17 per cent, and his coinage disappeared. We made something of a similar atrempt in 1810, and 4 millions and half in value of Sovereigns and half Sovereigns were thrown into circulation, which in a few months disappeared likewise, great part of which at present circulates in France recoined under the name of Louis. If we adhere to this absurdity, of adopting identical propositions as logical deductions, and acting upon them in our measures for restoring a metallic currency, we shall merely rep.eat the same blunders and incur similar losses. And if any man supposes that he can fix the value of gold, by saying gold is equal to gold, let him nierely try his reasoning powers upon any other commodity, and then his prejudices about gold being no longer in his way, the absurdity of his principles will flash him in the face.
I do not think it a more absurd problem for solution, utrum chimera Bombycinans in vacuo possit comedere secundas intentiones, than the problem—Whether the price of gold ought to be regulated by the laws of identical propositions.
It is understood that silver of alloy, forms the deposit of the Bank of Hamburgh; and Bank silver is always Bank silver, and it has a fixed denomination of value in banco money. But though that denomination of value remains fixed, and the price of banco money, remains nominally fixed, yet the silver when taken from the bank, sells not at banco price, but at market price. Whilst the silver remains in the Bank, its price is fixed; when taken from the Bank, its price varies in the market according to demand, and commands a greater or less quantity of the coin for which it is sold. The Bank itself takes in silver at one price, and issues it again to the owners at a higher price, and the owner of course never takes his silver out of the Bank but when thecourse