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[Page 4]
Gold Bullion as much out of the market by being in Private hands in the Shape of Coin as if it was out of Existence & the market for Gold Bullion intirely taken away & yet Gold Bullion is said to be higher in Price than it usd to be
of Late years even Coinage has been Carried on intirely by Bullion purchased from the Merchant by the Bank which in this Case becomes a Kind of middle man between the merchant & the mint. The Profit of this middle man must therefore be always added to the Price at which gold is purchasd by the Bullion office
Every merchant who has Bullion to dispose of knows that he can get the whole amount of its value at mint Price without deduction by Sending into the Tower but he knows also that he must in the Present state of our Coining implements be it at Least 1/5 of a year before any Large Sum Can be manufacturd
This defalcation of one part he will readily allow to the Bullion office for Ready money & probably in many cases a still greater profit on the same principle as he would discount a Bill Payable 75 days after date both these discounts must then be allowd in Estimating the Real value of Gold Bullion by using the Price at which the Bullion office Purchases it &