CHAPTER II.
Primitive Systems of Currency.
[Greek: EX ANANKÊS HÊ TOU NOMISMATOS EPORISTHÊ CHRÊSIS.]
Aristotle.
Let us here propound the doctrine which seeks to obtain
an explanation of the origin for weight-standards more in
accordance with the facts of history and the process of development
as exemplified both in ancient and modern times.
In early communities[1] all commodities alike are exchanged by bartering the one against the other. The man who possesses sheep exchanges them for oxen with the man who possesses oxen, the owner of corn exchanges his commodity for some implement or ornament of metal with the owner of the latter. The metals are only regarded as merchandise, not yet being in any degree set apart to serve as a medium of exchange in the terms of which all other commodities are valued. This is the practice which prevails in so civilized a country as China down to our own days. The only coinage which the Chinese possess is copper cash. According to M. le Comte Rochechouart (Journal des Économistes, Vol. XV. p. 103) both gold and silver are treated simply as merchandise, and there is not even a recognized stamp or government guarantee of the fineness of the metal. The traveller must carry these metals with him, as a sufficient quantity of strings
- ↑ Of course amongst the lowest races of savages such as the aborigines of Australia, even barter is almost unknown. Each man makes his own stone implements from the greenstone which is everywhere in abundance, his own clubs and boomerangs, whilst Nature supplies all his other wants.
