption of gold and silver as money are to
be found in the excellent money characteristics which these metals possess. Both metals have a high value in relation to
their bulk which makes possible the manufacture of coins of convenient size, i.e., coins which have the characteristic of
portability. These metals are also malleable, so that the attribute of divisibility may be readily attained with their use
as money. Both gold and silver are very durable, especially when alloyed with small quantities of other metals, for they
are not subject to any marked deterioration upon exposure to air as are some metals, such as iron. They are homogeneous
also, for gold and silver can vary only in degree of purity. There are not different kinds of gold nor different kinds of
silver. As to cognizability, the metals have characteristic lusters which are easy to distinguish, and their malleability
permits them to be minted into coins which are readily recognized by all. Lastly, both metals are much sought after for
purposes of ornament or other use and, being relatively scarce, they thus acquire a high unit value. Further, because they
are in the nature of luxuries rather than necessities, and because they are very durable (so that the annual production
constitutes but a trifling portion of the total stock), they have a stability of value which is greater than that of most
other goods. In stability of value, gold surpasses silver. Gold also contains a greater value per unit of bulk than does
silver, so that it is more conveniently handled when payments of large size have to be made. It is, perhaps, these two
points of superiority--particularly the first--which have resulted in the final choice of gold by the majority of advanced
nations as the basis for their monetary systems."
To be continued!
"The metals as money. --- Historically, such designed instruments of exchange have usually put in an appearance with the
coining of money from the metals, although the metals in uncoined form were used as exchange media long before coining
became common. The coinage of metals developed early in the Mediterranean region, silver pieces being issued in Aegina
about the middle of the eighth century B.C., while coins of gold, electrum, and copper were also used in this territory at
early dates. Silver coins were first struck officially by the Romans in 268 B.C., and the first issue of gold coins
occurred about 240. Bronze coins had been in use in Italy, however, since the latter part of the fourth century B.C.
"From these early, and very simple, monetary systems (if such they may be called), the intricate and highly efficient
arrangements of the present day have developed. While copper and bronze coins are still in use, their appearance in modern
monetary systems seems to have followed the use of silver, and for many years the leading commercial countries have employed
silver or gold or both metals as a basis for their monetary systems. Some isolated countries have used other metals as
money because of their availability, but silver and gold have predominated among highly-developed peoples since the time of
the Romans.
"The choice between gold and silver seems to have depended partly on their relative values and partly on the preferences of
the peoples concerned. The Germans used silver as a basis for their monetary system prior to 1870, the laws of 1871-1875
placing that country, legally, upon a gold standard. England adopted a full gold basis as early as 1816, but preceded the
other leading nations of Europe in so doing. France was legally on a bimetallic basis (silver and gold) from 1803 to 1878,
while, from the formation of the Latin Monetary Union in 1865 until 1878, Switzerland, Belgium, and Italy--the other members
of the original Union--as well as France, had, theoretically at least, a bimetallic standard. From 1878 on, the majority
of the leading countries of Europe have been on a gold standard, although silver coins have been retained in use in their
monetary systems."
NOTE: To read the Preface and Chapter I, go to YouTube: http://www.youtube.com/watch?v=qeTyHjLJvLA
"Reasons for the adoption of gold and silver. --- The reasons for the widespread adoption of gold and silver as money are to
be found in the excellent money characteristics which these metals possess. Both metals have a high value in relation to
their bulk which makes possible the manufacture of coins of convenient size, i.e., coins which have the characteristic of
portability. These metals are also malleable, so that the attribute of divisibility may be readily attained with their use
as money. Both gold and silver are very durable, especially when alloyed with small quantities of other metals, for they
are not subject to any marked deterioration upon exposure to air as are some metals, such as iron. They are homogeneous
also, for gold and silver can vary only in degree of purity. There are not different kinds of gold nor different kinds of
silver. As to cognizability, the metals have characteristic lusters which are easy to distinguish, and their malleability
permits them to be minted into coins which are readily recognized by all. Lastly, both metals are much sought after for
purposes of ornament or other use and, being relatively scarce, they thus acquire a high unit value. Further, because they
are in the nature of luxuries rather than necessities, and because they are very durable (so that the annual production
constitutes but a trifling portion of the total stock), they have a stability of value which is greater than that of most
other goods. In stability of value, gold surpasses silver. Gold also contains a greater value per unit of bulk than does
silver, so that it is more conveniently handled when payments of large size have to be made. It is, perhaps, these two
points of superiority--particularly the first--which have resulted in the final choice of gold by the majority of advanced
nations as the basis for their monetary systems."
To be continued!
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