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ation whose demands are the fewest； without which the latter would be under an impossibility of balancing its accounts。
2。 Of the Nature of Money。 Money is a sign which represents the value of all merchandise。 Metal is taken for this sign； as being durable；＇1＇ because it is consumed but little by use； and because； without being destroyed； it is capable of many divisions。 A precious metal has been chosen as a sign； as being most portable。 A metal is most proper for a common measure； because it can be easily reduced to the same standard。 Every state fixes upon it a particular impression； to the end that the form may correspond with the standard and the weight； and that both may be known by inspection only。 The Athenians； not having the use of metals； made use of oxen；＇2＇ and the Romans of sheep； but one ox is not the same as another ox in the manner that one piece of metal may be the same as another。
A specie is the sign of the value of merchandise； paper is the sign of the value of specie； and when it is of the right sort； it represents this value in such a manner that as to the effects produced by it there is not the least difference。
In the same manner； as money is the sign and representative of a thing； everything is a sign and representative of money； and the state is in a prosperous condition when on the one hand money perfectly represents all things； and on the other all things perfectly represent money； and are reciprocally the sign of each other； that is； when they have such a relative value that we may have the one as soon as we have the other。 This never happens in any other than a moderate government； nor does it always happen there； for example； if the laws favour the dishonest debtor； his effects are no longer a representative or sign of money。 With regard to a despotic government； it would be a prodigy did things there represent their sign。 Tyranny and distrust make every one bury their specie；＇3＇ things therefore are not there the representative of money。
Legislators have sometimes had the art not only to make things in their own nature the representative of specie； but to convert them even into specie； like the current coin。 C？sar； when he was dictator； permitted debtors to give their lands in payment to their creditors； at the price they were worth before the civil war。＇4＇ Tiberius ordered that those who desired specie should have it from the public treasury on binding over their land to double the value＇5＇ Under C？sar the lands were the money which paid all debts； under Tiberius ten thousand sesterces in land became as current money equal to five thousand sesterces in silver。 The Magna Charta of England provides against the seizing of the lands or revenues of a debtor； when his movable or personal goods are sufficient to pay； and he is willing to give them up to his creditors； thus all the goods of an Englishman represent money。
The laws of the Germans constituted money a satisfaction for the injuries that were committed； and for the sufferings due to guilt。 But as there was but very little specie in the country； they again constituted this money to be paid in goods or chattels。 This we find appointed in a Saxon law； with certain regulations suitable to the ease and convenience of the several ranks of people。 At first the law declared the value of a sou in cattle；＇6＇ the sou of two tremises answered to an ox of twelve months； or to a ewe with her lamb； that of three tremises was worth an ox of sixteen months。 With these people money became cattle； goods； and merchandise； and these again became money。
Money is not only a sign of things； it is also a sign and representative of money； as we shall see in the chapter on exchange。
3。 Of ideal Money。 There is both real and ideal money。 Civilised nations generally make use of ideal money only； because they have converted their real money into ideal。 At first their real money was some metal of a certain weight and standard； but soon dishonesty or want made them retrench a part of the metal from every piece of money； to which they left the same name； for example； from a livre at a pound weight they took half the silver； and still continued to call it a livre； the piece which was the twentieth part of a pound of silver they continued to call a sou； though it is no more the twentieth part of this pound of silver。 By this method the livre is an ideal livre； and the sou an ideal sou。 Thus of the other subdivisions； and so far may this be carried that what we call a livre shall be only a small part of the original livre or pound； which renders it still more ideal。 It may even happen that we have no piece of money of the precise value of a livre； nor any piece exactly with a sou； then the livre and the sou will be purely ideal。 They may give to any piece of money the denomination of as many livres and as many sous as they please； the variation may be continual； because it is as easy to give another name to a thing as it is difficult to change the thing itself。
To take away the source of this abuse； it would be an excellent law for all countries who are desirous of making commerce flourish to ordain that none but real money should be current； and to prevent any methods from being taken to render it ideal。
Nothing ought to be so exempt from variation as that which is the common measure of all。 Trade is in its own nature extremely uncertain； and it is a great evil to add a new uncertainty to that which is founded on the nature of the thing。
4。 Of the Quantity of Gold and Silver。 While civilised nations are the mistresses of the world； gold and silver； whether they draw it from among themselves； or fetch it from the mines； must increase every day。 On the contrary； it diminishes when barbarous nations prevail。 We know how great was the scarcity of these metals when the Goths and Vandals on the one side； and on the other the Saracens and Tartars； broke in like a torrent on the civilised world。
5。 The same Subject continued。 The bullion drawn from the American mines； imported into Europe； and thence sent to the East； has greatly promoted the navigation of the European nations； for it is merchandise which Europe receives in exchange from America； and which she sends in exchange to the Indies。 A prodigious quantity of gold and silver is therefore an advantage； when we consider these metals as merchandise； but it is otherwise when we consider them as a sign； because their abundance gives an alloy to their quality as a sign； which is chiefly founded on their scarcity。
Before the first Punic war；＇7＇ copper was to silver as 960 to 1；＇8＇ it is at present nearly as 731/2 to 1。 When the proportion shall be as it was formerly； silver will better perform its office as a sign。
6。 The Reason why Interest was lowered one…half after the Conquest of the Indies。 Garcilasso informs us＇9＇ that in Spain after the conquest of the Indies the interest； which was at ten per cent； fell to five。 This was a necessary consequence。 A great quantity of specie being all of a sudden brought into Europe； much fewer persons had need of money。 The price of all things increased； while the value of money diminished； the proportion was then broken； and all the old debts were discharged。 We may recollect the time of the System；＇10＇ when everything was at a high price except specie。 Those who had money after the conquest of the Indies were obliged to lower the price or hire of their merchandise； that is； in other words； their interest。
From this time they were unable to bring interest to its ancient standard； because the quantity of specie brought to Europe has been annually increasing。 Besides； as the public funds of some states； founded on riches procured by commerce； gave but a very small interest； it became necessary for the contracts of individuals to be regulated by these。 In short； the course of exchange having rendered the conveying of specie from one country to another remarkably easy； money cannot be scarce in a place where they may be so readily supplied with it by those who have it in plenty。
7。 How the Price of Things is fixed in the Variation of the Sign of Riches。 Money is the price of merchandise or manufactures。 But how shall we fix this price？ or； in other words； by what piece of money is everything to be represented？
If we compare the mass of gold and silver in the whole world with the quantity of merchandise therein contained； it is certain that every commodity or merchandise in particular may be compared to a certain portion of the entire mass of gold and silver。 As the total of the one is to the total of the other； so part of the one will be to part of the other。 Let us suppose that there is only one commodity or merchandise in the world； or only one to be purchased； and that this is divisible like money； a part of this merchandise will answer to a part of the mass of gold and silver； the half of the total of the one to the half of the total of the other； the tenth； the hundredth； the thousandth part of the one； to the tenth； the hundredth； the thousandth part of the other。 But as that which constitutes property among mankind is not all at once in trade； and as the metals or money which are the sign of property are not all in trade at the same time； the price is fi