rise
during the years of Napoleonic tyranny on the continent of Europe, and
its continuance during the factitious calm of the First Restoration in
France, were due to circumstances that never existed before and are
little likely to occur again._

_The accumulation of a fund of_ gold _coin, reserved against sudden
contingency, was one of Bonaparte's imperial ideas. In a modified and
more modern form, this notion of a "war-chest," untouched and
unproductive in peace-time, is still adhered to by the Germans: they
have kept to heart many of their former conqueror's lessons, lessons
forgotten by the French themselves--and the enormous treasure of gold
bags guarded at Spandau is a matter of common knowledge. Napoleon,
however, in his triumphant days never, and for obvious reasons, lacked
money. It was less an actual treasure that he required and valued so
highly for political and military purposes, than an ever ready reserve
of wealth easily portable, of paramount value at all times;
"concentrated," so to speak. And nothing could come nearer to that
description than rolls of English guineas. Indeed the vast numbers of
these coins which fitfully appeared in circulation throughout Europe
justified the many weird legends concerning the power of "British
Gold"_--l'or Anglais!

_There is every reason to believe that, in days when the national
currency consisted chiefly of lumbering silver_ ecus, _the Bourbon
government also appreciated to the full the value of a_ private _gold
reserve. At any rate it was at the time of the first Restoration that
the golden guinea of England found in France its highest premium._

_Without going into the vexed and dreary question of single or double
standard, it will suffice to say that during the early years of the
century now about to close, gold coin was leaving England at a rate
which not only appeared phenomenal but was held to be injurious to the
community._

_As a matter of fact most of it was finding its way to France, whilst
Great Britain was flooded with silver. It was then made illegal to
export gold coin or bullion. The prohibition was stringently, indeed
at one time, ruthlessly, enforced. In this manner the new and highly
profitable traffic in English guineas entered the province of the
"free-trader"; the difference introduced in his practice being merely
one of degree. Whereas, in the case of prohibited imports, the chief
task lay in running the illicit goods and distributing them