wealbk01-第12章

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a　public　law　that　a　guinea；　for　example；　of　such　a　weight　and

fineness；　should　exchange　for　one…and…twenty　shillings；　or　be　a

legal　tender　for　a　debt　of　that　amount。　In　this　state　of　things；

and　during　the　continuance　of　any　one　regulated　proportion　of

this　kind；　the　distinction　between　the　metal　which　is　the

standard；　and　that　which　is　not　the　standard；　becomes　little　more

than　a　nominal　distinction。

　　　　　In　consequence　of　any　change；　however；　in　this　regulated

proportion；　this　distinction　becomes；　or　at　least　seems　to

become；　something　more　than　nominal　again。　If　the　regulated　value

of　a　guinea；　for　example；　was　either　reduced　to　twenty；　or　raised

to　two…and…twenty　shillings；　all　accounts　being　kept　and　almost

all　obligations　for　debt　being　expressed　in　silver　money；　the

greater　part　of　payments　could　in　either　case　be　made　with　the

same　quantity　of　silver　money　as　before；　but　would　require　very

different　quantities　of　gold　money；　a　greater　in　the　one　case；

and　a　smaller　in　the　other。　Silver　would　appear　to　be　more

invariable　in　its　value　than　gold。　Silver　would　appear　to　measure

the　value　of　gold；　and　gold　would　not　appear　to　measure　the　value

of　silver。　The　value　of　gold　would　seem　to　depend　upon　the

quantity　of　silver　which　it　would　exchange　for；　and　the　value　of

silver　would　not　seem　to　depend　upon　the　quantity　of　gold　which

it　would　exchange　for。　This　difference；　however；　would　be

altogether　owing　to　the　custom　of　keeping　accounts；　and　of

expressing　the　amount　of　all　great　and　small　sums　rather　in

silver　than　in　gold　money。　One　of　Mr。　Drummond's　notes　for

five…and…twenty　or　fifty　guineas　would；　after　an　alteration　of

this　kind；　be　still　payable　with　five…and…twenty　or　fifty　guineas

in　the　same　manner　as　before。　It　would；　after　such　an　alteration；

be　payable　with　the　same　quantity　of　gold　as　before；　but　with

very　different　quantities　of　silver。　In　the　payment　of　such　a

note；　gold　would　appear　to　be　more　invariable　in　its　value　than

silver。　Gold　would　appear　to　measure　the　value　of　silver；　and

silver　would　not　appear　to　measure　the　value　of　gold。　If　the

custom　of　keeping　accounts；　and　of　expressing　promissory　notes

and　other　obligations　for　money　in　this　manner；　should　ever

become　general；　gold；　and　not　silver；　would　be　considered　as　the

metal　which　was　peculiarly　the　standard　or　measure　of　value。

　　　　　In　reality；　during　the　continuance　of　any　one　regulated

proportion　between　the　respective　values　of　the　different　metals

in　coin；　the　value　of　the　most　precious　metal　regulates　the　value

of　the　whole　coin。　Twelve　copper　pence　contain　half　a　pound；

avoirdupois；　of　copper；　of　not　the　best　quality；　which；　before　it

is　coined；　is　seldom　worth　sevenpence　in　silver。　But　as　by　the

regulation　twelve　such　pence　are　ordered　to　exchange　for　a

shilling；　they　are　in　the　market　considered　as　worth　a　shilling；

and　a　shilling　can　at　any　time　be　had　for　them。　Even　before　the

late　reformation　of　the　gold　coin　of　Great　Britain；　the　gold；

that　part　of　it　at　least　which　circulated　in　London　and　its

neighbourhood；　was　in　general　less　degraded　below　its　standard

weight　than　the　greater　part　of　the　silver。　One…and…twenty　worn

and　defaced　shillings；　however；　were　considered　as　equivalent　to

a　guinea；　which　perhaps；　indeed；　was　worn　and　defaced　too；　but

seldom　so　much　so。　The　late　regulations　have　brought　the　gold

coin　as　near　perhaps　to　its　standard　weight　as　it　is　possible　to

bring　the　current　coin　of　any　nation；　and　the　order；　to　receive

no　gold　at　the　public　offices　but　by　weight；　is　likely　to

preserve　it　so；　as　long　as　that　order　is　enforced。　The　silver

coin　still　continues　in　the　same　worn　and　degraded　state　as

before　the　reformation　of　the　gold　coin。　In　the　market；　however；

one…and…twenty　shillings　of　this　degraded　silver　coin　are　still

considered　as　worth　a　guinea　of　this　excellent　gold　coin。

　　　　　The　reformation　of　the　gold　coin　has　evidently　raised　the

value　of　the　silver　coin　which　can　be　exchanged　for　it。

　　　　　In　the　English　mint　a　pound　weight　of　gold　is　coined　into

forty…four　guineas　and　a　half；　which；　at　one…and…twenty　shillings

the　guinea；　is　equal　to　forty…six　pounds　fourteen　shillings　and

sixpence。　An　ounce　of　such　gold　coin；　therefore；　is　worth　L3　17s。

10　1/2d。　in　silver。　In　England　no　duty　or　seignorage　is　paid　upon

the　coinage；　and　he　who　carries　a　pound　weight　or　an　ounce　weight

of　standard　gold　bullion　to　the　mint；　gets　back　a　pound　weight　or

an　ounce　weight　of　gold　in　coin；　without　any　deduction。　Three

pounds　seventeen　shillings　and　tenpence　halfpenny　an　ounce；

therefore；　is　said　to　be　the　mint　price　of　gold　in　England；　or

the　quantity　of　gold　coin　which　the　mint　gives　in　return　for

standard　gold　bullion。

　　　　　Before　the　reformation　of　the　gold　coin；　the　price　of

standard　gold　bullion　in　the　market　had　for　many　years　been

upwards　of　L3　18s。　sometimes　L3　19s。　and　very　frequently　L4　an

ounce；　that　sum；　it　is　probable；　in　the　worn　and　degraded　gold

coin；　seldom　containing　more　than　an　ounce　of　standard　gold。

Since　the　reformation　of　the　gold　coin；　the　market　price　of

standard　gold　bullion　seldom　exceeds　L3　17s。　7d。　an　ounce。　Before

the　reformation　of　the　gold　coin；　the　market　price　was　always

more　or　less　above　the　mint　price。　Since　that　reformation；　the

market　price　has　been　constantly　below　the　mint　price。　But　that

market　price　is　the　same　whether　it　is　paid　in　gold　or　in　silver

coin。　The　late　reformation　of　the　gold　coin；　therefore；　has

raised　not　only　the　value　of　the　gold　coin；　but　likewise　that　of

the　silver　coin　in　proportion　to　gold　bullion；　and　probably；　too；

in　proportion　to　all　other　commodities；　through　the　price　of　the

greater　part　of　other　commodities　being　influenced　by　so　many

other　causes；　the　rise　in　the　value　either　of　gold　or　silver　coin

in　proportion　to　them　may　not　be　so　distinct　and　sensible。

　　　　　In　the　English　mint　a　pound　weight　of　standard　silver

bullion　is　coined　into　sixty…two　shillings；　containing；　in　the

same　manner；　a　pound　weight　of　standard　silver。　Five　shillings

and　twopence　an　ounce；　therefore；　is　said　to　be　the　mint　price　of

silver　in　England；　or　the　quantity　of　silver　coin　which　the　mint

gives　in　return　for　standard　silver　bullion。　Before　the

reformation　of　the　gold　coin；　the　market　price　of　standard　silver

bullion　was；　upon　different　occasions；　five　shillings　and

fourpence；　five　shillings　and　fivepence；　five　shillings　and

sixpence；　five　shillings　and　sevenpence；　and　very　often　five

shillings　and　eightpence　an　ounce。　Five　shillings　and　sevenpence；

however；　seems　to　have　been　the　most　common　price。　Since　the

reformation　of　the　gold　coin；　the　market　price　of　standard　silver

bullion　has　fallen　occasionally　to　five　shillings　and　threepence；

five　shillings　and　fourpence；　and　five　shillings　and　fivepence　an

ounce；　which　last　price　it　has　scarce　ever　exceeded。　Though　the

market　price　of　silver　bullion　has　fallen　considerably　since　the

reformation　of　the　gold　coin；　it　has　not　fallen　so　low　as　the

mint　price。

　　　　　In　the　proportion　between　the　different　metals　in　the

English　coin；　as　copper　is　rated　very　much　above　its　real　value；

so　silver　is　rated　somewhat　below　it。　In　the　market　of　Europe；　in

the　French　coin　and　in　the　Dutch　coin；　an　ounce　of　fine　gold

exchanges　for　about　fourteen　ounces　of　fine　silver。　In　the

English　coin；　it　exchanges　for　about　fifteen　ounces；　that　is；　for

more　silver　than　it　is　worth　according　to　the　common　estimation

of　Europe。　But　as　the　price　of　copper　in　bars　is　not；　even　in

England；　raised　by　the　high　price　of　copper　in　English　coin；　so

the　price　of　silver　in　bullion　is　not　sunk　by　the　low　rate　of

silver　in　English　coin。　Silver　in　bullion　still　preserves　its

proper　proportion　to　gold；　for　the　same　reason　that　copper　in

bars　preserves　its　proper　proportion　to　silver。

　　　　　Upon　the　reformation　of　the　silver　coin　in　the　reign　of

William　III　the　price　of　silver　bullion　still　continued　to　be

somewhat　above