75 •

unless its. weight be so much reduced below the
standard as not to be worth the melting. The
disappearance of the coin is the proof of its de-
preciation. The reason why the ordinary shop-,
keeper does not make a distinction between the
payments made to him in gold, and those which
he receives in paper, is, the confidence he feels
that at scane time or other the notes will be paid
in specie, and that he is in the meantime deterred
by the penalties of the law from melting the
guineas— the only mode by which he can derive
a superior profit, from a payment in coin. But
the occupation of melting the specie is nevertheless
followed by a less scrupulous class of the commun-
ity, who have not hesitated to give a premium for
guineas, whenever an opportunity offered of pur-
chasing them, and of profiting by their conversion,
without danger of detection *. But the difference
in the intrinsic valu^ of the notes and the guineas
is not the less real, because it cannot openly be
avowed. If the coin were allowed by law to be
melted, if the penalties for this offence were lesa
severe, or if guineas could be collected without
exciting the suspicion of the oflBcers of the Bank



* An instance of thi« has recently come before the pui)Uc,
in consequence of ah infbrmatian against a person changed
with seUing guineas for inore than they are aUo^ed to {lassfoc
bylaw, ..
76

and the Mint, neither the Restricftion Bill, nor the
provision that bank notes may be tendered as leg^
payment, would prevent a paper and h moiiejr
price for commodities, and consequently an opaft
discount upon bank paper.
