In 1774, silver was restricted, as a legal tender, to sums under £25 by tale, and above £25 by weight, but gold remained a legal tender without restriction.

In 1783, both gold and silver, without any restriction, became legal tender.

In 1797, bank notes were made legal tender. The effect of this change is well known.

In 1798, silver was made legal tender as in 1774.

In 1817, gold alone was made legal tender, silver being debased and restricted as mentioned before.

In the face of these alterations it is impossible to appeal to history for a proof that it is not lawful to make any desirable change.

But some objectors say, If the British Mint no longer coins gratis, gold bullion will no longer make its way to this country as freely as it now does. At the present time England is the great bullion exchange of the world, because it is the country where the mint charges are lowest. Deprive this country of this advantage, and the stream of bullion will be directed elsewhere. If this argument is of any validity, of course all, or at least the greater part, of the bullion which has already reached this country, must have found its way to the Mint. But what is the real fact? That not so much as the ninth part of the gold bullion imported into this country within the last four years, has been coined into British money.

The following figures are taken from the Statistical Abstract for 1869:—

COMPUTED REAL VALUE OF THE REGISTERED IMPORTS
OF GOLD AND SILVER BULLION, AND SPECIE, INTO
THE UNITED KINGDOM.
Gold.Silver.Total.
1865£14,485,570£6,976,641£21,462,211
186623,509,64110,777,49834,287,139
186715,800,1598,020,88823,821,047
186817,136,1777,716,41824,852,595
£104,422,992
AMOUNT OF GOLD AND SILVER MONEYS COINED AT THE
ROYAL MINT.
Gold.Silver.Total.
1865£2,367,614£501,732£2,869,346
18665,076,676493,4165,570,092
1867496,397193,842690,239
18681,653,384301,3561,954,740
£11,084,417