Among all these differences of opinion, there was abundance of discussion wherever there were people who were interested in exchanges; that is, in every corner of England. The children every where grew tired of the very words “cash payments,” and the women were disappointed at finding that when their husbands and brothers had exhausted the argument, whether there should and would be a return to cash payments, another subject for argument remained;—how this return could and should be effected: whether a definite time should be fixed, after which the privilege of inconvertibility should cease; or whether the cessation should take place, whenever—be it sooner or later—Bank-paper and gold should be of exactly the same value.
A still further subject of debate was, whether the Bank should pay in coin, or in metal under some other shape. As paper-money is far more convenient in use than coined money, and would be liked better by every body, if it could but be made safe, any plan by which security could be obtained, while the great expense of coinage is saved, was likely to be received with much attention. Such a plan had been proposed before this time, and was now much discussed. It was proposed that the Bank of England should pay its notes on demand, not in coin, but in bars of metal, proved to be of the proper fineness, and divided into the proper weights. The being obliged to pay in precious metal on demand would be as great a security against an over-issue of paper as if the Bank had had to pay in coin, while the expense of coinage would be saved, the danger of runs would be prevented, and the people be kept supplied with the more convenient kind of currency. Such were the advantages expected by those who were friendly to the scheme; while such as were averse to whatever is new, offered all kinds of objections to it; and the advocates of a metallic currency were perpetually reminding the arguers that it would be as well to see whether there was any likelihood of the Bank resuming cash payments at all, before they settled how it was to be done.
There was talk in every shop in Haleham of bars of bullion; and many questions were put from one to another about whether any man would like to have his payment in bullion as well as in coin; and much information was given about the ease with which these bars might be turned into coin, by just carrying them to the Mint. Hester was much looked up to, both as being the wife of a person connected with the Mint, and as the bringer of a new supply of small notes into the little town. She found herself admirably served in the shops. The shirting she bought was warranted strong enough for the mainsail of a man-of-war, notwithstanding its beautiful fineness. The cover for her parlour table was of the richest pattern, picked out from an assortment of purple grounds and orange borders, of green grounds and yellow borders, of yellow grounds and blue borders. The stationery was of Enoch’s very best. The writing-paper came from the heights, the account-books from the depths of his shop; and the pens, in symmetrical bundles, were brought out from recesses whence they issued as free from dust as if they had been plucked the hour before. When Hester took out her roll of notes to pay ready money for whatever she bought, the trades-people and the loungers who beheld, all agreed that she had indeed made a very fine match.
“Very busy at the Mint, I trust, Mrs. Morrison,” was the address of many a shopkeeper to her. “I am sure I hope they mean to send out plenty more coin yet. There is a terrible scarcity, Ma’am; and it is a sad hinderance to business. Very little money stirring since the crash of the banks; and the gold that has come out of holes and hiding-places is nothing in comparison of the paper that is destroyed. Mr. Morrison is of my opinion, I hope, Ma’am?”
Hester was not aware what her husband thought of the matter, one way or other; but she did not say so; and began to think it odd that she, a Londoner, should know so little about the currency, while in the country every body seemed full of the subject.
“If there is so little gold and so few notes,” said she, “why is not more silver used? If the banks break and leave us very little paper, and if people have hidden, or melted, or sent away their guineas, it is the most improbable thing in the world that all the silver should be gone too. Such a quantity of silver would be a little troublesome to carry about, to be sure; but that would be better than such a stoppage of business as you are all complaining of from a want of money.”
The shopkeeper supposed that either there was not silver enough, or that it cost too much to coin it, or something.
“I should have thought you had understood your own affairs better,” said a voice from behind, which was at once known to be Mr. Craig’s, and he came forward smiling to join in the conversation. “Where could you have been in 1816,” he said, addressing the shopkeeper, “not to know that silver is a legal tender only to the amount of forty shillings? If you, Mrs. Morrison, had bought three pounds worth of shirting here, your friend behind the counter might insist on your paying one pound out of the three in gold. You cannot lawfully pay more than two pounds in silver; and it is only by mutual consent that a larger payment is ever made in that kind of money.”
The shopkeeper looked as if this was news to him. Hester thought it a very absurd and unjust thing for the law to interfere with the kind of money in which people pay their neighbours. What objection in the world could there be to people using both gold and silver money to any amount that they chose to trouble themselves to carry?
“The experiment has been tried,” said Mr. Craig, “in many countries, and for long periods, and it does not answer; and therefore the law steps in to declare that gold shall be the only legal tender for any sum exceeding forty shillings. You know it is necessary to fix the relative value of gold and silver, and to keep to it, if both are used as money on equal terms.”