Reply to Mr. Bosanquet's Practical observations ... - University Library

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The difficulty proceeds from this—that France
as well as England has
two metals, gold and silver,
in circulation, both of which are legal tender
in all
payments.
In my former publication I endeavoured to
explain the principles which appeared to me
to fix the standard measure of value in a country
where silver and gold are both in circulation,
and both a legal tender.
Lord Liverpool supposed, that when gold became
the standard measure of value in this
country, it arose from some capricious preference
of the people to gold; but it can, I think,
be clearly proved that it was caused entirely
from the circumstance of the market value of
silver
relatively to gold having become greater
than the Mint proportions. This principle is
not only most fully admitted, but also most ably
illustrated by his lordship.
The Mint will coin an ounce of gold into 3L
17*. lOr^. of gold money, and they will also coin
15.07 ounces of silver into the same amount of
silver money. What is it, then, that determines
the Bank or any individual to carry an ounce of
gold in preference to 15.07 ounces of silver to
the Mint to be coined, as they are both by law
equally useful to discharge a debt to the amount
of 31. 17*. 10|fl?. ? No other consideration but
their