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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　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　favourable　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　civilised

nations　the　universal　instrument　of　commerce；　by　the　intervention

of　which　goods　of　all　kinds　are　bought　and　sold；　or　exchanged　for

one　another。

　　　　　What　are　the　rules　which　men　naturally　observe　in　exchanging

them　either　for　money　or　for　one　another；　I　shall　now　proceed　to

examine。　These　rules　determine　what　may　be　called　the　relative　or

exchangeable　value　of　goods。

　　　　　The　word　value；　it　is　to　be　observed；　has　two　different

meanings；　and　sometimes　expresses　the　utility　of　some　particular

object；　and　sometimes　the　power　of　purchasing　other　goods　which

the　possession　of　that　object　conveys。　The　one　may　be　called

〃value　in　use〃；　the　other；　〃value　in　exchange。〃　The　things　which

have　the　greatest　value　in　use　have　frequently　little　or　no　value

in　exchange；　and；　on　the　contrary；　those　which　have　the　greatest

value　in　exchange　have　frequently　little　or　no　value　in　use。

Nothing　is　more　useful　than　water：　but　it　will　purchase　scarce

anything；　scarce　anything　can　be　had　in　exchange　for　it。　A

diamond；　on　the　contrary；　has　scarce　any　value　in　use；　but　a　very

great　quantity　of　other　goods　may　frequently　be　had　in　exchange

for　it。

　　　　　In　order　to　investigate　the　principles　which　regulate　the

exchangeable　value　of　commodities；　I　shall　endeavour　to　show：

　　　　　First；　what　is　the　real　measure　of　this　exchangeable　value；

or；　wherein　consists　the　real　price　of　all　commodities。

　　　　　Secondly；　what　are　the　different　parts　of　which　this　real

price　is　composed　or　made　up。

　　　　　And；　lastly；　what　are　the　different　circumstances　which

sometimes　raise　some　or　all　of　these　different　parts　of　price

above；　and　sometimes　sink　them　below　their　natural　or　ordinary

rate；　or；　what　are　the　causes　which　sometimes　hinder　the　market

price；　that　is；　the　actual　price　of　commodities；　from　coinciding

exactly　with　what　may　be　called　their　natural　price。

　　　　　I　shall　endeavour　to　explain；　as　fully　and　distinctly　as　I

can；　those　three　subjects　in　the　three　following　chapters；　for

which　I　must　very　earnestly　entreat　both　the　patience　and

attention　of　the　reader：　his　patience　in　order　to　examine　a

detail　which　may　perhaps　in　some　places　appear　unnecessarily

tedious；　and　his　attention　in　order　to　understand　what　may；

perhaps；　after　the　fullest　explication　which　I　am　capable　of

giving　of　it；　appear　still　in　some　degree　obscure。　I　am　always

willing　to　run　some　hazard　of　being　tedious　in　order　to　be　sure

that　I　am　p