ABSTRACT
Society, in its rudest state, carries on its trade by the means only of barter. When most advanced, it still conducts its commerce on the same principle; for gold and silver coin, bankers' notes, and bills of exchange, may be considered merely as instruments employed for the purpose of facilitating the barter. Barter being soon felt to be inconvenient, the precious metals are resorted to as a measure of value, they being, at once, portable, steady in their price, and capable of subdivisions. The expence and the risk of all transmission of money would thus be saved; and the traders in question would of course be, on the whole, enabled to sell their article at a price proportionably lower than that which they would otherwise require. Transactions which are the converse to this, are, on the other hand, entered into by those who happen to possess ready money.
