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appealed to upon such occasions； the customhouse books and the
course of exchange。 The custom…house books； I think； it is now
generally acknowledged； are a very uncertain criterion； on
account of the inaccuracy of the valuation at which the greater
part of goods are rated in them。 The course of exchange is；
perhaps； almost equally so。
When the exchange between two places； such as London and
Paris； is at par； it is said to be a sign that the debts due from
London to Paris are compensated by those due from Paris to
London。 On the contrary； when a premium is paid at London for a
bill upon Paris； it is said to be a sign that the debts due from
London to Paris are not compensated by those due from Paris to
London； but that a balance in money must be sent out from the
latter place； for the risk； trouble； and expense of exporting
which； the premium is both demanded and given。 But the ordinary
state of debt and credit between those two cities must
necessarily be regulated； it is said； by the ordinary course of
their dealings with one another。 When neither of them imports
from the other to a greater amount than it exports to that other；
the debts and credits of each may compensate one another。 But
when one of them imports from the other to a greater value than
it exports to that other； the former necessarily becomes indebted
to the latter in a greater sum than the latter becomes indebted
to it； the debts and credits of each do not compensate one
another； and money must be sent out from that place of which the
debts overbalance the credits。 The ordinary course of exchange；
therefore； being an indication of the ordinary state of debt and
credit between two places； must likewise be an indication of the
ordinary course of their exports and imports； as these
necessarily regulate that state。
But though the ordinary course of exchange should be allowed
to be a sufficient indication of the ordinary state of debt and
credit between any two places； it would not from thence follow
that the balance of trade was in favour of that place which had
the ordinary state of debt and credit in its favour。 The ordinary
state of debt and credit between any two places is not always
entirely regulated by the ordinary course of their dealings with
one another； but is often influenced by that of the dealings of
either with many other places。 If it is usual； for example； for
the merchants of England to pay for the goods which they buy of
Hamburg； Danzig； Riga； etc。； by bills upon Holland； the ordinary
state of debt and credit between England and Holland will not be
regulated entirely by the ordinary course of the dealings of
those two countries with one another； but will be influenced by
that of the dealings of England with those other places。 England
may be obliged to send out every year money to Holland； though
its annual exports to that country may exceed very much the
annual value of its imports from thence； and though what is
called the balance of trade may be very much in favour of
England。
In the way； besides； in which the par of exchange has
hitherto been computed； the ordinary course of exchange can
afford no sufficient indication that the ordinary state of debt
and credit is in favour of that country which seems to have； or
which is supposed to have； the ordinary course of exchange in its
favour： or； in other words； the real exchange may be； and； in
fact； often is so very different from the computed one； that from
the course of the latter no certain conclusion can； upon many
occasions； be drawn concerning that of the former。
When for a sum of money paid in England； containing；
according to the standard of the English mint； a certain number
of ounces of pure silver； you receive a bill for a sum of money
to be paid in France； containing； according to the standard of
the French mint； an equal number of ounces of pure silver；
exchange is said to be at par between England and France。 When
you pay more； you are supposed to give a premium； and exchange is
said to be against England and in favour of France。 When you pay
less； you are supposed to get a premium； and exchange is said to
be against France and in favour of England。
But； first； we cannot always judge of the value of the
current money of different countries by the standard of their
respective mints。 In some it is more； in others it is less worn；
clipt； and otherwise degenerated from that standard。 But the
value of the current coin of every country； compared with that of
any other country； is in proportion not to the quantity of pure
silver which it ought to contain； but to that which it actually
does contain。 Before the reformation of the silver coin in King
William's time； exchange between England and Holland； computed in
the usual manner according to the standard of their respective
mints； was five…and…twenty per cent against England。 But the
value of the current coin of England； as we learn from Mr。
Lowndes； was at that time rather more than five…and…twenty per
cent below its standard value。 The real exchange； therefore； may
even at that time have been in favour of England； notwithstanding
the computed exchange was so much against it； a smaller number of
ounces of pure silver actually paid in England may have purchased
a bill for a greater number of ounces of pure silver to be paid
in Holland； and the man who was supposed to give may in reality
have got the premium。 The French coin was； before the late
reformation of the English gold coin； much less worn than the
English； and was perhaps two or three per cent nearer its
standard。 If the computed exchange with France； therefore； was
not more than two or three per cent against England； the real
exchange might have been in its favour。 Since the reformation of
the gold coin； the exchange has been constantly in favour of
England； and against France。
Secondly； in some countries； the expense of coinage is
defrayed by the government； in others； it is defrayed by the
private people who carry their bullion to the mint； and the
government even derives some revenue from the coinage。 In
England； it is defrayed by the government； and if you carry a
pound weight of standard silver to the mint； you get back
sixty…two shillings； containing a pound weight of the like
standard silver。 In France； a duty of eight per cent is deducted
for the coinage； which not only defrays the expense of it； but
affords a small revenue to the government。 In England； as the
coinage costs nothing； the current coin can never be much more
valuable than the quantity of bullion which it actually contains。
In France； the workmanship； as you pay for it； adds to the value
in the same manner as to that of wrought plate。 A sum of French
money； therefore； containing a certain weight of pure silver； is
more valuable than a sum of English money containing an equal
weight of pure silver； and must require more bullion； or other
commodities； to purchase it。 Though the current coin of the two
countries； therefore； were equally near the standards of their