22.13. 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.
Footnotes
[26]
See Father Joubert, "Science of Medals," p. 59, Paris, 1739.
[27]
"Extract of Virtues and Vices."
[28]
See Savote, part II, 12, and "Le Journal des Savants" of the 28th of July, 1681, on a discovery of fifty thousand medals.
