CHAP. XIII.: 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: the state reposed in the people the knowledge of its wants; and did not pretend to deceive them. Under the emperors, they proceeded by way of allay. 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 with-held 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 See Father Joubert’s Science of Medals, Paris edit. of 1739, pag. 59. ^†195 in cabinets a kind of medals which are called plated; and are only pieces of copper covered with a thin plate of silver. This money is mentioned in a fragment of the 77th book of Dio. Extracts of virtues and vices. ^†196

Didius Julian first began to debase it. We find that the coin of See Savotte, part ii. chap. 12. and Le Journal des Sçavans of the 28th of July, on a discovery of fifty thousand medals. ^†197 Caracalla had an allay of more than half; that of Alexander Severus See Savotte, ibid. ^†198 of two thirds: the debasing still increased, till under Gallienus Ibid. ^†199 nothing was to be seen but copper silvered over.

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 allay his silver, every body 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, Chap. xvi. ^†200 has deprived princes of the opportunity of shewing great exertions of authority, or at least has rendered them ineffectual.