It would be foreign to the present purpose to enter into a particular disquisition, in order to shew the difference between the political state of England then, and at present: let it suffice to remark in general,
I. That there was then no possibility of determining what the current value of a pound sterling was. It varied every month, and was daily declining. At present it is nearly of the same standard as it has been for many years.
II. The money-unit then had nothing to preserve it at any determinate value. The silver, to which it was affixed, was clipped three times in a year, while the gold sought its value as a commodity. At present the gold cannot vary: the guinea is fixed, and must pass for 21 shillings, let the silver be ever so light; and this gives a determinate value to the pound sterling.
III. In 1695, the whole disorder had been coming on with rapidity; at present it has advanced with imperceptible steps: consequently,
IV. At that time the number of permanent contracts which stretched beyond the æra of the debasement of the standard, were many; at present they are few.
V. In 1695, a money’d interest was hardly known. The rich had their money in their chests; now they have it in their pocket-book.
VI. The different between the currency and the legal standard in 1695, was one half: at present it is one twentieth.
VII. The debts of the nation did not then exceed 12 millions: now they exceed 140[[V]].
[V]. In 1766.
VIII. Many sums then had been borrowed on assignments of certain branches of the excise, the amount of which was uncertain, and deficiencies (which in such cases are unavoidable) were not made good to the creditors. At present all is paid in determinate sums of pounds sterling.