menſura domini regis[1]; and are directed by a variety of ſubſequent ſtatutes to be kept in the exchequer, and all weights and meaſures to be made conformable thereto[2]. But, as ſir Edward Coke obſerves[3], though this hath ſo often by authority of parliament been enacted, yet it could never be effected; ſo forcible is cuſtom with the multitude.
Thirdly, as money is the medium of commerce, it is the king's prerogative, as the arbiter of domeſtic commerce, to give it authority or make it current. Money is an univerſal medium, or common ſtandard, by compariſon with which the value of all merchandize may be aſcertained: or it is a ſign, which repreſents the reſpective values of all commodities. Metals are well calculated for this ſign, becauſe they are durable and are capable of many ſubdiviſions: and a precious metal is ſtill better calculated for this purpoſe, becauſe it is the moſt portable. A metal is alſo the moſt proper for a common meaſure, becauſe it can eaſily be reduced to the ſame ſtandard in all nations: and every particular nation fixes on it it's own impreſſion, that the weight and ſtandard (wherein conſiſts the intrinſic value) may both be known by inſpection only.
As the quantity of precious metals increaſes, that is, the more of them there is extracted from the mine, this univerſal medium or common ſign will ſink in value, and grow leſs precious. Above a thouſand millions of bullion are calculated to have been imported into Europe from America within leſs than three centuries; and the quantity is daily increaſing. The conſequence is, that more money muſt be given now for the ſame commodity than was given an hundred years ago. And, if any accident was to diminiſh the quantity of gold and ſilver, their value would proportionably riſe. A horſe, that was formerly worth ten pounds, is now perhaps worth twenty; and, by any failure of current ſpecie,
