Page:Essays on Political Economy (Bastiat).djvu/175

 quarter of corn, which was worth twenty francs, is now worth thirty;" and this will be correct, for it is the value of the corn which has varied, and language agrees with the fact. But let us reverse the supposition: let us suppose that all the circumstances relative to corn remain the same, and that half of all the gold in existence is swallowed up; this time it is the price of gold which will rise. It would seem that we ought to say,&mdash;"This Napoleon, which was worth twenty francs, is now worth forty." Now, do you know how this is expressed? Just as if it was the other objects of comparison which had fallen in price, it is said,&mdash;"Corn, which was worth twenty francs, is now only worth ten."

B. It all comes to the same thing in the end.

F. No doubt; but only think what disturbances, what cheatings are produced in exchanges, when the value of the medium varies, without our becoming aware of it by a change in the name. Old pieces are issued, or notes bearing the name of twenty francs, and which will bear that name through every subsequent depreciation. The value will be reduced a quarter, a half, but they will still be called pieces or notes of twenty francs. Clever persons will take care not to part with their goods unless for a larger number of notes&mdash;in other words, they will ask forty francs for what they would formerly have sold for twenty; but simple persons will be taken in. Many years must pass before all the values will find their proper level. Under the influence of ignorance and custom, the day's pay of a country