Thesamereasonswouldoperatewiththeexporterofthecorn，ifthetransactionwereonhisownaccount。ButiftheBank，\"fearfulforthesafetyoftheirestablishment，\"andknowingthattherequisitenumberofguineaswouldbewithdrawnfromtheircoffersatthemintprice，shouldthinkitnecessarytodiminishtheamountoftheirnotesincirculation，theproportionbetweenthevalueofthemoney，ofthecloth，andofthehardware，wouldnolongerbeas105，106，and107；butthemoneywouldbecomethemostvaluableofthethree，andthereforewouldbelessadvantageouslyemployedindischargingtheforeigndebts。
If，whichisamuchstrongercase，weagreedtopayasubsidytoaforeignpower，moneywouldnotbeexportedwhilsttherewereanygoodswhichcouldmorecheaplydischargethepayment。Theinterestofindividualswouldrendertheexportationofthemoneyunnecessary。（2*）
Thusthenspeciewillbesentabroadtodischargeadebtonlywhenitissuperabundant；onlywhenitisthecheapestexportablecommodity。IftheBankwereatsuchatimepayingtheirnotesinspecie，goldwouldbedemandedforthatpurpose。Itwouldbeobtainedthereatitsmintprice，whereasitspriceasbullionwouldbesomethingaboveitsvalueascoin，becausebullioncould，andcoincouldnot，belegallyexported。
Itisevident，then，thatadepreciationofthecirculatingmediumisthenecessaryconsequenceofitsredundance；andthatinthecommonstateofthenationalcurrencythisdepreciationiscounteractedbytheexportationofthepreciousmetals。（3*）
Such，then，appeartometobethelawsthatregulatethedistributionofthepreciousmetalsthroughouttheworld，andwhichcauseandlimittheircirculationfromonecountytoanother，byregulatingtheirvalueineach。ButbeforeIproceedtoexamineontheseprinciplesthemainobjectofmyenquiry，itisnecessarythatIshouldshewwhatisthestandardmeasureofvalueinthiscountry，andofwhich，therefore，ourpapercurrencyoughttobetherepresentative，becauseitcanonlybebyacomparisontothisstandardthatitsregularity，oritsdepreciation，maybeestimated。