按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
and most pernicious subversion of the fortunes of private people；
enriching in most cases the idle and profuse debtor at the
expense of the industrious and frugal creditor； and transporting
a great part of the national capital from the hands which were
likely to increase and improve it to those which are likely to
dissipate and destroy it。 When it becomes necessary for a state
to declare itself bankrupt； in the same manner as when it becomes
necessary for an individual to do so； a fair； open； and avowed
bankruptcy is always the measure which is both least
dishonourable to the debtor and least hurtful to the creditor。
The honour of a state is surely very poorly provided for when； in
order to cover the disgrace of a real bankruptcy； it has recourse
to a juggling trick of this kind； so easily seen through； and at
the same time so extremely pernicious。
Almost all states； however； ancient as well as modern； when
reduced to this necessity have； upon some occasions； played this
very juggling trick。 The Romans； at the end of the first Punic
war； reduced the As； the coin or denomination by which they
computed the value of all their other coins； from containing
twelve ounces of copper to contain only two ounces； that is； they
raised two ounces of copper to a denomination which had always
before expressed the value of twelve ounces。 The republic was； in
this manner； enabled to pay the great debts which it had
contracted with the sixth part of what it really owed。 So sudden
and so great a bankruptcy； we should in the present times be apt
to imagine； must have occasioned a very violent popular clamour。
It does not appear to have occasioned any。 The law which enacted
it was； like all other laws relating to the coin； introduced and
carried through the assembly of the people by a tribune； and was
probably a very popular law。 In Rome； as in all the other ancient
republics； the poor people were constantly in debt to the rich
and the great； who in order to secure their votes at the annual
elections； used to lend them money at exorbitant interest； which；
being never paid； soon accumulated into a sum too great either
for the debtor to pay； or for anybody else to pay for him。 The
debtor； for fear of a very severe execution； was obliged； without
any further gratuity； to vote for the candidate whom the creditor
recommended。 In spite of all the laws against bribery and
corruption； the bounty of the candidates； together with the
occasional distributions of corn which were ordered by the
senate； were the principal funds from which； during the latter
times of the Roman republic； the poorer citizens derived their
subsistence。 To deliver themselves from this subjection to their
creditors； the poorer citizens were continually calling out
either for an entire abolition of debts； or for what they called
New Tables； that is； for a law which should entitle them to a
complete acquittance upon paying only a certain proportion of
their accumulated debts。 The law which reduced the coin of all
denominations to a sixth part of its former value； as it enabled
them to pay their debts with a sixth part of what they really
owed； was equivalent to the most advantageous New Tables。 In
order to satisfy the people； the rich and the great were； upon
several different occasions； obliged to consent to laws both for
abolishing debts； and for introducing New Tables； and they
probably were induced to consent to this law partly for the same
reason； and partly that； by liberating the public revenue； they
might restore vigour to that government of which they themselves
had the principal direction。 An operation of this kind would at
once reduce a debt of a hundred and twenty…eight millions to
twenty…one millions three hundred and thirty…three thousand three
hundred and thirty…three pounds six shillings and eightpence。 In
the course of the second Punic war the As was still further
reduced； first； from two ounces of copper to one ounce； and
afterwards from one ounce to half an ounce； that is； to the
twenty…fourth part of its original value。 By combining the three
Roman operations into one； a debt of a hundred and twenty…eight
millions of our present money might in this manner be reduced all
at once to a debt of five millions three hundred and thirty…three
thousand three hundred and thirty…three pounds six shillings and
eightpence。 Even the enormous debts of Great Britain might in
this manner soon be paid。
By means of such expedients the coin of； I believe； all
nations has been gradually reduced more and more below its
original value； and the same nominal sum has been gradually
brought to contain a smaller and a smaller quantity of silver。
Nations have sometimes； for the same purpose； adulterated
the standard of their coin； that is； have mixed a greater
quantity of alloy in it。 If in the pound weight of our silver
coin； for example； instead of eighteen pennyweight； according to
the present standard； there was mixed eight ounces of alloy； a
pound sterling； or twenty shillings of such coin； would be worth
little more than six shillings and eightpence of our present
money。 The quantity of silver contained in six shillings and
eightpence of our present money would thus be raised very nearly
to the denomination of a pound sterling。 The adulteration of the
standard has exactly the same effect with what the French call an
augmentation； or a direct raising of the denomination of the
coin。
An augmentation； or a direct raising of the coin； always is；
and from its nature must be； an open and avowed operation。 By
means of it pieces of a smaller weight and bulk are called by the
same name which had before been given to pieces of a greater
weight and bulk。 The adulteration of the standard； on the
contrary； has generally been a concealed operation。 By means of
it pieces were issued from the mint of the same denominations；
and； as nearly as could be contrived； of the same weight； bulk；
and appearance with pieces which had been current before of much
greater value。 When King John of France； in order to pay his
debts； adulterated his coin； all the officers of his mint were
sworn to secrecy。 Both operations are unjust。 But a simple
augmentation is an injustice of open violence； whereas the
adulteration is an injustice of treacherous fraud。 This latter
operation； therefore； as soon as it has been discovered； and it
could never be concealed very long； has always excited much
greater indignation than the former。 The coin after any
considerable augmentation has very seldom been brought back to
its former weight； but after the greater adulterations it has
almost always been brought back to its former fineness。 It has
scarce ever happened that the fury and indignation of the people
could otherwise be appeased。
In the end of the reign of Henry VIII and in the beginning
of that of Edward VI the English coin was not only raised in its
denomination； but adulterate