Few things are more baffling to students of history than the true
worth of money in different states and ages, and its relative value in
reference to our own standards. It is impossible to over-estimate the
convenience which tables, showing the fluctuations of currency and
prices among different nations, would afford; but the difficulties of
completing them may perhaps be insuperable. In order to supply this
desideratum, however imperfectly, a few observations are here
submitted.
In considering the value of money at different periods, a variety of
circumstances must be kept in view. There are, however, four elements
to be embraced by all calculations for such a purpose: (1) the
comparative weight of the coinage; (2) the respective amounts of alloy
introduced into the standard of precious metals; (3) the effect
produced on gold and silver value by the discovery of America; (4) the
fluctuations in prices of commodities. The last of these elements
includes and depends upon the others, so that a tariff of prices at
various times might be practically sufficient for the object
contemplated. The impediments, however, to obtaining such a tariff are
apparently insurmountable. Statistical facts, incidentally mentioned
by historians, or gleaned from original documents, must be received
with large allowance. Articles of costly luxury in one age became
abundant in another, and are at all times affected by local or
temporary causes. Quality was also variable; horses, oxen, sheep, and
poultry, reared or fed in rude times or uncultivated districts, cannot
fairly be compared with those perfected by care and expense; the same
may be said of wines, fruits, clothing; even land is saleable
according to its condition, fertility, or situation. The test usually
resorted to in such inquiries is corn; but weights and measures,
seldom uniform, are with difficulty ascertained at remote periods,
while exceptional prices are more frequently noted than average ones,
by observers prone to record striking events rather than every-day
facts. There are, however, some apparently admitted data not
altogether unavailable for our immediate purpose.
Public-domain text, read in full here on John Shaqi.
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