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

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to the Mint, an ounce of coined money is returned.
The only inconvenience therefore that
an importer of bullion can experience in receiving
bullion from abroad,
instead of the money
of England, is the delay during its detention at
the Mint, and which the Bullion Committee
have valued at 1 per cent. One per cent, appears,
therefore, to be the natural value
of English
coin above bullion, provided the coin be
not debased, and the currency be not excessive.
But in France the seignorage,
according to Dr.
Smith, amounted to no less than 8 per cent.,
besides the loss of interest during its
detention
at the Mint. And we have his authority too,
that no sensible inconvenience resulted from it*.
An ounce of gold or silver coin was in France,
therefore, of more value by 8 per cent,
ounce of gold or silver bullion.
than an
It results from
these facts that no bullion could have been imported
into France, unless there was not only a
* Since writing the above I have seen an extract from a
Moniteur of the year 1803, by which it appears that the
seignorage in France was
In 1726 on gold 7^5^ per c. on silver j-^
1729 -
5t*j
- - -
5/^
1755 -
4^ - - -
3i»
1771 • ^ - - - 2^
1785 - Vt
- - - —
And was fixed in 1803 at ^ per c. for gold, and 1| for silver.
profit