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Lowndes； was at that time rather more than five…and…twenty per
cent below its standard value。 The real exchange； therefore； may
even at that time have been in favour of England； notwithstanding
the computed exchange was so much against it； a smaller number of
ounces of pure silver actually paid in England may have purchased
a bill for a greater number of ounces of pure silver to be paid
in Holland； and the man who was supposed to give may in reality
have got the premium。 The French coin was； before the late
reformation of the English gold coin； much less worn than the
English； and was perhaps two or three per cent nearer its
standard。 If the computed exchange with France； therefore； was
not more than two or three per cent against England； the real
exchange might have been in its favour。 Since the reformation of
the gold coin； the exchange has been constantly in favour of
England； and against France。
Secondly； in some countries； the expense of coinage is
defrayed by the government； in others； it is defrayed by the
private people who carry their bullion to the mint； and the
government even derives some revenue from the coinage。 In
England； it is defrayed by the government； and if you carry a
pound weight of standard silver to the mint； you get back
sixty…two shillings； containing a pound weight of the like
standard silver。 In France； a duty of eight per cent is deducted
for the coinage； which not only defrays the expense of it； but
affords a small revenue to the government。 In England； as the
coinage costs nothing； the current coin can never be much more
valuable than the quantity of bullion which it actually contains。
In France； the workmanship； as you pay for it； adds to the value
in the same manner as to that of wrought plate。 A sum of French
money； therefore； containing a certain weight of pure silver； is
more valuable than a sum of English money containing an equal
weight of pure silver； and must require more bullion； or other
commodities； to purchase it。 Though the current coin of the two
countries； therefore； were equally near the standards of their
respective mints； a sum of English money could not well purchase
a sum of French money containing an equal number of ounces of
pure silver； nor consequently a bill upon France for such a sum。
If for such a bill no more additional money was paid than what
was sufficient to compensate the expense of the French coinage；
the real exchange might be at par between the two countries；
their debts and credits might mutually compensate one another；
while the computed exchange was considerably in favour of France。
If less than this was paid； the real exchange might be in favour
of England； while the computed was in favour of France。
Thirdly； and lastly； in some places； as at Amsterdam；
Hamburg； Venice； etc。； foreign bills of exchange are paid in what
they call bank money； while in others； as at London； Lisbon；
Antwerp； Leghorn； etc。； they are paid in the common currency of
the country。 What is called bank money is always of more value
than the same nominal sum of common currency。 A thousand guilders
in the Bank of Amsterdam； for example； are of more value than a
thousand guilders of Amsterdam currency。 The difference between
them is called the agio of the bank； which； at Amsterdam； is
generally about five per cent。 Supposing the current money of the
two countries equally near to the standard of their respective
mints； and that the one pays foreign bills in this common
currency； while the other pays them in bank money； it is evident
that the computed exchange may be in favour of that which pays in
bank money； though the real exchange should be in favour of that
which pays in current money； for the same reason that the
computed exchange may be in favour of that which pays in better
money； or in money nearer to its own standard； though the real
exchange should be in favour of that which pays in worse。 The
computed exchange； before the late reformation of the gold coin；
was generally against London with Amsterdam； Hamburg； Venice；
and； I believe； with all other places which pay in what is called
bank money。 It will by no means follow； however； that the real
exchange was against it。 Since the reformation of the gold coin；
it has been in favour of London even with those places。 The
computed exchange has generally been in favour of London with
Lisbon； Antwerp； Leghorn； and； if you except France； I believe；
with most other parts of Europe that pay in common currency； and
it is not improbable that the real exchange was so too。
DIGRESSION CONCERNING BANKS OF DEPOSIT； PARTICULARLY CONCERNING
THAT OF AMSTERDAM
The currency of a great state； such as France or England；
generally consists almost entirely of its own coin。 Should this
currency； therefore； be at any time worn； clipt； or otherwise
degraded below its standard value； the state by a reformation of
its coin can effectually re…establish its currency。 But the
currency of a small state； such as Genoa or Hamburg； can seldom
consist altogether in its own coin； but must be made up； in a
great measure； of the coins of all the neighbouring states with
which its inhabitants have a continual intercourse。 Such a state；
therefore； by reforming its coin； will not always be able to
reform its currency。 If foreign bills of exchange are paid in
this currency； the uncertain value of any sum； of what is in its
own nature so uncertain； must render the exchange always very
much against such a state； its currency being； in all foreign
states； necessarily valued even below what it is worth。
In order to remedy the inconvenience to which this
disadvantageous exchange must have subjected their merchants；
such small states； when they began to attend to the interest of
trade； have frequently enacted； that foreign bills of exchange of
a certain value should be paid not in common currency； but by an
order upon； or by a transfer in the books of a certain bank；
established upon the credit； and under the protection of the
state； this bank being always obliged to pay； in good and true
money； exactly according to the standard of the state。 The banks
of Venice； Genoa； Amsterdam； Hamburg； and Nuremberg； seem to have
been all originally established with this view； though some of
them may have afterwards been made subservient to other purposes。
The money of such banks being better than the common currency of
the country； necessarily bore an agio； which was greater or
smaller according as the currency was supposed to be more or less
degraded below the standard of the state。 The agio of the Bank of
Hamburg； for example； which is said to be commonly about fourteen
per cent is the supposed difference between the good standard
money of the state； and the clipt； worn； and diminished currency
poured into it from all the neighbouring states。
Before 1609 the great quantity of clipt and worn foreign
coin； which the extensive trade of Amsterdam brought from all
parts of Europe； reduced the value of its currency about nine per
cent below that of good money fresh from the mint。 Such money no
sooner appeared than it was melted down or carried away； as it
always is in such circumstances。 The merchants； with plenty of
currency； could not always find a sufficient quantity of good
money to pay their bills of exchange； and the value of those
bills； in spite of several regulations which were made to prevent
it； became in a great measure uncertain。
In order to remedy these inconveniences； a bank was
established in 1609 under the guarantee of the city。 This bank
received both foreign coin； and the light and worn coin of the
country at its real intrinsic value in the good standard money of
the country； deducting only so much as was necessary for
defraying the expense of coinage； and the other necessary expense
of management。 For the value which remained； after this small
deduction was made； it gave a credit in its books。 This credit
was called bank money； which； as it represented money exactly
according to the standard of the mint； was always of the same
real value； and intrinsically worth more than current money。 It
was at the same time enacted； that all bills drawn upon or
negotiated at Amsterdam of the value of six hundred guilders and
upwards should be paid in bank money； which at once took away all
uncertainty in the value of those bills。 Every merchant； in
consequence of this regulation； was obliged to keep an account
with the bank in order to pay his foreign bills of exchange；
which necessarily occasioned a certain demand for bank money。
Bank money； over and above its intrinsic superiority to
currency； and the additional value which this demand necessarily
gives it； has likewise some other advantages。 It is secure from
fire； robbery； and other accidents； the city of Amsterdam is
bound for it； it can be paid away by a simple transfer； without
the trouble of counting； or the risk of transporting it from one
place to another。 In consequence of those different advantag