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If the government, for example, should decree that an ox should be given for a sheep, and a sheep for a hat or a pair of stockings, its folly would be laughed at, its unjust interference would excite our indignation, and its decrees would be despised and disobeyed. The same would be the case with all other similar commodities; and what is there then in the nature of gold and silver which should release them from this general law,…
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It has therefore been justly observed that however honestly the coin of a country may conform to its standard, money made of gold and silver is still liable to fluctuations in value, not only to accidental, and temporary, but to permanent and natural variations, in the same manner as other commodities.
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