April — sept. 1859.] Ancient and Modem times. 109 



Interference with the currency has sometimes been dictated by 

 the distress of large numbers of subjects. In ancient times espe- 

 cially, the extent of debt and the severity of the law, (when the 

 creditors were also the law makers) rendered relief, complete or 

 partial, of debtors a necessary preliminary to any constitutional 

 reform. No improved system of government could be stable, 

 while the mass of the people was plunged in hopeless pauperism 

 and inextricable debt. While the constitution remained unchang- 

 ed, habit and the conservative principle which exists to a greater 

 or less degree in every people might preserve the impoverished 

 masses from taking the law into their own hands, and relieving 

 themselves simultaneously of their creditors and their debts. But 

 a wise legislator or reformer proposing to himself to effect exten- 

 sive alterations in the Constitution of a State, would not risk the 

 downfall of his newly-raised political structure, the supervention 

 of utter anarchy, by leaving large numbers of the people in hope- 

 less misery ; while his very improvements broke their habit of 

 submission to government, and impaired the conservative principle 

 by the exhibition of important and perhaps sweeping reforms. 

 The example of change would soon be followed by thousands ac- 

 tuated not by enlightened political views, but by the pressure of 

 want and the prospect of enfranchisement from their hopeless 

 pecuniary thraldom. 



Accordingly the great Athenian legislator commenced his poli- 

 tical reforms by the relief of debtors. This he effected by a quan- 

 titative depreciation. He coined into 100 drachmae the weight of 

 silver which had previously made 73. This is so unlikely a num- 

 ber to have been selected that we are justified in believing that 

 Solon intended to reduce debts by a quarter, and that 73 was an 

 accidental substitution in the mint for 75. The mistake was not 

 corrected ; and even the Macedonian gold coin which was struck 

 after the Athenian standard retained the Athenian error. 



After the time of Alexander the Great, the drachma — the Greek 

 standard coin underwent the ordinary kind of depreciation. The 

 weight was reduced from 66'5 grains to 63. 



The first depreciation in the Roman coin was effected by the 

 State shortly after the commencement of the First Punic War. 



