THE NATURAL HISTORY OF MONEY—DAVIDSON. 203 
degree. These are Utility, Portability, Indestructibility, Homo- 
geneity, Divisibility, Stability of Value, {Cognizability. These 
qualities are possessed in an especial degree by gold and silver, 
and in a less degree by copper. Iron was used, and is still used 
in many regions; but it is not the best money material because 
of its cheapness. Jt does not contain great value in small bulk, 
and it is not indestructible. Lead was used in classical times, 
and is still current in Burmah, but it is too soft to be made into 
good coins which will retain their stamp and be always cogniz- 
able. Tin was early adopted as a money material. It was 
~ coined by Dionysius, of Syracuse, who was the first to use it of 
whom we can speak with certainty ; and it has remained in use 
as a money material ever since. In 1680, Charles II. issued tin 
farthings, and his example was followed by William and Mary 
in 1690; and it was employed in Java, Mexico, and elsewhere. 
But it has the defect of being too soft. Copper, either pure or 
in alloy, has been extensively employed, and it possesses almost 
all the qualities requisite, except that it does not contain great 
value in small bulk, and has comparatively little stability of 
value. Platinum is in many respects suited for currency pur- 
purposes, but it is in but slight demand, and the stock on 
hand is very small. Consequently any change in the demand 
is apt to cause great fluctuations in value. Russia, which owns 
platinum mines in the Ural Mountairs, began to coin it in 1828, 
but abandoned the experiment in 1845, because of the cost. of 
striking coins. Nickel has been largely used in alloy, but it is 
subject to the disadvantage of fluctuations in value owing to the 
limited number of mines. Silver and gold are pre-eminently 
the metals suitable for coinage. They possess all the qualities 
necessary in a currency material. These qualities, of course, 
they do not possess in a perfect degree; but they possess them 
in a higher degree than any other substances. They have great 
utility. They contain great value in small bulk and are readily 
portable. Except by the slow process of wear and tear they are 
practically indestructible. They are almost perfectly homo- 
genous after they have been reduced to uniform degrees of 
