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The coinage has from first to last a somewhat rude character, which indicates that it is native, and not the production of Greek artists. But on the earlier coins the type, though not indicative of high art, is respectable, and the legends are, with few exceptions, perfectly correct and classical. Barbarism first creeps in about the reign of Gotarzes, A.D. 42-51.
Now the coinage of three hundred and sixty ton of copper coined by the weight of the fourth or lightest sort of his halfpence will amount to one hundred twenty-two thousand four hundred eighty-eight pounds, sixteen shillings, and if we subtract a fourth part of the real value by the base mixture in the metal, we must add to the public loss one fourth part to be subtracted from the intrinsic value of the copper, which in three hundred and sixty tons amounts to ten thousand and eighty pounds, and this added to the former sum of eighty-two thousand one hundred sixty-eight pounds, sixteen shillings, will make in all, ninety-two thousand two hundred forty-eight pounds loss to the public; besides the raps or counterfeits that he may at any time hereafter think fit to coin.
We once had the Free States and the Slave States, and these two terms were designative of two sections into which the country was then divided on the question of slavery. To-day we have "Free Coinage of Silver," "Protection," and "Free Trade."
Such was the general state of affairs. I must not, however, omit to state the manner in which the rulers dealt with the small coinage. Justinian and Theodora, for their own private gain, ordered that only 180 obols should be given for the stater, and by this means deprived the public of a sixth part of each piece of gold.
"Otherwise I should have preferred starving to coming here," answered the laconic neophyte. "I have done with you. Your health!" On this the coiners gathered round Monsieur Giraumont, shook him by the hand, and commenced many questions with a view to ascertain his skill. "Show me your coinage first; I see you use both the die and the furnace.
* Manslaghter, counterfeiting, arson, asportation of vessels, robbery, burglary, house-breaking, horse-stealing, larceny. On the Establishment of a Money Unit, and of a Coinage for the United States. In fixing the Unit of Money, these circumstances are of principal importance. I. That it be of convenient size to be applied as a measure to the common money transactions of life.
Any attempt to pay the national indebtedness in a coinage of less commercial value than the money of the world would involve a violation of the public faith and work irreparable injury to the public credit. It was the great merit of the act of March, 1869, in strengthening the public credit, that it removed all doubt as to the purpose of the United States to pay their bonded debt in coin.
Proposals that changes in the monetary standard should not apply to existing contracts and that if free coinage should not effect a parity between gold and silver at a ratio of 16 to 1 within a year, it should be suspended, were both voted down without so much as a division. The platform was then adopted by an overwhelming majority and radical democracy had the bit in its teeth.
By that time President Harrison was in power. Blaine was again Secretary of State and was chosen president of the conference. Among the subjects for discussion were the preservation of peace, the creation of a customs union, uniform systems of weights, measures and coinage, and the promotion of frequent inter-communication among the American states.
Section 6 From the conception of mechanical force as coming in from Nature to the service of man, a conception the Utopian proposal of a coinage based on energy units would emphasise, arise profound contrasts between the modern and the classical Utopias.
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