for which credit had been given in the transfer 
books. What is thus paid for the keeping 
of the deposit may be considered as a sort of 
warehouse rent; and why this warehouse rent 
should be so much dearer for gold than for silver
several different reasons have been assigned
The fineness of gold, it has been said, is more 
difficult to be ascertained than that of silver
Frauds are more easily practised, and occasion 
a greater loss in the most precious metal. Silver
besides, being the standard metal, the 
state, it has been said, wishes to encourage 
more the making of deposits of silver than 
those of gold
Deposits of bullion are most commonly 
made when the price is somewhat lower than 
ordinary, and they are taken out again when 
it happens to rise. In Holland the market 
price of bullion is generally above the mint 
price, for the same reason that it was so in 
England before the late reformation of the 
gold coin. The difference is said to be commonly 
from about six to sixteen stivers upon 
the mark, or eight ounces of silver, of eleven 
parts of fine and one part alloy. The bank 
price, or the credit which the bank gives for 
the deposits of such silver (when made in foreign 
coin, of which the fineness is well known 
and ascertained, such as Mexico dollars), is 
twenty-two guilders the mark; the mint price 
is about twenty-three guilders, and the market 
price is from twenty-three guilders six, to 
twenty-three guilders sixteen stivers, or from 
two to three per cent. above the mint price.[37] 
The proportions between the bank price, the 
mint price, and the market price of gold bullion
are nearly the same. A person can generally 
sell his receipt for the difference between 
the mint price of bullion and the market 
price. A receipt for bullion is almost always 
worth something, and it very seldom happens, 
therefore, that anybody suffers his receipts to 
expire, or allows his bullion to fall to the bank 
at the price at which it had been received, either 
by not taking it out before the end of 
the six months, or by neglecting to pay one 
fourth or one half per cent. in order to obtain 
a new receipt for another six months. This, 
however, though it happens seldom, is said to 
happen sometimes, and more frequently with 
regard to gold than with regard to silver, on 
account of the higher warehouse rent which 
is paid for the keeping of the more precious 
The person who, by making a deposit of 
bullion, obtains both a bank credit and a receipt
pays his bills of exchange as they become 
due, with his bank credit; and either 
sells or keeps his receipt, according as he 
judges that the price of bullion is likely to 
rise or to fall. The receipt and the bank credit 
seldom keep long together, and there is no 
occasion that they should. The person who 
has a receipt, and who wants to take out bullion
finds always plenty of bank credits, or 
bank money, to buy at the ordinary price
and the person who has bank money, and 
wants to take out bullion, finds receipts always 
in equal abundance
The owners of bank credits, and the holders 
of receipts, constitute two different sorts 
of creditors against the bank. The holder of 
a receipt cannot draw out the bullion for 
which it is granted, without re-assigning to 
the bank a sum of bank money equal to the 
price at which the bullion had been received
If he has no bank money of his own, he must 
purchase it of those who have it. The owner 
of bank money cannot draw out bullion, without 
producing to the bank receipts for the 
quantity which he wants. If he has none of 
his own, he must buy them of those who have 
them. The holder of a receipt, when he purchases 
bank money, purchases the power of 
taking out a quantity of bullion, of which the 
mint price is five per cent. above the bank 
price. The agio of five per cent. therefore, 
which he commonly pays for it, is paid, not 
for an imaginary, but for a real value. The 
owner of bank money, when he purchases
receipt, purchases the power of taking out a 
quantity of bullion, of which the market price 
is commonly from two to three per cent. 
above the mint price. The price which he 
pays for it, therefore, is paid likewise for a 
real value. The price of the receipt, and the 
price of the bank money, compound or make 
up between them the full value or price of 
the bullion
Upon deposits of the coin current in the 
country, the bank grant receipts likewise, as 
well as bank credits; but those receipts are 
frequently of no value and will bring no 
price in the market. Upon ducatoons, for 
example, which in the currency pass for three 
guilders three stivers each, the bank gives a 
credit of three guilders only, or five per 
cent. below their current value. It grants 
a receipt likewise, entitling the bearer to 
take out a number of ducatoons deposited