It is certain that the Bullion merchants would
in ihsA case, rather than pay the advanced market



97

^price, endeavour to collect the current Coin for
the purpose of exportation; A pound of gold
at the English mint is coined into forty-four
guineas and a half, or 4€/. 14^. 6d. * By exchang-
ing, then, bank*notes at the Bank, for coin, they
can always procure a pound of gold for 46/. 14x- 6rf*
in notes; and so long as they have this power of
purchasing gold at the mint price, at the Bank,
they will not give a higher marked price else-
where. If the paper, therefore; be convertible
into Coin at the option of the holder^ the Bullion
merchs^ts will be constantly pouring in their
notes upon the Bank, to be exchanged for Coin,
which will be exported f as fast sift it pan be pro*
cured; and, thus a drain upon the Bank will be



* Hiroughout this pamphlet^ theAuthor> in speaking of
Bultion, has confined his obitorvations to Gold BuUiqn only ;
firsts because the Gold Coin is now the only one in which a le-
gal payment can be made for debts above 25 1, in amount ; andf
secondly^ because he has derived considerable assistance from^
end had frequent ^occasion to refer to^ Mr. Mushet's valuable
Tables c^the Exchange between London and Hand)ro^ since the
year 1760^ in which the price of Gold Bullion onlyr in noted.
