retained for a constantly changing and decreasing weight of precious metals in their function of a standard of price. Thus the English pound sterling denotes less than one-third of its original weight; the pound Scot, before the Union, only 1-36; the French livre, 1-74; the Spanish Maravedi, less than 1-1000; the Portuguese Rei, a still smaller fraction. Such was the historical origin of the discrepancy between the current money names of various weights of metals and their weight denominations.[1] Since the determination of the unit of measure, of its aliquot parts, and of their names is purely conventional, and since they should possess within the sphere of circulation the character of universality and compulsion, they had to be settled by law. The purely formal operation thus devolved upon the government.[2] The metal which was to serve as the money ma-
- ↑ "Le monete lequali oggi sono ideali sono le piu antiche d'ogni nazione, e tutte furono un tempo reali (the latter assertion is too sweeping), e perchè erano reali con esse si contava." Galiani, "Della Moneta," l. c., p. 153 ("Coins which are ideal to-day [i. e., whose names no longer correspond to their value] are among the more ancient with every nation; at one time they were all real, and for that reason served for the purpose of counting.")
- ↑ The romantic A. Müller says: "According to our idea every independent sovereign has the right to name the metal money, and to give it a nominal social value, rank, standing and title (p. 276, V. II., A. H. Müller, "Die Elemente der Staatskunst," Berlin, 1809). As far as title is concerned the Hon. Hofrath is right; but he forgets the substance. How confused his "ideas" were, may be seen, e. g., from the following passage: "Everybody understands how much depends upon the right
