An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
An Inquiry Into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
The use of metals in this rude state was attended with two very
considerable inconveniences; first, with the trouble of weighing, and
secondly, with that of assaying them. In the precious metals, where a
small difference in the quantity makes a great difference in the value,
even the business of weighing, with proper exactness, requires at least
very accurate weights and scales. The weighing of gold, in particular,
is an operation of some nicety. In the coarser metals, indeed, where a
small error would be of little consequence, less accuracy would, no
doubt, be necessary. Yet we should find it excessively troublesome if
every time a poor man had occasion either to buy or sell a farthing's
worth of goods, he was obliged to weigh the farthing. The operation of
assaying is still more difficult, still more tedious; and, unless part
of the metal is fairly melted in the crucible, with proper dissolvents,
any conclusion that can be drawn from it is extremely uncertain. Before
the institution of coined money, however, unless they went through this
tedious and difficult operation, people must always have been liable to
the grossest frauds and impositions; and instead of a pound weight of
pure silver, or pure copper, might receive, in exchange for their goods,
an adulterated composition of the coarsest and cheapest materials, which
had, however, in their outward appearance, been made to resemble these
metals. To prevent such abuses, to facilitate exchanges, and thereby to
encourage all sorts of industry and commerce, it has been found
necessary, in all countries that have made any considerable advances
towards improvement, to affix a public stamp upon certain quantities of
such particular metals, as were in those countries commonly made use of
to purchase goods. Hence the origin of coined money, and of those public
offices called mints; institutions exactly of the same nature with these
of the aulnagers and stamp-masters of woollen and linen cloth. All of
them are equally meant to ascertain, by means of a public stamp, the
quantity and uniform goodness of those different commodities when
brought to market.
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