Page:William Petty - Economic Writings (1899) vol 1.djvu/281

Rh shews the Value of the Commodity; for one days delicate and exquisit Food may be worth ten of ordinary. Now the Nature of Peoples feeding may be estimated by the visible part of their Expence, which is their housing. But such helps of knowing the Value of Lands, I am not yet able to furnish. |68|

 

Oney is understood to be the uniform Measure and Rule for the Value of all Commodities. But whether in that sence there be any Money, or such Rule in the World, I know not, much less in Ireland, tho most are perswaded that Gold and Silver Money is such. For 1. The proportion of value between pure Gold and fine Silver, alters as the Earth and Industry of Men produce more of one than of the other; that is to say. Gold has been worth but twelve times its own weight in Silver; of late it has been worth fourteen, because more Silver has been gotten. That of Gold proportionably, i.e. about twelve times as much Silver has been raised as of Gold, which makes Gold dearer. So there can be but one of the two Metals of Gold and Silver to be a fit matter for Money. Wherefore, if Silver be that one Metal fit for Money; then Gold is but a Commodity very like Money. And as things now stand. Silver only is the matter of Money; and that elsewhere as well as in Ireland.|69|

2. The value of Silver rises and falls it self; for Men make Vessels of coyned Silver, if they can gain by the Workmanship enough to defray the Destruction of the Coynage, and withal, more than they could expect by employing the same Silver as Money in a way of Trade. Now the Accidents of so doing, make Silver rise and fall, and consequently take from the perfect Aptitude for being an uniform steady Rule and Measure of all other things. 