The American Magazine, 1815, Vol. 1: A Monthly Miscellany, Devoted to Literature, Science, History, Biography, and the Arts; Including Also State ... and Literary, Public News, and Passing Eve - Softcover

Excerpt from The American Magazine, 1815, Vol. 1: A Monthly Miscellany, Devoted to Literature, Science, History, Biography, and the Arts; Including Also State Papers and Public Documents, With Intelligence, Domestic, Foreign, and Literary, Public News, and Passing Events

What first suggestedfthe idea of uqing coins as a general me ilium 1n exchange for wares, was no doubt the difficulty of making an equal barter of one commodity for another. This inconven ience 'would be felt the moment human societies w'ere formed, and this moment was that in which the earth was first peopled. It is supposed by many that the first coins were of metal, because, say they, metals are the only substances which can be divided and formed into single masses'again without subtracting much from their original value. We may, perhaps, with some confi dence object td this theory. In Iceland at the present day, to bacco and fish are current as money, and ~though the Danes have introducedtheir copper and silver cbin on the island, yet any ar tiele which falls under the value of twelve fish, must be bartered for. Fish, or tobacco - 48 fish are equivalent to one dollar, and a roll of tobacco anell'in length 13 reckoned the value of a fish. In many parts of Asia and Africa shells pass with the inhabitants [or moneys and among the Chilians, Peruvians, Mexicans, and other people of South America vi h whom gold and silver so much abound, these metals were not known as coin before the arrival of the Spaniards. From these and other instances which might be cited We conclude that metal was not the first substance used for money, but as the state of society advanced in: improve. Ment and as. Knowledge began to expand the mind, the advantages which the 111110113 possess over other substances, as money, would be quickly perceived and adopted. Many believe that the least precious metal commenced the history and use of come, but why this opinion is maintained we do not perceive. Iron, which is the least prec1ous, though the most important, is of all the metals the most diflicult to reduce from its ore, to a state in which it can'be advantageous to commerce or the arts, and even when Separated from the ore, it is as hard as at fi'rst-itmust be softened before it canbe forged, and this requires more know ledge than the ancients possessed when money began to circulate.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.