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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
error of this reasoning proceeds from not distinguishing between
an increase in the value of gold； and an increase in its money
price。
If there were a great demand for corn its money price would
advance； because； in comparing corn with money； we in fact
compare it with another commodity； and for the same reason； when
there is a great demand for gold its corn price will increase；
but in neither case will a bushel of corn be worth more than a
bushel of corn； or an ounce of gold more than an ounce of gold。
An ounce of gold bullion could not； whatever the demand might be；
whilst its price was rated in gold coin； be of more value than an
ounce of coined gold； or 3 l。 17s。 10 1/2d。
If this argument should not be considered as conclusive； I
should urge； that a void in the currency； as here supposed； can
only be occasioned by the annihilation or limitation of paper
currency； and then it would speedily be filled by importations of
bullion； which its increased value； in consequence of the
diminution of circulating medium； would infallibly attract to the
advantageous market。 However great the scarcity of corn might be；
the exportation of money would be limited by its increasing
scarcity。 Money is in such general demand； and in the present
state of civilization is so essential to commercial transactions；
that it can never be exported to excess； even in a war such as
the present； when our enemy endeavours to interdict all commerce
with us； the value which the currency would bear； from its
increasing scarcity； would prevent the exportation of it from
being carried so far as to occasion a void in the circulation。
Mr Thornton has not explained to us； why any unwillingness
should exist in the foreign country to receive our goods in
exchange for their corn； and it would be necessary for him to
show； that if such an unwillingness were to exist； we should
agree to indulge it so far as to consent to part with our coin。
If we consent to give coin in exchange for goods； it must be
from choice； not necessity。 We should not import more goods than
we export； unless we had a redundancy of currency； which it
therefore suits us to make a part of our exports。 The exportation
of the coin is caused by its cheapness； and is not the effect；
but the cause of an unfavourable balance； we should not export
it； if we did not send it to a better market； or if we had any
commodity which we could export more profitably。 It is a salutary
remedy for a redundant currency； and as I have already
endeavoured to prove； that redundancy or excess is only a
relative term； it follows； that the demand for it abroad arises
only from the comparative deficiency of the currency of the
importing country； which there causes its superior value。