Silver the money or standard measure of the greatest part, if not of all Europe.

35. Silver coin is, and time immemorial hath been, the money of accompt of the greatest part of the world; and in all countries where it is so, silver is truly the standard measure of commerce; and all other metals, gold as well as lead, are but commodities rateable by silver.

In England, accounts are kept or reckoned by the pound sterling; which, as hath been before observed, is a certain quantity of fine silver appointed by law for a standard. It is according to this standard, that the public revenues are established; lands are let; salaries, stipends, and wages settled; and universally, all sorts of contracts both public and private, are made and governed by this standard. And altho’ it be supposed, that with us, more payments, or of greater value, are made in gold than in silver coins; yet that doth not alter the standard, whilst the accounts are kept in silver; so long, in all our internal dealings at least, the gold can be only a commodity, supposed to be worth so much silver as it passeth for: And the case would be the same, although our silver coins should grow yet scarcer.