CHiP. IX. TAXATION. 



without some limitation, or at least some exami- 

 nation. The administration of the Roman em- 

 perors may have been one cause of the amazing 

 desolation which had become so obvious before 

 the footsteps of the Barbarians had been seen in 

 Italy ; but another cause had been operating, 

 which, from its secrecy, or its almost impercep- 

 tible progress, may have equally escaped the 

 observation of the government, and the notice 

 of the historians of their deeds. While the pro- 

 duction of the precious metals from the mines 

 had ceased, and the countries near to the mines 

 had poured the whole, or the greatest part, of 

 their ancient and long accumulation into the 

 universal empire, there would be a consumption, 

 a decay of the quantity of gold and silver in 

 constant progress, which, by lowering the metallic 

 price of all other commodities, would check that 

 industry by which alone a country can continue 

 to prosper. 



This cause it is indeed difficult to weigh, and 

 yet in the period now under our review, it must 

 have operated with prodigious force. It may 

 not therefore be improper to attempt an estima- 

 tion of the effect that must have been produced 

 by it. 



If we could obtain any certain data, the dif- 

 ficulty would be much diminished. If we could 

 ascertain the quantity of gold and silver coin in 

 circulation, at any precise period, we might cal- 



