An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
In such a work as this, however, it may sometimes be of use to compare the
different real values of a particular commodity at different times and
places, or the different degrees of power over the labour of other people
which it may, upon different occasions, have given to those who possessed
it. We must in this case compare, not so much the different quantities of
silver for which it was commonly sold, as the different quantities or
labour which those different quantities of silver could have purchased.
But the current prices of labour, at distant times and places, can scarce
ever be known with any degree of exactness. Those of corn, though they
have in few places been regularly recorded, are in general better known,
and have been more frequently taken notice of by historians and other
writers. We must generally, therefore, content ourselves with them, not as
being always exactly in the same proportion as the current prices of
labour, but as being the nearest approximation which can commonly be had
to that proportion. I shall hereafter have occasion to make several
comparisons of this kind.
In the progress of industry, commercial nations have found it convenient
to coin several different metals into money; gold for larger payments,
silver for purchases of moderate value, and copper, or some other coarse
metal, for those of still smaller consideration, They have always,
however, considered one of those metals as more peculiarly the measure of
value than any of the other two; and this preference seems generally to
have been given to the metal which they happen first to make use of as the
instrument of commerce. Having once begun to use it as their standard,
which they must have done when they had no other money, they have
generally continued to do so even when the necessity was not the same.
The Romans are said to have had nothing but copper money till within five
years before the first Punic war (Pliny, lib. xxxiii. cap. 3), when they
first began to coin silver. Copper, therefore, appears to have continued
always the measure of value in that republic. At Rome all accounts appear
to have been kept, and the value of all estates to have been computed,
either in asses or in sestertii. The as was always the denomination of a
copper coin. The word sestertius signifies two asses and a half. Though
the sestertius, therefore, was originally a silver coin, its value was
estimated in copper. At Rome, one who owed a great deal of money was said
to have a great deal of other people’s copper.
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