^48
 

XI.
 

CHAPTER XI.

On the Causes of the Depreciaiio?i of Money.

HAPTER If the general reasoning contained in the preceding
part of this inquiry be founded in truth, it is evident that
at one and the same period the same sum has been uni¬
formly made to measure the same value, exclusively of the"
charge of transit, in every part of the world; but as va¬
rious impediments have operated to disqualify the same
sum from measuring the same value at different periods,
I shall endeavour to state the causes and effects of this
disparity, and point out the reform, which it is requisite
to make in the circulating system of Europe for its future
prevention. In this investigation, however, it is only
necessary to illustrate the alteration, which has ensued
from the progressive reduction in the value of money, as
no instance has occurred of any alteration from a progres¬
sive advancement.

In every period of history, from the conquest to the
present times, the value of money has sustained a gradual
depreciation: but as the depreciation has resulted from
distinct causes in distinct ages of our history, I shall
divide the whole epoch into three periods ; from William
the First to Elizabeth, from Elizabeth to the Revolution,
and from the Revolution to the present times.