of other commodities; and no one would be disposed to exchange the produce of his industry for an article that might shortly decline considerably in its power of purchasing.

The union of the different qualities of comparative steadiness of value, divisibility, durability, facility of transportation, and perfect sameness, in the precious metals, doubtless, formed the irresistible reason that has induced every civilised community to employ them as money. The value of gold and silver is certainly not invariable, but, generally speaking, it changes only by slow degrees; they are divisible into any number of parts, and have the singular property of being easily reunited, by means of fusion, without loss; they do not deteriorate by being kept; and, from their firm and compact texture, they are very difficult to wear. Their cost of production, especially that of gold, is so considerable, that they possess great value in small bulk, and can, of course, be transported with comparative facility; and an ounce of pure gold or silver, taken from the mines in any quarter of the world, is precisely equal, in point of quality, to an ounce of pure gold or silver dug from the mines in any other quarter. No wonder, therefore, when all the qualities necessary to constitute money are possessed in so eminent a degree by the precious metals, that they have been used as such, in civilised societies, from a very remote era. "They became universal money," as M. Turgot has observed, “not in consequence of any arbitrary agreement among men, or of the intervention of any law, but by the nature and force of things."

When first used as money, the precious metals were in an unfashioned state, in bars or ingots. The parties having agreed about the quantity of metal to be given for a commodity, that quantity was then weighed off. But this, it is plain, must have been a tedious and troublesome process. Undoubtedly, however, the greatest obstacle that would be experienced in early ages to the use of gold and silver as money, would be found to consist in the diffi culty of determining the degree of their purity with sufficient precision; and the discovery of some means by which their weight and fineness might be readily and correctly ascertained, would be felt to be indispensable to their extensive use as money. Fortunately, these means were not long in being discovered. The fabrication of coins, or the practice of impressing pieces of the precious metals with a stamp indicating their weight and purity, belongs to the remotest antiquity.-(Goguet De l'Origine des Loix, &c. tome i. p. 269.) And it may safely be affirmed, that there have been very few inventions of greater utility, or that have done more to accelerate the progress of improvement.

It is material, however, to observe, that the introduction and use of coined money make no change whatever in the principle on which exchanges were previously conducted. The coinage saves the trouble of weighing and assaying gold and silver, but it does nothing more. It declares the weight and purity of the metal in a coin; but the value of that metal or coin is in all cases determined by precisely the same principles which determine the value of other commodities, and would be as little affected by being recoined with a new denomination, as the burden of a ship by a change of her name.

Inaccurate notions with respect to the influence of coinage seem to have given rise to the opinion, so long entertained, that coins were merely the signs of values! But it is clear they have no more claim to this designation than bars of iron or copper, sacks of wheat, or any other commodity. They exchange for other things, because they are desirable articles, and are possessed of real intrinsic value. A draft, check, or bill, may not improperly, perhaps, be regarded as the sign of the money to be given for it. But that money is nothing but a commodity; it is not a sign-it is the thing signified.

Money, however, is not merely the universal equivalent, or marchandise banale, used by society: it is also the standard used to compare the values of all sorts of products; and the stipulations in the great bulk of contracts and deeds, as to the delivery and disposal of property, have all reference to, and are commonly expressed in, quantities of money. It is plainly, therefore, of the utmost importance that its value should be preserved as invariable as possible. Owing, however, to improvements in the arts, the exhaustion of old mines and the discovery of new ones, the value of the precious metals is necessarily inconstant: though, if we except the effects produced in the 16th century by the discovery of the American mines, it does not appear to have varied so much at other times as might have been anticipated. Great mischief has, however, been repeatedly occasioned by the changes that have been made in most countries in the weight, and sometimes also in the purity, of coins; and since the impolicy of these changes has been recognised, similar, and perhaps still more extensive, disorders have sprung from the improper use of substitutes for coins. It is, indeed, quite obvious, that no change can take place in the value of money, without proportionally affecting the pecuniary conditions in all contracts and agreements. Much, however, of the influence of a change depends on its direction. An increase in the value of money is uniformly more prejudicial in a public point of view than its diminution: the latter, though injurious to individuals, may sometimes be productive of national advantage; but such can never be the case with the former.-(See my Principles of Political Economy, 2d ed. pp. 500-504.)

No certain estimate can ever be formed of the quantity of money required to conduct the business of any country; this quantity being, in all cases, determined by the value of mo

ney itself, the services it has to perform, and the devices used for economising its employment. Generally, however, it is very considerable; and when it consists wholly of gold and silver, it occasions a very heavy expense. There can, indeed, be no doubt that the wish to lessen this expense has been one of the chief causes that have led all civilized and commercial nations to fabricate a portion of their money of some less valuable material. Of the various substitutes resorted to for this purpose, paper is, in all respects, the most eligible. Its employment seems to have grown naturally out of the circumstances incident to an advancing society. When government becomes sufficiently powerful and intelligent to enforce the observance of contracts, individuals possessed of written promises from others, that they will pay certain sums at certain specified periods, begin to assign them to those to whom they are indebted; and when the subscribers are persons of fortune, and of whose solvency no doubt can be entertained, their obligations are readily accepted in payment of debts. But when the circulation of promises, or bills, in this way, has continued for a while, individuals begin to perceive that they may derive a profit by issuing them in such a form as to fit them for being readily used as a substitute for money in the ordinary transactions of life. Hence the origin of bank notes. An individual in whose wealth and discretion the public have confidence, being applied to for a loan, say of 5,000l., grants the applicant his bill or note, payable on demand, for that sum. Now, as this note passes, in consequence of the confidence placed in the issuer, currently from hand to hand as cash, it is quite as useful to the borrower as if it had been gold; and supposing that the rate of interest is 5 per cent., it will yield, so long as it continues to circulate, a revenue of 250l. a year to the issuer. A banker who issues notes, coins, as it were, his credit. He derives the same revenue from the loan of his written promise to pay a certain sum, that he could derive from the loan of the sum itself, or of an equivalent amount of produce! And while he thus increases his own income, he, at the same time, contributes to increase the wealth of the public. The cheapest species of currency being substituted in the place of that which is most expensive, the superfluous coins are either used in the arts, or are exported in exchange for raw materials or manufactured goods, by the use of which both wealth and enjoyments are increased. Ever since the introduction of bills, almost all great commercial transactions have been carried on by means of paper only. Notes are also used to a very great extent in the ordinary business of society; and while they are readily exchangeable at the pleasure of the holder for coins, or for the precise quantities of gold or silver they profess to represent, their value is maintained on a par with the value of these metals; and all injurious fluctuations in the value of money are as effectually avoided as if it consisted wholly of the precious metals.

In common mercantile language, the party who exchanges money for a commodity is said to buy; the party who exchanges a commodity for money being said to sell. Price, unless where the contrary is distinctly mentioned, always means the value of a commodity estimated or rated in money.—(For a further account of metallic money, see the article COIN; and for an account of paper money, see the article BANKS.)

MONOPOLY. By this term is usually meant a graut from the Crown, or other competent authority, conveying to some one individual, or number of individuals, the sole right of buying, selling, making, importing, exporting, &c. some one commodity, or set of commodities. Such grants were very common previously to the accession of the House of Stuart, and were carried to a very oppressive and injurious extent during the reign of Queen Elizabeth. The grievance became at length so insupportable, that notwithstanding the opposition of government, which looked upon the power of granting monopolies as a very valuable part of the prerogative, they were abolished by the famous act of 1624, the 21 Jac. 1. c. 3. This act declares that all monopolies, grants, letters patent for the sole buying, selling, and making of goods and manufactures, shall be null and void. It excepts patents for fourteen years for the sole working or making of any new manufactures within the realm, to the true and first inventors of such manufactures, provided they be not contrary to law, nor mischievous to the state. It also excepts grants by act of parliament to any corporation, company, or society, for the enlargement of trade, and letters patent concerning the making of gunpowder, &c. This act effectually secured the freedom of industry in Great Britain; and has done more, perhaps, to excite the spirit of invention and industry, and to accelerate the progress of wealth, than any other in the statute book.

MONTEVIDEO, a sea-port, and the capital of the republic of Uruguay, on the north bank of the Rio de la Plata, lat. 34° 54′ 11′′ S., long. 56° 13′ 18′′ W. Population variously estimated; but may probably be about 12,000. The town is built in the form of an amphitheatre, on a regular plan, and is well fortified. It has suffered much from the various revolutions to which it has been subject during the last 30 years.

Montevideo is situated 2° 3′ 33′′ W. of Cape St. Mary, the northern limit of the embouchure of the La Plata. Vessels from the north bound to Montevideo generally make this cape, entering the river between it and the small island of Lobos, in from 14 to 17 fathoms. The course is thence nearly W. to the Isle of Flores, on which is a light-house 112 feet above the level of the sea, with a revolving light. From Flores to Montevideo is 16 miles in a direct line, and the course W. by S. by compass. A light-house, 475 feet above the level of the sea, has been erected on the summit of the Montevideo, whence the town has its name. The latter is built on a projecting tongue of land, the port being on its S. side. This, which is the best on the La Plata, is a large circular basin open to the S. W.; ge

nerally the water is shallow, not exceeding from 14 to 19 feet, but the bottom being soft mud, vessels are seldom damaged by grounding. It should, however, be observed that the depth of water in the harbour, as well as throughout the whole of the Rio de la Plata, depends very much on the direction and strength of the winds. The S. W. wind, called pamperos, blows right into the bay of Montevideo with much force, not unfrequently causing a rise of a fathom or more in the depth of water! But it rarely occasions much damage to vessels properly moored with anchors to the S. W., S. E., and one to the N-(Blunt's American Pilot, pp. 542-555.; Coulter sur les Phares, &c.)

Montevideo has a considerable commerce. The great articles of export consist of animal products, or of hides, pork and beef, tallow, bones, grease, wool, &c. The imports principally consist of British cottons, woollens, and hardware, flour, wine and spirits, linens, sugar, tobacco, boots and shoes, salt, &c. The following tables give a view of the trade and navigation of Montevideo in 1834 and 1835. Imports.-The entire value of the different articles imported into Montevideo, in 1835, were estimated at 3,095,409 dollars. The quantities and value of some of the principal articles were as follow:

Account of the Quantities of the principal Articles exported from Montevideo in 1835.

A Statement of the Number of Vessels, with their Tonnage and Crews, and the Total Invoice Value of their Cargoes, distinguishing the Countries to which they belonged, which arrived at and departed from the port of Montevideo in 1834.

DUTIES ON EXPORTS.

In National or Foreign Vessels.

Ox and cow hides, 2 reals, 25 centisimos, for reconnidor valuations of dollar, and 1 per cent. consulado.

Horse hides, 1 real for reconnidor, on valuations of 5 reals for reconnidor each, and 1 per cent, consulado.

All other produce of the country pays 4 per cent. on the market value, and I per cent. consula to.

Jerked and salt beef, pork, &c.; a so all foreign goods that have paid the import duty, free.

Gold and silver, coined or in bullion, 1 per cent.

Vessels.

Foreign. National.

3 reals.

2 reals.

4

- 2

Foreign flour pays as follows:

8 dollars per barrel, when wheat is worth 2 to 3 dollars per fanega, about 224 lbs.

6 dollars per barrel, when wheat is worth 3 to 5 dollars per fanega. 4 dollars, when wheat is worth 5 to 7 dollars.

2 dollars, when wheat is worth 7 to 9 dollars.

1 dollar, when wheat exceeds 9 dollars. Wheat:

3 dollars per fanega, when wheat is worth 2 to 3 dollars per fanega. 2 dollars, when wheat is worth 3 to 6 dollars.

1 dollar, when wheat is worth 6 to 10 dollars.

Nothing when wheat is worth above 10 dollars per fanega.
Goods transhipped, or shipped out of bond, pay 2 per cent.

Foreign goods, shipped in vessels of less than 150 tons burden, for
ports of the Uruguay and Paraguay, pay only 1 per cent.

8. All goods imported, paying duties, are subject to pay an additional 1 per cent. to the consulado; 1-2

per cent. to the hospital; and for the extinction of copper money, I per cent. additional on all goods that pay

On all goods that pay 13, 15, and 20 per cent.

On all goods that pay 25 per cent.

5 per cent.

3 5 - 10 3

This has, much to the honour of the authorities and people, been already accomplished; but the duty is maintained for general pur poses.

We are indebted for the above valuable information to John Hall, Esq., Vice-Consul at Liverpool for the republic of Uraguay.-Sup.)

MOROCCO, OR MAROQUIN (Ger. Saffiam; Fr. Maroquin, It. Marrocchino; Sp. Marroqui; Rus. Safian), a fine kind of leather prepared of the skins of goats, imported from the Levant, Barbary, Spain, Flanders, &c. It is red, black, green, yellow, &c. It is extensively used in the binding of books.

(MOULMEIN, OR MAULMAIN, a sea-port town of India beyond the Ganges, cap. British prov. Martaban, at the mouth of the great river Than-lueng, having N. the Birmese town of Martaban, on the opposite side of the river, and W. the island of Balu, which serves as a natural breakwater to defend the port from the heavy seas that would otherwise be thrown in from the W., 100 m. S. S. E. Rangoon, 27 m. N. N. E. Amherst; lat. 16° 30′ N., long. 97° 38′ E. It was founded so late as 1825, when the site was selected by Sir A. Campbell as eligible as well for a commercial as a military station. It is about 200 feet above the level of the river, and extensive and fertile plains stretch eastwards from it towards the mountains. Its port is good, and, from its extensive command of internal navigation, it promises to become a considerable emporium. The principal articles of export are teak timber and rice; but there is also a considerable export of tobacco, stick-lac, betel-nut, ivory, cutch, cocoa-nut, &c. The imports consist principally of European cotton goods, and marine stores. The principal trade of the place has hitherto been carried on with Calcutta, Madras, Rangoon, and Pinang; but, in 1837, a direct trade was commenced with London. Ship-building is carried on to a considerable extent. We have no recent accounts of the population; but, probably, it is not under 8,000 or 10,000. An English newspaper (the Maulmain Chronicle), from which we borrow the following details, is published once a week:

"In order to exhibit, at one view, the decided increase of our trade in 1837 over the preceding year, we place the totals to and from each port in juxtaposition.

"From this it will appear, that the imports have increased nearly six lacs of rupees, and the exports two lacs and a half. Among the imports, the increase is found chiefly under the head of marine stores, spirituous liquors, and articles of European and Birmese manufacture. Among the exports, it is found in the staple productions of the country, rice and timber. Under the head of imports, we may notice that five lacs of rupees were received during the year into the government treasury; to which may be added, what does not appear in our statement, about half a lac of rupees, perhaps, from the Mauritius, for the purchase of cargoes of rice and timber. Under the head of exports, also, it would not, we think, be improper to include the estimated value of the vessels built and launched during the year at the several dock-yards. The following is a very rough estimate:

"We are not aware that the mode in which our statements are drawn up requires any particular explanation. The word "Sundries" may be, perhaps, thought too comprehensive, but we have divided it among articles of European, Indian, Chinese, and Birmese produce or manufacture. "The following is a statement of the imports into Maulmain from the neighbouring Shan States during 1837:

Elephants
Ponies
Buffaloes

Cows and bullocks
Sundries

No.

68

146

99 3480

Value.

13,600

17,520

990

45,000

4,500

Rs. 81,610

"Of the exports to those states, we can procure no detailed statement. Little else, however, is taken to them from hence but piece goods, either European or native, the value of which may, perhaps, be estimated at about 60,000 rupees.

"Taking, then, into consideration the various items above alluded to, and which are not brought into our statements, we shall have the following as the amount of imports and exports for the year 1837:Imports Rs. 20,92,275 | Exports Rs. 11,03,410" Sup.) MUNJEET, a species of Rubia tinctorum, or madder, produced in Nepaul and in various districts of India. That which is brought to England is imported from Calcutta, and is cultivated in the high lands about Natpore in Purneah. The roots are long and slender, and when broken appear of a red colour. It is used in dyeing; the red which it produces being, though somewhat peculiar, nearly the same as that produced by European madder. Dr. Bancroft says, that the colour which it imparts to cotton and linen is not so durable as that of madder; but that upon wool or woollen cloth its colour is brighter and livelier; and, when proper mordants are used, nearly, perhaps quite, as permanent.—(Permanent Colours, vol. ii. p. 279.) The best munjeet is in pieces about the bigness of a small quill, clean and firm, breaking short, and not pipy or chaffy. Its smell somewhat resembles liquorice root. Being a very bulky article, as compared with its value, the freight adds greatly to its cost. seems to be the principal reason of its being so very little used in Great Britain, that the entire imports, during the 3 years ending with 1832, amounted to only 3,897 cwt. In 1824, 4,023 cwt. were imported; this increased importation being accounted for by the then comparatively low rate of freight. (Parl. Papers, No. 22. Sess. 1830, and No. 425. Sess. 1833.) The brokers estimate that 4l. per ton of freight is equal to 11s. 1d. per cwt. on the value of the article; 51. per ton being equal to 13s. 10d.; 6l. to 16s. 7d.; and 77, to 19s. 4d.; and as the price of munjeet in bond varies from 20s. to 25s. a cwt., it is plain it cannot be imported in any considerable quantity, except when freights are very much depressed. It is mostly imported in small packets or bundles of 600 or 800 to the ton; but sometimes it is packed in bales like cotton

This

MUSCAT, a city and sea-port situated on the east coast of Arabia, about 96 miles N. W. of Cape Rasselgate (Ras-el-had), in lat. 23° 38′ N., lon. 58° 37′ E. Population uncertain; but estimated by Mr. Fraser at from 10,000 to 12,000; of these 1,000 may be Hindoos from Sinde, Cutch, and Guzerat, the rest being Arabs and negro slaves. The latter are numerous, and are generally stout, well made, and active.

The harbour, which is the best on this part of the Arabic coast, opens to the north, and is shaped like a horse-shoe. It is bounded on the W. and S. by the lofty projecting shores of the mainland, and on the E. by Muscat Island, a ridge of rocks from 200 to 300 feet high. The town stands on a sandy beach at the south end or bottom of the cove or harbour, about 1 mile from its mouth. The depth of water near the town varies from 3 to 4 and 5 fathoms. Ships at anchor are exposed to the north and north-west winds; but as the anchorage is every where good, accidents are of very rare occurrence. The harbour is protected by some pretty strong forts. Vessels are not allowed to enter after dusk, nor to leave before sunrise. If the usual signal be made for a pilot, one will come off, but not otherwise. It is best to make them attend till the vessel be secured, as they have excellent boats for carrying out warp anchors.

Muscat is a place of considerable importance, being at once the key to, and commanding the trade of, the Persian Gulf. The dominions of the imaum, or prince, are extensive, and his government is more liberal and intelligent than any other in Arabia or Persia. The town, situated at the bottom of a high hill, is ill-built and filthy; and, during the months of July and August, is one of the hottest inhabited places in the world. The country in the immediate vicinity of the town is extremely barren; but it improves as it recedes from the shore. Dates and wheat, particularly the first, are the principal articles of produce. The dates of this part of Arabia are held in high estimation, and are largely exported, those of Bushire and Bussorah being imported in their stead. A date tree is valued at from 7 to 10 dollars, and its annual produce at from 1 to 1 dollar. An estate is said to be worth 2,000, 3,000, or 4,000 date trees, according to the number it possesses.

But the place derives its whole importance from the commerce and navigation of which it is the centre. The imaum has some large ships of war, and his subjects possess some of the finest trading vessels to be met with in the Indian seas. The part of Arabia adjoining to Muscat is too poor to have any very considerable direct trade; but owing to its favourable situation, the backward state of the country round the Persian Gulf, and the superiority of its ships and seamen, Muscat has become an important entrepôt, and has an extensive transit and carrying trade. Most European ships bound for Bussorah and Bushire touch at it; and more than half the trade of the Persian Gulf is carried on in ships belonging to its merchants. (See BUSHIRE.) But, exclusive of the ports on the gulf, and the south and west coasts of Arabia, ships under the flag of the imaum trade to all the ports of British India, to Singapore, Java, the Mauritius, the east coast of Africa, &c. The pearl trade of the Persian Gulf is now, also, wholly centered at Muscat. All merchandise passing up the gulf on Arab bottoms, pays a duty of per cent to the imaum. He also rents the islands of Ormuz and Kishmee, the port of Gombroon, and some sulphur mines from the Persian government.