354 PROPORTION OF COIN CHAP. XXVIII. 



country private bankers, the stock of gold and 

 silver is one third of the whole metallic currency 

 of the kingdom. On that supposition, the amount 

 of both the precious metals in the hands of the ma- 

 nufacturers and dealers will be about equal to the 

 reserve stock in the hands of the bank and the 

 bankers. By comparing the different classes of 

 society and their possessions in plate and jewellery 

 in the gradations before pointed out, we arrive at 

 the conclusion, that the actual value of all the 

 gold and silver in articles of dress and furniture 

 does not exceed the value of the coin of both 

 metals in more than the proportion of two to one. 

 In other words, taking the amount of the coined 

 money at thirty millions, we should calculate the 

 remainder of the two metals at sixty millions. 



It has appeared the more necessary to extend 

 our remarks on this subject, because the view 

 here taken differs from what has been commonly 

 presented. We are disposed to think that those 

 who have estimated the gold and silver in orna- 

 ments and utensils at four times as great as that 

 in coin, have been induced to do so by estimating 

 plate and jewellery at the prices they cost to the 

 owners, and not as is done here, according to their 

 value when brought to the crucible of the refiner. 



In France, the proportion between the coined 

 money and the plate and jewellery is very dif- 

 ferent from what exists in England. The cur- 

 rency consists almost exclusively of metallic 



