1sil.] Remedy for the Scarcity of Gold Coin. 
Qo the Editor of the Monthly Magazine. 
SIR, 
T appears to me that our present 
scarcity of gold is in a considerable 
degree attributable to its bearing in this 
country, when coined, a nominal value 
considerably less than its real value; a 
piece of gold of the size and weight of a 
guinea, being worth at least twenty-four 
shillings, while the guinea itself passes for 
only twenty-one shillings. This far- 
nishies an inducement to Jews, smug- 
glers, and cthers, who usually engage in 
contraband traffic, to export the coin of 
the kingdom, while on the other hand 
there exists no encouragement to import 
the-metals of which it is made; for the 
exporter of a guinea receives for it 
abroad at least twenty-four shillings, 
though he has taken it here for only 
twenty-one shillings; but the importer 
would have to give twenty-four shillings 
for a piece of gold of the same size, for 
whieh the government here could only 
afford to give him twenty-one shillings, 
since the piece of money they would 
make of it would pass for no more than 
that sum: and that twenty-four shillings 
is the real value of such a piece of yold, 
is evident; because that is the price given 
for guineas, when collected for the pur- 
pose of exportation, and because they 
must fetch even a higher price abroad, in 
order to yield a profit proportionate to 
the trouble, expence, and risk, of collect- 
ing and exporting them. 
It is obvious, therefore, that as pur- 
chasers of gold, we offer a less price for 
it than other nations; that their markets 
are the best for the sale of it; and that, 
while they continue su, all the gold will 
be carried to foreign markets in pre- 
ference to ours. 
. The same observations are applicable 
to our silver coin, the scarcity of which 
has arisen froin. the same causes as the 
scarcity of gold, with the additional cause 
arising frow the necessity our merchants 
_ are under, of paying for teas, and other 
Chinese commodities, in that metal only. 
Hence it is evident that our coin is 
disproportionately large, and that, while 
it Continues so, the advantage of purcha. 
sing gold and silver liere at a certain rate, 
and of selling them abroad at a much 
higher price, mast;have the effect of en- 
couraging the exportation of them, and 
consequently of encreasing their present 
scarcity, while the evident loss on the 
importation of them to so bad a market, 
will stand as ai insurmountable obstacle 
§@ the replenishment of our mint by the 
Montuty Mae, No, 213, 
AiT 
only means by which it can be reples 
nished, namely importation. 
These reflections lead directly to the 
means by which the further decrease in 
quantity of our gold and silver coin may 
be prevented, and their return to this 
country facilitated. Instead of offering 
only at the rate of twenty-one shillings 
per guinea for gold, and twelve pence per 
shilling for silver, let our government 
offer the same price for them as they 
fetch in foreign markets, or even a little 
more, and issue a coinage of a corre- 
sponding weight and size. This will at 
once destroy the inducement to export 
our coin, and encourage the importation 
of the precious metals into this country. 
That other causes have tended to 
create the present scarcity of gold and 
silver, T am fully aware; causes whose 
effects have been infinitely more exten- 
sive, and infinitely more ruinous, 
know .that the enormous subsidies with 
which we have, at various times during 
the last twenty years of war, paid foreign 
princes for fighting their own battles, and 
the immense sums we must have remitted 
abroad for the payment of our armies, 
whilst engaged on foreign service, must 
have drained us of millions and miilions 
of specie: but these are causes the effects 
of which I fear are irremediable. 
I know that twenty-four shillings is the 
price given for guineas for the purpose of 
exportation, for I was accosted about a 
month ago, at Dartford, by a Jew, who 
was returning from a journey made ex= 
pressly to collect them, who asked me 
whether I had any guineas, and said; if I 
had, he would buy them of me at that 
rate. He told me he had purchased 165 
within thé last three days, and that he 
had given a one pound note end four 
shillings a piece for them. I asked him 
how he could afford to give so bigh a 
price, and he answered in a whisper, 
** They are for exchportation, and you 
may be sure I makes it vorth my vhile.” 
At the time, I thought it was only a 
Jewish expedient to pass a forged note, 
or to exchange four bad shillings for one 
good one; but I have since learned that 
the price he offered for guineas was what 
they were really worth. Il. 
April 13th, 1811. : 
See ; 
To the Editor of the Monthly Magazines 
)STR, 
NEW edition of Mr. Wales’ Trea- 
tise on the Method of finding the 
Longitude by Timekeepers, having res 
cently made its appearance, professing to 
8H be 
