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the　bullion　the　whole　value　of　the　duty；　because；　the　government

having　everywhere　the　exclusive　privilege　of　coining；　no　coin　can

come　to　market　cheaper　than　they　think　proper　to　afford　it。　If

the　duty　was　exorbitant　indeed；　that　is；　if　it　was　very　much

above　the　real　value　of　the　labour　and　expense　requisite　for

coinage；　false　coiners；　both　at　home　and　abroad；　might　be

encouraged；　by　the　great　difference　between　the　value　of　bullion

and　that　of　coin；　to　pour　in　so　great　a　quantity　of　counterfeit

money　as　might　reduce　the　value　of　the　government　money。　In

France；　however；　though　the　seignorage　is　eight　per　cent；　no

sensible　inconveniency　of　this　kind　is　found　to　arise　from　it。

The　dangers　to　which　a　false　coiner　is　everywhere　exposed；　if　he

lives　in　the　country　of　which　he　counterfeits　the　coin；　and　to

which　his　agents　or　correspondents　are　exposed　if　he　lives　in　a

foreign　country；　are　by　far　too　great　to　be　incurred　for　the　sake

of　a　profit　of　six　or　seven　per　cent。

　　　　　The　seignorage　in　France　raises　the　value　of　the　coin　higher

than　in　proportion　to　the　quantity　of　pure　gold　which　it

contains。　Thus　by　the　edict　of　January　1726；　the　mint　price　of

fine　gold　of　twenty…four　carats　was　fixed　at　seven　hundred　and

forty　livres　nine　sous　and　one　denier　one…eleventh；　the　mark　of

eight　Paris　ounces。　The　gold　coin　of　France；　making　an　allowance

for　the　remedy　of　the　mint；　contains　twenty…one　carats　and

three…fourths　of　fine　gold；　and　two　carats　one　fourth　of　alloy。

The　mark　of　standard　gold；　therefore；　is　worth　no　more　than　about

six　hundred　and　seventy…one　livres　ten　deniers。　But　in　France

this　mark　of　standard　gold　is　coined　into　thirty　Louis　d'ors　of

twenty…four　livres　each；　or　into　seven　hundred　and　twenty　livres。

The　coinage；　therefore；　increases　the　value　of　a　mark　of　standard

gold　bullion；　by　the　difference　between　six　hundred　and

seventy…one　livres　ten　deniers；　and　seven　hundred　and　twenty

livres；　or　by　forty…eight　livres　nineteen　sous　and　two　deniers。

　　　　　A　seignorage　will；　in　many　cases；　take　away　altogether；　and

will；　in　all　cases；　diminish　the　profit　of　melting　down　the　new

coin。　This　profit　always　arises　from　the　difference　between　the

quantity　of　bullion　which　the　common　currency　ought　to　contain；

and　that　which　it　actually　does　contain。　If　this　difference　is

less　than　the　seignorage；　there　will　be　loss　instead　of　profit。

If　it　is　equal　to　the　seignorage；　there　will　neither　be　profit

nor　loss。　If　it　is　greater　than　the　seignorage；　there　will　indeed

be　some　profit；　but　less　than　if　there　was　no　seignorage。　If；

before　the　late　reformation　of　the　gold　coin；　for　example；　there

had　been　a　seignorage　of　five　per　cent　upon　the　coinage；　there

would　have　been　a　loss　of　three　per　cent　upon　the　melting　down　of

the　gold　coin。　If　the　seignorage　had　been　two　per　cent　there

would　have　been　neither　profit　nor　loss。　If　the　seignorage　had

been　one　per　cent　there　would　have　been　a　profit；　but　of　one　per

cent　only　instead　of　two　per　cent。　Wherever　money　is　received　by

tale；　therefore；　and　not　by　weight；　a　seignorage　is　the　most

effectual　preventative　of　the　melting　down　of　the　coin；　and；　for

the　same　reason；　of　its　exportation。　It　is　the　best　and　heaviest

pieces　that　are　commonly　either　melted　down　or　exported；　because

it　is　upon　such　that　the　largest　profits　are　made。

　　　　　The　law　for　encouragement　of　the　coinage；　by　rendering　it

duty…free；　was　first　enacted　during　the　reign　of　Charles　II　for　a

limited　time；　and　afterwards　continued；　by　different

prolongations；　till　1769；　when　it　was　rendered　perpetual。　The

Bank　of　England；　in　order　to　replenish　their　coffers　with　money；

are　frequently　obliged　to　carry　bullion　to　the　mint；　and　it　was

more　for　their　interest；　they　probably　imagined；　that　the　coinage

should　be　at　the　expense　of　the　government　than　at　their　own。　It

was　probably　out　of　complaisance　to　this　great　company　that　the

government　agreed　to　render　this　law　perpetual。　Should　the　custom

of　weighing　gold；　however；　come　to　be　disused；　as　it　is　very

likely　to　be　on　account　of　its　inconveniency；　should　the　gold

coin　of　England　come　to　be　received　by　tale；　as　it　was　before　the

late　recoinage；　this　great　company　may；　perhaps；　find　that　they

have　upon　this；　as　upon　some　other　occasions；　mistaken　their　own

interest　not　a　little。

　　　　　Before　the　late　recoinage；　when　the　gold　currency　of　England

was　two　per　cent　below　its　standard　weight；　as　there　was　no

seignorage；　it　was　two　per　cent　below　the　value　of　that　quantity

of　standard　gold　bullion　which　it　ought　to　have　contained。　When

this　great　company；　therefore；　bought　gold　bullion　in　order　to

have　it　coined；　they　were　obliged　to　pay　for　it　two　per　cent　more

than　it　was　worth　after　coinage。　But　if　there　had　been　a

seignorage　of　two　per　cent　upon　the　coinage；　the　common　gold

currency；　though　two　per　cent　below　its　standard　weight；　would

notwithstanding　have　been　equal　in　value　to　the　quantity　of

standard　gold　which　it　ought　to　have　contained；　the　value　of　the

fashion　compensating　in　this　case　the　diminution　of　the　weight。

They　would　indeed　have　had　the　seignorage　to　pay；　which　being　two

per　cent；　their　loss　upon　the　whole　transaction　would　have　been

two　per　cent　exactly　the　same；　but　no　greater　than　it　actually

was。

　　　　　If　the　seignorage　had　been　five　per　cent；　and　the　gold

currency　only　two　per　cent　below　its　standard　weight；　the　bank

would　in　this　case　have　gained　three　per　cent　upon　the　price　of

the　bullion；　but　as　they　would　have　had　a　seignorage　of　five　per

cent　to　pay　upon　the　coinage；　their　loss　upon　the　whole

transaction　would；　in　the　same　manner；　have　been　exactly　two　per

cent。

　　　　　If　the　seignorage　had　been　only　one　per　cent　and　the　gold

currency　two　per　cent　below　its　standard　weight；　the　bank　would

in　this　case　have　lost　only　one　per　cent　upon　the　price　of　the

bullion；　but　as　they　would　likewise　have　had　a　seignorage　of　one

per　cent　to　pay；　their　loss　upon　the　whole　transaction　would　have

been　exactly　two　per　cent　in　the　same　manner　as　in　all　other

cases。

　　　　　If　there　was　a　reasonable　seignorage；　while　at　the　same　time

the　coin　contained　its　full　standard　weight；　as　it　has　done　very

nearly　since　the　last　recoinage；　whatever　the　bank　might　lose　by

the　seignorage；　they　would　gain　upon　the　price　of　the　bullion；

and　whatever　they　might　gain　upon　the　price　of　the　bullion；　they

would　lose　by　the　seignorage。　They　would　neither　lose　nor　gain；

therefore；　upon　the　whole　transaction；　and　they　would　in　this；　as

in　all　the　foregoing　cases；　be　exactly　in　the　same　situation　as

if　there　was　no　seignorage。

　　　　　When　the　tax　upon　a　commodity　is　so　moderate　as　not　to

encourage　smuggling；　the　merchant　who　deals　in　it；　though　he

advances；　does　not　properly　pay　the　tax；　as　he　gets　it　back　in

the　price　of　the　commodity。　The　tax　is　finally　paid　by　the　last

purchaser　or　consumer。　But　money　is　a　commodity　with　regard　to

which　every　man　is　a　merchant。　Nobody　buys　it　but　in　order　to

sell　it　again；　and　with　regard　to　it　there　is　in　ordinary　cases

no　last　purchaser　or　consumer。　When　the　tax　upon　coinage；

therefore；　is　so　moderate　as　not　to　encourage　false　coining；

though　everybody　advances　the　tax；　nobody　finally　pays　it；

because　everybody　gets　it　back　in　the　advanced　value　of　the　coin。

　　　　　A　moderate　seignorage；　therefore；　would　not　in　any　case

augment　the　expense　of　the　bank；　or　of　any　other　private　persons

who　carry　their　bullion　to　the　mint　in　order　to　be　coined；　and

the　want　of　a　moderate　seignorage　does　not　in　any　case　diminish

it。　Whether　there　is　or　is　not　a　seignorage；　if　the　currency

contains　its　full　standard　weight；　the　coinage　costs　nothing　to

anybody；　and　if　it　is　short　of　that　weight；　the　coinage　must

always　cost　the　difference　between　the　quantity　of　bullion　which

ought　to　be　contained　in　it；　and　that　which　actually　is　contained

in　it。

　　　　　The　government；　therefore；　when　it　defrays　the　expense　of

coinage；　not　only　incurs　some　small　expense；　but　loses　some　small

revenue　which　it　might　get　by　a　proper　duty；　and　neither　the　bank

nor　any　other　private　persons　are　in　the　smallest　degree

benefited　by　this　useless　piece　of　public　generosity。

　　　　　The　directors　of　the　bank；　however；　would　probably　be

unwilling　to　agree　to　the　imposition　of　a　seignorage　upon　the

authority　of　a　speculation　which　promises　them　no　gain；　but　only

pretends　to　insure　them　from　any　loss。　In　the　present　state　of

the　gold　coin；　and　as　long　as　it　continues　to　be　received　by

weight；　they　certainly　would　gain　nothing　by　such　a　change。　But

if　the　custom　of　weighing　the　gold　coin　should　ever　go　into

misuse；　as　it　is　very　likely　to　do；　and　if　the　gold　coin　should

ever　fall　into　the　same　state　of　degradation　in　which　it　was

before　the　late　recoinage；　the　gain；　or　more　properly　the　savings

of　the　bank；　in　consequence　of　the　imposition　of　a　seignorage；

would　probably　be　very　considerable。　The　Bank　of　England　is　the

only　company　which　sends　any　considerable　quantity　of　bullion　to

the　mint；　and　the　burden　of　the　annual　coinage　falls　entirely；　or

almost　entire