[Footnote 49: I have collected these pecuniary circumstances
from Pachymer, (l. xi. c. 21, l. xii. c. 4, 5, 8, 14, 19,)
who describes the progressive degradation of the gold coin.
Even in the prosperous times of John Ducas Vataces, the
byzants were composed in equal proportions of the pure and
the baser metal. The poverty of Michael Palaeologus
compelled him to strike a new coin, with nine parts, or
carats, of gold, and fifteen of copper alloy. After his
death, the standard rose to ten carats, till in the public
distress it was reduced to the moiety. The prince was
relieved for a moment, while credit and commerce were
forever blasted. In France, the gold coin is of twenty-two
carats, (one twelfth alloy,) and the standard of England and
Holland is still higher.]