Note 47 — Chapter XXV
Reading edition
M. Say recommends that the seignorage should vary according to the quantity of business that the mint might be called upon to perform.
"Government should not coin the bullion of individuals except on payment, not only of the expenses, but also of the profits of coining. This profit might be carried to a considerable height, in consequence of the exclusive privilege of coining; but it must vary according to the circumstances of the mint, and the quantity required for circulation." Vol. i. p. 380.
Such a regulation would be extremely pernicious, and would expose us to considerable and unnecessary variation in the bullion value of the currency.