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importing country； which there causes its superior value。
It resolves itself entirely into a question of interest。 If
the sellers of the corn to England； to the amount I will suppose
of a million； could import goods which cost a million in England；
but would produce； when sold abroad； more than if the million had
been sent in money； goods would be preferred； if otherwise； money
would be demanded。
It is only after a comparison of the value in their markets
and in our own； of gold and other commodities； and because gold
is cheaper in the London market than in theirs； that foreigners
prefer gold in exchange for their corn。 If we diminish the
quantity of currency； we give an additional value to it： this
will induce them to alter their election； and prefer the
commodities。 If I owed a debt in Hamburgh of 100 l。 I should
endeavour to find out the cheapest mode of paying it。 If I send
money； the expence attending its transportation being I will
suppose 5 l。 to discharge my debt will cost me 105 l。 If I
purchase cloth here； which； with the expences attending its
exportation； will cost me 106 l。 and which will； in Hamburgh；
sell for 100 l。 it is evidently more to my advantage to send the
money。 If the purchase and expences of sending hardware to pay my
debt； will take 107 l。 I should prefer sending cloth to hardware；
but I would send neither in preference to money； because money
would be the cheapest exportable commodity in the London market。
The same reasons would operate with the exporter of the corn； if
the transaction were on his own account。 But if the Bank；
〃fearful for the safety of their establishment；〃 and knowing that
the requisite number of guineas would be withdrawn from their
coffers at the mint price； should think it necessary to diminish
the amount of their notes in circulation； the proportion between
the value of the money； of the cloth； and of the hardware； would
no longer be as 105； 106； and 107； but the money would become the
most valuable of the three； and therefore would be less
advantageously employed in discharging the foreign debts。
If； which is a much stronger case； we agreed to pay a subsidy
to a foreign power； money would not be exported whilst there were
any goods which could more cheaply discharge the payment。 The
interest of individuals would render the exportation of the money
unnecessary。（2*）
Thus then specie will be sent abroad to discharge a debt only
when it is superabundant； only when it is the cheapest exportable
commodity。 If the Bank were at such a time paying their notes in
specie； gold would be demanded for that purpose。 It would be
obtained there at its mint price； whereas its price as bullion
would be something above its value as coin； because bullion
could； and coin could not； be legally exported。
It is evident； then； that a depreciation of the circulating
medium is the necessary consequence of its redundance； and that
in the common state of the national currency this depreciation is
counteracted by the exportation of the precious metals。 （3*）
Such； then； appear to me to be the laws that regulate the
distribution of the precious metals throughout the world； and
which cause and limit their circulation from one county to
another； by regulating their value in each。 But before I proceed
to examine on these principles the main object of my enquiry； it
is necessary that I should shew what is the standard measure of
value in this country； and of which； therefore； our paper
currency ought to be the representative； because it can only be
by a comparison to this standard that its regularity； or its
depreciation； may be estimated。
No permanent （4*） measure of value can be said to exist in
any nation while the circulating medium consists of two metals；
because they are constantly subject to vary in value with respect
to each other。 However exact the conductors of the mint may be；
in proportioning the relative value of gold to silver in the
coins； at the time when they fix the ratio； they cannot prevent
one of these metals from rising； while the other remains
stationary； or falls in value。 Whenever this happens； one of the
coins will be melted to be sold for the other。 Mr Locke； Lord
Liverpool； and many other writers； have ably considered this
subject； and have all agreed； that the only remedy for the evils
in the currency proceeding from this source； is the making one of
the metals only the standard measure of value。 Mr Locke
considered silver as the most proper metal for this purpose； and
proposed that gold coins should be left to find their own value；
and pass for a greater or lesser number of shillings； as the
market price of gold might vary with respect to silver。
Lord Liverpool； on the contrary； maintained that gold was not
only the most proper metal for a general measure of value in this
country； but that； by the common consent of the people； it had
become so； was so considered by foreigners； and that it was best
suited to the increased commerce and wealth of England。
He； therefore； proposed； that gold coin only should be a
legal tender for sums exceeding one guinea； and silver coins for
sums not exceeding that amount。 As the law now stands； gold coin
is a legal tender for all sums； but it was enacted in the year
1774； 〃That no tender in payment of money made in the silver coin
of this realm； of any sum exceeding the sum of twenty…five pounds
at any one time； shall be reputed in law； or allowed to be legal
tender within Great…Britain or Ireland； for more than according
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