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In France, a seignorage of about eight per cent. is imposed upon the coinage, and the French coin, when exported, is said to return home again, of its own accord. The occasional fluctuations in the market price of gold and silver bullion arise from the same causes as the like fluctuations in that of all other commodities.
Accordingly the whole liability for such international payments in cash is thrown on the Bank of England. No doubt foreigners cannot take from us our own money; they must send here 'value in some shape or other for all they take away. But they need not send 'cash; they may send good bills and discount them in Lombard Street and take away any part of the produce, or all the produce, in bullion.
As each bill arrived at maturity, the German Government could, if it chose, take the proceeds abroad; and it could do so in bullion, as for coinage purposes it wanted bullion. This would at first naturally cause a reduction in the bankers' balances; at least that would be its tendency.
What the deuce! have we hit on the vein then at last? But what could I do with a thousand pounds' worth, and upwards, of lead? The former abbots of Trotcosey might have roofed their church and monastery with it indeed but for me" "By bullion," said the Baronet, "I mean the precious metals, gold and silver." "Ay! indeed? and from what Eldorado is this treasure to be imported?"
Madame de Bullion, the rich widow of a superintendent of finance, contributed largely towards the enterprise, and may be justly considered the founder of Hotel Dieu of Montreal. Maisonneuve and Mdlle. Mance, accompanied by forty men and four women, arrived at Quebec in August, 1641, when it was far too late to attempt an establishment on the island.
It was more than flesh and blood could stand, and the seven or eight remaining horsemen turned and fled, followed by at least three whistling bullets from as many Marlins. The fight was over and the bullion had been saved, but what of Broncho Billie, who had been left at the top of the hill four miles away? That was the first question asked by Donald when he greeted Adrian two minutes later.
His trade was in gold and silver lace-work bullion for epaulettes, and so on; and as he had a good connection with several West-end establishments, his business appeared to be a thriving one; so much so, that he usually employed several assistants of both sexes. He occupied the first floor, and a workshop at the end of the garden.
Then he wheeled his horse, the light glanced from polished double bit and bridle-fripperies, caught his red sash and bullion buttons, struck a parting flash from his silver spurs, and he was gone! For a moment the light streamed unbrokenly through the wood. And then it could be seen that the yellow mass of undergrowth HAD moved with the passage of another figure than his own.
As the Committee says, "It is not possible to judge to what extent legal tender currency may in fact be depreciated in terms of bullion. But it is practically certain that there has been some depreciation, and to this extent therefore the gold standard has ceased to be effective."
If there was a reasonable seignorage, while at the same time the coin contained its full standard weight, as it has done very nearly since the late recoinage, whatever the bank might lose by the seignorage, they would gain upon the price of the bullion; and whatever they might gain upon the price of the bullion, they would lose by the seignorage.
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