These reasons seem to prove, that if the gold coin, deficient in June 1773 less than three grains, is estimated at _five millions_, (that is, at a little more than the coin deficient between three and six grains) it will be rated rather too high; and the conclusion will be, that the whole of our gold coin (exclusive of the _Irish_) might possibly be _less_, but could not have been _much more_, than the sum at which I have reckoned it.
Such have been the facts and arguments by which my judgment has been determined in this instance.—But it must not be overlooked, that it helps only to ascertain the quantity of _circulating_ specie in the kingdom, as distinguished from that which is _hoarded_. When the _Observations on Civil Liberty_ were published, I did not apprehend, that this part of the coin could be considerable enough to deserve regard. But the contrary has lately appeared. The Proclamation issued last summer, and which it was expected would bring in about three millions, has, I am informed, brought in about _six millions and a half_. This exceeds the sum at which I have been led to state the _whole_ gold coin deficient less than three grains; and proves, that several millions must have been hoarded[85]. Nor, I think, will this appear incredible, when it is recollected, that only gold coin under three grains of deficiency is likely to be hoarded; and also, that distrust of the _Funds_ and of Paper-money has a particular tendency to increase the practice of hoarding.
Assisted, therefore, by this new light, I would now state the _circulating_ gold coin of the kingdom before 1773, nearly as I did before; and call it TWELVE or THIRTEEN MILLIONS. But the whole gold coin (including the hoarded part) I would reckon at SIXTEEN or SEVENTEEN MILLIONS[86].
An account very different from this was given at opening the Budget; the substance of which I will state as faithfully as my memory will enable me; and just as I understood it.
“From the beginning of the year 1772, to the 23d of April last, 13.200,000_l_. had been coined at the Tower; and on that day there was 600,000_l_. more ready to be coined.—All this, (it was intimated) is now left in the kingdom. The last Proclamation, it was expected, would bring in three millions more; which, added to the coin deficient less than a grain resting in the kingdom at the time of the Coin Act in 1773, and issued before 1772, will make the whole, EIGHTEEN OR NINETEEN MILLIONS[87].”