#8 



Coin and Currency in [No. 9, new series. 



The possibility of maintaining without injury a Double Standard 

 depends upon the possibility of fixing, either once for all or from 

 time to time the relative values of gold and silver. This is sim- 

 ply impracticable. Ie the relative values depended upon the rela- 

 tive quantities — and ie law could prevent the transfer of either 

 from one country to another, the thing might be done. But as I 

 have stated before, the precious metals are so easily smuggled as 

 to render any legislative attempt to limit the supply of either of 

 them ridiculously unsuccessful. I have also stated the negative 

 of the other hypothesis. The relative value of gold and silver 

 depend upon the relative cost of production, the relative amount 

 of labor required to bring them to market. The discovery of a 

 rich and easily worked mine or vein, the invention of an improv- 

 ed pump, the opening for traffic of a new railway, countless other 

 results of accident or ingenuity, may lower the price of silver in 

 a few weeks. Improved machinery for washing alluvium or fo r 

 crushing auriferous quartz may similarly depreciate gold in every 

 market in the world. 



I have collected a few facts illustrative of the fluctuation in the 

 relative values of gold and silver at various p eriods in the history 

 of mankind. 



In II Samuel xxiv. and I Chron. xxi. we have two accounts 

 of the same transaction — the purchase of a threshing-floor by 

 David from Araunah or Oman. In the former 'the price is stated 

 in our version to be " fifty shekels of silver" — in the latter " six 

 hundred shekels of gold." The discrepancy may be reconciled 

 by supposing the sum named in Samuel to have been the price of 

 the threshing-floor and oxen only, while the other amount was 

 the value of all the ground about the floor. But if we adopt 

 Bochart's interpretation,* who believes the two sums to be iden- 



* He translates the passage in Samuel " David bought the threshing- 

 floor and the oxen for money ( beceseph ) i. e. fifty [golden] shekels." 

 I mentioned before that ceseph, properly * silver' is frequently used for 

 1 money' in general. In the chapter of Chronicles to which these 

 remarks refer (xxi. 24) beceseph malo is translated in oiu* version " at 

 its full price" Now turning to the passage in Chronicles, Bochart ren- 

 ders " David gave to Ornan for the place shekels of gold (shikle zahav) 

 in value six hundred [vulgar or silver she/eels'] (mislikall shesh ?nooth.)" 



