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Liverpool has contended that gold has latterly more par- chapter
ticularly constituted the governing standard than silver.
It is certainly true that the two coins have not at all times
constituted a common standard, and that one has occa¬
sionally obtained the superiority of mensuration over the
other; but in every instance where the variation has
occurred it has formed a defect instead of a perfection,
and has arisen solely from the vicious construction of our
circulating system.
So long as the mint proportions continue to be accurate,
and the gold and silver coins continue correspondent with
their mint standard, the one coin is not more the measure
of value than the other; any given quantity of the one
expresses its due quantity of the other, and all prices are
regulated as much by the value of the one as by the value
of the other ; but in every instance, where a departure
is made from the correct proportion which the respective
metals bear to each other in buUion by the partial depre¬
ciation of one coin only, where by the partial depreciation
of the gold currency, a given weight of gold in coin is
made to exchange for a greater weight of silver in coin,
than a similar weight of gold in bullion will exchange for
silver in bullion, or where, by the partial depreciation
of the silver currency, a given weight of silver in coin is
made to exchange for a greater weight of gold in coin,
than a similar weight of silver in bullion will exchange
foi: gold in bullion, a given quantity of the one coin no
longer expresses its due quantity of the other, and prices
are no longer regulated so much by the value of the
one as by the value of the other ; for as individuals will
refuse to part with their produce for a less value than
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