Silver Up to Date

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894. Excerpt: ... SILVER UP TO DATE. Chapter I. THE ORIGIN OF THE SILVER QUESTION. All the best known writers on Political Economyhave treated of the nature and functions of money. Without examining their theories very closely, it will nevertheless be just as well to start with some clear understanding as to what money, as represented by gold and silver, either coined or in the form of bullion, really is, particularly as an idea seems to be prevalent that there is something approaching a halo of sanctity surrounding these two precious metals. Put very briefly, money is simply a commodity, which is readily accepted in every part of the civilised world in exchange for any other commodity. In its simple form of bullion, it must be carefully weighed and assayed before it can meet with such acceptance, and to save time as well as trouble, therefore, the various Governments of the world have affixed their stamp upon pieces of gold and silver, which is a full guarantee both as to their weight and quality. Gold and silver as such are amongst the most useless metals, but their comparative scarceness and cost of extraction have given them from the remotest ages an artificial value for purposes of exchange, and even their use as ornaments is based largely upon their ready conversion into the necessaries of life. Gold and silver have therefore become the world's money, simply because of all known commodities they have been found to possess the most favourable properties. Indestructible with ordinary usage, and at the same time lending themselves readily to the manipulation of the tools of the mint or the workshop; sufficiently scarce to make them costly compared with almost every other article of nature's production, and yet plentiful enough to fulfil the main function required of the...