[52] Henry Thornton, M.P., member of the Bullion Committee, author of 'An Enquiry into the Nature and Effects of the Paper Credit of Great Britain,' 1802. See J. S. Mill, Political Economy III. xi. § 4.
[53] Part III. ch. i. § 5: 'On the Opinions of the Bullion Committee on the Phenomena of the Circulation in 1809-1811,' pp. 100-110.
[54] See especially Letters IV and VI.
[55] Tooke, Hist. of Prices, p. 359.
[56] As was shown also in 'Letters on the Corn Laws,' by H. B. T. (J. Deacon Hume.) London, 1834.
[57] When the price of gold in Holland is above 10 p.c. premium, and the mint in England is open to the public, silver will be the standard in London. Consequently its market and mint prices will agree, and gold will be above the mint price. When under 10 p.c., silver will be above the mint price, and gold will be the standard.
When the price of gold in Holland was above 9 p.c. premium, the English £ sterling would be estimated in silver and therefore the par of exchange would invariably continue 38.61 currency; and 37.48 Banco if the agio were 3 p.c.
[58] The agio is variable, but is supposed to be constant in this table for the purpose of calculation.
A marc weight = 3798 grains troy. A marc is divided into 5120 onsen[a], 200 onsen[a] of pure silver in a guilder. Gold and silver are sold by the marc in Holland perfectly pure[b].
British standard—gold 11 fine, 1 alloy; silver 11·2 fine, 18 dwts. alloy.