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ge； and； by thus gaining credit there； raise the exchange pretty nearly to as many gros for a crown of three livres out of the country。 I say to nearly the same； for while the profits are small the bankers will not be tempted to send it abroad； because of the expense of carriage and the danger of confiscation。
It is fit that we should give a very clear idea of this。 Mr。 Bernard； or any other banker employed by the state； proposes bills upon Holland； and gives them at one； two； or three gros higher than the actual exchange； he has made a provision in a foreign country； by means of the old specie； which he has continually been sending thither； and thus he has raised the exchange to the point we have just mentioned。 In the meantime； by disposing of his bills； he seizes on all the new specie； and obliges the other bankers； who have payments to make； to carry their old specie to the mint； and； as he insensibly obtains all the specie； he obliges the other bankers to give him bills of exchange at a very high price。 By this means his profit in the end compensates in a great measure for the loss he suffered at the beginning。
It is evident that during these transactions； the state must be in a dangerous crisis。 Specie must become extremely scarce 1； because much the greatest part is cried down； 2； because a part will be sent into foreign countries； 3； because every one will lay it up； as not being willing to give that profit to the prince which he hopes to receive himself。 It is dangerous to do it slowly； and dangerous also to do it in too much haste。 If the supposed gain be immoderate； the inconveniences increase in proportion。
We see； from what has been already said； that when the exchange is lower than the specie； a profit may be made by sending it abroad； for the same reason； when it is higher than the specie； there is profit in causing it to return。
But there is a case in which profit may be made by sending the specie out of the kingdom； when the exchange is at par； that is； by sending it into a foreign country to be coined over again。 When it returns； an advantage may be made of it； whether it be circulated in the country or paid for foreign bills。
If a company has been erected in a state with an immense number of shares； and these shares have in a few months risen twenty or twenty…five times above the original purchase value； if； again； the same state established a bank； whose bills were to perform the office of money； while the legal value of these bills was prodigious； in order to answer to the legal value of the shares （this is Mr。 Law's System）； it would follow； from the nature of things； that these shares and these bills would vanish in the same manner as they arose。 Stocks cannot suddenly be raised twenty or twenty…five times above their original value without giving a number of people the means of procuring immense riches in paper： every one would endeavour to make his fortune； and as the exchange offers the most easy way of removing it from home； or conveying it whither one pleases； people would incessantly remit a part of their effects to the nation that regulates the exchange。 A continual process of remittances into a foreign country must lower the exchange。 Let us suppose that at the time of the System； in proportion to the standard and weight of the silver coin； the exchange was fixed at forty gros to the crown； when a vast quantity of paper became money； they were unwilling to give more than thirty…nine gros for a crown； and afterwards thirty…eight； thirty…seven； &c。 This proceeded so far； that after a while they would give but eight gros； and at last there was no exchange at all。
The exchange ought in this case to have regulated the proportion between the specie and the paper of France。 I suppose that； by the weight and standard of the silver； the crown of three livres in silver was worth forty gros； and that the exchange being made in paper； the crown of three livres in paper was worth only eight gros； the difference was four…fifths。 The crown of three livres in paper was then worth four…fifths less than the crown of three livres in silver。
11。 Of the Proceedings of the Romans with respect to Money。 How great soever the exertion of authority had been in our times； with respect to the specie of France； during the administration of two successive ministers； still it was vastly exceeded by the Romans； not at the time when corruption had crept into their republic； nor when they were in a state of anarchy； but when they were as much by their wisdom as their courage in the full vigour of the constitution； after having conquered the cities of Italy； and at the very time that they disputed for empire with the Carthaginians。
And here I am pleased that I have an opportunity of examining more closely into this matter； that no example may be taken from what can never justly be called one。
In the first Punic war the as；＇16＇ which ought to be twelve ounces of copper； weighed only two； and in the second it was no more than one。 This retrenchment answers to what we now call the raising of coin。 To take half the silver from a crown of six livres； in order to make two crowns； or to raise it to the value of twelve livres； is precisely the same thing。
They have left us no monument of the manner in which the Romans conducted this affair in the first Punic war； but what they did in the second is a proof of the most consummate wisdom。 The republic found herself under an impossibility of paying her debts： the as weighed two ounces of copper； and the denarius； valued at ten ases； weighed twenty ounces of copper。 The republic； being willing to gain half on her creditors； made the as of an ounce of copper；＇17＇ and by this means paid the value of a denarius with ten ounces。 This proceeding must have given a great shock to the state； they were obliged therefore to break the force of it as well as they could。 It was in itself unjust； and it was necessary to render it as little so as possible。 They had in view the deliverance of the republic with respect to the citizens； they were not therefore obliged to direct their view to the deliverance of the citizens with respect to each other。 This made a second step necessary。 It was ordained that the denarius； which hitherto contained but ten ases； should contain sixteen。 The result of this double operation was； that while the creditors of the republic lost one…half；＇18＇ those of individuals lost only a fifth；＇19＇ the price of merchandise was increased only a fifth； the real change of the money was only a fifth。 The other consequences are obvious。
The Romans then conducted themselves with greater prudence than we； who in our transactions involved both the public treasure and the fortunes of individuals。 But this is not all： their business was carried on amidst more favourable circumstances than ours。
12。 The Circumstances in which the Romans changed the Value of the Specie。 There was formerly very little gold and silver in Italy。 This country has few or no mines of gold or silver。 When Rome was taken by the Gauls； they found only a thousand…weight of gold＇20＇ And yet the 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