Hume's Political Discourses. David Hume

still observed the same plate at every table. The absolute quantity of the precious metals is a matter of great indifference. There are only two circumstances of any importance—viz., their gradual increase and their thorough concoction and circulation through the state; and the influence of both these circumstances has been here explained.

      In the following essay we shall see an instance of a like fallacy as that above mentioned, where a collateral effect is taken for a cause, and where a consequence is ascribed to the plenty of money; though it be really owing to a change in the manners and customs of the people.

      NOTES, OF MONEY.

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12 A private soldier in the Roman infantry had a denarius a day, somewhat less than eightpence. The Roman emperors had commonly 25 legions in pay, which, allowing 5000 men to a legion, makes 125,000. (Tacitus, Ann. lib. 4.) It is true there were also auxiliaries to the legions, but their numbers are uncertain as well as their pay. To consider only the legionaries, the pay of the private men could not exceed £1,600,000. Now, the Parliament in the last war commonly allowed for the fleet £2,500,000. We have therefore £900,000 over for the officers and other expenses of the Roman legions. There seem to have been but few officers in the Roman armies in comparison of what are employed in all our modern troops, except some Swiss corps. And these officers had very small pay: a centurion, for instance, only double a common soldier. And as the soldiers from their pay (Tacitus, Ann. lib. 1) bought their own clothes, arms, tents, and baggage, this must also diminish considerably the other charges of the army. So little expensive was that mighty Government, and so easy was its yoke over the world. And, indeed, this is the more natural conclusion from the foregoing calculations; for money, after the conquest of Egypt, seems to have been nearly in as great plenty at Rome as it is at present in the richest of the European kingdoms.

13 This is the case with the bank of Amsterdam.

14 These facts I give upon the authority of Monsieur du Tot in his Reflexions politiques, an author of reputation; though I must confess that the facts which he advances on other occasions are often so suspicious as to make his authority less in this matter. However, the general observation that the augmenting the money in France does not at first proportionably augment the prices is certainly just.

      By the by, this seems to be one of the best reasons which can be given for a gradual and universal augmentation of the money, though it has been entirely overlooked in all those volumes which have been written on that question by Melon, Du Tot, and Paris de Verney. Were all our money, for instance, recoined, and a penny’s worth of silver taken from every shilling, the new shilling would probably purchase everything that could have been bought by the old; the prices of everything would thereby be insensibly diminished; foreign trade enlivened; and domestic industry, by the circulation of a greater number of pounds and shillings, would receive some increase and encouragement. In executing such a project, it would be better to make the new shilling pass for twenty-four half-pence, in order to preserve the illusion, and make it be taken for the same. And as a recoinage of our silver begins to be requisite, by the continual wearing of our shillings and six-pences, it may be doubtful whether we ought to imitate the example in King William’s reign, when the clipped money was raised to the old standard.

15 The Italians gave to the Emperor Maximilian the nickname of Pochi-Danari. None of the enterprises of that prince ever succeeded, for want of money.