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proclamation were issued； prohibiting the debased guineas from
being current but by weight at the mint price of 3 l。 17s。 10
1/2d。； this would be constituting the new and heavy guineas； the
standard measure of value； in lieu of the clipped and debased
guineas。 The latter would then pass at their true value； and be
called 17 or 18 shilling…pieces。 So if a proclamation to the same
effect were now enforced； banknotes would not be less current；
but would pass only for the value of the gold bullion which they
would purchase。 A guinea would then no longer be said to be worth
1 l。 4s。 but a pound note would be current only for 16 or 17
shillings。 At present gold coin is only a commodity； and
bank…notes are the standard measure of value； but in that case
gold coin would be that measure； and bank…notes would be the
marketable commodity。
〃 It is；〃 says Mr Thornton； 〃 the maintenance of our general
exchanges； or； in other words； it is the agreement of the mint
price with the bullion price of gold； which seems to be the true
proof that the circulating paper is not depreciated。〃 When the
motive for exporting gold occurs； while the Bank do not pay in
specie； and gold cannot therefore be obtained at its mint price；
the small quantity that can be procured will be collected for
exportation； and bank…notes will be sold at a discount for gold
in proportion to their excess。 In saying however that gold is at
a high price； we are mistaken； it is not gold； it is paper which
has changed its value。 Compare an ounce of gold； or 3 l。 17s。 10
1/2d。 to commodities； it bears the same proportion to them which
it has before done； and if it do not； it is referrible to
increased taxation； or to some of those causes which are so
constantly operating on its value。 But if we compare the
substitute of an ounce of gold； 3 l。 17s。 10 1/2d。 in banknotes；
with commodities； we shall then discover the depreciation of the
bank…notes。 In every market of the world I am obliged to part
with 4 l。 10s。 in bank…notes to purchase the same quantity of
commodities which I can obtain for the gold that is in 3 l。 17s。
10 1/2d。 of coin。
It is often asserted； that a guinea is worth at Hamburgh 26
or 28 shillings； but we should be very much deceived if we should
therefore conclude that a guinea could be sold at Hamburgh for as
much silver as is contained in 26 or 28 shillings。 Before the
alteration in the relative value of gold and silver； a guinea
would not sell at Hamburgh for as much silver coin as is
contained in 21 standard shillings； it will at the present market
price sell for a sum of silver currency； which； if imported and
carried to our mint to be coined； will produce in our standard
silver coin 21s。 5d。 （7*）
It is nevertheless true； that the same quantity of silver
will； at Hamburgh； purchase a bill payable in London； in
banknotes； for 26 or 28 shillings。 Can there be a more
satisfactory proof of the depreciation of our circulating medium？
It is said； that； if the Restriction…bill were not in force；
every guinea would leave the country。（8*）
This is； no doubt； true； but if the Bank were to diminish the
quantity of their notes until they had increased their value
fifteen per cent。； the restriction might be safely removed； as
there would then be no temptation to export specie。 However long
it may be deferred； however great may be the discount on their
notes； the Bank can never resume their payments in specie； until
they first reduce the amount of their notes in circulation to
these limits。
The law is allowed by all writers on political economy to be
a useless barrier against the exportation of guineas： it is so
easily evaded； that it is doubted whether it has had the effect
of keeping a single guinea more in England than there would have
been without such law。 Mr Locke； Sir J。 Stuart； Dr A。 Smith； Lord
Liverpool； and Mr Thornton； all agree on this subject。 The latter
gentleman observes； 〃That the state of the British law
unquestionably serves to discourage and limit； though not
effectually to hinder； that exportation of guineas which is
encouraged by an unfavourable balance of trade； and perhaps
scarcely lessens it when the profit on exportation becomes very
great。〃 Yet after every guinea that can in the present state of
things be procured by the illicit trader has been melted and
exported； he will hesitate before he openly buys guineas with
bank…notes at a premium； because； though considerable profit may
attend such speculation； he will thereby render himself an object
of suspicion。 He may be watched； and prevented from effecting his
object。 As the penalties of the law are severe； and the
temptation to informers great； secrecy is essential to his
operations。 When guineas can be procured by merely sending a
bank…note for them to the Bank； the law will be easily evaded；
but when it is necessary to collect them openly and from a widely
diffused circulation； consisting almost wholly of paper； the
advantage attending it must be very considerable before any one
will encounter the risk of being detected。
When we reflect that above sixty millions sterling have been
coined into guineas during his present Majesty's reign； we may
form some idea of the extent to which the exportation of gold
must have been carried。 … But repeal the law against the
exportation of guineas； permit them to be openly sent out of the
county； and what can prevent an ounce of standard gold in guineas
from selling at as good a price for bank…notes； as an ounce of
Portugueze gold coin； or standard gold in bars； when it is known
to be equal to them in fineness？ And if an ounce of standard gold
in guineas would sell in the market； as standard bars do now； at
4 l。 10s。 per oz。； or as they have lately done at 4l。 13s。 per
oz。； what shopkeeper would sell his goods at the same price
either for gold or bank…notes indifferently？ If the price of a
coat were 3 l。 17s。 10 1/2d。 or an ounce of gold； and if at the
same time an ounce of gold would sell for 4 l。 13s。； is it
conceivable that it would be a matter of indifference to the
tailor whether he were paid in gold or in bank…notes？
It is only because a guinea will not purchase more than a
pound…note and a shilling； that many hesitate to allow that
bank…notes are at a discount。 The Edinburgh Review supports the
same opinion； but if my reasoning be correct； I have shewn such
objections to be groundless。
Mr Thornton has told us that an unfavourable trade will
account for an unfavourable exchange； but we h