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Romans had sacked many powerful cities； and brought home their wealth。 For a long time they made use of none but copper money； and it was not till after the peace with Pyrrhus that they had silver enough to coin money：＇21＇ they made denarii of this metal of the value of ten ases；＇22＇ or ten pounds of copper。 At that time the proportion of silver was to that of copper as 1 to 960。 For as the Roman denarius was valued at ten ases； or ten pounds of copper； it was worth one hundred and twenty ounces of copper； and as the same denarius was valued only at one…eighth of an ounce of silver；＇23＇ this produced the above proportion。
When Rome became mistress of that part of Italy which is nearest to Greece and Sicily； by degrees she found herself between two rich nations the Greeks and the Carthaginians。 Silver increased at Rome； and as the proportion of 1 to 960 between silver and copper could be no longer supported； she made several regulations with respect to money； which to us are unknown。 However； at the beginning of the second Punic war； the Roman denarius was worth no more than twenty ounces of copper；＇24＇ and thus the proportion between silver and copper was no longer but as 1 to 160。 The reduction was very considerable； since the republic gained five…sixths upon all copper money。 But she did only what was necessary in the nature of things； by establishing the proportion between the metals made use of as money。
The peace which terminated the first Punic war left the Romans masters of Sicily。 They soon entered Sardinia； afterwards they began to know Spain； and thus the quantity of silver increased at Rome。 They took measures to reduce the denarius from twenty ounces to sixteen；＇25＇ which had the effect of putting a nearer proportion between the silver and copper； thus the proportion； which was before as 1 to 160； was now made as 1 to 128。
If we examine into the conduct of the Romans； we shall never find them so great as in choosing a proper conjuncture for performing any extraordinary operation。
13。 Proceedings with respect to Money in the Time of the Emperors。 In the changes made in the specie during the time of the republic； they proceeded by diminishing it： in its wants； the state entrusted the knowledge to the people； and did not pretend to deceive them。 Under the emperors； they proceeded by way of alloy。 These princes； reduced to despair even by their liberalities； found themselves obliged to degrade the specie； an indirect method； which diminished the evil without seeming to touch it。 They withheld a part of the gift and yet concealed the hand that did it； and； without speaking of the diminution of the pay； or of the gratuity； it was found diminished。
We even still see in cabinets a kind of medals which are called plated； and are only pieces of copper covered with a thin plate of silver。＇26＇ This money is mentioned in a fragment of the 77th book of Dio。＇27＇
Didius Julian first began to debase it。 We find that the coin of Caracalla＇28＇ had an alloy of more than half； that of Alexander Severus of two…thirds；＇29＇ the debasing still increased； till in the time of Gallienus nothing was to be seen but copper silvered over。＇30＇
It is evident that such violent proceedings could not take place in the present age； a prince might deceive himself； but he could deceive nobody else。 The exchange has taught the banker to draw a comparison between all the money in the world； and to establish its just value。 The standard of money can be no longer a secret。 Were the prince to begin to alloy his silver； everybody else would continue it； and do it for him； the specie of the true standard would go abroad first； and nothing would be sent back but base metal。 If； like the Roman Emperors； he debased the silver without debasing the gold； the gold would suddenly disappear； and he would be reduced to his bad silver。 The exchange； as I have said in the preceding book；＇31＇ has deprived princes of the opportunity of showing great exertions of authority； or at least has rendered them ineffectual。
14。 How the Exchange is a Constraint on despotic Power。 Russia would have descended from its despotic power； but could not。 The establishment of commerce depended on that of the exchange； and the transactions were inconsistent with all its laws。
In 1745 the Czarina made a law to expel the Jews； because they remitted into foreign countries the specie of those who were banished into Siberia； as well as that of the foreigners entertained in her service。 As all the subjects of the empire are slaves； they can neither go abroad themselves nor send away their effects without permission。 The exchange which gives them the means of remitting their specie from one country to another is therefore entirely incompatible with the laws of Russia。
Commerce itself is inconsistent with the Russian laws。 The people are composed only of slaves employed in agriculture； and of slaves called ecclesiastics or gentlemen； who are the lords of those slaves； there is then nobody left for the third estate； which ought to be composed of mechanics and merchants。
15。 The Practice of some Countries in Italy。 They have made laws in some part of Italy to prevent subjects from selling their lands in order to remove their specie into foreign countries。 These laws may be good； when the riches of a state are so connected with the country itself that there would be great difficulty in transferring them to another。 But since； by the course of exchange； riches are in some degree independent of any particular state； and since they may with so much ease be conveyed from one country to another； that must be a bad law which will not permit persons for their own interest to dispose of their lands； while they can dispose of their money。 It is a bad law； because it gives an advantage to movable effects； in prejudice to the land； because it deters strangers from settling in the country； and； in short； because it may be eluded。
16。 The Assistance a State may derive from Bankers。 The banker's business is to change； not to lend； money。 If the prince makes use of them to change his specie； as he never does it but in great affairs； the least profit he can give for the remittance becomes considerable； and if they demand large profits； we may be certain that there is a fault in the administration。 On the contrary； when they are employed to advance specie； their art consists in procuring the greatest profit for the use of it； without being liable to be charged with usury。
17。 Of Public Debts。 Some have imagined that it was for the advantage of a state to be indebted to itself： they thought that this multiplied riches by increasing the circulation。
Those who are of this opinion have； I believe； confounded a circulating paper which represents money； or a circulating paper which is the sign of the profits that a company has or will make by commerce； with a paper which represents a debt。 The first two are extremely advantageous to the state： the last can never be so； and all that we can expect from it is that individuals have a good security from the government for their money。 But let us see the inconveniences which result from it。
1。 If foreigners possess much paper which represent