'The French Mint Commission and M. Durand, its Commissioner-General, practically admit that current gold coin in France is equal in exchange to its full legal weight of bullion, _plus_ seigniorage. In order to test this with mathematical exactness, we must observe that a kilogramme, _i.e._, 1,000 grammes of absolutely pure gold without deduction for seigniorage or mint charges, is worth 3444·4444 francs; or, _with_ deduction at the rate of 6 francs 70 centimes, on 3,100 francs, 9/10 fine, the 1,000 grammes of absolutely pure gold, 10/10 fine, are worth 3,437 francs. Then, at ·916 fine, _i.e._, at the French Mint tariff of English gold coin treated as bullion, the proportionate value of the kilogramme of sovereigns, allowing for seigniorage or mint charge, comes out as given in the tariff, 3148·29 francs. And thus, doubtless, the French Mint arrives at its present equation of 25·12 francs = 1 sovereign. For the proportion is, 1,000 _grammes_ : 3148·29 francs :: 7·98085 grammes : x = 25·12602 francs.'--_Royal Commission on International Coinage. Mr. Hendriks' Evidence_, p. 146. It appears by this that the pound sterling is practically undervalued 2d. in France; one penny about in the intrinsic worth of the gold; and another, the cost of coining the metal, including the loss for delay in so doing. Any alteration in the standard of the coinage is, beyond doubt, a measure which should not be carelessly undertaken. Those opposed to such a measure have stated that the standard had remained unchanged in this country for more than a century and a half. Great weight has also been attributed by some persons to the resolution of the House of Commons of 20th October, 1696, and passed again in the same words on the 12th June, 1822, 'That this House will not alter the standard of the gold and silver coins of this kingdom, in fineness, weight, or denomination.' A solemn declaration beyond doubt; but notwithstanding this, several changes have at various times been made in the currency of the realm. In 1696, the year of the 'Resolution' silver was the sole legal tender. In 1717, silver ceased to be the sole standard, and the double, or alternative standard of gold or silver, was adopted. This change was made under the advice of Sir Isaac Newton. In 1774, silver was restricted, as a legal tender, to sums under £25 by tale, and above £25 by weight, but gold remained a legal tender without restriction. In 1783, both gold and silver, without any restriction, became legal tender. In 1797, bank notes were made legal tender. The effect of this change is well known. In 1798, silver was made legal tender as in 1774. In 1817, gold alone was made legal tender, silver being debased and restricted as mentioned before.