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
At last, after the flat disks or coins had been for some time in
circulation, and the community had found out, by repeatedly weighing
and testing them, that each disk represented a constant weight of
gold of uniform purity, the idea came at once to every one that the
only use of the fanciful images and inscriptions on the disks was to
officially testify to the fact of their uniformity of weight and value;
and then every body wondered that he could have been so stupid as not
to have before recognized the idea and adopted it, in place of every
man weighing, cutting up, and testing his gold every time he desired
to part with or receive it in making an exchange. An arrangement was
accordingly at once made for a public establishment--afterward called
a mint--to which every person who so desired could bring his gold and
receive it back again after it had been divided into suitable pieces of
determinate weight and fineness; the fact that the weight and fineness
of each piece had been so proved being indicated by appropriate marks
upon the metal. And in this manner "coined money" first came into use
on the island. And by this time, also, the money which Robinson Crusoe
found in the chest, and which, when it first came into his possession,
had neither utility, value, nor use as a standard, or measure of value,
had gradually acquired all these several attributes: utility, when the
material of which it was composed became capable of satisfying some
human desire for it, as an ornament, as a symbol of worship, or for
some mechanical or chemical purpose; value (the sole result of labor),
when it became an object of or equivalent in exchange, or acquired a
power of purchasing other things; a standard, or measure of value,
when its purchasing power, by reason of various circumstances, was
found to be, if not absolutely permanent, at least more permanent,
on the average, than that of any other commodity.
The conversion of money into coin was something purely artificial, and
the result of law, or statute enactments, the sole object of which was
simply to make the money (previously in use) true and in the highest
degree convenient. But, as has already been pointed out, money came
into use in the first instance without statute, and was the result,
as it were, of men's instincts; and the subsequent choice by them
of gold, in preference to any other commodities for use as money,
was for reasons similar to those which induced men to choose silk,
wool, flax, and cotton as materials for clothing; and stone, brick,
and timber as materials for houses. It was the thing best adapted to
supply the want needed.
Public-domain text, read in full here on John Shaqi.
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