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holder of a receipt cannot draw out the bullion for which it is
granted； without reassigning to the bank a sum of bank money
equal to the price at which the bullion had been received。 If he
has no bank money of his own； he must purchase it of those who
have it。 The owner of bank money cannot draw out bullion without
producing to the bank receipts for the quantity which he wants。
If he has none of his own； he must buy them of those who have
them。 The holder of a receipt； when he purchases bank money；
purchases the power of taking out a quantity of bullion； of which
the mint price is five per cent above the bank price。 The agio of
five per cent therefore； which he commonly pays for it； is paid
not for an imaginary but for a real value。 The owner of bank
money； when he purchases a receipt； purchases the power of taking
out a quantity of bullion of which the market price is commonly
from two to three per cent above the mint price。 The price which
he pays for it； therefore； is paid likewise for a real value。 The
price of the receipt； and the price of the bank money； compound
or make up between them the full value or price of the bullion。
Upon deposits of the coin current in the country； the bank
grants receipts likewise as well as bank credits； but those
receipts are frequently of no value； and will bring no price in
the market。 Upon ducatoons； for example； which in the currency
pass for three guilders three stivers each； the bank gives a
credit of three guilders only； or five per cent below their
current value。 It grants a receipt likewise entitling the bearer
to take out the number of ducatoons deposited at any time within
six months； upon paying one…fourth per cent for the keeping。 This
receipt will frequently bring no price in the market。 Three
guilders bank money generally sell in the market for three
guilders three stivers； the full value of the ducatoons； if they
were taken out of the bank； and before they can be taken out；
one…fourth per cent must be paid for the keeping； which would be
mere loss to the holder of the receipt。 If the agio of the bank；
however； should at any time fall to three per cent such receipts
might bring some price in the market； and might sell for one and
three…fourths per cent。 But the agio of the bank being now
generally about five per cent such receipts are frequently
allowed to expire； or as they express it； to fall to the bank。
The receipts which are given for deposits of gold ducats fall to
it yet more frequently； because a higher warehouse…rent； or
one…half per cent must be paid for the keeping of them before
they can be taken out again。 The five per cent which the bank
gains； when deposits either of coin or bullion are allowed to
fall to it； may be considered as the warehouse…rent for the
perpetual keeping of such deposits。
The sum of bank money for which the receipts are expired
must be very considerable。 It must comprehend the whole original
capital of the bank； which； it is generally supposed； has been
allowed to remain there from the time it was first deposited；
nobody caring either to renew his receipt or to take out his
deposit； as； for the reasons already assigned； neither the one
nor the other could be done without loss。 But whatever may be the
amount of this sum； the proportion which it bears to the whole
mass of bank money is supposed to be very small。 The Bank of
Amsterdam has for these many years past been the great warehouse
of Europe for bullion； for which the receipts are very seldom
allowed to expire； or； as they express it； to fall to the bank。
far greater part of the bank money； or of the credits upon the
books of the bank； is supposed to have been created； for these
many years past； by such deposits which the dealers in bullion
are continually both making and withdrawing。
No demand can be made upon the bank but by means of a recipe
or receipt。 The smaller mass of bank money； for which the
receipts are expired； is mixed and confounded with the much
greater mass for which they are still in force； so that； though
there may be a considerable sum of bank money for which there are
no receipts； there is no specific sum or portion of it which may
not at any time be demanded by one。 The bank cannot be debtor to
two persons for the same thing； and the owner of bank money who
has no receipt cannot demand payment of the bank till he buys
one。 In ordinary and quiet times； he can find no difficulty in
getting one to buy at the market price； which generally
corresponds with the price at which he can sell the coin or
bullion it entities him to take out of the bank。
It might be otherwise during a public calamity； an invasion；
for example； such as that of the French in 1672。 The owners of
bank money being then all eager to draw it out of the bank； in
order to have it their own keeping； the demand for receipts might
raise their price to an exorbitant height。 The holders of them
might form expectations； and； instead of two or three per cent；
demand half the bank money for which credit had been given upon
the deposits that the receipts had respectively been granted for。
The enemy； informed of the constitution of the bank； might even
buy them up； in order to prevent the carrying away of the
treasure。 In such emergencies； the bank； it is supposed； would
break through its ordinary rule of making payment only to the
holders of receipts。 The holders of receipts； who had no bank
money； must have received within two or three per cent of the
value of the deposit for which their respective receipts had been
granted。 The bank； therefore； it is said； would in this case make
no scruple of paying； either with money or bullion； the full
value of what the owners of bank money who could get no receipts
were credited for in its books； paying at the same time two or
three per cent to such holders of receipts as had no bank money；
that being the whole value which in this state of things could
justly be supposed due to them。
Even in ordinary and quiet times it is the interest of the
holders of receipts to depress the agio； in order either to buy
bank money （and consequently the bullion； which their receipts
would then enable them to take out of the bank） so much cheaper；
or to sell their receipts to those who have bank money； and who
want to take out bullion； so much dearer； the price of a receipt
being generally equal to the difference between the market price
of bank money； and that of the coin or bullion for which the
receipt had been granted。 It is the interest of the owners of
bank money； on the contrary； to raise the agio； in order either
to sell their bank money so much dearer； or to buy a receipt so
much cheaper。 To prevent the stock…jobbing tricks which those
opposite interests might sometimes occasion； the bank has of late
years come to the resolution to sell at all times bank money for
currency； at five per cent agio； and to buy it in again at four
per cent agio。 In consequence of this resolution； the agio can
never either rise above five or sink below four per ce