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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。
14。 How the Exchange is a Constraint on despotic Power。 Russia would have descended from its despotic power； but could not。 The establishment of commerce depended on that of the exchange； and the transactions were inconsistent with all its laws。
In 1745 the Czarina made a law to expel the Jews； because they remitted into foreign countries the specie of those who were banished into Siberia； as well as that of the foreigners entertained in her service。 As all the subjects of the empire are slaves； they can neither go abroad themselves nor send away their effects without permission。 The exchange which gives them the means of remitting their specie from one country to another is therefore entirely incompatible with the laws of Russia。
Commerce itself is inconsistent with the Russian laws。 The people are composed only of slaves employed in agriculture； and of slaves called ecclesiastics or gentlemen； who are the lords of those slaves； there is then nobody left for the third estate； which ought to be composed of mechanics and merchants。
15。 The Practice of some Countries in Italy。 They have made laws in some part of Italy to prevent subjects from selling their lands in order to remove their specie into foreign countries。 These laws may be good； when the riches of a state are so connected with the country itself that there would be great difficulty in transferring them to another。 But since； by the course of exchange； riches are in some degree independent of any particular state； and since they may with so much ease be conveyed from one country to another； that must be a bad law which will not permit persons for their own interest to dispose of their lands； while they can dispose of their money。 It is a bad law； because it gives an advantage to movable effects； in prejudice to the land； because it deters strangers from settling in the country； and； in short； because it may be eluded。
16。 The Assistance a State may derive from Bankers。 The banker's business is to change； not to lend； money。 If the prince makes use of them to change his specie； as he never does it but in great affairs； the least profit he can give for the remittance becomes considerable； and if they demand large profits； we may be certain that there is a fault in the administration。 On the contrary； when they are employed to advance specie； their art consists in procuring the greatest profit for the use of it； without being liable to be charged with usury。
17。 Of Public Debts。 Some have imagined that it was for the advantage of a state to be indebted to itself： they thought that this multiplied riches by increasing the circulation。
Those who are of this opinion have； I believe； confounded a circulating paper which represents money； or a circulating paper which is the sign of the profits that a company has or will make by commerce； with a paper which represents a debt。 The first two are extremely advantageous to the state： the last can never be so； and all that we can expect from it is that individuals have a good security from the government for their money。 But let us see the inconveniences which result from it。
1。 If foreigners possess much paper which represents a debt； they annually draw out of the nation a considerable sum for interest。
2。 In a nation that is thus perpetually in debt； the exchange must be very low。
3。 The taxes raised for the payment of the interest of the debt are an injury to the manufactures； by raising the price of the artificer's labour。
4。 It takes the true revenue of the state from those who have activity and industry； to convey it to the indolent； that is； it gives facilities for labour to those who do not work； and clogs with difficulties those who do work。
These are its inconveniences： I know of no advantages。 Ten persons have each a yearly income of a thousand crowns； either in land or trade； this raises to the nation； at five per cent； a capital of two hundred thousand crowns。 If these ten persons employed one…half of their income； that is； five thousand crowns； in paying the interest of a hundred thousand crowns； which they had borrowed of others； that still would be only to the state as two hundred thousand crowns； that is； in the language of the algebraists； 200；000 crowns …100；000 crowns ＋ 100；000 crowns = 200；000。
People are thrown perhaps into this error by reflecting that the paper which represents the debt of a nation is the sign of riches； for none but a rich state can support such paper without falling into decay。 And if it does not fall； it is a proof that the state has other riches besides。 They say that it is not an evil； because there are resources against it； and that it is an advantage； since these resources surpass the evil。
18。 Of the Payment of Public Debts。 It is necessary that there should be a proportion between the state as creditor and the state as debtor。 The state may be a creditor to infinity； but it can only be a debtor to a certain degree； and when it surpasses that degree the title of creditor vanishes。
If the credit of the state has never received the least blemish； it may do what has been so happily practised in one of the kingdoms of Europe；＇32＇ that is； it may require a great quantity of specie； and offer to reimburse every individual； at least if they will not reduce their interest。 When the state borrows； the individuals fix the
interest； when it pays； the interest for the future is fixed by the state。
It is not sufficient to reduce the interest： it is necessary to erect a sinking…fund from the advantage of the reduction； in order to pay every year a part of the capital： a proceeding so happy that its success increases every day。
When the credit of the state is not entire； there is a new reason for endeavouring to form a sinking…fund； because this fund being once established will soon procure the public confidence。
1。 If the state is a republic； the government of which is in its own nature consistent with its entering into projects of a long duration； the capital of the sinking…fund may be inconsiderable； but it is necessary in a monarchy for the capital to be much greater。
2。 The regulations ought to be so ordered that all the subjects of the state may support the weight of the establishment of these funds； because they have all the weight of the establishment of the debt； thus the creditor of the state； by the sums he contributes； pays himself。
3。 There are four classes of men who pay the debts of the state： the proprietors of the land； those engaged in trade； the labourers and artificers； and； in fine； the annuitants either of the state or of private people。 Of these four classes the last； in a case of necessity one would imagine； ought least to be spared； because it is a class entirely passive； while the state is supported by the active vigour of the other three。 But as it cannot be higher taxed； without destroying the public confidence； of which the state in general and these three classes in particular have the utmost need； as a breach in the public faith cannot be made on a certain number of subjects without seeming to be made on all； as the class of creditors is always the most exposed to the projects of ministers； and always in their eye； and under their