WhilstBullionmaybehadforasmallpricemorethantheweightofourcurrentCash，theseExchangersgenerallychooserathertobuyBullion，thanruntherisqueofmeltingdownourCoin，whichisCriminalbytheLaw。Andthusthematterforthemostpartwent，whilstmill’dandcliptMoneypassedpromiscuouslyinpayment：ForsolongacliptHalf—crownwasasgoodhereasamill’done，sinceonepassed，andcouldbehadasfreelyastheother。ButassoonastherebegantobeadistinctionbetweencliptanduncliptMoney，andweightyMoneycouldnolongerbehadforthelight，Bullion（aswasnatural）rose；Anditwouldfallagaintomorrowtothepriceitwasatbefore，iftherewerenonebutweightyMoneytopayforit。Inshort，wheneverthewholeofourForeignTradeandConsumptionexceedsourExportationofCommodities，ourMoneymustgotopayourDebtssocontracted，whethermelted，ornotmelteddown。IftheLawmakestheExportationofourCoinPenal，itwillbemelteddown；ifitleavestheExportationofourCoinfree，asinHolland，itwillbecarriedoutinspecie。Onewayorothergoitmust，asweseeinSpain；butwhethermelteddown，ornotmelteddown，itmatterslittle：OurCoinandTreasurewillbebothwaysequallydiminished，andcanberestor’donlybyanover—balanceofourwholeExportation，toourwholeImportationofconsumableCommodities。LawsmadeagainstExportationofMoneyorBullion，willbeallinvain。Restraint，orLibertyinthatmatter，makesnoCountryRichorPoor：AsweseeinHolland；whichhadplentyofMoneyunderthefreelibertyofitsExportation；andSpain，ingreatwantofMoneyundertheseverestpenaltiesagainstcarryingofitout。ButtheCoining，ornotCoiningourMoney，onthesamefootitwasbefore，orinbiggerorlesspieces，andunderwhatsoeverdenominationsyouplease，contributesnothingto，oragainstitsmeltingdownorExportation，soourMoneybeallkepteachspeciesinitsfullweightofSilver，accordingtotheStandard：Forifsomebeheavier，andsomelighterallow’dtobecurrent，so，underthesamedenominationtheheavierwillbemelteddown，wherethetemptationofprofitisconsiderable，whichinwellregulatedCoinkepttotheStandard，cannotbe。ButthismeltingdowncarriesnotawayoneGrainofourTreasureoutofEngland。ThecomingandgoingofthatdependswhollyupontheBalanceofourTrade；andthereforeitisawrongConclusionwhichwefind，p。71。ThatcontinuingeitheroldornewCoinsonthepresentfoot，willbenothingelsebutfurnishingaSpeciestomeltdownatanextravagantprofit，andwillencourageaviolentExportationofourSilverforsakeofthegainonly，tillweshallhavelittleornoneleft。Forexample；LetussupposeallourlightMoneynewCoin’d，uponthefootthatthisGentlemanwouldhaveit，andallouroldmill’dCrownsgoingfor75Pence，asheproposes，andtherestoftheoldmill’dMoneyproportionably；IdesireittobeshewedhowthiswouldhindertheExportationofoneOunceofSilver，whilstourAffairsareinthepresentposture。Again，ontheotherside，supposingallourMoneywerenowmill’dCoinuponthepresentfoot，andourBallanceofTradechanging，ourExportationofCommoditieswereaMillionmorethanourImportation，andliketocontinuesoyearly’。whereofonehalfwastoHolland，andtheothertoFlanders，therebeinganequalBallancebetweenEnglandandallotherpartsoftheWorldweTradeto；Iask，whatpossiblegaincouldanyEnglishManmake，bymeltingdownandcarryingoutourMoneytoHollandandFlanders，whenaMillionwastocomethencehither，andEnglishMenhadmoretherealreadythantheyknewhowtousethere，andcouldnotgethomewithoutpayingdearthereforBillsofExchange？IfthatwerethecaseofourTrade，theExchangewouldpresentlyfallhere，andrisetherebeyondtheParoftheirMoneytoours，i。e。AnEnglishMerchantmustgiveinHollandmoreSilverfortheBillsheboughtthere，thanheshouldreceiveuponthoseBillshere，ifthetwoSumswereweigh’doneagainsttheother；orruntherisqueofbringingithomeinspecie。AndwhatthencouldanyEnglishmangetbyExportingofourMoneyorSilverthither？
ThesearetheonlytwoCases，whereinourCoincanbemelteddownwithprofit；andIchallengeanyonelivingtoshewmeanyother。TheoneofthemisremovedonlybyaregularjustCoinkeptequaltotheStandard；bethatwhatitwill，itmattersnot，astothepointofmeltingdownoftheMoney。TheotheristoberemovedonlybytheBalanceofourTradekeptfromrunningusbehind—hand，andcontractingDebtsinForeignCountiesbyanover—consumptionoftheirCommodities。
TothosewhosaythattheExportationofourMoney，whethermelteddown，ornotmelteddown，dependswhollyuponourConsumptionofForeignCommodities，andnotatallupontheSizesoftheseveralSpeciesofourMoney，whichwillbeequallyExported，ornotExported，whetherCoin’dupontheold，ortheproposednewFoot：Mr。Lowndesreplies，p。72。
First，ThatthenecessityofForeignexpenceandExportationtoanswertheBalanceofTrade，maybediminished，butcannotinanysensebeaugmentedbyraisingtheValueofourMoney。
Ibeghispardon，IfIcannotassenttothis。BecausethenecessityofourExportationofMoneydependingwhollyupontheDebtswhichwecontractinForeignParts，beyondwhatourCommoditiesExportedcanpay；theCoiningourMoneyinbiggerorlesspiecesunderthesameordifferentdenominations，oronthepresentorproposedFoot，initselfneitherincreasingthoseDebts，northeExpencesthatmakethem，canneitheraugmentnordiminishtheExportationofourMoney。