irst, who shall pay the expense of the recoinage? Shall the
Government pay the expense, or shall the owner of the coin, who is to
obtain good coin for evil?

"Again, this matter applieth not to one man but to many men. Now if one
half the tradesmen of England rush to us with their coin for reminting,
surely the trade of the country will have left not sufficient medium
with which to prosper. This I take to be the second part of this
problem.

"There be certain persons of the realm who claim that we may keep our
present money as it is, but mark from its face a certain amount of
value. Look you, now, this were a small thing; yet, in my mind, it
clearly seemeth dishonesty. For, if I owe my neighbor a debt, let us say
for an hundred sovereigns, shall I not be committing injustice upon my
neighbor if I pay him an hundred sovereigns less that deduction which
the realm may see fit thus to impose upon the face of my sovereign?
This, in justice, sirs, I hold it to be not the part of science, nor the
part of honesty, neither of statesmanship, to endorse."

"Sir Isaac," cried Montague, striking his nervous hands upon the table,
"recoin we must. But how, and, as you say, at whose expense? We are as
far now from a plan as when we started. We but multiply difficulties.
What we need now is not so much negative measures as positive ones. We
must do this thing, and we must do it promptly. The question is still
of how it may best be done. Mr. Law, by your leave and by the leave of
these gentlemen here present, I shall take the liberty of asking you if
there doth occur to your mind any plan by which we may be relieved of
certain of these difficulties. I am aware, sir, that you are much a
student in these matters."

A grave silence fell upon all. John Law, young, confident and arrogant
in many ways as he was, none the less possessed sobriety and depth of
thought, just as he possessed the external dignity to give it fitting
vehicle. He gazed now at the men before him, not with timorousness or
trepidation. His face was grave, and he returned their glances calmly as
he rose and made the speech which, unknown to himself, was presently to
prove so important in his life.

"My Lords," said he, "and gentlemen of this council, I am ill-fitted to
be present here, and ill-fitted to add my advice to that which has been
given. It is not for me to go beyond the purpose of this meeting, or to
lay before you certain plans of my own regarding the credi