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place to another。 In consequence of those different advantages；
it seems from the beginning to have borne agio； and it is
generally believed that all the money originally deposited in the
bank was allowed to remain there； nobody caring to demand payment
of a debt which he could sell for a premium in the market。 By
demanding payment of the bank； the owner of a bank credit would
lose this premium。 As a shilling fresh from the mint will buy no
more goods in the market than one of our common worn shillings；
so the good and true money which might be brought from the
coffers of the bank into those of a private person； being mixed
and confounded with the common currency of the country； would be
of no more value than that currency from which it could no longer
be readily distinguished。 While it remained in the coffers of the
bank； its superiority was known and ascertained。 When it had come
into those of a private person； its superiority could not well be
ascertained without more trouble than perhaps the difference was
worth。 By being brought from the coffers of the bank； besides； it
lost all the other advantages of bank money； its security； its
easy and safe transferability； its use in paying foreign bills of
exchange。 Over and above all this； it could not be brought from
those coffers； as it will appear by and by； without previously
paying for the keeping。
Those deposits of coin； or those deposits which the bank was
bound to restore in coin； constituted the original capital of the
bank； or the whole value of what was represented by what is
called bank money。 At present they are supposed to constitute but
a very small part of it。 In order to facilitate the trade in
bullion； the bank has been for these many years in the practice
of giving credit in its books upon deposits of gold and silver
bullion。 This credit is generally about five per cent below the
mint price of such bullion。 The bank grants at the same time what
is called a recipe or receipt； entitling the person who makes the
deposit； or the bearer； to take out the bullion again at any time
within six months； upon re…transferring to the bank a quantity of
bank money equal to that for which credit had been given in its
books when the deposit was made； and upon paying one…fourth per
cent for the keeping； if the deposit was in silver； and one…half
per cent if it was in gold； but at the same time declaring that；
in default of such payment； and upon the expiration of this term；
the deposit should belong to the bank at the price at which it
had been received； or for which credit had been given in the
transfer books。 What is thus paid for the keeping of the deposit
may be considered as a sort of warehouse rent； and why this
warehouse rent should be so much dearer for gold than for silver；
several different reasons have been assigned。 The fineness of
gold； it has been said； is more difficult to be ascertained than
that of silver。 Frauds are more easily practised； and occasion a
greater loss in the more precious metal。 Silver； besides； being
the standard metal； the state； it has been said； wishes to
encourage more the making of deposits of silver than those of
gold。
Deposits of bullion are most commonly made when the price is
somewhat lower than ordinary； and they are taken out again when
it happens to rise。 In Holland the market price of bullion is
generally above the mint price； for the same reason that it was
so in England before the late reformation of the gold coin。 The
difference is said to be commonly from about six to sixteen
stivers upon the mark； or eight ounces of silver of eleven parts
fine and one part alloy。 The bank price； or the credit which the
bank gives for deposits of such silver （when made in foreign
coin； of which the fineness is well known and ascertained； such
as Mexico dollars）； is twenty…two guilders the mark； the mint
price is about twenty…three guilders； and the market price is
from twenty…three guilders six to twenty…three guilders sixteen
stivers； or from two to three per cent above the mint price。* The
proportions between the bank price； the mint price； and the
market price of gold bullion are nearly the same。 A person can
generally sell his receipt for the difference between the mint
price of bullion and the market price。 A receipt for bullion is
almost always worth something； and it very seldom happens；
therefore； that anybody suffers his receipt to expire； or allows
his bullion to fall to the bank at the price at which it had been
received； either by not taking it out before the end of the six
months； or by neglecting to pay the one…fourth or one…half per
cent in order to obtain a new receipt for another six months。
This； however； though it happens seldom； is said to happen
sometimes； and more frequently with regard to gold than with
regard to silver； on account of the higher warehouse…rent which
is paid for the keeping of the more precious metal。 * The
following are the prices at which the Bank of Amsterdam at
present （September； 1775） receives bullion and coin of different
kind：…
SILVER
Mexico dollars Guilders B…22 per mark
French crowns Guilders B…22 per mark
English silver coin Guilders B…22 per mark
Mexico dollars new coin 21 10
Ducatoons 3
Rix dollars 2 8
Bar silver containing eleven…twelfths fine silver 21 per
mark； and in this proportion down to 1/4 fine； on which 5
guilders are given。
Fine bars； 93 per mark。
GOLD
Portugal coin B…310 per mark
Guineas B…310 per mark
Louis d'ors new B…310 per mark
Ditto old 300
New ducats 4 19 8 per ducat
Bar or ingot gold is received in proportion to its fineness
compared with the above foreign gold coin。 Upon fine bars the
bank gives 340 per mark。 In general； however； something more is
given upon coin of a known fineness； than upon gold and silver
bars； of which the fineness cannot be ascertained but by a
process of melting and assaying。
The person who by making a deposit of bullion obtains both a
bank credit and receipt； pays his bills of exchange as they
become due with his bank credit； and either sells or keeps his
receipt according as he judges that the price of bullion is
likely to rise or to fall。 The receipt and the bank credit seldom
keep long together； and there is no occasion that they should。
The person who has a receipt； and who wants to take out bullion；
finds always plenty of bank credits； or bank money to buy at the
ordinary price； and the person who has bank money； and wants to
take out bullion； finds receipts always in equal abundance。
The owners of bank credits； and the holders of receipts；
constitute two different sorts of creditors against the bank。 The
holder of a receipt cannot draw out the bullion for which it is
granted； without reassigning to the bank a sum of bank money
equal to the price at which the bullion had been received。 If he
has no bank money of his own； he must purchase it of those who
have it。 The owner of bank money cannot draw out bullion without
producing to the bank receipts for the quantity which he wants。
If he has none of his own； he must buy them of those who have
them。 The holder of a receipt； when he purchases bank money；
purchases the power of taking out a quantity of bullion； of which
the mint price is five per cent above the bank price。 The agio of
five per cent therefore； which he commonly pays for it； is paid
not for an imaginary but for a real value。 The owner of bank
money； when he purchases a receipt； purchases the power of taking
out a quantity of bullion of which the market price is commonly
from two to three per cent above the mint price。 The price which
he pays for it； therefore； is paid likewise for a real value。 The
price of the receipt； and the price of the bank money； compound
or make up between them the full value or price of the bullion。
Upon deposits of the coin current in the country； the bank
grants receipts likewise as well as bank credits； but those
receipts are frequently of no value； and will bring no price in
the market。 Upon ducatoons； for example； which in the currency
pass for three guilders three stivers each； the bank gives a
credit of three guilders only； or five per cent below their
current value。 It grants a receipt likewise entitling the bearer
to take out the number of ducatoons deposited at any time within
six months； upon paying one…fourth per cent for the keeping。 This
receipt will frequently bring no price in the market。 Three
guilders bank money generally sell in the market for three
guilders three stivers； the full value of the ducatoons； if they
were taken out of the bank； and before they can be taken out；
one…fourth per cent must be paid for the keeping； which would be
mere loss to the holder of the receipt。 If the agio of the bank；
however； should at