Wesee，fromwhathasbeenalreadysaid，thatwhentheexchangeislowerthanthespecie，aprofitmaybemadebysendingitabroad；forthesamereason，whenitishigherthanthespecie，thereisprofitincausingittoreturn。
Butthereisacaseinwhichprofitmaybemadebysendingthespecieoutofthekingdom，whentheexchangeisatpar；thatis，bysendingitintoaforeigncountrytobecoinedoveragain。Whenitreturns，anadvantagemaybemadeofit，whetheritbecirculatedinthecountryorpaidforforeignbills。
Ifacompanyhasbeenerectedinastatewithanimmensenumberofshares，andtheseshareshaveinafewmonthsrisentwentyortwenty—fivetimesabovetheoriginalpurchasevalue；if，again，thesamestateestablishedabank，whosebillsweretoperformtheofficeofmoney，whilethelegalvalueofthesebillswasprodigious，inordertoanswertothelegalvalueoftheshares（thisisMr。Law’sSystem），itwouldfollow，fromthenatureofthings，thatthesesharesandthesebillswouldvanishinthesamemannerastheyarose。Stockscannotsuddenlyberaisedtwentyortwenty—fivetimesabovetheiroriginalvaluewithoutgivinganumberofpeoplethemeansofprocuringimmenserichesinpaper：everyonewouldendeavourtomakehisfortune；andastheexchangeoffersthemosteasywayofremovingitfromhome，orconveyingitwhitheronepleases，peoplewouldincessantlyremitapartoftheireffectstothenationthatregulatestheexchange。Acontinualprocessofremittancesintoaforeigncountrymustlowertheexchange。
LetussupposethatatthetimeoftheSystem，inproportiontothestandardandweightofthesilvercoin，theexchangewasfixedatfortygrostothecrown；whenavastquantityofpaperbecamemoney，theywereunwillingtogivemorethanthirty—ninegrosforacrown，andafterwardsthirty—eight，thirty—seven，&c。Thisproceededsofar，thatafterawhiletheywouldgivebuteightgros，andatlasttherewasnoexchangeatall。
TheexchangeoughtinthiscasetohaveregulatedtheproportionbetweenthespecieandthepaperofFrance。Isupposethat，bytheweightandstandardofthesilver，thecrownofthreelivresinsilverwasworthfortygros，andthattheexchangebeingmadeinpaper，thecrownofthreelivresinpaperwasworthonlyeightgros，thedifferencewasfour—fifths。Thecrownofthreelivresinpaperwasthenworthfour—fifthslessthanthecrownofthreelivresinsilver。