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of weighing gold； however； come to be disused； as it is very
likely to be on account of its inconveniency； should the gold
coin of England come to be received by tale； as it was before the
late recoinage； this great company may； perhaps； find that they
have upon this； as upon some other occasions； mistaken their own
interest not a little。
Before the late recoinage； when the gold currency of England
was two per cent below its standard weight； as there was no
seignorage； it was two per cent below the value of that quantity
of standard gold bullion which it ought to have contained。 When
this great company； therefore； bought gold bullion in order to
have it coined； they were obliged to pay for it two per cent more
than it was worth after coinage。 But if there had been a
seignorage of two per cent upon the coinage； the common gold
currency； though two per cent below its standard weight； would
notwithstanding have been equal in value to the quantity of
standard gold which it ought to have contained； the value of the
fashion compensating in this case the diminution of the weight。
They would indeed have had the seignorage to pay； which being two
per cent； their loss upon the whole transaction would have been
two per cent exactly the same； but no greater than it actually
was。
If the seignorage had been five per cent； and the gold
currency only two per cent below its standard weight； the bank
would in this case have gained three per cent upon the price of
the bullion； but as they would have had a seignorage of five per
cent to pay upon the coinage； their loss upon the whole
transaction would； in the same manner； have been exactly two per
cent。
If the seignorage had been only one per cent and the gold
currency two per cent below its standard weight； the bank would
in this case have lost only one per cent upon the price of the
bullion； but as they would likewise have had a seignorage of one
per cent to pay； their loss upon the whole transaction would have
been exactly two per cent in the same manner as in all other
cases。
If there was a reasonable seignorage； while at the same time
the coin contained its full standard weight； as it has done very
nearly since the last recoinage； whatever the bank might lose by
the seignorage； they would gain upon the price of the bullion；
and whatever they might gain upon the price of the bullion； they
would lose by the seignorage。 They would neither lose nor gain；
therefore； upon the whole transaction； and they would in this； as
in all the foregoing cases； be exactly in the same situation as
if there was no seignorage。
When the tax upon a commodity is so moderate as not to
encourage smuggling； the merchant who deals in it； though he
advances； does not properly pay the tax； as he gets it back in
the price of the commodity。 The tax is finally paid by the last
purchaser or consumer。 But money is a commodity with regard to
which every man is a merchant。 Nobody buys it but in order to
sell it again； and with regard to it there is in ordinary cases
no last purchaser or consumer。 When the tax upon coinage；
therefore； is so moderate as not to encourage false coining；
though everybody advances the tax； nobody finally pays it；
because everybody gets it back in the advanced value of the coin。
A moderate seignorage； therefore； would not in any case
augment the expense of the bank； or of any other private persons
who carry their bullion to the mint in order to be coined； and
the want of a moderate seignorage does not in any case diminish
it。 Whether there is or is not a seignorage； if the currency
contains its full standard weight； the coinage costs nothing to
anybody； and if it is short of that weight； the coinage must
always cost the difference between the quantity of bullion which
ought to be contained in it； and that which actually is contained
in it。
The government； therefore； when it defrays the expense of
coinage； not only incurs some small expense； but loses some small
revenue which it might get by a proper duty； and neither the bank
nor any other private persons are in the smallest degree
benefited by this useless piece of public generosity。
The directors of the bank； however； would probably be
unwilling to agree to the imposition of a seignorage upon the
authority of a speculation which promises them no gain； but only
pretends to insure them from any loss。 In the present state of
the gold coin； and as long as it continues to be received by
weight； they certainly would gain nothing by such a change。 But
if the custom of weighing the gold coin should ever go into
misuse； as it is very likely to do； and if the gold coin should
ever fall into the same state of degradation in which it was
before the late recoinage； the gain； or more properly the savings
of the bank； in consequence of the imposition of a seignorage；
would probably be very considerable。 The Bank of England is the
only company which sends any considerable quantity of bullion to
the mint； and the burden of the annual coinage falls entirely； or
almost entirely； upon it。 If this annual coinage had nothing to
do but to repair the unavoidable losses and necessary wear and
tear of the coin； it could seldom exceed fifty thousand or at
most a hundred thousand pounds。 But when the coin is degraded
below its standard weight； the annual coinage must； besides this；
fill up the large vacuities which exportation and the melting pot
are continually making in the current coin。 It was upon this
account that during the ten or twelve years immediately preceding
the late reformation of the gold coin； the annual coinage
amounted at an average to more than eight hundred and fifty
thousand pounds。 But if there had been a seignorage of four or
five per cent upon the gold coin； it would probably； even in the
state in which things then were； have put an effectual stop to
the business both of exportation and of the melting pot。 The
bank； instead of losing every year about two and a half per cent
upon the bullion which was to be coined into more than eight
hundred and fifty thousand pounds； or incurring an annual loss of
more than twenty…one thousand two hundred and fifty pounds； would
not probably have incurred the tenth part of that loss。
The revenue allotted by Parliament for defraying the expense
of the coinage is but fourteen thousand pounds a year； and the
real expense which it costs the government； or the fees of the
officers of the mint； do not upon ordinary occasions； I am
assured； exceed the half of that sum。 The saving of so very small
a sum； or even the gaining of another which could not well be
much larger； are objects too inconsiderable； it may be thought；
to deserve the serious attention of government。 But the saving of
eighteen or twenty thousand pounds a year in case of an event
which is not improbable； which has frequently happened before；
and which is very likely to happen again； is surely an object
which well deserves the serious attention even of so great a
company as the Bank of England。