(24)
at the market price; and a leading and additional reason, which induces me to think that obliging the Bank to pay their Notes at market price, will be the best means we can adopt—is this, that such a measure will coincide with the existing course of things; every thing will proceed as at present, without any alteration. The Bank Note will, as I have said, retain its value; and the Pound Sterling will represent Gold at 3 l. 17 s. 10½ d. per ounce as at present, and be payable at that rate, at the option of the holder: accordingly, our foreign exchanges will not be affected in the slightest degree; and all contracts will be paid according to the market prices. If such an arrangement be once made, it may last for ever: no circumstance will necessarily change it; contracts will follow as they ought to follow—the natural variations in the market price of Gold, and not the forced variations which might otherwise take place, to suit partial views, or temporary emergencies, or licentious ingenuity. If we should be in a different situation from the rest of Europe, in consequence of the higher price of Gold in the home market, the natural result of superior taxation, we should not be making absurd and fruitless attempts to equalise that price to the price existing in other countries not similarly circumstanced; but should be employed in taking the only sensible means of producing a level, viz. in increasing our capital, extending our credit, lowering our interest, lowering our profits on mercantile transactions, perfecting our machinery, and improving our manufactures; always attentive to the great object of increasing our exports beyond our imports, diminishing our remittances abroad, and turning the balance of exchange in our favour. These are the only sensible and legitimate ways of controlling and lowering the price of Gold: not the contracting our currency, distressing our merchants, in-
