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and might consider that as a disadvantageous trade which required
us to part with it； indeed the law so considers it by its
enactments against the exportation of specie； but a very little
reflection will convince us that it is our choice； and not our
necessity； that sends it abroad； and that it is highly beneficial
to us to exchange that commodity which is superfluous； for others
which may be made productive。
The exportation of the specie may at all times be safely left
to the discretion of individuals； it will not be exported more
than any other commodity； unless its exportation should be
advantageous to the county。 If it be advantageous to export it；
no laws can effectually prevent its exportation。 Happily in this
case； as well as in most others in commerce where there is free
competition； the interests of the individual and that of the
community are never at variance。
Were it possible to carry the law against melting or
exporting of coin into strict execution； at the same time that
the exportation of gold bullion was freely allowed； no advantage
could accrue from it； but great injury must arise to those who
might have to pay； possibly； two ounces or more of coined gold
for one of uncoined gold。 This would be a real depreciation of
our currency； raising the prices of all other commodities in the
same proportion as it increased that of gold bullion。 The owner
of money would in this case suffer an injury equal to what a
proprietor of corn would suffer； were a law to be passed
prohibiting him from selling his corn for more than half its
market value。 The law against the exportation of the coin has
this tendency； but is so easily evaded； that gold in bullion has
always been nearly of the same value as gold in coin。
Thus then it appears that the currency of one country can
never for any length of time be much more valuable； as far as
equal quantities of the precious metals are concerned； than that
of another； that excess of currency is but a relative term； that
if the circulation of England were ten millions； that of France
five millions； that of Holland four millions； etc。 etc。 whilst
they kept their proportions； though the currency of each country
were doubled or trebled； neither country would be conscious of an
excess of currency。 The prices of commodities would every where
rise； on account of the increase of currency； but there would be
no exportation of money from either。 But if these proportions be
destroyed by England alone doubling her currency； while that of
France； Holland； etc。 etc。 continued as before； we should then be
conscious of an excess in our currency； and for the same reason
the other countries would feel a deficiency in theirs； and part
of our excess would be exported till the proportions of ten；
five； four； etc。 were again established。
If in France an ounce of gold were more valuable than in
England； and would therefore in France purchase more of any
commodity common to both countries； gold would immediately quit
England for such purpose； and we should send gold in preference
to any thing else； because it would be the cheapest exchangeable
commodity in the English market； for if gold be dearer in France
than in England； goods must be cheaper； we should not therefore
send them from the dear to the cheap market； but； on the
contrary； they would come from the cheap to the dear market； and
would be exchanged for our gold。
The Bank might continue to issue their notes； and the specie
be exported with advantage to the country； while their notes were
payable in specie on demand； because they could never issue more
notes than the value of the coin which would have circulated had
there been no bank。（1*）
If they attempted to exceed this amount； the excess would be
immediately returned to them for specie； because our currency；
being thereby diminished in value； could be advantageously
exported； and could not be retained in our circulation。 These are
the means； as I have already explained； by which our currency
endeavours to equalize itself with the currencies of other
counties。 As soon as this equality was attained； all advantage
arising from exportation would cease； but if the Bank assuming；
that because a given quantity of circulating medium had been
necessary last year； therefore the same quantity must be
necessary this； or for any other reason； continued to re…issue
the returned notes； the stimulus which a redundant currency first
gave to the exportation of the coin would be again renewed with
similar effects； gold would be again demanded； the exchange would
become unfavourable； and gold bullion would rise； in a small
degree； above its mint price； because it is legal to export
bullion； but illegal to export the coin； and the difference would
be about equal to the fair compensation for the risk。
In this manner if the Bank persisted in returning their notes
into circulation； every guinea might be drawn out of their
coffers。
If to supply the deficiency of their stock of gold they were
to purchase gold bullion at the advanced price； and have it
coined into guineas； this would not remedy the evil； guineas
would be still demanded； but instead of being exported would be
melted and sold to the Bank as bullion at the advanced price。
〃The operations of the Bank；〃 observed Dr Smith； alluding to an
analogous case； 〃were upon this account somewhat like the web of
Penelope； the work that was done in the day was undone in the
night。〃 The same sentiment is expressed by Mr Thornton： …
〃Finding the guineas in their coffers to lessen every day； they
must naturally be supposed to be desirous of replacing them by
all effectual and not extravagantly expensive means。 They will be
disposed； to a certain degree； to buy gold； though at a losing
price； and to coin it into new guineas； but they will have to do
this at the very moment when many are privately melting what is
coined。 The one party will be melting and selling while the other
is buying and coining。 And each of these two contending
businesses will now be carried on； not on account of an actual
exportation of each melted guinea to Hamburgh； but the operation
or at least a great part of it will be confined to London； the
coiners and the melters living on the same spot； and giving
constant employment to each other。
〃The Bank；〃 continues Mr Thornton； 〃if we suppose it； as we
now do； to carry on this sort of contest with the melters； is
obviously waging a very unequal war； and even though it should
not be tired early； it will be likely to be tired sooner than its
adversaries。〃
The Bank would be obliged therefore ultimately to adopt the
only remedy in their power to put a stop to the demand for
guineas。 They would withdraw part of their notes from
circulation； till they should have increased the value of the
remainder to that of gold bullion； and consequently to the value
of the currencies of other countries。 All advantage from the
exportation of gold bullion would then cease； and there would be
no temptation to exchange bank…notes for guineas。
In this view of the subject； then； it appears； that the
temptation to export money in exchange for goods； or what is
termed an unfavourable balance of trade； never arises but from a
redundant currency。 But Mr Thornton； who has considered this
subject very much at large； supposes that a very unfavourable
balance of trade may be occasioned to this country by a bad
harvest； and the consequent importation of corn； and that there
may be at the same time an unwillingness in the country； to which
we are indebted； to receive our goods in payment； the balance due
to the foreign country must therefore be paid out of that part of
our currency； consisting of coin； and that hence arises the
demand for gold bullion and its increased price。 He considers the
Bank as affording considerable accommodation to the merchants； by
supplying with their notes the void occasioned by the exportation
of the specie。
As it is acknowledged by Mr Thornton； in many parts of his
work； that the price of gold bullion is rated in gold coin； and
as it is also acknowledged by him； that the law against melting
gold coin into bullion and exporting it is easily evaded； it
follows； that no demand for gold bullion； arising from this or
any other cause； can raise the money price of that commodity。 The