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An unsuccessful war, for example, in which the enemy got

possession of the capital, and consequently of that treasure

which supported the credit of the paper money, would occasion a

much greater confusion in a country where the whole circulation

was carried on by paper, than in one where the greater part of it

was carried on by gold and silver. The usual instrument of

commerce having lost its value, no exchanges could be made but

either by barter or upon credit. All taxes having been usually

paid in paper money, the prince would not have wherewithal either

to pay his troops, or to furnish his magazines; and the state of

the country would be much more irretrievable than if the greater

part of its circulation had consisted in gold and silver.