which are certified to by authority; and that the market values of coins must nearly coincide with the market values of the bullion they contain.

I add three short quotations, one from Oresme 528 years ago, in his old-fashioned spelling, and two from Copernicus 368 years ago, showing the wonderful grasp these men had of questions which are perplexing so many among us now.

It will be seen that their original writings largely sustain much that I have written, although, of course, they did not have joint-metallism in view.

"Le dixiesme chapitre. De la mutacion es proportion de la Monnoie.

Proportion de l'or à l'argent.

Proportion est une comparaison ou habitude faicte d'une chose à ung autre, si comme en proportion de la Monnoie d'or à la Monnoie d'argent, doit estre certaine habitude et proportion en valeur et en pois; car selon ce que l'or est de sa nature plus noble, plus précieux et meilleur de l'argent et à le trouver et avoir plus diffi

Quotations from Oresme.

169

cile, certes il convient et est bien raison que le mesme poix d'or doit beaulcopt plus valoir et estre de plus précieuse estime, en certaine proportion, de l'argent, si comme, par aventure, la proportion de vingt à ung, et ainsi une livre d'or vauldroit vingt livres d'argent, ung marc d'or, vingt marcs d'argent; et ainsi semblablement du grand au petit; et aussi est possible de faire une autre proportion de vingt-cinq à trois ou autre semblable évaluacion; mais toutesfois ceste proportion doit ensuivir le naturel habitude ou valeur de l'or à l'argent, en préciosité; et selon icelle doit estre ceste proportion instituée, laquelle il ne loist voluntairement transmuer, ne aller contre, ne si ne se peult justement varier, ce n'est ce n'est pour cause raisonnable, et, par la variacion de celle matière en partie, laquelle advient peu souvant.1 Si comme, par adventure,

1 "Verum tamen ista proportio debet sequi naturalem habitudinem auri ad argentum in preciositate et secundum hoc instituenda est hujusmodi proportio. Quam non licet voluntarie transmutare, nec potest jam variari, nisi propter causam realem et variationem ex parte ipsius materiæ: quæ causa raro contingit."-Latin Text.

moins se trouvoit d'or que par avant l'institution de la monnoie ne se trouvoit, et lors conviendroit qu'il fut plus chier en comparaison de l'argent, et qu'il fut mué en pris et valeur." ORESME (about 1366).

"Opere precium autem erit quod he due monete unius sint grani, valoris et estimationis et vigili cura prematum reipublice juxta ordinationem nunc instituendam perpetuo perseverent.

66

COPERNICUS (in 1526),

Superius dictum est aurum et argentum esse basim in qua residet bonitas. monete. Et que de moneta argenti exposita sunt, possunt etiam pro majori parte ad auream referri. Reliquum est ut ex transverso auri et argenti commutandi rationem exponamus. Primum igitur investigare oportet que sit ratio appreciationis meri auri ad argentum merum sivi purum ut de genere in specie et a simplicibus ad composita descendamus.

COPERNICUS (in 1526).

The following letter appeared in the

New York Tribune, Nov. 21, 1894.

Secretary Carlisle's Opinion. 171

"To the Editor of The Tribune :

SIR: In a late letter addressed to Mr. Shreve, of Virginia, and published to-day, the Secretary of the Treasury says:

My opinion is that whenever the coinage value of a metal, whether it be gold or silver, is greater than the intrinsic or commercial value of the bullion contained in it, the coinage of that metal, if it is coined at all, should be on Government account only. This is the only way in which the coinage of the depreciated metal can be restrained within safe limits, so as to maintain equality in the purchasing power of the two kinds of coins."

Coinage on Government account was a favorite method of defrauding and oppressing the peoples of Europe for many centuries. That the Government should make a considerable profit on coinage is the worst of all monetary fallacies. Its iniquity was exposed by Cassiodorus in the sixth century, by Oresme in the fourteenth century, and by Copernicus in the

sixteenth century, and later by Locke, Newton, Turgot, Adam Smith, Say, and many other great philosophical writers on money and coinage.

These great authorities saw clearly that coin is only a convenient merchandise, the weight and fineness of which is guaranteed by authority. Oresme, the founder of the modern science of money, asks how a prince can punish forgers if he cheats. by making a profit on coinage.

Coinage of silver dollars on Government account would to-day pay a profit of 100 per cent. Some of the French kings made it pay a profit of several hundred per cent. Such profits, however, always come out of the people, and cannot be tolerated in any free country.

In my book on joint-metallism, I have shown that gold and silver coins should always bear substantially the same ratio to each other as their bullion values, and that this ratio can be maintained conveniently by having a standard silver coin the same weight as a standard gold coin, and simply changing when necessary the