at any time within six months, upon 
paying one fourth per cent. for the keeping
This receipt will frequently bring no price in 
the market. Three guilders, bank money
generally sell in the market for three guilders 
three stivers, the full value of the ducatoons
if they were taken out of the bank; and before 
they can be taken out, one-fourth per 
cent. must be paid for the keeping, which 
would be mere loss to the holder of the receipt
If the agio of the bank, however, 
should at any time fall to three per cent. such 
receipts might bring some price in the market
and might sell for one and three-fourths 
per cent. But the agio of the bank being now 
generally about five per cent. such receipts 
are frequently allowed to expire, or, as they 
express it, to fall to the bank. The receipts 
which are given for deposits of gold ducats 
fall to it yet more frequently, because a higher 
warehouse rent, or one half per cent. must be 
paid for the keeping of them, before they can 
be taken out again. The five per cent. which 
the bank gains, when deposits either of coin 
or bullion are allowed to fall to it, may be 
considered as the warehouse rent for the perpetual 
keeping of such deposits
The sum of bank money, for which the receipts 
are expired, must be very considerable. 
It must comprehend the whole original capital 
of the bank, which, it is generally supposed
has been allowed to remain there from the 
time it was first deposited, nobody caring either 
to renew his receipt, or to take out his 
deposit, as, for the reasons already assigned
neither the one nor the other could be done 
without loss. But whatever may be the amount 
of this sum, the proportion which it bears to 
the whole mass of bank money is supposed to 
be very small. The bank of Amsterdam has, 
for these many years past, been the great 
warehouse of Europe for bullion, for which 
the receipts are very seldom allowed to expire
or, as they express it, to fall to the bank
The far greater part of the bank money, or of 
the credits upon the books of the bank, is supposed 
to have been created, for these many 
years past, by such deposits, which the dealers 
in bullion are continually both making and 
No demand can be made upon the bank
but by means of a recipice or receipt. The 
smaller mass of bank money, for which the 
receipts are expired, is mixed and confounded 
with the much greater mass for which they 
are still in force; so that, though there may 
be a considerable sum of bank money, for 
which there are no receipts, there is no specific 
sum or portion of it which may not at any 
time be demanded by one. The bank cannot 
be debtor to two persons for the same thing; 
and the owner of bank money who has no receipt
cannot demand payment of the bank 
till he buys one. In ordinary and quiet times, 
he can find no difficulty in getting one to 
buy at the market price, which generally corresponds 
with the price at which he can sell 
the coin or bullion it entitles him to take out 
of the bank
It might be otherwise during a public calamity
an invasion, for example, such as that 
of the French in 1672. The owners of bank 
money being then all eager to draw it out of 
the bank, in order to have it in their own 
keeping, the demand for receipts might raise 
their price to an exorbitant height. The 
holders of them might form extravagant expectations
and, instead of two or three per cent
demand half the bank money for which credit 
had been given upon the deposits that the receipts 
had respectively been granted for. The 
enemy, informed of the constitution of the 
bank, might even buy them up, in order to 
prevent the carrying away of the treasure. In 
such emergencies, the bank, it is supposed
would break through its ordinary rule of making 
payment only to the holders of receipts
The holders of receipts, who had no bank 
money, must have received within two or 
three per cent. of the value of the deposit for 
which their respective receipts had been granted
The bank, therefore, it is said, would in 
this case make no scruple of paying, either 
with money or bullion, the full value of what 
the owners of bank money, who could get no 
receipts, were credited for in its books; paying
at the same time, two or three per cent
to such holders of receipts as had no bank 
money, that being the whole value which, in 
this state of things, could justly be supposed 
due to them. 
Even in ordinary and quiet times, it is the 
interest of the holders of receipts to depress 
the agio, in order either to buy bank money 
(and consequently the bullion which their receipts 
would then enable them to take out 
of the bank) so much cheaper, or to sell their 
receipts to these who have bank money, and 
who want to take out bullion, so much dearer
the price of a receipt being generally equal to 
the difference between the market price of 
bank money and that of the coin or bullion 
for which the receipt had been granted. It 
is the interest of the owners of bank money
on the contrary, to raise the agio, in order 
either to sell their bank money so much dearer
or to buy a receipt so much cheaper. To 
prevent the stock-jobbing tricks which those 
opposite interests might sometimes occasion, 
the bank has of late years come to the resolution
to sell at all times bank money for currency 
at five per cent. agio, and to buy it in 
again at four per cent. agio. In consequence 
of this resolution, the agio can never either 
rise above five, or sink below four per cent.; 
and the proportion between the market price 
of bank and that of current money is kept at 
all times very near the proportion between 
their intrinsic values. Before this resolution 
was taken, the market price of bank money