ent. against Spain. It
indicates that the level of currency is higher than it should be in
those countries, and the comparative value of their currencies, and that
of England, would be immediately restored to par, by abstracting from
theirs, or by adding to that of England.

Those who maintained that our currency was depreciated during the last
ten years, when the exchange varied from 20 to 30 per cent. against this
country, have never contended, as they have been accused of doing, that
money could not be more valuable in one country than another, as
compared with various commodities; but they did contend, that 130_l._
could not be detained in England, when it was of no more value,
estimated in the money of Hamburgh, or of Holland, than 100_l._

By sending 130_l._ good English pounds sterling to Hamburgh, even at an
expense of 5_l._, I should be possessed there of 125_l._; what then
could make me consent to give 130_l._ for a bill which would give me
100_l._ in Hamburgh, but that my pounds were not good pounds
sterling?--they were deteriorated, were degraded in intrinsic value
below the pounds sterling of Hamburgh, and if actually sent there, at an
expense of 5_l._, would sell only for 100_l._ With metallic pounds
sterling, it is not denied that my 130_l._ would procure me 125_l._ in
Hamburgh, but with paper pounds sterling I can only obtain 100_l._; and
yet it is maintained that 130_l._ in paper, is of equal value with
130_l._ in silver or gold.

Some indeed more reasonably maintained, that 130_l._ in paper was not of
equal value with 130_l._ in metallic money; but they said that it was
the metallic money which had changed its value, and not the paper money.
They wished to confine the meaning of the word depreciation to an actual
fall of value, and not to a comparative difference between the value of
money, and the standard by which by law it is regulated. One hundred
pounds of English money was formerly of equal value with, and could
purchase 100_l._ of Hamburgh money: in any other country a bill of
100_l._ on England, or on Hamburgh, could purchase precisely the same
quantity of commodities. To obtain the same things, I was lately obliged
to give 130_l._ English money, when Hamburgh could obtain them for
100_l._ Hamburgh money. If English money was of the same value then as
before, Hamburgh money must have risen in value. But where is the proof
of this? How is it to be ascertained whether English money has fallen,