The British Press; or, Morning Literary Advertiser.
London, England, 1810-08-14 00:00:00

guineas, of which the full weight when flesh from
the Mint is 5 dots. a.kphs 9-yllis grains, shall not
bee legal tender if woos below 5 dwts. 8 grs.; the
depreciation thus allowed being at the utmost 1. 11.
per cent. A still more tasteful cause of &pre:,
*ion is the difficulty uuder which the holder. of
coin have been placed when they wished to con-
vert it Imo bullion: the law of thiecountry forbids
any other gold ruin then that which has become
light to be put into the inching pot ; wish, witii a
very questionable policy, toe expo' tation
of our gold cum, and of soy gold, tiniest' an oa,h is
taken that it has not be, u produced from the coin
of this realm. It appears by the cei.lelice, that the
dill-refire lielween the value of Gold Bulliou which
may tie seism off for exporiaiiiso, and that of the
Gold produced or supposed to be produced from
our own coin, which by law is convertible only to
domestic purposes, amounts st present to between
3s. and 4-. pia ounce.
The two circuinstainces which have now been
mentioned have uoquestionaltiy constituted, in the
), idginent of your Committee, the whole caisse of
;;at depression of the value of the gold coin of this
*Autry in exchange for commodilies, below the
value of bullion us exchauge for commodities,
which has occasionally arisen sir could arise at those
limes when the Bonk paid is saccie. and gold was
eonsepieutly obtailiable in the quantity that was
desired; and the li.uit fixed, by those two circum-
stances enujnicied, to this excess of the market price
of gold above the Mint price, was therefore a limit
of about 51 per cent. 'file chief part of this de-
pression is to he itscribetl to that ancient but doubt-
ful policy of this country, which, by attempting to
confiiie the coin within the kingdom, has served,
in the mine manner as pe.r.nancnt restrictions on
the export of other auicles, to place it under a dis-
udvautage, and to give to it a less value in the
,market than the ramie article would have if subject
to no such prohibition.
The truth of these observations on the Causes
sod limit. of the ordniary difference between the
market and Mint price of gold, may be illustrated
by a reference to the explained in the evi-
dence, of securing a bevel atandaid of value for the
greet commercial lemmeuts of Humburgh. The
payrneats to the ordinary transactions of life ate
made in a currency moonset' or the coins of the
several oueroutoltsig Sotteg ; but silver is tie stand-
ard there resorted to in the great commercial pay-
ments, se Rol.l is in England. No difference area.
logous to that which occurs in this country. be-
tween the Mint sad mmtket pike of gold, Cali eta
wise. at Hamhurgh with legard to silver, because
provision is ismde that none of the three causes
•bove specified (Om exp-nse of (wont', the de-
preciation by wear, Of the ebstruction to expedite
non) shall have any operation. The large pay-
ments of Hassiburgh are effected in Bank money,
which consists of actual silver of a given fineness,
lodged iu the Hstn't.nigh Bank by the Inert-hail!,
of the place, who thcieopon have a propoitionate
credit in the Bank book.. *kelt they ItAllsf.., se
curding to their necasinus. The Ulna beiog es-
sayed and weighed with secretly any less of time,
the first-inent iiiiii d miner of fluctuation in die rela-
tive value of the currrot medium compared with
bullion, is avoided. Certain roasetai of it heiog
thee certified (without any stamp being affixed tin
the metal) to be of a given quantity and tioeuess.
the value is sturisferred from isolivide.il to indivi-
dual by the medium merely of the Gault book*, and
thus the statistic of the coin being prevented, one
cause of depreciation is removed. A free right is
also g,v,ei to wirntirst*, melt. aid export it; and
the. in. ether marl principal isomer of the occa-
simial Taft of tisv value of the current medium of
payment, below Viet of the bullion winch it is in-
tended to represent, Is also s4fretualJ,p precluded.
In this manner at Hamburg's, silver is not only
tin assure of alt exchangeable valor. but it is
rendered an luvarialtle measure, except in so far as
the relative value of silver itself vance with the
varyisig supply of that precious metal from the
mines. In the same mauler the usage. and at last
the law, which nsade Gold Coin the usual, and at
last the only legal tend. r in large payments here,
rendered that metal our measure of value : and
from the period of the reformation of the Gold
Coin down to the raspension of the Bank payments
to specie in 1797, Gold Coin was not a very variable
measure of salon; bring subject only to that varia-
tion in the relative value of Gold Bullion which
dopeods upon its supply' from the mines, together
with that hunted variattoit, which, as above describ-
ed. might take place between the market mud the
Mint Gold Coin.
The highest amount of the depression of the Coio
*MO coo take plane when the Bank pays in Gold,
has jest been stated to be altout Si pet cent.; and
accordingly it will be Mond, that in all the periods
precedink 1797, the difference between what is call-
ed the Mon price awl 'Basket price id' Gold never
exceeded that limit.
Since the suspension of Cs.h pavmetts in 1797,
however, it is certain. that even if Gold is stilt our
measure of trios and standard of prices, it hits been
expesvd to a tame cause of variation, from the pos-
sible excess of that pia..ere which is mot consertible
iuto Gold at will ; mail the limit of this new yin-M-
-inos is as Miletinite as the excess to which that paper
may be issued. it may indeed be doubted, whether,
sluice the new system of flank of lEnglaird payments
has been fully established, Gold has iii truth con-
tiaued to be our measure of value; and whether we
bare any oilier standard
,of prices than that circu-
lating median', issued primarily by the Bas k of
Eligisod and in • secondary teautierby the Coua!ry
Ilaiiks, the variations of • With in relative valise stint•
be as indefinite as the pouible excess of that cir-
culating medium. But whether our present mea-
sure' of value and standard of prices, be this paper
currency tau% variable in its relative value, or youth-
nun still to be Gold, but Gold rendered snore sari-
Able thou it was before in consequence of being in-
tercluingable fora paper currency which is not et
will convertible into Gold, it is in either came Illoi•I
desirable fur the public that our circulating medium
should again be conformed. as speedily its
•tstiaues will waanit,eto its real and legal stetts.lard,
Gold Bullion.
Ii the (;Old Coin of the eousitry were at any time
to become v- re much worn and lesseuet in vas igiit,
or if it stioubi suffer a debasement of its standard.
it 1. eVi.lci.l 1100 there would be a proporionelle
Pose of the market price of Gold Bullion above its
Mint price; for the \taut price is the nom its coin,