is evident that a guinea might sometimes pass for 22 s. or more, and sometimes for 18 s. or less, depending entirely on the alteration in the relative market value of gold and silver. All the variations too in the value of gold, as well as in the value of silver, would be rated in the gold coin,—it would appear as if silver was invariable, and that gold only was subject to rise or fall. Thus, although a guinea passed for 22 s. instead of 18 s. gold might not have varied in value, the variation might have been wholly confined to the silver, and therefore 22 s. might have been of no more value than 18 s. were before. And on the contrary, the whole variation might have been in the gold: a guinea, which was worth 18 s. might have risen to the value of 22 s.
If now we suppose this silver currency to be debased by clipping, and also increased in quantity, a guinea might pass for 30s.; for the silver in 30s. of such debased money might be of no more value than the gold in one guinea. By restoring the silver currency to its mint value, silver money would rise; but it would appear as if gold fell, for a guinea would probably be of no more value than 21 of such good shillings.