It may also be ascertained by comparing it with some standard common to both countries. If a bill on England for 100_l._ will purchase the same quantity of goods in France or Spain, that a bill on Hamburgh for the same sum will do, the exchange between Hamburgh and England is at par; but if a bill on England for 130_l._, will purchase no more than a bill on Hamburgh for 100_l._, the exchange is 30 per cent. against England. In England 100_l._ may purchase a bill, or the right of receiving 101_l._ in Holland, 102_l._ in France, and 105_l._ in Spain. The exchange with England is, in that case, said to be 1 per cent. against Holland, 2 per cent. against France, and 5 per cent. against Spain. It indicates that the level of currency is higher than it should be in those countries, and the comparative value of their currencies, and that of England, would be immediately restored to par, by abstracting from theirs, or by adding to that of England. Those who maintained that our currency was depreciated during the last ten years, when the exchange varied from 20 to 30 per cent. against this country, have never contended, as they have been accused of doing, that money could not be more valuable in one country than another, as compared with various commodities; but they did contend, that 130_l._ could not be detained in England, when it was of no more value, estimated in the money of Hamburgh, or of Holland, than 100_l._ By sending 130_l._ good English pounds sterling to Hamburgh, even at an expense of 5_l._, I should be possessed there of 125_l._; what then could make me consent to give 130_l._ for a bill which would give me 100_l._ in Hamburgh, but that my pounds were not good pounds sterling?--they were deteriorated, were degraded in intrinsic value below the pounds sterling of Hamburgh, and if actually sent there, at an expense of 5_l._, would sell only for 100_l._ With metallic pounds sterling, it is not denied that my 130_l._ would procure me 125_l._ in Hamburgh, but with paper pounds sterling I can only obtain 100_l._; and yet it is maintained that 130_l._ in paper, is of equal value with 130_l._ in silver or gold.