Debasing the standard of money, would prove very injurious to the government.

16. If the money-standard be curtailed, suppose one twentieth part, and this by many projectors would be reckoned a moderate alteration; the king from thenceforward, would lose a twentieth part of his whole revenue. “Granted, says our projector; but this will be no loss to the crown, because its disbursements will be also diminished a twentieth part.” Not so, say I: It is very evident, and I think absolutely undeniable from what hath been above shewed, that all foreign stores will cost, at the least, as much as they did before, that is, they will cost nominally one twentieth part more; and not only these, but likewise all sorts of goods furnished by our own tradesmen. There will be then a deficiency of, at the least, one twentieth, in a very considerable part of the public disbursements.

How far those who receive salaries and stipends from the crown, might be compelled to submit to this reduction, or how far a reduction would in that case affect the community, I do not take upon me to determine. But whilst many would be crushed by this indiscriminate scheme, it is to be feared too many others would make it a handle for enlarging that dark, gnawing tax upon their country, called by the delusive name of perquisites; a tax, as well from its enormous bulk, as from its indirect, occult, and undermining operations, though less perceived, perhaps infinitely more grievous to the public, than the whole list of salaries in the court-calendar.

But admitting that persons in civil offices, might bear to have their salaries or stipends reduced; what would you do with those upon the military establishment, both landmen and seamen? Is not their pay, officers as well as private men, scanty enough already? Or, could the officers quietly submit to this reduction of their pay, and be kept from clamour by good words instead of realities; what would you do with the common soldier and sailor? would you render their state more abject and miserable than it now is, was it in your power? But instead of tamely submitting to these hardships, you would put upon them; would you not run the risque of provoking a general mutiny? And how is all this disorder to be rectified? No otherwise, than by raising nominally all taxes 5 per cent. and so raising murmurs, which though groundless, would yet be loud. Try what methods you will to deceive them, every one will see and understand that 19 is less than 20; and your scheme, after creating an universal disturbance throughout the land, will, as to the effect you proposed by it, vanish into smoke.