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CHAPTER antecedently to the depreciation, prices will rise in pro¬
portion as it proceeds, and the deteriorated coin will
invariably assume the superiority of mensuration,

A partial depreciation of any one coin, and a consequent
departure from the proportion which the respective metals
bear to each other in bullion, may be effected by the five
following irregularities :

By an original inaccuracy in the mint adjustment.

By an inaccuracy subsequently growing out of the mint
adjustment, from a gradual alteration in the value of the
metal of which the coin is composed.

By an improper rise in the nominal value of one coin
without a similar rise in the nominal value of the others.

By the debasement of a particular coin by the autho¬
rity of government.

By the debasement of a particular coin by the illicit
practices of the people.

The partial depreciation of a coin may be effected by
an original inaccuracy in the mint regulations, w^hich may
assign a greater proportion of one metal to be given for
another than their relative value in bullion directs ; and
it has been contended, that the mint regulations of 1717,
when the existing proportions of our coins were estab¬
lished, were founded in error ; that a given weight of
gold in coin was made to exchange for a greater quantity
of silver in coin, by two per cent., than a similar weight
of gold in bullion would exchange for silver in bulhon;
and that our gold has consequently since formed the
deteriorated coin. But though the opinion may be cor¬
rect, that according to the relative value of gold to silver,