X.: Curtailing the standard will not lenghten out the coin: but, on the contrary, will occasion a greater scarcity in co

29. Some say, that if the standard of money was curtailed, the quantity of money in tale would be thereby proportionably increased; which they think would be a notable benefit to the country: As if the standard was curtailed a tenth part, we should immediately have a tenth part more money, than we had the moment before. According to this maxim, we have a very short and easy method of becoming rich; for if it holds in any one proportion, as here a tenth part, it will hold in any other; and whilst we are about it, why not take off a good piece, and leave only suppose one hundredth part behind? By this expedient, with one million of the old money, we could not only pay off all our old debts; but have enough left for carrying on the war, at least for a year or two longer; and all this, without raising one penny of taxes upon the subject. A very fine device truly!

I have already shewed that all artificial methods of increasing tale-money, are, so far as they extend, pernicious. But the scheme before us, will not reach the end proposed by it: If the method be by calling a shilling, suppose thirteen-pence; although this would be attended with the mischiefs before enumerated; yet, in the common traffic of the country, a shilling, notwithstanding the law, would be called a shilling still; and fetch and go, just at the same rate as it did before. If you give us new coins debased according to the new standard, this will rather make the matter worse. All things will advance in their nominal prices, at least, proportionably to the debasement made in the standard: This is a point wherein the understandings of men, cannot be imposed upon by mere sounds; so that were all the old coins new minted, they would go not one jot the farther, than they would before this alteration. But, from the alarms, fears, and suspicions, which this woeful project would naturally raise in the minds of the people; many of the coins would be hoarded, and many transported: So that the mint would be left gaping with little to do, and the country distressed for want of coin. All this, I think, upon even a slight view of the case, must needs appear very evident; but I do not wish to see it confirmed, by so pernicious an experiment.