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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 any time fall to three per cent such receipts
might bring some price in the market； and might sell for one and
three…fourths per cent。 But the agio of the bank being now
generally about five per cent such receipts are frequently
allowed to expire； or as they express it； to fall to the bank。
The receipts which are given for deposits of gold ducats fall to
it yet more frequently； because a higher warehouse…rent； or
one…half per cent must be paid for the keeping of them before
they can be taken out again。 The five per cent which the bank
gains； when deposits either of coin or bullion are allowed to
fall to it； may be considered as the warehouse…rent for the
perpetual keeping of such deposits。
The sum of bank money for which the receipts are expired
must be very considerable。 It must comprehend the whole original
capital of the bank； which； it is generally supposed； has been
allowed to remain there from the time it was first deposited；
nobody caring either to renew his receipt or to take out his
deposit； as； for the reasons already assigned； neither the one
nor the other could be done without loss。 But whatever may be the
amount of this sum； the proportion which it bears to the whole
mass of bank money is supposed to be very small。 The Bank of
Amsterdam has for these many years past been the great warehouse
of Europe for bullion； for which the receipts are very seldom
allowed to expire； or； as they express it； to fall to the bank。
far greater part of the bank money； or of the credits upon the
books of the bank； is supposed to have been created； for these
many years past； by such deposits which the dealers in bullion
are continually both making and withdrawing。
No demand can be made upon the bank but by means of a recipe
or receipt。 The smaller mass of bank money； for which the
receipts are expired； is mixed and confounded with the much
greater mass for which they are still in force； so that； though
there may be a considerable sum of bank money for which there are
no receipts； there is no specific sum or portion of it which may
not at any time be demanded by one。 The bank cannot be debtor to
two persons for the same thing； and the owner of bank money who
has no receipt cannot demand payment of the bank till he buys
one。 In ordinary and quiet times； he can find no difficulty in
getting one to buy at the market price； which generally
corresponds with the price at which he can sell the coin or
bullion it entities him to take out of the bank。
It might be otherwise during a public calamity； an invasion；
for example； such as that of the French in 1672。 The owners of
bank money being then all eager to draw it out of the bank； in
order to have it their own keeping； the demand for receipts might
raise their price to an exorbitant height。 The holders of them
might form expectations； and； instead of two or three per cent；
demand half the bank money for which credit had been given upon
the deposits that the receipts had respectively been granted for。
The enemy； informed of the constitution of the bank； might even
buy them up； in order to prevent the carrying away of the
treasure。 In such emergencies； the bank； it is supposed； would
break through its ordinary rule of making payment only to the
holders of receipts。 The holders of receipts； who had no bank
money； must have received within two or three per cent of the
value of the deposit for which their respective receipts had been
granted。 The bank； therefore； it is said； would in this case make
no scruple of paying； either with money or bullion； the full
value of what the owners of bank money who could get no receipts
were credited for in its books； paying at the same time two or
three per cent to such holders of receipts as had no bank money；
that being the whole value which in this state of things could
justly be supposed due to them。
Even in ordinary and quiet times it is the interest of the
holders of receipts to depress the agio； in order either to buy
bank money （and consequently the bullion； which their receipts
would then enable them to take out of the bank） so much cheaper；
or to sell their receipts to those who have bank money； and who
want to take out bullion； so much dearer； the price of a receipt
being generally equal to the difference between the market price
of bank money； and that of the coin or bullion for which the
receipt had been granted。 It is the interest of the owners of
bank money； on the contrary； to raise the agio； in order either
to sell their bank money so much dearer； or to buy a receipt so
much cheaper。 To prevent the stock…jobbing tricks which those
opposite interests might sometimes occasion； the bank has of late
years come to the resolution to sell at all times bank money for
currency； at five per cent agio； and to buy it in again at four
per cent agio。 In consequence of this resolution； the agio can
never either rise above five or sink below four per cent； and the
proportion between the market price of bank and that of current
money is kept at all times very near to the proportion between
their intrinsic values。 Before this resolution was taken； the
market price of bank money used sometimes to rise so high as nine
per cent agio； and sometimes to sink so low as par； according as
opposite interests happened to influence the market。
The Bank of Amsterdam professes to lend out no part of what
is deposited with it； but； for every guilder for which it gives
credit in its books； to keep in its repositories the value of a
guilder either in money or bullion。 That it keeps in its
repositories all the money or bullion for which there are
receipts in force； for which it is at all times liable to be
called upon； and which； in reality； is continually going from it
and returning to it again； cannot well be doubted。 But whether it
does so likewise with regard to that part of its capital； for
which the receipts are long ago expired； for which in ordinary
and quiet times it cannot be called upon； and which in reality is
very likely to remain with it for ever； or as long as the States
of the United Provinces subsist； may perhaps appear more
uncertain。 At Amsterdam； however； no point of faith is better
established than that for every guilder； circulated as bank
money； there is a correspondent guilder in gold or silver to be
found in the treasure of the bank。 The city is guarantee that it
should be so。 The bank is under the direction of the four
reigning burgomasters who are changed every year。 Each new set of
burgomasters visits the treasure； compares it with the books；
receives it upon oath； and delivers it over； with the same awful
solemnity； to the set which succeeds； and in that sober and
religious country oaths are not yet disregarded。 A rotation of
this kind seems alone a sufficient security against any practices
which cannot be avowed。 Amidst all the revolutions which faction
has ever occasioned in the government of Amsterdam； the
prevailing party has at no time accused their predecessors of
infidelity in the administration of the bank。 No accusation could
have affected more deeply the reputation and fortune of the
disgraced party； and if such an accusation could have been
supported； we may be assured that it would have been brought。 In
1672； when the French king was at Utrecht； the Bank of Amsterdam
paid so readily as left no doubt of the fidelity with which it
had observed its engagements。 Some of the pieces which were then
brought from its repositories appeared to have been scorched with
the fire which happened in the town…house soon after the bank was
established。 Those pieces； therefore； must have lain there from
that time。
What may be the amount of the treasure in the bank is a
question which has long employed speculations of the curious。
Nothing but conjecture can be offered concerning it。 It is
generally reckoned that there are about two thousand people who
keep accounts with the bank； and allowing them to have； one with
another； the value of fifteen hundred pounds sterling lying upon
their respective accounts （a very large allowance）； the whole
quantity of bank money； and consequently of treasure in the bank；
will amount to about three millions sterling； or； at eleven
guilders the pound sterling； thirty…three millions of guilders… a
great sum； and sufficient to carry on a very extensive
circulation； but vastly below the extravagant ideas which some
people have formed of this treasure。
The city of Amsterdam derives a considerable revenue from
the bank。 Besides what may be called the warehouse…rent above
mentioned； each person； upon first opening an account with the
bank； pays a fee of ten guilders； and for every new account three
guilders three stivers； for every transfer two stivers； and if
the transfer is for less than three hundred guilders； six
stivers； in order to discourage the multiplicity of small
trans