[81] See the conclusion of the Third Part.
[82] This was confirmed by the account of the noble Lord at opening the last Budget.
[83] I have mentioned this sum at random. It is not of great consequence whether it is half a million too little or half a million too much.
[84] The quantity of coin within all equal degrees of deficiency would be equal, were equal quantities issued every year, and were there also no cause which diminished or destroyed it, except the uniform operation of time in wearing it. Any cause, therefore, which destroys it more, or diminishes it faster at first than at last, must render the quantity less in the first degrees of deficiency. And the same must be the consequence of a greater proportion issued formerly, in any given time, than of late.—The causes of diminution never probably operated so much on the gold coin as they did for about twelve years before 1773; and this will balance the greater proportion coined during that time. The very reason of the increase of coinage in those years was, a necessity created by the loss of the new coin, and never before felt in an equal degree. The coinage, however, in those years, was not so much more than usual as some may imagine. In ten years before 1770, eight millions and a half were coined; and in twelve years after the Accession, the same quantity was coined; and in twenty-seven years after the Accession, more was coined than in twenty-seven years before 1770. See Considerations on Money, Bullion, &c. p. 2.—The whole quantity of gold coined from the Accession to 1770, was near 29 millions; more than one half of which must have been melted and exported; and, the greatest part of the remainder must have been precipitated in its progress towards deficiency by being clipped and sweated.
[85] When the silver specie was recoined in King William’s time, it appeared, that a great treasure had been hoarded before the Revolution, in consequence of the danger of public liberty at that time. See Davenant’s Works, Vol. I. p. 439, &c.
In Russia it is reckoned, that as much money lies buried under ground, as exists above ground.
[86] In these sums is included all the coin which the late Proclamations have brought in from Holland and other foreign countries; and which, I think, ought not to be deemed a part of the resting stock of the kingdom.
[87] Or deducting a million for the Irish coin, seventeen or eighteen millions.
[88] This is said on the supposition, that the last call would bring in no more than was expected, or about three millions. Its having brought in above double this sum makes little difference. For it proves, that the whole quantity of gold coin must have been (according to Lord North’s method of computing) 21 or 22 millions; and the quantity deficient more than a grain about 15 millions; and, consequently, six or seven millions (that is, near a third) will still remain to be the quantity deficient less than a grain.
[89] It has been thought very strange, that a piece of metal should bear a higher price, merely because it wants the stamp of the mint. But the reason is, that bullion alone being exportable in any considerable quantity, the price of it must vary as the demand for it varies; or, in other words, as the balance of payment between us and the rest of the world is favourable or unfavourable.—This will be explained at the beginning of the Third Part, where it will appear that, in consequence of the increase of luxury and the national debt, this balance has been generally against us ever since the end of the last war.