MONEY  . 1 . See also:

• DEFINITION (Lat. definitio, from de-finire, to set limits to, describe)

Definition and Functions.—The difficult question as to the best definition of money has been complicated by the efforts of writers so to define the See also:

• TERM

term as to give support to their particular theories . It is hard to See also:

• FRAME

frame a precise See also:

• ACCOUNT
• ACCOUNT (through O. Fr. acont, Late Lat. comptum, cornputare, to calculate)

account which, will hold See also:

• GOOD, JOHN MASON (1764-1827)

good of the many See also:

• OBJECTS

objects that have served for monetary use . From denoting coined See also:

• METAL
• METAL (through Fr. from Lat. metallum, mine, quarry, adapted from Gr. µATaXAov, in the same sense, probably connected with ,ueraAAdv, to search after, explore, µeTa, after, aAAos, other)

metal, money has come to include anything that performs the money See also:

• WORK

work: though there has been considerable hesitation in extending the term to those forms of See also:

• CREDIT (Lat. credere, to believe)

credit that are in See also:

• MODERN

modern See also:

• SOCIETIES, LEARNED

societies the See also:

• CHIEF (from Fr. chef, head, Lat. caput)

chief See also:

• INSTRUMENT (Lat. instrumentum, from insincere, to build up, furnish, arrange, prepare)

instrument of See also:

• EXCHANGE

exchange . It is therefore best to avoid a formal definition; and, instead, to bring out the See also:

• CHARACTER (Gr. xapareri7p, from xap&crew, to scratch)

character of money by describing the functions that it performs in the social See also:

• SYSTEM

system . The most important is, clearly, that of facilitating exchange . It is not necessary to dwell on the See also:

• GREAT

great importance of this See also:

• OFFICE (from Lat. officium, " duty," " service," a shortened form of opifacium, from facere, " to do," and either the stem of opes, " wealth," " aid," or opus, " work ")

office . The slightest See also:

• CONSIDERATION (from Lat. considerare, to look at closely, examine, generally taken to be from con-, and the base seen in sidus, sideris, a star, the word being supposed to be originally an astrological or astronomical term)

consideration of See also:

• INDUSTRIAL

industrial organization shows that it is based on the See also:

• DIVISION (from Lat. dividere, to break up into parts, separate)

division of employments; but the earliest economic writers saw plainly that division of employments was only possible through the agency of a See also:

• MEDIUM

medium of exchange . They recognized that the result of increasing specialization of labour was to establish a See also:

• STATE
• STATE, GREAT OFFICERS OF

state of things in which each individual produced little or nothing for the See also:

• DIRECT

direct See also:

• SATISFACTION (Lat. salisfacerc, to satisfy)

satisfaction of his own wants, and had therefore to live by exchanging his product for the products of others . They saw, further, that this only became feasible by the existence of an See also:

• ARTICLE (from Lat. articulus, a joint)

article that all would be willing to accept for their See also:

• SPECIAL

special products; as otherwise the difficulty of bringing together persons with reciprocal wants would prove an insurmountable obstacle to that development of exchange, which alone made division of labour possible . A second See also:

• FUNCTION

function hardly inferior in importance to the one just mentioned is that of affording a ready means for estimating the See also:

• COMPARATIVE

comparative values of different commodities .

Without some See also:

• COMMON

common See also:

• OBJECT

object as a See also:

• STANDARD
• STANDARD, BATTLE OF THE

standard of comparison this would be practically impossible . " If a tailor had only coats and wanted to buy See also:

• BREAD

bread or a See also:

• HORSE (a word common to Teutonic languages in such forms as hors, hros, ros; cf. the Ger. ross)

horse, it would be very troublesome to ascertain how much bread he ought to obtain for a coat or how many coats he should give for a horse "; and as the number of commodities concerned increased the problem would become harder, " for each commodity would have to be quoted in terms of every other commodity." There is, indeed, a good See also:

• DEAL

deal to be said for the view that the conception of See also:

• GENERAL
• GENERAL (Lat. generalis, of or relating to a genus, kind or class)

general exchange value could never have been formed without the previous existence of money; it has certainly support from the See also:

• EVIDENCE (Lat. evidentia, evideri, to appear clearly)

evidence of competent observers respecting the methods of exchange followed by See also:

• SAVAGE
• SAVAGE, MINOT JUDSON (1841– )
• SAVAGE, RICHARD (d. 1743)

savage communities . The selection of some particular article as the criterion makes the comparison of values easy . " The chosen commodity becomes a common denominator, or common measure of value in terms of which we estimate the value of all other goods," and in this way money, which in its See also:

• PRIMARY

primary function renders exchange possible by acting as an intermediate term in each See also:

• TRANSFER (from Lat. transferre, to bear across, carry over)

transfer, also makes exchanges easier by making them definite . Still another function of money comes into being with the progress of society . One of the most distinctive features of advancing See also:

• CIVILIZATION

civilization is the increasing tendency of See also:

• PEOPLE

people to See also:

• TRUST

trust each other . There is thus a continuous increase in relations arising from See also:

• CONTRACT
• CONTRACT (Lat. contract us, from contrahere, to draw together, to bind)

contract, as can be seen by examining the development of any legal system . Now, a contract implies something to be done in the future, and for estimating the value of that future See also:

• ACT (Lat. actus, actum)

act a standard is required; and here money which has already acted as a medium of exchange and as a measure of value at a given See also:

• TIME (0. Eng. Lima, cf. Icel. timi, Swed. timme, hour, Dan. time; from the root also seen in " tide," properly the time of between the flow and ebb of the sea, cf. O. Eng. getidan, to happen, " even-tide," &c.; it is not directly related to Lat. tempus)
• TIME, MEASUREMENT OF
• TIME, STANDARD

time, performs a third function, by affording an approximate means of estimating the See also:

• PRESENT

present value of the future act; in this respect it may be regarded as a standard of value, or as some prefer to say, of deferred payments . Nor does this exhaust the See also:

• LIST (O.E. lisle, a Teutonic word, cf. Dut. lust, Ger. Leiste, adapted in Ital. lista and Fr. lisle)
• LIST, FRIEDRICH (1789-1846)

list of services that money renders . In the earlier stages of economic See also:

• LIFE

life it acts as a See also:

• STORE (from O. Fr. estor or estoire, Late Lat. staurum or instaurum, stock, provisions, supply, from the late use of instaurare, to provide, properly to construct, renew, restore)

store of value; for in no other way could a large See also:

• BODY

body of See also:

• WEALTH

wealth be concentrated . Though this is no longer needed by individuals, even at the present See also:

• DAY (O. Eng. dreg, Ger. Tag; according to the New English Dictionary, " in no way related to the Lat. dies")
• DAY, JOHN (1574-1640?)
• DAY, THOMAS (1748-1789)

day the great See also:

• BANKS, GEORGE LINNAEUS (1821-1881)
• BANKS, NATHANIEL PRENTISS (1816–1894)
• BANKS, SIR JOSEPH
• BANKS, THOMAS (1735-1805)

banks find that their reserves must take the See also:

• FORM (Lat. forma)

form of a monetary store . Again, money in its various forms has been the great agency for transmitting values from See also:

• PLACE (through Fr. from Lat. platea, street; Gr. IrAar6s, wide)

place to place .

Its See also:

• INTERNATIONAL, THE

international function in this respect still continues . The See also:

• BALANCE (derived through the Fr. from the Late Lat. bilantia, an apparatus for weighing, from bi, two, and lanx, a dish or scale)

balance of See also:

• DEBT (Lat. debitum, a thing owed)

debt between countries is ultimately settled by the passage of See also:

• BULLION

bullion from the debtor to the creditor nation . But, though money has these See also:

• POWERS, HIRAM (1805-1873)

powers, it is nevertheless correct to say that its essential functions are three in number, i.e. it supplies: (r) the common medium by which exchanges are made possible; (2) the common measure by which the comparativevalues of those exchanges are estimated; (3) the standard by which future obligations are determined . 2 . The Value of Money, its Determining Causes . The Quantity of Money required by a See also:

• COUNTRY (from the Mid. Eng. contre or contrie, and O. Fr. cuntree; Late Lat. contrata, showing the derivation from contra, opposite, over against, thus the tract of land which fronts the sight, cf. Ger. Gegend, neighbourhood)

Country.—The value of money is in principle only a special See also:

• CASE
• CASE, JOHN (d. 1600)

case of the general problem of value; but owing to its See also:

• PECULIAR

peculiar position the medium of exchange has in this respect become surrounded by difficulties that need to be removed . The very phrase " value of money " is employed in two senses, which on the See also:

• SURFACE

surface seem to have no connexion with each other, and are the cause of much confusion to those who have not looked into the See also:

• MATTER

matter . In See also:

• MERCANTILE (or COMMERCIAL) AGENCIES

mercantile phraseology the value of money means the See also:

• INTEREST

interest charged for the use of loanable See also:

• CAPITAL (i.e. capital stock or fund)
• CAPITAL (Lat. caput, head)

capital . When the See also:

• MARKET (Lat. mercatus, trade or place of trade)

market See also:

• RATE

rate of interest is high, money is said to be dear; when it is See also:

• LOW, SETH (1850- )
• LOW, WILL HICOK (1853- )

low, money is regarded as cheap . Without entering into the reasons for this use of the term, it is sufficient to state the other and for our present purpose more correct meaning of the phrase . As the value of a thing is what it will exchange for; so " the value of money is what money will exchange for, or its purchasing See also:

• POWER [WILLIAM GRATTAN] TYRONE (1797-1841)

power . If prices are low, money will buy much of other things, and is of high value; if prices are high, it will buy little of other things, and is of low value .

The value of money is inversely as general prices, falling as they rise and rising as they fall." Now the proximate See also:

• CONDITION (Lat. condicio, from condicere, to agree upon, arrange; not connected with conditio, from condere, conditum, to put together)

condition under which value is determined is admittedly the See also:

• ESTABLISHMENT (0. Fr. establissement, Fr. etablissement, late Norm. Fr. establishement, from O. Fr. establir, Fr. etablir, Lat. stabilire, to make stable)

establishment of an See also:

• EQUATION (from Lat. aequatio, aequare, to equalize)

equation between demand and See also:

• SUPPLY (through Fr. from Lat. supplere, to fill up)

supply . In the case of money, however, some explanation as to the nature of both these elements in the problem becomes necessary . In what forms is the supply of, and the demand for, money exhibited ? The supply of a commodity is the quantity of it which is offered for See also:

• SALE
• SALE, GEORGE (c. 1697-1736)
• SALE, SIR ROBERT HENRY (1782—1845)

sale . But in what shape does the sale of money take place ? Plainly, by being offered for goods .. The supply of money is the quantity of it which people are wanting to See also:

• LAY

lay out, i.e. all the money in circulation at the time . Demand, in like manner, means the quantity of a commodity desired, or, according to another mode of expression, the amount of purchasing power offered for it . Taking the latter as the more convenient for the case of money, we can say that the demand for it consists in all goods offered for sale . The position of money as the medium of exchange introduces a further novel feature; for the market in its case is See also:

• WORLD

world-wide and the demand is unceasing; money is consequently in a See also:

• CONSTANT, BENJAMIN (1845-1902)

constant state of supply and demand . It thus appears that the factors determining the value of money at a given time are: (r) the amount of money in circulation, and (2) the amount of goods on sale . Closer examination reveals other influencing conditions .

The See also:

• MERE
• MERE, ADALBERT (1838-1909)

mere quantity of money is not the only See also:

• ELEMENT (Lat. elementum)

element on the supply See also:

• SIDE
• SIDE (mod. Eski Adalia)

side . The varying circulation of the monetary See also:

• UNITS, DIMENSIONS OF
• UNITS, PHYSICAL

units must be taken into account . Some coins do not make a single See also:

• PURCHASE

purchase in a See also:

• YEAR

year, while others See also:

• CHANGE (derived through the Fr. from the Late Lat. cambium, cambiare, to barter; the ultimate derivation is probably from the root which appears in the Gr. «a urmu', to bend)

change hands in transactions hundreds of times . By averaging, we may estimate the effect of the rapidity with which money does its work, or, to employ a technical term, the " efficiency of money . Similarly, the amount of sales rather than the quantity of commodities is the determining element on the demand side . Thus, if the See also:

• INFLUENCE (Late Lat. influentia, from influere, to flow in)

influence of credit be omitted, it is true to say that the value of money varies inversely as its quantity multiplied by its efficiency, the amount of transactions being assumed to be constant . Some additional explanation is required before this See also:

• FORMULA
• FORMULA (Lat. diminutive of forma, shape, pattern, &c., especially used of rules of judicial procedure)

formula can be accepted as an expression of the whole truth on the subject . It must be noticed that it is not commodities only that are exchanged for money . Services of all kinds constitute a large portion of the demand for the circulating medium, while the See also:

• PAYMENT (Fr. paiement, from payer, to pay; Lat. pacare, to appease, pax, peace)

payment of interest on the many kinds of obligations makes a further See also:

• CALL (from Anglo-Saxon ceallian, a common Teutonic word, cf. Dutch kallen, to talk or chatter)

call on it . The potent influence of credit must also be recognized . The latter force is indeed the chief agency to be considered in dealing with the See also:

• VARIATIONS
• VARIATIONS, CALCULUS
• VARIATIONS, CALCULUS OF

variations of prices; though so far as it is based on deposits of metallic money it may be regarded as a form of increased monetary efficiency, and therefore as coming within the formula given above . In its wider aspect, credit acts as a substitute for See also:

• ORDINARY (med. Lat. ordinarius, Fr. ordinaire)

ordinary money, and may be interpreted as See also:

• EQUIVALENT

equivalent to a system of perfected See also:

• BARTER (from Fr. barater, to truck, to exchange)

barter, or, better, as a new currency development .

An interesting but paradoxical conclusion should be noticed: it is that increased See also:

• TRADE (O. Eng. trod, footstep, from tredan, to tread; in M. Eng. the forms teed, trod and trade appear, the last in the sense of a beaten track)
• TRADE, BOARD OF

trade and expanding business are causes which operate not to raise, but to See also:

• LOWER

lower prices; for by enlarging the work that money has to do they raise its value, i.e provided that other things remain the same . Another more obvious See also:

• DEDUCTION (from Lat. deducere, to take or lead from or out of, derive)

deduction is that a large addition to the stock of money does not necessarily raise prices, since money is only effective when brought into circulation . The chief topic of dispute in respect to the theory of money-value has been concerned with the question as to the ultimate regulating influence . The value of freely produced commodities is—according to economic theory—determined by " cost of See also:

• PRODUCTION (Lat. productionem, from producere, to pro-duce)

production," or, where the article is produced at different See also:

• COSTS

costs, by the cost of production under the most unfavourable circumstances . As demand varies with See also:

• PRICE
• PRICE, BARTHOLOMEW (1818–1898)
• PRICE, BONAMY (1807-1888)
• PRICE, RICHARD (1723-1791)

price, it follows that an See also:

• ADJUSTMENT (from late Lat. ad juxtare, derived from juxta, near, but early confounded with a supposed derivation from justus, right)

adjustment of value takes place through the interaction of cost and demand, the latter indicating the influence of the utility of the commodity on the quantity required . In applying the theory to the special case of money, the first consideration is the fact that See also:

• GOLD
• GOLD [symbol Au, atomic weight 195.7(H = 1),197.2(0 =16)]

gold and See also:

• SILVER

silver, the See also:

• PRINCIPAL

principal money materials, are the products of mines, and are produced at different costs, so that their values depend on the portions raised at greatest cost . We thus obtain the proposition that has figured in so many See also:

• TEXT (Lat. textum, woven fabric, from texere, to weave)

text-books; viz. that " the value of money depends on its cost of production." The theory of normal value, however, involves certain assumptions, which are significant in this connexion . Competition is conceived as absolutely See also:

• FREE

free; it is assumed that there are accurate data for computing costs, and that the determination of value by cost is effective only " in the See also:

• LONG, GEORGE (1800-1879)
• LONG, JOHN DAVIS (1838– )

long run." It is recognized, also, that cost operates on value through its power in regulating supply . " The latent influence," says See also:

• MILL
• MILL (O. Eng. mylen, later myln, or miln, adapted from the late Lat. molina, cf. Fr. moulin, from Lat. mola, a mill, molere, to grind; from the same root, mol, is derived " meal;" the word appears in other Teutonic languages, cf. Du. molen, Ger. muhle)
• MILL, JAMES (1773-1836)
• MILL, JOHN (c. 1645–1707)
• MILL, JOHN STUART (1806-1873)

Mill, "by which the value of things are made to conform in the long run to the cost of production is the variation that would other-See also:

• WISE, HENRY ALEXANDER (1806-1876)
• WISE, ISAAC MAYER (1819-1900)

wise take place in the supply of the commodity." From such considerations it follows that the influence of cost on the value of money is not so predominant as a rigid See also:

• INTERPRETATION (from Lat. interpretari, to expound, explain, inter pres, an agent, go-between, interpreter; inter, between, and the root pret-, possibly connected with that seen either in Greek 4 p4'ew, to speak, or irpa-rrecv, to do)

interpretation of the theory of value seems to suggest . In earlier times it has been a common proceeding on the See also:

• PART

part of governments to restrict or stimulate both See also:

• MINING

mining for the See also:

• PRECIOUS (O. Fr. precios, mod. precieux, Lat. pretiosus, of high value or price, pretium)

precious metals and the business of coining . At all times the working of gold and silver mines has been rather a hazardous See also:

• SPECULATION

speculation than a legitimate business . " When any See also:

• PERSON, OFFENCES AGAINST THE

person undertakes to work a new mine in See also:

• PERU
• PERU (apparently from Biru, a small river on the west coast of Colombia, where Pizarro landed)

Peru," says See also:

• ADAM
• ADAM (or ADAN) DE LE HALE (died c. 1288)
• ADAM, ALEXANDER (1741–1809)
• ADAM, JULIETTE (1836– )
• ADAM, LAMBERT SIGISBERT (1700-1759)
• ADAM, MELCHIOR (d. 1622)
• ADAM, PAUL (1862– )
• ADAM, ROBERT (1728—1792)
• ADAM, SIR FREDERICK (1781-1853)
• ADAM, WILLIAM (1751-1839)

Adam See also:

• SMITH
• SMITH, ADAM (1723–1790)
• SMITH, ALEXANDER (183o-1867)
• SMITH, ANDREW JACKSON (1815-1897)
• SMITH, CHARLES EMORY (1842–1908)
• SMITH, CHARLES FERGUSON (1807–1862)
• SMITH, CHARLOTTE (1749-1806)
• SMITH, COLVIN (1795—1875)
• SMITH, EDMUND KIRBY (1824-1893)
• SMITH, G
• SMITH, GEORGE (1789-1846)
• SMITH, GEORGE (184o-1876)
• SMITH, GEORGE ADAM (1856- )
• SMITH, GERRIT (1797–1874)
• SMITH, GOLDWIN (1823-191o)
• SMITH, HENRY BOYNTON (1815-1877)
• SMITH, HENRY JOHN STEPHEN (1826-1883)
• SMITH, HENRY PRESERVED (1847– )
• SMITH, JAMES (1775–1839)
• SMITH, JOHN (1579-1631)
• SMITH, JOHN RAPHAEL (1752–1812)
• SMITH, JOSEPH, JR
• SMITH, MORGAN LEWIS (1822–1874)
• SMITH, RICHARD BAIRD (1818-1861)
• SMITH, ROBERT (1689-1768)
• SMITH, SIR HENRY GEORGE WAKELYN
• SMITH, SIR THOMAS (1513-1577)
• SMITH, SIR WILLIAM (1813-1893)
• SMITH, SIR WILLIAM SIDNEY (1764-1840)
• SMITH, SYDNEY (1771-1845)
• SMITH, THOMAS SOUTHWOOD (1788-1861)
• SMITH, WILLIAM (1769-1839)
• SMITH, WILLIAM (c. 1730-1819)
• SMITH, WILLIAM (fl. 1596)
• SMITH, WILLIAM FARRAR (1824—1903)
• SMITH, WILLIAM HENRY (1808—1872)
• SMITH, WILLIAM HENRY (1825—1891)
• SMITH, WILLIAM ROBERTSON (1846-'894)

Smith, " he is universally looked upon as a See also:

• MAN
• MAN, ISLE OF (anc. Mona)

man destined to See also:

• BANKRUPTCY (from Lat. bancus or Fr. banquet table or counter, and Lat. ruptus, broken)

bankruptcy and ruin, and is upon that account shunned and avoided by everybody .

Mining, it seems, is considered there in the same See also:

• LIGHT

light as here, as a lottery in which the prizes do not compensate the blanks." The modern capitalistic organization of gold mining has not done much to alter this condition . As regards the adjustment of supply to meet an altered cost of production the difficulties are, if possible, greater . The actual supply of money is so large, when compared with the See also:

• ANNUAL

annual production of the precious metals, that a change in output can operate but slowly on its value . The See also:

• TOTAL

total stoppage of fresh supplies from the mines would not be sensibly See also:

• FELT (cognate with Ger. Filz, Du. vilt, Swed. and Dan. fill; the root is unknown; the word has given Med. Lat. filtrum, " filter ")

felt for some years; and though increased production is more rapid in its operation, it takes some time to produce a decided effect . Hence the conclusion is reached that " the effects of all changes in the conditions of production of the precious metals are at first, and continue to be for many years, questions of quantity only, with little reference to cost of production." This is the position which is usually known as that of the " quantity " theory; though very different degrees of See also:

• DOCTRINE

doctrine are comprised under the general See also:

• TITLE (0. Fr. title, mod. titre, from Lat. titulus)

title . With due qualification and comment it may be taken as the prevalent theory . At all events it is beyond dispute that the cost of production is not for See also:

• SHORT, FRANCIS JOB (1857– )

short periods the controlling force which governs the value of money; while even for long periods its influence is very hard to ascertain, in consequence of the speculative nature of the See also:

• INDUSTRIES

industries of gold and silver mining . Another peculiar feature of the problem of money value arises from the fact that it is only through an actual change in the supply of money that its value can be altered . With other commodities the knowledge that they can be produced at lower cost will bring about a reduction in their value . In the case of money, this does not hold . There must be an adjustment of the amount, or of the efficiency, of the money stock, since, as explained above, it is in a constant state of supply and demand . Its value is established in the very See also:

• PROCESS

process of carrying on exchanges, and that process is influenced by the available supply .

In regard to another form of money the effect of the amount in existence is still more decisive . This is See also:

• PAPER
• PAPER (Fr. papier, from Lat. papyrus)

paper money, not immediately redeemable in See also:

• COIN
• COIN (older forms of the word are coyne, quoin and coign, all derived through the O. Fr. coing, and cuigne from Lat. cuneus, a wedge)

coin . In this case the See also:

• IDEA (Gr. Ibia, connected with i&eiv, to see; cf. Lat. species from specere, to look at)

idea of cost is manifestly inapplicable; the quantity in circulation is evidently, as proved by abundant 2xpenence, the ruling influence on value . In fact, the "quantity " theory receives its simplest See also:

• ILLUSTRATION

illustration in the case of inconvertible paper . The truth that the theory is but an instance of the See also:

• ACTION

action of supply and demand is equally shown by this prominent class of instances . Where metallic coinage is artifically limited the same principle holds good . The value of such currencies plainly depends on the conditions of supply and demand . The immense growth of credit and its embodiment in See also:

• INSTRUMENTS

instruments that can be used as substitutes for money has led to the promulgation of a view respecting the value of money which may be called the " credit " theory . According to the upholders of this doctrine, the actual amount of metallic money has but a trifling effect on the range of prices, and therefore on the value of money . What is really important is the See also:

• VOLUME

volume of credit instruments in circulation . It is on their amount that price movements depend . Gold has become only the small change of the wholesale markets, and its quantity is comparatively unimportant as a See also:

• DETERMINANT

determinant of prices .

The theory has some connexion with the view of " money " as consisting in the loanable capital of the market, taking shape in the cheques that transfer liabilities . Thus the rate of interest comes to form a See also:

• FACTOR (from Lat. facere, to make or do)

factor in the creation of " money, and the mercantile use of the phrase " value of money " receives a See also:

• JUSTIFICATION

justification . Like the pure " cost " theory of money value, the " credit " theory gives too one-sided a view of the facts . In particular, it fails to recognize the ultimate dependence of all kinds 'of credit on the stock of money in the full sense, i.e. on metallic legal-See also:

• TENDER

tender money . The truths adumbrated in the theory are better ex-pressed in the statement of the quantity theory in its See also:

• DEVELOPED

developed form, as set forth above . It is necessary to take into account the varying quantities of the precious metals, the modes of use in respect to them; the influence of cost of production, and the way in which credit expedients replace standard money . A See also:

• COMPLETE

complete theory must include all these elements, while not unduly emphasizing any one of them . At the beginning of statistical inquiry much See also:

• ATTENTION (from Lat. ad-tendo, await, expect; the condition of being " stretched " or " tense ")

attention was given to the question: What quantity of money does a country require for the proper working of its industrial system ? See also:

• PETTY, SIR WILLIAM (1623-1687)

Petty and See also:

• LOCKE, GOTTFRIED CHRISTIAN FRIEDRICH (1791–1855)
• LOCKE, JOHN (1632-1704)
• LOCKE, MATTHEW (c. 1630-1677)

Locke were ready to give definite answers; but modern inquirers decline making any quantitative statement, and content themselves with indicating the conditions to be considered . Amongst these are: See also:

• POPULATION (Lat. populus, people; populare, to populate)

Population, amount of transactions, the efficiency of money, the development of credit, and the height to which banking organization has attained . Other elements in the problem are the disposition towards hoarding, and the employment of some form of barter in transactions . The contrast between See also:

• INDIA
• INDIA, FRENCH

India and the See also:

• UNITED

United States in monetary and industrial habits supplies an effective See also:

• SERIES (a Latin word from serere, to join)

series of illustrations on this matter .

The conclusion is obvious that economic. progress is accompanied by a more sparing use of money . The most important aspect of the question in modern times is in relation to the division of money between countries . Regarded from this point of view, the quantity of money that a country needs is that which will keep its prices in due level with those of the countries with which it has commercial relations . For, this is the condition of See also:

• EQUILIBRIUM (from the Lat. aequus, equal, and libra, a balance)

equilibrium; there would otherwise be an excess of either exports or imports, involving a transfer of money to adjust the balance . It may be added that the organization See also:

• WORKS

works automatically, since fluctuations in the stock of money are corrected by the action of trade . The best estimates place the gold circulation of the United See also:

• KINGDOM

Kingdom at somewhat under £xoo,000,000, the token currency at about £x5,000,000, and the See also:

• NOTE
• NOTE (Lat. nota, mark, sign, from noscere, to know)

note circulation as nearly £43,000,000 . The See also:

• FRENCH
• FRENCH, DANIEL CHESTER (1850– )
• FRENCH, NICHOLAS (1604-1678)

French use of metallic money is much larger; probably over £200,000,000, and the note circulation is also over £200,000,000 . 3 . See also:

• EARLY
• EARLY, JUBAL ANDERSON (1816-1894)

Early Forms of Currency.—Up to the present we have considered money as being fully established and properly adapted to fulfil its various functions . We have now to trace the steps by which a suitable system of currency was evolved from a state of barter . It is important for a right understanding of the question to grasp the fact that exchanges took place originally between See also:

• GROUPS
• GROUPS, THEORY

groups, and not between individuals . The slow growth of exchanges is thus explained, as each See also:

• GROUP

group produced most of the articles necessary for itself, and such acts of barter as took place were rather reciprocal presents than mercantile exchanges .

Such is actually the case among modern savages . " It is instructive to see trade in its lowest form among such tribes as the Australians . The tough greenstone valuable for making hatchets is carried hundreds of See also:

• MILES, NELSON APPLETON (1839— )

miles by natives, who receive from other tribes in return the prized products of their districts, such as red ochre to paint their bodies with; they have even got so far as to let peaceful traders pass unharmed through tribes tat See also:

• WAR
• WAR (O. Eng. werre, Fr. guerre, of Teutonic origin; cf. O.H.G. werran, to confound)

war, so that trains of youths might be met, each lad with a lslab of See also:

• SANDSTONE

sandstone on his See also:

• HEAD (in 0. Eng. heafad; the word is common to Teutonic languages; cf. Dutch hoofd, Ger. Haupt, generally taken to be in origin connected with Lat. caput, Gr. KerbOvi7)
• HEAD, SIR EDMUND WALKER, BART
• HEAD, SIR FRANCIS BOND, BART

head to be carried to his distant See also:

• HOME
• HOME, DANIEL DUNGLAS (1833-1886)
• HOME, EARLS OF

home and shaped into a See also:

• SEED (from the root seen in Lat. serere, to sow)

seed-crusher . When strangers visit a tribe they are received at a friendly gathering or corrobboree, and presents are given on both sides . No doubt there is a general sense that the gifts are to be See also:

• FAIR

fair exchanges, and if either side is not satisfied there will be grumbling and quarrelling; but in this roughest See also:

• KIND (O. E. ge-cynde, from the same root as is seen in " kin," supra)

kind of barter we do not yet find that clear notion of a unit of value which is the great step in trading." This vivid description of E . B . See also:

• TYLOR, EDWARD BURNETT (1832- )

Tylor's enables us to realize the way in which money came into existence . When any commodity becomes an object of See also:

• DESIRE

desire, not merely from its use to the persons desiring it, but from their wanting it as being readily exchangeable for other things, then that article may be regarded as rudimentary money . Thus the greenstone and ochre are on their way to being promoted to the position of currency, and the idea of a " unit of value " is all that is needed to complete the invention . " This higher See also:

• STAGE (Fr. 6/age; from Lat. stare, to stand)

stage is found among the See also:

• INDIANS, NORTH AMERICAN

Indians of See also:

• BRITISH

British See also:

• COLUMBIA

Columbia, whose strings of haiqua-shells worn as ornamental See also:

• BORDERS, THE

borders to their dresses serve them also as currency to trade with—a See also:

• STRING

string of ordinary quality being reckoned as See also:

• WORTH
• WORTH, CHARLES FREDERICK (1825-1895)

worth one See also:

• BEAVER
• BEAVER (from Fr. baviere, a child's bib, from bane, saliva)

beaver's skin." Such shells are in reality money, inasmuch as they See also:

• DISCHARGE (adapted from the O. Fr. discharge, modern decharge, from a med. Lat. discargare, to unload, dis- and earn care, to load, cf. " charge ")

discharge its functions . On a See also:

• REVIEW (Fr. revue, from revoir, to see again, Lat. re and videre)

review of existing savage tribes and See also:

• ANCIENT
• ANCIENT (also spelt ANTIENT; derived, through the Fr. ancien, old, from the late Lat. antianum, from ante, before)

ancient races of more or less civilization we are surprised at the great variety of objects which have been used to supply the need of a circulating medium . Skins, for instance, seem to be one of the earliest forms of money .

They have been found among the Indians of See also:

• ALASKA

Alaska performing this service, while accounts of See also:

• LEATHER (a word which appears in all Teutonic languages; cf. Ger. Leder, Dutch leer or leder, Swed. leder, and in such Celtic forms as Welsh llader)
• LEATHER, ARTIFICIAL

leather money seem to show that their use was formerly more general . As the See also:

• HUNTING (the verbal substantive from " hunt "; O. Eng. huntian, hunta; apparently connected with O. Eng. hentan, Gothic hinpan, to capture, O.H.G. hunda,booty)

hunting stage gives place to the See also:

• PASTORAL (from Lat. pastor, a shepherd)

pastoral, and animals become domesticated, the See also:

• ANIMAL
• ANIMAL (Lat. animalis, from anima, breath, soul)

animal itself, instead of its skin, becomes the principal form of currency . There is a great See also:

• MASS (O.E. maesse; Fr. messe; Ger. Messe; Ital. messa; from eccl. Lat. missa)
• MASS, IN

mass of evidence to show that, in the most distant regions and at very different times, See also:

• CATTLE (Norman Fr. catel, from Late Lat. capitale, wealth or property, a word applied in the feudal system to movable property and particularly to live stock, and surviving in its wider meaning as " chattel " or " chattle ")

cattle formed a currency for pastoral and early agricultural nations . Alike among existing barbarous tribes, and in the survivals discovered among classical nations, See also:

• SHEEP
• SHEEP (from the Anglo-Saxon sceap, a word common in various forms to Teutonic languages; e.g. the German Schaf)

sheep and oxen both appear as units of value . Thus we find that at See also:

• ROME
• ROME (Roma)

Rome, and through the See also:

• ITALIAN

Italian tribes generally, " oxen and sheep formed the See also:

• OLDEST

oldest medium of exchange, ten sheep being reckoned equivalent to one ox . The recognition of these objects as universal legal representatives of value, or, in other words, as money, may be traced back to the See also:

• EPOCH (Gr. E7roxij, holding in suspense, a pause, from E1rxav, to hold up, to stop)

epoch of a purely pastoral See also:

• ECONOMY

economy." The Icelandic See also:

• LAW
• LAW (0. Eng. lagu, M. Eng. lawe; from an old Teutonic root lag, " lie," what lies fixed or evenly; cf. Lat. lex, Fr. loi)
• LAW, JOHN (1671—1729)
• LAW, WILLIAM (1686-1761)

law bears See also:

• WITNESS
• WITNESS (from O. Eng. witan, to know)

witness to a similar state of things; while the various fines in the different See also:

• TEUTONIC
• TEUTONIC (GERMANIC) LANGUAGES

Teutonic codes are estimated in cattle . The Latin word See also:

• PETUNIA

petunia (pecus) is an evidence of the earliest See also:

• ROMAN

Roman money being composed of cattle . The See also:

• ENGLISH

English See also:

• FEE

fee and the famous term feudal, according to its most probable See also:

• ETYMOLOGY (Gr. grvµos, true, and X6yos, "account)

etymology, are derived from the same See also:

• ROOT (late O.E. rot, adopted from Scand., cf. Norw. and Swed. rot, Dan. rod; the true O.E. word was wyrt, plant, represented in Ger. Wurz or Wurzel; the ultimate root is the same in both words, and is seen in Lat. radix)
• ROOT, ELIHU (1845– )

root . In a well-known passage of the Iliad (vi . 235.6) the value of two different sets of See also:

• ARMOUR, PHILIP DANFORTH (1832-1901)

armour is estimated in terms of oxen . The Irish law tracts See also:

• BEAR
• BEAR, BLACK
• BEAR, BROWN
• BEAR, GRIZZLY
• BEAR, ISABELLINE
• BEAR, WHITE

bear evidence as to the use of cattle as one of the See also:

• MEASURES

measures of value in early Irish civilization . Similarly, oxen from the principal wealth and the circulating medium among the Zulus and See also:

• KAFFIRS (Arabic Kafir, an unbeliever)

Kaffirs .

On the testimony of an See also:

• EYE
• EYE (O. Eng. edge, Ger. Auge; derived from an Indo-European root also seen in Lat. oc-ulus, the organ of vision (q.v.)

eye-witness we are assured that, " as cattle constitute the See also:

• SOLE (Solea)

sole wealth of the people, so they are their only medium of such transactions as involve exchange, payment or See also:

• REWARD

reward." So also we find that cattle-rents are paid by the pastoral See also:

• INDIAN

Indian tribes to the United States See also:

• GOVERNMENT
• GOVERNMENT (0. Fr. governement, mod. gouvernement, O. Fr. governer, mod. gouverner, from Lat. gubernare, to steer a ship, guide, rule; cf. Gr. xv(3epvav)

government . From the prominence of See also:

• SLAVERY

slavery in early societies it is reasonable to suppose that slaves would be adopted as a medium of exchange, and one of the measures of value in the Irish law tracts, cumhal, is said to have originally meant a See also:

• FEMALE

female slave . They are at present applied to this purpose in Central See also:

• AFRICA
• AFRICA, ROMAN

Africa, and also in New See also:

• GUINEA

Guinea . On passing to the agricultural stage a greater number of objects are found capable of being applied to currency purposes . Among these are See also:

• CORN (a common Teutonic word; cf. Lat. granum, seed, grain)
• CORN (fromm Lat. corms, horn)

corn—used even at present in See also:

• NORWAY
• NORWAY (Norge)

Norway—See also:

• MAIZE, or INDIAN CORN

maize, See also:

• OLIVE (Olea europaea)

olive oil, coco-nuts and See also:

• TEA (Chinese cha, Amoy dialect t€)

tea . The most remarkable instance of an agricultural product being used as currency is to be found in the case of See also:

• TOBACCO

tobacco, which was adopted as legal tender by the English colonists in See also:

• NORTH
• NORTH, BARONS
• NORTH, MARIANNE (1830—1890)
• NORTH, ROGER (1653-1734)
• NORTH, SIR THOMAS (1535?-16o1?)

North See also:

• AMERICA

America . Another class of articles used for money consists of ornaments, which among all uncivilized tribes serve this purpose . The haiqua-shells mentioned before are an instance, cowries in India, whales' See also:

• TEETH (O.E. Eel); plural of tooth, O.E. top)

teeth among the Fijians, red feathers among some See also:

• SOUTH
• SOUTH, ROBERT (1634–1716)

South See also:

• SEA (in O. Eng. sae, a common Teutonic word; cf. Ger. See, Dutch Zee, &c.; the ultimate source is uncertain)
• SEA, COMMAND OF THE

Sea See also:

• ISLAND (O.E. ieg =isle, +land')

Island tribes, and finally, any attractive kinds of See also:

• STONE
• STONE (0. Eng. shin; the word is common to Teutonic languages, cf. Ger. Stein, Du. steen, Dan. and Swed. sten; the root is also seen in Gr. aria, pebble)
• STONE, CHARLES POMEROY (1824-1887)
• STONE, EDWARD JAMES (1831-1897)
• STONE, FRANK (1800-1859)
• STONE, GEORGE (1708—1764)
• STONE, LUCY [BLACKWELL] (1818-1893)
• STONE, MARCUS (184o— )
• STONE, NICHOLAS (1586-1647)

stone which can be easily worked . See also:

• MINERAL

Mineral products, so far asthey do not come under the preceding head, furnish another class . Thus See also:

• SALT (a common Teutonic word, cf. Dutch zout, Ger. Salz, Scand. salt; cognate with Gr. &Xs, Lat. sal)
• SALT, SIR TITUS, BART

salt was used in See also:

• ABYSSINIA (officially ETHIOPIA)

Abyssinia and See also:

• MEXICO
• MEXICO (Span. Mejico, or Mexico,)
• MEXICO, FEDERAL DISTRICT OF
• MEXICO, GULF OF

Mexico; while the metals--a phenomenon which will require a more careful examination—have succeeded in finally See also:

• DRIVING (from " to drive," i.e. generally to propel, force along or in, a word common in various forms to the Teutonic languages)

driving all their inferior competitors out of the See also:

• FIELD (a word common to many West German languages, cf. Ger. Feld, Dutch veld, possibly cognate with O.E. f olde, the earth, and ultimately with root of the Gr. irAaror, broad)
• FIELD, CYRUS WEST (1819-1892)
• FIELD, DAVID DUDLEY (18o5-1894)
• FIELD, EUGENE (1850-1895)
• FIELD, FREDERICK (18o1—1885)
• FIELD, HENRY MARTYN (1822-1907)
• FIELD, JOHN (1782—1837)
• FIELD, MARSHALL (183 1906)
• FIELD, NATHAN (1587—1633)
• FIELD, STEPHEN JOHNSON (1816-1899)
• FIELD, WILLIAM VENTRIS FIELD, BARON (1813-1907)

field, and have become the sole substances for money . 4 . The Metals as Money .

Reasons for their See also:

• ADOPTION (Lat. adoptio, for adoptalio, from adoptare, to choose for oneself)

Adoption . Superiority of Silver and Gold.—The employment of metals as money material can be traced far back in the See also:

• HISTORY

history of civilization; but as it is impossible to determine the exact See also:

• ORDER
• ORDER (through Fr. ordre, for earlier ordene, from Lat. ordo, ordinis, rank, service, arrangement; the ultimate source is generally taken to be the root seen in Lat. oriri, rise, arise, begin; cf. " origin ")
• ORDER, HOLY

order of their See also:

• APPEARANCE (from Lat. apparere, to appear)

appearance in this capacity, it will be convenient to take them in the order of their value, beginning with the lowest . See also:

• IRON [symbol Fe, atomic weight 55.85 (0=16)]

Iron—to See also:

• JUDGE (Lat. judex, Fr. juge)

judge from the statement of See also:

• ARISTOTLE
• ARISTOTLE (384-322 B.C.)

Aristotle—was widely used as currency . One remarkable instance is the Spartan money, which was clearly a survival of a form that had died out among the other See also:

• GREEK
• GREEK, ETRUSCAN AND

Greek states; though it has often been attributed to ascetic policy . In See also:

• CONJUNCTION (from Lat. conjungere, to join together)

conjunction with See also:

• COPPER (symbol Cu, atomic weight 63.1, H=1, or 63.6, O = 16)

copper, iron formed one of the constituents of early See also:

• CHINESE, JAPANESE AND

Chinese currency, and at a later time was used as a subsidiary coinage in See also:

• JAPAN

Japan . Iron spikes are used as money in Central Africa, while Adam Smith notes the employment of nails for the same purpose in See also:

• SCOTLAND
• SCOTLAND, CHURCH OF
• SCOTLAND, EPISCOPAL CHURCH OF

Scotland . See also:

• LEAD
• LEAD (pronounced iced)

Lead has served as money, e.g. in See also:

• BURMA

Burma . The use of copper as money has been more extensive than is the case in respect to the metals just mentioned . It, as stated, was used in See also:

• CHINA

China along with iron—an early instance of See also:

• BIMETALLISM

bimetallism—and it figured in the first See also:

• HEBREW

Hebrew coins . It was the sole Roman coinage down to 269 B.C. and it has lingered on to a comparatively See also:

• RECENT

recent date in the backward See also:

• EUROPEAN

European currencies . It even survives as a part of the token coinage of the present . See also:

• TIN (Lat.- stannum, whence the chemical symbol " Sn "; atomic weight =117.6, 0=16)

Tin has not been a favourite material for money: the richness of the Cornish mines accounts for its use by some British See also:

• KINGS, FIRST AND SECOND BOOKS OF

kings .

Silver holds a more prominent place than any of the preceding metals . Down to the See also:

• CLOSE
• CLOSE (from Lat. clausum, shut)
• CLOSE, MAXWELL HENRY (1822-1903)

close of the 18th See also:

• CENTURY (from Lat. centuria, a division of a hundred men)

century it was the chief form of money, and often looked on as forming the necessary standard substance . It was the principal Greek money material, and was introduced at Rome in 26g B.C . The currencies of See also:

• MEDIEVAL

medieval See also:

• EUROPE

Europe had silver as their leading constituent; while down almost to the present day Eastern countries seemed to prefer silver to gold . The pre-See also:

• EMINENCE (Lat. eminentia)

eminence of gold as money is now beyond dispute; there, is, however, some difficulty in discovering its earliest employment . It is, perhaps, to be found in " the pictures of the ancient Egyptians weighing in scales heaps of rings of gold and silver . " According to W . Ridgeway's ingenious theory gold comes into use as a currency in due equation to the older cattle-unit, the ox . It was certainly employed by the great Eastern monarchs; its further development will be considered later on . Metals of modern See also:

• DISCOVERY

discovery—such as See also:

• NICKEL
• NICKEL (symbol Ni, atomic weight 58.68 (0=16))

nickel and See also:

• PLATINUM [symbol Pt, atomic weight 145.0 (0=16)]

platinum—are only used by the See also:

• FANCY (a shortened form, dating from the 15th century, of " fantasy," which is derived through the O. Fr. fantasie, modern fantaisie. from the Latinized form of the Gr. cbavraoia, Oavrai'ecv, Oat Pais, to show)

fancy of a few governments, though the former makes a good token coinage . The preceding examination of the varied materials of currency, metallic and non-metallic, suggests some conclusions respecting the course of monetary See also:

• EVOLUTION

evolution, viz.: (1) that the metals tend to supersede all other forms of money among progressive communities; and (2) that the more valuable metals displace the less valuable ones . The explanation of these movements is found in the qualities that are specially desirable in the articles used for money .

There has been a long process of selection and elimination in the course of monetary history . First, it is See also:

• PLAIN (O. Fr. plain, from Lat. plenum)

plain that nothing can serve as money which has not the attributes of wealth; i.e. unless it is useful, transferable and limited in supply . As these conditions are essential to the existence of value, the instrument for measuring and transferring values must possess them . A second requisite of great effect is the amount of value in proportion to See also:

• WEIGHT

weight or mass . High value in small bulk gives the quality of portability, want of which has been a fatal obstacle to the continued use of many early forms of money . Skins, corn and tobacco were defective in this quality, and so were iron and copper . Sheep and oxen, though technically described as " self-moving," are expensive to transport from place to place . That the material of money shall be the same throughout, so that one unit shall be equal in value to another, is a further desideratum, which is as decidedly lacking in cattle-currency as it is prominent in the metals . It is, further, desirable that the substance used as money shall be capable of being divided without loss of value, and, if needed, of being reunited . Most of the articles used in See also:

• PRIMITIVE

primitive societies—such as eggs, skins and cattle—fail in this quality . Money should also be durable, a requirement which leads to the exclusion of all animal and most See also:

• VEGETABLE

vegetable substances from the class of suitable currency materials . To be easily recognized is another very desirable quality in money, and moreover to be recognized as of a given value .

Articles otherwise well fitted for money-use, e.g. precious stones, suffer through the difficulty of estimating their value . Finally, it results from the function of money as a standard of value that it should alter in its own value as little as possible . Complete fixity of value is from the nature of things unattainable; but the nearest approximation that can be secured is desirable . In early societies this quality is not of great importance; for future obligations are few and inconsiderable . With the growth of See also:

• INDUSTRY (Lat. industria, from indu-, a form of the pre, position in, and either stare, to stand, or struere, to pile up)

industry and See also:

• COMMERCE
• COMMERCE (Lat. commercium, from, cum, together, and rnerx, merchandise)

commerce and the expansion of the system of contracts, covering a distant future, the evil effects of a shifting standard of value attract attention, and lead to the See also:

• SUGGESTION

suggestion of ingenious devices to correct fluctuations . These belong to the later history of money and currency movements . It is enough for the ordinary purposes of money that it shall not alter within short periods, which is a characteristic of the more valuable metals, and particularly of silver and gold, while in contrast such an article as corn changes considerably in value from year to year . From the foregoing examination of the requisites desirable in the material of money it is easy to deduce the empirical See also:

• LAWS

laws which the history of money discloses, since metals, as compared with non-metallic substances, evidently possess those requisites in a great degree . They are all durable, homogeneous, divisible and recognizable, and in virtue of these See also:

• SUPERIOR

superior advantages they are the only substances now used for money by advanced nations . Nor is the case different when the decision has to be made between the different metals . Iron has been rejected because of its low value and its liability to See also:

• RUST (O.E. rust, a word which appears in -many Teutonic languages, cf. Du. roest, Ger. rost); in origin it is allied with " ruddy " and " red," the reddish-brown powdery substance which forms on the surface of iron or steel exposed to atmospheric corrosio

rust, lead from its extreme softness, and tin from its tendency to break . All these metals, as well as copper, are unsuitable from their low value, which hinders their speedy transmission so as to adjust inequalities of See also:

• LOCAL

local prices .

The elimination of the cheaper metals leaves silver and gold as the only suitable materials for forming the principal currency . Of See also:

• LATE

late years there has been a very decided See also:

• MOVEMENT

movement towards the adoption of the latter as the sole monetary standard, silver being regarded as suitable only for a subsidiary coinage . The special features of gold and silver which render them the most suitable materials for currency may here be noted . " The value of these metals changes only by slow degrees; they are readily divisible into any number of parts which may be reunited by means of See also:

• FUSION

fusion without loss; they do not deteriorate by being kept; their See also:

• FIRM

firm and compact texture makes them difficult to See also:

• WEAR

wear; their cost of production, especially of gold, is so consider-able that they possess great value in small bulk, and can of course be transported with comparative facility; and their identity is perfect." The See also:

• POSSESSION
• POSSESSION (Lat. possessio, possidere, to possess)

possession by both these metals of all the qualities needed in money is more briefly but forcibly put by Cantillon when he says that " gold and silver alone are of small volume, of equal goodness, easy of transport, divisible without loss, easily guarded, beautiful and brilliant and durable almost to eternity." This view has even been pushed to an extreme form in the proposition of See also:

• TURGOT, ANNE ROBERT JACQUES, BARON DE

Turgot, that they became universal money by the nature and force of things, independently of all See also:

• CONVENTION (Lat. conventio, an assembly or agreement, from convenire, to come together)
• CONVENTION, THE NATIONAL

convention and law, from which the deduction has been See also:

• DRAWN

drawn that to proscribe silver by law from being used as money is a violation of the nature of things . 5 . The Introduction and Development of Coinage . The State and Money.—The earliest metallic currencies passed by weight; they were, in fact, commodities, though used in a special way . The Hebrew records, as well as the Greek writers, bear witness to the prevalence of this primitive system . Thus, Aristotle, after explaining the circumstances that led to the invention of money, points out how it was at first defined simply by See also:

• SIZE

size and weight, although finally men went further and set a See also:

• STAMP (from " to stamp," to strike or tread heavily, hence to impress, O. Eng. stempen, Du. stampen, Ger. stampfen, whence, O. Fr. estamper, mod. etamper)

stamp on every coin to relieve them from the trouble of weighing it." (Pol. i . 9, 8.) Coinage systems have had a long See also:

• PERIOD
• PERIOD (Gr. irepioSos, a going or way round, circuit, aepi, round, and &Sis, way, road)

period of growth, in which two distinct stages can be noted . In the first only the quality or fineness of the metal is denoted by the stamp, no See also:

• ATTEMPT (Lat. adtemptare, attentare, to try)

attempt being made to See also:

• FIX, THEODORE (180o-1846)

fix the weight . The stamp, so to speak, acts as a kind of See also:

• HALL
• HALL (generally known as SCHWABISCH-HALL, tc distinguish it from the small town of Hall in Tirol and Bad-Hall, a health resort in Upper Austria)
• HALL (O.E. heall, a common Teutonic word, cf. Ger. Halle)
• HALL, BASIL (1788-1844)
• HALL, CARL CHRISTIAN (1812–1888)
• HALL, CHARLES FRANCIS (1821-1871)
• HALL, CHRISTOPHER NEWMAN (1816â