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Even before the late recoinage of the gold, therefore, the coin,

gold and silver together, when compared with silver bullion, was

not supposed to be more than eight per cent. below its standard

value, In 1695, on the contrary, it had been supposed to be near

five-and-twenty per cent. below that value. But in the beginning

of the present century, that is, immediately after the great

recoinage in King William's time, the greater part of the current

silver coin must have been still nearer to its standard weight

than it is at present. In the course of the present century, too,

there has been no great public calamity, such as a civil war,

which could either discourage tillage, or interrupt the interior

commerce of the country.