Page:William Blackstone, Commentaries on the Laws of England (3rd ed, 1768, vol I).djvu/292

 276 menura domini regis ; and are directed by a variety of ubequent tatutes to be kept in the exchequer, and all weights and meaures to be made conformable thereto. But, as ir Edward Coke oberves, though this hath o often by authority of parliament been enacted, yet it could never be effected; o forcible is cutom with the multitude.

, as money is the medium of commerce, it is the king's prerogative, as the arbiter of dometic commerce, to give it authority or make it current. Money is an univeral medium, or common tandard, by comparion with which the value of all merchandize may be acertained: or it is a ign, which repreents the repective values of all commodities. Metals are well calculated for this ign, becaue they are durable and are capable of many ubdiviions: and a precious metal is till better calculated for this purpoe, becaue it is the mot portable. A metal is alo the mot proper for a common meaure, becaue it can eaily be reduced to the ame tandard in all nations: and every particular nation fixes on it it's own impreion, that the weight and tandard (wherein conits the intrinic value) may both be known by inpection only.

the quantity of precious metals increaes, that is, the more of them there is extracted from the mine, this univeral medium or common ign will ink in value, and grow les precious. Above a thouand millions of bullion are calculated to have been imported into Europe from America within les than three centuries; and the quantity is daily increaing. The conequence is, that more money mut be given now for the ame commodity than was given an hundred years ago. And, if any accident was to diminih the quantity of gold and ilver, their value would proportionably rie. A hore, that was formerly worth ten pounds, is now perhaps worth twenty; and, by any failure of current pecie, Rh