mints, was five-and-twenty per cent against England. But the value of the current coin of England, as we learn from Mr. Lowndes, was at that time rather more than five-and-twenty per cent below its standard value. The real exchange, therefore, may even at that time have been in favor of England, notwithstanding the computed exchange was so much against it; a smaller number of ounces of pure silver, actually paid in England, may have purchased a bill for a greater number of ounces of pure silver to be paid in Holland, and the man who was supposed to give, may in reality have got the premium. The French coin was, before the late reformation of the English gold coin, much less worn than the English, and was, perhaps, two or three per cent nearer its standard. If the computed exchange with France, therefore, was not more than two or three per cent against England, the real exchange might, have been in its favor. Since the reformation of the gold coin, the exchange has been constantly in favor of England, and against France.
Secondly, in some countries, the expense of coinage is defrayed by the government; in others, it is defrayed by the private people who carry their bullion to the mint, and the government even derives some revenue from the coinage. In England, it is defrayed by the government, and if you carry a pound weight of standard silver to the mint, you get back sixty-two shillings, containing a pound weight of the like standard silver. In France, a duty of eight per cent is deducted for the coinage, which not only defrays the expense of it, but affords a small revenue to the government. In England, as the coinage costs nothing, the current coin can never be much more valuable than the quantity of bullion which it actually contains. In France,
