Now this is exactly the effect of the late change in the quantity of gold contained in your louis. Your _marc d'argent fin_ is cut into 53.45 livres (fifty-three livres and nine sous), the _marc de l'or fin_ was cut, heretofore, by law, into 784.6 livres (seven hundred and eighty-four livres and twelve sous); gold was to silver then as 14.63 to 1. And if this was different from the proportion at the markets of Europe, the true value of your livre stood half way between the two standards. By the ordinance of October the 30th, 1785, the _marc_ of pure gold has been cut into 828.6 livres. If your standard had been in gold alone, this would have reduced the value of your livre in the proportion of 828.6 to 784.6. But as you had a standard of silver as well as gold, the true standard is the medium between the two; consequently the value of the livre is reduced only one-half the difference, that is, as 806.6 to 784.6, which is very nearly three per cent. Commerce, however, has made a difference of four per cent., the average value of the pound sterling, formerly twenty-four livres, being now twenty-five livres. Perhaps some other circumstance has occasioned an addition of one per cent. to the change of your standard. I fear I have tired you by these details. I did not mean to be so lengthy when I began. I beg you to consider them as an appeal to your judgment, which I value, and from which I will expect a correction, if they are wrong. I have the honor to be, with very great esteem and attachment, dear Sir, your most obedient, and most humble servant. TO THE MARQUIS DE LA FAYETTE Paris, May 6, 1789.