the high price of bullion-第4节

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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