6 livres (seven hundred and
eighty-four livres and twelve sous); gold was to silver, then, as 14.63
to 1. And if this was different from the proportion at the markets of
Europe, the true value of your livre stood half way between the two
standards. By the ordinance of October the 30th, 1785, the marc of pure
gold has been cut into 828.6 livres. If your standard had been in gold
alone, this would have reduced the value of the livre, in the proportion
of 828.6 to 784.6. But as you had a standard of silver as well as gold,
the true standard is the medium between the two; consequently, the value
of the livre is reduced only one half the difference, that is, as 806.6
to 784.6, which is very nearly three per cent. Commerce, however, has
made a difference of four per cent., the average value of the pound
sterling, formerly twenty-four livres, being now twenty-five livres.
Perhaps some other circumstance has occasioned an addition of one per
cent, to the change of your standard.
I fear I have tired you by these details. I did not mean to be so
lengthy when I began. I beg you to consider them as an appeal to your
judgment, which I value, and from which I will expect a correction, if
they are wrong.
Pages:
964
965
966
967
968
969
970
971
972
973
974
975
976
977
978
979
980
981
982
983
984
985
986
987
988