37 
value is highly desirable. Gold and silver possess both these attri- 
butes, and in that respect are ideally fitted for currency. 
Approximate indestructibility is also desirable. Something is 
required that will not evaporate, decay or rust, and is not easily 
dissolved or burnt. Here again gold and silver appear to be the 
materials which best fulfil the requirements. It is not difficult to 
obtain these metals, or the alloys of them that are customarily 
used for coinage, in a state of practical homogeneity. In curren- 
cies of cattle, skins, wheat, oil etc. this attribute is sadly lacking. 
It being difficult to produce a unit of any of them which is of 
precisely the same quality as that of any other unit. 
The greater the volume of retail trade, the more necessity 
is there for the currency to be composed of something which can 
readily be recognised. In a pastoral state there is probably always 
plenty of time to thoroughly examine an animal which is ten- 
dered as ])ayinent in order to be sure that it comes up to the re- 
quired standard. I'or ])resent day conditions such a currency 
would be hopelessly unsuitable. Precious stones, ideal as they 
are as a store of value, are unsuitable for currency because of the 
difficulty of appraising their worth. If diamonds, so portable and 
indestructable, wore in frequent use as currency, I fear that many 
of us would be in danger of finding our stores of wealth largely 
composed of worthless glass. In respect of easy recognition, pieces 
of metal seem to be best suited. Cut into certain sizes, and stamped 
all over with the same markings, as are our modern coins, they are 
easy to recognise at a glance. 
It will he seen from the foregoing that nothing is able to 
serve all the requirements equally well, but that metals, and par- 
ticularly the precious metals, approach nearest to the ideal. Alloys 
of copper, nickel and aluminium have also been found suitable. 
At the present time wc use gold 
as a commodity, 
as currency, 
as a store of value, and 
as a measure of value. 
Such an arrangement has great advantages, but it is not 
essential, and has frequently not been the case. For instance, the 
measure of value might be silver, the principal currency gold, and 
the store of wealth diamonds. In Queen Elizabeth's time silver 
was the measure of value, gold was used for large payments, while 
the standard of value in reckoning long leases was corn. 
One of the chief inconveniences of the system of reckoning 
in one substance and paying in another is that payments, such as 
rents taxes and tolls, intended to remain the same, do in fact 
become very different without any apparent change having taken 
place. If rent is payable in wheat, reckoned at so many bushels 
