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f t r C"1:"C: , he \\'(wIJ b~ o~ I:;;"d In l' Iy tll~ pricc or wh.u
h~ uou;;ht wi:h )ICOl\'Y nlOnly, whiel. he C:1l1 cqu.tlly do
\l. lth li¡:ht.
J-h.' thC'rl fore nH."lts down the ncw fil ver coio. anJ fells
jt for bulhon, al fo l11.1 ny pence <In ounee, Ihe pricc of
whlch t1ullion ¡s. in lhe: Encldh market. always aboye
lhe! pri.:e of fi lver al lhe mint, fUf lhe rc",ronl now 10 be
givL'n.
\ Vbcn you [dI Crandard Cilver bullion al the mint, you
ar\.' paid In wc:iJ!hty monl'y; ti",.! ¡S, you re::eive fo r your
b\:lIiun lhe very f.,me wdgh t in (landud coio; tht.' coin–
ace co~s nothlOC: bUI ",hen yau (el! L.ulJion in Ihe míl.r·
ket, you tre P¡uJ in worn OUt filver , in gald. in bank
notes, in nlOrt, in ('very fpccies of l.1\vful current manei.
N ow .11 !her. p>)'lllcnlS hove rome def~ét: !he folv.. you
are p2id ",ilh ¡, \Voro :il nd light; lhe gold you are pald
VlHh is o\'er rattd. and re, hf\pSalCo IIght i aod the bank
r.otes OIull ha\'c lhe (d 01~ ".d ue will\ lhe fpeeie with which
th e baok ptl ys the:m; thH is, wilh light rilver or over–
rated ~oIJ.
[t is (or thefe , , 1113l Glver bullion, which is
bought by Ihe minI al S J . 2 d, per ounce of hel\'Y ~Ive,.
mooey. may Le boughl OU m.uket al Ó)' pence: the ounce
iD Jight filve r, ovc;:r-rateJ gold, or banh notes, which ¡s
Ihe fame !hing .
Farther, we llave feeo how the impofition of coinage
has lhe dr~él of raifine coin aboye Ihe value . f bullion,
l y addir g a ""lue 10 il ",hieh it J nOI as a metal.
Jufl fo, when the unit is on::e affixed. co cenai" deter–
mined quaotities of bOlh melals, ir one or lhe metals
r~ould after\l;ards rife in Yrllue in the O1arket, Ihe coin
r.nde ur that O1et5.1 nlun Iy(e a pan of íu y"Jue as coin,
21though iI reui.u it as a met31. Conr~quently, as in
the firn cafe. íl aCCJlIirld an addiliondl valuc by being
coioed . .il mufl nnw acqui re an addilional "8Iu(: by heing
mdted down. From this \Ve mAy condude, Ihat when
the fiandard is affixed 10 bOlh the nlt: in lhe coin. aocl
whcn {he: proponiuLl of Ihat \'.elue is nOI O1ade l a follow
the pri ee of the market, thar fpc.:ies whieh rir~s in Ihe
markct is meltl.'d clown, "od Ihe bulbon is r~ld fur a Pliee
as much ex :eedioó lhe minr pricc .1S tia; Olc.:tdl has , ifen
in its \'aluC'.
If, thereCore, in England, lhe p!'"iec of {jl ""r bullioo ís
found to be al 65 pence Ihe oun(c, v.- h:le ~ t the mint it
is rau.'d al 62 ; this pro\'es thal filver h¡:¡s rd~ n l;'r aboye
Ihe proportion obfc:rvc;d in the coin, and tI,rlt all cui n of
HandarJ wcicht Olay conreCJu('IHl y be ml!l tc.u down with
;¡ profit of -alT' H UI as therc ate (e,'eral other ci r('um"
nances to be a1t~ r.ded to, ,,11¡eh ;tod irJflu~ nce
the: price of Lullioo, wc 0\:111 here p" rs ,I,cm in rc\ iew.
lhe uettu 10 dlreo, er the n<ttu re of Ihis dlronJcr In tllt!
EnglifR coin. and th~ advantages v. hich mOIlt-y.juLLc:rs
may draw (rem it. '
T ht' priee 01' buIJ:on, I,ke thal of every otht' r mf'rch~n ·
d,le, is rcguldtc:d uy du.: ~Ój lu l! of ,he 1l10 0t:y il is r ,lio
\'tllh.
If LlIlIioo, ther!' , f.:!Is in Eo~I;Htd for 6s pence
;10 ounCl', p;,id in (jlvt: r " in. it muft Id l for 6S Ihilllngs
tt,C puutld lI "'Y ; lhar I'i: to (..y, Ihe (11 lIin~, it 15 e UIll–
nwnly p.¡:d \\'lIh do 110t ( ~:ú..:d tl1C: \~'\; Ir.1t1 or (J' f u a
pvu::u tl oy: fOI i!' dll': (,s nliliincs wit l! \\h lcl¡ lile pouao
of l.Hll1ion i~ p:1id wcighed more li,ao :l pound troy, it
wuuld he a fl lU rttr and bC' ttcr way for 111111 whu W.lntS
lJulli,m to Olclt dU\'I11 the Ot:ll ln&5 and m..¡kc uft: of the
l11el al, than to ~o to m . ';.'.:t wl lh th~m iD ordl!r 10 g.!t
Icrs. .
\-Ve may, thcrerore, be Yery cerlain, thM no man will
bu)' (¡Iver buIJion 31-6, pence an ounee, with any (hillio,
which weighs abave ir of a pountl t roy.
V/e h:lVe gone upon Ihe rupporition that the ordinary
p,ice of bOl Ilion in !he Englifh m.,ket i. 65 pence per
ounce, This hu been done upon che authority of fom:
I.tte wri lers on Ihis fubj cet: il is now proper to ·poinl
out the cauCes whieh may make it dcviale from that
y"due.
l . h may vary, and certainlywill vuy. in the price, ac–
tordíng as lhe currency is bencr or worfe. 'Vhen che
exp.:nee6 of a \l.'3r, or a wrong balance of trade, hlVe
ctHr¡ed off a creat many heavy guinea" ¡t is nalurarthat
buJ.lion Olould ,ife; bec.ure !hen i! will b. paid (o, mo,e
commonly in ligh! gold and fil ve,; !ha! i. 10 f.y,
Wilh pounds fi erling, bc:low lhe value of 113 gra¡Ds
fine gold, the wonh of Ihe pound nerling b new guineas.
n . , 'his wroog balance of trade, or a deA130d for
bullion abroad , bt:cdminf: very creat, mf\y oec~fioo a
fcucity oC the meuls in the markct, as well 3$ a. fearcity
oC the coio; confequendy, an advanced price mull be
given for it in propon ion lO (he grealoers and heigh t of
!he demand o In !hi. careo bo!h !he fpecie .nd !he bullion
muC! be boughl wi!h p'per. Bu! !he rife in !he price of
hullion proeeeds from the demand for the metal" and
the eompctition bet'U.leen mcrcl::mts tO procure lhem, and
nOt beeduCc Ihe paper given as Ihe pricc is at aU of infenor
value !O!he fpe eie . The le.1I difc,edit o( !his kind \Vculd
nOl (cnd lOdllninirh the value of the p"per; it would an ·
nihil31C it :ilt once , T hercfore, fi nce lhe rnctaJs mwfi be
. h. d. and ,h. 1 !he p'pe' c.nnol fupply !he "'anl o( !hem
when they are 10 be l:~ported, lhe price rifes iD propor·
lion tO the diffi : ulties in fi nding m:lills elfewhere thao in
!he E nglifh n,.,kel.
111 . A (uudcn call (o, bul!ion. ro, !he m.king of pl~!e.
f\ ~ l!dfmith \\ ell afford 10 gire 67 penee for 10 ounce
of Id ver, th~t IS 10 C::ty , he can an"uro tO gi,'c Oile pound
or guld (o, !'¡ flO'Jnd, of filve, ••nd pe,haps (o, ler,.
notwl lhfl dn¡hng tlla t what he gives be mOre lhan Ihe or–
dl oary propnrtion berwecn Ihe mel,¡)s. becauf::: h~ iodt:moi–
fi es hilllCclf ampJy hy lile priec of his workOlaolhip: jull as
a ldvcrn kCl'per \\'111 p.\y any price f" r a fine ~fh. beeaurc,
like die galJlnlith, he buys for other peorle.
1V. The mint price: h ¡s IS Cre:u ao errd l in bringiog
clown lht: pri~e of bullíon, as exeh.lng\! hÓls in r"ifing it.
In eüuntries wh::c I h~ met ..ls in Ihe eu:o are j ..lflly pro –
portilJl1cd , wh~re all lhe currcncies: are of Jq~,II weight,
;,aJ wh':IC coin.lge is imporc:d, th.: ora.Hions of tradc.:
mil ke thl.! P¡;CC oC hl1 liion coI\I1. ntl y 10 fl u[tu,lIe: be–
tWl (.'1I the v,tlue of lhe coi n :tl1d Ihe: minl rnl'~ of lhe
1IlC' l tls
Now 1: [ us fuppofl' th;:t thc c\\rrC'nt PTia uf (:I\'('r hul–
liuo in lhe 111 1' k<1 is ( ; r ...lh..'c the Ou l',C: , r.1ld in I.I \\'fl' (
mOIlt:)'. nu I11Hll'r of \\hlt \~ ('i •.!h t. or (If \~h.1I lactal.
UpUIl thís 111.: IlHl¡'\(,)' il)h~ld ( !ls 10 wOl k, :\IIIi: Ihn~s
\\.III ..)¡ .t l~ .t~.:'\l ,./f o: J, l' Jll.:,,! l IJY, Ile .J,íJ·..' ~ lI)llJ hl;S
Illllt:::¡;