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for the same reason will lower the foreign exchanges； but this
will only be a nominal； not a real fall； and will not occasion
the exportation of bullion； because the real value of bullion
will not be diminished； as there will be no increase to the
quantity in the market。
4。 Strictly speaking； there can be no permanent measure of value。
A measure of value should itself be invariable； but this is not
the case with either gold or silver； they being subject to
fluctuations as well as other commodities。 Experience has indeed
taught us； that though the variations in the value of gold or
silver may be considerable； on a comparison of distant periods；
yet for short spaces of time their value is tolerably fixed。 It
is this property； among their other excellencies； which fits them
better than any other commodity for the uses of money。 Either
gold or silver may therefore； in the point of view in which we
are considering them； be called a measure of value。
5。 When the gold coin was debased； previously to the re…coinage
in 1774； gold and silver bullion rose above their mint prices；
and fell immediately on the gold coin attaining its present
perfection。 The exchanges were； owing to the same causes； from
being unfavourable rendered favourable。
6。 An excess in the market above the mint price of gold or silver
bullion； may； whilst the coins of both metals are legal tender；
and there is no prohibition against the coinage of either metal；
be caused by a variation in the relative value of those metals；
but an excess of the market above the mint price prodding from
this cause will be at once perceived by its affecting only the
price of one of the metals。 Thus gold would be at or below； while
silver was above； its mint price； or silver at or below its mint
price； whilst gold was above。
In the latter end of 1795； when the Bank had considerably
more notes in circulation than either the preceding or the
subsequent year； when their embarrassments had already commenced；
when they appear to have resigned all prudence in the management
of their concerns； and to have constituted Mr Pitt sole director；
the price of gold bullion did for a short time rise to 4 l。 3s。
or 4 l。 4s。 per oz。； but the directors were not without their
fears for the consequences。 In a remonstrance sent by them to Mr
Pitt； dated October 1795； after stating； 〃that the demand for
gold not appearing likely soon to cease；〃 and 〃that it had
excited great apprehension in the court of directors；〃 they
observe； 〃The present price of gold being 4 l。 3s。 to 4 l。 4s。
＇It is difficult to determine on what authority the directors
made this assertion； as by a return lately made to parliament it
appears that during the year 1795 they did not purchase gold
bullion at a price higher than 3 l。 17s。 6d。＇ per ounce； and our
guineas being to be purchased at 3 l。 17s。 10 1/2d。； clearly
demonstrates the grounds of our fears； it being only necessary to
state those facts to the Chancellor of the Exchequer 〃 It is
remarkable that no price of gold above the mint price is quoted
during the whole year in Wetenhall's list。 In December it is
there marked 3 l。 17s。 6d。
7。 The relative value of gold and silver is on the Continent
nearly the same as in London。
8。 It must be meant that every guinea in the Bank would leave the
country； the temptation of fifteen per cent is amply sufficient
to send those out which can be collected from the circulation。
9。 They might； on some occasion； displace Bank of England notes；
but that consideration does not affect the question which we are
not discussing。
10。 In the following observations； I wish it to be understood； as
supposing always the same degree of confidence and credit to
exist。
11。 I have already allowed that the Bank； as far as they enable
us to turn our coin into 〃materials； provisions； etc。〃 have
produced a national benefit； as they have thereby increased the
quantity of productive capital； but I am here speaking of an
excess of their notes； of that quantity which adds to our
circulation without effecting any corresponding exportation of
coin； and which； therefore； degrades the notes below the value of
the bullion contained in the coin which they represent。
12。 At that period the price of gold kept steadily under its mint
price。
APPENDIX
The public having called for a new edition of this pamphlet；
I avail myself of the occasion to consider the observations which
the Edinburgh Reviewers； in the last number of their publication；
have done me the honour to make on some of the passages contained
in it。 I am induced to do this from the conviction that
discussion on every point connected with this important subject
will hasten the remedy against the existing abuse； and will tend
to secure us against the risk of its recurrence in future。
In the article on the depreciation of money； the Reviewers
observe； 〃The great fault of Mr Ricardo's performance is the
partial view which he takes of the causes which operate upon the
course of exchange。 He attibutes；〃 they say； 〃a favourable or an
unfavourable exchange exclusively to a redundant or deficient
currency； and overlooks the varying desires and wants of
different societies； as an original cause of a temporary excess
of imports above exports； or exports above imports。〃 They then
comment on the passage in which I have maintained； that a bad
harvest will not occasion the export of money ； unless money is
relatively cheap in the exporting country； and conclude their
observations by giving it as their decided opinion； that the
exportation of money in the supposed case of a bad harvest； 〃is
not occasioned by its cheapness。 It is not； as Mr。 Ricardo
endeavours to persuade us； the cause of the unfavourable balance；
instead of the effect。 It is not merely a salutary remedy for a
redundant currency： but it is owing precisely to the cause
mentioned by Mr Thornton … the unwillingness of the creditor
nation to receive a great additional quantity of goods not wanted
for immediate consumption； without being bribed to it by
excessive cheapness； and its willingness to receive bullion … the
currency of the commercial world … without any such bribe。 It is
unquestionably true； as stated by Mr Ricardo； that no nation will
pay a debt in the precious metals； if it can do it cheaper by
commodities； but the prices of commodities are liable to great
depressions from a glut in the market； whereas the precious
metals； on account of their having been constituted by the
universal consent of society； the general medium of exchange； and
instument of commerce； will pay a debt of the largest amount at
its nominal estimation； according to the quantity of bullion
contained in the respective currencies of the counties in
question； and； whatever variations between the quantity of
currency and commodities may be stated to take place subsequent
to the commencement of these transactions； it cannot be for a
moment doubted that the cause of them is to be found in the wants
and desires of one of the two nations； and not in any original
redundancy or deficiency of currency in either of them。〃
They agree with me；〃 that no nation will pay a debt in the
precious metals； if it can do it cheaper by commodities； but the
prices of commodities；〃 they say； 〃are liable to great
depressions from a glut in the market。'〃 of course they must mean
in the foreign market； and then the words express the opinion
which they are endeavouring to controvert； viz。 that when goods
cannot be sent out so advantageously as money； money will be
exported； … which is another way of saying that money will never
be exported； unless it is relatively redundant with commodities；
as compared with other counties。 Yet immediately after they
contend； that the exportation of the 〃precious metals is the
effect of a balance of trade； originating in causes which may
exist without any relation whatever to redundancy or deficiency
of currency。〃 These opinions appear to me directly contradictory。
If however the precious metals can be exported from a country in
exchange for commodities； although they should be as dear in the
exporting as in the importing country； what are the effects which
will follow from such improvident exportation？
〃A comparative deficiency in one country；