CHAP. XXVIII. TO OTHER PRECIOUS METALS. 357 



precious metals from being converted into coin. 

 In the other parts of the world no such tax 

 exists. In times of great agitation and inse- 

 curity, especially during internal commotions or 

 invasions, gold and silver articles are rapidly con- 

 verted into money; whilst, during periods of tran- 

 quillity and prosperity, money is converted into 

 plate and jewellery. In the latter case confidence 

 gives currency to various substitutes for coined 

 money, and its use may be greatly abbreviated ; 

 but in the former case nothing can be used as a 

 substitute, since the credit of public or private 

 institutions of a banking nature, from whence 

 such substitutes can alone originate, can never 

 enter into an equal competition with metallic 

 money. 



