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to its value by weight； after the rate of 5s。 2d。 for each ounce
of silver。〃 The same regulation was revived in 1798； and is now
in force。
For many reasons given by Lord Liverpool； it appears proved
beyond dispute； that gold coin has been for near a century the
principal measure of value； but this is； I think； to be
attributed to the inaccurate determination of the mint
proportions。 Gold has been valued too high； no silver； therefore；
can remain in circulation which is of its standard weight。
If a new regulation were to take place； and silver to be
valued too high； or （which is the same thing） if the market
proportions between the prices of gold and silver were to become
greater than those of the mint； gold would then disappear； and
silver become the standard currency。
This may require further explanation。 The relative value of
gold and silver in the coins is as 15 9/124 to 1。 An ounce of
gold which is coined into 3 l。 17s。 10 1/2d。 of gold coin； is
worth； according to the mint regulation； 15 9/124 ounces of
silver；because that weight of silver is also coined into 3 l。
17s。 10 1/2d。 of silver coin。 Whilst the relative value of gold
to silver is in the market under 15 to 1； which it has been for a
great number of years till lately； gold coin would necessarily be
the standard measure of value； because neither the Bank； nor 3
any individual； would send 15 9/124 ozs。 of silver to the mint to
be coined into 3 l。 17s。 10 1/2d。 when they could sell that
quantity o* silver in the market for more than 3 l。 17s。 10 1/2d。
in gold coin； and this they could do by the supposition； that
less than 15 ounces of silver would purchase an ounce of gold。
But if the relative value of gold to silver be more than the
mint proportion of 15 9/124 to 1； no gold would then be sent to
the mint to be coined； because as either of the metals are a
legal tender to any amount； the possessor of an ounce of gold
would not send it to the mint to be coined into 3 l。 17s。 10
1/2d。 of gold coin； whilst he could sell it； which he could do in
such case； for more than 3 l。 17s。 10 1/2d。 of silver coin。 Not
only would not gold be carried to the mint to be coined； but the
illicit trader would melt the gold coin； and sell it as bullion
for more than its nominal value in the silver coin。 Thus then
gold would disappear from circulation； and silver coin become the
standard measure of value。 As gold has lately experienced a
considerable rise compared with silver； （an ounce of standard
gold； which； on an average of many years； was of equal value to
14 3/4 ozs。 of standard silver； being now in the market of the
same value as 15 1/2 oz。） this would be the case now were the
Bank Restriction…bill repealed； and the coinage of silver freely
allowed at the mint； in the same manner as that of gold； but in
an act of parliament of 39 Geo。 III is the following clause：
〃Whereas inconvenience may arise from any coinage of silver until
such regulations may be formed as shall appear necessary； and
whereas from the present low price of silver bullion； owing to
temporary circumstances； a small quantity of silver bullion has
been brought to the mint to be coined； and there is reason to
suppose that a still further quantity may be brought； and it is
therefore necessary to suspend the coining of silver for the
present； be it therefore enacted； That from and after the passing
of this act； no silver bullion shall be coined at the mint； nor
shall any silver coin that may have been coined there be
delivered； any law to the contrary notwithstanding。〃
This law is now in force。 It would appear； therefore； to have
been the intention of the legislature to establish gold as the
standard of currency in this country。 Whilst this law is in
force； silver coin must be confined to small payments only； the
quantity in circulation being barely sufficient for that purpose。
It might be for the interest of a debtor to pay his large debts
in silver coin if he could get silver bullion coined into money；
but being prevented by the above law from doing so； he is
necessarily obliged to discharge his debt with gold coin； which
he could obtain at the mint with gold bullion to any amount。
Whilst this law is in force； gold must always continue to be the
standard of currency。
Were the market value of an ounce of gold to become equal to
thirty ounces of silver； gold would nevertheless be the measure
of value； whilst this prohibition continued in force。 It would be
of no avail； that the possessor of 30 ounces of silver should
know that he once could have discharged a debt of 3 l。 17s。 10
1/2d。 by procuring 15 9/124 ounces of silver to be coined at the
mint； as he would in this case have no other means of discharging
his debt but by selling his 30 oz。 of silver at the market value；
that is to say； for one ounce of gold； or 3 l。 17s。 10 1/2d。 of
gold coin。
The public has sustained； at different times； very serious
loss from the depreciation of the circulating medium； arising
from the unlawful practice of clipping the coins。
In proportion as they become debased； so the prices of every
commodity for which they are exchangeable rise in nominal value；
not excepting gold and silver bullion： accordingly we find； that
before the re…coinage in the reign of King William the Third； the
silver currency had become so degraded； that an ounce of silver；
which ought to be contained in sixty…two pence； sold for
seventy…seven pence； and a guinea； which was valued at the mint
at twenty shillings； passed in all contracts for thirty
shillings。 This evil was then remedied by the recoinage。 Similar
effects followed from the debasement of the gold currency； which
were again corrected in 1774 by the same means。
Our gold coins have； since 1774； continued nearly at their
standard purity； but our silver currency has again become
debased。 By an assay at the mint in 1798； it appears that our
shillings were found to be twenty…four per cent； and our
sixpences thirty…eight per cent。 under their mint value； and I am
informed； that by a late experiment they were found considerably
more deficient。 They do not； therefore； contain as much pure
silver as they did in the reign of King William。 This debasement；
however； did not operate previously to 1798； as on the former
occasion。 At that time both gold and silver bullion rose in
proportion to the debasement of the silver coin。 All foreign
exchanges were against us full twenty per cent。； and many of them
still more。 But although the debasement of the silver coin had
continued for many years； it had neither； previously to 1798；
raised the price of gold nor silver； nor had it produced any
effect on the exchanges。 This is a convincing proof； that gold
coin was； during that period； considered as the standard measure
of value。 Any debasement of the gold coin would then have
produced the same effects on the prices of gold and silver
bullion； and on the foreign exchanges； which were formerly caused
by the debasement of the silver coins （5*）。
While the currency of different countries consists of the
precious metals； or of a paper money which is at all times
exchangeable for them； and while the metallic currency is not
debased by wearing； or clipping； a comparison of the weight； and
degree of fineness of their coins； will enable us to ascertain
their pit of exchange。 Thus the par of exchange between Holland
and England is stated to be about eleven florins； because the
pure silver contained in eleven florins is equal to the pure
silver contained in twenty standard shillings。
This par is not； nor can it be； absolutely fixed； because；
gold coin being the standard of commerce in England； and silver
coin in Holland； a pound sterling； or 20/21 of a guinea； may at
different times be more or less valuable than twenty standard
shillings； and therefore more or less valuable than its
equivalent of eleven florins。 Estimating the par either by silver
or by gold will be sufficiently exact for our purpose。
If I owe a debt in Holland； by knowing the par of exchange； I
also know the quantity of our money which will be necessity to
discharge it。
If my debt amount to 1100 florins； and gold have not varied
in value； 100 l。 in our pure gold coin will purchase as much
Dutch currency as is necessary to pay my debt。 By exporting the
100 l。 therefore