Let us here propound the doctrine which seeks to obtain an explanation of the origin for weight-standards more in accordance with the facts of history and the process of development as exemplified both in ancient and modern times.
In early communities1 all commodities alike are exchanged by bartering the one against the other. The man who possesses sheep exchanges them for oxen with the man who possesses oxen, the owner of corn exchanges his commodity for some implement or ornament of metal with the owner of the latter. The metals are only regarded as merchandise, not yet being in any degree set apart to serve as a medium of exchange in the terms of which all other commodities are valued. This is the practice which prevails in so civilized a country as China down to our own days. The only coinage which the Chinese possess is copper cash. According to M. le Comte Rochechouart (Journal des Économistes, Vol. XV. p. 103) both gold and silver are treated simply as merchandise, and there is not even a recognized stamp or government guarantee of the fineness of the metal. The traveller must carry these metals with him, as a sufficient quantity of strings of cash would require a waggon for their conveyance. Yet in exchanging silver or gold he is sure to suffer loss both from the falsity of balances and of weights and the uncertain fineness of the metal.
When in a certain community one particular kind of commodity is of general use and generally available, this comes to form the unit in terms of which all values are expressed. The nature of this barter-unit will depend upon the nature of the climate and geographical position, and likewise upon the stage of culture to which the people have attained. In