3. There was no measure by which the proportion of value goods had to one another could be known.
In this state of barter there was little trade, and few arts-men. the people depended on the landed-men. the landed-men laboured only so much of the land as served the occasions of their families, to barter for such necessaries as their land did not produce; and to lay up for seed and bad years. what remained was unlaboured; or gifted on condition of vassalage, and other services.
The losses and difficulties that attended barter, would force the landed-men to a greater consumption of the goods of their own product, and a lesser consumption of other goods; or to supply themselves, they would turn the land to the product of the several goods they had occasion for; tho’ only proper to produce of one kind. so, much of the land was unlaboured, what was laboured was not employ’d to that by which it would have turned to most advantage, nor the people to the labour they were most fit for.
Silver as a metal had a value in barter, as other goods; from the uses it was then apply’d to.
As goods of the same kind differ’d in value, so silver differ’d from silver, as it was more or less fine.
Silver was lyable to a change in its value, as other goods, from any change in its quantity, or in the demand for it.
Silver had qualities which fitted it for the use of money.
1. It could be brought to a standard in fineness, so was certain as to its quality.
2. It was easie of delivery.
3. It was of the same value in one place that it was in another; or differed little, being easie of carriage.