The government alone having the right of coinage, the need of money would give the circulating medium a monopoly value.

The value of the money would rise.

When it had risen until the coin would buy any more than one-ninth more bullion than was in it, the citizens would begin to take metal to the mint.

After the ten per cent charge was taken out they would receive a coin which, the containing one-tenth less bullion, would be worth very nearly the same as the metal taken to the mint.

No considerable depreciation could take place unless the volume of business fell off so that less money was needed than before.