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Lowndes; was at that time rather more than five…and…twenty per

cent below its standard value。 The real exchange; therefore; may

even at that time have been in favour of England; notwithstanding

the computed exchange was so much against it; a smaller number of

ounces of pure silver actually paid in England may have purchased

a bill for a greater number of ounces of pure silver to be paid

in Holland; and the man who was supposed to give may in reality

have got the premium。 The French coin was; before the late

reformation of the English gold coin; much less worn than the

English; and was perhaps two or three per cent nearer its

standard。 If the computed exchange with France; therefore; was

not more than two or three per cent against England; the real

exchange might have been in its favour。 Since the reformation of

the gold coin; the exchange has been constantly in favour of

England; and against France。

     Secondly; in some countries; the expense of coinage is

defrayed by the government; in others; it is defrayed by the

private people who carry their bullion to the mint; and the

government even derives some revenue from the coinage。 In

England; it is defrayed by the government; and if you carry a

pound weight of standard silver to the mint; you get back

sixty…two shillings; containing a pound weight of the like

standard silver。 In France; a duty of eight per cent is deducted

for the coinage; which not only defrays the expense of it; but

affords a small revenue to the government。 In England; as the

coinage costs nothing; the current coin can never be much more

valuable than the quantity of bullion which it actually contains。

In France; the workmanship; as you pay for it; adds to the value

in the same manner as to that of wrought plate。 A sum of French

money; therefore; containing a certain weight of pure silver; is

more valuable than a sum of English money containing an equal

weight of pure silver; and must require more bullion; or other

commodities; to purchase it。 Though the current coin of the two

countries; therefore; were equally near the standards of their

respective mints; a sum of English money could not well purchase

a sum of French money containing an equal number of ounces of

pure silver; nor consequently a bill upon France for such a sum。

If for such a bill no more additional money was paid than what

was sufficient to compensate the expense of the French coinage;

the real exchange might be at par between the two countries;

their debts and credits might mutually compensate one another;

while the computed exchange was considerably in favour of France。

If less than this was paid; the real exchange might be in favour

of England; while the computed was in favour of France。

     Thirdly; and lastly; in some places; as at Amsterdam;

Hamburg; Venice; etc。; foreign bills of exchange are paid in what

they call bank money; while in others; as at London; Lisbon;

Antwerp; Leghorn; etc。; they are paid in the common currency of

the country。 What is called bank money is always of more value

than the same nominal sum of common currency。 A thousand guilders

in the Bank of Amsterdam; for example; are of more value than a

thousand guilders of Amsterdam currency。 The difference between

them is called the agio of the bank; which; at Amsterdam; is

generally about five per cent。 Supposing the current money of the

two countries equally near to the standard of their respective

mints; and that the one pays foreign bills in this common

currency; while the other pays them in bank money; it is evident

that the computed exchange may be in favour of that which pays in

bank money; though the real exchange should be in favour of that

which pays in current money; for the same reason that the

computed exchange may be in favour of that which pays in better

money; or in money nearer to its own standard; though the real

exchange should be in favour of that which pays in worse。 The

computed exchange; before the late reformation of the gold coin;

was generally against London with Amsterdam; Hamburg; Venice;

and; I believe; with all other places which pay in what is called

bank money。 It will by no means follow; however; that the real

exchange was against it。 Since the reformation of the gold coin;

it has been in favour of London even with those places。 The

computed exchange has generally been in favour of London with

Lisbon; Antwerp; Leghorn; and; if you except France; I believe;

with most other parts of Europe that pay in common currency; and

it is not improbable that the real exchange was so too。   

DIGRESSION CONCERNING BANKS OF DEPOSIT; PARTICULARLY CONCERNING

                       THAT OF AMSTERDAM 

     The currency of a great state; such as France or England;

generally consists almost entirely of its own coin。 Should this

currency; therefore; be at any time worn; clipt; or otherwise

degraded below its standard value; the state by a reformation of

its coin can effectually re…establish its currency。 But the

currency of a small state; such as Genoa or Hamburg; can seldom

consist altogether in its own coin; but must be made up; in a

great measure; of the coins of all the neighbouring states with

which its inhabitants have a continual intercourse。 Such a state;

therefore; by reforming its coin; will not always be able to

reform its currency。 If foreign bills of exchange are paid in

this currency; the uncertain value of any sum; of what is in its

own nature so uncertain; must render the exchange always very

much against such a state; its currency being; in all foreign

states; necessarily valued even below what it is worth。

     In order to remedy the inconvenience to which this

disadvantageous exchange must have subjected their merchants;

such small states; when they began to attend to the interest of

trade; have frequently enacted; that foreign bills of exchange of

a certain value should be paid not in common currency; but by an

order upon; or by a transfer in the books of a certain bank;

established upon the credit; and under the protection of the

state; this bank being always obliged to pay; in good and true

money; exactly according to the standard of the state。 The banks

of Venice; Genoa; Amsterdam; Hamburg; and Nuremberg; seem to have

been all originally established with this view; though some of

them may have afterwards been made subservient to other purposes。

The money of such banks being better than the common currency of

the country; necessarily bore an agio; which was greater or

smaller according as the currency was supposed to be more or less

degraded below the standard of the state。 The agio of the Bank of

Hamburg; for example; which is said to be commonly about fourteen

per cent is the supposed difference between the good standard

money of the state; and the clipt; worn; and diminished currency

poured into it from all the neighbouring states。

     Before 1609 the great quantity of clipt and worn foreign

coin; which the extensive trade of Amsterdam brought from all

parts of Europe; reduced the value of its currency about nine per

cent below that of good money fresh from the mint。 Such money no

sooner appeared than it was melted down or carried away; as it

always is in such circumstances。 The merchants; with plenty of

currency; could not always find a sufficient quantity of good

money to pay their bills of exchange; and the value of those

bills; in spite of several regulations which were made to prevent

it; became in a great measure uncertain。

     In order to remedy these inconveniences; a bank was

established in 1609 under the guarantee of the city。 This bank

received both foreign coin; and the light and worn coin of the

country at its real intrinsic value in the good standard money of

the country; deducting only so much as was necessary for

defraying the expense of coinage; and the other necessary expense

of management。 For the value which remained; after this small

deduction was made; it gave a credit in its books。 This credit

was called bank money; which; as it represented money exactly

according to the standard of the mint; was always of the same

real value; and intrinsically worth more than current money。 It

was at the same time enacted; that all bills drawn upon or

negotiated at Amsterdam of the value of six hundred guilders and

upwards should be paid in bank money; which at once took away all

uncertainty in the value of those bills。 Every merchant; in

consequence of this regulation; was obliged to keep an account

with the bank in order to pay his foreign bills of exchange;

which necessarily occasioned a certain demand for bank money。

     Bank money; over and above its intrinsic superiority to

currency; and the additional value which this demand necessarily

gives it; has likewise some other advantages。 It is secure from

fire; robbery; and other accidents; the city of Amsterdam is

bound for it; it can be paid away by a simple transfer; without

the trouble of counting; or the risk of transporting it from one

place to another。 In consequence of those different advantag

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