* The precise standard weight of a half-sovereign is 3.99402 grammes; hut a half-sovereign weighing 4 grammes would still be within the remedy of weight, and the alteration of the present coin would therefore he hardly perceptible. We have, however, merely noticed this approximate agreement in illustration of the principle we support, and not with the idea of suggesting any particular method.

To place bullion in its proper position in England three things are, then, absolutely necessary : its price paid by the Bank should be £3 17s. 10 1/2d. per oz.; it should be weighed to within the 10th of a gramme, or about 1 1/2 grains, the limit in France; and it should be assayed to the 12,000th part, in harmony with the duodecimal system. Something like uniformity would thus be gained, and England would compare favourably with those countries which assay to the 10,000th part; with them 9000 represents "standard," and 10,000 "fine;" with us 11,000 would represent "standard," and 12,000 "fine." The change would enhance the buying price of bullion in England about l 3/4d. per oz., and thereby encourage its import and retard its export, and would prevent the frequent movements of bullion which now interfere with the rate of interest. It is true that, if the charge for coinage were everywhere exactly the same, these objects would be almost equally served; but would not this exact equivalence mean nothing more than the accomplishment of that very international system which we are so often assured is impracticable ? Moreover, it is for England to set the example of equalizing the real and factitious values of bullion; we have endeavoured to show that, if it is not followed, it must nevertheless be beneficial to England herself, and that if, on the other hand, its good effects are such as to induce a general reform, we may hope for great and universal facilities to commerce.

In further pursuit of these objects, we would suggest certain alterations in the relations between the Government and the Bank of England. In 1780 it was proposed by Edmund Burke that the Bank and the Mint should be made one establishment; the scheme was, however, soon afterwards abandoned. But the almost universal monetary reforms of the past century render the question more urgent than before. It might not be convenient to conduct the operations of minting in the

Bank itself, but, if not under one roof, it would be advisable that the issue department of the Bank and the Mint (in so far at any rate as the gold coinage is concerned) should be under one management. By this means the importer would be spared the expense which he now incurs for the assay of his bullion; for though the Mint assays bullion free of charge, the importer loses this advantage in consequence of the Bank being the intermediary channel, and, in fact, a double expense is incurred. The amalgamation of the Bank and the Mint would also dispose of many anomalies in the present systems of reporting the assays. The old system of dividing the troy pound into twenty-four carats is still nominally retained at the Mint; but the assays are really conducted on the millieme system, and the results are then converted into carats and carat-grains, and are so reported. Again, the carat system is itself imperfect, for, though the lowest term used is the troy grain, the one-eighth of a carat-grain is also used, which is equivalent to seven and a half grains troy. The Mint reports therefore acknowledge a weight containing a term lower than the lowest term taken singly, this alone being a surprising inconsistency; they are moreover only approximations obtained by the conversion of the modern millieme terms, the two systems having nothing in common; and, above all, the Bank assays are reported upon a duodecimal system which has no connection with either one or the other.

But though the abolition of the Mint and the union of the minting and bullion departments, as in the United States, for instance, appear to be necessary articles of a complete monetary reform, they are by no means important to the success of the other alterations we have suggested. The establishment of a common buying and selling price of gold could be effected without any disturbance of the Mint, and with very little trouble, as the leading commercial countries could without difficulty come to an agreement as to the unexpressed margins in the weight and assay of bullion.

With regard to the position of the Bank of England, we would propose that it should be subsidized by the Government for the conduct of the Issue department, as is already done in the case of the National Debt; the profit on the trade of bullion and foreign coins would thus be included in the general charge.

Here follows the coinage of England from Athelstan, a.d. 925, to Victoria. The denominations only of the coins are given as they were issued in the different reigns:

Coinage of England

Athelstan, a.d. 925, to Henry II, a.d. 1189, silver pennies only.