Robinson Crusoe's Money;: or, The Remarkable Financial Fortunes and Misfortunes of a Remote Island CommunityWells, David Ames
General
Robinson Crusoe's Money;: or, The Remarkable Financial Fortunes and Misfortunes of a Remote Island Community
Wells, David Ames
Currency question -- United States; Money
But, on the other hand, experience also proved that to collect any
very considerable quantity of the metal required the expenditure not
only of a vast amount of most disagreeable and exhausting labor, but
also of a great quantity of other commodities. So that the people who,
at the outset, abandoned their various occupations of raising wheat,
making coats, building boats, baking bread, and constructing stone
walls and chimneys, and betook themselves to digging gold, soon
learned that, as a general rule, the results of a day's labor thus
employed purchased no more of useful or desirable commodities--meat,
drink, clothes, etc.--than the results of a similar amount of labor
exerted in the most ordinary occupations; and not a few even were
ready to assert, as the result of their individual experience, that
a man could do better for himself in the way of earning a living by
following any and every other occupation rather than that of seeking
for gold. [11] Accordingly, after trying it for a little while, the
most skilled laborers left the gold regions and went back to their
old occupations; and these, in turn, were followed by the unskilled
laborers in such numbers, that had it not been for the encouragement
growing out of the hope of suddenly enriching themselves through
the chance discovery of a great nugget (as sometimes happened),
the mines would have been entirely deserted. As it was, the supply
of gold greatly fell off, and, the demand for it remaining about the
same, the purchasing power of the stock on hand for other commodities
gradually increased, until it came about that the result of an average
day's labor in digging gold was found to buy more than the result of
an average day's labor in other occupations. But as soon as this was
observed, an additional supply of labor went back to gold-mining,
and continued to follow it, until an equalization of results from
effort in gold-digging and effort in other corresponding employments
was again established, as before related. And this interchange of
employments and equalization of results from labor went on, year by
year, until at last the people, as it were by instinct, found out that
a given quantity of gold represented more permanently a given amount
of a certain grade or kind of human labor or effort than any other
one substance. And the moment this fact became apparent, the people
on the island for the first time also clearly perceived that gold,
in addition to the universal exchanging quality or purchasing power
which it had before naturally acquired, from the circumstance that
every body from the time of its first discovery wanted it, had further
acquired two other attributes, which fitted it, above all things else,
to serve as money; namely, and first, that it had become a measure or
standard of value, by which, as by a yard-stick, the comparative value
of all other commodities might be measured or estimated; and, second,
Public-domain text, read in full here on John Shaqi.
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