That the scheme is similar, though not the same with 602 that of Lowndes, Lowndes reasoned upon wrong principles, —— Locke attended to supporting the standard, without —— attending to the consequences, Political circumstances are greatly changed, 604 Reconciliation of the two opinions, 606 The question in dispute is not understood, 607 The true characteristic of a change upon the standard —— is not attended to, Principles will not operate their effects without the 608 assistance of the state, When people understand one another, they soon agree, —— Permanent contracts are confounded with sale in the 609 dispute, The interest of creditors is always the predominant, 611 and determines the opinion of a nation, Application of principles to the operation the Dutch 612 have lately made upon their coin, All decisions in political questions depend upon 613 circumstances, CHAP. XIII. In what sense the standard may be said to have 614 been debased by law; and in what sense it may be said to have suffered a gradual debasement by the operation of political causes, These proportions appear contradictory, —— Debased by law, when affixed to the gold, 615 Effects which the changing the proportion of the metals —— has upon melting the coin, and regulating payments, Payments made by bankers regulate all others, —— The standard gradually debased by the rising of the 616 silver, The proportion of the metals in 1728, supposed to have —— been as 15.21 is to 1., By what progression the silver standard has been —— debased, The standard of Elizabeth, for the pound sterling, was 617 1718.7 grains silver, and 157.6 ditto gold, both fine, The gold standard of her pound worth, at present, —— 2285.5 grains fine silver, The variation of the metals has produced three —— different standards of Elizabeth, One worth £ 1 0 11⅜ present currency, 618 Another worth £ 1 7 10⅞ ditto, —— And a third worth £ 1 4 5⅛ ditto, —— The last is the true standard of Elizabeth for the —— pound sterling, and worth at present 2002 grains fine silver, and 138 ditto gold, But may vary at every moment, 619