oct.— dec. 1856.] Notes on Indian Currencies. 29 



certain uniform effects follow certain causes in any of the physical 

 sciences, 



With a nation emerging from barbarism, as soon as a variety of 

 productions and a multiplicity of wants have reached a certain 

 pitch, the fact that Money will supplant the intricate and circuitous 

 method of Barter, is as much an intrinsic axiom in Pecunio- 

 Economy, as that 2 and 2 make 4 in Arithmetic. 



Acquaintance with the early history of nations assures us that 

 such a result will always follow ; for have not all nations adopted 

 an intermediary currency at one period or another of their rise into 

 national importance ? 



The metal employed may vary, as frequently, as there are or 

 have been nations and as best adapted to their varying resources 

 and circumstances, nevertheless every one of them have at some 

 period of their course adopted some, silver — some, copper— some, 

 iron* and some, gold — some, leather and some, shells— some, to- 

 bacco and some, salt — some, beads and some, slaves ; but all have 

 employed a currency as a measure of value to represent capital, 

 the accumulation of labor, and to promote the transfer of commo- 

 dities and mutual exchanges ; and the institution of money may be 

 considered as natural a result of a certain posture of circumstances 

 in a nation's existence, as activity and buoyancy are the natural 

 result of youth in an individual. 



For a good account of the different substances used as currency 

 in different countries, from the time Abraham bought his field for 

 400 shekels of silver clown to the new Florin of Victoria, see the 

 III. chapter of a book lately published called McCleod's Theory 

 and Practice of Banking. 



With nearly all nations metal will be found to have been the 

 substance employed, from its possession, as I have said before, of 

 a certain intrinsic value and of properties such that any fixed weight 

 of metal (A) being held to represent a certain fixed value (B) 



* Lycurgus established an iron currency, to lay up 10 minse of which (£85-5-10) 

 a whole room was required and to remove it at least a yoke of oxen to the end 

 that by continuing poor, the Spartans, were best guarded against the invasion of 

 an enemy. 



