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CHAPTER   v.

On Lord Liverpool's Letter to the King.

CHAPTER It may, perhaps, have appeared singular, that in treating
^'* on the fluctuation of the market price of money above
and below its mint price, I should not have more particu¬
larly alluded to the letter which Lord Liverpool has
addressed to the King on the coins of the realm : but as
Lord Liverpool has long regulated the mint of this coun¬
try, and been long regarded as conclusive authority on
the relation which the respective coins bear to each other,
his letter appeared to me to be peculiarly deserving of a
distinct examination.

The principles of coinage which he has attempted to
establish are,

That the coins which are the principal measure of
property should be made of one metal only.

That the coins which are to be the principal measure
of property in this kingdom should be made of gold.

And that the expense of fabrication should be taken
out of the silver and copper coins.

An opinion has very generally prevailed among poli¬
tical writers that one metal has at all times more particu¬
larly constituted the ruling standard of value than another.
It was formerly conceived that silver more particularly
constituted   the   ruling standard  than gold;   but Lord