APRIL — sept. 1859.] Aneient mnd Modern times. 



99 



tical and reverses the metals, we shall deduce that in David's 

 time gold bore to silver the ratio of 12 : 1. In support of his 

 view he quotes a passage from Plato's Hipparchus (c. vi. p. 231) 

 which gives the same proportion. 



Herodotus estimates the relative value at 13 : 1. Menander 

 who flourished about the end of the fourth century B. C. gives 

 the proportion 10 : 1. Livy (xxviii. 11) the same, at about B. C. 

 189. Suetonius tells us that Julius Caesar once exchanged gold 

 for silver at the rate of 9 : 1 ;* but under the early Roman Em- 

 perors the ratio was about 12 : 1 ; and from Constantine to Jus- 

 tinian (fourth and fifth centuries) 14 or 15 : 1. 



Adam Smith states that when he wrote, the ratio in the Euro- 

 pean bullion market and in the French and Dutch coin was 

 14 : 1. But before the discovery of the American mines the ratio 

 in the mints of Europe was 10 or 12 : 1. The American silver 

 mines exceeded the gold mines in fertility ; so that while both 

 the precious metals fell in real value, silver fell more than gold— 

 in other words gold rose in nominal value. At present gold costs 

 14 or 15 times as much labor and expense to bring it to the 

 European market as silver, and therefore gold is 14 or 15 times 

 as dear. 



These few facts are sufficient to show the unsteadiness of the 

 ratio between the values of gold and silver. Even the fluctuation 

 fluctuates. The relative value of gold has not gone on uniformly 

 increasing, but has sometimes increased, sometimes again dimi- 

 nished. We may expect the present superior fertility of the gold 

 mines of the world to produce the opposite effect to that of the 

 discovery of the American mines in the end of the 16th century, 

 and this will gradually render inefficient even a new adjustment of 

 the Double Standard. 



There are two objections to this view : first, that it is contrary to gene- 

 ral usage to consider shekels as golden when no metal is specified: 

 secondly, that mishkall generally (though not always) signifies weight, 

 not value. 



* This passage (Jul. 54) is used to prove that at the date referred 

 to— 50 B. C. the change in the silver currency of striking 96 denarii to 

 the pound could not have been introduced ; as this would give a ratio 

 of gold to silver 7*8 : 1 — which is incredibly low. 84 to the pound 

 gives the 9 : 1 (or rather 8*9 : 1) of the text. 



