could, in this case, be cheated in consequence of the high valuation of silver in coin ; as no
creditor can at present be cheated in consequence of the high valuation of copper. The bankers
only would suffer by this regulation. When a run comes upon them, they sometimes
endeavour to gain time, by paying in sixpences, and they would be precluded by this
regulation from this discreditable method of evading immediate payment.They would be
obliged, in consequence, to keep at all times in their coffers a greater quantity of cash than at
present ; and though this might, no doubt, be a considerable inconveniency to them, it would,
at the same time, be a considerable security to their creditors.

Three pounds seventeen shillings and tenpence halfpenny (the mint price of gold) certainly
does not contain, even in our present excellent gold coin, more than an ounce of standard
gold, and it may be thought, therefore, should not purchase more standard bullion. But gold in
coin is more convenient than gold in bullion ; and though, in England, the coinage is free, yet
the gold which is carried in bullion to the mint, can seldom be returned in coin to the owner
till after a delay of several weeks. In the present hurry of the mint, it could not be returned till
after a delay of several months. This delay is equivalent to a small duty, and renders gold in
coin somewhat more valuable than an equal quantity of gold in bullion. If, in the English coin,
silver was rated according to its proper proportion to gold, the price of silver bullion would
probably fall below the mint price, even without any reformation of the silver coin ; the value
even of the present worn and defaced silver coin being regulated by the value of the excellent
gold coin for which it can be changed.

A small seignorage or duty upon the coinage of both gold and silver, would probably increase
still more the superiority of those metals in coin above an equal quantity of either of them in
bullion. The coinage would, in this case, increase the value of the metal coined in
proportion to the extent of this small duty, for the same reason that the fashion increases the
value of plate in proportion to the price of that fashion. The superiority of coin above bullion
would prevent the melting down of the coin, and would discourage its exportation. If, upon
any public exigency, it should become necessary to export the coin, the greater part of it
would soon return again, of its own accord. Abroad, it could sell only for its weight in bullion.