Page:History of England (Macaulay) Vol 5.djvu/107

 fourth of May, a date long remembered over the whole kingdom and especially in the capital, was fixed as the day on which the government would cease to receive the clipped money in payment of taxes.[648]

The principles of the Recoinage Act are excellent. But some of the details, both of that Act and of a supplementary Act which was passed at a later period of the session, seem to prove that Montague had not fully considered what legislation can, and what it cannot, effect. For example, he persuaded the Parliament to enact that it should be penal to give or take more than twenty- two shillings for a guinea. It may be confidently affirmed that this enactment was not suggested or approved by Locke. He well knew that the high price of gold was not the evil which afflicted the State, but merely a symptom of that evil, and that a fall in the price of gold would inevitably follow, and could by no human power or ingenuity be made to precede, the recoinage of the silver. In fact, the penalty seems to have produced no effect whatever, good or bad. Till the milled silver was in circulation, the guinea continued, in spite of the law, to pass for thirty shillings. When the milled silver became plentiful, the guinea fell, not to twenty-two shillings, which was the highest price allowed by the law, but to twenty-one shillings and sixpence.[649]

Early in February the panic which had been caused by the first debates on the currency subsided; and, from that time till the fourth of May, the want of money was not very severely