CORNELL UNIVERSITY LIBRARY THE CHARLES WILLIAM WASON COLLECTION ON CHINA AND THE CHINESE Cornell University Library HG295.G7 A3 Report together with minutes of evidenc 3 1924 030 185 361 olin Overs The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924030185361 REPORT, TOGETHER WITH MINUTES OF EVIDENCE, AND ACCOUNTS, FROM THE , SELECT COMMITTEE ON THE HIGH PRICEo/GOLD BULLION. Ordered, Jj/ The Houfe of Commons, to be printed, 8 June 1810. The select COMMITTEE appointed to enquire into the caufe of the High Price of Gold Bullion, and to take into confideration the ftate of the Circulating Medium, and of the Exchanges between Great Britain and Foreign Parts ; — and to report the fame, with their Obfervations thereupon, from tinje to time, to The Houfe ; Have, purHiant to the Orders of The Houfe, examined the matters to them referred ; and have agreed to the following!; REPORT: YOUR Committee proceeded, in the firft inftance, to afcertain wliat the price of Cold Bullion had been, as well as the rates of the Foreign Ex- changes, for feme time paft ; particularly during the laft year. Your Committee have found that the price of Gold Bullion, which, by the regulations of His Majefty's Mint, is ^.3. 17. 10 f. per ounce of ftandard fineuefs, was, during the years 1806, 1807 and 1808, as high as ^.4. in the market. Towards the end of 1 808 it began to advance very rapidly, and con- tinued very high during the whole year 1809 ; the market price of ftandard Gold in bars fluftuating from ^.4. 9. to £.4. 12. per oz. The market price at j£. 4. 10. is about 15 1 per cent, above the Mint price. Your Corani'ttee have found, that during the three firft months of the prefent year, the price of ftandard Gold in bars remained nearly at the fame price as ,Jd«ring laft yea'; viz. from £.4. 10. to X. 4. 12. per oz. In the courfe of the months of March and April, the price of ftandard Gold is quoted but once in Wei tenhall's tables; viz. on the 6th of April laft, at jC.4. 6. which is rather more than 10 per-cent. above the Mint price. The laft quotations of the price of Gold, which havel oeji given in thofe tables, are upon the 1 8th and 22d of May, when Portugal Gold in coin is quoted at JJ.4. n. per oz : Portugal Gold ■coin is about the fame finenefs as our fi^andard. It is ftated in the fame tables, that in the month of March laft, the price of new. Doubloons rofe from jC.4. ,7. to ^£.4. 9. per oz. Spanifl) Gold is from 4 | to 4 f grains better than ftandard, making about 4 s. per oz. difference in value. It appears by the Evidence, that the price of foreign Gold coin is generally higher than than that of bar Gold, on account of the former finding a more ready vent in foreign markets. The difference between Spanilh and Portugal Gold ia coin and Gold in bars, has of late been about 2s. per ounce. Your Commitlee have alfo to ftate, that there is faid to be at prefent a difference of between 3 s. and 4^. per ounce between the price of bar Gold which may be fworn off" for exporta- tion as being foreign Gold, and the price of fuch bar Gold as the Dealer will not venture to fwear off ; while the former was about X- 4- ^o- ^n the market, the 349. A Ir.lter . 1 V 2 REPORt FROM THE SELECT COMMITTEE latter is faid to have been about £. 4. 6, On account of thefe extrinfic differoncev occafioned either by the expenfe of coinage, or by the obftrufctions of law, the price of ftandard Gold in bars, fuch as may be exported, is that which it is moil material to keep generally in view through the prefent inquiry. It appeared to Your Committee, that it might be of ufe, in judging of the caufc^ of this high price, of Gold Bulb on, to be inforimed alfo of the prices of Silver during the fame period. The price of ftandard Silver in His Maicily'.s Mint is 5^. %d. per ounce; at this ftandard price, the value of a Spanifli Dollar is 4.?. 4^. or, which comes to the fame thing, Spanifli Dollars are, at that ftandard pric(\ worth \s. II Id. per ounce. It is ftated in Wettenhall's tables, that throughout the year 1809, the price of new Dollars fluctuated from 5.5-. i^d. to 5.9. -j d. per ounce, or from ' 10 to 13 per cent, above the Mint price of ftandard Silver. In the courfe of the laft month, new Dollars have been quoted as high as 5 y. 8 d. per •ounce, or more than 15 per cent, above the Mint price. Your Committee have like^vife found, that towards the end of the year iSo3, the Exchanges with the Continent became very unfavourable to this Country, and continued ftill more unfavourable through the whole of 1809, and the three firft •months of the prefent year. Hamburgh, Amfterdam, and Paris, are the principal places with Avhich the Exchanges are eftabliflied at prefent. During the laft fix months of 1809, and the three firft montiis of the prefent year, the Exchanges on Hamburgh and Amft«rdam were deprefled as low as from 16 to 20 per cent, below par ; and that on Paris ftill lower. The Exchanges wuh Portugal have correfponded with the others ; but they are complicated by fome circumftances which fliall be explained feparately. Your Committee find, that in the courfe of the month of March laft, that is, from the 2d of March to the 3d April, the Exchanges with the three places above mentioned received a gradual improvement. The Exchange with Hamburgh Tofe gradually from 29.4.1031.; that with Amfterdam from 31.8. to 33.5.; that with Pans from 19. 16. to 21. 11. Since the 3d of April laft to the prefent time, they have remained nearly ftationary at thofe rates, the Exchange with Ham- ■turgh, as ftiated in the tables printed for the ufe of the merchants, appearing )S,'s jnuch againft this Country as jC.g. per cent, below par; that with Amfterdam appearing to be more than £. 7. per cent, below par 3 and that with Paris more than jC. 14. per cent, below par. So extraordinary a rife in the market price of Gold in this Country, coupled with fo remarkable a depreflion of our Exchimges with the Continent, very early, in the judgment of Your Committee, pointed to fomething in the ftate •of our own domeftic currency as the caufe of both appearances. But before the}' adopted that conclufion, which feemed agreeable to all former reafonino-s and expei-ience, they thought it proper to enquire more particulariy into the t ircumftanccs connefted with each of thofe two facts; and to hear, from perfons of commercial practice and detail, what explanations they had to offer of fo unufual a ftate of things. With this view. Your Committee called before them feveral Merchants of exten- five dealings and intelligence, and clefired to have their opinions, with refpeft to the caufe of the high price of Gold and the low rates of Exchange. I. Minutes of It will be found by the Evidence, that the high price of Gold is afcribed, by Evidence, moft of the Witnefics, entirely to an alledged fcarcity of that article, arifmg out of .pp- 55, 56. an unufual demand for it upon the Continent of Europe. This unufual demand for Gold upon the Continent is defcribed by fome of them as being chiefly for the ufe of the French Armies, though increafed alfo by that ftate of alarm, and failure of confidence, which leads to the prafitice of hoarding. * Your Committee are of opinion, that, in the found and natural ftate of the Britifh currency the foundation of which is Gold, no increafed demand for Gold from other parts of the world, however great, or from whatever caufes arifmg, can have the efteA of producing here, for a confiderable period of time, a material rife in the market price of Gold. But before they proceed to explain the grounds of that general opinion, they wifh to itafe fome other reafons which alone would have kd aoi. 131. ■ON THE HIGH PRICE OF GOLD BULLION. .3 •lod them to doubt whether, hi point of faft^fuch a demand for Gold^ as is alledged, has operated in the manner fuppofed. If there w-ere an nnufual demand for Gold upon t!ie Continent, fuch as 'could influence its market price in this Cotnitry, it would of courfe inlhience alfo, •and indeed in the firft inilance, its price in the Continental markets ; and it was ■to be espefted that thofe who afcribed the hich price heie to a great demaufi abroad, would have been prepared to ftate that there was a correfponding high price abroad. Your Conimittee did not find that they grounded their inference upon any fuch information ; and fo far as Your Committee have been enabled to afcertain, it "does not appear that during the period when the price of Gold Bullion v,as rifmg here, as valued in our paper, there was any correfponding rife in the price of Gold Bullion in the market of the Continent, as valued in their refpeftive curr rencies. Mr. Whihnore, indeed, the late Governor of the Bank, ftated, that in Mb. p. 1 21, liis opinion it was the high price abroad which had carried our Gold coin out of this Country; but he did not ofier to Your Committee any proof of this high price. Mr. Grejfidhe, a Continental Merchant, who appeared to be remarkably Min. p. 69, well informed in the details of trade, being afi^ed by the Committee, If he could ftate whether any change had taken place in the price of Gold in any of the foreign markets within the laft year ? aufwered, " No very material " change that I am aware of" Upon a fubfequent day, having had time Min. p. 99. to refer to the actual prices, he again ftated to the Committee, " I beg " leave to obferve, that there has Ibeen no alteration of late in the Mint "price of Gold in foreign places, nor have the market prices experienced an *' advance at all relative to the rife that has taken place in England ; one of " the papers I have delivered fhews the foreign prices reduced into ilerling " money at the prefent low rates of Exchange, and the excefs above our market " price may be confidered as about equal to the charges of conveyance." The paper he refers to will be found in the Appendix ; and this ftatement made by Appendix of Mr. Greffulhe throws great light upon this part of the fubjeSl; as it fliews. Accounts: that the a6tual prices of Gold in the foreign markets are juft fo much lower ^56, 57» than its market price here, as the difference of Exchange amounts to. Mr. Greffulhe's paper is confirmed by another, which has been laid before Your Ace. N" 59, Committee. Mr. Abraham Gold/mid has alfo ftated to Your Committee, that, uin. p,^i, during that part of laft year when the market price of Gold here rofe fo high, its price at Hamburgh did not fluctuate more than from 3 to 4 per cent. Here Your Committee muft obferve, that both at Hamburgh and Amfterdam, where the meafure of value is not Gold as in this Country,' but Silver, an unufuai demand for Gold would afTeft its money price, that is, its price in Silver ; and that as it does not appear that there has been any conliderable rife in the price of Gold, as valued in Silver, at thofe places in the laft year, the inference is, that there was not any confiderable increafe in the dem.and for Gold. That permanent rife in the market-price of Gold obove its IVlint price, which appears by Mr. 'Greffulhe's paper to have taken' place for feveral years both at Hamburgh and Amfterdam, may in fome degree be afcribed, as Your Committee conceive, to an alteration which has taken place in the relative value of the two precious metals all over the world ; concerning which, much curious and fatisfaftory Evidence will be found in the Appendix, particularly in the documents laid before Your ■Committee by Mr. Allen. From the fame caufe, a fall in the relative price of Ace. K* 21. Silver appears to have taken place in this Country for fome time before the increafe to 33- ofourpaper currency began to operate. Silver having fallen in its relative value to Gold throughout the world, Gold has appeared to rife in price in thofe markets where Silver is the fixed meafure, and Silver has appeared to fall in thofe where Gold is the fixed meafure. With refpeft to the alledged demand for Gold upon the Continent for the fup- ply of the French Armies, Your Committee muft further obferve, that, if the vants of the military cheft have been latterly much increafed, the general fupply of Europe with Gold has been augmented by all that quantity which this great com- mercial Country has fpared in confequence of the lubftitution of another medium of circulation. And Your Committee cannot omit remarking, that though the cir- cumftances which might occafion fuch an increafed demand may recently have exiited in greater force than at fornier periods, yet in the former wars and con- vulfions of the Continent, they rouft haveexifted in fuch a degree as to produce fome 4 REPORT FROM THE SELECT COMMITTEE Jliiup. 130. fome effeft. Sir Francis Baring has very juftly referred to the feven years war and to the American war, and remarks, that no want of BuUion was then felt in this Country. And upon referring for a courfe of years to the tables which are pubhfhed for the ufe of the Merchants, fuch as Lloyd's Lift* and Wettenhall's Courfe of Exchange, Your Committee have found that from the middle of the year 1773, when the reformation of the Gold coin took place^ till about the middle of the year 1799, two years after the fufpenfimi of the cafli pajnnents of the Bank, the market-price of ftandard Gold in bars remained fteadily uniform at the price of £. 3. 17. 6. [being, with the fmall allowance for lofs by detention at the Mint, equal to the Mint price of X- 3- 17. lof.] with the exception of one year, from May 1783 to May 1784, when it was occafionally X-^- 18. o. During the fame period it is to be noticed, the price of Portugal Gold coin was occafionally as high as ^.4. 2. o. ; and Your Committee alfo obferve, that it was ftated to the Lords' Committee in 1797 by Mr. Abraham Report Newland, that the Bank had been frequently obliged to buy Gold higher than Corani. of ti^e Mint jM'ice, and upon one particular occiafion gave as much for a fmall p^'ee'^' quantity, which their agent procured from Portugal, as £./[. 8. But Your Com- mittee find, that the price of ftandard Gold in bars was never for any length of time materially above the Mint price, during the whole period of 24 year.? which elapfed from the reformation of the Gold coin to the fufpenfion of the caUi payments of the Bank. The two moft remarkable periods prior to the prcfent, when the mai'ket price of Gold in this country has exceeded our Mint price, were in the reign of King William, when the Silver coin was very much worn below its ftandard, and in the early part of His prefent Majefty's reign, when the Gold coin was very much worn below its ftandard. In both thofe periods, the excefs of the market price of Gold above its Mint price was found to be owing to the bad ftate of the currency ; and in both inftances, the reformation of the currency effefitually lowered the market price of Gold to the level of the Mint price. During the whole of the years 1796 and 1797, in which there was inch a fcarcit}- of Gold, occafioned by the great demands of the country Bankers in order to encreafe their deppfits, the market price of Gold never rofe above the Mint price. Your Committee have ftill further to remark upon this point, that the Evidence laid before them has led them to entertain much doubt of the alledged fatt, that a icarcily of Gold Bullion has been recently experienced in this country. That Guineas have difappeared from the circulation, there can be no queftion ; but that tloeri not prove a fcarcity of Bullion, any more than the high price proves that fcarcity. If Gold is rendered dear by any other caufe than fcarcity, thofe, who cannot purchafe it without paying the high price, will be very apt to conclude that it is fearer. A very extenfive home dealer who was examined, and who fpoke Mil), p. 52. very much of the fcarcity of Gold, acknov/lcdged, that he found no difficulty iu getting any quantity he wanted, if he was willing to pay the price for it. Aiiif it appears to Your Committee, that, thougli in the, courfe of the lad year there have been large exportations of Gold to the Continent, there have heen alfo verv confiderable importations of it into this Country from South America,' chiefly through the Weft Indies. The changes which have atii^ded Spain and Portu- gal, combined with our maritime and commercial advantages, v.ould fcera to iiave rendered this country a channel through which the produce of the mines of New Spain and the Brazils pafs to the refi uf the world. In fuch a fituation, the imports of Bullion and Coin give us the opportunity of firft fupplying ourfclves ; and muft render this the lall of the great markets, in which a fcarcity of that article will be felt. This is remarkably illuftrated by the fatt, that Portugal Gold coin is now fent regularly from this Country to the Cotton Sett'einents in the Brazils, Pernambuco, and Maranham, while Dollars are remitted in confiderable ■quantities to this country froiu Rio Janiero. It is important alfo to obferve, that the rife in the market price of Silver in this country, v\ hich has nearly correfponded to that of the market price of Gold, cannot in any degree be afcribed to a fcarcity of Silver. The importations of Silver have of late years been unufually large, while the ufual drain for India and China jVcc. Nos. 9. ]ias been flopped. For fill ihefe reafons,. Your Cpnamittee would be inchned to think, that thofe ■who afcribe the high price of Gold to aii unufual demand for tliat article^ and a \ confequeat Ac I©. ON THE HIGH PRICE OF GOLD BULLION. 5 confequent fcarcity, affume fa6bs as certain of which there is no evidence. But even if thefe affumptions were proved, to afcribe the high price of Gold in thil Country to its fcarcity, feems to your Committee to involve a mifconception, which they think it important to explain. In this Country, Gold is itfelf the meafiire of all exchangeable value, the fcale to which all money prices are referred. It is fo, not only by the nfage and com- mercial habits of the country, but likewife by operation of law, ever fmce the Act of the i.^th of His prefent Majefty [finally rendered perpetual by an Aft of the 39th year of the reign] difallowed a legal tender in Silver coin beyond the fum of £. 25. Gold being thus our meafure of prices, a commodity is faid to be dear or cheap according as more or lefs Gold is given in exchange for a given quantity of that commodity; butagivenquantity of Gold itfelf will never be exchanged for a greater or a lefs quantity of Gold of the fame ftandard finenefs. At particular times it may be convenient, in exchange for Gold in a particular coin, to give more than an equal quantity of other Gold ; but this difference cap never exceed a certain fmall limit : and thus it has happened that the Bank,, while liable to pay its notes ip fpecie, has under particular emergencies been put to the neceffity of purchafing Gold at a lofs, in order to keep up or to repair its ftock. But generally fpeaking, the price of Gold, being itfelf meafured and expreffed in Gold, cannot be raifed or lowered by an increafedordiminilhed demand for it. An ounce of Gold will ex- change for neither more nor lefs than an ounce of Gold of the fame finenefs, except fo far as an allowance is to be made, if the one ounce is coined or otherwife manufaftured and the other is not, for the expence of that coinage or manufac- ture. An ounqe of ftandard Gold Bullion will not fetch more in our market than J^". 3. 17. 10 f., unlefs £.'>,. 17. 10 i. in our actual currency is equivalent to lefs than an ounce of Gold. An increafe or diminution in the demand for Gold, or, what comes to the fame thing, a diminution or inaieafe in the general fupply of Gold, will, no doubt, have a material effect upon the money prices of all other articles. An increaled demand for Gold, and a confequent fcarcity of that article, will make it more valuable in proportion to all other articles ; the fame quantity of Gold will purchafe a greater quantity of any other article than it did before : in other words, the real price of Gold, or the quantity of commodities given in exchange foi- it, will rife, and the money prices of all commodities will fall ; the money price of Gold itfelf will remain 1 unaltered, but the prices of all other com- modities will fall. That this is not the prefent ftate of things is abundantly n>ani feft ; the prices of all commodities have rifen, and Gold appears to have rifeii in its price only in common with them. If this common effeft is to be afcribed to one and the fame caufe, that caufe can only be found in the ftate of the currency . of this Covuitry. Your Commattee- think it proper to ftate flnll more fpecifically, wha* appeaT to them to be the principles which govern the relative prices of Gold in Bullion and Gold in Coin, as well as of Paper circulating in its place and' exchangeable for it. They cannot introduce this fubjeft more properly, than by adverting to thofe fnnple principles and regulations, on which a coinage ilTuing: from the King's Mint is founded. The object is, to fecure to the people, a: ftandard of a detorminatie value, by- affixing _a fcanip, under the Royal authority, to pieces of .Gold^ which are thu.?^ certified to be of a given weighr 2nd, finenelis. Gold in Buliiou is the ftandard to which. the Legiflature i^a? intended that the coin ihorsld be conformed; and v^ith W'hiGh it fliQuld be jfieutified as much as poffiiile. And if that intention of the' Legiftature were completely fulfilled, the coin-ed Gold wouldibear precifelytiis' fame price in exchange for all other commodities, as it would have borne had it' CQntinued in the ihape of Bullion ; but ibis fabjeft to fome 'fmall flnduatioris'.'^ Firft, there is fome expenfe incurred in con^-erting Bullion into coin. Thee''-", who feqd Bullion to be coined, and it is allowed to anyone to ieiKrit,'tHough they are clijarged with no feignorage, incur alofs-df infer&ft'by the deteRtioabr* then- Gold in the Mint. This lofs may hitheTto* liftve ari*itnte,l to ;J)0!it" „£Ti. per cent., but it is to be prefumed that the improV^rftCMSTof the lyftem ofthe iie.vv"" Mint will caufe the detention, and conffeqUsntlofs'loMaiuc!^ frn^Jler. Tnis^. i. . per cent, h^s formed the limit, 01: nearly the iiifeit, ttTthe" poffiiI>le rife of the value of coin above that of Bullion; teto iil'ppo'fetliat coitt could, through ahy^' 349. B • caufe 6 REPORT FROM THE SELECT COMMITTEE oatife advance much above this limit, would be to aflume that there w^as a high fft'ofit on a tranfaftion, in which there is no rifle and every one has an opportunity of engaging. The two following circumftances conjoined, account for the depreffion of the Coin below the price of Bullion, and will /liew what muft have been the limit to its extent before 1797, the period of the fufpenfion of the Cafh payments of the Bank of England. Firft, the Coin, after it had become current, was gradually dimini/hed in weight by ufe, and therefore if melted would produce a lefs quantity of BuUion. The average diminution of v/eight of the prefent current Gold Coin below that of the fame Coin when frefli from the Mint, appears by A.CC. N° 20. the Evidence to be nearly ^ I. per cent. This evil, in more ancient times, was occafionally very great. It was particularly felt in an early period of His prefent Majefty's reign, and led to the reformation of the Gold Coin in 1773. But it is now carefully guarded againft, not only by the legal puniftment of every wilful deterioration of the Gold Coin, but alfo by the regulation of the Statute, that Guineas, of which thefuU weinht when frefh from the Mint is 5 dwts. 94^ grains, fliall not be a legal tender if worn below 5 dwts. 8 grs. ; the depreciation thus allowed being at the utmoft i . 1 1 per cent. A ftill more material caufe of depreffion, is the difficulty under which the holders of Coin have been placed when they wiffied to convert it into Bullion : The Law of this Country forbids any other Gold Coin than that which has become light to be put into the melting pot, and, with a very queftionable policy, prohibits the exportation of our Gold Coin, and of any Gold, uhlefs an oath is taken that it has not been produced from the Coin of this realm. It appears by the Evidence, that the difference between the value of Gold BuUion which may be fworn off for exportation, and that of the Gold produced or fuppofed to be produced from our own Coin, which by Law is convertible only to domeltic purpofes, amounts at prefent to between 3.?. and 4.?. per ounce. The two circumftances which have now been mentioned have unqueftionably eonftituted, in the judgment of Your Committee, the whole caufe of that depref- fion of the value of the Gold Coinof this Country in exchange for commodities, below the value of Bullion in exchange for commodities, which has occafionally arifen or could arife at thofe times when the Bank paid in fpecie, and Gold was confeqiiently obtainable ^n the quantity that was defired; and the limit feed, by thofe two circumftances conjoined, to this excefs of the market price of Gold above the Mint price, was therefore a limit of about 5 f per cent. The chief part of this depreffion i,s to be afcribed to that ancient but doubtful policy of this Country, which, by attempting to confine the Coin within the Kingdom, has ferved, in the fame manner as permanent reftri6tions on the export of other articles, to place it under a difadvantage, and to give to it a lefs value in the market than the fame article would have if fubjeft to no fuch prohibition. The truth of thefe obfervations on the caufes and limits of the ordinary diffe- rence between the market and Mint price of Gold, may be illuftrated by a reference to the mode, ex:plained in the Evidence, of fecuring a fixed ftandard of value for the great commercial payments of Hamburgh. The payments in the ordinary tra-nfaftionsof life are made in a currency compofed of the coins of the fev6ral Surrounding States ; but Silver is the ftandard there reforted to in the "^reat commercial payments, as Gold is in England. No ditference analogous to that which occurs in this Country, between the Mint and market price of Gold, can ever arife at Hamburgii with regard to Silver, becaufe provifion is made that none of the three caufes above fpecified, [the expenfe of coinage, the depreciation by wear, or the obftruftion to exportation] fhall have any operation. The large payments of Hamburgh are effected in Bank money, which confifts of a6tual Silver of a given finenefs, lodged in the Hamburgh Bank by the merchants of fhe place, who thereupon have a proportionate credit in the Bank books, which they transfer according ^. to their occafions. The Silver being aflayed and weighed with fcarcely any lofs..of time, the fii'ft-mentioned caufe of flufituation in the relative value of the current medium compared with Bullion is avoided. Cer- tain maffes of it being then cert.ified (\yithout any ftamp beino- affixed on the metal) to be of a given quantity, and finenefs, the value is transferred from indi- mdual tp. individual by the, medium merely of the Bank booksj and thus the ■ ' M^earing ON THE HIGH PRICE OF GOLD BULLION. 7 wearing of the Coin being prevented, one caufe of depreciation is removed. A free Tight is alfo given to withdraw, melt, and export it ; and thus the other and principal fource of the occafional fall of the value of the current medium of payment, below that of the Bullion which it is intended to reprefent, is alfo efllefitually precluded. In this manner at Hamburgh, Silver is not only the meafure of all exchangeable value, but it is rendered an invariable meafure, except in fo far as the relative value of Silver itfelf varies with the varying fiipply of that precions metal from the mines. In the fame manner the ufage, and at 1 aft the law, which made Gold Coin the ufual and at laft the only legal tender in large payments here, rendered that metal our meafure of value : and from the period of the reformation of the Gold Coin down to the fufpenfion of the Bank payments in fpecie in 1797, Gold Coin was not a very variable meafure of value; being fubje6t only to that variation in the relative value of Gold Bullion which depends upon its fupply from the mines, tog-ether with that limited variation which, as above defcribed, might take place between the market and the Mint price of Gold Coin. The higheft amount of the depreffion of the Coin which can take place when the Bank pays inGold,has juftbeenftatedtobe about 5 f per cent, and accordingly it will be found, that in all the periods preceding 1797, the difference between what is called the Mint price and market price of Gold never exceeded that limit. Since the fufpenfion of Caflr payments in 1 797, hov/ever, it is certain, that, evea if Gold is ftill our meafure of value and ftandard of prices, it has been expofed to a new caufe of variation, from the poffible excefs of that paper which is not convertible into Gold at will ■ and the limit of this ftev/ variation is as indefinite as the exCefs to which that paper may be iflued. It may indeed be doubted, "whether, fmce the new fyftera of Bank of England payments has been fully efta- bliflied. Gold has in truth continued to be our meafure of vd,lue ; and whether we have any other ftandard of prices than that circulating medium, iflued primarily ."'by the Bank of England and in a fecondary manner by the country Banks, the ■variations of which in relative value may be as indefinite as the poffible fexcefs of ^hat circulating medium. But whether our prefent meafure of value, ^nd ftan- dard of prices, be this paper currency thus variable in its relative value, or conti- nues ftill to be Gold, but Gold rendered more variable than it was before in confe- quence of being interchangeable for a paper currency which is not at will con- vertible into Gold, it is, in either cafe, moft defirable for the public that our cir- culating medium fhould again be conformed, as fpeedily as circumftances will permit, to its real and legal ftandard. Gold Bullion. If the Gold Coin of the Country were at any time to become very much worn and leflened in weight, or if it fhould fuflfer a debafement of its ftandard, it is evident that there would be a proportionable rife of the mai-ket price of Gold Bullion above its Mint price : for the Mint price is the fum in coin, which is equivalent in intrinfic value to a given quantity, an ounce for example, of the metal in Bullion ; and if the intrinfic value of that fum of Coin be leflened, it is equivalent to a lefs quantity of Bidlion than before. The fame rife of the market price of Gold above its Mint price will take place, if the local currency of this particular Cduntiy, being no longer convertible into Gold, fliould at any time be iflued to excefs. That excefs cannot be exported to other countries, and, not being/convertible into fpecie, it is not neceflarily returned upon thofe who ilTued k ; it remains in the channel of circulation, and is gradually abforbed bv in- creafing the prices of all commodities. An increafe in the. ([uantity of the local currency of a particular country, will raife prices in that country exa6tly in the fame manner as an increafe in the general fupply of precious metals raifes prices all over the world. By means of the increafe of quantity, the value of a given portion of that circulating medium, in exchange for other commodities, is lowered ; in other words, the money prices of all other commodities are raifed, and that of Bullion with the reft. In this manner, an excefs of the local currency of a particular country will occafion a rife of the market price of Gold above its Mint price. It is no lefs evident, that, in the event of the prices of commo- dities being raifed in one country by an augnientation of its circulating medium,' while no fimilar augmentation n the circulating medium Of a neighbouring -country has led to a fimilar rife of prices, the currencies of thofe two countries will 8 REPORT F^OM T?ip SFL^CJ C^MMITTE^ will no longer continue to bear the ftjfne relative. value to each other as before. The intrinfic value of a given portion of the one currency being leffened, while that of the other remains unaltered, the Exchange' will be computed betvveen tiiofe tvvo countries to tlie dlfadvantage of the fornjp. Tn this manner, a general rife of all prices, a rife in the market price of Gold, and a fall of the Foreign Exchanges, will be the efFeQ; of an exceifive qui?,ntity of circulating medium in a coyhtrj which has ?idppted a currency, not ex- portable to other countries, or hpt convertible at )viil iijtp' a Cqin wliich is eJvpprtable. II. Your Committee are thus led to the next head of their inquiry ; the prefent fiate of the Exchanges between this Country and the Continent. Andhere, asunder tlie former head. Your Committee will firft Hate the opinions which they have re- ceived from pradical men, rpfpecling the caufes of the prefetit ftate of the Exchange. ; Mr. Gre/fMhe, a general merchant, trading chiefly to the Continent, afcribed the fall of Exchange between London and Hamburgh, near i8 per cent, below Min. p. 65. par, in the year 1 809, " altogether to the commercial fituation of this Country with " the Continent; to the circumftance of the impxjrts, and payments of Subfidies, &o. " baying very much exceeded the exports." He llated,^ hoyy^yer,, tl^^i; be (prped his judgment of the balance of trade in a great mea,fure from the ftate pf the Ex- cha-nge itfelf, thougliit was corroborated by what fell under hi^ olfj^QrYa^X\ou^ lie infilled particularly on the large imports from the Baltic, and the i^ines^n^ brandies brought from France, in return for which no inerchandi^^ h^ci.been e;^- ported from this Country. He obferved on the other hand, tb^^t, tbp e;^pprt! of Colonial produce tp the Coritinent had increafed in the laft year comparecj w.i^J former years ; and that duping the laft, year there was an excefs, tp a cpuficjerajiii^ amount, of the exports of colonial produce a,nd I^ritifli nianufa^urps to Hollajnd above the imports from thence, but riot nearly equal, he thought, to the exceis of imports from other parts of the yeorid, judging from the ftate of the Exchapge as Min. p. 71. well as from what fell generally under his obferyation.. He afterwards explained! that it was not ftri6tly the balance of trade, but tbe, baJ^ce of payments, b^ing unfavourable to this Country, which he afligned a^ the principal caufe of tbe rgJi^e of Exchange; obferving alfo, that the balance of payments for the year may b^ againft us, while the general exports exceed the iriipprts. He. gave it as his Min. p. 70. opinion, that the caufe of the prefent ftate of Exchange was ei;itirely comme,j:pal with the addition of the foreign expenditure of Government ; and that an excefs of imports above exports vvaukl account for the rates of Exchange, continuing fo high as 16 per cent, againft this Country, for a permanent period of time. It will be found in the Evidence, that feveral other Witnefles agree in.fuhftance with Mr. Grejfidhe, iti this, explanation of the unfavourable ftate of the Exchario-e , particularly il/r. ,CA<27n6er,j and J/r. Conhigham. ' : • ' > Min. p. 131. Sir Francis Baring ftated to the Committee, thpt he confidered, tb,e two greaj circumftances which afTeft the Exchange in its pre font unfavpiirable ftate, to be the reftri6tions upon trade with the Continent, and the increafef} circulation of this Country in paper as produdiye of the fcarcity of Rullipn. And he iuft^iiced, as examples of a contrary ftate of things, the fevea. yea,rs war, andith^ A,merican war, in which there were the fame remitta,nces to make to, the Qpntinejit ipj; naval and military expenditure, yet no want of BuUipn was ever felt. The Committee likewife examined a very eminent Cdntinental Merchfinti Min. pp.73, whofe evidence will be found to contain a variety of valuable' information/ 75.82.85. ji^at Gentleman ftates, that the Exchange cannot fall in any cpuritry in Europe at the prefent time, if computed in coin of a definitive value, pr in foi^etlnng convertible into fuch coin, lovi'er than the extent of the charge of tranfpo,rtip«T it, together ivith an adequate profit in proportion to the rifle attending, fiich tr'aiif^'^ Min, p. 75. miffion. He conceives, that fuch fiijl of our Exchange as has exceeded ihat extent in the laft 15 months, muft certainly be referred to the circumftaijce, of our papep currency nPt being convertible into fpecie,; and tbat if that paper h;?id been fo' convertible, and Guineas had been in general circulation, an nrife,vourable,balance of trade co-idd hardly have caufed fo great a fail inthe Exchange as to the extent^ of ON THE niGH PRICE OF GOLD BULLION. 9 of 5 or 6 per-cent. He explains bis opinion upon the fiibje^t more fpecificallj [n the following Anfwers, which are extracted from different parts of his Evidence. " To what caufes do you afcribe tho prefent nnflivourable courfe of Exchange? Min. p. 78. ■ — The firft great depreciation took pkice wlien the French got pofTeffion of the North of Germany, and paffed fevere penal decrees againft a cfimmunication with this Colmtiy ; at the fame time that a fequeflration was laid upon all Englifh ■goods and property, wiiilft the payments forEnglifh account were ftill to be made, and the reimburfemeiits to betaken on this Comitry ; many more bills were in confequcnoe to be fold than coald be taken by perfons requiring to make payments ill Eng-lnnd. The communication by letters being alfo very diflicult and uncer- tain, middle men were not to be found, as in ufual times, to purchafe and fend incii bills to England for returns ; vvhiift no fuit at law couid be inllitufed in the' Courts of Juftice there againft any perfon who chofe to refift payment of a returned bill, or to difpute the charges of re-exchange. Whilft thoie caufes deprefled the Exchange, payments due to England oilly came round at diltant periods ; the Exchange once lowered by thofe circumitances, and Bulhon l>eihg withheld in England to make up thofe occafional diflerences, the operations between this Country and the Continent have continued at a low rate, as it is only matter of opinion what rate a pound fterling is there to be valued at, not being able to obtain w4iat it is meant to reprefent." " The Exchange againft England fluftuating from 15 to 20 per cent, howr Min. p. 73. much of that lofs may be afcribed to the effe& of the meafares taken by the enemy in the North of Germany, and the interruption of ifttei-courfe which has been the refult, and how much to the effeft of the Bank of England paper not being convertible into caflj, to which you have afcribed a part of that depreciation ? — I afcribe the whole of. the depreciation to have taken plaCe originally in confe- quence of the raeafures of the enemyy and its not having recovered to the eircum- llance of the paper of England not being exchangeable for cafh." " Since the conduft of the enemy which you have defcribed, what other caufes Mm. p. 82. have continued to operate on the Continent to lower the courfe of Exchange ? — Very confiderable iliipments fi'om the Baltic, which were drawn for and the bills fiegociated imilnediately oil the fliipments taking place, without confultiiig the intereft of the Propriettors in this country much, by deferring fuch a negociation till a demand fiiould take place for fuch bills : The continued difficulty and uii- <;ertainty in carrying on the correfpondence between this Country and the Coii- tinent : The curtailed number of houfes to be found on the Continent willing to undertake fuch operations, either by accepting bills for Englifli account draven from the various parts where fl)ipment3 take place, or by accepting bills drawn from this Country, either againft property fliipped, or on a fpeculative idea that the Exchange either ought or is likely to rife : The length of time that is required before goods can be converted into cafh, from the circuitous routes they are obliged to take : The very large fums of money paid to foreign Ship Owners, which in fome inftances, fuch as on the article of Hemp, has amounted to nearly its prime coft in Ruffia : The want of mi; one-half io hard money, and one-half in Go\'ernment paper; and that this paper is depreciated at a dilcount of 27 per cent. Upon all payments made in Portugal, there/ore, there is a difcount or lofs of 13 | per cent. ; and the exchange a,t 67 f, though nominally at par, is in truth 13 f per cent, againft this Country, If ON THE HIGH PRICE OF GOLD BULLION. n If riie exchange w^re really at par, it Avould be quoted at 56-rV«3 or apparent!/ 1 3 1 per cent, ia ftivoiir of London, as compared with the old par which was fixed before the depreciation of the. Portuguefe medium of payments. Whether this 131 per cjBiit. which ftands af^ainft this Country by the prefent Exchange on Lilbon, is a real difference of Exchange, occafioned by the conrfe of trade and by the remittances to. Portugal on account of Government, or a nominal and apparent Exchange occafioned by fometlung in the ftate of our own currency, or is partly real and partly nominal, may perhaps be determined by what Your Committee have yet to ilate. It appears to Your Committee to have been long fettled and underftood as a principle, that the difference of Exchange refulting from the ftate of trade and payments between two countries is limited by the expenfe of conveying and infuring the precious metals from one country to the other ; at leaft, that it cannot for any coniiderable length of time exceed tliat limit. The real difference of Exchange, refulting from the (late of trade and payments, never can fall lower than the amount of fucih expenfe of carriage, including the Infurance. The truth of this pofition is fo plain, and it is fo imiformly agreed to by all the practical authorities, both conunercial and political, that Your Committee will alTurae it as indifputable. It occurred however to Your Committee, that the amount of that charge and premium of infurance might be increafed above what it has been in ordinary periods even of war, by the peculiar circumflances which at prefent obftruft the commercial intercourfe between this Country and the Continent of Europe ; and that as fuch an increafe nould place fo much lower than ufual the limit to which our Exchanges might fall, an explanation might thereby be furnilhed of their prefent unufual fall. Your Committee accordingly directed their enquiries to Ihis point. It was ftated to Your Committee, by the Merchant who has been already men- tioned as being intimately acquainted with_ the trade between this Country and the Continent, that the prefent expenfe. of tranfporting Gold from London to Hamburgh, independent of the premium of Infurance, is from if to 2 per cent, j Min, p,7§, that tlie rifk is very variable from day to day, fo that there is no fixed premium, but he conceived the average rifk, for the fifteen months preceding the time when he fpoke, to have been about 4 per cent. : making the whole coft of fending Gold from London to Hamburgh for thofe fifteen months, at fuch average of the rifk, from 5|- to 6 per cent. — Mj: Abraham Goldfmid ftated, that in the laft five or fix: months of the year i8og, the expenle of fending Gold to Holland varied exceed- ingly, from 4 to 7 per cent, for all charges, covering the rifk as well as the cofts af tranfportation. By the Evidence which was taken before the Committees upon the Bank affairs in 1797, it appears that the coft of fending fpecie from London to Hamburgh in that time of war, including all charges as well as an average infurance, ■was eftimated at a little more than 3^ per cent. It is clear, therefore, that in con- ■fequence of the peculiar circumftances of the prefent ftate of the war, and the •increafed difficulties of intercourfe with the Continent, the coft of tranfporting the precious metals thither from this Country has not only been rendered more ■fluftuating than it ufed to be, but, upon the whole, is very confiderabh/ increafed. It would appear however, that upon an average of the rilk for that period when it feems to have been higheft,, the laft half of the laft year, the coil and infurance of tranfporting Gold to Hamburgh or to Holland did not exceed 7 per cent. It •was of courfe greater at particular times, when the rilk was above that average. It is evident alfo that the rifk, and confequently the whole coft of tranfporting it -to an inland market, to Paris for example, ^\■ould, upon an average, be higher than that of carrying it to Amfterdam or Hamburgh. It follovvs, that the limit to whicii the Exchanges, as refulting from the ftate of trade, might fall and con- tinue unfavourable for a confiderable length of time, has, during the period in queftion, been a good deal lower than in former times of war; but it appears alfo, that the expenfe of remitting fpecie has not been increafed fo much, and tha<; the limit, by which the depreflion of the- Exchanges js bounded, has not been lowered fo much, as to afford an adequate explanation of a fail of the Exchanges fo great as from 16 to 20 per cent, below par. The increafed coft of fuch remit< tance would explain, at thofe moment? -when tlic riili was grcateft, a fall of fome- thing 12 REPORT FROM THE SELECT COMMITTEE- thins^ more than 7 per cent, in the Exchange with Hamburgh or Holland, and a fall ftill greater perhaps in the Exchange with Paris ; but the reft of the fall, which has actually taken place, remains to be explained in fome other manner. Your Committee are difpofed to think from the refiilt of the whole evidence, contradictory as it is, that the, circumftances of the trade of this Country, iii tlie courfe of the laft year, were fuch as to occafion a rca! fall of our Exchanges with the Continent to a certain extent, and perhaps at one period almoft as low as the limit fixed by the expenfe of remitting Gold from hence to the refpeffive markets. And Your Committee is inclined to this opinion, both by what is flated regarding the excefs of imports from the Continent above the exports, tliough that is the part of the fubjefit which is left molt in doubt ; and alfo by what is ftated refpefiing the mode in which the payments in our trade have been latterly effected, an ad- vance being paid upon the imports from the Continent of Europe, and a long credit being given upon the exports to other parts of the world. Your Committee, obferving how entirely theprefentdepreffionof our Exchange with Europe is referred by many perfons to a great excefs of our imports above our exports, have called for an account of the a(?tual value of thofe for the laft five years; and Mr. Irving, the Infpeflor General Of Cuftoms, has accordingly furniflied the moll accurate Eftimate of both that he ha.s been enabled to form. He has alfo endeavoured to forward the objeft of the Committee, by calculating how much lliould be dedufted from the value of goods imported,, on account of articles: in return for which nothing is exported. Thefe dedli6lioHS confi-ft of the produce of Fiflieries, and of imports from the Eaft and Weft IndieSj which are of tlie nature of rents, profits, and capital remitted to Proprietors in this Country; The balance of trade in favour of this Country, upon the face ofthe Account thus made up, was In 1805 about - jO. 6,616,000. 1806 - - - X 10,437,000. 1807 - - - jO. 5,866,000., 1808 - - - ^.12,481,000. rSog - - - X 14,834,000. So far therefore, as any inference is to be drawn from the balance thus exhibited, the Exchanges during the prefent year, in which many payments to this Country on aecount of the very advantageous balances ofthe two. former years may be ex"-. pefted to take place, ought te be peculiarly favourable. ■ Your Committee, however, place Kttle confidence in deduction.* made even from the improved document which the induftry and intelligence of the Infpeftor General has enabled him to furniili. It is defeftive, as Mr. Irving has himfelf fiated, inafmuch as it fupplies no account ofthe fum drawn by Foreigners (which is at the prefent period peculiarly large) on account of freight due to them for the .employment of their fhipping, nor, on the other hand, ofthe fum receivable from them (and forming an addition to the value of our exported articles) on account of freight arifmg from the employment of Britifli fliipping. It leaves out of con^ fideration all intereft on capital in England poffefled by Foreigners, and on capital abroad belonging to Inhabitants of Great Britain, as well as the pecuniary tranfacr tions between the Governments of England and Ireland. It takes no cognizance of contraband trade, and of exported and imported BuHion, of which no account is rendered at the Cuftom-houfe. It likewife omits a moft important article, the variations of which, if correftly ftated, would probably be found to correfpond in a great degree with the flufiluations of the apparently favourable balance ; namely, the bills drawn on Government for our naval, military, and other expenfes i^ Foreign parts. Your Committee had hoped to receive an account of ihefe from the table of the Houfe ; but there has been fome difficulty and confequent delay in executing a material part ofthe Order made for them. It appears from " an Aecount, as far as it could be made out, of funis paid for Expenfes Abroad in 1793. 4. 5' ^^^ 6'" inferted in the Appendix ofthe Lords Report on the occafion ofthe Bank Reftriftion Bill, that the fums fo paid were. In 1793 - - - £■ 2,785,252. 4 - - £■ 8,335,59^. 5 " - - JC- 11,040,236. 6 - - . ^.10,649,916. The ON THE HIGH PRICE GF GOLD BULLION. 53 The foflowing is- an Account of tlie official value of our Imports and Exports %'ith the Continent of Europe alone, in each of the lail five; years : 1805 - 1806 1807 - 1808 - 1809 - IMPORTS. EXPORTS. Balance in favour of Great Britain, reckoned in Official Value. 10,008,649 8,197,256 7.973>5io 4,210,671 9.551.857 £. 15.465.430 13,216,386 12,689,590 1 1,280^490 23;75i2,6i5 £. 5.456,781 5.019.130 4,716,080 7,069,819 14,170,758 The balances with Europe alone in favour of Great Britain, as exhibited in this imperfeft ftatement, are not far from correfponding with the general and more accurate balances before given. The favourable balance of 1809 with Europe alone, if computed according to the aflual value, would be much more confiderable than the value of the fame year, in the former general ftatement. A favourable balance of trade on the face of the Account of Exports and Im- ports, prefented annually to Parliament, is a very probable confequence of large drafts on Government for foreign expenditure; an augmentation of exports, and. a diminution of imports, being promoted and even enforced by the means of fuch drafts. For if the fupply of bills drawn abroad, either by the Agents of Govern- ment, or by individuals, is difproportionate to the demand, the price of them in foreign money falls, until it is fo low as to invite purchafers ; and the purchafers, who are generally Foreigners, not wifhing to transfer their property permanently to England, have a reference to the terms on which the bills on En2;land will purchafe thofe Britilh commodities which are in demand, either in their own country, or in intermediate places, with which the account may be adjufted. Thus, the price of the bills being regulated in fome degree by that of Britifh commodities, and continuing to fall till it becomes fo low as to be likely to afford a profit on the purchafe and exportation of thefe commodities, an aftual exporta- tion nearly proportionate to the amount of the bills drawn can fcarcelv fail to' take place. It follows, that there cannot be, for any long period, either" a hio'hly favourable or unfavourable balance of trade; for the balance nofooner affefts the price of bills, tharl the price of bills, by its re-a6tion on the ftate of trade, promotes an equalization of commercial exports and imports. Your Committee have here ■confidered Cafli and Bullion as forming a part of the general mafs of exported or imported articles, and as transferred according to the ftate both of the fupply and the demand ; forming however, under certain circumftances, and efpecially in the cafe of great fluctuations in the general commerce, a peculiarly commodious remittance. , Your Committee have enlarged on the documents fupplied by Mr. Irving, for the fake of throwing further liglit on the general queftion of the balance of trade and the Exchanges, and ofdiflipating fome very prevalent errors which have a great praflical influence on the fubjedt now under confideration. That the real Exchange againft this Country with the Continent cannot at any time have materially exceeded the limit fixed by the coft at that time oftranf- porting fpecie, Your Committee are convinced upon the principles which have been already ftated. That in point of fact, thofe Exchanges have not exceeded that limit fcems to receive a very fatisfaftory illuftration from one part of the evi- dence of Mr. Greffulhe, who, of all the Merchants examined, feemed moft wedded to the opinion, that the ftate of the balance of payments alone was fufficient to account for any depreffion of the Exchanges, however great. From what the Committee have already ftated with refpeft to the par of j^xchange, it is manifeft ,349- D that fi4 HEPORT TRdM THE SELECT COMMITTEE ^at the Exchange between two countries \s tit its real par, when a given i3|iiainfil-y •rof Gold or Silver in the one country is convertible at the market price into fuch ;an amount of the currency of that country, as will purchafe a Bill of Exchange on the other country for fuch an an\ount pf the currency-of that other -country, .-as will there be convertible at the market price into an equal quantity of Gold or Silver of the fame iinenefs. In the fam^ manner the real Exchange \s in favoitr of a country having money tranfaftions with another, when a given quantity.of Gold or Silver in the former is eonvertible for fuch anamount in the currency of that latter country, as will there be convertible into & greater ^uan- .tity of Gold or Silver of the fame finenefs. Upon thef« principles. Your Committee defired Mr. GreffuUie to make certain -calculations, which appear iu his Anfwers to the following Quellions; 'viz. ."Mstflvp. 100. « Suppofing you had a pound weight troy of Gold of the Englifh ftandard at Paris, and that you wiilied by imeans'of that to procure a Bill of Exchange upon iLondon, what would be the amount of the Bill of Exchange which you wouia •procure in the prefent circumftances ? — I find that a pound of Gold of the Bjitilh "flandard at the prefent market price of 105 francs, and the exchange at 20 livreS, »would purchafe a Bill of Exchange of jC. 59- 8^. " At the prefent market price of Gold in London, how much ftandard Gold •can you purchafe for ^\ 59. Si'.? — At the price. of ^\ 4. ^zs. 1 ;find it will pur- chafe 13 ounces of Gold, within a very fmall fraflion. ♦' Then what is the difference per cent, in the-quantity of Standard Gold which (is equivjiknt to £-^9' ^^' of our currency as at Paris and in London:? — About Sf per cent. " Suppofe you have a pound weight troy of our ftandard Gold at Hamburgh, -and that you wiOied to part with it for a 'Bill of Exchange upon London, what would be the amount of the Bill of Exchange, which, in the prefent circumftances, you .Would procure? — At the Hamburgh price of loi, and the Exchange ^at 29, d;he amount of the Bill purchafed on London would be X-S^. 4^s. " What quantity of our ftandard Gold, at the prefent price of ^. 4. I2y. do y;ou purchafe for X. 58. 4s.-i — About 12 ounces atid 3 dwts. " Then what is the difference per cent, between the quantity of flandard Gold at Hamburgh and in London, which is equivalent to jC- 58. ^s. fterling ? — About 5^ per cent. " Suppofe you had a poilnd weight troy of our ftandard Gold at Amfterdam, and wiflied to part with it for a Bill of Exchange upon London, vrhht would be the amount fterling of the Bill of Exchange which you would procure? — >At the Amfterdam price of 145, Exchange 31.6. and Bank agio i per cent, the amount of the Bill on London would be JC. 58.. 1 8,<-. " At the prefent price of ^.4. 12 s. what quantity of our ftandard Gold do you purchafe in Londonfor ^. 58. i8j. fterling ? — 12 oz. 16 dwts. " How much is that per cent. ? — 7 per cent." Win. pp. 91, Similar calculations, but made upon different affumed data, will be found in 92, the evidence of Mr. Abraham Goldfmid. From thefe anfwers of Mr. Greffulhe, it appears, thatAvhen the computed Exchange with Hamburgh was 29, that is, ■from 16. to 17 per cent, below :par, tbe real difference of Exchange, refulting from ijie ftate of trade and balance of payments was no more than 5 j per cent, againft thisCountry ; that when thecomputed Exchange with Amfterdam was 31. 6. that' is about 1 5 per cent, below par, the real Exchange was no more than 7 per cent. 'Slin. p. 100. againft tliis Country ; that, when the computed Exchange with Paris was 20,, . that is 20 per cent, below par, the real Exchange was no more than Sf per cent, .againft this Country. After making thefe allowances, therefore, for the effeft of the balance of trade and payments upon our Exchanges with thofe places, there -will ftill remain a fall of 1 1 per cent, iri the Exchange v/ith Hamburgh, of above 8 percent, in the Exchange with Holland, and of 11 ^ per cent, in the Exchange with Paris, to be explained in fome other manner. If the fame mode of calculation be applied to the moee recent ftatementsof the Exchange with the Continent, it will perhaps appear, that though the computed Exchange is atjprefent againft this Country, the real Exchange is in its favour. From ON THE HIGH TRICE OF 'GOLD BULLION. 1 5 "From the foregoing reafonings -relative to the ftate of the Exchanges, if they ;are confidereid apart, Your Committee find it difficuh to refift an inference, that ■ a portion at leaft of the great fall which the Exchanges lately fufFered muft have Tefulted not from the ftate of trade, but from a change in the relative valiie of our domeftic currency. But \vhen this deduftion is joined with that which Your *Committee,have ftated, refpe6ting the change in tlie market price of Gold, tliat jiaference appears to be demonftrated. III. ^n confequence of the opinion which Your 'Committee entertain, that, in the tprefent artificial condition of the circulating medium of this Country, it is moft important to watch the Foreign Exchanges and the maiket price of Gold, Your Committee were defirous to learn, whether the Dire6tors of the Bank of England jjield the fame-opinion, and derived from it a pra6tical rule for the control of their ^circulation ; and particularly whether, in the courfe of the laft year, the great.de- preffion of the Exchanges, and the great rife in the price of Gold, had fuggefled .j^o the Directors any fufpicion of the currency of the Country being exceffive, Mr. WiiiTMOUE, the late Governor of the Bank, ftatedtothe Committee, that Min. p. 85, in regulating the general amount of the loans and difcounts, he did " not advert *' to the circumftance of the Exchanges ; it appearing upon a reference to the " amount of our notes in circulation, and the courfe of Exchange, that they " frequently have no connexion." He afterwards faid, '* My opinion is, I do.Min. p. 90, " not know whether it is that of the Bank, that the amount of our paper circula- " tion has no reference at. all to the ftate of the Exchange." And on a fubfe- quent day, Mr. Whitraore ftated, that " the prefent unfavourable ftate of Ex- Min. p. lao. " change has no influence upon the amount of their iffues, the Bank having afited " preclfely in the fame way as they did before." He was likewife aflced. Whether, in regulating the amount of their circulation, the Bank ever adverted Mb. p. 89, to the difference between the market and Mint price of Gold ? and having deftredto have time to confider that queftion, Mr. Whitmore, on afubfequent day, anfwered it in the following terms, which fuggefted thefe further queftions : " In taking into confideration the amount of your notes out in circulation, and Min. p. 96. " in limiting the extent of your difcountsto Merchants, do you advert to the dif- " ferenee, when fuch exifts, between the market and the Mint price of Gold ? — " We do advert to that, inafmuch as we do not difcount at any time for thofe " perfons who we know, or have good reafon to fuppofe, export the Gold. " Do you not advert to it any farther than by refufing difcounts to fuch per- " fons ? — We do advert to it, inafmuch as whenever any Direftor thinks it bears '" upon the queftion of our difcounts, and preffes to bring forward the difcuflion. " Tiie market price of Gold having, in the courfe of the laft year, rifen as high " as £. 4. 10. or £. 4. 12. has that circumftance been taken into confideration by " you, fo as to have had any effect in diminifhing or enlarging the amount of the " -outftanding demands ? — It has not been taken into confideration by me in that " .view." Mr. Pj-.Ans>;, now Governor of the Bank, agreed with Mr. AVhitmore in this account of "the praclice of the Bank, and exprefled his full concurrence in the fame opinion. Mr. Pearse. — " In confidering this fubjefit, with reference to the manner in ibil " which Bank notes are ifi'ued, refiilting from the applications made for difcounts " to fupply the necefiiiry want of Bank notes, by which their iflue in amount is fo ■'* controlled that it can never amountto anexcefs, I cannot fee how the amount of " Banknotes iflTuedcan operate upon the price of Bullion, or the ftate of theEx- *' changes, and therefore I am individuall}"- of opinion that the price of liuUion, or " the ftate of the Exchanges, can never be a reafon for leflening the amount of " Bank notes to be ifftied, always underftanding the control which I have already " defcribed. " Is the Governor of the Bank of the fame opinion which has now been ex- ■*' preflied by the Deputy Governor ? Mr. Whitmore. — " 1 am fo muoh of tlK fame opiifion, that I never think it ^* neceffary I s :report from the select committee^ " nece'ffary to adrert to the price of Gold, or tiie ilate of the Exchange, on the days " on which we make our advances. . . " Do you advert to thefe two circumflances with a view to regulate the general *' amount of your advances ?~-I do not advert to it with a view to our general ad-v "vances, conceiving it not to bear upon the. queftion." And, Mr. Harman, another Bank Director, expreffed his opinion in thefe Slin, p. 144. terms — " I miift very materially alter my opinions, before I can fuppofe that the " Exchanges, will be influenced by any modifications of our paper currency." Thefe Gentlemen, as well as feveral of the IMerchants who appeared before the _Committe,e, placed much reliance upon an argument which they drew from the want of correfpondence in point of time, obfervable between the amount of Bank of England Notes and the flate of the Hambui'gli-Exchange during feveral years ; and Mr. Pearffe prefented a Paper on this fubjefil, which is inferted in the Ap- Ace, No. 49. pendix. Your Committee would feel no diftruft in the general principles which they have flated, if the difcordance had been greater ; confidering the variety of circumflances which have a temporary efFe6l on exchange, and the uncertainty both of the time and the degree in which it may be influenced by any given quantity of paper. It may be added, that the numerical amount of Notes (fup-' pofrag\^. I and £. 2. Notes to be excluded from the flatement) did not materially vary during' the period of the comparifon ; and that in the laft year, when the ge- neral Exchanges with Europe have become much more unfavourable, the notes ,of the Bank of England, as well as thofe of the country Banks, have been very confiderably increafed. Your Committee however, on the whole, are not of opinion ■ that a material depreffion of the Exchanges has been manifeftly to be traced in its amount and degree to an augmentation of notes correfponding in point of time. They conceive, that the more minute and ordinary flu6tuations of Exchange are generally referable to the courfe of our commerce ; that political events, ope- rating upon the ftate of trade, may often have contributed as well to the rife as to the fall of the Exchange ; and in particular, that the firft remarkable depreffion of it in the beginning of i8og, is to be afcribed, as has been ftated in the evidence aheady quoted, to commercial events arifing out of the occupation of the North of Germany by the troops of the French Emperor. The evil has been that the Exchange, when fallen, has> not had the full means of recovery under the fubfifl:ing fyiilem. And if thofe occafional depreffions, which arife from commercial caufes, are not after a time fuccelTively correfted by the remedy, which ufed to apply itfelf before the fufpenfion of the cafh payments of the> Bank, the confequences may ultimately be exaflly fimilar to thofe which a. fudden and extravagant iflTue of paper would produce. The reftoration of the Exchange ufed to be effefted, by the clandeftine tranfmifTion of Guineas, which, improved it for the moment by ferving as a remittance; and unqueflionably alfo, in part, probably much more cxtenfively, by the reduction of the total quantity of the remaining circulating medium, to which reduction the Bank were led to con- tribute by the caution wliich every drain of Gold naturally excited. Under the prefent fyftem, the former of thefe remedies mufl be expected more and more to fail, the Guineas in circulation being e^"en now apparently fo few as to form no important remittance ; and the reduction of paper feems therefore the chiefj if not the fole corrective, to be reforted to. It is only after the Bank ihall have for fome time refumed its cafli payments^ that both can again operate, as they did on ' all former occafions prior to the reftriftion. ' : The Committee cannot refrain from exprelhng it to be th.eir opinion, a.^ter a very deliberate confideration of this part of the fubject, tl)at it is a great praclical €rror to fuppofe that the Exchanges with Foreign Countries, and the price of Bul- lion, are not liable to be aliened by the amount of a paper currency, which is ifTued without the condition of payment in fpecic at the will of the holder. That the Exchanges will be lowered, and the price of BvJlion raiftcl, by an iifueof fnch paper to excefs, is not only eftablifhed as a princi]'le by the moil eminent autho- ' rities upon Commerce and Finance ; bui its praftical truth has been illufirated by the hiftory of almofi; every State in modern times which lias ufed a paper currency : and in all thofe countries,, this principle has finally been I'efortedto by their Statef- men, as the bell criterion to judge by, whether fuch. currency was or was not » excefhve. In ON THE HIGH PRICE OF GOLD BULLION. 17 Tn the inftances p/lr'ch arc moft famiii;>r in the hiftory of Foreign Coimtrlcs, the •excefs of paper has been iifually accompanied by another circ;unitance, which 3ias no phioe in Gur fituation at prefent, a want of confif'ence in the fiiiliciency of thofe funds upon which liie paper had been iH'ued. \Vi)ere theie two circinr,- ■ftances, exoefs and want of coniidenee, are conjoined, they wiil co-operale and produce their eff(?cl much more rapidly than when it is the refuit of tl.e cxcef^ •only of a paper of perfeftly good credit ; and in both cafes, an effect of (he fame fort will be produced upon the Foreign Exchanges, and upon the price of Bullion. The TBoft remarkal)ie examples of the former kind are to be found in the liifiory of the paper currencies of the Britiih Colonies in North America, in the eaily part of the iafl century, and in that of the afhgn-ats of the French Republic: to v.hicli the Coinmittee ha^e been enabled to .add another, fcarcelj'^ lefs remarkable, fiom Mln. j». yS, the money fpcculations of the Auftrian Government in the laft campaign, which •will he found in the Appendix. ' The prefent ftate of the currency of Portugsl affords, alfo, au inftance of the fame kind. Examples of the other fort, in v.hich the depreciation was p.roduced by excefs alone, may be gathered from the experience of the United Kingdom at different times. In Scotland, about the end of the feven years war, Banking was carried to a rcy Vvv^nitli tf great excefs ; and by a praetice of inferting in their promiiibry notes an (-i.tionai '^"^:"''^- claufe of paying at fight, or in C months after fight with intercft, the cQuver- ''^ -^^ V- V>'-' tibility of iiich notes into fpecie at the will of the holder was in e^Ieft i'uipeuded. l^Rp"rt nf Thefenotos a(^corfiin"!v became depreciated in comparifon with fpecie ; and "'"'V'^f" 1 ■ ] -I . I (' 1 el '1'' ' 1 - T ■> * 1 T"^ r • i' Upon inili while this abule iaued, tiic excnange between Lonaon and iJiimfnes, (or ex- Kxcbaime, ample, was fometimes four per cent, againft Dumfries, while the exchange be- ii;o4. Mr. tween London and Carhile, -rnieh is not thirty miles diftantfrom Dumfries, was tit I^iansfield's par. The Edinbmgh Bank?, when anyoftheirpaperwasbroughtintobeexchanged ""^^ ^"'^*' for bills on I-ovdon,.were accuftomed to extend or contract the date of the bills they gave, according to the flate of the Exchange; dimJnilhing in this manner the value of thofe bills, nearly in the fame degree in Avhich the exceffive iffue had caitfed theirpaper to be depredated. This excefs ofpaper was atlafrremoved by granting bills on London at a fixed date; for the payment of which bills, or in other word's, for th€ payment of which excefs of paper, it was necefi'ary in the firft iiiflance to provide, by placing large pecuniary funds in the hands of their London corre- fpondents. In aid of fuch precautionary meafures on the part of the Edinburgh Banks, an A&, of Parliament prohibited the optional claufes, and fupprelTed ten and five ihilling notes. The Exchange between England and Scotland was fpeedily reftored to its natural rate ; and bills on London at a fixed date having ever fince been given in exchange for the circiilating notes of Scotland, all material excefs -of Scottifh paper above Bank of England has been prevented, and the Exchange has been ftationary. The experience of the Bank of England itfelf, within a very ffiort period after See AJhort its firft eftablifliment, furniflies a very inftruftive illuftration of all the foregoing ^fc"""' o/\ principles -and reafonings. In this inftance, the effetls of a depreciation of the ^|^ Qo\f^, ■coin, by wear and clipping, were coupled with the effe<5l of an exceffive iffue one of the of paper. The Directors of the Bank of England did not at once attain a very original Di- iiccurate knowledge of all the principles by which fnch an inftitution muft be ''^"^^"■s; anci iCondufted. They lent money not only by difcount, but upon real fecurities, ^orvZ't/'/''^ mortgages, and even pledges of commoditi^^s not periihable; atttie fame time the Par/iamou''^ Bank contributed moft materially to the icrvice of Government for the fupport of 169c), by the Army upon the Continent. By the liberality of thofe loans to private indivi- P'" ^r'™ke; duals, as well as by the large advances to Government, the quantity of the gon^'J". "j*^ notes of the Bank became exceffive, their relative value was depreciated, and hthnn of they fell to a difcomit of 1 7 per cent. At this time there appears to have been Tui-.i... no failureof the public confidence in the funds of the Bank; tor its Stock fold for no per cent, though only 60 per cent, upon the fubfcriptions had been paid in. By the conjoint efTecl of this depreciation of the paper of the Bank from excefs, and of the depreciation of the Silver coin from \vca.v 'and clipping, 4he price of Gold Bullion was fo much raifed, that Guijieas were as high as 30.?. ; all thatdiad remained of, good Silver gradually., difapp^ared from the circulation ; .349- r^ 2".^ .a ^ ^REPORT FROM THE SELECT COMMITTEE and the Exchange with Holland, which had been before a Itttle ad'efted by th't ■remittances for the A rniy, finik as low as 25 per cent, untie r par, when the Bank hot eg were at a difcount of 17 per cent. Several expedients were tried, both by Parlia- ment and by the Bank, to force a better Silver coin into circulation, and to reduce tiie price of Guineas, but without efiecl. At "length tl,e true remedies were re- forted to: firft, by a new coinage of Silver, which refiored that part of the cur- rency to its ftandard value, though the fcarcity of money occafioned by calling in the old coin brought the Bank in'-o ftreights, and even for a -time aifeded its credit ; fecondly, by taking out of the circulation the excefs of Bank Nut'^s. This laft Gperation.appear3 to have t)een efTe6ted veryjudicioufly. Parliament confented to •enlarge the Capital Stock of the Bank, but annexed a condition, direSing that a certain proportion of the nev/ fubfcriptions diould be made good in Bank Notes. In proportion to the amount of Netes funk in this.manner, the value of ihofe which remained in circulation began pr.ifently to rife; in a lliorttimc the notes were at par, and the Foreign Exchange.^ nearly fo. Thefe details are all very fully mentioned in authentic trafts publiflied at the time, and the cafe appears to Your Committee to alford much iuftruftion upon the fubjeft of their prefent Enquiry. Your Committee mufl next refer to the confirmation and fanftion which all their reafoningp. receive from the labours of the Committee of this Houfe, which was appointed in a former Parliament to examine into the caufes of the great de- preciation of the Irhh Exchange with England in 1804. Mofl of the mercantile perfons who gave evidence before that Committee, including two Direftors of the Bank of Ireland, were vmwillingto admit that the fall of the Exchange was in any degree to be afcrtbed to an excefs of the paper currency arifmg out of the reftric^- 'tion of 1 797 ; . the whole fall in that cafe, as in the prefent, was referred to an unfa- ^vourable balance of trade or of payments ; and it was aLo then affirmed, that " Notes ■iJTued only in proportion to the demand, in exchange for good and convertible fe- -curities pa3'able at fpecific perioda, could not tend to any excefs in the circula- ttion, or to any depreciation." This dofitrine, though more or lefs qualified byfoeae •of theWitnelfes, pervades moft of the evidence given before that Committee, with ,the remarkable exception of Mr. Mansfield, whofe knowledge of the effefts of ithat over iffne of Scotch paper, which has juft been mentioned, led Irim to deliver ■a more juft opinion on the fubject. Many of the Witneffes before the Committee, 'jhowever unwilling to acknowledge the real nature of the evil, made important tconcefllons, which.neceflarily involved them in inconfiftency. They could not as praftical men, controvert ^he truth of the general pofition, that " the fluftuations of Exchange between two countries are generally limited by the price at which 4iny given quantity of Bullion can be pni-chafed in the circulating medium of tlie er was in ufe, was £. 10. per cent, agaiuft tiiat country. It alfo appeared from fuch imperfed documents as it was prafticable to furnilh, that the balance-(af trade was then fa- •,vourab!e to Ireland. Still however, it was contended, that there was no deprecia- tion of Irif!' j'sper, that there was a fcarcity and confequent high price of Gold, and that the diminution of Iri/li jjaper would not reftify the Exchange. " The de- preciation of Bank paper in Ireland (it wftsfaid by one of the Witneiles, a Direftor of the Bank of Ireland) is entirely a relative term with rcfpeft to the man who buys and fe'h in Dublin by that common medians ; to him it is not depreciated at all; butto the purchafer of aBili on London, to him in that relation, and under •that circumftance, there is a depreciation often per cent." By thus avoiding all comparifon with a view to the point in ifliie,'between the value of their own paper and that of eith'^Tthe then circulating m.edium of this Country'- or of Gold Bullion or even oi Gold coin then palfing at a premium in other parts of Ireland, they appear to have retained a confident opinion, that no depreciation of Irifli paper Ejad taken place. ON THE IIIGFI FRIGE OF GOLD BULLION. t:g It is further obferv'able, that the vahie of a confiderable quantity of Bolfars put into circulation by the Bank of Ireland at this period, was raifed to 5 ^. a Dollar^ for the profefled purpofe of rendering tlie new Silver coin conformable to the-ijx.- ifting ftate of the Exchange, a circumflance on which the Committee animadverted in their Report, and which ferves to fhew that the Irilh paper currency could not itand a comparifon with the ftandard price of Silver, any more than v. ith that of Gold Bullion, with Gold in coin, or with the then.paper currency ofthis kingdom. A fact was mentioned to that Committee on the evidence of Mr. Colville, a Director of the Bank of Ireland, which, though it carried no convi£lion to his mind of the tendency of a limitation of paper to lower -Exchanges, feems very de- cifwe on this point. He ftated, that in 1753 and 1754, the Dublin Exchange being remarkably unfavourable, and the notes of the Dublin Bank being fuddeniy withdrawn, the Exchange became fmgularly favourable. The raercaiitile diftref* produced on that occaiion was great, through the fuddennefs of the operation, for it was eflcfted, not by the gradual and prudential meafures of tlie fevera! Banks, but through the violent prefiiarc wliich their unguarded itfues had brought upon them. The general refult, however, is not the lefs obfervable. With a view to the further elucidation of the fubjeft of the Iridi Exchange,*;, which fo late!}' attra-6led the attention of Parliament, it may be proper to remarks that Ireland has no dealings in Exchange with foreign countries, except through London ; and that the p.avmenrs from Ireland to the Continent are confequently converted into Engliih currency, and then into the currency of the countries to which Ireland is intlebted. In the fpring of 1804, the Eschaftge-of England with the Continent was above par, and the Exchange of Ireland was in fuch a. ftate that £.11^. 10. of tlie notes of the Bank of Ireland would purchafe only ^. 100. of thofe of the Bank of England. Therefore, if the notes of tlie Bank of Ireland were not dc]>reciated, and it was fo maintained, it followed that tlie notes of the Bank of England were at more than 10 per cent, premium above the ftandard coin of tlie two countries. The principles la-id down by the Committee of 1804 had probably fome weight with the Diredtors of the Bank of Ireland; for between the period of their Report (June 1804) and January 1S06, the circulation of the notes of the Bank of Ire- land was gradually (though with finall occafional flu6luations) reduced from about three millions to JC. 2,410,000, being a diminution of nearly i/5th ; at the fame time, all the currency which had been iffued under the name of Silver Tokens Avas by law fuppreffed. The paper currency, both of the Bank of England, and of the Englifli Country Banks, feems dm-ing the fame period to have gradually increafed. The combination of thefe two caufes is likely to iiave Jiad a material effeft in refioring to par the Irilh Exchange with England. The Bank of Ireland lias again gradually enlarged its iflnes to about ^.3, 100,000. being fomewhat higher than they flood in 1804, an inci-eafe pro- bably not difproportionate to that which has occurred in England within the fame period. Perhaps, however, it ought not to be affumed, that the diminutioa of iffues of the BanTc of Ireland between 1804 and 1806, would produce a cor- refpondingxeduftiou in the iffues of private Banks in Ireland, exadly in the fame manner in which a diminution of Bank of England paper produces that effeft on the Country'- Banks in Great Britain ; becaufe the Bank of Ireland does net podefs the fame exclufive power of fupplyin|j any part of that cntintry with a paper currency, which the Bank of England enjoys in refpedl to the metropolis of the Empire. The Bank of England, by reftriAing the quantity of this neceffary article in that important quarter, can more effeftua'fly fecnre the improvement of its value; and every fuch imjirovement mull neceffarily lead, by a correfponding diminution in amount, to a fimiiar augmentation of the value of Country Bank paper exchangeable for it. That the fame diminution of the circulation of pri- vate Banks took place in Ireland is more than probable, for the private Banks in Ireland are accuftomed to give Bank of Ireland paper for their own circulating notes v/hen required to dofo, and therefore could not but feel the effect of any new limitation of that paper for v/hicli their own was exchangeable. It is due, however, in juftice to the prefent Direftors of the Bank of England, to remind the Houfe, that the fufpenfion of their cafli payments, though it appears in fome degree to hav-e oxiginated in a -tniftaken view taken by the "Bank «-f tso REPORT FROM THE SELect COMMITTEE of the peculiar difiiciilt'ies of that tithe, was not a nlcaflire (ought for by the Halrik, but impofecl upon it by the Legiflature for what were held to be urgent rcafoi::-; of State policy and public expediency. And it ought not to be urged as matter of charge againil the Directors, if in this novel fituation iti which their corrimercial Company was placed by the law, and entnilled with the regulation and control of the whole circulating medium of the Country, they were not Adiy aware of the principles by which fo delicate a truft fliould be executed, but continued to conduct their bufinefs of difcouuts and advances according to tlveir former routine. It is important, at the fame time, to obferve, that under the former fyiierh, when the Bank v^'as bound to anfwer its Notes in ipecie upon demand, the Rale of the Foreign Exchanges and the price of Gold did moft materiajiy influence its conduft in the idlie of thofe Notes, thougii it was not llic practice of the Direc-' tors fyftematically to u'atch either the one pr the oth.er. So long as Gold was ilemaudabJe for their paper, they wore fpccdily ap[)rized of a deprcffion of the Exchange, and a rife in the price of Gold, by a run uj)ou them for that article. If at any tivnethey incautioudy exceeded the proper limit of their advances and- ilTues, the paper was qnicklv brought back to them, by thofe who were tempted to profit by the market price of Gold or by the rate of Exchange. In this manner, the evil foon cured itfelf. The DireClors of the Bank having their apprchenfions ■excited by the redu6lion of their flock of Gold, and being able to replace their 1 ofs ■only by reiterated purchafes of Bullion at a very lofing price, naturally contracted, their iiFues of paper, and thus gave to the remaining paper, as M'ell as to tlse Coin for which it was intercliangeable, an increafed valne, while the clandeftine expor- tation either of the coin, or the Gold produced from it, combined in improving the ftate of the Exchange, and in producing a correfponding diminution of the ditfercnce between the market price and Mint price of Gold, or of paper convertible into Gold. Your Committee do not mean to reprcfent tliat the manner, in which this effedl refulted from the, condufit which they have defcribed, was diftinftiy per- ceived by the Bank Direftors. The fa6t of limiting their paper as often a,-: they, experienced any great drain of Gold, is, however, unqueftionable. Mr. Bofan- <]uet ftated, in his evidence before the Secret Committee of the Honfe of Lords, in the year 1797, that in 1783, when the Bank experienced a drain of Cafli wdiich alarmed them, the Direftors took a bold ftep and refnfed to make the acdvances on the loan of that year. This, he faid, anfwdred the pnrpofe of making a tempo- rary fufpenfion in the amount of the drain of their Specie. And all the three Direflors who have been examined before Your Committee, reprefentfome refiric- tlon of the Bank iffiies as having ufually taken place at tliofe periods antecedent to The fufpenfiOn of the cafli paymentsof the Bank, when they experienced any material run. A very urgent demand for Guineas, though arifing not from' the high price of Cold Avj] -ihe Itate of the Exchange, but from a fear of Invafion, occurred in- 1793, and a!fo in 1797, and in each of thefe periods the Bank retrained their difcount;s, and confoquently alfo the amount of their Notes, verv much below the demand of the Merchants. Your Committee queftion the policy of thus li- miting, the accommodation in a period of alarm, unaccompanied with an unfa- Tourable Exchange and high price of Bullion; but they confid'-r the condu6t of the Baiik at the two laft-^mentioned periods, as affording illuftration of their ee- 7ieral difpofition, antecedently to 1797, to contradl their loans and their ^Dap^er, ■when they found their Gold to be taken from them. It was a neceOary conf^quence of the. fufpenfion of cafli payment?, to exempt •the Bank frpm tlrnt drain of Gold, which, in former tirr.es, was hire to refult from an unfavourable Excha-nge mid a high price of Bullion. And the Direftois, releafed from all fears of fuch a drain, and no longer feeling any inconvenience from fuch ■a ftate of things, have not beeii prompted to refto're the Exchanges and the price -pf Gold to their proper level by a reduSion of their advances and iffues. The Direftors, in former times, did not perhaps perceive and acknowledge the prin- ciple more diftinaiy than thofe of tiie prefent c]i\y, but they fdt the inconvenience' ^nd obeyed its impulfe; which practically eftabHflicd a check and limitation to the iffue of paper. In the pi'efent timesj the InCo'hvehicnre' is riot felt; and the achecJ^ accordingly, is no longei- in foxCxi." But' Your Ccmijiiitte«b€g Icitve'to xeport ■' '-^ ON THE HIGH PRICE OF GOLD BULLION. si it to the Iloufe.as their moft clear opinion, that fo long as the fufpenfion of Caih Payments is permitted to fubiift, the price of Gold Bullion and the general Courfe of Exchange with Foreign Countries, taken for any confiderable period of time, form the beft general critei-ion from which any inference can be drawn, as to the fufhciency or excefs of paper currency in circiilation ; and that the Bank of Eng- land cannot fafely regulate the amount of its ifl'ues, without having reference to the criterion prefented by thefe two circumftanoes. And upon a revie w of all the facts and reafonings which have already been ftated, Your Committee are further of opinion, that, although the commercial fbate of this Country, and the political ilate of the Continent, may have had fome influence on the high price of Gold Bullion and the unfavourable Courfe of Exchange with Foreign Countries, tiiis price, and this depreciation, are alfo to be afcribed to the want of a permanent check, and a fufficient limitation of the paper currency in this Country. In connexion with the general fub]e6l of this part of their Report, the policy of the Bank of England refpedting the amount of their circulation, Your Com- mittee have now to call the attention of the lioufc to another topic, which was brought under their notice in the courfe of their Enquiry, and which in their judgment, demands the moft ferious confideration. The Bank Directors, as well as fome of the Merchants who have been examined, ilievved a great anxiety to ftate to .Your Committee adofitrine, of the truth of which they jarofefifed them- felves to be moft thoroughly convinced, that there can be no poffible excefs in tlie ilTue of Bank of England paper, fo long as the advances in which it is iffued are made upon the princijjles which at prefent guide the condu6t of the Directors, that is, fo long as the difcount of mercantile Bills are confined to paper of undoubted folidity, arifmg out of real commercial tranfaftions, and payable at Ihort and fixed periods. That the Difcounts Ihould be made only upon Bills growing out of real commercial tranfaftionsy and falling due in a fixed and fhort period, are found and well eftabliflied principles. But that, while the Bank is reftrained from paying in fpecie, there need be no other limit to the iffue of their paper than what is fixed by fuch rules of difcount, and that during the fufpenfion of Caih payments the difcount of good Bills falling due at fhort periods cannot lead to any excefs in the amount of Bank paper in circulation, appears to Your Committee to be a doc- trine wholly erroneous in principle, and pregnant with dangerous confequences in'praftice. Bat before Your Committee proceed to make fuch obfervations upon this theory as it appears to tliem to deferve, they think it right to Ihew from the Evidence, to what extent it is entertained by fome of thofe individuals who have heen at the head of the affairs of the Bank. The opinions held by thofe indivi- duals are likely to have an important prafilical influence ; and appeared to Your Committee, moreover, the beft evidence of what has conftituted the afitual policy .of that eftablifhment in its corporate capacity. ' Mr. Whitmore, the late Governor of the Bank, exprefs'y ftates, " The Bank • P* 79» *' never force a Note in circulation, and there will not remain a Note in circu- '" lation more than the immediate wants of the public require ; for no Banker, I " prefume, will keep a larger ftock of Bank Notes by him than his immediate *' payments require, as he can at all times procure them." The reafon here afligned is more particularly explained by Mr. Whitmore, when he fays, " The Mia. p. 97. *" Bank Notes would revert to us if there was a redundancy in circulation, as no *' one would pay intereft for a Bank Note that he did not want to make ufe of" Mr. Whitmore further ftates, " The criterion by which I judge of the exa6t pro- Ibierma- nently out in circulation a correfponding amount of paper ; and if the amount of difcounts is progreffively increafing, the amount of paper, which remains out in circulation over and above what is otherwife wanted for the occafions of the Public, will progreflively increafe alfo, and the money prices of commodities will progreffively rife. This progrefs may be as indefinite, as the range of fpecula- tion and adventure in a great commercial country. It is neceffery to obferve, that the law, which in this Country limits the rate of intereft, and of courfe the rate at which the Bank can legally difcount, expofes the Bank to ftill more exten'five dematids for commercial difcounts. While the rate of commercial profit is very confiderably higher than five per cent, as it has lately been in many branches of our Foreign trade, there is in fedl no limit to the demands which Merchants of perfectly good capital, and of the moft prudent fpirit of enterprife, may be tempted to make upon the Bank for accommodation and facilities by difcount. Kor can any argument or illuftration place in a more ftriking point of view the extent to which fuch of the Bank Direftors, as were ej^amined before the Committee, feem to have in theory embraced that do6trine upon which Your Ceraftiittee have made thefe dbfervations, as well as the praftical confequences to which t^atdo6trine may lead in periods of a high fpirit of com- mercial adventure, tiian the opinion vvhich Mr. Whitmore and Mr. Pearfe have delivered ; that the feme complete fecurity to the public againft any excefs in the iflues of the Bank would exift if the rate of difcount were reduced from five to four, or even to three per cent. From the Evidence, however, of the late Go- yernor and Deputy Governor of the Bank, it appears, that though they ftate the principle si Report FROM the select coivrMnrEE principle broadly that there can be no excefs of their circulation if ilTued ac- Tording to their rules of difcount, yet they difclaim the idea of afting up to it in its whole extent; though they flated the aj)piications for the difcount of legitimate -bills to be their fole criterion of abundance or fcarcity, they gave Your Committee to underftand, that they do not difcount to the full extent of fuch applications. In other words, the Direftors do not a6l up to the principle which they reprefent as r)ne perfeiSly found and fafe, and muft be coniidered, therefore, as pofiiefling no ^ifi;inft and certain rule to guide their difcretion in controlling the amount of •their circulation. The fufpenfion of Cafii payments has had the effeft of committing into the hands of the Direfilors of the Bank of England, to be exercifed by their fole difcretion, the important charge of fupplying the Country with that quantity of •circulating niedium which is exactly proportioned to the wants and occafions of the Public. In the judgment of the Committee, that is a truft, which it is un- reafonable to expect that the Direftors of the Bank of England iliould ever be able to difcharge. The moll detailed knowledge of the aftual trade of the 'Country, combined with the profound fcience in all the principles of Money and circulation, would not enable any man or fet of men to adjuft, and keep al- ways adjufted, the right proportion of circulating medium in a country to the wants of trade. Wheii the currency confifts entirely of the precious metals, or of paper convertible at will into the precious metals, the natural procefs of com- merce, by eftablifliing Exchanges among all the different countries of the world, adjufts, in every particular country, the proportion of circulating medium to its aftual occafions, according to that fupply of the precious metals which the mines furmfli to the general market of the world. The proportion, which is thus adjujfted and maintained by the natural operation of commerce, cannot be ad- jufted by any human wifdom or (kill. If the natural fyftem of currency and circulation be abandoned, and a difcretionary iffue of pa|)er money fubftituted in its ftead, it is vain to think that any rules can be devifed for the exa6t exercife of fuch a difcretion ; tliough feme cautions may be pointed out to check and con- trol its confequences, fuch as are indicated by the effeft of an exCeflive iffue upon Exchanges and the price of Gold. The Diredors of the Bank of England, in the judgment of Your Committee, have exercifed the new and extraordinary dif- cretion repofed in them fmce 1797, with an integrity and a regard to the public intereft, according to their conceptions of it, and indeed a degree of forbearance in turning it lefsto the profit of the Bank than it would eafily have admitted of, that merit the continuance of that confidence which the public has fo long and fo juftly felt in the integrity with which its affairs are direded, as well as in the .luiihaken ftability and ample funds of that great eftablifhment. That their recent policy involves great practical errors, which it is of the utmoft public importance to correft. Your Committee are fully convinced ; but thofe errors are lefs to be im- puted to the Bank Dire6lors, than to be flated as the effect of a new fyfteni, of which, however it originated, or was rendered necefTary as a temporary expedient, it jnigbt have been well if Parliament had fooner taken into view all the confe- quences. When Your Committee conlider that this difcretionary power, of fup- plying the Kingdom with circulating medium, has been exercifed under an opinion that the paper could not be ilTued to excefs if advanced in difcounts to Merchants in good bills payable at ftated periods, and likewife under an opinion that neither the price of Bullion nor the courfe of Exchanges need be adverted to,, us affording any indication with refpe6t to the fulficiency or excefs of fuch paper. Your Committee cannot hefitate to fay, that thefe opinions of the Bank muft be regarded as in a great meafure the operative caufe of the continuance of the .prefentftate of things. IV. Your Committee will now p^roceed to ftate, from the information which has been laid before tl}em, what appears to have been the progreffive increafe, and io be the prefent amount of the Paper circulation of this Country, confifting •primarily of the Notes of the Bank of England not at prefent convertible into Specie ; and, in a fecondary manner, of the Notes of the Country Bankers vvhich •are .convertible, , at the option of the holder, into Bank of England .Paper. jAfier having flated the_amQunt of Bank of England Paper, Your Ccnunittee will explain ON THIE HIGH PRICE OF GOLD BULLION. as CKplain the reafons which induce them to think that the numerical amount of that Paper is not alone to be confidered as decifive of the queftion as to its excefs : and before ftating the amount of Country Bank Paper, fo far as that can be afcertained, Your Committee will explain their reafons for thinking, that the amount of the Country Bank circulation is limited by the amount of that of the Bank of England. I. It appears from the Accounts laid before the Committees upon the Bank Affairs in 1797, that for feveral years previous to the year 1796, the average amount of Bank Notes in circulation was between £,. 10,000,000. and £ 11,000,000. hardly ever falling below o£J. 9,000,000, and not often exceeding to any great amount £.. 1 1,000,000. The following Abftraft of the feveral Accounts referred to Your Committee, or ordered by Your Committee from the Bank, will fliew the progreffive in- creafe of the Notes from the year 1 798 to the end of the laft year. Average Amount of Bank of England Notes in circulation in each of the following years : Notes of j^.5. and upwards, including Notes under jf.5. Total, Bank Poft Bills. £. £• £• 1798 - . - 11,527,250 1,807,502 13,334,752 1799 - - - 12,408,522 1,653,805 14,062,327 1800 - - - 13.598,666 2,243,266 15,841,932 I80I - - - 13,454,367 2,715,182 16,169,594 1802 - - - 13,917,977 • 3,136,4.77 17,054.454 1803 - - - 12,983,477 3,864,045 16,847,522 1804 - - - 12,621,348 4,723,672 17,345,020 1805 - - - 12,697,352 4,544,580 17,241,932 1806 - - - 12,844,170 4,291,230 17,135,400 1807 - - - 13,221,988 4,183,013 17,405,001 1808 - - - 13,402,160 4,132,420 17,534.580 1809 - - - 14,133,615 4,868,275 19,001,890 Taking from the Accounts the laft half of the year 1809, the average will be found higher than for the whole year, and amounts to £.. 1 9,880,3 1 o. The Accounts in the Appendix give very detailed Returns for the firft four months of the prefent year, down to the 1 2th May, from which it will be found that the amount was then increafing, particularly in the fmaller Notes. The whole amount of Bank Notes in circulation, exclufive of ^. 939,990. of Bank Poft Bills, will be found on the average of the two Returns for the 5th and 12th May laft, to be ^. 14,136,610. in Notes of ^. 5. and upwards, and X. 6,173,380. in Notes under £. 5. making the fum of £. 20,309,990. and, including the Bank Poft Bills, the fum of X- 21,249,980. By far the moft confiderable part of this increafe fince 1798, it is to be ob- ferved, has been in the article of fraall notes, part of which muft be confidered as having been introduced to fupply the place of the fpecie which was deficient at the period of the fufpenfion of cafli payments. It appears however that the firft fupply of fmall notes, which was thrown into circulation after that event, was very fmall in comparifon of their prefent amount ; a large augmentation of them appears to have taken place from the end of the year 1799 to that of the year 1802 ; and a very rapid increafe has alfo taken place fince the month of May in the laft year to the prefent time; the augmentation of thefe fmall notes from ift May 1809 to the 5th of May 1810, being from the fum of £,. 4,509,470 to the fum of jf. 6,161,020. The notes of the Bank of England are principally iffued in advances to Govern- ment for the public fervice, and in advances to the Merchants upon the difcouut of their bills. Your Committee have had an Account laid before them, of Advances made by the Bank to Government on Land and Malt, Exchequer Bills, and other fecuri- 349. ' G ■ ties. h.6 REPORT FROM THE SELECT COMMITTEE ties, in every year fmcc the fufpenlion of cafli payments ; from which, as com- pared with the Accounts laid before the Committees of i 797, and which were thcq carried back for 20 years, it will appear that the yearly advances of the Hank to Government have upon an average, fince the fufpenfion, been confiderably lower in amount than the average amount of advances prior to that event, and the amount of thofe advances in the two laft years, though greater in amount than thofe of fome years immediately preceding, is lefs than it was for any of the iix years pi'eceding the reftriclion of cafli payments. With refpefil to the amount of commercial difcounts. Your Committee did not think it proper to require from the Directors of the Bank a difclofure of their abfolute amount, being a part of their private tranfactions as a commercial Com- j^any, of which, without urgent reafon, it did not feem right to demand a difclo- fufe. The late Governor and Deputy Governor however, at the defire of Your Com- mittee, furniflied a comparative Scale, in progreffive numbers, fhewing the increafe of the amount of their difcounts from the year 1 790 to 1 809, both inclufive. They made a requeft, with which Your Committee have thought it proper to comply, that this document might not be made public ; the Committee therefore have not placed it in tlie Appendix to the prefent Report, but have returned it to the Bank. You^r Committee however have to flate in general terms, that the amount of difcounts has been progreffively increafmg fince the year 1796 ; and that their amount in the laft year (1809) bears a very high proportion to their largeft amount in any year preceding 1797. Upon this particular fubjea. Your Com- mittee are only anxious to remark, that the largeft amount of mercantilie dif- counts by the Bank, if it could be confidered by itfelf, ought never, in their judgment, to be regarded as any other than a great public benefit; and that it is only the excefs of paper currency thereby . iffued, and kept out in circulation, which is to be confidered as the evil. But Your Committee muft not omit to ftate one very important principle, that the mere numerical return of the amount of Bank notes out in circulation, cjannot be confidered as at all deciding the queftion, whetlier fuch paper is or is not exceffive. It is necelTary to have reeourfe to other tefts. The fame amount of paper may at one time be lefs than enough, and at another time more. The qaantitv of icurrency required will vary in fome degree with the extent of trade; and the' in- creafe of our trade, which has taken place fince the fufpenfion, muft have ocea- fioned fome increafe in the quantity of our currency. But the quantity of currencv bears no fixed proportion to the quantity of commodities ; and any inferences proceeding upon fuch a fuppofition would be entirely erroneous. The effefitive currency of the Country depends upon the quicknefs of circulation, and the iiuipber of exchanges performed in a given titne, as well as upon its numerical amount; and all the circumftances, which have a tendency to quicken or to retard the rate of circulation, render the fame amount of currency more or lefs adequate to the wants of trade. A much fmaller amount is required in a high ftate of public credit, than when alarms make individuals call in their advances, and pro- vide againft accidents by hoarding ; and in a period of commercial fecurity and private confidence, than when mutual diftruft difcourages pecuniary arrange- ments for any diftant time. But, above all, the fame amount of currency will be more or lefs adequate, in proportion to the fliill which the great money-dealers poflefs in managing and economifing the ufe of the circulating medium. Yovir Committee are of opinion, that the improvements which have taken place of late years in this Country,, and particularly in the diftrift of London, with reo-ard to the ufe and economy of money among Bankers, and in the mode of adjuilin*'- commercial payments, muft have had a much greater effeft than lias hitherto been afcribed to them, in rendering the fame fum adeqiaate to a much greater amount of trade and payments than formerly. Some of thofe improvements will be found detailed in the Evidence : they confift principally in the increafed ufe of Bankers drafts in the common payments of London ; the contrivance of briao-- ing all fuch drafts diaily to a common receptacle, where they are balanced againft each other ; the intermediate agency of Bill-brokers; and feveral other changes in the practice of London Bankers, are to the fame effect, of rendering it unneceflary for them to keep fo large a depofit of money as formerly. Within the London diftrift, it would certainly appear, that a fmaller fum of money is re- quired than formerly, to perform the fime number of exchanges and amount of paymentSj ON THE HIGH PRICE OF GOLD BULLION. a; payments, if the rate of prices had remained the fame. It is material alfo to observe, that both the pohcy of the Bank of England itfelf, and the competition of the Country bank paper, have tended to comprefs the paper of the Bank of England, more and more, within London and the adjacent diftricl. All thefe cir- cumftances muft have co-operated to render a fmaller augmentation of Bank of England paper neceffary to fupply the demands of our increafed trade than might otherwife have been required ; and fhevv hovi' impoffible it is, from the numerical amount alone of that paper, to pronounce whether it is exceffive or not : a more fure criterion muft be reforted to ; and fuch a criterion. Your Com- mittee have already fhewn, is only to be found in the ftate of the Exchanges, and the price of Gold Bullion. The particular circumfiances of the two years which are fo remarkable in the recent hiftory of our circulation, 1793 and 1797, throw great light upon the principle which Your Committee have laft ftated. In the year 1793, the diftrefs was occafioued by a failure of confidence in the country circulation, and a confequent preffure upon that of London. The Bank of England did not think it advifable to enlarge their ilTues to meet this increafed demand, and their Notes, previoufly ifTued, circulating lefs freely in confequence of the alarm that prevailed, proved infufficient for the neceffary payments. In this crifis. Parliament applied a remedy, very limilar, in its effeft, to an enlarge- ment of the advances and iffues of the Bank ; a loan of Exchequer Bills was authorized to be made to as many mercantile perfons, giving good fecurity, as fliould apply for them ; and the confidence which this meafure diffufed, as well as the increafed means which it afforded of obtaining Bank Notes through the fale of the Exchequer Bills, fpeedily relieved the diftrefs both of London and of the country. Without offering an opinion upon the expediency of the particular mode in which this operation was effefted. Your Committee think it an import- ant illuftration of the principle, that an enlarged accommodation is the true remedy for that occafional failure of confidence in the country diftrifts, to which •our fyftem of paper credit is unavoidably expofed. The circumftances which occurred in the beginning of the year 1797, were ■very fimilar to thofe of 1793 ; — an alarm of Invafion, a run upon the country Banks for Gold, the failure of fome of them, and a run upon the Bank of England^ forming a crifis like that of 1793, for which perhaps, an effeftual remedy might have been provided, if the Bank of England had had courage to extend inftead of reftrifiting its accommodations and iffue of Notes. Some few perfons, it appears from the Report of the Secret Committee of the Lords, were of this opinion at the time; and the late Governor and Deputy Governor of the Bank ftated to Min.p. no-. Your Committee, that they, and many of the Dire6toi-s, are now fatisfied from the experience of the year 1797, that the diminution of their Notes in that emer- gency increafed the public diftrefs : an opinion in the correclnefs of v,hich Your Committee entirely concur. It appears to Your Committee, that the experience of the Bank of England in the years 1793 and 1797, contrafted vvitli the fa6ls which have been ftated in the prefent Report, fuggefts a diftin6tion moft important to be kept in view, between 'that demand upon the Bank for Gold for the fupply of the domeftic cliannels of circulation, fometimes a very great and fudden one, which is occafioned by a temporary failure of confidence, and that drain upon the Bank for Gold which grows out of an unfavourable ftate of the Foreign Exchanges. The former, while the Bank maintains its high credit, feems likely to be beft relieved hy a judicious increafe of accommodation to the Country : the latter, fo long as the Bank does not pay infpecie, ought to fuggeft to the Diredlors a queftion, whether th6ir iffues may not be already too abundant. Your Committee have much fatlsfaftion in thinking, that the Diret'^ors are' perfeftly aware that they may err by a too fcanty fupply in a period of ftagnant credit. And Your Committee are cleaily of opinion, that although it ought to be- the general policy of the Bank Directors to diminifli their paper in the event of the long continuance of a high price of Bullion and a very unfavourable Exchange*, yet it is effential to the commercial ioterefts of this Country, and to the geheral fulfilment of thofe -mercantile engagemeats wbiclia free ifl-ue of paper may have occafioned, 28 REPORT FROM THE SELECT COMiMITTEE occafioned, that the accuftomed degree of accommodation to the Merchants ftould not be fuddenly and materially reduced ; and that if any general and ferious difficulty or apprehenficm on this fubjeft fliould arife, it may, in the judgment of Your Committee, be countera6ted without danger, and with advantage to the public, by a liberality in the ilTue of Bank of England paper proportioned to the urgency of the particular occafion. Under fiK;h circumttances, it belongs to the Bank to take likevvife into their own confideration, how far it may be prac- ticable, confiftently with a due regard to the immediate interefts of the public fervice, rather to reduce their paper by a gradual redudion of tlieir advances to Government, than by too fuddenly abridging the difcounts to the Merchants. 2. Before Your Committee proceed to detail what they have col]e(5led with re- fpe6t to the aniourit of Country Bank paper, they muft obferve, that fo long as the Cafli payments of the Bank are fufpended, the whole paper of the Country Bankers is a fuperftrufture raifed upon the foundation of the paper of the Bank cf England. The fame check, which the convertibility into fpecie, under a better fyftem, provides againft the excefs of any part of the paper circulation, is, during the prefent fyftem, provided againft an excefs of Country Bank paper, by its con- vertibility into Bank of England paper. If an excefs of paper be ifl'ued in a country diftri6t, while the London circulation does not exceed its due propor- , tion, there will be a local rife of prices in that country diftri6l, but prices in London will remain as before. Thofe who have the country paper in their bands will prefer buying in London where things are cheaper, and will there- fore return that country paper upon the Banker who ifl'ued it, and will demand from him Bank of England Notes or Bills upon London ; and thus, the excefs of country paper "being continually returned upon the iffuers for Bank of England paper, the quantity of the latter neceffarily and eflTeftually limits the quantity of the former. This is iHuftrated fey the Account which has been already given of the excefs, and fubfequent limitation, of the paper of the Scotch Banks, about the year 1763. If the Bank of England paper itfelf fliould at any tirrie, during the fufpenfion of Cafti payments, be ifl'ued to excefs, a correfponding excefs may be ifl'ued of Country Bank paper which will not be checked ; the foundation being enlarged, the fuperftrufiture admits of ?. proportionate extenfion. And thus, under fuch a fyftem, the excefs of Bank of England paper will produce its «fFe6t Upon prices not merely iai the ratio of its own increafe, but in a much higher proportion. It has not been in the power of Your Committee to obtaiin fuch information as might enable them to ftate, with any thing like accuracy, the amount of Country Bank paper in circulation. But they are led to infer from al the Evidence they Lave been able to procure on this fubjefl-, not only tliat a great number of new Country Banks has been eftabliflied within thefe laft two years, but alfo that the amount of ifl'ues of thofe which are of an older ftanding has in general been very confiderably increafed : whilft on the other hand, the high ftate of mercantile and public credit, the proportionate facility of converting at fliort notice all public and commercial fecurities into Bank of England paper, joined to the preference generally given within the limits of its own circulation to the paper of a we!l-eftab'li(lied Country Bank over that of the Bank of England, have probably not rendered it necefl'aryfor them to keep any large permanent depofits of Bank of England Paper in their hands. And it feems reafonable to believe, that the total amount of 'the unprodudtive ftock of all the Country Banks, confifting of fpecie and Bank of England paper, is much lefs at this period, "under a circulation vaftly increafed in extent, than it was before the reftriftion of 1 797. The temptation to eftab'lifh Country Banks, and ifl'ue Promiflbry Notes, ■has therefore greatly increafed. Some conje6ture as to the probable total amount of thofe ifl'ues, or at leaft as to their recent increafe, may be formed, as Your Committee conceive, from the amount of the duties paid for ftamps on the re- ifl'uable notes of Country Banks in Great Britain. The total amount of thefe duties for the year ended on the loth of October 1808, appears to have been ^.60,522. 15. 3. and for the year ended on the loth of 06tober 1809 £,. 775,129. 17. 7. It muft, however, be obferved, thaton the loth of 06tober 1808, thefe duties experienced an augmentation fomewhat exceeding one-third • and that Ibme regulations were made, impofing limitations wi^fh refpefit to the re-ifl'ue ON THE HIGH PRICE OF GOLD BULLION. 29 re-iffue of all notes not exceeding two Pounds two Shillings, the effeft of which has been to produce a much more than ordinary demand for ftamps or notes qf this denomination within the year 1809. Owing to this circumftance, it appears impoffible to afcertain what may have been the real increafe in the circulation of the notes, not exceeding two Pounds two Shillings, within the laft year; but with refpect to the notes of a higher value, no alteration having been made in the Law as to their re-iffue, the following Compariron affords the beft ftatement that can be collefted from the Documents before the Committee, of the addition ;made in the year 1 809 to the number of thofe Notes. Number of Country Bank Notes exceeding £..z. -l. each, ftamped in the years ended the loth of Oftober 1808, and loth of Oftober 1809, refpefitively. 1808. 1809. Exceeding ^.2. 2. and not exceeding ^. 5. 5. - N" 666,071. N° 922,073. Exceeding ^.5. 5. and not exceeding £.%o. ■ I9M73- 380,006, Exceeding £.. 20. and not exceeding £. 30. . 2,425. Exceeding ^.30. and not exceeding £.50. . 674. Exceeding ^.50. and not exceeding jO. 100. . 2,6n. Afluming that the notes in the two firft of thefe claffes were all iffued for the loweft denomination to which the duties refpeftively attach, and fuch as are moft commonly met with in the circulation of country paper, viz. Notes of ^.5. and £. 10. [although in the fecond clafs there is a confiderable number of £. 20.] and even omitting altogether from the compari"fon the Notes of the three laft clafl'es, the iffue of which Your Committee underftands is in fa6t confined to the char- tered Banks of Scotland, the refult would be, that, exclufive of any increafe in the number of notes under ^. 2. 2.S. the amount of Country Bank paper ftamped in the year ended the lotti of Oftober iSog, has exceeded that of the year ended on the loth of Ofitober 1808, in thefum of ^.3,095,340. Your Committee can form no pofitive conje6lure as to the amount of Country Bank paper cancelled and withdrawn from circulation in the courfe of the laft year. But confidering that it is the intereft and praftice of the Country Bankers to ufe the fame notes as long as poffible ; that, as the law now ftands, there is no- limitation of time to the re-iffuing of thofe not exceeding £. 2. 2 s.; and that all above that amount are re- iffuable for three years from the date of their firft iffuing; it appears difficult to fuppofe that the amount of notes above X- 2. 2 s. cancelled in 1809, could be equal to the whole amount ftamped in 1808 : but even upon that fuppofition, there would ftill be an increafe'%r 1809 in the nqtes of ^.5. and £. 10. alone, to the amount above fpecified of ^.3,095,340., to which muft be added an increafe within the fame period of Bank of England Notes to the amount of about JO. 1,500,000, making in the year 1809, an addition in the whole of between four and five millions to the circulation of Great Britain alone, deducing only the Gold which may have been withdrawn in the courfe of that year from adtual circulation, which cannot have been very confiderable, and alfo making an al- lowance for fome increafe in the amount of fuch country paper, as, though ftamped may not be in a6lual circulation. This increafe in the general paper currency in laft year, even after thefe deduftions, would probably be little ftiort of the amount which in almoft any one year, fmce the difcoyery of America, has been added to the circulating coin of the whole of Europe. Although, as Your Com- mittee has already had occafion to obferve, no certain conclufion can be drawn from the numerical amount of paper in circulation, confidered abftractedly from all other circumftances, either as to fuch paper being in excefs, or ftill lefs as to the proportion of fuch e:5jcefs; yet they muft remark, that the fa6i of any very , great and rapid increafe in that amount,, when coupled and attended with all the, indications of a depreciated circulation, does afford the ftrongeft confirmatory 349. H evidence. >.o REPORT FROM THE SELECT COMMITTEE evidence, that, from the want of fome adequate check, the iflues of fuch paper have not been reftrained within their proper hmits. Your Committee cannot quit this part of the fubjeft without further obferving, that the addition of between four and five milHons fterhng to the paper circula- tion of this Country, has doubtlefs been made at a very fniall expenfe to the parties ifluing it, only about ^. 100,000. having been paid thereupon in ftamps to the Revenue, and probably for the reafons already ftated, no correfpoirding depofits of Gold or Bank of England Notes being deemed by the Country Banks iieceflary to fupport their additional iflues. Thefe parties therefore, it may be fairly ftated, have been enabled under the proteftion of the law, which virtually fecures them againft fuch demands, to create within the laft year or fifteen months, at a very trifling expenfe, and in a manner almoft free from all prefent rilk to their refpefctive credits as dealers in paper money, iflues of that article to the amount of feveral millions, operating, in the firft inftance and in their hands, as capital for their own benefit, and when ufed as fuch by them, falling into and in fucceflion mixing itfelf with the mafs of circulation of which the ^alue in exchange for all other commodities is gradually lowered in proportion as that mafs is augmented. If Your Committee could be of opinion that the wiiclom of Parliament would not be direfted to apply a proper remedy to a ftate of things fo unnatural, and teeming, if not correfted in time, with ultimate confequences fo prejudicial to the public welfare, they would not hefitate to declare an opinion, that fome mode ought to be derived of enabling the State to participate much more largely in the profits accruing from the prefent fyftem ; but as this is by no means the policy they wifli to recommend, they will conclude their obfervations on this part of the fubjeft, by obferving, that in proportion as they moft fully agree with Dr. Adam Smith and all the moft able writers and Statefmen of this Country, in confidering a paper circulation confl;antly convertible into fpecie, as one of the greateft praftical improve- ments which can be made in the political and domeftic economy of any State; and in viewing the eftablifliment of the Country Banks iffuing fuch paper as a moft valuable and eflential branch of that improvement in this Kingdom ; in the fame proportion, is Your Committee anxious to revert, as fpeedily as poffible, to the former practice and ftate of things in this refpefit : convinced on the one hand, that any thing like a permanent and fyftematic departure from that prac- tice muft ultimately lead to refults, which among other attendant calamities, would be deftruftive of the fyftem itfelf; and on the other, that fuch an erent would be the more to be deprecated, as it is only in a Country like this, where good faith, both public and private, is held fo high, and where, under the happy union of liberty and law, property and the fecurities of every defcription by which it is reprefented, are equally prote6ted againft the encroachments of power and the violence of popular commotion, that the advantages of this fyftem, unaccompanied with any of its dangers, can be permanently eiyoyed, and carried to their fulleft extent. ' Upon a review of all the fafts and reafonings which have been fubmitted to the confideration of Your Committee in the courfe of their Enquiry, they have formed an Opinion, which they fubmit to the Houfe :— That there is at prefent an excefs in the paper circulation of this Country, of which the moft unequivocal fymptom is the very high price of Bullion, and next to that, the low ftate of the Continental Exchanges ; that this excefs is to be afcribed to the want of a fufficient check and control in the iffues of paper from the Bank of England; and originally, to the fufpenfion of cafli payments, which removed the natural and true control. For upon a general view of the fubjeft. Your Committee are of opinion, that no fafe certain, and conftantly adequate provifion againft an excefs of paper currency^ either occafional or permanent, can be found, except in the convertibility of all ■fuch paper into fpecie. Your Committee cannot, therefore, but fee reafon to regret, that the fufpenfion of cafli payments, which, in the moft favourable light invvhich it can be viewed, was only a temporary meafure, has been continued fo long ; and particularly, that by the manner in which the prefent continuing Aa is framedj the charaaer fhould haye been given to it of a permanent war meafure. Your ON THE HIGH PRICE OF GOLD BULLION. ^t Your Committee conceive that it would be fuperfluous to point out, in detail, the difadvantages which muft refult to the Country, from any fuch general ex- cefs of currency as lowers its relative value. The effeft of fuch an augmentation of prices upon all money tranfadions for time; the unavoidable injury fuffered by annuitants, and by creditors of every defcription, both private and public ; the unintended advantage gained by Government and all other debtors ; are confe- quences too obvious to require proof, and too repugnant to juftice to be left without remedy. By far the moll important portion of this effe6t appears to •Your Committee to be that which is communicated to the wages of common country labour, the rate of which, it is well known, adapts itfelf more flowly to the changes which happen in the value of money, than the price of any other fpecies of labour or commodity. And it is enough for Your Committee to allude to fome claffes of the public fervants, whofe pay, if once raifed in confequence of a depreciation of money, cannot fo coaveniently be reduced again to its former rate, even after money fliall have recovered its value. The future progrefs of thefe inconveniencies and evils, if not checked, muft at no great diftance of time, work a praftical convi6tion upon the minds of all thofe who may ftill doubt their exiftence ; but even if their progreffive increafe were lefs probable than it appears to Your Committee, they cannot help expreffing an opinion, that the integrity and honour of Parliament are concerned, not to authorize, longer than is required by imperious neceffity, the continuance in this great commercial Country of a fyftem of circulation, in which that natural check or control is abfent which maintains the value of money, and, by the permanency of that common ftandard of value, fecures the fubftantial juftice and faith of monied contrafts and obliga- tions between man and man. Your Committee moreover beg leave to advert to the temptation to refort to a depreciation even of the value of the Gold coin by an alteration of the ftandard, to which Parliament itfelf might be fubjefted by a great and long continued excefs of paper. This has been the refource of many Governments under fuch circum- flances, and is the obvious and moft eafy remedy to the evil in queftion. But it is iinneceffary to dwell on the breach of public faith and dereli6lion of a primary duty of Government, which would manifeftly be implied in preferring the redu6lion of the coin down to the ftandard of the paper, to the reftoration of the paper to the legal ftandard of the coin. Your Committee therefore, having very anxioufly and deliberately confidered this fubjeft, report it to the Houfe as their Opinion, That the fyftem of the circu- lating medium of this Country ought to be brought back, with as much fpeed as is compatible with a wife and neceflary caution, to the original principle of Caih payments at the option of the holder of Bank paper. Your Committee have imderftood that remedies, or palliatives, of a different nature, have been projedted; fuch as, a compulfory limitation of the amount of Bank advances and difcounts, during the continuance of the fufpenfion ; or, a compulfory limitation ^uring the fame period, of the rate of Bank profits and dividends, by carrying the furplus of profits above that rate to the public account. But, in the judgment of Your Committee, fuch indire6t fchemes, for palliating the poffible evils refulting from the fufpenfion of cafti payments, would prove wholly inadequate for that purpofe, becaufe the neceflary proportion could never be adjufted, and if once fixed, might aggravate very much the inconveniencies of a temporary prefl'ure ; and even if their efficacy could be made to appear, they would be objedionable as a meft hurtful and improper interference with the rights of commercial property. According to the heft judgment Your Committee has been enabled to form, no fufficient remedy for the prefent, or fecurity for the future, can be pointed out, except the Repeal of the Law which fafpends the Cafli Payments of the Bank of England. In effecting fo important a change, Your Committee are of opinion that fome difficulties muft be encountered, and that there are fome contingent dangers to the Bank, againft which it ought moft carefully and flrongly to be guarded. But all thofe may be effeftually provided for, by entrufj;ing to the difcretion of the Bank itfelf the charge of conducing and completing the operation, and by allowing to the Bank fo ample a period of time for conducing it, as will be more than fufficient to 32 REPORT FROM THE SELECT COMMITTEE to effe6l its completion. To the difcretion, experience, and integrity of the Direc- tors of the Bank, Your Committee believe that Parliament may fafely entruft tlie charge of effefting that which Parliament may in its wifdom determine upon as neceffary to be efFefted ; and that the Directors of that great inftitution, far from making themfelves a party with thofe who have a temporary intereft in fjireading alarm, will take a much longer view of the permanent interefts of the Bank, as indiflblubly blended with thofe of the Public. The particular mode of gradually effe6ting the refumption of cafli payments ought therefore, in the opinion of Your Committee, to be left in a great meafure to the difcretion of the Bank, and Par-. liament ought to do little more than to fix, definitively, the time at which cafh payments are to become as before compulfory. The period allowed ought to be ample, in order that the Bank Diredors may feel their way, and that, having a <;onftant watch upon the varying circumftances thai ought to guide them, and availing themfelves only of favourable circumftances, they may tread back their fteps flowly, and may preferve both the courfe of their own atfairs as a Company, and that of public and commercial credit, not only fafe but unembarraffed. With this view. Your Committee would fuggeft, that the Reftriftion on Cafh payments cannot fafely be removed at an earlier period than two years from the prefent time ; but Your Committee are of opinion, that early provifion ought to be made by Parliament for terminating, by the end of that period, the operation of the feveral Statutes which have impofed and continued that reftriftion. In fuggefting this period of two. years. Your Committee have not over- looked the circumftance, that, as the law ftands at prefent, the Bank would be compelled to pay in cafh at the end of fix months after the ratification of a defi-r nitive Treaty of Peace ; fo that if Peace were to be concluded within that period, the recommendation of Your Committee might feem to have the effefit of poft- poning, inftead of accelerating the refumption of payments. But Your Com- mittee are of opinion, that if Peace were immediately to be ratified, in the pre- fent ftate of our circulation it would be moft hazardous to compel the Bank to pay eafh in fix months, and would be found wholly imprafticable. Indeed, the Tefloration of Peace, by opening new fields of commercial enterprife, would mul- 1;iply inftead of abridging the demands upon the Bank for difcount, and would render it peculiarly diftrelTnjg to the commercial world if the Bank were fuddenly and materially to reftrift their ifTues. Your Committee are therefore of opinion^ that even if Peace fliould intervene, two years fliould be given to the Bank for refuming its payments; but that even if the War fliould be prolonged, Cafli pay- ments Ihould be refumed by the end of that period. Your Committee have not been indifferent to the confideration of the pofTible occurrence of political circumftances, which may be thought hereafter to furnifh an argument in favour of fome prolongation of the propofed period of refuming ^•alh payments, or even in favour of a new "law for their temporary reftriftion after the Bank fhail have opened. They are, however, far from anticipating a necef- fity, even in any cafe, of returning to the prefent fyftem. But if occafion for a new meafure of reftriftion could be fuppofed at any time to arife, it can in no degree be grounded, as Your Committee think, on any ftate of the Foreign Exchano-es, (which they truft that they have abundantly flievvn the Bank itfelf to have the general power of controlling,) but on a political ftate of things producing, or likely very foon to produce, an alarm at home, leading to fo indefinite a demand for cadi for domeftic ufes as it muft be impoffible for any Banking eftablifliment to provide againft. A return to the ordinary fyftem of Banking is, on the very ground of the late extravagant fall of the Exchanges and high price of Gold, pec*iliarly requifite. That alone can efFe6lually reftore general confidencein the value of the^ circulating medium of the kingdom; and the ferious expedlation of this event muft enforce a preparatory reduttion of the quantity of paper, and all other meafures which accord with the true principles of Banking. The anticipation of the time when the Bank will be conftrained to open, may alfo be expefted to contribute to the improvement of the Exchanges ; whereas a poftponement of this era, fo indefinite as that of fix months after the termination of the War and efpecially in the event of an Exchange continuing to fall, (which more and more would generally be perceived to arife from an excefs of paper, and a confe- quent depreciation of it) may lead, under an unfavourable ftate of public affairs to iuch a failure of confidence (and efpecially among foreigners) in the determination 1 ' of ON THE HIGH PRICE OF GOLD BULLION. 33 of ParliaiTwnt toenforce a return to the pw)felled ftandard of the rreafure sf pay- ments, as may ferve to precipitate the further fall x>f thfi Exchanges, and lead ttt^ .confeqnences at once the moft difcreditable and difaftrous. Although the details of the beft mode of returning to cafli payments ought to t)e left to the difcretion of the Bank of England, as already ftat^cl, certain pro- vifious would he neceffary, under the authority of Parliament, both for the conve- nience of the Bank itfelf, and foi' the fecurity of the otlier Banking eftablithments in this Country and in Ireland. Your Committee conceive it may be convenient for the Bank to be permitted to ifl'ue Notes under the value of jC. 5, for foiB£ little time after it had refumed .payments in fpecie. It will he convenient alfo for the Chartered Banks of Ireland and Scotland, and all the Country Banks, that they flaould not be compelled to pay in fpecie until ibme time after the refumption of payments in Caih by the Bank of England ; but that they ihould continue for a Ihort period upon theij prefent footing, of being iiable topay their own aotes on demand in Bank of England paper. 349. I lil I N IT T E S M1N.UTES -5/ EVIDENCE - - - V I z. ■Aaron A. Goldfmid, Efq. pp. 35. 38. 55.65 Samuel Thomas Binns, Efq. - - ?• 43 %VilIiatn Merle, £.fq. - - ~ .4.6 •Charles Lyne, Efq. - - - 58 Thomas Hughan, Efq. (a Member^ .62 John Louis vGreffulhe, Efq. - pp. 65. 98 -Mr. -^ (a Continental Merchant) PP- 73- 75- 82. &5 John Whitmore, Efq. - - - p. ,79 John Whitmore, Efq. and John Pearfe, Efq. pp. 89. 94.. 109. 11.9. 125 Abraham Goldfmid, Efq. - — p. 91 William Cecil Chambers, Efq. - loi James Wiliiarn Morrifon, Efq. - .103 .Samuel Williams, Efq - - - ibid. John Allen, Lfq. - - - - loS - ^ - - - pp. 35-131 Ebenszer Gilchrift, Efq. - - p. 113 Thomas Thompfon, £.(^. (a MemberJ 114 Robert Biiilejr, Efq. - - - 11,7 Dr. Kelly ----- 118 JobnPearfq, Efq. - - - ibid. Thomas Richardfon, 'Efq. pp. 122. 147 William Coningharo, Efq. - - 128 Sir Francis Baring, Bart. - - 130 Edward Wakefield, Efq. - - 133 William Irving, Efq. -• pp. 137. 144 Vincent Stuckey, Efq. - - P- 138 John Henton Tritton, E(q. - - 140 Jeremiah Harman, Efq. - - 142 Mr. John Humble - . _ 146 Charles Grant, E(q. fa Member) - 149 William Thomas _ _ _ jci ..ACCOUNTS pp. 153 to 2J2 [ 25 ] APPENDIX. MINUTES OF EVIDENCE Taken before the Select Committee appointed to enquire into the caufe of the high price of GOLD BULLION, and to take into con- fidera,tion the ftate of the Circulating Medium, and of the Exchanges between Great Britain and Foreign Parts. Jovis, ll' die Fehruarii, 1810. FRANCIS HORNER, Efq. in the Chair. Jaron Ajher Gold/mid, Efq. Partner in the Houfe of Mocatta & Goldfmid, Bullion Brokers ; called in, and Examined. WHAT is the prcfent price of Gold ?— ;C-4' ^o- ftandard Gold; foreign Gold j^ ^^ Gold/mid, coin is comparatively higher. * *£;/-_ On what account ? — Being more faleable in foreign countries, on account of its ^ . ^' ■* being more portable. Do you mean it is higher in proportion to its intrinfic value ? — Yes. . On what account ? — Being more faleable in the ftate of coin on the Continent, and of there being more markets for Gold in coin than in bars. What is the difference between the price of Gold in foreign coin and Gold in bars ? — The prefent difference between Spanifh and Portugal Gold in coin and Gold in bars is about is. per oz. ; it varies confiderably with the demands of the different markets, but generally the price of foreign Gold coin is higher than bar Gold ; that is to -fay, doubloons being now j^. 4. 8.peroz. and Portugal Gold £. ^. 12., Gold in bars would be worth j[^. 4. 12. whereas the prefent price is £. 4. 10. per oz. Portugal Gold is about the fame finenefs as our ftandard. . What is the finenefs of Spanilh Gold coin ? — From 4I to 4I grains worfe than ftandard, making about 4J. difference in value. What is the difference between any other foreign Gold coin and Gold in bar? — Thofe two being the moft current ardcles, it would be beft to have them as the criterion. What is the finenefs of ducats and French Gold coin.' — Dutch ducats better 6 grains, louis d'ors worfe if grain, and napoleons the fame. . In what degree are ihefe current articles of traffic ?— Perhaps louis d'ors and napoleon d'ors are the moft current of the three; neither frederick d'ors nor Dutch ducats are much feen. State the difference between the value of thefe articles in the fhape of coin, and BullTon of the fame finenefs, — They have at prefent no extrinfic value as coin. What do you conceive to be the reafon why Spanifh and Portugal coin is higher than bar Gold at prcfent, and not French and Dutch coin i" — There is a greater- variety of markets in the prefent circumftances for Spanifh and Portugal coin than for French and Dutch. How long has the price of Bullion or foreign Gold coin been what you have ftated ? —The prices fluduated confiderably in the courfe of laft year, but have been unufually high for about a year and half, 349. K How -"^r- ,36 MINUTES of EVIDENCE taken before the [Appendix. A. A.GoldJmidf How much have they iluAuated ? — I rhink about fix or feven fliillings i never £/o, above one or two fliillings higher than they are at prefent. — ' Can you ftate what Tables are the moft perfect in your judg-tnent ? — Thofe pub- lilhed by Wettenhall are likely to be corredt ; they are made from our reports to the perfon who furnifhes him with the prices. Is that price derived by Wettenhall from the information of others, or only from your reports to him ? — From ours alone. Are thofe prices always real prices taken from aftual tranfactions, or are they ever only nominal ? — Always the real prices. In what manner do you form a ftatcment of the price ? — There is nev«r but one price for Gold and Silver Bullion. Can you always buy and fell at the prices, or nearly fo, which you report ? — When there is not enough done to conftitute a market, no prices are. printed ; as will frequently be feen in the Lift. , What amount of fales conftitutes a market for that purpofe ? — No precife quan- tity, but always a quantity of fome confideration. How often are thefe Lifts publiflied :■— On Tuefdays and Fridays. Have not you, in various inftances, found that you could neither buy nor fell at the prices quoted by you in the Lifts ? — Enough was always doing at the time of ■their being printed, or previoufly to that, to conftitute a market. Have the prices been marked latterly ? — The price of dollars have, and very lately ■the prices of dollars and doubloons. Has the price of Gold in bar been quoted lately?— I am not certain. Why has it not? — Becaufc the tranfaftions in bar Gold can only be made at ftated ,times. It is neceflary, previoufly to the permiffion from Government to export Gold in bars, that the proprietors (bould fwear, bcfpre the Court of Aldermen, that it is melted from foreign coin ; and it is confequently only at the period of that Court's aflembling that any conpderable quantity of bar Gold can be bought or fold. Is not the Court of Aldermen open every week at leaft for that purpofe ? — The time of its meeting in fufficient numbers is, I believe, uncertain. Is that the only rcafon why the price of Gold in bars has not been quoted latterly in the Lift ?— Yes. During the period that the price of Gold in bars has not been quoted latterly, has there or not been enough to conftitute a market ?^I (hould think not. In how long a period ?— About five weeks or longer; but if the prices of any dercription of Gold were quoted, it nearly anfwers the fame purpofe as if the prices of other defcriptions of Gold were quoted. Has there been during the fame period Gold enough in the market to anfwer the demand ? — We endeavour to regulate the price fo as to proportion the demand to the fupply. Have the fales of Gold been for fome time paft confiderable ? — Yes, certainly. Can you fpecify the extent for the laft fifteen months ? — 1 cannot from memory. Can you furnifh that information by referring to the account of fales ? — Such in- formation can be procured from the books of the Bullion Office in the Bank j all our fales are through the medium of that office. Have you not frequently tranfaftions both of purchafe and fale with individuals, in %vhich the Bank is not concerned ? — There are many tranfaftions in which the Bank is not concerned ; but they are all inferted in a book in the Bullion Office. For what rcafon are they fo inferted ? — I believe that they have been fo fince the eftabliihment of the Bank. Was it in order that the Bank might be apprized of the tranfa<9:ions, and recfulate iheir proceedings accordingly ? — Poffibly. State in detail the mode in which fuch a tranfaftlon is made with an individual. — The Bullion is received !rom one individual and delivered to another at the price fixed by us,; and die whole of the tranfaftion is recorded in the books of the Bullion Office in the Bank, with the names of the parties, the amount fold, and the price. Is not every quantity of bar Gold, which by your intervention pafE;s from one in- dividual to another, depoiited for fame time in tlie Bank, and affayed there ? Yes. Have you not, in certain cafes, bought and fold Gold without the intervention of the Bullion Office in the Bank at all ?— None. Can you ftate about what quantity of Gold you have bought and fold for the laft 15 months, and particiilarly during the latter part of them? — I cannot from me- mory; I could ftate it to the Committee from my books, or it might be obtained by reference to the Bullion Office in the Bank. During AppcndixT COMMITTEE en Ibe High Price of GOLD FULLION. 37 During that period has the quantity been greater than ufual ? — Yes; during the J. A, GolUfm'd, laft 15 months, greater than on an average of years, though fome years ago a much Efq- greater quantity was imported than has lately been exported. u Have your fales, during the period in queftion, been confined to individuals, or has the Bank been a' purchafer ?— Individuals have been the purchafers of large •quantities of Gold at the prefenc high price. Are there any other Brokers in the fame line befides your botffer— Our houfe has 'been folely employed fince the year 1694, at the eftablilhment of the Bank. Are there any other dealers in Gold but yours? — I apprehend none of confiderable amount. Are there others recorded in the Bullion Office in th« Bank like yours ? — None. What is the rate of brokerage ? — One-eighth per cent, to each party. If the other tranfaAions in the fale of Gold were confiderable, do you confider that the Bank could procure information of thofe in order to regulate their proceed- ings in the manner fpoken of in a former anfwer ? — They are not confiderable ; but what the Bank would do in cafe they were confiderable I cannot tell. Do thofe other tranfadtions contribute to form the price ? — I think not at all. From whom in general do you receive the Gold which you fell ? — -I think that during the laft year the chief imports have been from the W«ft Indies, principally ia doubloons. Do you receive them from the Weft-India merchants ?^-Yes. Are they not principally Jamaica merchants ? — Yes. From what other quarters have you received any material quantity of Gold in the laft fifteen months ? — From Bullion retail dealers in this country, who colled them in fmall quantities and fell them to us in the wholefale. Has much been received from the connnent of Europe?— I believe none : I judge fo by no continental merchants being fellers to us. Within the period in queftion, what quandty of Gold coin from European Mints have you received ? — I cannot diftinguifti, the marks of many coins being the fame. Can you account for the large importation of Gold coin from the Weft Indies .'' — In confcquence of the price of Gold being fo high here, it is more advantageous to make the return in Bullion than in bills. Can you ftate the whole charge of tranfmitting Gold Bullion from Jamaica here, including freight, infurance, &c. ? — Not accurately. Has there been any importation of Gold from the United States of America within the period of 15 months we have been fpeaking of? — I believe none. In faying that no Gold has come from the condnent of Europe, do you mean to fay none has come from Portugal or Spain ?— I omitted to mention that fome French Gold and Portugal Gold has been imported from Portugal. Was that to any confiderable amount ?— I think comparatively not. Has any quantity come from the Brazils ? — Gold has lately been fent over to the Brazils. Has not filver alfo been fent over ? — Yes. Was not the Brazils fome years ago a confiderable fource from whence we derived -our Gold ? — It was not direflly, but through Liftjon. What is the caufe of tiiis change ? — The balance of trade being inverted. Is there no other caufe of this change but the balance of trade having been in- verted ? — I judge not. Suppofing a loan to be made here for the Court of Brazil, and that loan was re- mitted to the Brazils, would it not produce the effeft to which you before alluded?— If remitted in Gold, it would remedy the balance to the amount of the fum fent. Do you know whether in point of faft Gold has been remitted from this Country to the Brazils on account of a loan ? — When I faid the balance of trade was inverted, 1 fpoke of the general balance, unable to diftinguifti between the operadons of Go- vernment and the tranfaftions of individuals. How long is it fince the change firft took place of Gold being fent from this Country to the Brazils, inflead of our receiving it from thence? — I cannot ftate accurately j but I do not believe that the operation of the Brazilian merchants have had any very important effeft upon the price of Gold : I will endeavour to afcertain for the information of the Committee the date of that change. Are you in the habit of felling Bullion which has been melted down from the light ld, would he not give 16 percent, more in exchange ? — He certainly would if he coutd, receive Gold witli-the liberty to export it. So that if bank paper and Gold exchanged, even the currency to the foreigner would be 16 per cent, better, would it not? — If a perfon were at liberty to export Englifh Gold, iie certainly would get 16 per cent, more than if he exported foreign Gold. Sabbati, 24" die Februarii, 1 8 10. FRANCIS H O R N E R, Efq. in the Chair. Samuel Thomas Binns, Efq. called in, and Examined. WHAT are you ?— I belong to the houfe of William and Jacob Wood, fuccelTors' 5 y ^inns Efa. to MefTrs. Binns & Wood j I am not a partner in the houfe, but manage the con-. . ' ' ' ''_____ _j cerns of it for the reprefcntatives of William & Jacob Wood. , . 349. M ' What 44' MmVTES of EVIDENQE fakes liif0'e l&e [Appendix. S^T. BinJis, Ef^. What is the particular line of dealings of that houfe ?— In all kinds of Bullion. ^'- — '■ — N-/- Do you deal in the inaport and export of Bullion ? — We do not export Bullion, " "nor import it. Defcribe generally the particular nature of your trade. — People bring Bullion to our houfc for fale, and fome come to buy; when we have any quantity of foreign coin we apply to the brolcers, who fell it for us. You purchafe foreign coin and Bullion on your own account, to fell to thofe who come to you to purchafe, but are not mrrely intennediate brokers between the pur- " chafer and f-ller ?— No. Are the falcs of the houfe confiderable in the courfe of a year ? — Not very con- fiderable. Does the bufinefs of the houfe nnake you acquainted in any confiderable degree with the general ftate of the Bullion trade.? — No; full weight coins we fell as we receive, hut Ijght coin we melt into bars. Do you fpeak of f srcign coins only ? — At prefent. How do you fix the price at which you buy ? — There is always a market price for coins of every defcription. How do you judge what is the market price? — We enquire of the brokers. What brokers ? — .IVlocatta and Goldfmid. It is their judgment alone you take as to the price ? — Their price is what we fell at ; their price rules our price completely. Do you buy„BntiIh coin ? — Light coins; a few, not many. Are there many other perfons in the fame line with ;.yourfelf ? — There arc feveral others I believe, but I am not acquainted with them. Have you bought any Britifh coins lately ?— Some few, not many. Do you know of any full weight Britilh coin having been fold lately ?— No. From whom do you ufually buy Gold ? — When any perfon brings Gold to our houfe we buy it, but we know not of whom. Do you mean, that they are ftrangers who bring it ? — In general Do they bring it in bars, or in foreign coin ? — In general in coin ; fome few bars. , * Is it very much the fame perfons who come to you with foreign coins and bars to fell ? — There are many perlons who come, who we know not from one time to another. How is it afcprtained by you, that that which is brought in bars has not been melted from Englifh coin ?— I know not any means of afcertaining it. Do you know moft of the perfons who bring Gold of that defcription ? — We do Jipt. To v^hom do you fell that Gold ? — To various perfons. Do you know the buyers ?• — Yes. Do you always know the buyers? — Their perfons, but not their names at all times. Nor their rtfidences ? — No. What defcriptions of perfons are they in general; merchants ? — Button-makers and china-dcalcrs or perfons employed in gilding china, and jewellers. You fuppofe that Gold to be ufed in home manufafture ? — Yes. Thofe are the ciiief purchafcrs from you ? — Yes, they are. Do you aflTay the Gold which is brought to you ? — Yes. You always aflay it yourfelf ? — Yes, any quantity. Is it by aflaying you know from what it is produced ?— No, we cannot tell from what it is produced. Have you no means of judging from what a Gold bar brought to you has been produced?— I have not j I Ihould obferve, 1 have been fomething fhort of fifteen months in the bufinefs, and am not very well acquainted with it. Is there any perfon in the houfe more acquainted with it than yourfelf?— No, there is only a lad of fifteen years of age. Do you know the price of Gold in the ftandard bar jiow? — I believe the laft priee of ftandard Gold is gos. per ounce. The price of Portugal coin ? — Ninety-two Shillings per otince. Gold for expor- tation commands a higher price than that which cannot be fworn off. How much higher ?'-^That is uncertain, it depends upon the ftate of the marketj *vhat quantity there is. What is the difference at prefent? — Asnealrly as lean tell, about j j. an ounce. When j^ppeodix'.] COMMITTEE on the High Price of GOLD BULLION. 45 When you fpeak of 90^. as the prefcnt price, you fpeak of the price as that of S. f. BinnSi^fq. Gold which cannot be fworn ofFf — That can be fworn off. •- ^ —^ ; Do you fpeak of that as Gold in bars?— Gold in bars is the only Gold that is (landard Gold, except I believe Portugal ; and that Gold, I fliould obferve, is not always ftandard, but the ps-ice is always fpoken of as the ftandard ounce. How do you diftinpuiOi Gold in bar that may be fworn off, fron:i Gold that may not ? — By melting it from coins. If Gold is brought to you in the fhape of bar, how do you judge whether it may be fworn off or not ? — Llnlcfs it is foreign bars we cannot telU there are fonie few bars come from Portugal, and fome few from the Eaft Indies. If bars of Gold are brought to you which you cannot fay are foreign bars, and which are ftandard; may they or ri^ay they not be fworn off ? — They carttiot be fworn (off, unlefs we know that they are aftually produced from foreign Gold. Do you give the lame for light guineas which you do for otl^er ftandard Gold ?— I make a difference of about three-pence an ounce lefs for light guineas than for bars. For bars that can be fworn off? — No, for home confumption. Suppofing the price at prefent to be 90 j. what fliouid you fuppofe the price \n proportion for light guineas? — To-day I Ihould give about S^s. 6J. ptT ounce, perhaps 85 j. C)d. . what is the reafon for that difference of 3 pence ? — The expeiice of melting. What per ounce would you give ro-day for ftandard Gpld that may be exported ? • — Under the uncertainty of fime vvhen it may be exported, I cannot take upon rae to fay what I would give. What is the laii market price for Gold that may be exported ? — Ninety {hillings, J believe. What is the laft market price of Gold in bar that may oot be exported? — About its. What was the lafl: price you gave for light guineas ? — To the befl: of tny recol- ledtion about 85 j. ^d. Have you made any large purchafe or fales at thofe prices ? — No. Is the price rifihg or falling ? - 1 believe it to be pretty fteady. Since when ? — I do not know of any alteration within the latt two or three weeks. Has it been higher within the laft fix months? — I believe not. Have you any means of judging whether it is likely to rife or fall?— No, I have ■r.ot. Has it been higher within this twelvemonth? — Ibelieve not. Has it not becn^. 4. 12. within the laft twelve or fifteen months? — Not to my knowledge. Are your dealings in Gold to any confiderable amount in the courfe of the year ? — Not very confiderable ; chiefly in foreign coins. Have you had any means of informing yourfelf whether there has been any re- markable export or import within the laft year? — I have not. Your houfe does not aft for the Bank in any w^y? — No, it does not. Is there any entry made at any offjce at the Bank of any dealings you have in Gold or Silver? — All Gold or Silver fold by the brokers is enDe,red at the Bank. Are your dealings through ihtt intervention of a broker? — In general; not always. Is there are any other foreign broker, except Mr. Goldfmid? — I believe not. ;. In what part of your dealings do you employ a broker? — -When we fell: we buy without a broker. You buy in fmall quantities, and fell in large ? — Yes. What clafs of people bring light guineas to you, the fliopkeepers, or the banker, or the country bankers, or what clafs of people?— I cannot fay. Do they come to you, or you go to them ?— They come to me. You weigh the light guineas brought to you ? — Yes. -' How much are chey deficient ?— Some half a grain or a grain ; fome are deficient fixgraias: when we weigh light guineas, we do not attend to how much they want, but to afcertain whether they are current or not ; then we weigh tkeffl all together. Does not a praftice prevail either of fweating down heavy guineas, or doing fome.- thihg to them to make them light, to bring them within the weight. to admit of their being melted down ?— Not to my knowledge. You do not know of fuch a thing being.doa€'— No. What • 46 MINUTTS of EVIDENCE taken before the [Appendix. S^. Bir.ns, Ejq. What is the expenfe of melting down ? — Very inconfiderable. ~~^^ ' Is the procefs very eafy ? — Yes, I believe it is. What is the expenfc ofproviding the means ofmelting them down? — With that I am not acquainted ; a place is obliged to be built on piirpofe. Would the heat of a common fire melt them. down? — No, I believe not. Is nor the coin which you melt down as light Gold, fold to the goldfmiths, and em- ployed in articles of manufachirc ? — Yes. • About what amount of light guineas have you bought within the courfe of the laft year? — I fhould imagine from i,ooo to 2,000 guineas. During the whole courie of the lalt year ? — Yes. ' Which have been melted ? — Yes, they have. Arc there any other dealers in the fame line with your houfe r — There are fevcr-al other houies in the fame line. ■■ • , How many r — i do not know. * ' Do you know of any perfons who make it their biifinefs to colled light guineas, to bring them to you or to other dealers in the fame way ? — No. In what funis are light guineas brought to you ? — ^In fmall foms. Of one or two guinra?, or how much more? — Perhaps ten or fifteen. What clafs of perfons generally bring light guineas to you r — 1 do not enquire who people are. You never take them from perfons you do not know ? — I have taken therti from perfons I never faw before. Generally fpeaking, who are the perfons who come to you with light guineas ?^r do not know.^ Are they in your opinion perlohs W{ho willi to make more money of them than twenty-one fhillings ? — Not to my knowledge j I do not know their intention. In point of fadt, they do make more .?■ — Yts, they do. The average you give for a guinea is about twenty-three fhillings, is it not? — No, I believe not quite fo mucb. " Is there any fixed price you give for a fingle guinea? — It is according to the- weight. '' Suppofipg.it to be jufl: under the weight, have you any regulated price ? — No, we calculate by the weight. Does nor a light guinea when offered to you, produce more to the perfon offering it than a guinea in paper ? — Yes, it does. Are the fmail Gold coins brought to you in the fame way ? — No. \ No half-guineas '<■ — No. Have you had any recent inftance of purchafing a light guinea for lefs than twenty- one (hillings .'' — I do not recoiled any. What do dealers in your line conlider as a fair difference between their purchafcs and their falcs .'' — From a half to one per cent, according to the flate of the market. Is your Bullion coin dcpofited in your own v>'arehoufe, or at the Bink ? — In our -own warchouie. Can you flate what may be the average weight of a certain quantity of our Gold coin; fay five hundred guineas, fuch as that coin is which is in common circulation ? • [The anfwer vfias pr;ftponed.J - The only guineas you have had an opportunity of weighing are thofe which are fa light that they are unfit to remain in circijlatioh r — Yes. Do you know that it is the pradicc to give a premium to exchainge heavy "uin^as againft light ? — I do not. William Merli, Efq. called in, and E.xamined. fV. Merle, Efq. WHAT is your bufihefs ? — I am a banker and a gold refiner. <— - — ^ i In the houfe of Cox and Merle ? — Yes. Defcrihe the general nature of your dealings as a refiner. —Our general dealings are in fiipplying the goldfmiths with Gold and filver, for the porpofcs of their manu- facture'j at the fainc time I ftll a great deal of filver to the merchants, and Gold alfo for exportation. What are the different defcriptions of Gold which paffes through your hands?— We have it of all qualities ; it is impoflible to enumerate them. Do foreign Gold coin and Gold in bar form apart? — Yes, of different qualities. la Appendix.] COMMITTEE m the High P^ice of GOLD BULLION. • 47 ' Is there any quantity of light guineas pafles through your hands ? — Not now ; we ^. Merle, Efq. have had minions when the Gold poio was called inj but there has been no calling! ' " " in lately. If light guineas are brought to you for fale, do you purchale them ?— We ufed to do ; but we have not had any lately, on account of the high price. You would purchafe them if they were brought tq you ? — Ye?. Why does the high price of Gold prevent their being brought to you ? — The jew- ellers, I apprehend, melt them downthemfclves; if they were brought to me I fhould give no more than the current price ; but at the prcfent price of Gold they would produce more. When light guineas were brought to you, you purchafed them ? — I did. According to what rate ? — The Bank at that time gave ^,3. 17. 6. an ounce for them wl>en melted in bars, and we gave £. 3. 17. 2. per ounce in guineas. That was the market price of Gold at the time ? — Yes. - If Hghc guineas had been brought to you within the lad year and offered to you for fale, would you not, in the fame manner, have bought them at the market price ? — No; becaufc they would produce more than twenty-one (hillings ; I fliould not have bought them at more than the coinage price, which is £.2- ^7- lof. per ounce, which would make them produce about ;^. i. o. 10. that will make a guinea from the Tower exactly £.\, i. Have you made any confiderable purchafes of light guineas fince the period of the re-coinage ? — O yes, vaft quantities ; many thoufands. For the purpofe of melting them down into bars ? — Yes, and fending them to the Bank. Did you buy them at the market price ? — Yes ; at the market price, according to what the Bank gave : the Bank has never given more than jf 3. 17. 6. ind we have giveri;^.3. 17. 2. or;{^.3. 17. af.; thep there was two-pence for melting, and that left a profit of if ^. Suppofing Gold v/as fcarce, and that there was a great demand for it, what would prevent you from giving the market price for it .''-^Nothing would prevent my doing it ; but if I had not a confumption in fupplying the trade here, I fhould then fend h into the Bank, becaufc none of this Gold can be Tent out of the country, being Englifh Gold. What has been the market price of Gold during the laft year ? — I can hardlv in- form you what may be called the market price, foreign Gold is fo much higher out of proportion than Englifh Gold ; the latl r'breign Gold from foreign coin 1 fold at £. 4. 10. per ounce ; I fold it as ftandard at that price. That was the price at (landard finenefs ? — Yes. Do you fpeak of it in bars? — Yes, foreign bars: £.3. 17. 2 |. is the coinage price, and Gold of an equal quality is fold at £. 4. 10. for exportation ; I fell Gold much lower to the trade here. What price have you got, at the fame time you fpeak of, for bar Gold which could not be exported ? — We delivered it to the trade at about £.^. 1>. and once we have' been obliged 10 advance it, on account of the fcarcity. If you could get £./^. 8. from the trade for Gold that could not be exported, would not you have given as much for light guineas brought to you, as would have given you the profit you expefted } — No, certainly not; I could not think myfelf juftified in giving 23 fliillings for a guinea ; I have always underftood it was contrary to the laws of the country, and if I was to do a thing of that kind I fhould have many appli- cations made to me ; perhaps they might file down heavy guineas and bring me, and if they could fell them to me for ;^. i. 3. they would riot let them go at ^T. 1. i. What do you conceive to be the illegality ?— I underftand the meUing down heavy guineas is felony, and I have underftood as to the givi rig more than^^. 1. i. for a ■ guinea fome penalty will attach to the perfon giving it ; and indeed there is a proof of it, for there is a man in curtody who has been giving a premium for guineas, and he is now held to bad. Do you underftand it to be contrary to law to deface a light guinea ? — No,' cer- tainly nor. Then if a number of light guineas, fo defaced, were brought to you, yoii would feel yourfelf at liberty to buy them ? — Not at a price higher than the coinage- price, which would be about ^T. i. o. 10. If defaced they would no longer be coin ? — But I fhould not feel myfelf juftified in givincr more; for many perfons might deface guineas to "make more of them. 349.° • . . ^' . . ^f J^. Afcrle, F/qy If thofe light guineas were adoa^ rt eked down, you waM havC.64. lo. they will pay you ^.4. 10. in money: under j£. 5. they will pay in money. Not for each dividend warrant? — No, the balance upon the whole. Within the laft year have you received much Gold, fuch as may not be exported? —Certainly. About what quantity ?— I cannot (late precifcly without my books; my confump- tion for the trade is as nearly as can be about two thoufand ounces of Gold a month. Of fuch as may not be exported ? — Yes, what I fupply to the jewellers and gold- beaters and manufadurers of that kind; that is, fine Gold, quite pure. I fpeak of Gold that may not be exported j you receive confiderable quantities of fuch Gold ? — Yes, it is brought of all qualities, from £. 3. 10. down to £. 2. 10. tJiat you cannot fwear off as foreign Gold, not feeing it beforehand : or if it was any trinket, or any thing of that kind, that could not be fworn off. What is the oath before the Court of Aldermen ?— You fwear that no part of the Gold you produce has been the current coin, or clippings or meltings of the current coin of this country. Suppofing a foreign bar of Gold has been manufafbured into plate, and then it is t)rought to you to be melted and refined ; could that be exported ? — That I could not fwear off. VVhy not ? — Becaufe I cannot tell what the thing confided of before it was worked vp. Do you mean to fay, that you confider all Gold as not exportable, except what you yourfcif know to be either foreign bar or from foreign coin ?— Yes ; we have a creac deal of Gold du?i from Africa that we can fwear off: I fwore off near 4,000 ounces cf'Gold dull that I had from Africa ; I believe I have got near 3,000 ounces coming now. Can Gold imported from Irelar^d to this country be fworn off for exportation ? Not iinldfs it was foreign Gold. How much of Gold, not exportable, has been brought to you within the laft twelve months? — It is impoffibie for me to fiy that; my confumption to the home trade is about 2,000 ounces per month; a confiderable part of this Gold never ■comes back, becauic it is ufed for gilding. From what defcription of pcrfons do you receive that Gold which you defline for the home trade ?— From the different Ihopkeepers and Goldfmiths in town and country; fometimes 1 buy large quantities from different merchants to whom it is ^-emitted i where it is not fine enough to be fworn off, they are obliged to fell it to the refiners. Can you fay whether, within this laft year, the fupply of this Ibrt of Gold offered to you has been more or kfs abu.ndant than in former years? -Certainly lefs now a great deal, becaufe we ufed to have fo much that we could f 11 a good deal to the Bank ; but we have not been able to fell any to the Bank for a long while. Is the demand from you, for the home trade, lefs or greater than it his been in former years ? — It is much about the fame ; I have a regular fet of-cuftomers, jew- ellers, who ufe about a certain proportion every week; foijic of them perhaps 'ufe more than they uied to do, in confequencc of their trade inc!cafins'. Do you find it more difficult to get the fupply of that required "for the home trade, than you ufed to do ? — Certainly ; we have been obliged to ftand ftill fometimes. What have you done to relieve yourfelf? — We have been obliged to wait till we ■ could get it. Do you get more from the country ?— No j I do not fee that that is Increafcd. -. What you get up fronti the country is, of courfe, all Gold for home confumption? Wc AppendiJc.:] COMMITTEE on the High frlce ef GOLD" BULLION. 51 »-^We have it frequently fenc up in bars, the goldfmiths having melted k down W.Merk,^f' themielvesj we cannot ceil of what it is melted, becaufe it comes out, perhaps, ten, *- — ^^-r—^ twelve, fifteen {hillings an ounce worfe than the ftandard j it is innpoffible for us to tell what it comes from. , Do you export Gold ? — No. Do you fell to merchants for exportation ? — No ; my bufinefs is with Meflrs. Mo- catra & Goldfmid ; wfc pay them a commifiion for felHng. Have you any knowledge of what becomes of the Gold you fell through the .agency of Mocatta and Goldfmid ? — Only that I know it goes to Holland, and io on. - From whom do you get I'uj. plies of that Gold which you fell through Mocatta and •Goldfmid .? — ^A great deal of it is foreign coin, which we buy of every body almoft, What is the general defcription of perfons who bring it you ? — Goldfmiths in^e- neral j but we have a great many private perfons coming every day and bringing thirty-fix (hilling pieces andfo oii. Do you receive any quantity of it from merchants ? — Yes; fent over to them as remittances. Has that quantity, within the laft twelve months, been greater or lefs than in fbr- tner years ? — Till latterly Ido not think there has been much difference. What do yOu mean by latterly ?-^For the laft fix ■months the remittances have not come over in Gold &s they ufed to do j the rennittances from Portugal ufed to be in 36/. pieces, from Spain in doubloons. Within the lad fix months lefs Gold has conhe to this country from Spain than before ?— Yes, certainly j we tifed to have large quantities from Haniiburgh, but thene is none comes now. Was the laft fix months different from the ftme^fix months in former years ? — - Yes. • Do you know of any Gold •coming from the Weft Indies? — Yes, we tifcd to pur. chafe a good deal j we have not had much the laft fix months, but at times we ufcd to 'have, and from tlie Eaft Indies too. Within the laft fix months have you not feen as much Gold, which yoa underftood to come from the Weft Indies, as formerly ?— Certainly not; I fhould think for the ■laft two or three years there has not been fo much in proportion as there ufed to be. ■• Do you mean to fay it has be€n lefs plentiful for the laft fix months or the laft year ? — I have not feen any from the W^ft Indies latterly. Has the fupply of this fort of Gold brought to you, been more or lefs abundant within the laft year ?— Lefs. From whence has that chiefly come, which you have poflTeflcd ? — From goldfmiths ^kh whom we were in the habit of doing bufinefs. Have you received lefs from the merchants than formerly ? — Yes, a good deil lefs ; as the Gold is fo very high, the merchants will get the fame price as we can get ourfelves. With refpcdt to the Gold you have fold through Mocatta and Goldfmid for expor- tation during the laft year, has the quantity been greater or lefs than formerly ■? — It 'has been greater certainly, becaufe I have had a great deal of African Gold this laft year. ■ If the quantity brought to you of foreign Gold has been lefs, in what manner have "you fupplicd yourfelf for that greater demand for exportation ?— It all depends upon circumftances what quantity of foreign Gold I can get. Tufiderftood you to frace, that the quantity you have fold through Mocatta and Goldfmid for exportatiori» has been during the laft year greater than any former •yfeat ?^^Yes. And that the quantity of exportable Gold brought to you has been lefs ?— Yes. State the rcafon for the exiJtence of thofe two circumftances. — In confequence of tTie high price at which I am obliged to purchafe Gold, I am compelled to fwear it off 'for exportation to get the price, for the price I give for it is higher than I can get for home confumption. A quantity of the Gold which might be exported was formerly fold for exportation ? —Yes. It is the prefent high price which carries it abroad ? — Yes, for the Bank give no more for foreign Gold than they do for Englilh Gold ; the foreign Gold is now 12 J. 1 |. above the. Enghfli price, and the Bank cannot afford to give that; if the 'price of foreign'Gold was to fall, the Bank M^ould take it in the fame as Englifli Gold. ' 34^ O Within 52 MINUTES of EVIDENCE taken hefore the [Appendii' W. Mertg, E/q. Wirhin what period have you had an importation of Gold from Africa ?— Within I -s^„^ — . 'the laft four or live months I bought about fourtboufand ounces. When had you any Gold from the Eaft Indies ? — That is conftantly coming in, we liave a little from one and a little from another, it amounts to a quantity at laft ; wc are buying foreign Gold more or lefs every day. Has any Gold come in from Heligoland ? — No, I have not had any. You have ftated, that the fupply of Gold at home has not lately been equal to the demand you had ; have you at any time found any difficulty in providing yourfelf with any quantity of Gold which you wanted, in order to fell for home confumption, if you were willing to give the price of foreign Gold ?^ — No, I fhould have found no difficulty, but then ! fhould lofe a great deal of money if I was to fell it for home. confumption at the price of Englifh Gold; we have been obliged to raife the price five ftiillings an ounce, as it. is. Is the Committee to underftand it is the high price and not any defe6t in quan^ tity which has caufed the fupply not to be equal to the demand ? — Certainly ; for -the fupply of foreign Gold would be more than equal to the fupply here. There is always Gold in the market ? — Yes, if you will pay the price for it. Do you conceive that the price of foreign Gold in the market is its fair and natural pricer? — No ; we always confider that if Gold is above coinage price it is. out of proportion ; it is the difference of exchange abroad that enables them to give the price which they do. - Confidering it with relation to the exchange, is it the fair price ? — I fhould think it out of proportion, taking it with reference to the exchange ; the exchange is about two or three and twenty per cent, againft this country. What is. the diifereoce.betweea the mintLjand^. market price of. Gold percent. ? — • It is about fifteen or fixteen. ' - Does not Gold in Bullion bear that price in England which it ought to bear, con- fidei-ing the price which it fetches, upon, the Continent ? — -Yes; I fuppofe it is rather lefs than more ; I fhould think it from fix to fever) per cent, in favour of the importer, out of which however he muft pay the charges. Can you make any eftimate what the charges are ? — I cannot myfelf. At the prefent rate of exchange, can you calculate what will be the price of an -'ounce of flandard Gold. in this country as an object of remittance, taking into con- fideratiori the expence of that remittance i — No, I cannot tell. : Can you inform the Committee what, in p.eace times, was the expence of exporting Gold from hence to Amfterdam ? — No, I cannot, I never exported any. ^ V/hen you buy Gold, you pay for it in bank paper .?— Yes. The payment being made in bank paper, the price is £.^. los. an ounce ? — What I have fold for the home trade I had only £.4.. Hs. for. If you were to pay in guineas, fhould you get the Gold at a cheaper rate ? — I could not pay in guineas ; I cannot get them. Suppofing you had guineas to give, could not you buy that Gold at a cheaper rate than £. 4. 10. an ounce ? — No, i fhould not offer a lefs price certainly ; if I was to buy any quantity of Gold and pay for it in, guineas, I fhould offer the fame price as in bank paper. When you fpeak of the mint price being ;^. 3. 17. lo^. an ounce, do you calcu- late that in Gold coin or in bank paper? — We make no difference, and I do not believe there has been any difference in paying in fpecie or bank paper. Is not the reafon why an ounce of Gold is worth £.2. 17. 10 1-. that as many guineas as weigh an ounce amount to that fum ? —Yes ; if a gentleman came and ' brought me Gold, I fhould pay him exaftiy the fame, whether I paid him in Gold coin 6r bank notes. ;.- ' " The mint price of Gold is the price calculatedin Gold coin ? — Yes. And the market price of Gold at prefent is calculated by paper ?— Yes, it is aJl paid in paper ; but if they were to pay; guineas, foreign Gold would llill bear the fame price as it does now if the exchange continued the fame. If I go to a filverfmith's (hop, and fee a gold cup in weight and finenefs exaflly 100 guineas, and the filverfmith aflfCfi faken he/on the [AppMiaiV W. Merle, Ejq, There is no reftridlion on the exportation of any filver, .is there ? — Yes, the fame as it is with Gold. It mnfl: be fworn off? — Yes, bnt I never did fwear any off. Is there arty difference between the price cf filver that cannot be fwom off and of filver trac can P—Ilhould think not ; becaa'fe it isnot worth while to do it, owing to ih'e convenience of being fupp'lied with dollars. What is the prefent price ? — Dollars are 5 J. 6d. per ounce. "What is the price of ftandard filver ? — There' is none in the market at prefent, but it wodd be about twopence halfpenny higher j they gt'neralJy keep die fame proportion. Are not Spanifli dollars worth fomethtftg more in general thin tTieir intrinfic value ? — No i bar fihrer and dollars go hand in hand tbgether ; one does riot fell out of proportion to the bther. Do you melt down Spanifh dollars ? — Yes, a great marej^ j if I have not bar frlver, I am obliged to mdt dollars. Of the dollars iflued fometime ago by the Bank at 4J. .9^., have not. a confidd"- able quantity been melted down by iht trade ? — The Bank called them all in j they took them back at the price at which they iflued them. , Were not a confiderable quantity of thofc dollars melted down ? — There might be fome, but they could not be worth above 4 j. 4^/. or 4J. ^d. when they called 't!hem in, therefore the perfons having them were glad to take them in. A dollar is worth 4 j. 6d. at par ? — That depends upon the price rn the rharket.. What clo you confider the ftandard price of a dollar, taking the value at what our Englifh coin fhould be ? — It would come to about 4 s. 6 d. I fiippdle ; but I have not known in my recOlledbion that filvci: has been fo low as the ftandard price ; the ftandard price would be about ^s. lid. an ounce; dollars are threepence an ounce wor'le in quality than ftandard iilver. Sixty-two and an half is the ftandard price of filver ? — Yes ; dollars would then be Avcjrth only 4 J. II ^. an ounce. Suppofing filver to be at its ftandard price, >wliat would a dollar then be worth ?— Four fliillings and fourpence. What is a dollar worth now ? — Four fhillings and ninepence; filver is about fivfe- pence an ounce now above the coinage price. That is about nine per cent, is it not ?— I fuppofe thereabouts. - How do you account for the circumftance of Gold being fixteen per cent, above its coinage price, and filver only nine ? — I cannot anfwer that queftion, becaxjfe I am not converfant with the foreign conneijtion. You fuppofe it a queftion connefted with the ftate of the foreign exchanges ? — Yes ; and there are many places where dollars will not do as Gold will do. You do not fuppofe it toarifefrom any caufe in the confumption of one article or the other in the country !^-*^No j I do not confider the confumption to have any thirtg to do with it ; a great many dollars go out to the Weft indies, and perhaps very little Gold goes there, but Gold is taken over to the Continent and not dollars. ' What is the caufe of the prefent price, of filver, bullion being higher than the coinage price ? — The demand : I have a great demand for dollars, and perhaps I muft give 5 i. yd. on Monday, becaufe they are wanted to go out, and I therefore muft get them at the beft price I can ; perhaps that may laft far a month or perhaps only for a week ; dollars vary every week an halfpenny or a penny an ounce. ^ . You know that at the time we are coining Gold at ;^. 3. 17. 10 f. per ounce, we are coining filver at 5 j. 2 d. per ounce, that the proportions between Gold and filver are fuch that the filver will always buy more than the Gold?~Yes, certainly it will. Therefore it is not poflible that much filver fliould remain as the coin of the country?— No, certainly not. Are not the bankers in the habit of giving a premium for filver ? — We ufed to do it till we got the ftamped dollars; I have given an hundred and one pounds, for'a quantity of coin worth fixty if it was melted down, though pafling for an hundred, bat Ihave given that premium to get it, bad as it is, particularly atharveft time; it is al- ways very fcarce then. It comes back again afterwards ?— Yes, fome of it; but we have given one and ^n half per cent, for it, notwichftanding. Appendo;.] COMMITTEE en the High Price of GOLD BULLION. 55 Lun£, 26° die Fehruarii, i 3iO. FRANCIS HOR NER, Efq. In the Chair. Aartm JJher GoU/mid, Efq. again called in, and Examined. CAN you explain why the price of Gold is frequently omitted to be quoted for A. J. Goldfmid, a long period together, as for 1S06, 1807, and 1808 ?— When the prices of Gold are Efq. not quoted, the tranfacflions are not either numerous or important. i ^ t Do you mean to fay, that during the whole of thefc three years there were not tran- fadions enough to conftitute a price ? — I have no doubt that the aggregate amount was fufBcient to conftitute a price, but I am not aware whether there was any thing fufRcient done between each poft day. Can you ftate what might be the aftual price of fuch few fales as took place ? — Four pounds, during the whole of thofe three years, was the price of foreign Gold in bars and Portugal Gold in coin. Have you afcertained the time when a change took place of an exportation of Gold from this Country to the Brazils, inftcad of an importation ?^ — Towards the middle of the year 1808, the merchants trading to the Brazils and Portugal purchafcd Gold and filver Bullion, inftead of felling it as before. Was there not before that period an importation of filver from the Brazils ? — I believe not. In what manner do you fix the price of Gold as between buyer and feller?^ — By afcertaining the general difpofition of buyers and fellers, and ftating the medium. Do you mean that you enquire what is the price which the one in your judgment is likely to be pleafed to give, and the other the price which the other is likely to be willing to fell at? — Yes, it is the general opinion of the market. Have you any reference, in fixing the price, to the prices of the foreign naarket ? — Certainly. How do you afcertain that ? — By inquiring the laft price of various merchants ; and generally the general difpofition of the market concurs with the prices abroad, be- caufe perfons are willing to buy up to that price. Are they governed by the antecedent price of Gold ? — Guided by the general dif- pofition of the buyers and fellers here and the prices abroad : there is feldom any great fludtuation, unlefs fome great influx or fudden rife ; for fome confiderable de- mand or large arrival will certainly tend to fall the price; and any confiderable de- preflion of the exchange would tend to raife the price, which might arife from many caufes. Enumerate thofe caufes, or give fome inftances. — In faft there frequently arife caufes of which we are not aware of the original fource, fuch as a particular demand for Gold on the Continent, as, 1 believe, is the cafe in the prcfent inftance j or money going out of the Country for the payment of troops abroad to any confiderable ex- tent would naturally have that efi^eft. , Would the price of Gold be affefted by a large exportation of filver for the troops abroad } — I am not aware that it would. Then, in order that the payment of a fubfidy abroad, or the remittance of money for the payment of troops abroad, (hould affeft the price of Gold here, is it your opinion that the remittance muft be made in whole or in part in Gold ? — If there are markets abroad in which there is a demand for both Gold and filver, the ab- ftradion of filver from the market here muft naturally enhance the price of Gold. If either Gold, filver, or bills of exchange were fent for the fubfidy, would it not equally have an effcft ? — If bills vvere fent, it would certainly increafe the debt of this Country to the Continent. , Do you, in point of fafl, know that a remittance of filver from this Country on account of Government, has in yOur market raifed the price of Gold? — When the price of Gold is advanced, it Is not at all times poffiblc to trace it accurately to its fource. Then do you mean to fay, that you do not recolledt an inftance in which the pjrice of Gold was to your knowledge raifed by a remittance of filver? — Not any in- ftance in which it was ftrlflly afcertained to be fo. . 349- ^ Do $6 ■ ■ - MJNUTES of. EVIDENCE tabn kfere. the [Appendix. J. A. Gold/mid, Do you recolle£t whether large remittances were mack from this Country to the £rn. Continent in the year 1796? — I have no recolledtion of any events of that defcrip- ^ ^ tion, which pafTcd lb far back as the year 1796. Suppofingyoii were to hear that the trading intercourfe between this Country and the neighbouring' parts of the Continent was likely to be interrupted more than ever by the fevcrity with which the French Emperor was about to execuxe his reilridive edi6t, Ihould you, in fixing the price of Gold, take that circumftance into your confideration ? —I think that fuch an event would ftiraulate purchafcrs, and confeqiiently pro- bably Increafe the price, in order to avail themfelves of the exifting opportunity of exporting it. Then you fuppofe that the opportunity would be leflened after the edidl fhould be- come in force ?— I am fuppofing that the buyers fhould entertain fuch an opinion. Can you [peak of a demand for Gold upon the Continent : what information have you as to the extent of that incieafed demand, or the caufes of it ? — From what I have heard, I believe that it has greatly arifen from the praftice of the Frer^ch armies, who in their progrefs through the Continent carry Gold in order to pay the demands upon them; and as a proof of the probability of this circumftance, fines the v/ar in Spain, doubloons have borne a greater premium on the Continent in proportion to other Gold. Ac what market I — In Holland. What is the difference of the price of doubloons in the Dutch market, before the Spanifli war and fmce ?— I cannot fpeak precifely as to that. How is the price of doubloons at Amfterdam ftated ? — I do not know. How l,ong have you been perfonaUy acquainted with the trade in Bullion in this country ? — About fix or feven years. Within that period of fix or feven years, have you ever known the price of Gold at the Mint price .? — I have not. Would you fay that for any length of time during that period the price of Gold has been at what you woujd call a fteady price? — During the years i8c6, 1807 and 1808 the price continued at £. 4. Are not thefe the years in which you fl;ated there .were not tranfa<£i;ipns enough to conftitute a price i" — I fuppofe that the tranfaftions were not very numerous and ica-' portant, but all the bargains that were made were at that price. Can you ftate the reafon of that regular price during thofe years, and was it not be* caufe the Bank of England fixed that as the price which they would give for Gold during thofe years ?^-The market for Gold was the fame during thofe years, and that is the caufe of the fteadinels of the price. What do you mean by the market for Gold ?— I mean to fay, that all -or almoft all the purchafes were made for the fame quarter. Were the purchafes, by -the quarter to w.hich you allude, confiderable ? — The zq-- gregate amount rriight be conliderable, but 1 am not aware what in point of faft it did amount to. You have ftatedj thst during thofe years the demand on the part of the purchafers. was nearly the fame; was the fiipply equally fteady on the part of the buyers ? — I cannot anfwer that queftion without referring. You have ftated, that you alw-ays alcertain the price by w'hat you call the general; difpofition of the market, and by taking a medium between the prices of the buy£rs and feilers ; did you adhere to that courfe ia fixing the price during thofe years ? — It is our uniform praftice to do fo. Did you adhere to that uniform pradlice during thofe three years ? — Certainly. Did you likewifc during t' ofe three years, in fixing t- e price, advert to the price of Gold in the foreign market and to the courfe of exchaniie ? — It is impoflible for me to fpeak particularly of our conduft during thofe three years, but 1 am perfuaded that it wasfo, from its uniform tenor. Do you at prefent underftand, with refpeft to thofe three years i8c6, iScy, and 1808, that the price remained fo fteadily the fame, becaufe all the circumftance? ta which it is the uniform pradice to advert in fixing the price underwent no variation? —It may be that the demand for one quarter exceeded all competition. Is it notthecuftom for different perfons to place Gold in your hands, with direc-, tions for fellipg itj without fpecifying the price at wiiich it fhould be fold? — Cer- tainly. And does not a contrary praftice as often prevail, of your being limited to a price, by the felier ?— Both cafes frequendy occur. Do Appendix,^] COMMITTEE en theiYx^h Price of GOLD BULLI ON. 57 DoJ^oth cafes occur with refpeft to buyers ? — Witjii rejgard to buyers, we generally j j. QcWmid, have focup liraits. ^_ But is there not fome difcretion allowed you, in general, by the fellers ?— There is 1 , ^ ■* ■ frequently a latitude in both cafes. Do I underdand you correftly, in conceiving your account of the fteady price dur- ing the three years i8c6, i8;07 and i8o8, to be this, thai: from one quarter of the buyers there was a perman'rnc demand for whatever Bullion you could fupply under a certain price, and that the price of Bullion in the market never in point of fj.cz ex- ceeded th-it price ? — I conceive the cafe to have been. fo. Whether the flu£i:uation was fo fudden, as in the courfe of a month to rife 10 s. per ounce ? — I do not think the fluftuation was fo fuddtn. When did the price of Gold begin to .riie above £.^. ? — I cannot fpeak to that. About what time did that ftate of circumftances ceafe, which you have defcribed in your formej anfwc'r, the effeft of one buyer upon the market :• — I think that caufe operated during thecourfe of the years 1806, 1807 and 1808. Was it the rife in the price of Gold to more than £.4.. that put an end to the clemands from the quarter which you have alluded to? — Yes. Was that rife from £.^. to £.4. 10. which you have fpoken of in your former anfwers, a progreffive rife ? — To the befl: of my recolleftion it was. About what time did it attain the maximum .?— I do not recolleft. Then is the Committee to underftand it to be your opinion, from the evidence you have given, that this rife in the price of Gold was occafioned by a change in thofe circumftances which had remained fteady during the years i8o6, 1807 and 1808 ? — Thofe circumftances bad not remained fteady, but they had not changed fo much as to raifc the price. You mean the circumftances affedting the price of Gold in the foreign market, as well as the operations of Government here, occafioning remitttances ?— Circumftances in general. Do you include both defcrlptions of circumftances in your general defcription ^ — Yes. Is not the price of Bullion regulated by the buyer and feller ; and you being only the medium between them, have no control or influence over the fixing the price ? — ■ It is regulated by the general difpofition of the buyers and fellers, and no one has any influence fo as to raife or deprefs it above or below its natural level. If a perfon in pofleffion of 100 guineas of full weight were to melt them into bars and fell them in the market, what fum in Bank of England paper would he be able to obtain for them ? — He would have adled illegally in melting the guineas, ana his bar would be unfaleable. How could the buyer know that that bar was melted from Englifti guineas ?— No bar is fold for exportation unlefs the proprietor fwears before the Court of Alder- men, as I have already faid,ihat it is melted from foreign coin or from foreign Gold in bars. Suppofing the perfons concerned were neverthelefs to take that oath, what profit would they obtain upon that tranfadion ? — They would in the firft inftance obtain the profit which aril'es from the difference between the market and the Mint prices of Gold ; and in the next place if they were to export it, they would derive the profit of the export merchanc. Upon the fum of one hundred guineas full weight, how much would the firft of thole profits amount to in pounds ftiillings and pence ? — Fifteen pounds eleven fliiU iings and fixpence. Then for one hundred guineas melted into a bar, he would have obtained £. 121. II. 6. in Bank of England paper.? — Yes. If he could for ^105. have ^^.121. u. 6. and contrive to procure one hundrecl, more guineas, would he not have made a profit of ^^.15. 1 1. 6. and be in a condition to repeat that operation ?— Certainly. Does not the fame temptation to melt our lighter coin exift in proportion to its, approach to full weight?— Certainly it does. Is there not a pofitivc temptation to melc all our Englilh Gold coin that is not de- graded for fixteen per cent. ?— Yes. Do you think that in the market that perfon could get the ^121. 11. 6. paid to him for his bar in fpecie ? — The praftice of the Bank has always been, to pay..and receive money in bank notes. _ . If the tranfaftion through your intervention were between one, individual and another (the Bank having no concern in the tranfadtion), do you think that in the cafe fuppofed 5S MINUTES of EVIDENCE taken before the [Appendix. A: A. Goldfmid, fuppofed any purchafcr could be found at prefent who would pay ^Aix. ii. 6. in Ejq. fpecie for the bar melted down from one hundred good guineas ? — Whether the >• ■ — .^ — J Bank have any concern or not, the mode of receiving isprecifely the fame. State ynur opinion. — I dare fay any perfon would find a great difficulty in doing fo, even if he were thus inclined. If as an individual you were about to purchafeon your own account a Gold bar of the weight and ftandard of one hundred good guineas, and you had money enough in bank notes in one drawer and in fpecie in another to complete the bargain, would you make any difference in paying the feller in one monies or the other? — I certainly never would make a bargain in which there (hould be any difference. Charles Lyne, Efq. called in, and Examined. C. Lyne, Efq, HAVE you opportunities of knowing the courfe of the trade in this Country and ' ^^• 'foreign parus, in Gold coin or Bullion ? — A iitde of it. Do you know whether in the courfe of the laft two years there has been any re- markable change in the (late of that trade, as to export or import ? — As far as my •knowledge goes, there appears to have been a great difference in refpeft of the im- port of Gold being fmaller. Since when has that change taken place? — I cannot precifely fay; I fhould think in the courfe of thefe three or four years. Do you mean that within the courfe of thefe three or four years the importation of Gold has been lefs in this Country than in former years? — Yes. How has the export of Gold from this Country been, in the fame time? — I have no knowledge of that. Have you known of Gold being lately exported from this Country to the Brazils ? —Yes. Have you known of confiderable quantities of Gold being exported ? — No ; fmall quantities; what has gone, has been chiefly filver. Has filver been exported to the Brazils in confiderable quantities? — Not very confiderable, and that in Spanifh dollars. What do you conceive to be the reafon of Gold and filver being exported from this Country to the Brazils ? — The apprehenfion of a rupture between this Country and North America, creating a great defire on the part of our manufa6lurers any dealers in cotton to purchafc the cotton in the Brazils to import into this Country. Could they not make thefe purchafes by drawing bills upon this Country ? — ■ No, there being no takers tor fuch bills on England ; and the importer of cotton makes his purchafe more readily by fending cafh from this Country. For how many years do you rcdoilcct Gold and filver being fent to the Brazils to make fuch purchafe? — About two years, from this Country. Has there not been a praflice for a much longer period of time, of fending filver? — Not that 1 know of Did not fpecie go to the Brazils from Europe longer ago than two years? — From Portugal, I conceive. Gold has been fent to fome of the Brazil fettlements for many years back j for example, to Pernambuco, and Maranham, and this while the impor- tation of Gold was taking place from the Rio into Portugal; and the fame is the courfe of the trade now, but through the intervention of this Country. From what you had occafion to know of Portugal before the removal of the feat of govern mcrt, did you conceive the balance of trade between the Colonies and the JVlother Country to be ufuaily in favour of the former or of the latter? — In fevour of the Colonies. What do you conceive to be the flate of the trade between this Country and the Brazils ? — Very confiderably in favour of this Country. ' Are remittances made in fpecie from the Brazils to this Country, in difcharge of that balance ? — Confiderable remittances are made from ihcnce in dollars to this Country, fiH)m the Rio. Is Gold prohibited by the laws of the Brazils from being exported ? — It is, tinder (tvtfc penalties. Is filver prohibited ?~-Foreign coin is at prefent allowed to be exported. Do you conceive that fince the removal of the feat of government. Gold is fent from the Brazils to Portugal ? — I conceive there is none. Have you any information as to the quantity of Gold that ufcd formerly to be fent from the Brazils to Portugal ? — I have not. In what proportions ?. — I cannot fay. To Appendix.] COMMITTEE oh the High Price of GOLD BULLION. 59 To what Settlements in the Brazils has the Gold which has beenfent fronrt this ^- Lyne, Ejq. Country gone? — Chiefly to Pernambuco and Maranham, and fome ftnall quantities^—" "-r to Batica. In what coin ? — In Portugal coin. How was this Country fupplied with the Brazil cottons fornaerly ? — Through Portugal. Have you any information with refpefl to the ftate of the Brazil mines, -as to their produftivenefs ? — I have not. Or any other Gold mine ? — No, I have not. What is the real par of exchange between this Country and Portugal ? — Sixty- fcven pence and a half fterling for one thoufand rees. What is a ree? — The ree is not a coin, but an imaginary denomination. In the Portuguefe mint are there any coins the value of which is exprefled in rees ? —Yes, all their coins are valued in rees. State the number of rees in the different Gold coins of the country. — A crufado is 400 rees ; anew crufado is 480 ; an eight feftoon piece 800 rees j a quarter of a mpidoreis 1,200 rees 5 half a fixteen feftoon piece is 1,600 rees.; a moidore 2,400 ; and what they call a three-mill two, 3,200 ; a moidore, 4,800 reesj and there is a piece called a fix-mill four, which is 6,400 rees. Do you know the ftandard of the Gold coins in the Portuguefe mints? — The prefent ftandard is twenty-two carats. Do you know the weight of any of thefe coins ? — Not exadly. Do you know the weight of a Johanna ?■ — Not exadly. [Mr. GoldfmU ti.ated, that the weight of a fix-mill four is 9 dwts. 5 grs.] Inflating the real par of exchange to be 67 ^ tions -mh the Continent,, as alfo from fome ,,parts of the Continent to .others ; which' confequently require greater profits to cover thofe riiks, and caufes therrfbre -an ^ ' -■.■■■ a^jgnncntcd^ Ajppendix.] COMMITTEE -on fh High Price vf GOLp;BU;LLION . « i . augmented depreffion in the exchanges :-iBy the want of a concurrcRce of drawers C. Lyne, EB. and corifequent competition, which. enables the few .individuals engaged in thofe ' 'Operations to control the exchanges, and keep them fb'nAuch depreffed, to their own advantage :— And by the great export of fpecie for the payment of our troops on foreign dations, and for other Government purpofes. *' Thefe are, I conceive, the caufes of the great depreffion in our exchanges, and !thc confequent export of fpecie. I do not agree in opinion wkh fhofe, who conceive 'that eithM" the one or the other is occafioned by our circulating medium being con- fined to Bank notes^ though I know of inftances (and in which I have had much fpraftical experience) where fuch efFeds have been prodyced by a paper money cir- "culation, in different parts of the Continent of Europe ; but that has been f > pro- duced, only as fuch paper currency became of lefs value than what by law it was ^purported to reprefent, and therefore, when it fo fell in value, (and not before) that bUls on foreign countries were not obtainable at fuch rates of exchange or price when tQ be paid for in fuch paper money, as they vvere when to be paid for in Gold and Silver, the exchanges neceflarily became deprefled in the fame proportion as the paper' money became deprefled. But the cafe is by no means fimilar in refpeft to the Bank notes and exchanges in this country j very much otlierwife; inafmuch as ■bills* on foreign countries are here obtainable precifely at the fame rates of exchange, •whether they be paid for in Bank notes or in guineas; and confequently, the remitter ■can place by bill reipittances as many florins in Amfterdam, or as many marks in Hamburg, with £. i,ooo. in Bank not^s,. as he can with (,. looo. in guineas: and therefore it becomes obvious, that the courles of exchange between England and the Continent, would be precifely the fame, whether the circulating mediurh be in Bank notes or in guineas, if the latter are to bekept.in the country. But if guineas were the circulating medium, and they were to befent to the Continent for the payment ofthc debt due from this Couritry, they would moft undoubtedly have the cffed of reducing, the prcfent great di^erence of exchange; and fo would undoubtedly aii equal aniqunt of any other article : Guineas would produce the rabft fpeedy efFe 66 MINUTES oF EVIDENCE 'M^«^^or#/k [Appefldk. y. L. GfMhe^ Do you fpeak of the laft two years?— Particularly of the laft year, it is only within EJq. thelaftyear that the exchange has fallen fo much. ' Do you judge of the balance of trade having been agalnft this Country in the laft year, fronn the ftate of the exchange, or fronti your own knowledge of the excefs of the imports above the exports ?— I certainly judge of it in a great meafure by the ftate of the exchange, which, according to my apprehenfionof the fubjedt, can only be irxflu- enced by the balance of tradej but this is ftrongly corroborated by thofe circumftances which fall under the general obfcrvalion of every pradtical merchant. State thofe circumlhnces upon which you found your conclufion, that in the laft year, while the exchange has been low, there has been an aflual excels of imports above the exports.— It is a notorious circumftance, that imports from feveral quarters •have been moft enormous, while the exports, owing to political circumftances, have been very much checked. This I confider to receive a very ftrong proof from the circumftance of moft of the articles imported into this Country from the Continent, being here at moderate prices ; fuch at leaft as will afford no profit, or very fmall profit, to the importer ; in fadt, fome of them confiderable lofs ; while moft of the ;principal articles of export from this Country to the Continent command prices upon the Continent from 50 to 200 and 300 per cent, higher than the prices exifting here: which, according to my conception, clearly proves that the imports have been fuper- abundant, and exports very much curtailed. Do you mean that there has been fuch a difference between the invoice prices ?— ;I am fpeaking of the refult of any commercial adventure, either import or export. When you ftate this excefs of import above export, do you mean an excefs of amount to the prices you have now ftated ? — I mean, that upon ftriking a balance 'between the amounts to be paid and the amounts to be received in this Country, that ^balance is to a very confiderable amount againft this Country. It is to be obftrved, that goods imported by the Britilh merchant are paid immediately, while the returns ;lbr exports are flow, and cannot yet (for the laft year) have produced their due effeft upon the Exchange : the impyorts trom the Baltic, for inftance, are of very confiderable magnitude, and it is known that the export from hence to the Baltic iii goods and merchandize bears but a very fmall proportion to them. Have not the exports to the Baltic always borne a very fmall proportion to the imports from thence ? — Always an inferior proportion, but not in chc fame degree as at prefent. Have not the imports from the Baltic in the year 1805, been double the amount of the imports from the Baltic in the year 1808 ? — I ftiould chink confiderably more than double of that amount. Have the exports to the Baltic been larger in the year 1809, than they were in the year 1808? — Probably larger, but not confiderably lb. Whetlier imports have not been made from the different ports of the Baltic in foreign fliips, in the courfe of the laft year and in the year preceding, with very little difficulty ? — With very litde difficulty indeed ; a circumftance which made this item in the balance of trade particularly heavy againft this Country is, tliat the whole of ■that enormous trade has been carried on in foreign ftiips, which have been engaged at very heavy rates of freight, the whole of which freights muft be remitted out of the ■country. There is another inftance, one amongft many; I mean the imports of wines and brandies from France, which have amounted to very confiderable fums, and in return for which no merchandize whatever has been exported from this Countiy. You have ftated, that the freight paid to thofe foreign ftiips has been high ; how much per cent, in your opinion, upon the articles imported from the Baltic, has been paid for the freight upon the value of thofe articles? — I conceive that the average lat<° ot freight may amount to fifty per cent, upon the original coft of the goods. What was the average rate of freight upon the original coft of the goods alfo, whea ithey were imported in Britifti bottoms ? — I cannot anfwer that queftion corredlly from .memory, but I believe from 10 &' 20°. Have not the difficulties of exporting .merchandize in foreign ftiips to -the Baltic been much greater than in importing goods from thence?— More difficulty has attached to the admiffion into Ruflian pons of Englifli merchandize, than to the export of the produce of the Country. Have die great imports from the Baltic which you have defcribed, been any portion of them in payment of former debts to this Country ?^ — Nat to my- 'knowledge. Have- they been in any degree on account of Britifh merchants who have returnetJ home from that Country, and who could not at firft bring home their property ?— They ..Appendix.] COMMITTEE c« /J? High Pfice tf/ GOLD BULLION. 67 They probably may inioiTie degree, but that is a circumdance -which I have no means J. £. Greffuthe^ vOfafccrtaining. ^y^^ Are you of opinion that this excefs of imports from the Bfilt-ic above the exports v [.3 thither, muft be equalized by fome other branch of exports in the general trade of this Country ? — The imports muft be paid for, and therefore of courfe muft be remitted out of the Country in fome (hape. Touhave flated, that within the laft year there has been a general excefs of imports ^above the exports; in what manner, and within what period, do yoti conceive that this 'Cxcefs will uitimatdy be paid for by this Country ? — By the exportarJon of Bullion Jin the firft place, and ultimately by the fail of the exchange^ which, wben the Bullion is exhaufkd, muft fall to a rate by which the balance will be ultimately equalized. Do you conceive that there has been already an exportation of Bullion in part 'difcharge of that debt by rhis Country? — Unqueftionably. After as much Bullion Ihall have been exported as the Country can fend out, in "what manner will the fall of exchange difcharge the remainder of the debt? — By the circumftance of the exchange falling low enough to force exports and prevent imports of merchandize, by which the balance will in courfc O'f time be fettled. To what point muft the exchange fall before this exportation is forced in the manner you dcfcribei — Ihat muft depend, as I conceive, upon the amount of the ■balance to be fetded. What is the expence of tranfporting fpecie from this Country to Hamburoh? I have not lent fpecie myfelf, fo I am not competent to anfwer that queftio.n. Do you conceive it to be as much as a charge of eighteen per cent. ? — No, not •eighteen per cent. How much lefs ?— I really muft decline anfwerbg that queftion, as I am net accurately acquainted with it. From what other ports befides the Baltic .has there within the laft tv/o years heeh .an excefs of imports above the exports .? — I anfwered that queftion partly juft now, •by ftadng that wines and brandies were im.ported frpm France to a confiderable amount, in return far which no goods have been exported. Has there been any excels of imports above exports from the North of Germany or Holland? — From the North of Germany decidedly, T fhould think, an excefs of imports ; not from Holland, though the imports from thence have been large; Holland, and pardcularly the Ems, have been the pritieipal point through which the exports have latterly gone. Has there been an excefe of exports above imports to Holland? — I fhould think there has. To a confiderable amount r — Yes, to a confiderable amount; but chiefly during the lait year. What have the exports to Holland chiefly confifted of? — Colonial produce and Britifli manufa&ures. Have the prices of the articles exported to Holland been high there ?— Very highs they have yielded very confiderable profit. As high as you defcribed in a former anfwer, with refpeft to the prices of our goods in the foreign market ? — Yes; I refer to that anfwer. Has the excefs of exports to Holland contributed to pay for the excefs of imports from other parts of the world? — Unqueftionably. Can you ftate nearly, what proportion the excefs of exports to Holland bears to the €xcefs of imports from other parts 'of the world? — No, 1 cannot, without much minute examination. Has it been nearly equal, do you think?— Decidedly not, I fhould fay, fiom the ftate of the exchange, qnd the general circumftances I have ftated before. Do you know whether any confiderable export of cottons to the Continent has taken place during the laft two years ? — Some export of cotton wool has taken place;, but has been checked by the Board of Trade here, who thought proper to ftop it. They have changed their determination with refpeft to that article two or three times in the courfe of the year, by alternately prohibiting and permitdng it. The difference of price of that article in this Country and the Condnent at prefent is enormous ; a pound of Brazil cotton felling here for is. is worth ds. at Amfterdam, and 8j, at Paris. Is it at prefent prohibited ? — It is. By prohibition, do you mean that the Council rcfufe licences ? — They do refufc licences. 349. S Arc 68 UmUTES o^ EVIDENCE taken l^efore i/ie [Appendix. ^ J. L. Greffulbe, Are you of opinion, as a Continental merchant, that any confiderable export or that E/q. article would have taken place in addition to what has acStually been exported within Ar- .^ ■'the lalt year, if the export had not been occafionally interrupted ? — Very confiderable, I fliould think. Can you ftate, for about how much of the laft year the export of that article has been interrupted ? — I can only ftate it loofely from mennory j perhaps about half the year. Are there any other articles of which the export to the Continent has been inter- rupted ? — Excepting bark, I am not aware of any article of merchandize j but T ought to advert to foreign coin and Bullion, which, in my opinion, it would have been wife and expedient to allow to export to enemies ports, but for which the Board of Trade have perfifted in refufing licences. Has the export of colonial produce to the Continent been confiderable within the laft year, as compared with the former years ?— It has certainly increafed within the laft year. Has the excefs of imports above exports, which you have defcribed to have been the general ftate of trade within the laft year, been owing in any degree to the export being lefs free than you conceive it might have been ? — Certainly, in fome inftances: and particularly at this moment 1 conceive that the Board of Trade might promote an increafe of the exports to France. Proceed to ftate what other caufes you would atTign for the prefcnt low ftate of exchange with Hamburgh, other than that excefs which you have defcribed of the im- ports above the exports. — I conceive the anfwer which 1 have given upon the fubjcft of the excefs of imports to apply generally to all Continental exchanges ; another prin- cipal caufe of the low rate of exchange I conceive to be the ftoppage of the Ame- rican trade, owing to the reftriftions impofed in America, by which Americans have been prevented from carrying their own produce, and the produce of the enemy's colonies, to the Continent of Europe, which would have operated upon the exchange in a great meafure as an export from this country, the greater part of the returns of fuch American exports to the Continent of Europe confifting of goods exported from this Country to America. I underftand you to mean that fuch an export from this Country to America would have equalized the excefs of imports into this Country from the Continent? — The export that I alluded to from hence to America would have been paid for by remit- tances from the Continent arifing out of the proceeds of fuch goods as the Americans would have carried there, which of courfe would have created a demand for bills upon England, and thereby kept up the exchange. And ftiould not we in the fame manner have paid for our excefs of imports from the Continent, out of what was due to this Country from America in confequence of thefe exports? — Undoubtedly. Is it your opinion, therefore, that the efFeft of a long continuance of thofe American adls would bs to render us unable to make as large an importation from the Continent as we have latterly done ? — In a great meafure, during a certain fpace of time, if they were ftriditly carried into effeft. Have you any other caufes to affign for the prefent low ftate of our exchange with the Continent? — I recolledl no other commercial circumftance fufficiently material to deferve the attention of the Committee, but the Continental expenditure of Govern- ment for fubfidies to foreign powers, pay of troops, and other purpofes, has no doubt materially affcftcd the exchanges. Perhaps I fliould add in reference to the laft- two or three years, that moft export articles ' have till lately ruled the low prices here, owing to the impediments on the Continent ; of courfe the fum payable by foreigners for their fupplies has been reduced accordingly. What is the prefent courfe of exchange between this Country and Amfterdam ? — The exchange upon Amfterdam is 31 j. 6d. Flemifti for a pound fterling. Is that bank money or current? — Bank money. What is the eftablifhed par at Amfterdam r — I am not aware of an eftabliflied par at any foreign place. What do merchants call the eftabliflied par between Great Britain and Amfterdam? — I muft refer to my laft anfwer : the par of exchange is of no intereft to ihe praftical merchant^ it is the equality of currencies ; if 20r, which compofe a pound fterling, were trtkcn new from the mint and carried to Amfterdam, and there reduced to the Dutch flandard, and coined irito guilders, the amount of thofe guilders would conlti- tute the par of exchange. Do Appendix.] COMMITTEE on tie High Price of GOLD BULLION", 65 Do not you mean that the real par of exchange between any two cotjntries is an 7 jr_ Qreffuihe •equal weight of filver of the fanne finenefs expreffed in the refpeftive denominations £f„ of the two currencies ?--;-Yes, but 1 do not know that it ought to be taken rather in w t lilver than in Gold. Suppofinga par of exchange to be fixed as between two currencies, would not that par off exchange be altered if one of the currencies became debafed ? — The courfe of aexchange certainly would. Suppofing the par to have been eftablifhed between Hamburgh and England, and fubfequcntly to that time that the coin of either Country became debafed, would it not happen that, for the convenience of commercial calculation, a new par would be ■nominally eltabHfhed ? — The convenience of commercial calculation does not require the eftablilliment of a par of exchange ; the intrinfic par or relation of currencies •would of courfe vary according to fuch debafement, but the effcds of the Utter would become apparent in the courfe of exchange. What is the prefent courfe of exchange between this Country and Paris .' — At twenty livres for a pound fterling. What is the eftablilhed par ? — The par of exchange upon Paris has always been confidered to be twenty-four livres, I beHeve ; that is certainly not correct, it ous^ht to be nearer twenty-five than twenty-four; it proceeds upon a fuppofition of the French h-alf-crown being equal to the Englifti half-crown,' which is not corred. I have not at prefent the means of eftablifhing the connparifon of the coins, but as near as poffible I think it may be ftated at fomething about twenty-five livres. Since you became acquainted with the trade to the Continent, are you aware of any change having taken place in the ftate of the French currency, by which the -exchange may have been afFefted? — None whatever: an alteration has taken place in the coinage, which is unconnefted with the exchange. What change has taken place in the coinage? — Gold pieces of twenty francs have been coined, and the old coin was worth twenty-four livres j thefe Gold livres are called Napoleons. Has any change taken place in the weight of the filver coin ? — Certainly there has in the weight, but none in the relative value ; pieces of fix francs have been coined. Are you acquainted with the prices of Gold in the foreign markets ? — I cannot ftate them accurately from memory. Can you ftate whether any change or not has taken place in the price of Gold in any of the foreign markets within the laft year ? — No very material change, that I am aware of. W^hat is the prefent price of bar Gold, of our ftandard, at Hamburgh ?— I cannot 'ftate it from memory, but I can refer to it. ■ At Hamburgh and Amfterdam, is. the price of Gold bullion quoted in bank money .? — At Hamburgh, in bank money ; at Amfterdam, in current money. ' Do you know whether in any of the foreign markets with which you are acquainted, there is at prefent an agio upon Gold as exchanged for filver ? — There generally is in all the foreign markets. Is it fo at Paris at prefent? — I cannot at prefent ftate. Does your experience, as a merchant dealing in foreign exchanges, enable you to give an opinion whether the excefs of paper currency in any Country would have any efieft in lowering the exchange of that Country with others ? — A forced paper -currency certainly would. The queftion goes to an excefs of paper currency, whether forced or not ? — I cannot well conceive a paper currency being permanently exceffive, unlefs it is forced. But in the cafe of a paper currency being forced, is it not the circumftance of its thereby becoming exceffive, and not the circumftance merely of its being forced, that has a tendency to lower the foreign exchanges ? — ^I conceive it in the firft place to arife from that paper being exceffive, and in the next place from that paper reprefenting no real value. Can you ftate what is the prefent courfe of exchange with the United States of America ? — The exchange in America upon England has been in favour of England for a confiderable time ; (there is no exchange in England upon America). I do not know what it has been very recently, but probably it is lower, perhaps below par, in confequence of confiderable exports having lately taken place from America; during the fufpenfion of thofe exports nhe exchange of courfe, was in favour of England, I would indeed lay fome ftrefs upon this circumftance, as fupporting my opinion that yo MINUTES of EVIDENCE tahn before the [Appendix. 7. L, Gieffulhe, that the exchanges are influenced by commercial caufes only. During the deprecia- Efq. tion of Englifh currency on the Continent of Europe, a prennium was paid for it in ., America in hard dollars. The United States were then, in a great mcafur^, fituated with refpefl: to England, as England is fituated with refped: to the Continent of Europe. When fpeaking of the exports and imports between this Country and the Baltic, did you rake into your confideration the quantity and value of Bullion exported ? — No J I only alluded to the relative amount ot goods or merchandize. Why do you not confider Bullion as an article of merchandize ? — I do confider it as an article of merchandize, but I was endeavouring firft to ftate the diflFerence between goods imported and exported. . I confider the exportation of Bullion to take place as the means of fettling that balance ; that difference. Do you conceive that an excefs of imports above experts can account for the rates of exchange continuing fo high as fixtecn per cent, agalnft this Country for a perma- nent period of time ? — I certainly think fo.. i conceive the caufe of the prffent ftate of exchange to be entiiely commercial, with the exception, 1 fhoukl add, of the payments which Government have h^d occafion to make upon the Continent, in the ihape of fubfidies, the payment of troops, &c. ^ As the par of exchange between two countries is computed on the calculation qf the value of the refpecSlive currencies, do you not conceive that the rates of exch^iige will fliidnate with the fluduatipns in the iutrinfic value of the currency of either Country ? — Certainly. Is not the pieftnt ftandard Gold coin of the value of /^.j. 17. 10 I per ounce? — It is. Is not the prefent market price for Gold to export above £.^. 10. ? — I believe it is l.^. 10. As the receivirig a part of the remittance from Lifbon is paid m paper, and occafions a lofs in the exchange of about nine per cent, does not the circumftance of our receiving bank notes in payment in London alter our exchange with foreign parts in the proportion of ;^.3. i7.,iOi. to £ 4. 10. the difference of value between the two ? — In Portugal, bills are paid one half in a forced government p^er, which lofes a regular per ccntagp compared i;o fpecie, in all internal tranfaftions. In England we have no forced paper, no difference is made in favour of fpecie in internal traniactionsi and the high price of Bullion againft bank notes is only owirig to die demand for exportation. The two cafes, therefore, are in my opinion' quite diJTimilar. I conceive that the ftate of the paper currency of this kingdom, and the ftate of the exchanges uppn foreign pares, are two fubjtfts almoft unconne(S:ed, and that have but very little influence upon each other. As fome corroboradon of this opinion, I bi.*g leave to adduce the two following fadts, from which it appears that at two feveral periods, the exchange for a length of time improved in favour of this Country, while the amount of bank notes was gradually increafing: — Early in 1797, w4ien the fufpenfion of cafli payments took place, the exchange upon Hamburgh was about 2:h ^"*^ ^he amount of bank notes in circulation about 1 1 millions ; the ex- change gradually rofe during 1797 and 1798 to 38/, and ruled between 38/ and 36/ till July 1799, thoiigh at the fame time the amount of bank notes increased to 13 I millions and more: — Again in 1800 and 1801, when the exchange fell nearly to its prefent rate, vijz. under 307, the amount of bank notes v^as between 15 and 16 millions; the latter progreflively advanced to 18 millions and more in 1802,3,4, and 5, while during the fame period, the exchange role to 32/ in 1802, 34/ in 1803, 2sJ in 1804, and 35/8 in 1805. If a bill of exchange for .£. 100. is remitted to ine from Hamburgh, what do I receive for payment?^— A bank note. If my correfpondent dcfires to have Gold for that £. 100. note, how am I to pro- cure it ?— Of courfe you are to buy it at the market price, ai you would any other commodity. And then reckoning the difference to be about fixteen per cent, if in the firfl: inftance the foreigner could receive Gold, would- he not give fixteen per cent, more in ex- change? — Yes, nearly fo, becaufe no laws can prevent fuch Gold from being exported. But were it prafticable to enforce the exifting prohibidon completely, it is clear that as the foreigner could not get hh £. ico. in Gold coin, he would not pay the additional price for the bill. Guineas in that cafe would bear no fuperior value to bank notes, and Appendix.] COMMITTEE on the High Price of GOLD BULLION. 71 and exportable Gold would fell for £. 4. lO- againft Guineas, as it now does againft J. £,. GreffuUie, notes. What I mean to prove by this is, that the high price of Gold fhould not be Efq, afcribed to bank notes, but altogether to the foreign demand. < y^ > If bank paper and Gold exchanged even, would not the currency to the foreigner of about fixteen per cent, be the fuppofed difference between the bank note and the Bullion to be purchafed? — I do not clearly underftand this queftion. But the low exchange in my opinion does not arife from our receiving bank notes in payment for : hills; the fpecie of the Country is exhaufted by our foreign balance, and would not be more abundant, (at lead in no degree worth mentioning), if bank notes were not in exiftence. Whatever means might in that cafe be dcviied to anfwer the purpofes of trade and circulation, Gold and fiiver would remain equally dear; that dearnefs, ..therefore, cannot be called a difcount on bank notes. If a merchant in Hamburgh fends oyer to this Country a bale of goods, which he would invoice to his correfpondent at ;(. soo. if he could get Gold in payment; muft he not now invoice it at;^. 116 .? — I refer to my former anfwer. Do I get lefs foreign money for ;^. lOo. bill drawn upon Hamburgh than I ufed to do ? — Yes. If I fend a bale of goods thither, do I get more foreign money than I ufed to da, fuppofing the price of the commodity not varied ? — ^Certainly not. If then the goods fetch the fame, and the bill drawn fetches Icfs foreign money; is it not the cafe that Gold is not varied as to itfelf, but as to paper ? — The foreign money will buy a bill upon this Country to a larger amount. But I muft again refer to my former anfwer. Were the circulation of this Country confined to Gold and fiiver, which by law i$ prohibited to be exported, would the exchanges have any effeft or influence more than they now have, the payments being principally made in bank notes ? — I conceive it would produce no difference whatever on the rate of exchange, fuppofing thofc laws completely carried into effeft. You have affigned as the principal caufe of the rate of exchange, the balance of trade being againft this Country ; do you not rather mean the balance of payments ? —I certainly meant the balance of payments, having before adverted to the payments ef Government for fubfidies and other purpofes, which are to be taken into the general account. May not the balance of trade therefore be in our favour, while the balance of payments remains againft us ?— The balance of payments for the year may be againft 'Us, while the general exports exceed the imports. Returns are now, even from neighbouring quarters, and from diftant parts of the world may be, delayed not only ibr months, but for years. You have affigned as a caufe of the prefent low rate of exchange, the fufpenfion of "the American trade with the Continent; has there not, within the year, been confider- .able exports from Ameriai to Tonningen, and other parts adjacent ? — My remark was made generally; but to render it quite correct, I certainly ought to fay the partial ftoppage ofxommunicatio'n. Have not thofe fupplies to the Continent which ufed to go direi5i:ly frcm America, -within thefe laft twelve months proceeded from this Country, through the medium of Heligoland ; and if fo, would not fuch exports produce the fame effed: upon the -exchange as if they had gone from America? — A confiderable trade has, no doubt, ^J^€€n carried on through Heligoland, but only very partially confifting in articles derived from America. Suppofing the metallic currency of any Country Ihould, from any caufe, become excetlive, and the means of exporting Bullion or fpecie from that Country, fhould at the fame time be cfFe^flually obftrufted, do you conceive that fuch a ftate of things "would tend to create a courfc of exchange unfavourable to the Country fo circum- 'Iftanced ? — That furplus of currency would, in my opinion, certainly tend to enhance the price of all commodities, and to depreciate the exchange. But I do not conceive this tobe applicable to the Bank paper currency of this kingdom, which, from its nature, and from the manner in v;hich it ought to be, and 1 believe is iflued, can fcarcely, in my opinion, be carried to an excefs ; it is only called forth by the real wants of trade and circulation, and is always reprefented by a valuable confideration. I conceive, that as long as bills of undoubted folidity are fent into the Bank for dif- count, the Bank are fully juftified in ifluing their notes againft thofe bills, without any fear of the amount of their currency becoming exceffive. The increafe in the amount 'of bank notes in circulation within thefe few years, is, in my opinion, accounted for, in 349. T the 71 MINUTES of EVIDENCE taken before the [Appendix. "J. L. Greffulbe, the firfl: place, by the encreafed commerce of the Country, and in the next place by •£/?- the encreafe of the public debt and the confequent taxation, which has the efFeft of enhancing the prices of all commodities ; and the amount of currency required for the purpafe of facilitating the exchange of thofc commodities, or in other words, for trade and circulation, mult naturally increafe in the fame proportion. When you fay " enhance the price of all commodities," do you include foreign bills of exchange among thofe commodities? — Certainly notj I am now alluding to the internal concerns of the kingdom, which I conceive to be altogether diftindt from its foreign trade. Do you then conceive, that to whatever extent the Bank affords facility of difcount, either to the Government or to individuals, provided the fccurity be good, and payable at fixed dates, that no excefs of circulation in bank paper can poflibly take place ? — I conceive that the wants of the circulation are of courfe confined, to a certain fiim ; whatever proportion of that fum is invefted by the Bank in government fecurities, will diminifli in the fame proportion the calls of the public upon the Bank for difcounts j the amount of notes, therefore in circulation, will remain the fame. The point ■where, in my opinion, the Bank ought to flop in fuch purchafes of government Securities, is when good refponfible bills are no longer fcnt into the Bank by the public for difcount; that I conceive to be a certain fign of the wants of circulation •being fully fupplied, and any fubfequent iffue becomes, in my opinion, an excefs of paper currency. Suppofe an advance to be made upon goods that may be pledged with the Bank inftead of bills, would that, in your opinion, create an excefs of circulation .?— I con^ ■ceive it to be highly proper that the fecuricies difcounted by the Bank fliould be pay- Able at (hort and fixed periods. Do you conceive that all that would be requifite to prevent a depreciation of paper currency in any Country would be, that fuch paper Ihould in no inftance be iflued but as the reprefcntative of a good fecurity, payable at a fixed period ? — I anfwer 'that in the affirmative certainly. ■ Do you conceive that there exifts the fame fecurity for the public againft the incon- ■venience of an excefs cf circulation when the payments in cafli at the Bank are fuf- ■pended, as when the Bank was at liberty and under obligation to make its payments in caih?— I conceive fo, if the Bank ftriftly adhere to the fyftem of difcounting no -bills but of undoubted folidity, and government fecurities ; the latter with due mode- •ration, and the caution pointed out before. Are you aware of the pradice that prevails among country bankers, with refped to difcounts and advances in their paper? — I partly am. What is that pra6tice ? — The country banks are in the praftice I believe of iffuing oiotes upon the fecurity of goods, houfes, and lands, in addition to the ordinary difcount of bills of exchange. ; Of courfe the fecurity upon which thofe advances are made, is not convertible at -any fixed period ? — I believe not. Do you conceive that from this praftice of the country banks, an exccflivc circulation may arife ? — I am inchned to think that the fyftem of country banking «"d taking it at Hamburgh at what we call its par, which is g'S "ftivers banco for a ducat, and- further reducing ^^ ounces of fi:andard Gold, as being equal, to 459 ducats, it produces a par of exchange of 54/3 f Flemifli for a pound fterling : a ducat contains at the rate of 23 § carats in 24. What do you mean by the par of Gold at Hamburgh? — 'I mean the par of its value in banco, v^hich is not fixed by law, and which in h£t varies daily, but which is called ^6 ftivers banco for a ducat. In ordinary times, has not coin at Hamburgh an extrinfic value above the fame •weight of the fame metal in the ftiape of Bullion ? — L: has at Hamburgh. Muft not this extrinfic value be taken into account in eftimatingthe par of exchange ? — No, not the par, in my opinion, upon the principle which I have already explained, but it may affedl the courfe of exchange. If the guinea were reduced a pennyweight, would it not alter the par of exchange ?— Yes, certainly. , You have ftated the prefent courfe of exchange from England upon Hamburgh to be 29 or thereabouts, how much does this differ per cent, from the par you have mentioned ? — About 15 per cent. What is the prefent courfe of exchange of Hamburgh upon London ? — About 28. What is the caufe of this difierence between the courfe from Hamburgh upon London, 74 MINUTES of EVIDENCE taken before the [Appendix. Mr. London, and that from London upon Hannburgh.?— The major part of the exchange ^' ' operations between Hamburgh and London being carried on at Hamburgh, the courfe of exchange is principally fixed there, and receives its firft impulfe at Ham- burgh ; the courfe from London upon Hamburgh is regulated in a great meafure by that from Hamburgh upon London: thus, when there are more bills than required for aflual payments, merchants employ their capital partly in purchafing of furplus bills, and fending them to London to get returns; they have, therefore, to take into their calculation the amount of intereft on the bills fo fent, as well as on thofe received in return, together with two brokerages and a commiffion to the London merchant, which, at the rate of 5 per cent, intereft, without any other profit, amounts to a difference of about is. Flemilh in the pound fterling. When the difficulties of communication are greater, and the penal reftridions increafe the dangers and difficulties of fuch tranfaftions, an additional advantage is required by the curtailed number of adventurers going into fuch tranfadlions j and thus, when thofe > difficulties exifted to the greateft extent, the difference of exchange was full 2j. Flemifh. Do not tranfaftions of the fame fort in the purchafe of the furplus bills take place, upon the London exchange? — Yes, but not to half the amount they do- at Ham- burgh. What does the currrent money of Hamburgh confift of? — The coins in ufe to thft ■greateft extent are the currency of all the furrounding ftates, fuch as Denmark, Hanover, Pruffia, Saxony ; in fadt all the neighbourhood. Are Englifh guineas current there ?— No, not current. What is the reafon why EngllJh guineas do not form a part of the Hamburgh currency, like the coins of other neighbouring countries ? — The.reflriftions whick are impofcd upon the exportation of coin from this Country do not exift in the States juft now alluded to. Guineas are only exported when the intrinfic quantity of Gold they contain make it worth while to melt them, and at a period when the rate of -exchange is fo much below par as to afford a confiderable premium for fo dangerous , an undertakipg, and when it cannot be worth any body's while to fpeculate in the purchafe of them there, to return to England at a diftant period, when the exchange muft have rifen fo very confiderably as to make it worth their while to return :them. If Englilh guineas were freely exported, fo as to become current at Ham- . burgh, is it your opinion that the fame temptation would exift to the melting of -them ? — No, not in my opinion, becaufe the rate of exchange could then never be much below par, and the profpeft of felling them at a Qiort period again above par ■would induce people to keep them in their original ftate. If under a fyfcem of free exportation, guineas were at anytime fent out from 'England to reftore an unfavourable exchange with Hamburgh, occafioned by the ba- lance of payments, is it likely that the fame guineas would upon the exchange being reftored, find their way back to England ? — Yes ; and more particularly fo if in this icouniry a moderate feigniory were put upon the coin ; for inftance, in Holland, where they coin millions of ducats, the more that goes out the better is their Gp- •vernment pleafed, becaufe they make fo much the more profit ; in confequence ot which, the Dutch ducat has become the moil univerfal coin all over the Conti- .nent. Is not that gain to the Government, and lofs to the public, in the degree that the 'feigniorage is paid ? — Not to the people of Holland, in as far as it is principally paid by foreign nations; it exifts equally upon every coin. Has not a large quantity of circulating fpecie a powerful tendency to fteady the ^courfe of exchange ? — Yes, certainly, when its importation and exportation is not prohibited, and as forming the only bafis that regulates the par of exchange. 1 Is not then any country, whole chief circulation is in paper, likely to experience :great fluefore ibe [Appendix. U'hitmore, event of tlieir experiencing any great demand upon them for guineas ? — The Bank Efq, always adt with that prudent caution, that their advances to the public upon difcount — -Z- ' can be called in in two months, or at furtheft 90 days. [Queftion repeated.] A Hiort time antecedently to the reftridion upon the Bank, they were ferioufljr alarmed at a diminution of their coin, and did in fome degree limit their advances, both to the public and to Government. I would wifh to be underftood, that they do now fct limits to their advances according to circumftances, and as their difcre- tion may dired them. The queftion goes to this ; whether, antecedently to the fufpenfion in 1 797, a drain for guineas did not fuggeft to the Direftors a reftridion of their advances; for in- ftance, did they not on this ground rcfufe to make the accuftomed advances on the loan in 1783, when the drain of their Gold was particularly great ?— I am not pre- pared to fpeak to dates ; but I have a recolleftion only of one inftance, when the advance upon the loan was withheld. I believe that inftance was in 1783, but I did not come into the Direftion till 1786. Can you ftate generally, whether antecedently to the fufpenfion of the cafh pay- rnents, the Direflors confidered a drain upon them for guineas as a reafon for re- rtraining at all their loans or difcounts ? — I apprehend it was done upon a view of that and every other circumftance that attended the ftate of their affairs at that time: I think, in point of prudence, that it ought to have been a reafon at that period. Can you fay whether in point of faft, prior to the fufpenfion, fuch a reafon ever did operate with them to reftrain their advances ? — Such a reafon, connedted with -others, did certainly. Did not the Bank Diredors urge the repayment of part of their loan to Govern- ment, as well as reftrain their difcounts, in the end of 1796 and the iteginning of 3797, in confequence of their finding a large portion of their Gold to be drawn from them at that time ?— I recolledt repeated applications to the Minifter of that ^ay, iVIr. Pitt, for him to reduce the amount of the advance-s the Bank had made to Government. I would wifli to add to this, that at that period the Bank had ad- vanced to Government a large fum upon treafury acceptances, which Was the moft objeftionable part of the advance in the contemplation of the DircA^ofs. I perfecflly well remember the Bank limiting a certain fiim of difcoiant to be tiiade to each commercial houfe applying for itj that was the mode of diminifbing the whole amount of difcount. I wifh alfo to add, that afterwards in the contemplation of many of the Direftors, this laft was a meafure to be regretted under the then cir- cumftances, on account of the very confiderable cmbarraftrnent and inconvenience occafioned by it to the mercantile world. To the beft of piy recolleftion this limita- tion of the difcouni-s was fome time before the fufpenfion of thecafti payments. Did not this diminution of the difcounts, produce a diminution of the bank paper in circulation ? — In point of faft, 1 am not prepared to anfwer that queftion ; but as an opinion, I %.m prepared to fay, that the diminution of the aggre^te of our advances,' as well to Government as to individuals, muft have that effeft. Was there not in that period, between the limitation of difcounts and the fufpen- fion of cafh payments, a diminurion of the aggregateof your advances? — I really am not prepared to fay. Suppofing Gold to fee drawn from (he B^nk to be then melted and exported, would there not be a redudtion of your paper in confequence of notes having been brought in to exchange for Gold, and then cancelled ? — Yes, provided we did not re-iflue an equal amount. Could you fo re-iflue an equal amoimt, without enlarging in that proportion the amount of your difcounts ? — We could re-iflue an equal amount by the purchafe of exchequer bills or Bullion, or by difcounts ; being the only articles on which we make advances. Suppofing that in fuch a cafe of a demand upon you for guineas, the Bank had come to the determination of diminifhing in fome degree the aggregate of their ad- vances, would not the amount of their paper in circulation be diminiftied both by -that diminution of the advances, and by the amount of the paper which had been brought infer guineas ? — Moft unq-ueftionably i as much of our paper as we do not re-iflue is a diminution of it. Even if you ftiould not, in fuch a cafe, refort to the meafure of diminifhing the aggregate of your advances, would not a diminution of your paper in circulation feke .place in confequence of the drain upon you for Goldi — It would, in propor- tion . Appendix.] COMMITTEE oft the High Price of GOLD BULLION. 8 r tion to the quantity of notes cancelitd for the Gold iffued in exchange for them, J. Whitmore^ provided we did inoreafe our quancity of advances. EJq. If you re-ififued the notes brought to you for guineas, in fuch a •cafe, would not * S- -^ they be again returned and draw more guineas from you ?— As long as it would con- tinue to be a profitable trade. When I fpeak of re-iffuing notes, 1 mean ifluing the amount of thofe notes, for we do not ufually re-iffue the fame notes. Do you conceive that the limitation of the fum total of your loans, and confequent- ly alfo of your notes, which took place in 1783, had the good effedt which was in- tended by it, of diminifhing the drain for guineas ? — I am not prepared to fpeak to the fa£ts at this diftance of time, and not having been then in the dire6ltion. If the Bank were not reftrifted from paying in guineas, and a great demand for them took place, do you conceive that the courfe the Bank would adopt, with a view to check fuch drain, would be to diminifli the amount of their advances cither to Government or to individuals ? — In anfwcT to that queftion, I would fay, that with a view to the Bank's own prefervation, it undoubtedly ought to purfue that meafure ; but it muft greatly depend upon the circutnltances which would accompany fuch demand upon us for advances. Can you ftate any other mode by which you conceive that fuch a drain of guineas would be checked ? — I know of no other rr.eafiire. In point of fa£t, is it not the meaiiirc to which the Bank did recur on all occafions prior to the reftriftion, whenever any extraordinary drain of Gold took place ? — I have already, I believe, anfwered that queftion, by faying that the Bank did, in a former inftance, limit their advances. In what mode is it that a diminution of advances by the Bank operates to leffen and put an end to a drain of guineas f — Becaufe there is a diminifhed amount of out- ftanding demands againft the Bank. Would not that drain continue, notwithftanding fuch diminifhed amount of out- ftanding demands, if the market price of Gold continued in the fame proportion of €xcefs to the Mint price ?— I conceive it would, fo long as the dealers in Gold can ^et a bank note to bring to the Bank and demand guineas for it. You have ftated, that a diminution of the outftanding demands againft the Bank diminiflies the drain of guineas, and alfo that that drain would continue fo long as the excefs of the market price above the Mint price of Gold continued the fame i is the Committee to underftand that the diminution of thefe outftanding demands has, in your opinion, a tendency to leffen fuch excefs ?— In my opinion, it has no bearing upon the price of Bullion. Then in what manner does a diminution of outftanding demands leffen the drain ? — Theleffened demands that can poffibly be made upon iis from the fmaller amount of not^es in circulation. Why Ihould the fmaller amount of notes in circulation leffen the inducements of the holders of thefe notes to convert them into Gold ?- 1 prcfumo that all the holders of bank notes are not dealers in Gold, and they would not let their notes go out of -their poffeffion for that purpofe. But may not thofe who are difpofed to deal in Gold become poffeffors of notes equally as before the diminution of the outftanding demands?— 1 conceive in that cafe an alarm would be created, and the holders of notes would hoard them as they have done guineas upon other occafions of alarm. Would not the hoarding of fuch notes, raife the value of thofe that remained in circulation? — I have no doubt it would. Would it be raifed in exchange for Bullion ?— I fliould think not. By what criterion do you judge that its value is raifed ?— I have gone upon a fup- pofition, that the value of the Bullion abroad ftill afforded a profit upon the expor- tation of it from this Country; and until the price of the Bullion here exceeds the price abroad, there would not be wherewithal to exchange for bank notes. Suppofing that the confequence of bank notes, being rendered more fcarce by a diminution of outftanding demands againft the Bank, and the confequent hoarding of them, as affumed in a former anfwer, Ihould be to raife their value ten per cent. ; and that before their value was fo raifed, the price of Bullion on the Continent was fix per cent, higher than the Mint price in England ; would not the effed of this raifing the value of the bank note be, to put a ftop to all further demand for Bullion ?— That is a queftion of calculation, that if the Bullion can be brought back into this Country, by giving more for it here than they can obtain for it abroad, the demand for it here for exportation muft c^afe. „ . *^ Suppofing 82 MINUTES of EVIDENCE fahn hefere the [Appendixi J. Uhttmore, Suppofmg the excefs of the market price of Gold, above the Mint price to be five Efq. per cent., and that in confequence, a drain of guineas takes place from the Bank, and the Bank, bydiminifliing the annount of its outftanding demands, raifes the value of its paper five per cent, in the manner defcribed in a former anfwer, would not the fefult be to bring the market and ihe Mint price of Gold to a par, and confequently to put a flop to the demand for guineas ? — I wifti for time to confider of an anfwer. _> Mercurii, 7° die Martii, 18 10. FRANCIS H O R N E R, Efq. in the Chair. Mr. — a Continental Merchant, again called in, and Examined. Mr. SINCE the conduit of the Enemy which you have defcribed, what other caufes ^^ ' have continued to operate on the Continent to lower the courfe of exchange ? — Very ■ccnfiderable fhipments from the Baltic, which were drawn for and the bills ne- gociated immediately on the fhipments taking place, without confulting the incerefl: of the Proprietors in this Country much, by deferring fuch negociation till a demand fhould take place for fuch bills ; the continued difficulty and uncertainty in carrying on the correfpondence between this Country and the Continent; the curtailed number of houfcs to be found on the Continent willing to undertake fuch operations, cither by accepting bills for Englifh account, drawn from the various ports where fhipments take place, or by accepting bills drawn from this Country, either agninfl property Ibipped, or on a fpeculadve idea that the exchange either ought or is likely to rife ; the length of time that is required before goods can be converted into cafh, from the circuitous routes they are obliged to take; the very large fums of money paid to foreign (liip owners, which in fome inflances, fuch as on the article of hemp, has amounted to nearly its prime cofl in Ruffia ; the want of middle men, who, as formerly, ufed to employ great capitals in exchange operations, who, from the increafed difficulties ar^d dangers to which fuch operations are now fubjec^l, are at prefent rarely to be met with, to make combined exchange operations, which tend to andcipate probable ultimate refults. Are not Engiifh manufaftures and Weft India produce eagerly fought after upon the Continent ? — Yes, when they get to a place of fdfety. Would not the exportation of thofe manufaftures and of Weft India produce to the Continent, in the ufual quantities, remedy nearly all the inconveniencies which you have defcribed as operating upon the courfe of exchange, and raife the exchange to par ?— As the exchange at prefent refts upon public opinion, and has not got the precious metals for its foundation, I conceive a ftate of things pofTible, fo that the trade with the Continent may be cairied on, the balance being in favour of this Country, whilft the exchange is below par; the touchftone to regulate ic being with- drawn, namely, Bullion. Then do you believe, that if our exports exceeded our imports, and the balance of trade were confiderably in our favour, that ftill the exchange would be below par ? — I conceive it a poflible cafe. When our exports have exceeded our imports, has that aftually been the cafe at any period fince the Bank reftridion ? — It has ; but never for any length of time, till lately. When the balance of trade has been in favour of England, and the exchange has been below p»r, have there been no extraordinary caufes to operate upon the ex- change, exclufive of the Bank Reftriflion Bill in England ? — Yes ; fuch as foreign fubfidies, and die Bank of England having raifed the price of Gold tu 80s. about five years ago; likewife, the great commercial diftrefs which exifted in the year 1799, and which had a very great efi'edt upon the exchange. Suppofing a paper currency to be tftablifhed in this or any other country, which is rot convertible into Gold or filver coin, or into any definite quantity of Gold or Silver, and the quantity of fuch paper currency to be greatly increafed;. do . you not conceive that a great fall in the exchange may take place, and that the fub- . fequcntfluftuations in die exchange, which refult from the variations in the balance of trade, m.ay become fluftuadons merely round a new point, the exchano-e ne- ver again reaching its antecedent par, affuming always the quantity of paper to continue Appendix.] COMMITTEE en tie High Price of GOLD BULLION. Sj icontinue to be enlarged ? — In my opinion, there is no (ingle caufe that wQiild tend Mr. fo materially to have the effect of depreciating the exchange, and keeping it ^ — — ' low, as an increafed paper currency not convertible into calh. Might no*t the exchange continue permanently and grcaclv deprefled, in fpire lof favourable balances of trade, under fuch circumftances ? — As under fuch circunaftances the exchange, refts upon a foundation no more folid than the va- liable opinion of perfons abroad and at home, I conceive, that the interchanges ; between this and foreign countries might Continue to be carried on at an exchange much, below par, when in fad:, there is nothing to raife it but a change of opinion ; but which opinion would very foon be altered, when it were once known . that coin were again to be put into circulation. Are there not many places on the Continent in which the balance of trade has been occafionally very favourable, and in which neverthelefs, during the pe- riod of that favourable balance, the exchanges have been unfavourable if computed , in a papernot convertible into cafli ? — Except with regard to the occafional high rate , of exchange between this Country and the Continent, I know of no exchange with any .Country where a forced paper circulation exifted as the foundation for the ex- <;hanerei but where it was confiderably below its original par. Has not the depreciation in the value of the paper of thofe countries been ge-» Rjerally produced firft by fome unfavourable balance of tradcjor other extraordinary eircumftance, naturally afFeding the courfe of exchange; and has not the cir- cumftance, of the paper not being exchangeable into cafli, then prevented the reco-; ve'ry of the exchange in more than :i flight degree after the depreciation had taken place, even though a favourable balance Ihould return f ~I believe that it has generally been the public opinioij, as much as any other caufe, that has deprefled fuch exchanges, and which muft of courfe have been aggravated by an unfavourablci balance of trade. Has a limitation of the quantity of p^ per been reforted to in places on the Con- tinent, as a means of reftifying the exchange under fuch circumftances ? — Yes, it has- very frequently. . . At what prices, and with what effedl ? — Always with a partially good efFed. This feduQiionof the quarrtity of paper has been reforted to in Denmark, in Auftria, and was -even tried in France, during the period of the affignats; but upon any exigency of the Xjoverrlment, they have again increafed the quantity, which then tended again to lower the rate of theexchange with foreign countries. State in what manner the., returns and payments are made to this Country from the Continent, for the exports. — Partly in merchandize and partly by bills- of ex- change. ■ Do merchants on the Continent make advances on property configned, as here- tofore ? — No. From the courfe of our export trade, is not the Continent largely indebted to this Country ?— Very confiderably j and in a much greater proportion than what they (Would be if trade had been carried on as heretofore, in as far as fuch exports have been for Englifh account. , . For thofe commodities which we import from the Continent, do we not pay in advance ? ^^Thofe coming for Englifh account are j^enerally drawn for upon the goods being fliipped. _ _ . For thofe which come on foreign account, are not drafts pafled in anticipation?— I , have little doubt but that has been the cafe with regard to a part of fuch ihipments. Is not this the general courfe of fuch trade?— Yes, except when extraordinary dangers or difficulties exift. r /- • Do you know whether for fuch commodities as are itriported from the Continent of Europe, and re-exported to the States and, Settlements of America, this Country jalways gives credit ? — Yes. What period of time does it tike in that trade to bring the payments round f— ^About eighteen months. . r -n i • j . Has nor tlie import from the Continent, during the laft year, of Baltic produce, €erman linens, and other produce, been unufually great ?— Yes, it has, in confeqiience *f the trade between this Country and the Continent having been almoft totally/cut off the preceding year; in confequence of which the advance of the Britifh merchant, iboth on the fcore of exports as well as imports, muft be unufually great. 349. ^ . ^^ ^4, MINUTES of EVIDENCE .:f4j^?« iefmtU {Appendix. figf-, _ Has not the prime eoft c^f fticfc articles been greatly augmented by unufually high «-^ <^ -^ freights paid in ea(h to foreign fhips, or in hiUs o7 exchange on the Continent ?— The .freights have been unufually high, but as far as my experience goes, not been paid for in fpecie, but -either in bills of exchange or in merchandize. .... Has Jiot the more general praftice been to pay fiich freights in bills of exchange or Bullion?— I do not know of any freights that have been paid in Bullion, but a great tnany in bills of exehange. If the amount of merchandize on hand be unufuaHy great, paid for through the «neans of -drafts on Great Britain, would not that produce an efFeft upon the •exchange? — Certainly. Does not the amount of the expenditure for Government account on the Continent, for the laft two years, form a debit againft us j and fuppofe a part of that expenditure to have been paid in fpecie or Bullion fent from this Country, which was obtained' OFtginally in payment of bills drawn from Spain negociated there, would this laft ^ircumftanGe make any difference in our balance of payments ?— In as far as fuch operatioas were carried on throuoh the medium of the exchanges, it would have that «ffeft in reducing the favourable balance of trade equivalent to its amount^ and which appears, from the nature of che trarBfaftion explained in the queftion, to have been the <%& with regard to the Bullion received from South America. Has not the appearaace of Govermnent bills on the Continent always produced a greater- effethe fpeculations of individuals. Suppofing a diminution of the paper of Great Britain to take place, or an expec- tation of fych diminution generally to prevail, would not the following efFcd follow ; would not thofe Engliih merchants who now trade on borrowed capital, and order s^ods from abroad on their own account, with a view to importation hither, or invite •coHfignments from abroad by ofFering to make large advances on the credit of them^ curtail their orders and limit the extent of their advances, in confequence of their anticipating^ increafing difficulty in providing the means of paynfient ; would not this iCondud on their part lefTen the quantity of drafts drawn upon them, and thus afFeft the balance of payments, and would not this alteration in the balance of payments .tend to improve the Bricifh ejKhange ?— I perfeftly agree iti the efFeft of die pofixiona placed in-the'foregoingqueftion,as I tried to explain in my preceding anfwer. Suppofe an increafe of paper currency to take place, and that currency not to be <:onvertible into a medium common to any other country, would not the efFed throughout fuch a country be a general rife in the prices of its produce and commo- dities f — It is my opinion, that an increafe of the curj^ncy of any country, whether it be paper not convertible into coin, or fuch as. is coin itfelf, would invariably have ^hat t^dencvj with the diftindion, that if. coin circulated, the real medium <3f value would be much more readily reftored. Suppofe Jw. 86 ■•• l,il\^UTES o( EYID^CE taken hfore. ihe [Appe«dix." Mr. ■■ Suppofe in one of two countries, namely England, the price of arlicles in ex- ~^- ' change for its paper circulaiing mediu'm fhould be ra fed in confequence of an in- ■creafed quantity of paper ; and fuppofe in another country, namely Holland, the price •of articles in exchange for its circulating medium fhould not be railed, tliere having been no increafe in its quantity or diminution of its value ; would not a given quantity of Engrrih paper necefiarily be exchanged for a diminilhed quintity of Dutch cur- rency ?— Yes, it would. That is to fay, if Englifh gt)ods continued to exchange for the fame quantify as before, of Dutch goods, muft not the Knglifh paper be exchanged for a leis quantity ' of Dutch currency, in fuch a cafe? — Should the advanced price of any article in this <:ountTy not curtail the quantity to be exported, it certainly would have this efFeft in the abllraft. Suppofing the circulating medium to confift almofl; exclufively of paper, as is now the cafe in England, and fuppofe fuch paper to be augmented in quan i y ; fuppofe- alfo the general price of articles in exchange for fuch paper in England to be raifed, as you have admitted; will not fuch rile of prices operate as a temptation to foreign' countries to enlarge their export of goods into England as long as the exchange re- mains the fame, inafmuch as the advanced price of goods in England, other things ■ being equal, muft give an additional profit to the foreign exporcing merchant ? — Taking it for granted that the exchange were to remain the fame, it would have that tffcdl; but it is the exchange itfelf which v/ould regulate fuch operations. In the cafe fuppofed, will not the fame general advance of prices in England, which you ftate an augmentation of paper to produce, operate as a difcouragement to the exportation of Englifh articles fo long as the exchange fhall remain t'.e fame,' which fliall be affumed to be at par?— Yes, certainly ; but it is an affumption which,- in my opinion, could never take place in fa£t. > Have you not underftood that the general balance of trade has been ftated to' Parliament by official authority, for feveral years, to be in favour of this Country,- and to the amount of feveral millions in each year? — Yes; but I 'believe that fuch- ilatements did not include the expenditures for the account of Government abroad. • ' Would not fuch balances due on former years, but accruing for payment only in: thelaft year, have contributed to the extent of that payment fo accruing^ to fansfy any extraordinary demand for goods imported from the Continent laft year? — Yes,' they would. - , • > The balance of trade for the laft year in favour of this Country, being ftated to be' much greater than on any former occafion, how foon, fuppofing the prefent rate oF exchange to arife folely from the prefent balance of payments being againft this Country, may we expeft to fee a balance of payments, and confequ. nt rate of ex-^ change>in favour of this Country, in proportion to the favourable balance of trade ?' — As I have before tried to explain, that it is not the balance of trade alone that re- gulates the rate of exchange when Bullion is withdrawn from its operations, as relative? to the balances with foreign countries, I continue of opinion, that the balance maybe in favour of this Country and the exchange againft it, until that is reftored, which i^ the only medium by which to regulate the par of exchange. I would further ftate as^ my opinion, that at the prefent moment, and for a ftiort time paft, rhe balances •of payment between this Country and the North of Europe have been in favour of England. Then if the exchange was affedcd iolely by the balance^ the payments of exchanges with the North of Europe at this moment ought, according to the information on which you have formed your judgment, to have been in favour of England ? If that were the only caufe that influenced the exchange,, it is my opinion, that the exchange would have been in favour of England for fome time paft. ° • Would not that be the only caufe, in your opinion, if the paper currency of this Country were convertible into coin at the option of the holder ?-r-Yes, with the ex- ception always of the increafed difficulty and expence which might occafionaily take place to tranlport the precious metals. If the depreffion in the exchange of any country arifes fokly from an unfavourable -balance of trade or of payments, would not the natural confequence be a fcarcity of currency, and a fall in the price of all commodities ?— Yes, it is what I have inva- riably obferved in feveral countries. Has the prefent great depreffion of the exchange in this Country, as far as your experience g.eSj created any fuch fcarcity of -currency or coHleguent fall m the price Appendix.] . COMMlTfEE on the Hlgh'Price of GOLD BULLION. 87 price of commodities ?— No, it has not; but the cafe cannot be affimilared to thofe Mr. countries I alluded to, where a free exportation of their coins has been permitted., ' and in confcquenceof the redutlion in t-heir circulating medium all other articles are fallen in price. Has not fuchafcarcity of currency, and confequent fall in the price of commo- ^dities, a dire6t tendency to remedy the evil of an unfavourable exchange by which fuch fcarcity was created ? — Yes, it undoubtedly has. Then, if thofe cfFeds are not produced by an unfavourable ftate of exchange, you would afcribe the depreffion to fome other cavifes, and would infer that fome ether remedy muft be applied ?- A free circulation, and liberty to export the coin of the country, is in my opinion the only effeftual remedy ; if that is not deemed prac- -ticable,'! however conceive that many palliatives may be applied/ rOo you -not -conceive that without a free importation of the coin of the country, •a diminution in- the amount of its currency would produce a fall in the price of all Tommodiries, and a confequent rife of the exchange, in the fame proportion as 'if that diminution of currency had been cffefted by the export of a part of our coin ?— I fhould fuppofe it could only have one-half the effeft. In point of faft, has not the exchange of this Country with the North of Eu- ■rope been in our favour fince the reftridlion of cafh payments at the Bank ?— Yes it has, for a confiderable time, and v-ery materially, and fo much fo that a great ■part of the balance due to this Country was liquidated by Bullion fent here from 'the North of Europe. Would it not have continued ^ in that fame favourable ftate rf the currency of the country had been kept within the fame limits in proportion to the occafions of the public as then exifted, the balance of trade being generally in our favour r — The balance of payments having occafionally been againft this Country, and the re-ex- =portation of the precious metal being prevented, has been the caiife of the ex- change-continuing for fuch a length of time-below par ; had-thofecircumftances not taken place, and the circulating medium not being increafed here, and money been the principal circulating medium of this Country, then I am of opinion, that with a favourable balance of trade, the exchange would have been almoft invariably in favour of this country. "You have ftated, that the exchange has been greatly in our favour fince the re- ; ftriftionon the Bank, and that the balance of payments then due to England was in confequence liquidated by ^reat importations of Bullion into this Country ; you have alfo ftated, that -in your opinion, -the balance of payments is now in our •favour; explain to the Committee to what caufe you afcribe the difference in the .-exchange between thofe two periods,- in each of which you conceive the balance -of payments to be in our favour? — At the period of the fufpenfion, the fituatioti of the trade of this Country was very favourable to it: the ftock of goods on •hand,- and which were required by the Continent, was very great ; public opinion herein favour of the meaiiire empowering the Bank to withhold c-afh payments was fuch, that fer fome time no traffic at home was carried on between this paper and coin: -while- the balance of trade therefore continued in favour of this country, the foreigner could only liquidatehis debt by fending Bullion. Had the re-exporta- tion been allowed, a very fmall proportion of fuch exportation would have been fufficient to keep the exchange at near par ; or even the public opinion would 'have fixed it at that rate, if it were afcertained that fuch operations could take place when required. This not being the cafe, and fome extraordinary caufes (as •explained) having taken place, that deprefied the exchange, and coin being withheld both from internal -circulation and from its operation with foreign countries, 5 conceive this to be the caufe of an unfavourable rate of ex-change during a period of a favourable- balance of trade. In faft, the foundation by which what is called » par of exchange is fixed, no longer exifts as matter of fatS;. When you ftate that under the prefent reftriftion on the Bank of England, the balance of payments is not the fole regulator of exchange, and the public opinion is become a fubftitute for it, in what fenfe is the Committee to underftand that public opinion operates in this refpecl; is it, as is the cafe in feveral States on the Continent, any want of confidence in the refources of this Country, and in the folidity of the credit of the Bank, arifmg from a ftate of war or any political circumftances, or is it merely an opinion that fo long as the Bank reftriftion continues, whatever may be the well-founded confidence as to the profperity of the Bank, thefludluations in the exchange will not be governed by the fame circumftances or kept wi:hin the fame limits as if fuch rcftriction did not 349. Z exill; U] MINUTES of EVIDENCE taken hefon the [Appendix.' Mr. — ' exift ; and conrequently, that neither the extent or duration of any exifting depref-» ' fion can be fubjeded to the fame calculations as in the ordinary ftate of things . • No want of confidence either in the refources'of this Country or in the folidity of the Bank exifts with the mercantile body abroad; but whilft that is withheld froi-^ circulation which would prevent the poffibility of any depreciation of bank paper, its value cannot be (aid to be regulated by a certain quantity of the precious nietals. Thus the fludcuations in the exchange may be greater and more continued, as fubjeit to matter of opinion inftead of being reducible to matter of faft, when coin or Bullion at the Mint price is the foundation for the par of exchange. You have been afkcd, whether the purchafer, at any foreign place of exchange, of -a bill upon London, ftipulates for any difference of price, in confequence of being liable to be paid in bank paper.; does not the purchafer of fuch bill know, that he cannot legally enforce payment in any other currency?— The purchafer of fuch bill dow know that he can enforce no other payment than that in bank paper ; and in confer quence, it appears by fafts that have taken place, that his opinion with regard to th€ value of a pound fterling has been reduced, and that at a time when the balance of payments have been in favour of this Country. In my opinion, this would not hav? been the cafe had the rcflridlion not taken place- But the balance of payments being at prcfenc in favour of this Country, how do you account for this diminution in the value of a pound fterling ? — ^The opinion of the fo- reigner with regard to the value of a pound fterling being once reduced, it cannot again be raifed, unlels either he himfelf changes his opinion, or others chufe by fpecglation to raife the exchange, whilft Bullion at the mint price is withheld. \n confequence of this opinion, I conceive it pofilble that the interchange between this and foreiga countries may continue at the reduced rate of exchange, whilft what I call its regulator is withheld. If option could be fecured to the foreign. purchafer, that the payments fhould be made either in guineas or bank notes, would you not give more for a bill poflcffing thofe advantages; and at the prefent rate of exchange and price of Gold, how much more? — With regard to any fingle operation, I believe little or no difference would be made ; but as a general meafure, I am confident it would raife the opinions of foreigners with regard to the value of a pound fterling. The exchange between Hamburgh and London during the years 1803,. 1804 and 1 805, having been in favour of England, can you account for this feeming contradidion of the principle which you have afTumed, that the prefent low rate arifes from a pape,r circulation not being convertible into coin, independent of any fuppofed excefs cff fuch paper currency ? — Had the balance of payments invariably continued in fa- vour of England, the exchange would have done fo likewife. I believe that in the courfe of my evidence, I have alTigned a variety of caufes for the low rate of. ex- change, independent of the inconvertibility of paper into cafh. Suppofing the balance of payments to have continued uniform in favour of Eng- land, would not the doubling the amount of paper currency in England, at the moment even when fuch balance was moft favourable, have very confiderably de- prefled the exchange?— in my opinion it would. But I muft add,, that a ve^y favourable balance of trade, for a continuation of a great number of years, is an im- pofiibility, as it would oblige the foreigner to liquidate his debt by Bullion ; which would increaic in quantity here to that, extent fo as to produce the feme effed in increafing the circulating medium of this Country as by an excefs of a paper iffue. Is not the depreciation of paper currency, as to its effed on foreign exchanges, the fame as would be a debaferncnt of the coin? — Yes, certainly; with the diftindion, that the extent of the one can be exadly afcertained, but not that of the other. If the ifTue of paper by country banks did not take place till forne time after the reftriflion, and then gradually, muft not this have aficfted the depreciation, and confe- ' quf.Ttly the courie of exchange ? — Tending very materially to increafe the circulating medium of this Co'jntry, it certainly muft have had that elFccl. W^uld the depreciation of currency in any one country effect the intcrcourfe with another, on the fuppofition of the exports and imports between them being exaftly equal, eftimatcd in Gold ?-^I think that this queftion is beft anfwered by an exifting matter of fa£t, which is, that the diff:^^rence in this Country between the fterling valoe of Gold and the depreciation of foreign exchanges, is nearly equal. May not the depreciation of currency in a country make an apparent balance of trade in its favour, contrary to fact ? — Only in as far. as the rsste biears upon tlie , balance. Appendix.] COMMITTEE en the High Price of GOLD BULLION. 89 Veneris, 9' die Mar tit, 18 10. FRANCIS HORNER, Efq. in the chair. '^ihn Whitmore, Efq. the Governor of the Bank of England, John Pearfe, Efq. Dcf , puty Governor of the Bank of England, called in togei.her ; and iixamined. ' -SUPPOSING the excefs of the rinarket price of Gold in bank notes above the J. Whitmwe^ mint price to be five per cent, and chat in confequence a drain of guineas takes place Efq. and from the Bank, and the Bank, by dinninidiing the amount of its outftanding demands, "J. Pearfe, Efq, . taifes the value of its paper five per cent, in the n^anner defcribed in a former anfwer, * Z- -^ would not the refult be to bring the market and^ the mint price of Gold to a par, and confequently to put a ftop to the demand for guineas ? — 1 wifh to have further . time to confider of this qucftion. On what principle is it now the praflice of the Bank to regulate the general amount of their loans and difcounts, and what is the principle antecedent to the re- ftridtion ; namely, do they endeavour principally to lend to fuch an amount as fiialt .fcrve to keep the quantity of Bank of England notes nearly at their ufual live], or do they enlarge their advances to tiierchants when the merchants happen to extend their demands for difcount, although by gratifying fuch demand the quantity of paper ihould be in fome degree increafed ; or do they regulate the amount of their difcounts . and loans, and thereby alfo the circulatlrg paper, by a reference to the ftate of the exchange, and to the difference between the market price and the mint price of Gold j or upon what other principles do they proceed ? — We do not comply with the de- , mands for difcounts to the extent demanded of us; it has always reference, not only to the folidity of the paper, but to the amount of the accommodation the in- dividual applying for it already has. We never difcount without thofe circumlbnces being confidered ; namely, the amount already given to the individual, the foli- dity of the paper, and the appearance of its being ilTued for commercial purpofes- I am prepared to fay, that I do not advert to the circumftance of the exchanges, ic appearing upon a reference to the amount of our notes in circulation, and the courfe of exchange, that they frequently have no connexion ; there is no accommodation of difcount granted without periodically the amount of our difcounts and all advances being reported to the Court of Direftors. Do you ever lim.it the extent of your difcounts to merchants, by confideration of the amount of your notes out in circulation? — The attention of the court being conftandy drawn to the amount of our notes in circulation, certainly does operate upon us, either to the redu6tion or the increafe. Do you advert to the difference between the market and mint price of Gold ? — ^^I . wifli to have time to confider chat queftion. Suppofing the Bank to be now paying in cafh, would it not neceflarily experience a great drain of Gold, in confequence of the high price of Bullion and the un- favourable ftate of the exchange ? — Moft unqueflionably it would. Suppofing the Bank to be now paying in cafh, and to experience fuch drain, would they not be difpofed under fuch circumftances to reduce in fome degree their difcounts to merchants and their loans to Government? — Moft unqueftior-.ibly thdy would, if confidered only with reference to the Bank ; but that would be attended with great injury to public credit. By taking public credit into your confideration on fuch an emergency, do you mean . only the accommodation of government, or do you include befides that, the accom- modation of the mercantile world i — I would include both confidcrations. Let me fuppofe a cafe in which no demands were made upon the Bank by Govern- '' ment for unufual accommodations, but an unfual demand was made by merchants ' for increafed facilities of difcount j would the Bank in fach a'cafe confider icfelf as bound, in order to fupport public credit, to grant that increafe of difcounts, although there was a run upon it for Gold, occafioned by the high price of Bullion and the unfavourable ftate of the exchange ? — I defire time to confider that queilion. Suppofing the Bank to be now paying in cafli, and to experience a drain of Gold, as jufl mentioned ; and fuppofing them alfo to aitord precifely the faiTic fum in the way of loan as before ; would not a diminution of their paper take place, which would be proportionate to that diminution of their ftock of guineas which the drain would occafion, inafmuch as ev^ry perfon coming to demand guineas would give in ex- change for them an equal quantity of bank notes, which would be cancelled ? — 1 would wifti for time to confider that q'jcftion. L so MrNUTES of EVTDTENCfi idkm I fore the X-^TP'^n^ix- y. Whitmore,^ Is there not reafon tbfurpe£t.l;hat the -prefent unfavourable ftate of the exchange Efq. and tnay be in part owing to the want of that, limitation of paper which ufed to take J. P^ar/e, E^q^. place before the fufpenfion of the cafh payments of the Bank, on the occafion of the ^ -^ ' exchanges becoming unfavourable ? — My opinion is, I do not know whether it is thap of the Bank that the amount of our paper circulation has no reference at ail to the ftat^ jof the exchange. ■Has that xjueftion -ev^r been brought to a regular difcufllon and decifion in •the Court of Direftors ? — In the opinion of the Bank Diredors, it had not fufiicient bearing upon our concerns to make it more than, a matter of converfation ; it .never wasfingly and feparately a fubjexa: of difcuffion, though conftantly in view with other cifcumftances. Mr. P^ar/tf.— The- varying prices of the Hamburgh exchange compared with the varying amount of Bank notes at different periods, feem to .prove that the amount of Bank notes in circulation -has not had an influence on the exchange. . Mr. WMtmore.—\ will on a future day produce fuch ftatements as to the Hani- fcurgh exchanges, and the amount of Bank notes at correiponding times, as will eluci- date this. Has the effeft of the quantity of paper upon the ftate of exchanges and the price of, Bullion been more taken into confideraiion by, the Court of Direftors within ihe laft nine months, .than it has ufuaJly been at former periods.? — I . fhould fay jmore frequently, -but not more formally. Would noi: a limitation of the difcounts by the Bank of England, on a demand .upon them for guineas in coufequence of an unfavourable ftate ..of exchange, render, ■it neceffary for the country banks ,to be more cautious in their advances, and alfb .tend to create an encreafed .demand for guineas for fuch country banks, and thereby >to diminifli in both thofe refpefts the amount of their circulation ? — I have no knowJedge of what conduft the xountryJ:ianks would think neceflfary to purfue -.upon fuch an occafion ; if the country banks were. to ai5t .in the manner in which the Bank of England does ad, in never forcing notes into .circulation, and making .advances only upon good fecurity of bills at fliort dates,.! conceive that the amount of the country circulation would be diminiflied in fuch a cafe. From what, caufes do you apprehend the prefent low ftate of the foreign ex- changes to proceed ? — I apprehend it arifes from more than one caufe : the, balance of payments is at prefent very much againft this. Country,; and in the prefent ftate of -.the commerceof -the Continent, the trafiic in bills of exchange is fo much difturbed .from its regular courfc, that the payments which this.Country has to make abrQad are . Jiot facilitated and equalized as in former times. What is the prefent ftarte .of exchange between this, Country and Portugal ?•— More in favour of this Country than it has hitherto been. Does not that favourable exchange, arife frpjii the circumftance of h,alf-being paid .in fpecie and half in .paper in Portugal, which paper.is at a difcountof 27 per cent.,-? —The payment in paper at.Lift)on has exifted for many years,., and the difcount upon ,it has varied. Ycu have ft,ated, that, -the balance of payments is different from the balance pf trade ; muft not thofe balances be generally the fame under ordinary circumftances of poftponed payments of former years compeniating fpr thofe deferred in the pre-- fent ? — A very confiderable market for our manufadures is recently opened in South , America. Are there any circumftances, tending to difarrange thofe. balances, exifting any where but in our trade with South America? — In Europe at prefent, owing to the circuitous import with the interior of ihe Continent. Whether, fince the.fufpenfion of the payments in cafh down to the prefent tlme^ , there has been any material extenfion of coaimercial.difcoynts ? — I wifti to have tinj^ .to confidcr that qucfti.OIi. Appendix.] COMMITTEE o« f^^ Hig1i Price 0/ GOLD BULLION. 91 Lunefore ibe [Appendix. A. Cc:df:"}d, FJq, How long lias the price of Gold ac Amfterdam been fo much above its par ?--I *■ -^ ' ccnnot anfwcr that queftion. . Do yo'j ever remember its being at par ?— About twenty years ago I remember tt oeing only from i to 3 per cent, above par. Speakirg of the fame five or fix months as before, what has been the price of filvcr Bullion at Amfterdam ?— There has been no bar filver exported from this Country to Amderdam within that time, and therefore I do not know the price of bar filver; dollars have been from 50 to 51^ ftivers current for a dollar. How do you fell Gold at Amfterdam, as the Bank does not receive u ?— It is fold to individuals at fo much per marc fine, as the price may be; the tranlatlion is com- pleted in current money, upon which of courfe, if bills are bought, the agio muft be calciilated in the price of Gold at Amfterdam ; the at^io muft be either added or de- duced, as it may exift between bank money and the currency. You have ftated that a guinea, or Gold equal to what is contained in a gumea, is worth about ^c,s. at Paris, that is a difference of £. 8 i8j. upon 44 guineas aod a half; fo that Gold equal in weight to what is contained in 44 guineas and ahalf, would fell at Paris for ^55. xis. 6d. -, do you m.ean to fay that the above quantity of Gold would purchnfe at Paris a bill on London for I. 55. lis. i>d. ?— Nearly fo. What would a pound of Gold in London coft at what you have fl;ated to be the prefent market price of Gold in London, namely, /. 4 11s. per ounce ^.—£. 55. 4J. Does it not follow from what you have now ftated, that the pound of Gold in London and at Paris is at prefent'nearly of the fame value, the difference being only fs. 6d. per pound .? — It does. What bill on England could be purchafed at Hamburgh, according to the lafi; accounts of the courfe of exchange, for ico ounces of Enghfh -ftandard Gold ?— About £. 460. How much Englilh ftandard Gold for exportation could be purchafed in London for £. 460. ?— 100 ounces. Then the price of Gold at Haimburgh and the price of Gold in London are nearly equal ? — They are. Is not the exchange at par between two countries when a given amount of the currency of the one or the other will purchafe an equal amount of Bullion of a given purity in either? — [ always underftood it fo. • If 100 ounces of Gold of ftandard purity at Hamburgh would, at the prefent eourfe of exchange, purchafe a bill upon London of £. 460, and if £. 460 in London would purchafe only gs ounces of Gold of the fame purity, would not the exchange of Hamburgh upon London be 5 per cent in favour of London ?— If the price at Hamburgh was fuch that the produce of 100 ounces of Gold fold there would pur- chafe a bill of;^. 460. upon London, and that bill in London would only purchafe ^c^ ounces of Gold, then the exchange would certainly be 5 per cent, in favour of England. In ordinary times, when our gold coin is at its fliandard, can the exchange be de- prefTejd lower by the ftate of balance of payments than what it cotts to tranfport fpecie or Bullion ? — Sometimes one way and fometimes the other, over and above fuchexpence. How much over and above fuch expence do you conceive ? — I have known it differ as much as 5 per cent, either way. , Can fo great a difference as 5 per cent, continue for any confiderable time ? — I have known from i to 5 percent, continue for three or four years. How lung did it ever continue fo high as 5 per cent. ? — I«have known it 5 per cent, but very feldom, and not for a longtime together. You have ftated, that the fum of ^T. 460. would be produced by a hundred ounces of Gold of ftandard finencfs at Plamburgh, and that the fame quantity of Gold would, be purchafed by the fame fum in London at the prefent price of foreign Gold ; then is. not the exchange of Hamburgh upon London now at par ? — No ; becaufe you arc paying in London £. ^. 12. for what is intrinfically worth ;^. 3. 17. 1O5. according to the coinage price. Inafmuch as you have ftated, that the fime amount of Encrlifb currency would purchafe the fame quantity of Gold both here and at Hamburgh, in what does the dif- ference in the ex( hange at this mom.ent confift ? — The difference confifts in the price of foreign Gold of ftandard finenefs, the price being ftated in pounds flerling which is the currency of this country, being fo much above the mint price. Although the exchange betv.'een London and Hamburgh were apparently fo much againit Appendix.] COMMITTEE on the High Price of GOLD BULLION. 93 ■againft Hamburgh as 40 j. per pound fterling, would you not ftill deem the exchange A.GolJfmid,Efq. to be at par. if, in point of faft 40/ banco purchafed exaftly the fame quantity of Bul- .lion at Hannburgh as one pound fterling purchafed in London ?~The difference in the price of Gold will vary in proportion to the depreciation in the price of the paper. And would not your anfwer be the fiune if I were to make the fame fuppofition, fiating the exchange at £. z'6. \o. ?— It would be vice verfd. Is riot Gold, in the form of Englifli coin, kept at prefcnt within the value that might be procured for it by cnaftmcnts of law? — I think not j it is beneath its ima- ginary, but not its intrinfic worth. To what caufes do you afcribe the prefent depreffion of the exchange fo much as from 16 to 20 per cent, below par?— I think that foreigners being the carriers of the trade between the Continent and England at prefent tends in fome confiderable degree, and many other things that have not come within my knowledge or taken my attention. Have you ever had an opportunity of confidering, in any other country, the effeft of a forced or excefTive paper currency upon the foreign exchanges of that country with others ?— I have read or heard of a forced paper currency having very ruinous effcdbsj as in France. The queftion goes to the efFefl; of fuch paper currency upon the foreign exchanges of the country ? — The exchanges will always bear a proportion to the difcount of the currency, as in all forced paper currency they have invariably done. Is it not one effect of fuch a forced paper currency, to raife in the country itfelf the nominal prices of all com.moditics ? — I beg to be excufed fro.m anfwering that queftion ; I am not a competent judge; it is a political queftion. Suppofethe currency of any country confifted entirely of precious metals, and that it were poffible entirely to prevent the exportation of any excefs of that currency to other countries, would not an excefs of fuch metallic currency raife the prices of com- modities ? — That is the fame fort of queftion as the laft, which I do not think myfelf competent to anfwer. Do you not conceive that if the Bank of England had, during the laft: year, been liable to pay its notes in Gold, and that Gold coin had been abundant in this Coun- try, the exportation of that Gold, though carried on contrary to law, would have had the effei^ of preventing the exchanges from falling quite fo low as they have done ? — I do not think that the export of Gold contrary to law could be carried on to that extent, to prevent the exchanges from falling but in a fmall degree. Whether the exportation of Gold would produce any other .effeft upon the ex- change than would the exportation of an equal aoiountof any other commodity ? — No, it is exa.iftly the fame. You have ftated, that Gold at Amfterdam has been as high as i yi per cent . above their par, can you affign any reafon for that? — I cannot." When Gold is above par, would you not fay, when compared with guilders, the currency of Holland, that guilders are depreciated in value ? — No, 1 fhould not.^ According to this principle, does it follow that bank notes muft be depreciated when compared with Gold, the Mint price of guineas being\£. 3. 17. ipi. and the market price of Gold £. 4. 12. ? — I never confidtred bank notes as depreciated Do you confider Gold and fiiver as the only regulators of the exchange ? — No, I do not; 1 confider the imports and exports of the Country as the regulators of the exchange. Have you ever heard that is any part of the confideration of the taker of~a bill at Hamburgh upon London, that the medium of the payment of that bill is con- fined to bank notes ? — The man who takes a bill at Hamburgh on London pur- Chafes it for purpofes of his own, either topurchafe a commodity or to pay a debtj therefore, if he pays his debt by a bill upon London, the Englifhman is fatisfied with the currency in exchange, which he paffes again. Were the prefent difficulties of exporting commodities from this Country to the ' Continent removed, is it your opinion that the price of Bullion would continue at its prefent high rate ? — I lliould chink it would in a great meafure tend to decreafc the' price of foreign Bullion. Then you attribute, in a material degree, the prefent high price of Bullioti to that interruption ? — I do, in fome meafure, certainly. From your experience, is there ac prefent, either in Hamburghor London, as much capital or as many individuals concerned in exchange operations, a? hereto- fore ?— 94 MINUTES of EVIDENCE taken before the [Appendix. A.^oldjm'J.EJq. fore ?— Exchange operations are far more limited, and much fewer perfons engaged in them than there were at former periods. Does not the regulation of the exchange therefore fall at prefent much within the control of individuals ? — It always did fall within the control of individuals j it is exa£liy in that rclpeft as heretofore, only they are not the fame perfons now as they were formerly, nor are they fo numerous. Is ii not the praflice for individuals to purchafe foreign Bullion to fend to the Continent, for the purpofe to draw or be remitted againft ?^— I have very often done that, when it could be done to advantage. Does not the proportion of that advantage depend upon the low rate of exchange ? — As much as it does upon the price of Bullion on the other fide. Does not the prefent low rate of exchange create the demand and the high price of Bullion ? — The prefent high price of Bullion is on account of the low rate of exchange. Whether the price of Gold here does not rife in proportion to the price of exchange, and fall in the fame degree ? — In general it does, unlefs there is an ex- port or import from fome other part of the Continent of Europe or America. If you could procure lOO guineas in England for;^. 105. in Bank notes, and the law would admit of your fending fuch guineas to Hamburgh, fhould you not be enabled to remit from Hamburgh to the amount of at leaft ;^. 122. and to repeat this operation indefinitely fo long as you could procure 100 guineas in England and tranfmit them to Hamburgh, tlie exchange remaining the fame } — Certainly. Is it your opinion that the circulating medium, as entirely confined to paper in this country, produces any efi^edh upon foreign exchanges? — I do not profefs myfelf competent to give my opinion upon that. Whether to your knowledge the exportation of Gold during the lafl: year, to the Continent, was confiderable, compared with former years ? — It may have exceeded the year before double. Martis, 13" die Martii, 18 10. , FRANCIS HORNER, Efq. in the Chair. John Whitmore, Efq. the Governor, znAJohn Vearje, Efq. the Deputy Governor of the Bank of England, called in together ; and Examined. Ace. N" 47. In reference to the laft examination, Mr. Whitmore delivered in a paper, intituled " The amount of Bank Notes in circulation on, Saturday night in each week of the year 1797, and the Courfe of Exchange on Hamburgh on the following Tuefday." Ace. N° 49. "Mr. Pearje, \n reference to his evidence the lafl: time he was before the Committee, delivered in a paper, intituled " A Comparifon of the amount of Bank Notes, and rates of the Hamburgh Exchange at various periods." J.Whitmore,Efq. CAN you give the Committee any more particular information than when you and were lafl: here, as to the ftate of exchange between this Country and Portugal ? J. Pearje, Efq. Mr. Whitmore. The cofripulfory receipt of the government paper in Portugal is not confined to Lifbon, but extends generally all over the kingdom, and alfedts the ex- change at Oporto as well as at Lifbon j but whether the difcount is the fame in both places I cannot flare, I rather believe it varies; the prefent exchange ft^om London on Lifbon is 65 5; it has been as high as 69, and I think 70, within thefe two years. Was it at any time above par in the courfe of the lalt year ? — I do not bear that circumftance in niind. What was the lowcfl: point to which.it was deprefied in the courfe of the lafl: year ? — I believe it will be found, by a reference to the tables, that it was at 64 the beginning of lafl: year. Do you know what the price of Gold Bullion has been at Lifljon in the courfe of the laft year, or its price at prefent ?— There is no public fale of Gold at Lifbon ; I have known a premium given for heavy coin. Do Appendix.] COMMITTEE on the High Price cf GOLD BULLION. 55 Do you mean that there is no market price of Gold atLifbon, either as Bullloa or J.Wbitmort.EJq. in the Ihape of foreign coin?— Foreign coin I cannot fpealc to, but as Bullion I and believe not. y. -pearje, E/q. Is there any market price of filver Bullion, or filver foreign coin, at Lifbon or Oporto? — I believe there is foreign filver coin. Do you know what the price of foreign filver coin is by the laft accounts at Lifbon, or what it has been recently ? — I have had no advices from thence on that fubjedl. In the courfe of the laft year, do you know whether there has been any rife or fall in that price ? — I cannot fay, for want of advices. If the dealers in Gold were to create a great demand for Bank of England notes, that would create an alarm among the holders of notes, who would hoard them in the fame manner as they have done guineas upon other occafions of alarm ; would not the holding of fuch notes raife the value of thofe that remained in circulation ? —My anfwcr to that queftion has been given with a reference to the Bank being reftri(5i;ed_from any frefli iffue, and that there would be no other circulating medium than what might remain of their Bank notes in circulation. Do you mean reftridted by their own difcretion .? — Yes, either by their own dif- cretion or by any pofitive law. Mr. Pearfe. — This conduft would arife out of neceflity for the mere prefervation of the Bank, though it would not tend to alter the ftate of the exchanges or the de- mand for Gold to be exported, and although it would, as in the experience previous to the year 1797, produce great public difirefs. In what manner do you conceive a reduftion of difcounts, in the cafe of a drain for guineas, would tend to diminish that drain ?— Allow me to put an extreme cafe : Suppofe we were to difcontinue difcounting altogether, and to refrain from purchafing any more Government fecurities, every Bank note would, by fuch proceedings return into the poffefllon of the Bank, whereby the public could not call for our guineas, as they would have no Bank notes to exchange for them. Do you not mean in that extreme cafe, that every Bank note would ultimately be brought into the Bank, that is to fay, that as long as any portion of your paper cir- culation was out, that would afford the dealers in Gold the power of continuing to draw out your Gold, who for that purpofe v.ould bring thofe notes to the Bank I — In alking this queftion, the Committee do not feem to be aware that to the extent of difcounting bills, which forms a very important part of the occafion of the ifTues of Bank notes, care is taken in the firft inftance that they (hall be bills of real value, reprefenting real tranfadions, and that they are all due within the period of twa months j that parts of them are become due every day ; fo that unlefs renewed dif- counts tske place, the payments of thofe bills as they become due would of itfclf take out of circulation fuch quantities of Bank notes as would deprive perfons of the means to fuch extent of taking Gold out of the Bank. Mr. Whitmore. — In the cafe you have fuppofcd of the value of Bank notes being raifed by hoarding of them, would it be raifed in exchange for Bullion ? — Pro- vided the difference between fuch raifed value of a Bank note and the price of Bullion would make it a profitable trade. By what criterion in fuch a cafe would you judge that the value of the Bank note was raifed? — In the anfwer I before gave to that queftion, I had gone upon a fup- pofition that the value of Bullion abroad ftill afforded a profit upon the exportation of it; and until the price of Bullion here exceeds the price abroad, there will not be wherewithal to exchange for Bank notes. In order to Amplify the cafe which you have yourfclf fuppofed, let it be afTumed that in foreign Countries matters remain unchanged, thattlie only change which has taken place is that the value of the Bank notes has been raifed, as you fuppofe here, by the hoarding of them ; in that cafe would then the value be raifed here in exchange for Bullion ? — If the Bullion cannot be brought into this Country by any mode of payment to the foreign country, it certainly can have no effcfl. In the cafe fuppofed, which is all along your own fuppofition, of the value of notes being raifed by the hoarding, would the prices of any commodities in the home market be lowered ? — ^The Committee will pleafe to obferve, that when I gave the anfwer to the queftion, it was, upon my underftanding of it, an extreme cafe and not a probable one, and I am not prepared with an opinion as to what efFeft it might have upon the price of any articles here. Does not a rife in the value of any fpecies of money or currency mean a fall in 349. B b the 96 MINUTES orEYlDENCE f ah en he/erg ih [Appendij^i. 'J.'tVhimoYe^Jq. the prices of commodities ?— I did not mean to ftate that, nor do I mean m ftate arid . to the Committee any matter of Opinion ; I would rather wifh to leave that to y. Fearfe, Efq\ the judgment of the Committee, and I am ready to anfwer any points, of ^ J— — 'j faft: Suppofing the currency of any country to confift altogether of fperie, woulds that fpecie be affefted in its value by its asbundance or by its diminution, the fame as copper, brafs, cloth, or any other article of merchandize ?— I have al- ;-eady faid that I decline anfwering queftions as to opinion ; I am very ready to anfwer any queftions as to matters of fafl: ; I have not opinions formed upon the points ftated in this and the preceding queftion fufficiently matured to offer them to the Committee. _ ' Has the Report of the Committee, together with the Evidence of the Committee •Appointed by the Houfe of Commons in the year 1804, to enquire into the ftate of Ireland as to its circulating paper, its fpecie and current coin, and the exchange between that part of the United Kingdom and Great Britain,, ever come under the confideration of the Court of Direftors of the Bank of England ?— It certainljs has not recently been under the confideration of the Bank Direftors. Has it ever been under their confideration fmce June 1804? — It certainly has not recently been under the confideranon of the Court of Direftors colledively. Mr,. Pearje. — It never has been under their confideration formally, though, no doubt, it came under their confideration individually at that period. Arceicherofyou aware, that the principal caufe of the unfavourable courfe of exchange wliich thenexilted between Dublin and London, was^ftated'by that Committee, in their opinion, to arife from an excefs of paper circulation, and the confequent depreciation of its value; and that this excefs arofe principally from the great increafe of the notes of the Bank of Ireland ? — It is not now in my recolleftion what was ftated by the Committee jit that period in their Report ; and I cannot apply the fame efFefts to the notes of the Batik of England. I wifh very much to ftate the fame which has been reprefented by the Governor, that I have not recently read over the evidence and information which induced that Committee to entertain fuch opinions, and particularly as I do not recolleft alfo whether the paper of the Irifh Bank was ifTued in the fame manner aS that of the Bank of England, and with the fame caution. We wifli to repeat to you fome of the queflions which you formerly anfwered. You ftated in a former examination, " Suppofing the excefs of the market price of - Gold in Bank notes above the mint price to be 5 per-cent. and that in confequence a drain of guineas takes place from the Bank, and the Bank, by diminifhing the ]amount of its outftanding demands, raifes the value of its paper 5 per-cent." in the manner defcribed in a former anfwer of yours, would not the refulc be to bring the 'market and the mint price of Gold to a par, and confequently to put a ftop to the demand for guineas ? Mr. Whilmore. — 1 believe my former anfwer did not go to the Bank raifing the price 3of their notes, for in faft, if the Bank was to raife the value of them, and give them for difcountb, eftimating them at fuch encreafcd value, it would incur the penalty of liftiry. I therefore conceive this ftatement to fuppofe a cafe that cannot occur. In taking into confideration the amount of your notes out in circulation, and in limiting the extent of your difcounts to merchants, do you advert to the difference, when ftich exifts, between the market and the mint price of Gold ? — We do adverc to that, inafmuch as we do hot difcount, at any time, for thofe perfons who we know or have good reafon to fuppofe export the Gold. Do you not advert to it any farther than by refufing difcounts to fuch perfons ?^-r We do advert to it, inafmuch as whenever any Diredlor thinks it bears upon the queftion of our difcounts, he preffes it forward for difcufTion. The market price of Gold having in the courfe of the laft year rifen as high as ^. ^. 10. or;£. 4. 12. has that circumftance been takeri into confideration by you, fo as TO have had any effect in diminifhing or enlarging the amount of the ouc- Itanding demands ? — It has not been taken into confideration by me in that view. Mr. Pearje. — In confidering this fubjeft with reference to the manner in which Bank notes are iffued, refulting from the applications made for difcounts to fuppJy the ncceflTary want of Bank notes, by which their ifl"ue in amount is fo con- trolled that it can never amount to an excels, I cannot fee how the amount of Banic notes iflFued can operate upon the price of Bullion, or the ftate of the exchanges, and therefore I am individually of opinion that the price of BtiUion, or the ftate of the Appendix.} COMMITTEE on the High Price o/GQLD BULLION. 97 the exchanges, can never be a reafon for klTening the amount of Bank notes to be J.fVhitmore,Efq. iffued, always underftanding the control which I have already defcribed. and. Is the Governor of the Bank of the fame opinion, which has now been exprefled J. Pear/e, Ef% by the Deputy Governor. t_ ^.■.' ',-7 ;, Mr. Whiimore.—i. zm fo much o,f the fame opinion, that I never think it neceflTary to advert to the price of Gold or the ftace of the exchange, on the days on which we make our advances. ■ Do you advert to thefe two ci-rcufpftances with a view to regulate the genc^ral amount of your advances ? — I do not advert to it with a view to our general advances, -conceiving it not to bear upon the queflion. Mr. P^/??;/^.— In confirmation of this opinion, I wifh to draw your attention to what I have before exprefled, as will be (hewn in fad by the flatement delivered in juft now, in anfwer to aformerqueftion, being a Compaiifon of the Amount of the total of Bank Notes at various periods, with the State of the Hamburgh Exchanges at correfponding periods. .Has not the amount of your outftanding demands increafed in the courfe of the la ft year ? ■ Mf. Whitraore. — The Return that: we have made to the Houfe, of the amount of our Bank notes in circulation, takes, in the whole of our difcounrs and of our advances on Exchequer bills, and if the one has increafed, the other I confider to have been di- minifbed, as the amount now and at a former perioilvery nearly correfpond, with the exception only of our notes of one and two pounds ; as it appears, I believe, by a Return to the Houfe of Cofrimons, that in the beginningof the year 1795, in February and March, the amount of our Bank notes in circulation was fourteen millions, and by the lafl; Return on the 13th of January laft, it was ;^. 14,668,6,40., and on the 6th of this month it was ;^. 13,894,000. cxclufive of Bank poll bills and notes under five pounds. Were the Bank poll bills excluded in the Return that you fpeak of, to the Houfe of Commons, of your circulation in 1795 ? — To thebeft of my recoUedion they were excluded. State to the Committee what is the criterion which enables the Bank at all times to afcertain that the ifl'ue of Bank notes is kept precifely within the limits which the occafion of the public requires, and thereby to guard the circulation of this Country againft the poflfibility of any excefs ; and in what manner the control neceflary for maintaining uniformly an exadt proportion between the occafions of the public and the ifllies of the Bank, is exercifed and applied by the Court of Diredors. — I have .already ftated that we never forced a Bank note into circulation, and the criterion by which I judge of the exadt proportion to be maintained is, by avoiding as much as pofiibie to difcount wlia: does not appear to be legitimate mercantile paper. The Bank notes would revert to us if there was a redundancy in circulation, as no one would pay intercft for a bank note that he did not want to make ufe of. Mr. Peatfe.—l agree in that opinion, and beg to make thefe additional obferva- tionsi that in difcounting bills that are fent to us tor that purpofe, for which a difcount is taken at the rate of five per cent, per annum, if there was with the public an excefs .of Bank notes, thofe bills would be fought for difcount by the public at a reduced -rate, and would not make their appearance at the Bank. We have daily evidence ia •our difcounting of the indicationsof the abundance or fcarcity in the quantity of Bank notes, by the applications for difcounts, for the reafons already afligned, which is parT ticularly proved by our experience on the Tuefdays and Wednefdays in every week, •in confequence of our difcoundng London paper on the Thurfdays only, producing "by that operation, invariably, a certain degree of fcarcity the two preceding days, and a .■plenty the day following. ^ Do you meafure the fcarcity by the application for the difcount of good paper? —Certainly, and our difcretion by the quality. Then your meafure of fcarcity or abundance is by the greater or lefs ap- plication that is made to you for the difcount of good paper ?— Certairily. . Does not the circumftance, of individuals applying for advances, or not 10 applying, at 5 per cent, indicate rather a deficiency or a redundancy of the mercantile capital, • than a fuperfluity or want of circulating medium? Mr. Perfe.—l am not of opinion that the application for Bank notes is for any other purpofes than as a circulating medium in the interchange of property. Is ft your opinion that the fame fecurity would exift againft any excefs in the iffues of the Bank, if the rate of the difcount were reduced from five to four pe/ Mr.Whitmore. — ■ 98 ' MI^^UTES of EVIDENCE taken k/ore ibe [Appendijf. J.JVhilmore,E/q. Mr. PFhitmore. — The fecurity agalnft an cxcefs of iflue would be, I conceive, pre- and cifely the fame. J. Pearje, Ejq. Mr. Pearje. — T concur in that anfwer. ' ■^ ' If it were reduced to three per cent. ? — Mr. IVhitmore.—l conceive there would be no difference, if our praftice remained the fame as now, of not forcing a note into circulation. Mr. Pearje. — I concur in that anfwer. You have ftatcd, that the control which guards the public againft any excefs in the iflTues, is that no perfon would be difpofcd to pay at the rate of five per cent, intereft to the Bank for the ufe of their notes, if his occafions did not require fuch an advance, and that this is the criterion by which you judge of the occafions of the public being adequately fupplied ; might not fuch perfon be difpofed to obtain this accommcditioa from the Bank, if any profpeft offered itfelf to his fpeculation by which great profit might be derived from the ufe of a capital fo obtained, although the wants of the circulation might not require any fuch addition ^ Mr. fFhitmore.—\n my view of the fubjed, nobody would pay three per cent, intereft even, or any intereft of money, unlefs it were for the purpofe of employing it for fpeculation; and provided the conduft of the Bank is regulated as it now is, no accommodation would be given to a perfon of that defcription. Mercurii, i^" die Mar tit, 1810. FRANCIS HORNER, Efq. in the Chair. Ace. N" c6 57, 58. .7<5'&» Louis Greffuihe, Efq. attended, and delivered in a paper, containing a Statement of the prices of Gold and filver at Amfterdam and Hamburgh; and was Examined. J. L. Greffuihe DO you conceive that before the fufpcnfion of the cafh payments by the Bank, Efq, large quantities of Gold may have been exported, being taken from the coin of this ,^ ^ Country, in the event of a very unfavourable exchange ?— Certainly, whenever the exchange was low enough to draw Gold and filver out of the Country. Do you conceive that fuch a tranfmiffion of Gold ufed materially to operate in reftifying the exchange? — It would operate in part payment of the balance of payments againft this Country. Would fuch exportation operate in any other manner than an equal value of any other commodity? — Not in my opinion. In point of fa£t, in the month before the reftriftion upon the Bank iflTue, was not the exchange very much in favour of England ? — It was in favour of England j not materially fo. Do you believe that at that rate of exchange, any great quantity of Bullion would be fcnt from England ?— Not at that rate of exchange. Is it your opinion that the demand upon the Bank for Gold immediately preceding the reftridion in 1797, was for exportation, or that it was for the purpofes of circulation in England ? — I fhould conceive that it was for internal purpofes. You ftate, that the exportation of Gold would have no other effedt upon the foreign exchanges, than the exportation of the fame value of any other commodity ; would not the exportation of the Gold Bullion naturally be followed by the exportation of the Gold coin, and would not the exportation of the Gold coin, fuppofing no forced paper circulation to exift, produce a fcarcity of money in the Country, which would tend to counteradl: the ftate of the exchanges?— I cortceive that that fcarcjty of money could be but very momentary, and that other means would fpeedily be devifed to fupply the wants of circulation. What other means can be created, other than a forced circulation of paper ? — I conceive that the wants of circulation would be fupplied by paper not forced. But in that cafe, is it not your opinion that if no forced paper circulation exifted in the Country, it would not be poiTible for the exchanges to fall materially below their par, or for the price of Bullion to rife materially above its ftandard price ? — 1 conceive that that would not prevent the exchange from falling very confiderably under par, if the arnount of Bullion in the Country were not fufficient to pay the balances. Do you recolleft any inftance of the exchanges having fallen materially below par while Bank notes were payable in fpecie ? — Since I have been in bufincfs, I recoiled no AppendiK,'] COMMITTEE nn the High Prlc« i^f GOLD BU'LLION. 99 no period, prior to th« fulpenfion of the cafh paynD'cnrs by the Bank, when the J. L. Grejfulbet exchange was confiderably below par. Efq. As long as guineas can be procured for Bank notes, and that thofe guineas can be ' 4>- ' exported, how is it poffible that the exchange can fall more bflow par than the equivalent of the expence of exporting the Gold r — It cannot as long as goincas can be procured in fufficienc quantities. Suppofing Bank notes to be payable on dennand, in what manner do you, conceive that the foreign exchange is checked in its decline, fuppofing the balance of trade to be againft this Coiinrry ? — By the exportation of th? coin of the Country. In that cafe, what prevents the whole of the Bu lion and coin of the Country being exported ? — The wants of circulation and other circunnftances nnay keep a certain proportion of the fpecie in the Country, but I fliould conceive no material pro- portion. Then this exportation of the Bullion or Specie would at iaft be limited bv the wants of the Country for its own circulation i" — By chole wants and ochcr circum- stances which I alluded to, fuch as hoarding, &c. Would not fuch a ftate ot things neceliarily produce the impoffibHity of procuring from abroad a greater value of foreign produce than we could pay for, after allowing fufficient for our circulation at home? — The value of fuch foicign imports might exceed the means of payment in Bullion and fpecie, the cffcft of which would be to ortumties or occafions to confidcr the effcdt of an excefTivc or forced paper currency in ariy country upon ics fjreign exchanges wi;[h other countries ? — In a fmall degree I have. What do you conceive the effcdl of fuch cxcefs to be npon the foreign exchanges? — I apprehend the effefl: on the exchange would follow the depreciation of a fjrdccf currency. What do you fay as to an exceffivc currency, though not forced ? — I do not con- ceive the thing poflfible. What do you mean by a forced paper currency ?— A paper which I ann obliged to take againft my will for more than its value; it is not forced lo long as people take it willingly, which they will naturally do Whiift undepreciated. May not the quantity of metallic currency be increafrd in proportion to payments >vhich it has to tfFcit, by an iricreafed iffue from the mines j and will not that have the cffrft of raifing the money prices of all commodities ? — I conceive an increafe or abundance of filver or Gold would have the fame efFc(5t upon thofc precious me- tals as a glut of any other commodity upon the market. And in the fame manner, may not that paper currency which continues to preftrve its credit unimpeached, and which commercial people are ptrfcdily willing to receive, be fo augmented in quantity as to raife the local prices of commodities ?— I do not conceive that that piece of paper, for which I am obliged to give a valuable article of merchandize, can be increafcd beyond the want for itj nobody will give a va-- luable article for a piece of paper that does not want it. Have you ever happened to pay any attention to the hlftory of the paper currency of Scotland between thirty and forty years ago, or to that of Ireland about the year 1804 ? — Some years ago I remember reading fomething about them ; but the recol*- leftion is rather faint upon my mind. Do you call that paper, in your fenfe of the word forced, a forced paper currency, •which either by law as it ftand.s, or by force of public opinion, is not convertible into fpecie at the option of the holder ? — If it be convertible into other objefts of my gratification without depreciation, I do not confider it forced. At the Mint price of ftandard Gold in this Country, how much Gold does si Bdrtk of Ehgland note for one pound reprefent ? — 5 dwtS. 3 grs. \-> At the prclcnt market price of ftandard Gold of £. 4. 12. per ounce, how much Gold do you get for a Bank note of one pound ? — 4 dwts. 8 grs. Do you confider that a Bank of England note for one pound, under thefe prefent circumftances, as exchangeable in Gold for what it reprefencs of that metal ? — I dp hot conceive Gold to be a fairer ftandard for Bank of England notes than indigo or broad cloth. ^ [Queftion repeated.] , If it reprefcnts twenty Ihillings of that metal at the coinage price, it is not. If I go to a Silverfmith's ftiop, and fee a Gold cup, which he tells me is in weight cxadly a hundred guineas, and that he muft have ten pounds more for the work- manfhip, will he give me that cup for ;^. 1 15. in Bank notes, Gold Bullion felling at •£. 4. 12. per ounte ? — He will iell his Gold cup as he would any other Bullion, at the Bullion price I fuppofe. Am I to underftand by that, that he would fell his cup for £. 1 20. or thereaboutii being the value of the Gold, befides the £. 10. for the workmanlbip ? — Yes. Will you ftate to the Committee, in ycjur opinion, to what caufes is referable the prefent unfavourable ftatc of exchange berftfeen England and the Concinenc? — i'o the ■balance of piaymerit:, being againft- tiVis Country. Can you _ give cafes to illuftrate the fact that you have afiigned, of the balance of pay nnents being againft this Country ?—Larjge Britifli Armies on the Continent ; flow returns for eixports j quick payments for imports, and very large ftoc-ks of imported g6ods now on hand in this country. Is there any other caufe to which yOu attribute the prefent ftate of e:xchange ?— I know of none other that can affeft it, exceptirrg that of a forced depreciated currency. is it your opinioh that the currency of England is depreciated ?— Certainly not. Is it the courfe of trade between Great Britain and the Continent of Europe to pay by anticipiarion fomctimes, or by ready rrtoney, for our imports? — Almoft -without — — — s,.-— ^ — ' Bank ?— They are all private Banks, but incorporated ; one is called the Bank of tb6 United .StateSj incorporated like the reft, which has ixven branches in the different rState^. Is the paper of a^^y ofthofc Banks a legal tender in payn-tent, or are they all con- vertible into fpecie, at the option of the holder ? — In the Banl<: of the United States' and all its branches, and in all the Banks in the principal fea ports, the notes a^e payable m Gold or fiLver on demand. I believe there arc iamz country Banks, par- ticularly in the State of Maffachufets, vvhich have lately paid only by drafts on the' capital of the State at 30 days fight ; they will foon, however, be compelled to pay in fpecie, or the charter will be taken from them. Are the notes ofthofe Banks in Maffachufets payable in fpede on demand?— Yes. ' I IThen you do not underftand that paym_ent by drafts on Bofton to be a legal difcharge ? — N 0, not at all . Has this fufpenfion of payment on the part of thefe Banks gone to any extent ia amount, and (rom what circumftanccs has itarifen? — Four orfive out of twenty-five of thofe Banks perhaps have paid by drafts inftead of paying on demand j it has .principally arifen from the ftate of things produced by the embargo. Are the dollars and eagles you have mentioned, coins of the United States? — Yes. Do you know the ftandard of thofe coins, and the quantity of each metal contained in them refpedlively ? — The eagle weighs 11 pennyweights 6 grains i the dollar weighs 17 pennyweights 7 grains, and it paffes in China and in the Eaft Indies at the fame value as SpaniJh dollars. Is that their ftandard weight, or their current wfight ? — The ftandard weight Do you know the average weight of dollars in circulation ? — Seventeen penny-, ■weights 6 grains. Do you know the current weight of the e^gle ? — It may be a grain lefs. But, as the beft mode of furnilhing the information which I poflefs upon this fubject, I beg leave to offer to the Committee a book which I have brought with me, intituled Ace. N'^ 6^,63, 64. "The Maffachufet's Regifter, and"United States Calendar, for the year i8o8j" which contains Tables for receiving and paying the Gold coins of Great Britain^ Portugal, France, and the dominions of Spain, according to afts of Congrefs ; and a Table of the weight and value of the American coins ; alfo, a Table of the value and weight of Coins as they pafs in the refpedtive States of the Union, with their fterling and federal value, together with rules for reducing currencies. This book alfo contains a ftatement with refped: to the United States Baiik, and the Banks in Maffachufets. Arc you able to ftate whether there is much of this Gold coin in circulation in the United States ? — I believe that Gold compofes the greater part of the fpecie that is ia circulation in the United States, becaufe dollars generally bear a premium; Are they both legal tenders for any fums ? — Yes. Is there any limitation upon the offer of filver in payment of debts to any amount? — No, only of copper, which is only a tender for fmall payments, as in this Country. Then we underftand you to ftate, that Gold is more fcen in circulation than dollars? — ^Yes, 1 think it is. Is there much paper in circulation in proportion to the fpecie ? — Yes, a very great proportion ; I fhould fuppofe nine tenths j I mean bank notes payable to bearer oa -demand. Is the proportion of bank notes to fpecie in circulation in the United States, morQ or lefs than what you think it was in this Country before 1797?— About the fame, I ihould Tuppofe. Lefs therefore than it is in this Country at prefent,' — Yes. What, according to your beft information, is underftood to be the amount of the quantity of paper in circulation throughout the United States ?— The capital of all the Banks is about 40 millions of dollars, perhaps three-fourths of that may be in circulation in Bank notes. Are any of thofe Banks limited by law, or by the terms of then- charters, as to thfi amount they may iffue,?— I beHeve not, they arc fo numerous that they are a check upon each other. Is the circulation of each of thofe Banks generally .confined within a certain diftria* or Appendix.]' COMMITTEE iw ?^tf High Price 0/ GOLD BULLION. 105 or do the notes of any one of them circulate throughout the States? — They are by S.WiUims,Ejf, prafticc confined more or lefs to their own local diQdift ; the bank notes of the * -^ __/ United States Bank circulate freely throughout the States. In what proportion would you fay, that in any one of the States the bank notes of 'the Bank of the United States bear to the local paper of-fuch States? — The beft in- formation I can give, is to refer to the book I have delivered in, which contains a ^atement of the capital of the Bofton Banks, and that branch of the United States Bank which is at Bofton ; 1 believe the capital of the country Banks in Maffachufcts may be about two millions of dollars. Do you conceive that the circulation of any of thofe Banks. bears a fixed ornecef- ,fary proportion to the amount of their capirai ? — The notes of the Bofton .Bank may -amount to two-thirds or three-fourths of their capital. Do you know that faft,? — Yes, I do. Is it an inference you derived from your knowledge of that fafl:, when you calculate ithe amount of the circulation of the other Banks,? — I conceive the country Banki :iflue in a larger proportion to their capirai. Is itncGelTary tohaveacharter. in order to carry on the bufinefs of banking in any part of the United States, or is that branch of trade free to all the world ?— It is ifiee to all the world; but unlcfe they were chartered,. people would not have con- ffidence in thenfi. What privileges docs that charter give ? — They are authorized to iffue notes for a ■certain time. Are the proprietors rcfponfible beyond their fliafes of the c&pital fubfcribcd ?— • No. Then that is the nature of the privilege which they derive from their charter, and ithe privilege of fuing, and being fued ? — Yes. Do theft country Banks, and doesthe Bank of the United States, receive depofira, or dotheyiffue their notes upon the credit of commercial bills, or npon what other fecurities? — On com.mercial bills chi6fly> What dfltc do thofe bills bear, and at what rate of intercft are they difcounted?-- 5ixty days date, and at 6 per cent. Is there any general law in the Uiiked States ilimrting the rate of intereft ? — \n Maftkchufcts the rate of intereft is limited by law at 6 per cent. ; I believe in New ■york at 7 ; all the Banks throughout the Uhited States difcount at 6pcr cent. Do thofe Banks receive dfepdfits?— Yes. Do they give intereft on fuch depofits ? — No. Is any thing paid to the Bank for fafe ctiftody?— No. What is the current market rate of intereft in the Country ?— Six per cent. Is it reckoned a favour to lend at4 percent, on theContinent ?— Yes. Has there been any alteration lately in the current or legal rate of intereft ?— !No. What is the intereft which Government fecurities bear in the States? — For the Jecuritiesof the individual States, t-he intereft 16^6 per cent. Has the National Bank any privileges above the other Banks ?— No other thaa fthat of receiving the public monies for duties, &C. The National Bank then is of courfe exclufivcly employed to paythe dividends on .the [Hiblic debt ?— Certainly. Does that Bank make thofe payments gratuitoufly ? — ^Yes. What is the difFeretice which you alluded to between the value of Gold and filver, and the caufe of that difference ?— The difference is generally 1 to 2 .per cent, and the caufc is, a greater demand for the -exportation of dollars to the Eaft Indies and •China. When a demand to any confiderable amount is made upon any of the Banks for a payment in fpecie, do they make that in eagles, the coin of the United States, of :in foreign coin ?— In both indifcriminately, becaufe all foreign coins are received at the Banks at the relative values eftablifhed by Adt of Congrefs. Are thofe foreign coins in cottitnon circulation?— They are. In mentioning the large proportion of Gold to filver coin in circulation, do yott mean to include this foreign Gold coin as well as the eagles ?— Yes. What proportion does the foi-eign Gold coin bear to the eagles in circulation ?— As 9 to i. . What fort of foreign Gold coin is itJ^— When I was in the country ten or twelve years [o6^ MINUTES of EVIDENCE taken before the [Appendix. 5. Pfi:iims, FJq. yf ars ago, it was cbieflv Portuguefe and Spanifli Gold j there were alfo Englilh guineas and French Gold, but not much. Are the foreign Gold coins in circulation unifornnly received without any fliiftua- tion at the relative value fixed by law? — They pafs by weight. Does the federal law of the United States, or does the law of any of the flates, permit the exportation of their own. coin, Gold or filver?— The exportation is free. Is there a feigniorage paid at the American Mint? — I believe not. Does the Spanifh dollar pafs by weight, or in the fame way as the dollars of the States ? — It circulates equally; I believe they are of the fame finenefs and weight. Is there a general Mint for the federal union, or are there more Mints? — There is only one Mint, a federal Mint. Wh.u is the relative value of Gold and filver? — ! believe 15 for i. Is it fuppofed that any large fund of Gold or filver is depofited in the coffers of the Banks you have defcribed, and in what manner do they fupply themfclves with fuch as they have occafion for? — I fuppofe that large fums are depofited in the coffers of the Banks, confiding chiefly of Gold coin. Are the Banks in the United States expofed to fudden drains upon them for their Gold or other fpecie, either in confequence of an alarm or a demand within the territory of the States, or in confequence of demands from abroad ? — They are fometimes fubjeft to fudden and great drains, when large fums are wanted for ex- portation to the Eaft Indies and China, That is a drain for filver? — Yes. How high have you ever known the agio of dollars above Gold? — Five per cent., the general average is from one to two. Have- you ever known a drain upon the Banks for Gold, from any caufe ?— No, never but upon the eftablifhmcnt of a new Bank, and the confequent demand for Gold to form its depofit. Have you ever known inftances of failures of any of thofe Banks ?; — Only onein the ftate of Rhode Ifland, which was a Bank that iffued notes without having any capital or funds to fupport it. In what manner do thofe Banks guard themfclves againfl: an inconvenient demand upon them for filver, when the premium is as high as five per cent. ? — They pay in Gold. Suppofing there were a demand upon them for Gold, in what manner would thofe Banks endeavour 10 proted themfclves from having their depofit drained ofl" by their notes being brought in ? — They are careful not to iflfue too many notes. Do they lefien their paper, when there is danger of drains upon them for Gold?— Alway-s; they often leflfcn their difcounts very rapidly. Under what circumftances is it that fuch a drain is felt or apprehended by the BaOks ; is it when the exchange is peculiarly unfavourable ? — It. is not much affeded by any exchange, but from their having ifflied too much paper. • when the drain is made upon them, to what purpofe is the Gold applied that is lo taken out ? — There may be a drain upon one Bank out of four, to relieve the other, three. Do they ever experience a general drain upon all the Banks ? — No. Do you remember any cOnjunflion of circumftances afi^cdting the country ge- nerally, which have made the Banks take more than ordinary precautions in Icffening the amount of their circulation? — I do not recollect any. Is it the cuftom of jhe fcveral Banks to poflTefs themfelves of each others paper, and then to exchange that paper for Gold when they experience a drain ? — It is mutually the cafe. Is there no one Bank that has any exclufive circulation in any one part of America, and to whofc funds the other Banks more particularly refort for a fupply of Gold r — No. , f Do you remember at any time the exchange on England being fo unfavourable to America, that there was a profit by exporting fpecie from America .? — Yes. Was it Gold or filver? — Silver, generally; and it was when the price of filver was high in this Country. From what caufes did that ftate of exchange unfavourable to America arife ?— r From the large importations from this Country chiefly, and the reduced exportations from America. Did that caufe any drain of Gold ? — No, only of filver. Do Appendix.] ' COMMITTEE in the High Price c/GOLD BULLION. 107 Do you remember any period fince the independence of America, when the S. Willianis, EJq. ipaper circulation of thac Country was regarded as exceffive r^Not fince the inde- ' v — ■ ' pendence. ■Has there been any forced Government paper in America fince the independence ? — No. Is there in any of the principal towns of the United States, a market price for ^Gold or filver Bullion or coin, as there is in the principal capitals of Europe ? — No, there is not. Is not the currency different in the different States ? —All the naiional accounts, and jiU the accounts of merchants and bankers, are kept in dollars and cents. Then what is the ufe of thofc rules which are given in the -book you have delivered in, for reducing the currencies of the different States ? — Some few old people may ftill reckon by il>c old currency of pounds fhillings and pence. How doe.N it happen, that a different rule fliould be ncceffary as between different States ? — Before the independence, there were exceffjve puper currencies in ail rhc States, which were ]iqiuidatee peii'uns who ritain? — There •has never any been fixed; what we "confidcr as the par of the American or Spanifh .dollars is \s bd. fterlmg. Are the exchanges with England quoted with reference to this par in dollars ? — No; they generally draw in pounds fterling. How do you draw upon them'? — Very few fuch tranfadions ever take place. If you were to draw a bill upon America, in what terms would you draw it; in •dollars or fterling? — In dollars, converting the pounds fterling into dollars at 4J. (> d. Is there an exchange of the U-aitcd States on England, as well as of England on the United States? — No; there is only an exchange from America on Great Britain. What is the prefent exchange from the United States on England, and has that varied much within the lalt twelve months ? — In the month of January laft the ^drawer in America received from f^. y6 t-o £. 97. for a bill of ;^. 100. [The Witnefs gave in a paper, intituled " Average of Exchange, New p^^^ N'Si. York on Great Britain, from 1S04 to 180S inclufive, and Exchange at Bofton in 1809."] The difference between New York and Bofton is pretty fteadily one per cent, lower .at Bofton than at New York, that is, the merchant at Bofton gets one per cent, icfs ;than the merchant at New York. In this mode of ftating the exchanges, whether it be in dollars or pounds, the par feems to be in fact an equal number of either? — Yes. It would appear from this account, that the exchange remained in favour of this Country from about the beginning of 1 805 to the end of 1807, and that during the year 1808, and until April 1805, the exchange was againft this Country as much as from 6 to 10 percent. ? — Yes. What do you confider to have been the caufe of that ffate of the exchange in 1 8o3, and the firft quarter of 1809? — It was owing to the embargo, and the redudlion of ■exportation from America to chis:Country, to equalize the balance of imports from this Country. 349, E e What io8 MINUTES of EVIDENCE taken hifoti the [Appendix.' S.PFilIiams,E/q. What is the cxpence of tranfporting fpecie from the United States to England, *: — •—— _^.,_^ : ; covering all the expences and rifk? — At this moment it would be about 5 per cent. During the year 1808, when the exchange was from 6 to 10 per cent, againft the United States, do you know whether any fpecie was tranfportcd from thence to this Country ? — The exportation was prohibited of courfe by the embargo. Veneris, 1 6° die Martii, 1810. FRANCIS HORNER, Efq. in the Chair. John Allerii Efq. called in, and Examined. 7. Allen, Efq. HAVE you had any opportunities of acquiring information in refpecfl to the pro- ''■ sj — - — ' duce of the Mines of Spanifh and Portuguefe, America within any recent ptriod ? — . J was in Spain and Portugal from i8oi to the beginning of 1805, and during that time 1 endeavoured to procure information upon thofe fubjefts ; the refult of which I am ready to lay before the Committee, as well as orher information which 1 have fmce colk'fted upon the fame llibjeft. Ace. N°2i. Mr. Allen then delivered in " An Account of the produce of the Royal Fifth in the Captun-Generalfhip of the General and New Mines of Brazil, from the ifl of Auguft 1751 to the 31(1 of December 1794:" Alfu, Ace. Is'' 12. " An Account of the Royal Fifth from the ciiftrlcl of Goiazes in Brazily - from the year 1788 to 1795, with a table comparing Fortuguefe with EngliiTi weights." On what authority do thofe two Accounts reft ? — They were obtained originally from, the books of the Mines from Brazil tranfmitted to Lifcon, from which books thofe accounts viere extrafted by the Gentleman who communicated them to me. Ace. N°23. Alfo, '' An Account of the Coinage of Mexico, from 1733 to 1793. both inciufive : ' What is that work, entitled Merlchorio Peruana, from which this account pro- fefics to be taken r — it is a v\ork that was publifhed periodically at Lima, by per- fons who had acccls to official and corredt information on thofe points. Ace. N° 24. Alfo, *' An Account of the Coinage of Mexico, in fiiver, from the year T795 to 1S04, both incluhve:" This was given, to me by Mr. Angevault Morney, who had received it fiom Don Emanuel Sexto Efjjinofa, Direftor of the Caxa de Aconfolidation at Madrid: Alfo, ACC.V25. "An Account of the Produce of the Mines of Peru, of the . Coinage of Lima, and of the Mines of Chili, and a general eftimate of the Annual Coinage of.Spaniih America, collected fi-om the dif- ferent authorities whiChtarc ftated in the account:" Alfo, Ace. K" 26. "A StO'temcnt, with refpeft to the Spanifh Mint, of Importation of Gold and fiiver into Spain, and the duties on fiiver and Gold :" Alfo, Ace. N° 27. " An Eftimate of the proportional quantities of Gold and fiiver extrayKich T have calculated it to be at the ante- J/ Allen, Efq. ■cedent period, and which I think is a jud inference, if there had been no material c ' alteration in the propoftionaie quantity, as well as a prefumption in favour of the ■accuracy of both itatenients. What has_ been the increafe in the quantity of filver?— In the courfe of half a ■century the increafe has been in the proportion of three and a half to two ; my ^count of three-fifths of- the filver produced, reaches down to 1804, and the account of Potofi to 1800. Have you had any opportunity of colle<5bing information wirii refpeft to the pro- grcflive ftace of the prices of grain in Spain during the laft half century ? — I haw; ibere a ftatement of the prices of wheat and barley in Seville from 1675 to i7'64. [Mr. A!kn delivered in feveral Papers.] - ■" Prices of Fanega of Wheat and Barley IVom 167J 101764 'both Act. N" zg. inclufive, tafken from the current prices in the Market of StvNie." *« Prices of the Fanega of Wheat and Barley from 17,65 co 1787, both A-cc. N'30. inclufive, from a comparifon cf the Prices in the Market Towns of Caftile.'' *' Prices of die Fanega tif Wheat and Barley frotn 17 88 -to to 1792, ^^^- ^" 3'- both inclufive, in the chief Market Towns of the two Caftiles, Andalufia, and Eftrcmadura." *' Prices of Wheat a-nd Barley from 1793 to 1 804, in the Market of Ace. N° 3s, Medina and of Rio Seco." Is there a paper currency in Spain? — There was a Government paper currency, which was depreciated very confiderably. Was it forced in payments ? — No, it was not. To what was the depreciation owing .^ — I am not prepared to anfwer thatqueilion^ it was partly owing to want of confidence in chat Government, and partly to an over-iflbe of paper. Was it a paper currency which circuhted in fmall payments ? — No ; it confided of three forts of notes, one of fix hundred piaftrcs, one of three hundred, and another fof one hundred and fifty. Was the depreciation fuch as to have occafioncd two prices? — The paper pafled at a depreciated value. . Was that paper received by Government in the payment of taxes ?~I believe nor. Carv yoti ftate what the expence is of tranfporting fpecie to Spain ? — I can hardly yenture to ftatc it from recollection ; I have materials which will enable me to ftate what the expence is of tranfporting fpecie from Lima to Spain i what it is from Vera Cruz I do not know. Does, the information which you poflefs, relate to a period of war or peace? — It relates to the period from 1790 to 1796. .' Have you any means of ftating what it is at the prefent time? — I have not. Do you know whether the importations from the Colonies to the Mother Country have been regular, up to any recent time?— ^ I believe not; they have been inter- rupted by the war with England. Have there been any confiderabie importations within a very recent period ? — There has, fince the ceflation of hoft-ilities with England, been a very confiderabie importa- tion, but 1 cannot fay to what amount. Can you firate v.hether there is any confiderabie quantity of Gold or filver in cir- culation, or hoarded, or brought to the marker, or laid up in ftores, in Spain or Portugal? — There is no want of filver in circulation, but theie is a fcarcicy of Gold both in Spain and Portugal: there was not fo much Gold to be had lad year, when 1 was there, as in 1804. Has not Gold, at the lafl period to which you have alluded, increafcd in value when compared v^ich filver, and how much? — There vvas always a fmall agio on Gold in Spain ; it is very difficult to get any at prtfent, and 1 believe the agio has increafed, but 1 cannot fay to what amoufit- John PP'hitviore, Efq. the Governor, and John Pearje, Efq. the Deputy Governor of the Bank of England, called in together; and Examined. Suppofe a cafe in which no demands were made upon the Bank by Government JJVbitmoreiEfq. for unulual accomniodalior.s, but an unufual demand was made by merchants for and increafcd J. Pearje, Efq. 1 10 MINUTES of EVIDENCE taken befm the: [Appendix:. y.^^.'tmore,Efq. "mcreafed facilities of difcount, would the Bank in fiich a cafe confidcr itfelf as bound,' and in order to fupport public credit, to grant that increafe of difcounts, although there y. Pear/e,E/q. was a run irpon it for Gold cccafioncd by the high price of Bullion and the unfa- vourable ftate of the exchange? — I now confidtrr my anfwer as my own opinion, not having the opportunity of confulting the Bank upon the queftion ; in my opinion the Bank, would not increafe their dilccunts, nor on the other hand would it, I think,' after the experience of the years 1796 and 1797, do well materially to diminilh them. Do you mean that tliey would lean rath-er to the fitie of diminution ? — Thejr Avould raihtr lean to that lick; than to t!ie othtr. ; What do you ccrfider as the refiiit of ihc experience which the Bank gained in 1796 and 1797, alluded to in vour preceding anfwer ? — The experience the Bank .gained in thofe years was, that if they had perfiftcd in diminilhing their difcounts to a greater degree than thty did, they would have broughc on luin to the mercantile part o( the community. Did not the diminution of diicounts At thofe periods create great public diftrefs ? ■ — Inibmiich fo as I have already ilaied; many of the Bank Directors repented of the meafiirc. Was not the drain upon th-e Rank which took place at that time, occafioned chitflv by a demand for an increafcd quantity of Gold in the Country, in confe- k ofEngland notes had antecedently circulated ?— Yes, it may. May it not have in fome degree diminished the quantity of Bank of England notes circulating in the country ?— I can anly give the fame an'fwer to this as to the laft queftion. During the dlftrefs Jn the country, which happened in 1793 and 1797, do you recoiled to have heard of any material fail in the price of articles of trade in confequence of the fuddcn fcarcity of the circulating medium ? — I do not, although that probably was the cafe, as the prices of all commodities will be affciSltcd by the fcarcity of th^ circulatins! medium. Did you obferve that tlie prices fell in a greater degree where there was a greater degree of local diftrefs, occafioned by the failure of country bankers ? — Where thft diftrefs was the greateft, theeffed of that diftrefs would be the moft obvious ; but in confequence of the afilitance which was given to the country by the loan of exchequer bills, the general credit was in a fhort time reftpred, and the inconveniences were far lefs than might have been eicpeded. Was there not a great ftagnation in trade then ? — Yes, certainly, for a Jhort timeJ You have ftated, that, before the reftridlion on the Bank of England, had any extra- ordinary drain for guineas taken place at the Bank of England, it Would in its effefls have been felt by the country bankers ; are you aware that when a drain for guitiie* was occafioned by an unfavourable courfe of exchange, the inducerments to Withdraw -Gold from the Bank was the profit- which might arife from exporting or melting dowh the guineas? — The inducement to withdraw giiineas from the Bank ofEngland ih confequence of an unfavourable conrfe of exchange, muft undouBtiedly be the profit which would arife to thofe perfons who fo a£ted. Might not that alfo be an inducement to the holders of papier of the country banks to withdraw Gold from thofe banks? — The caufe which induced perfons to withdra? 124 MINUTES of EVIDENCE taken htfitre the {Appendix. X' Rickatdfoti, money ? — Yes, very much fo. If we manage our bufinefs well, we retain our friends ; Eff. if we do not, we lofe them. Is not the quantity of bufinefs which you can do, limited in a great meafure by the amount of the ready money which you are enabled to fupply ? — Yes, no doubt of it. Does not then the quantity of difcountable bills tranfmitted to you, depend on the quantity of ready money which you are able to furnifli ? — Yes ; but we find that the better our bills, the more readily we obtain money on difcount, as more people are induced to take bills on difcount inftead of buying Exchequer bills, or vetting money in the funds. Do j^ou not then conceive that the quantity of difcountable bills that is drawn depends on the extent of the fupply of ready money which the country bankers iffuing country bank notes are able to furnifli ? — No, I do not, for when the country bankers are poor, the London bankers are often full. of money. Do you not conceive, then, that it depends on the quantity of ready money which the country bankers and the London bankers together are able to furnifli ? — I have no doubt in many inftances it does ; but if a manufafturer has fold his goods at fix months, and learns that money is plentiful in London, and that he can nave his bill difcounted, he will fend it to be difcounted. Does not that accommodation tend to increafe the bufinefs of the country manufadlurer? — Yes, no doubt of itj he goes to market again with his ready money. Gan you ftate what it may coft to raife money by difcount in the manner you have defcribed ? — It will colt fix and a half per-cent. per annum to the merchant, fuppofing the tranfj^dion to take place four times in the year, the banker five and a half per-cent. per annum. Will you explain that difference ? — ^The merchant pays from one-eighth to one- fourth per cent, for obtaining the bill on the banker in London; the country banker; unlcft he draws upon his London banker, pays no commiflion, as he pap away the bill he receives^ and indorfes it. Have there been fnany loffes -incurred upon bills thus difcounted ? — Noy there have not by us, except to a fmall amount indeed. Were there any loffes incurred upon fuch bills, before the seftridion upon the caili payments in the Bank ? — Yes, many more in the fame proportion. Were not many lofTes incurred in the year 1793 ? — ^I'o a very large amount. ' How do you account for the greater proportion of lofTcs before than fince the reftridtibn of the Bank ? — ^I think that many of the country bankers have many loflTes by taking bills themfelves ; but thofe who do their bufinefs in London by means of a broker, who underftands it, have but few lofTcs. Do you therefore aflign the difcretion of the agent in London to be the only caufe why there have been fewer loffes fuftained fince the reftriftion on the Bank than before it ? — Yes ; I Ihould think it much depends upon tire difcretion of the agent in London. Is not the prefent fyflem of difcounting, as carried on by the agents in London for the country banks, a great and mutual accommodaticHi to the ccmntry and London bankers ? — I think it may t6 the country bankers, but not to the Londoa bankers. Is it not a great convenience to the London bankers, in times when money is in plenty, to lend oh difcount on the bills which the agents of the country banks carry to them ? — Yes, it is. You ftatd, that you fend long dated bills into the country (fey fix months to run) to be difcounted ?— Yes. Is it not ibmetimes the praftice for the country banker, to remit in payment a bill at two months upon his banker in London, that it may be there difcountedj deducing of courfe the proportion of the difcount money, namely, for the two months, the country banker receiving a fmall commiflion for fuch tninfa<^ion .?— Yes, it is the pra(9:ice in fome parts of Weftmoreland, and at Manchefler; but thofe are tranfadtions in wliich we have nO concern, they are done by correfponding with. the party diredlly. Not tb a large aniount ? — No, I believe not ; bufinefs of this fof t was done to ^ great extent, when a confiderable number of Weft India bills at from twelve to thirty- fix nionfhsdate were in circulation. Can Appendix.] COMMITTEE cKf^^ High' Price of GOLD BULLION. 125 Can you ftate to the Committee the caufes which periodically produce an abun- 1'. Rtdar^,, •dance or fcarcity of money in London ?— No, it is beyond my conception. Eff. Do you think, from the appearance of the bills which have come into your hands ^^ -^ * to be difcounted, that many bills are now drawn folely for the purpofe of raifing money, and not for real bufinefs done ? — No, I believe a very fmall proportion in- deed that are not for real bufinefs, pafs through my hands. Are there any other perfons in London whofe tranfadlions are confidcrable in this line ? — Yes, feveral, but I believe no one houfe that carries on agency to the fame extent we do j I do not think they altogether carry it on to one-third of the extent we do. Are there not fome who carry on fimilar tranfaftions for mercantile houfes in London, and obtain money on difcount from London bankers ? — A great many. Can you flate what may be the comparative extent to the latter clafs ? — I fliould think to a much greater extent for the merchants, than for the country bankers* Can you diftinguiOi between thofe bills which are properly called bills of accom- modation, and thofe for real mercantile tranfaftions ? — No, I wifli I could, it would be of great ufe to me in my bufinels. Do not the bills drawn from the country, neceflarily partake in fome meafure of both charafters ? — Yes, I have no doubt it is fometiriies the cafe ; I have heard it ftated that a, merchant in London (hall buy £. 1,000. worth of goods in the country, and that the feller fhall draw for two; but to diftinguiih from the bill whether fuch tranfaftions are real or not, is impoffible. Is not the fufEciency of the acceptor, drawer, and indorfer, the principal rule by which you necefTarily judge ? — No, not at all times ; there is a grcatinfluxof a parti- cular defcription of paper in the market at times, which we muft avoid, let Hie parties be ever fogood. Particular bufineffes get into difrepute, the Spanifh wool trade for inflance. When an article is very high, both drawer, acceptor, and in- dorfer, get into bad credit, and we are then cautious of taking fuch bills. Can you generally obtain as many bills founded on real tranfaftions in commerce, as you are able to get difcounted ? — Yes, nine months out of the year we can. Can you obtain more of fuch bills than you are able to difcount? — Yes, parti- cularly for the laft four months. Suppofihg the fupply of ca(h to increalb through the increafe of country bank notes, do you conceive that you could obtain a proportionable increafe in the fupply of bills founded on i"eal tranfaftions of commerce ?— Yes, to more than double the amount of the increafe, by taking bills which have from three to fijc months to run. Has your bufinefs gradually increafed to the great extent at which it now is?— Yes, for about the lafl four or five years it has. Veneris, 30* die Mar tit, i 8 I o. HENRY THORNTON, Efq. in the Chair. Joh Wliitmorey Efq. the Governor, and John Pearfe, Efq. the Deputy Governor of the Bank of England, called in together; and Examined. DOES not the unfavourable courfc of exchange with foreign countries tend, even jjyhitm9re,Efq. under the prefent reflridion, in fome degree to render its continuance and prolonga- ^^^ tion neceflary, in fo far as that neceffity may depend on the proportion of fpecie in y_ Pearfe, Efq. the coffers of the Bank to the amount of its notes in circulation ? , ^ 1 Mr. Whitmore. — In my opinion the high price of Gold bullion abroad, does make it neceflary to continue the reftridtion ; but I have already obferved, that the low ftate of exchange has not operated before the reftridlion to drain us of our guineas to any material extent. Mr. Pearfe. — Undoubtedly it does, as far as regards the fupply of the public wants with a circulating medium, as it would not be poffible for the Bank to continue that fupply if the Reflridtion Bill were removed, whilft the foreign exchanges remain fo unfavourable as at prefent ; a profit of from ten to fifteen, to twenty per-cent. vipon i-a6 MINUTES of EVIDENCE taken before the [Appendix:. J.f^'hitmore,Efq. upon converting Guineas into bullion, would-be too great a temptation to allow any and to remain in the Bank, as long as a bank note remained in circulation. The Bank y.I'earfe, Efq. would therefore inevitably be driven to the neceffity of calling in its notes, or in other V ^ (Words of reducing its advances on bills, &c. which would produce thatdiftrefs which tl?e ReftriiSion Bill was pafled to prevent. In cafe the Bank was now open, and the exchanges were as they are pow, arid the price of Gold alfo, fliould you be of opinion, that the Bank ought to reftrain the amount of its difcounts in consideration of the drain of Gold which would refult from thofe circumftances? Mr. ff^/iiimore.—U the Bank experienced a drain of Gold, they would pay a very great' attention to the defcription of perforis to whom they afforded the difcounts, and fo far their caution would tend to diminilli their total amount of difcounts. ; When you ftate, that the prefent high price of Gold abroad would occafion a drain upon the Bank, and that it was never fo high before the rcftriftion as to occafion liich a drain in any material degree; is not the courfe of exchange with foreign countries the orily criterion by which you judge of the high price of Gold abroad ? ■ Mr: Jf^Mtmore — The high courfe of exchange upon foreign countries is not the criterion I judge from, " but the notoriety that the Gold coin of this Country ig bought up in order to be exported! Mr. Pear/e. — The courfe of exchange certainly is the criterion. Do you believe that the refufal of the Bank to difcount for perfons fufpeded of being concerned in the unlawful traffic of melting down or exporting guineas, would in point of fad prevent fuch unlawful traffic, fo long as the market price of Gold lliould continue fo high above the mint price as to afford a profit on fuch traffic ? ; Mr. PV'hitmore. — I believe our refufal to difcount tends to leffen though not altogether to prevent it. Mr. Pearfe. — With the beft intentions on our part, I am not of opinion that fuch refufal can prevent it. If any period were how fixed upon, though a diftant one, fuch for inftance as one, two, or three years for the termination of the reftridtion, fhould you not be of opinion, as a Bank Direftor, that it would become neceffary for the Bank gradually to diminifli the amount of its-notes in circulation, and to regulate the amount of its vffues with^a reference to the courfe of exchange with foreign countries ; thereby on the one hapd guarding as much as poffible agajnft any fudden and general embarraff- rnent to the circulation of the country, and on' the other, preparing itfelf in fuch a manner as might be leaft likely to produce any derangement of our commerce, to meet the opening without any rilk of a demund for fpecie being then made for the purpofe of profit in exporting it to foreign countries? Mr. W hiimore. —In my o'p'imon, we could not reftrain the amount of difcounts on the Bank, without fo materially affefting the trade and revenue of the country, fFat it' would be advifable to wait the period of peace, when f ftiould hope that the queliion will be confidered in the moft ample and impartial manner ; and that as we may have good reafon to expe£t the demand of Gold bullion on the continent would cesi";.', and the trade of the country allow of the free importation of the articles, the Bank liiight be enabled to refume their cafli payments without inconvenience, or a prolpedt of their not being able to continue them. , Sappofe die meafure to bfe determined upon by Parliament, of the opening of the Bank at a diftant period/ (hould you think that' in the event of the exchanges con- tinuing the fauie Or nearly the fame, fome reftridtion of the Bank iffues ought to take place with a view to prepare for the opening? — Provided it was imperative upon lis to open, I fliouid think a reftridlion of the Bank iffues would be neceffary, hotwithftandmg the fatal cohfequences that might arife from it to the comrnerce and revenue of the Country. Mr. Pearfe. — In the contemplation of the removal of-the -Reftridion Bill at any definite period, it would become neceffary for the Bank to regulate the amount -of its iffues, with a reference to the courfe of exchange with foreign countries ; but while that exchange continues ilnfavourable (an event as arifing out of the balance of pa);-- ments not within the control or influence of the Bank) 1 cannot fee that any re- gulation within the means of the Bank would, in the event of an opening, effeftually preclude the rifk' of a demand for i'pecie being'then made for tLe purpofe of profit in exporting it to the Continent. Do iVptJendix.] COMMITTEE 'mth'e High Price f GOLD BULLION. 127 Do you- mean that in the event of its being enaa'ed that the Bank (hojild ofen J..Jpl,itmr)n;,^q. i&t a future time, you fhould deem it proper to reftraia the Bank iffues with a view; and to prepare for that eventi, ruppofing the exchanges to continiie urifavourr.Hle ? — I J. Pearfe,Efq. t; believe that any foreign merchant makes a calcu- tetib'rtof profit upon a fingle tranfadtion, but from thegeneral refulfof that tfade he may be engaged in. ..... But if the' foreigner cari receive £. 100. in fpecie for his goods when fent mto this Country, wotild it not, independent of the charges, make the exchange even P-^ If the import and export ef the Country were alike, the exchange would be even. If, howevei', hd receives £. 100. in Bank notes, and , is under the heceffity of going to. market for Bliltion, will he the foreigner not rate his goods twenty per cent, higher* the difference in the price between them; and will he not invoice h-is goods • twenty percent, higjier to- his cori-efpondent accordingly?—! cannot ^^^ K k contemplate ii8 MINUTES q( EVIDENCE taken he/ore fia [Appendix. y.Whimor4iEJii. contemplate a trade where the invoices are made out with reference to the price of andr BulHon. y. Pearfe, TEfq. If this were the cafe, what profpeft fliould we have of a rife in the price of the exchange ? — Never having weighed the fiibjeft with any reference to tlie price of Bullion, I am not prepared with an opinion how a merchant would aft in fuch a cafe. Is it not the praftice with the. Bank to keep the iflue of their notes rather below the^amount which the occafions of the public would appear to require^' than to allow any excefs of their amount with a view to {jrofit ? — I think I have already dated, that the Bank does not comply with the whole demand upon them; for difcounts, and that they are never induced, by a view to their own profit, to pulh their iffues beyond what they deem confident with the public interefl. Mr. Pearfe. — I agree that our praftice is entirely confident with the anfwer given by the Governor, Luna, 2' die Aprilis 18 10. WILLIAM HUSKISSON,Efq. in the Chair. William Coningham, Efq. called in, and Examined. W. Coninghanty WHAT is the prefen't date'-of the Irifh exchange ?— The exchange from London Ef(i. to Dublin is 9 f . ' Has it fluftuated fince 1804? — 'Yes, very much indeed j it is a great deal lower' than it was then. , _ How is it in refpedt to foreign countries ? — Thdfe is not any excharige between - Ireland and foreign' countries ; it is all done through England. I Although the exchange between Ireland- and England has becomfc more fa-- vourable to Ireland, as calculated bet vveen thofe two countries, has not the ex- change become fo far unfavourable, as between England and foreign countries, as tb' compcnfate, or nearly compenfate, for the improvement ' — Certainly. •'■ Do you not cdnceivey then, that a given quantity^of the prefent circulating nle-' dium of Ireland, ;might exchange for about* the fame quantity of the circulating^ medium of the countries of Europe, as in the year 1804, when the Irifh exchaf^e with England was fo particularly unfavourable ? — I think it would do fo,:or nearly fo- , • . It appears from your evidence before the Irlfli Exchange Committee, in the year 1804, that you were of opinion that the paper currency of Ireland was then de- preciated, and that this depreciation was the caufe of the unfavourable date of the exchange between England and Ireland ; are you of opinion that that paper is dill depreciated, and if fo, to what ciifcumdance do you afcribe the improvement in the exchange between the two Countries ?^I think it is dill depreciated, but in a very inconfiderable degree compared with what it was in the year 1 804 : and 1 am inclined- to think, that the caufe of the depreciatioti being fo much lefs now than it was at the period alluded to is, that there is greater Confidence in the paper than there waSat that time ; and therefore the people take it with more freedom, and of Courfe con- fider it of more value. . Do you confider the paper currency of this Country as depreciated ? — 1 do not. . What are the grounds of that opinion you have given, that the paper^ of Ireland is depreciated ? — Beeaufe I know that there are two rates of exchange in pafling bills upon England ; one rate for bills paid for in fpecie, and another rate for bills paid .for in Bank of Ireland notes; the prefent difference is from two and a half to three .per cent, againd the Bank notes. ■ ;" ' Do you mean, that when a bill upon London, which is payable in Bank of England notes, is fold in Ireland, it fells at a better price if Bank of Ireland papef is given for it than if Gold is given for it in Ireland ? — That is what I mean. ^ Is -it cudomary for any bills to be drawn from Ireland on London, which are diredled to be payable in London in guineas, and not in Bank of England notes ? — ■ There is no fuch cudom. Is it cudomary ever to draw bills in London upon Ireland payable in Bank oF • , .Iceland Appendix.]. COMMITTEE on the High Price of GOLD BULLION. 129 Ireland ^paper, and to fell thofe bills in London for guineas at one price, they being U^, Conrngftam, fdld m London for Bank of England notes at another ?— I believe no luch pradice Efq. obtains. , ' . •^ Has the difference, which now is two or three per cent, been ever greater?— Much greater ; I have known the adual premium more than 1 1 per cent. Are large fums paid in Gold at the prefent rate of a | or 3 per cent, premium ?~ I believe not. Does this praftice prevail in many parts of Ireland?— I fhould think it prevails chiefly in the North. Is there any large quantity of guineas circulating in thofe parts ? — I believe very confiderable. Do you know i»hether all the rents are paid in Gold ? — I believe not all, but the greater part are. Does much paper alfo circulate in thofe parts ? — Yes, certainly, a very confidetablc quantity of paper. I's there a regular agio, or difference between paper and Gold in the markets in, the north of Ireland ?; — Yes, there is. Has not the high price of bullion, which has now fubfifted for about a twelve- month, led to any tranfmiffion of guineas from Ireland to foreign parts, or to the melting of guineas for the purpofcs of profit ? — I believe notj and there is one proof of my opinion, the difference of the price that 1 have ftated between paper and (ptcie, is rather lefs now than it has been for feveral years paft. Would there ,not be a profit on the tranfmiffion, or the meeting of the guineas now circulating in the north of Ireland ? — I believe there would. Can you ftate whether many of thofe guineas are under the mint weight? — ^I be- lieve they are not ; they are very particular about weighing them. Do the bankers hold any of thofe guineas ? — I fliould think not any large quan- tities.. Are many of -them^ent hither ?—I'think not. . Has the fluftuation in the. agio or difcount between paper and guineas in Irelarid, bee;n exadtly preportiona,te to the fluftuations in the exchange between England and Ireland ?— Yes, it has, or nearly fo. • Has it had no reference to the ftgte of exchange between England and foreign countries ? — I do not think it has ; the reafort is, that the people, in the north of Ireland -do not concern themfelves with foreign exchanges, and their attention has never been turned to the advantages of 'transporting guineas into foreign countries. ^ ' , ,, If a bill of exchange from London on Hamburgh wll bring.-a''' higher pfice i/i Bank of England paper than it will, in guineas, will you not lay that the Bank of England paper is depreciated ? — Undoubtedly it is, fo far as it is ufed in the foreign exchange. Do you attribute the low and fteady rate of exchange during thefelaft three or four years, to the different mode that has been adopted in tranfmitting the funds of 'Government from the one country to the other? — I think that the regular and in- variable mode that has of /late years been adopted of tranfmitting loans, has 'been the caufe of keeping the exchange fteady and moderate alfo. Did the former mode tend to render the exchange fteadily unfavourable to Ireland ? — I think it contributed fo it confiderably." on account of the great fpecula- tions which it promoted by perfons in London and Dublin,, who were dealers \n exchange, , , . ~ ':. .-^ Was not the effeft of this mode rather to c/eate great fl'udluations within thort Jirterval^, than either fteadily to improve or to d«prefs the exchange ? — I think cer- tainly it was. . - / You have ftated, that there is a.premiumof 2 f to 3 peiicent. in favour of Gold, compared withBank of Ireland note^ in the north of Ireland ; do you not attri- bute this premium to the circumtl.ance of rents being generally paid in Gold in thatdift.rift of the Country ? — I think that circumftance contributes very much to.it, and another one, which is very material, adds to it alfo, that the people in the north of Irt-iand have been very little accuftomed to paper. circulation among.ft them at all; and therefore, from habit, they greatly prefer fpecie. • Are the tranfaftions which are paid for in Gold to any great extent in the diftrid to which you have alluded, and is not the chief amount of tranfaftions diicharged in Bank -paper ?— I believe that in forae of the counties in the.north of IreLiud, rise 130 MINUTES of EV1'DEN€E /»^#«^/»^ /*? [iA.|JFeod«> W. ConingJum,- the greater pirt of the tranfediom are difclmrged'in f^aty b»t 'ia othef c-oiloties, .Eff., v^here the amouojt is much-greatef^ k is more irt- batitr iXHeS'j-tmeah the greae *i w-y- ' - trading towns, Belfaft, and fo forth. . . There bein^. a premium of af per cent, to |Krep per cent; in favour of Gdd c-om- pared with. Sink oflrdar^d notes, does not tW (anae preiiiiuin prevail, in favour of Bank of England iiotesy Gonipafed with the notes of the Bantk of Ireland T— The fame difference does prevail in favour of Bank of England notes. Are not the linepsof the North chiefly .purchafed infpec-i© in-fevef^ nafatkets ?-- Theyard purchafed in feveral markets almoft entirely for fpecirey but i tkiofc in other m^rketsi and the grater nwrkets pJirtieiriafty, gifc^t qviantitiefs of Unelis arc paid for in Bank notes. You have faid,. that ther piyffieflts-' of Feat in fpecie is the eaufe of the- pre- mium on guineas in the north of Ireland .?— It contributes to it. ^ . . Do you conceive that the deafand for guiftfcas for tlfti gurpofe of paxm^' rent, and for purchalesof linen, can materially alter the real value of guineas ?—t think it is the folp:c^fe of.t-h^ suittea* being pfef«*«d to the Bamk- dofesy thait fchd Bank notes are refufed on thofe payments. ... _ Do Bank of En^anid' notes cir«uJate tr fMe to perfons whofo. bufinefs may r^ttiferthat thfey jd^wld; fjijeedily provide tbemfelves wtth" fmail foms in the currency of EagJ-ajid^rdtliieR t-han- for tJhe-adjoftHientof mevcantile traofa<9:ioa$r between the two Coujatri^ ? — ^Y?s,, cei^ainljfv. , , , ,; What is the prefent ftate of exchange between BclFafl: and London? — I be^ lieve it is 7 f per cent, for fpecigr or ffOOT 9.I to lo per eflnt. for Bank- of Ireland notesr. . ; , ^ Wliat i& jtlie^pfefent. ftate' of exclunge fronr l3,iii1)iin on London ?-^Eigkt pel* cent. .w, , . . ■ :; To what do you'-afcriij© the unfkvoumblp courfe of exchange whieh hasHbw cxified for feveral months betweeh' England and foreign- countries ?— I believfr itb» chiefly arifen fjortvan uncommonly great imgoriatron ot goods into this C&UHtr/ fusing; the. lafl twelve mont-ha j apd I believe it has alfo been inijch- increaf^df.b^a' great diminution of fernittanc*es that would have been made to this Countrjif fron^ different parts of Europe,- on la^ount o£ thair.iEppprts^fronv the United- Stat^& of Aifle- ricay, if theembajrgp iaAiBerica had not prevent-ed the ufuaT fhipments of goet^ ^pm that Country, to Euroga «. and alio I am inclined' to think, there was a^ednfls derable diminution of exports from this Country in conlequende of the" Orders if* Council in England, the' Deerc-esia Prance,, and the American ^EoabargOi JikL -'''■ ' Mdrcur-ijt 4°' die ^rilis, i S i o, Wl L L I A M^ H U S IC I S S?0 N", fifq. in tlife' Chaiir. : , S^ Ffinicir&ififig, Bm\ calMin, artdEx^ihrned. * Sir F. Baringy ARE you , aware that the ex&hanges- w-ith tha Continent of Europe have bf efl Bart. g{eatly agatnft this Country) for many months,, as mueh as from fifteen to twet»t)f < Jr 'percent, and that the market price of Gold has been above the Mint prirm-on the Go»tinenl of remitting money from hence to pay for the- increafed quantity of naval and milt-' tary ftoresj and yet iji.no.pne iHftance was; there a want of buiiiott t'fe fitne- was the. 'Appendix.] COMMITTEE on the High P.ice of GOLD BULLION. 131 the fcafe during the American war; through the whole of it there was no want of Sir F. Barings bullion. And therefore I think that if we could continue our payments in fpeci& Rart. as heretofore, and tTiere had been no reftriftion upon trade, the courfe of ex- change would not be unfavourable to the Country. I therefore confider the two great circumflances which affedl the exchange to be the reftriclions upon trade, and the increafed circulation of the Country in {saper, as produftive of the fcarcity of bullion. Siippofihg there had been no fuch reftriftion upon foreign trade as you have defcribed, but that the fufpenfion of cafh payments at the Bank had continued in force, do you conceive that the increafed circulation of paper to which you have adverted in your former anfwer, would have had the effeft of raifing the price of all comrnodities, and among, others of bullion, and alfo of lowering the courfe of excha,nge ? — The queftion extends much beyond what I conceive that dated be- fore; I think that you cannot precifely define what is the caufe or caufes, but that I ftated the two I have mentioned as the moft prominent, noc that either the one or the other would produce any given effedt. From what circumftarices do you infer there exifts a fcarcity of bullion ?^ — From every information that I have ever received, or the opinion of any one perfon with whom I have converfed on the fubjeft. In what way do you conceive that the increafed circulation of paper conduces to the fcarcity of bullion ? — The one is iffued and fubftituted in the room of the other, which is withdrawn, and which cannot be commanded by the holders of paper. Would not the removal of the reftridtions upon trade diminifh the price of bullion ? — The removal of the reftri(flions upon trade would produce an exporta- tion of merchandize, and facilitate the means of importing bullion. Are you of opinion that any certain and adequate provifion can be made agairift an occafional excefs of paper circulation' in any Country, and efpecially ki a com- mercial Country, where that paper is not convertible into fpecie at the option of (he holder? — In this Country, if I may judge from experience, 1 (hould doubt it; but if the Bank condufts itlelf upon the fame principles at prefent when they do not pay fpecie, as they did when they were compelled to pay in fpecie, I Ihould fhink that it might be fafely left to the difcretion of the Bank. What do you mean by that experience in this Country which leads you to doubt it? — I mean that in the year 1797, and fome years previous to that, the iffue of the Bank notes was not more than eleven millions fterling. ; I have f;en a printed paper, which has been laid before the Houfe, in which it is ftated that the circulation at prefent of Bank notes exceeds tvventy-one millions 5 I am de- cidedly of opinion that it is more than can circulate with fafcty to the general cir- culation of the Country. Are you not aware that the ifluing of notes under five pounds has increafed ma- terially the whole amount of notes iifued ; and do you not believe that the amount of fmall notes (hould be left out of the account in comparing the prefent amount of notes in circulation with that exifting at the period you have alluded to? — The fmall notes are equally paper, and they add to the mafs of Bank notes before in circulation; they iffue in the fame manner in exchange for public or private fe- curlties : Inftead of being left out in a comparative view, I fear they rather tend to increafe the difficulty more than their due proportion, becaufe they caonot be withdrawn without an iffue of fpecie to an equal amount, and therefore; ftand in the' front of the battle. You have ftated, that you conceive an excefs of paper circulation may be guarded- againft in this Country, if the Bank condufts itfelf under the reftriftion, upon the fame principles which governed their iffues when they were compelled to pay in cafli ; what do you conceive is, the principle by which the Bank Ihould now re- gelate its iffues, as well as the beft criterion by which tojudge of any excefs, and the beft correftive of that evil? — Before the rellriftion, the experience of above a century proves that the adminJftraiion of the affairs of the Bank has been wife and corrcd: ; the Public have been fatisfied, the Country has flourilhed, and lam perfuaded that the 'Bank of England has proved a m)ft important invaluable ihltrument in promoting its profperity. This experience points out the on-y piihciple on, which the Public can relv with confidence, namely, to r-'Curn again tb' payments in ipecie whenever it (ball be in the power of the B.ink to do ib. Have not the improved methods of carrying on dealings in '.luaty, contributed 349, L I very 12} IilLNU-TES of EVIDENCE. /M^»>f/or^,-f^tf [Appendi.Jf. Sir F Barh't ^^^^ mudi to render a fhialler quantity of circulating medipm .fufEcient for the ■ = " ^'^,Y * commerce of the Country, 'than' when' fpecie fortned a confiderable part of it? — J] have not fufficient praftical knowledge to enable me to judge. The want of fpecie liiay produce a redudlion, uniefs ihcreafed by other means. There are likewife. •caufes which I do not thoroughly underftand, and \yhich may render a ftnaiier quantity of circulating mediuffi fufficient ; but I doubt whether the laft can prove an objedl worthy of attention. Suppofing the cxccfs of the circulation of paper to be in a degree fijch.as to increale the price of commodities, would that increafe of price produce £iny efFedt upon the foreign exchange, until' it arrived to the degree fo as to check the ex? p6rtation of nierchandizef— An excefs of paper circulation will no doubt affed knd raife the price of the whole of the produftjye labour and induftry of the Country. The proportion that is exported will participate to the exteiit pf its value ; and as the rieceflary confequence of high prices is a redudion on the de- mand, it muft operate decifively on the foreign exchanges, unlefs they are fup- Jjorted, or the fall counterafted, by an export of bullion. But until the dem^qd pi; exportation is checked) an increafe of price will produce a beneficial efFeft on the foreign exchanges. Is it your opinion that the increafed capital of the Country, whether cqnfifting of that which is commercial and trading, or whether confifting of that wrhich is Agricultural and belonging to the public revenue, does not require a, proportionate increafe of the circulation of paper of fpecie ? — If the public revenue or trade re- quired £. 1,000. to be remitted to London formerly, and that ;J. 2,000. is require^ at prefent, there muft bean addition of ;^. 1,000. in paper. Such country paper however (always too abundant} arifes from va,rious fources and caufes, and cannot be cqnfidered as a general medium of circulation. The only general cifculadng medium, as a general reprefefitative of bullion at home, is Bank of England notes, dhd which will' adniit of correft regulation, becaufe they ifTue frorn a fingle fo.urc;e. Bank notes (in theabfence of fpecie) ferve for pocket money,. &c. in the capital, and foir the invaluable pu.rpofe of melting down, finally, the whole produce of cora- nierce, trade, agriculture, and public revenue into, one general mafs; for which, purpofe a comparative fmall fum will ferve to liquidate a very large one, by re- peating the operation feveral times in the courfe of a year. The whole of the pub- lic revenue is remitted to the Bank, where it liquidates Itfelf j the -remainder paffes throiigh a general cxtenfive circulation, requiring aid for its final extindtion, ao4 for which purpofe I conceive that eleven millions of Bank notes is far more than, fufficient. The fubjedts, of Goyernment paper and the difcount of commerciaj, bills, form feparate queftions. Do you conceive that the Bank of England vyrill eiFedually guard againft. the poffibility of any excefs in the circulation of the country (as \yell their owa as the paper of country banks) if they regulate their iffues by the demand for ^ ~ !!■ Ill ■■# .^pp§n4j?.J COMMITTEE m fhe High Price of GOLD BULLION. 1J3 IfltW-ft therefore fwppofe a cafe, and fay four millions in bullion, four millions to Sir F. S»r%, .^qvprntnent, and three millions commercial bills. The circulation of Bank notes Bm-J, 310W amounts to twenty-one millions; deduft from thence the bullion in its in- r... . ' . ■ OFgafed extent, to which it may be fuppofed to amount in confequence of the C^ridtion, it will- ftill leave a much larger fum to be employed in public or pri- JV:ate fecurities. Public fecurities may create a temporary difficulty and embar- jaflment, which can tsafily be relieved by funding. But if any cmbarraffment 4taU fee produced by an excefs of private fecurities, a redudtion during the alarm ^ds impoffible, and an increafe for a time will become indifpenfable, whilft the lexcefs of both or either will contribute to prolong the period of the rcftridion, I confider the opinion entertained by fome perfons, that the Bank ought to regu- ;late .their iffues by the public demand, as dangerous in the extreme, becaufe I know ,by ;^perience, that the demand for fpeculation can only be limited by a want of means; and I think the Bank would not be difpofed to extend their ilTues beyond •threerfourtli parts of its prefent amount, if the reftridtion was removed. It may prove dangerous to impofe any pofitive reftraint on the Bank by law or otherwife, |br cafes, may and will arife when an excefs will be proper, and that it would be xulpable to withhold it. But if the Houfe fliall be difpofed to entertain an opinion, ^d will, pronounce it diftindlly, I think the Bank may be left with full power to aift under their refponfibility, Edward Wakefield, Efq. called in, and Examined. ■ 'Haiye the goodnefs to ftate to the Committee the obfervations whicTi you have jf fVake^LL «aade refpedling the circulation of Ireland,, as well in paper as in gold and filver.— ' The general circulation of Ireland confifts of, firft, the iffues of the Bank of Ire- land af three different defcriptions. Bank notes payable to bearer on demand. Bank poft bills, and dollars ;^romifing payment of fix lliillings Irilh, have been iffued to the amount of £. 200,000. private bankers notes payable on demand to 'bearer, and private bankers poft bills. The obligation of payment of all ifTueS of private backers is in Bank of Ireland notes. I have obferved, all private bankers as well in the country parts of Ireland as in Dublin, iffue a' vaft number of poft bills; all their iffues above three pounds are at feven days fight. Except the two new banks lately eftablifhed at -Belfatt, arid Mr. Brownlow's bank at Lurgan, I know of no country banks the paper of which is payable in Dublin ; tlie confe- "ijuence is, that they are circulated only within a given diftrift from the place where they are iffued, and the citCuladng medium of that diftrift is confined to the iffue •of that particular bank. Within thefe two or three years, the iffues of all the banks are in pounds, not in guineas. I underftood, all through the South of Ireland, that perfons employed by the Merchants of Limerick, Cork, and Waterford, to pur- chafe butter of the farmers through tlie country on commiffion, who are com- riionly called butter fadtors, received a commiffion from the different bankers, for circulating their paper. Is not that the cafe with the corn faftors too? — I. believe it is. I obferved at Balinafloe fair, which I have attended the lafh two years, that it has been attended hy gentlemen from four banks in the courity of Galway, who have given their own notes for any bills drawn upon Dublin, at fixty-one'days; and it appeared to be a ■matter of competition amongft them, who could give out the greateft quantity of ■their bank paper in exchange for thofe bills. There is an Aft of Parliament, or a regulation ip fome way, I believe, to prevent the paymafters of regiments from cir^ iulating private paper., and they now receive from Dublin national £. 40. Bank notes which they break in the country, and pay their refpeftive regiments with the private paper of the diftrift. in which they are. The private bankers who iffue notes in I)ub)lin, charge only five'percent. difcount upon their bills, thte legal intereft of the country being fix percent. ; the National Bank by charter are confined not to pay more than five per cent, and that is the rate they charge- An opinion generally prevails, of guineas being Injarded ; I have only been able to colleft a few inftances: Mf. Morley Saunders, who poffeffes an eftate in the Queen's County, which was lately out. of leafe, let it to the immediate tenants, taking from them a fine of one tiioufand guineas, which was paid by the tenants to him in tarnilhed Gold ; his rents have finee been regularly paid with Bank notes. In the North I obferved two prices alked for every thing, a paper price and a metallic price, i hadoccafion to examine, there the accounts of two agents of property belonging to gentl.-ruen who were IJ4 Um VTES oi EVIDENCE taken k/ore tie [Append!* £. f^akefield, were abfentees from Ireland, who had ftated to'their principalis and afterwards to me, Efq. that they received nothi-ng but .guineas for their rent ; I hoivever difcovered that they fupplied a (hopkeeper in their neighbourhood with a fmall number of guineas on the day they were to receive the half-year's rent, and that when a tenant cam* with Bank notes' in his hand, excufmg himfelf from the payment of guineas, faying that he had not been able to procure them, they fent him to this (hopkeeper whom they had fupplied with the guineas, ordering the tenant to buy guineas of that fliop- keeper, which were travelling backwards and forwards from the agent to the ihop- •keeper the whole day ; and thus a very fmall number of guineas paid a large rent; in faifl:, the agent through the fliopkeeper receiving adifcount upon the Bank notes which at the end of the day he found in his defk. I favv an inftance in the county of Clare, of Gold being brought out upon the arrival of a fmuggling veffel, the mafter of which would not fell his goods for any thing but Gold, and which was paid for in 24 hours in Gold. What was the difference between the metallic and paper price of commodities? • — Seven pence in a guinea. I am fpeaking of laft November. Do you mean to fay, that in all the (hops in Belfaftand other towns in the North of Ireland they have a paper and metallic price for the articles in which they deal ?— I have obferved it in all dealings which I have witnefled in the North of Ireland, particularly in the linen market, and the purchafe of horfes. The next. article of circulating medium are unftampt dollars, I believe generally imported from Liver- pool, and iffiied by individuals ; they vary in price according to the price of filver; they pafled from" 4/. 6^. ,to 4.S. 11 J. while I was in Ireland. "I underftood the ^rice.to depend upon Government buying them up for the army going abroad, or the demand from England when the Eaft India Company's ftiips were failing. The next objeft of circulating medium are Bank tokens; they confift of five- penny, ten-penny, and thirtyrpenny pieces ; fix ten-penny and one five-penny weigh a dollar; or thirteen five-pennies, or two thirty-pennies and one five-penny ; and they have been ifTued to the amount of ;^. 950,000. Britifh of the fame alloy as dollars. I con- fider them in the nature of exchequer bills not bearing interefl, as the. fame Ad oi Parliament which authorized their iflue, obliged the Exchequer to receive them in payment of revenue j they are current by Adt of Parliament and not by proclama- tion. I obferved in the counties of Kerry, Clare, Cork and Limerick, a confiderable circulation of what is there termed filver notes, which are in fafl promiffory notes for payment of fmall fums; it is diredtly contrary to law, they are ilfued without being written on ftamps, and are generally done in fome fort of way to evade the penalties attached to the perfons who circulate them. Throughout Ireland, except in the city of Cork, Englifli (hillings are not current. *' To the Chairman of the Bullion Committee. (C Sir, <' 41 Piccadilly, 5th April 18 10." " Thinking that I can give to the Bullion Committee a more detailed and accurate account of the fadts which have come to my knowledge, relating to the circuladng medium of Ireland, in a letter, than it was pofTible for me to do in the convcrfation v/hich I had with the Committee laft Wedncfday, [ take the liberty of addr'efling you upon the fubjeft, leaving it to your judgment whether to fupprefs or lay this letter before them. " The limited and inadequate circulation of Ireland is aided by various expe- dients; and I will endeavour c;) give you a lift of the items which compofe the cir- culating medium of the fitter ifland, and the means by which transfers are efFefted without the intervention of that medium. " I. — IJfues of- the N a/ .'oticil Bank .-—V^hkh are partly paper and partly tokens. The paper confifts ot notes payable to bearer on demand, and amounts to ; and notes payable to order feven days after fight, which amount to . Ihe tokens are Spanifh dollars, fiamped as , tokens for fix (hillings Irifh currency, and amount to ;f. 200,000. " This laft iffue is partly a credit medium, for the dollar is vrorth only about 4J. 3^. or 45. 6d ; and the difFrrence between this intrinfic value and the fum of fix (hillings, at wh ch they are iflbed, is completely a credit given by the public, and refts on the fame foundation as an iflue of paper. " I have Appendix.] COMMITTEE 'o« z/;^ High Price fl/ GG'LD BULLION. 13-5 " >I have not bfeen 4b-!e -t^ fill up t'he -blanks w?c'h Ae amount of Bank tff Irdand E.Wak'eMd paper,; but a return df tfeat Amount is readily procured, if the Committee think it ' E[a * requifite. Tke total of both blanks 1% I beiievt, about three rnJiiions. v \ j' '■*' 2. — Ijfues of ■pri'vate Barikerj .•—•The banking houfcs in Dublin, excebt thofe of Mteffrs. Latoucfhe & Sir ThomS^ Newconsen & Co. i^ffcie notes cay- able to 'bearer ifs well as the "cbuntry banks. " The iffues of private bankers are, notes payable in Bank of Ireland notes, and, net in Specie. " Private bankers pofl bills arc likev.'ife made payable in Bank of Ireland notes; and as they require acceptance ten days before they arc payable, they are kept in a forced circulation. " The Lurgan, Londonderry, and two BeilFaft banks, tnake their notes paykbie in Dublin, as well as at their ovi^n haufe; but nfcarly all the oth'er private bankers make their notes only payable ac the place whence they are iffued. " The notes of both the Bank of Ireland and of private . bankers, arc now for one or more pounds j not for a guinea or^^. i. 2/. ^d. currency, as they were forniei ly. *' All private bankers are in Irelaxid compeHed, by the 29 Geo. II. cap. 16. to take out a licence, and prohibited from trading; which has thrown the banking trade into the hands of a wedtbier clafs of perfons than it \votiid otherwife have been in. The prdiibition againft bankers trading, has dcptived them of fome of their means of forcing paper into crrcula'tion.; but this obftacle has been more than overcome by tke increafed aftivity and ufe of thofe left. " Private bankers have, for a long tirhe, regularly collefted the fpecic in circulation, but oh no occafion voluntarily iffue it ; Which has caufed gtiinfeas to difappear from three prbvihces, and heightens the premium on therri. The recent eftabliftiment of two banks at Belfaft threatens the fame confequetices in the North. " It is common for private bankers to pay a cbnitniffibn to butter faftors, cOrn-buyers, and other dedfers, On the atnbtJrit of thfe paper they can iffue. Though the paymafters of regiments are prohibited ti-om this praftice, and are itIppHed' w'ith Bank of Iceland' notes, ybt thefe notes are exchanged for fmaller ones by the country banker,' atiti are thus with- drawn from circulation and replaced by private paper. " At Ballenafloe Fair all payments are made in bills on Dublin at fislty-ohe days date ; and altlidugh the bnCnefs done there is immenfe, the Gaiway bankers attend, and are ready to exch.inge thefe bills at par for their own notes. " The Ba-n-fc of Ireland is reftrained by their charter from taking a larger difcount than ifive per-cent. ; and thofc Dublin bankers who iffue papers, difcount at- that' rate in. their own notes; but the two banking houfes which do not iffue paper, charge the legal rate of difcouht, which is fix per-ccnt. " Under this head of Iffuts of Private Banks, Iwifh to add, that there is in Ireland a circulation of forged notes, of whith no one here can form an idea, and the amount of which it is impollible to guefs, although it is known to be enormous; indeed lb large as to deferve a; place in every calculation of the. amount of the circulating medium of the filler ifland. _ > " Ih the city and neighbourhood of Dublin, Bank" of Ireland, and Dublin private bankers paper, conftitutes the circulating rtiedium. "Kilkenny, Wexford, Waterford, Youghall, Clonmell, Ferniby, dork. Mallow, Limerick, Ennis, Galway, and Tuaiii, have Drivate bankers, whofe paper is the prevailing, and in mofb inftances the entire circulating-medium of their rcfpedtive neighbourhoods. Each of thefe private banks have by them fomc- quantity of Bank of Ireland paper, •which, however, they never iffue when' they can avoid doing (0. They all draw bills upon Dublin at thirty-one days, which is a premium of one-half per-cent. j and one caufe of their pnly paying their notes at their own banks, is^ to fecurc this profit. ,^p. Mm " 3. — Promijfory- J 136 MINUTES of EVIDENCE taken before the [Appendix. E^ Wakefield, " 3' — Protnijfory Notes, called Silver Notes — Are in circulation in the counties ,£A, of Kerry, Limerick, Clare, and Cork, in diredl violation of the law, which prohibits the iffue of notes for fmall fums. - But great art is ufed to evade the penalties to which the ifluers of fuch notes are liable. They are drawn as if they were the weigh-bills of corn buyers, as I. O. U., or bearing a date previous to the Aft. The amount of this fpecies of paper is inconfiderable. ^ 4, — Bills of Exchange — Greatly aid transfers, and fupply the place of circu- lating medium; efpecially thofe drawn on Dublin, which pafs from hand to hand till they fall due. •' 5. — Tally Payments : — ^There is a confiderable transfer of property and payment for labour, In various patts of Ireland, by tally between landlords and their tenants, the work of the latter being fet againft the rent and property of the former. ** 6. — Guineas: — It is a general opinion that guineas are hoarded, and there are fume fadts, with which I am acquainted, that feem to fupport it. " Mr, Morley Sanders having let an eftate in the Queen's County, for a fine of one thoufand guineas and an annual rent, was paid the fine in tarnithed gold ; but the rent, which arifes annually from the produce of the foil, has invariably been paid him in paper. " In Odtober laft, a fmuggling veflel at Miltown Malby, in the county of Clare, had her whole cargo, amounting in value to fome hundred pounds, paid for in guineas in the courfe of twenty-four hours. " A girl was tried at Trim fummer aflizes 1 808, for robbing her father of 800 guineas, which he had hoarded. *' I have beenaffured by feveral, that they always lay by every guinea they receive, looking upon them as a rarity j and I am fure that in con- fequence many affix an ideal value to coin. One perfon told me he had borrowed bank notes at an intereft of twelve per-cent. with which to pay his rent, though he had gold by him, which he would not part with. *' In that part of Ireland in which guineas ftill circulate, two prices are put on every article offered for fale ; and it is common to buy at the coin price and pay in paper, when the buyer pays in addition what is called the difcount, which how- ever is the premium of guineas. " The quantity of gold in the North of Ireland has been much over-rated. I have known the agents of'abfentee proprietors fupply a fliopkeeper with a few guineas, to fell to the tenants at a premium on the day that their rents are payable, which, on the rents being paid, were- again given to the (hopkeeper to refell ; and this operation, to the profit of the agent and the (hopkeeper and to the delufion of the pubhc, has been repeated with the fame guineas feveral rimes in one day. " I have not heard of this trick any where but in the North, where it is fuppofed guineas circulate, and the agents pretend that their employers infift on being paid their rents in gold. " The efFeft is extremely oppreffive to the tenants, and injurious to the landlords." -" 7. — SfaniJJt Dollars — Are imported by individuals from Liverpool chiefly, and circulate without a ftamp at an uncertain value, according to their weight and the market price of filver. " 8. — Bank Tokens — Are iflued by the Treafury to the Bank of Ireland, who iflue them to the public ; they are of filver, and are for five pence, ten pence, and thirty pence. The Aft which makes it an offence to coin them, direfts them to be received at the Exchequer, and thus fecures their value to the public. They were ftampt Bank Tokens, becaufe the bank had previoufly IfTued dollars fo (lamped, and it was therefore deemed a lefs innovation. They were ilTued for the above fums, both as forming change for the ftampt dollar, and to confine their circulation to Ireland. Thefe tokens are a fort of filver Exchequer bills for fmall fums Appendix.] COMMITTEE oh the High Price of. GOLD BULLION. 137 fums payable without intereft, and their amount is f^. 955,000 Britifh ; E\ tVakefieldf they are not current by the King's proclamation like Mint coin. Efq. *« g. — Copper Coin — Confifts of pence and halfpence. There was a new coinage of fix hundred tons fince the year 1804. Thirteen of thefe pence reprefent a Britifli fhilling. " 10. — Englijh Mint Silver — is feldom feen, and not current, except in Cork and its neighbourhood ; which I apprehend arifes from the frequent commu-' nication with Englith (hipping. •< II. — In the King's County, Lord Charleville has iffued a piece of copper about the fize and weight of a penny piece, promifing the payment of 131^. every Tuefday in Tullamore; which is the currency of fmall payments in that neighbourhood. " It would be interefting to know the amount of guineas which have paffed be- tween this Country and Ireland, from 1804 to this time: the amount from 1797 to 1804 was given by Mr. Burrowes to the Irith Exchange Committee in 1804. " The colliers, who ufed to make all their payments in gold, now pay for their coals in bills of exchange. " In the foregoing letter, I have confined myfelf to fafts, as I wilh to avoid mif- leading the Committee by conjectures ; and do not feel I can aid their rcfearches by adding any theory of my own to the fadls I have ftated for their confideration. " I have the honour to fubfcribe myfelf, " Your moft obedient and humble fervant, « EDWARD WAKEFIELD." Jovis, 5° die Aprilis^ 1810. DAVIES GIDDY, Efq. in the Chair. JVilliam Irving, Efq. Infpeflror General of Exports and Imports, called in, and Examined. HAVE you any reafon to fuppofe that the official value of imports from the .Eaft IV. Irving^ Efq. Indies and China, in the year ending 5th of January 18 10, which is left in blank ^ >^ — — < in the annual Account rendered this year to Parliament, will very materially differ as to its amount from what it was in former years ? — ^There is a confiderable in- creafe in cotton from the Eaft Indies, but it is probable that the aggregate amount may be nearly fimilar to the former years. Pleafe to ftate in what manner the value both of imports and exports is com- puted. — The value of both exports and imports is calculated upon an official valuation eftabliftied a century ago, which better ferves the porpofe of a com- parifon of the trade of one year with another, than that of fhewing the true balance as affedting the courfes of exchange with foreign countries. What do you conceive to be the probable difference between the official value of goods as ftated by you, and the prefent aftual value ? — It would be difficult to give an immediate anfwer; probably an advance of from forty-five to fifty per cent, may be added to the official value of Britifh goods exported, and very confiderably more to the value of foreign goods imported. Are Weft India articles lefs under-rated than other articles ? — In the official books they are. ■ How much lefs? — I confider them as rated nearer to the adual value than any other branch of the imports. Do you mean that forty-five or fifty per cent, is the average amount of the undervaluation of all exports, including Weft Indian articles? — I confine my eftimate of from forty-five to fifty per cent, to BritiQi produce and manufadtures exported only. Do you include Weft Indian articles in the articles imported ? — Yes, certainly. Do you confider the undervaluation of imported articles to be much more than fifty per cent, taking Weft Indian articles into the eftimate ? — I do ; the undervalua- tion would be ftill greater, if it were not for thofe articles on which the official value approaches nearer to the real value. Hew 138 MI-N:l?TES of EWDENCE 4aken bejou the [Ap^adw. ff^, Irvingy^f^, How near to the real value do Weft Indian articles imported approach ? — In ^- J, 1 fome in dan CCS they exceed the prefent prices, in others they are rather lefs -, upon ^ the whole, they may be eftimated at not more than .fifteen to twenty ,per-cent. over the official value. Is Gold or (ilver imported or exported included in your annual Account r — Bullion or coin are not included either in the account of goods itn ported or ex- port-ed, becaufe there is no obligation on the part of the importers to ftate thfc quantities iaip.orted; we -therefore do not include the quantity exported in the commercial accounts of goods exported. Are there any other articles which can be exported or imported without being ftated to the Cuftom-houfe ? — None, with the exception ©t" GoverniTient ftores, which do not require an entry, not being fubjeft to duty. Are not ftores fent on Government account by perfons contrading to lend them, entered among the exports .'' — Where they are charged with duty they are, but not otherwife. Are they not gerierally charged with duty ? — I believe a very fmall proportfoa i of them are charged with duty, the duty being only charged on fuch as are lent on arcQunt of individual officers. Are the {lores taken on board merchantmen and men of war fiiiing from this Country, included in your account of exports ? — Stores tor the ufe of the crew are not required ;to ,pafs an entry, c©nfequently the Searciiers account of exports delivered over to the Infpeftor General cannot include any artici-^s contained in the viduaUing bill for the (hip's ufe. Are all captured veflels included among your import^, as well Chip as cargo? — All prize lliips and cargoes are included, except they are applied to the ufe of Government. When was the official value of goods exported and imported made? — In the year 1696, when the office of Infpedtor Generalof Exports and Imports was efta- blifhed, fince when there has been no alteration. You have ftated, that probably confiderably more than from forty -five to fifty per cent, fhould be added to the official. value of goods imported, in order to give thf* aftual value, but that it is difficult to fay how much; could you furnifli any tolerable eftimate of the amount of the addition to be made in the courfe of a few days ? — It would be difficult to turnilh a tolerably accurate account, inafmuch as the aidtua.1 value upon many great articles is not eafdy to befupplied,, thene being a great variety in t-he qualities of many of thqfe articles, and the proportion of the icveral qualities not bein,g known at the Cuftom-houfe; tlie accounts whicht I deliver in contain a number of general heads, and the ar.LicleSr.under..e*ch. head, are v^ry various in their value. In the Account delivered in by you up to the 5th of January iSio^you ftate, that . the,afficial val^e of exports of Britidi produce and manui'actuces amotmt in official value to. ^. 35,107,43.9. and that the real value amounts tp.i((^. 5.o,247,7'6i ; how do yo.u e.llimate tha,t real value from the official value ? — I eiVimate rlie real value of,goQds fubjeft to duties, ad valorem, by the declarations of the exparters on aafh. Have you any means of afcertaining the real value of fereign merchandize imr pgrted ? — I have no official means of alcertaining it, or any othej: means tJiafe -co-iald ' b? iatisfaiflory to the Committee. H^5 yo,ur eftimate of the diflferejice between the alScial value and th,e aiS:ual . vg^ue of. exports being from forty-five to fifty per cent. been, fountled uponyoym adtual obfervation of the difference between tliei official value ffnd the aftuai v-alue, tajcea ffQiTi tl^e declaration of the exporters in the cx),urfe of fe.veral years, or.-onJy in the laft year ? — The prices of the goods have fluduated in different years^but ; tb,e diffeneACe between t-he official value an,d rhie.adtiual valms.qf' Britifh pneduce and manufactures exported in the year 1809, a^ppei^rs to have been from- 45 to 50 per cen,t. Vincent Sttigkey, Efq. callied in,, aqd, Examined. Vincent Siuckeyt In what branch, of t-rade are you congefjieid ?— I am concerned in three, country Wl- banks, viz. Briftol, Brid,gpwater, and Langporr, all in, the. County of S.ome.rfet. *- V * Do all thofe banks iuue notes ? — Yes, State to the Committee, the nature of their circulation.— Their circulatioil of: courfe is chiefly confined to the neighbourhood froxo whence they are ifTued.; hut. We Appendix.] COMMITTEE o« //^^ High Price 0/ GOLD BULLION. 139 we conceive the}' have a more extenfive circulation than many other banks, be- Vincent Stuckey, cauie every note, of whatever value, is made payable in London as well as at the Efq. •place from whence it is iffucd. v ^ y Has the amount of the circulation of thofe banks much increafed in late years? — We have only opened the Briftol Bank about three years ; from that period, till 'v/ithin thefe fix months, the circulation has been iucreafing; now it is almoft ftationary. The -Langport Bank has been opened nearly forty years, the .circulation 'of that has conliderably increafed within thefe laft feven years. The Bridgewater Bank has been opened about ieven years, and the circulation of that continued increafing for the firft. fix years. It therefore appears that the circulation of thofe banks has confiderably in- creafed of late years; has it been within your own obfervation that other banks in the fame diftridt have increafed in their circulation in the fame proportion ? — We know but little of the increafe of circulation of other banks, and we conceive ours in a confidcrable' degree to have arifen from an increafed credit and the liberality ■"with which we have treated our cuftomers. Do you think that the increafed circulation of your notes has tended to diniiniOi the circulation of other paper in their vicinity, or do you not think that other banks have alfo added to the amount of theirs? — ^It is very probable that other banks have added to the amount of their circulation ; but we conceive ours to have arifen, and to continue, for the reaions I have before ftated. Have you the means ot knowing whether there has been any material increafe in the number of banks in the W^eft of England, and the amount of the circulation of the paper of • country banks in that diftrift, during thefe few years laft paft ? — There is no doubt but a very confiderable increafe has taken place in the number of banks, I cannot fpeak fo pofitively as to their circulation ; but although many banks have been opened in our immediate neighbourhood, we have not found our own circulation decreafed. Is it the pradice of the banks in j'our difhrid; to iffue notes upon real fecurity upon mortgage .'' — We are not fond ot lending upon mortgage, and feldom do it ; we -generally ifTue our notes by difcounting good bills, or by lending cafli for a fliort period to agriculturifts upon their own fecurity, or the beft that under all circumftances we might think proper. Do country banks find it neceflary to keep a depofit of Bank of England notes in proportion to the iffues of their own paper, and to the probable demands which may be made upon them for the payment of that paper I — We have hitherto kept but a fmall quantity of Bank of England notes, but a large proportion of guineas. Have you lately found any m.aterial increafed demand for guineas ? — At Briftol we have found an increafed demand, but very little increafed at Bridgewater or Langport. Do guineas to any great extent circulate in the Weft of England ? — I Ihould imagine not to any confiderable extent. Do you know whether Bank of England notes circulated m the country have increafed or diminifhed fince 1797? — I have no means of afcertaining that fad: ; but the circulation of Bank of England notes is very fmall, the people in the coun- try generally preferring the notes of country bankers, whom they conceive to be men of refponfibility in the country. Is it not your intereft as a banker, to check the circulation of Bank of England notes, and with that view do you not remit to London fuch Bank of England notes as you may receive beyond the amount which you may think it prudent to keep as a depofit in your coffers r — Unqueftionably. ^ You have ftated, that you have a confiderable depofit of guineas ; would you 'give guineas in exchange for your own notes to any ftranger who might require them?— We fhould not give them guineas for the whole of the notes, but we certainly Qaould give them fome, and at this prefent time. Do you at prefent receive in the currency of your trade many payments in guineas? — At Briftol very few, at Bridgewater and Langport we frequently receive them. What is the principle by which you regulate the iffue of your notes ? — We always keep affets enough in London, confifting of Stock, Exchequer bills and other convertible property, fufficient to pay the whole of our notes in circulation. Suppofing that the- amount of the notes of the Bank of England were to be materially diminiflied, is it your opinion that the notes of country banks would 5,49. N n take ?40 MINUTES of EVIDENCE taken before the [Appendix. Vincent Stuckey, take tbelr place ? — As a matter of opinion, I fhould imagine that in thofc parts of ijq, England where Bank of England notes circulate, if they were to be withdrawn lU > their places v^ould be immediately filled up by the notes of countrj' banks ; and I would illuflrate this opinion by the example of the County of Lancafter, where the notes of the Bank of England are the chief circulation for finall payments. Has it been a fubjeft upon which you have formed any opinion, how the circu^' lation of paper generally throughout the kingdom has affeded the nominal price of commodities ? — I have always paid fome attention to the fubjefV, and lately par- ticular attention, and it does appear to me that the increafe of paper circulation has tended to increafe the price of commodities ; but I think that increafe to have arifen chiefly from the increafe of the circuhition of Bank of England paper. What different effefts, in your view of the cafe, arife from tiie paper of the Bank of England and country banks? — I think the Bank of England have been the meansof giving facilities to circulation, which could not have been done by couo- -try banks to the extent it has bjsen done by the Bank of England. Is it your opinion that a country bank regulates its iffues in proportion to its depofits of Bank of England, notes or fpecie ? — We regulate oars by the aflets we have in London (as I have before ftated) to pay them, without much reference to the quantity of Bank of England notes or fpecie which we have, although we always keep a quantity of both of the latter in our coffers to pay occafional de- mands made in the country. Is it your opinion that country banks generally keep any great proportion of their funds, whethef confifting of Bank of England notes or fpecie, in the country ? — I cannot fpeak pofitively as to the pradice of others, I can only fpeak as to our own. LiiniS, 9° die jiprilis, 1 8 1 o. HENRY THORNTON, Efq. in the Chair. yo/iu Henlon J'riiion, Efq. a Partner in the Banking-Houfe of Barclay & Co, called in, and Examined. H Trhton CAN you ftate the number of country banks in i797> and at fubfequent pe- p^tg riods ? — It appears from the evidence of Mr. Ellifon, before the Committee of " Secrecy in 1797, that there were then 230; in the year r8o8, I obferve there were fomething more than 600, and it fcems by the lift lately publiflied that there are now 721. Can you ftate whether many of thefe are different branches of the fame prin- cipal bank ? — I am not able to diftinguifli, but I apprehend it in a degree to be the cafe. Have you any means of judging of the amount of their circulation ? — I can only conjefture, as I have not any means of judging of the amount of their circulation, but it is probably not an unreafonable fuppofition that it may amount to as much as twenty millions. On what do you found that conjefture ? — Eftimating the circulation of each at the average amount of about ^.30,000. the total would be what I have ftated ; I am aware, however, that there are fcveral country banks which ifliae no notes, but many iffue coniiderably more than that fum. Do you include Scotland in your eftimate .? — ^Yes, I do. Can you guefs what proportion of their paper may confift in one and two pound notes ? — I am not able to form an opinion on that fubje^b. Or under five pounds ? — I am not able to form an opinion as to the proportion. Do they not iifue an increafing quantity of optional notes, that is, of notes payable either in London or in the country ? — I have no doubt they do. Do you conceive that the quantity of Bank of England notes circulating in the country has been diminifhed, through the increafe of country bank paper ? — I con- ceive it has. Do you think the ftock of Bank of England notes, kept by country bankers, is fornewhat diminiflied ? — I have not the knowledge of it. I fhould imagine that it was fo, but it is only conjefture. Can you ftate vk'hether the new country banks are as refpedable a clafs of pei^ple as jf^ppendlx.j COMMITTEE- m the High Price of GOLD BULLION. 141 as the old ones? — I (hould confider that feveral of thofe which have lately been J. H. Trttton, eftab!i(hed confift of refpeftable perfons. jjfn^ Have there been many failures among them ?~I do not think there have h>.pr| t ^ j many, there have beenfome. Do you conceive that the quantity of Bank of England notes held by the London bankers, in order to eifift their payments, has increafed in the fame degree with the amount of their payments ciuring the laft few years ? — It would appear to me probable, that the quantity of Bank notes held by the bankers was greater than formerly, but that it was lefs in proportion to the quantity of bufmefs done. Do you conceive that the number of traders in London who employ bankers has much increafed ?— I (hould think that it was iricreafed, and that rather confi- derably. Do you mean that there are fewer private individuals, both traders and others, who keep any quantity of Bank of England notes at home ? — I prefumc there are fewer who keep confiderable funis at home. Do you apprehend then that the quantity of Bank of England notes emplojred in the metropolis by other perfons than bankers is much reduced ? — I fhould think that the quantity is not lefs, becaufe of the greater diffufion of wealth generally, and the diminifhed circulation of fpecie. Have there many country banks been lately eftablilfeed in the neighbourhood of London, where Bank of England notes antecedently circulated ? — I conilder that to be the cafe ; that there are additional banks efhablifhed in the vicinity of London is a fadt, and I imagine that Bank of England notes have heretofore circulated there, but that thofe of the banks fo eftabliflied are now fubftituted for them. Are not guineas mugh more feldom received in payment lately than they have been heretofore ? — Certainly. Are there not feveral country banks which keep accounts at your houfe? — Yes, there are. Are their tranfaftions in general much increafed within thefe few years ? — I think they are confiderably. Are the notes they iflue, which come under your obfervation, particularly optional notes, of much greater amount than a few years ago ? — Yes, they are. Is it not the pradice of the country banks to remit you bills and to drawagainfl them ? — Yes, it is. Are not fuch bills many of them bills which haye been fent from other parts to difcount ? — Many bills which are remitted to us are fuch as I believe have been fent to them from other parts far that purpofe. Are any fuch bills drawn in London upon another houfe in London ?-^I have no doubt of it. .... Are you of opinion that the iffues of country notes render the facility of obtairiing currency fo eafy, as to induce perfons to borrow them for the purpofes of various fpeculations ? — I am not prepared to give an anfwer to that queftion, but perfons with whom I am conneded endeavour to take fuch paper only as is founded on real mercantile tranfafiions. If thofe iffues of notes were lefs, are you of opinion that it would tend to lower the price of commodities ?— 1 think fuch effedt is to be expedled. Could the cpurAry banks iffue as much paper as they now do, if they were liable to be called upon to pay in Gold as before the reltriftion ?— I think they certainly could not. Will you ftate the grounds on which you think they could not ? — I think there would not be a poffibility of obtaining Gold to anfwer the demands to which they would be fubjeft. . i r. t • Suppofing the Bank to be open, would they not obtain Gold from the Bank in whatever degree they had occafion for it ?— Certainly they would. Would they have any greater difficulty in obtaining Gold than they now have of obtainino- Bank of England notes, fuppofing a run to be made upon them ?— I apprehend there would be no other than the increafed difficulty of carriage, and the expence attending it. - . . , /• i i jj- .1 • ^ Would they not be more liable to a run, mafmuch as perfons holding their notes, in cafe of an alarm, would be more eager to exchange thofe notes for Gold thaci they now arc to exchange them for notes of the Bank of England?-! have no doubt that eiFett vvould take place. • ^, ^ r • ft,. Suppofing no alarm to take place, do you not conceive that any '^^'^^^^J^^^JJj^ 142 ' MI?N'UTES of EVIDENCE tahn hefcre the [Appendix. y\ H. Tritlon, qvlantity of country bank notes' which may be pufhed into circulation, is mw EJq. removed by an applicarion of the holders fo ex'^hange thofe notes for Bank of Englai.d ^— -— — ^s^ ' notes or bills on London, in the lame' manner as a fimilar excefs would be prevented by a demand for gumeas or for bills on London, in the event of there being no fulpenfion of calh paym.ents ? — I incline to think' that is not fo reftrained, I con- ceive that there is country bank paper in circulation to a larger amount than there would be if p^avments were made Gold ; I mean, for example, that if twenty million of country bank paper is now iffued, and that Gold went into circulation, a lefs fum in Gold and in notes than the amount ot the whole paper now in ufe would be found fufEcient. What inducement has the holder of a country bank note to exchange that country bar.k note in his poffeffion for a Bank of England note ? — I conceive that he has no inducement except want of confidence in the country bank, unlefs he may have bccafion to make a payment at a' diftance where the notes of the bank in queftion are not negotiable. The Bank reftriftion nowexifting, if the notes of the Bank of England were reduced one half in amount, how would it effeft the country banks ? — I do not feel prepared fully to artfwer that, but it is to be inferred, 1 believe, that they would feel a neceffity to abridge their iffues. Do you know if the Bank of England notes have increafed or diminiflied in the country confiderably fince the reflriifion r — I do not know that fufficiently well to anfwer the queftion; but I conceive that inafmuch as the fame regard is not paid to the effedt which an increafed quantity may have on the public welfare, in the iffues of private paper, it is fo far at leaft fufceptible of more inconvenience than is likely to refult from thofe of the Bank of England, particularly as in all cafes the fame regard may not be had to the facility of converting into money the fecu- rities on which it has been iffued. What different effefts, in your view of the cafe, arlfe from the paper of the Bank of England and the country banks ? — I do not feel competent to give an im- mediate anfwer to fo extenfive a queftion. Suppofing that the amount of the notes of the Bank of England was to be materially diminiflTed, is it'your opinion that the notes of the country banks would take their place ? — I prefume not. Suppofing the iffues of the Bank of England to be diminifhed one half, what effeiff would that produce upon the general confidence and credit of the country ? —It would be very injurious; and it would be very difficult, if not impoffible, to condudt tjie affairs of the metropolis, if the large notes were to be diminiQied in that proportion. Would that effeft take place, fuppofing the diminiflied quantity of Bank notes were fupplied by a correfponding quantity of Gold ? — I do fuppole in a very confi- derable degree it would, becaufe the large payments in bufineis have not heretofore been made in Gold, Suppofing the circulation of the country, whether confifting of paper or of Gold, to be very materially diqiiniQied, in a greater proportion even than has been ftated in the former queftion, would not individuals concerned in trade find out fomeother method of carrying on their interchange, fo as to remedy the inconvenience that would refult from iuch a diminution of circulation r — Ic is a queftion which I have not contemplated. Jermiah Harman, Efq. Diredlor of the Bank of England, and General Merchant, called in, and Examined. J. Harman, Efq. ■ Pleafe to ftate what you conceive to be the principle by which the Bank of Eng- land regulates the extent of its iffues; do you conceive it to be their praft ice, for ex- ample, to difcount bills to the extent to which they are required, fuppofing the bills lo be good, and to appear to be for real tranfaftions, and the party applying to make appli- cation for no more than a reafonable amount, or do you take at all into confideration the ftate of the exchanges, and in any degree diminifh the total amount of difcounts ■afforded, and confe'quently alfo the paper iffues wh^n the exchanges are particularly unfavourable ? — One of the firft objefts we have in view is the folidity of the paper brought in, and although we have no precife limi-t, we conftantly keep in view the aggregate amount, as well as the amount of every individual account. With regard to the other part of the queftion, though the ftate of the exchanges is conftantly watched. Appendix.] COMMITTEE mthe High Price 0/ GOLD BULLION. 143 watched, the amount of our difcounts is not regulated with any reference to that J' I^'^rman, EJq. circuniftance. " " xy ' In faying that you have an eye to the total amount of the difcounts, do you not mean that you have an eye to the total amount of the paper in circulation ? — ■ Certainly, the paper in circulation under the different heads. . Do you not mean then that you endeavour to keep the total amount of paper at nearly its accuftomed ftandard. allowing for particular variations at the periods of the dividends ? — The calls for paper neceffaiily vary periodically. Do you conceive that the dinnuiution of the paper of the Bank would, either im- mediately or remotely, tend to an improvement of the exchange ? — None what- ever. Was it not the praAice of the Bank, antecedently to the reftric^'on of the cafli payments, to leflen in fome degree the amount of its iffues, when a material demand for guineas was made upon it ? — It has been occafionaliy,and at one period in par- ticular, according to my view of the fubjed, it accelerated very much the mifchief which enfued. . Was not the cafe in which that mifchief refulted, the cafe of a run made upon the Bank for guineas, in confequence of an alarm in the Country, the exchanges not being then unfavourable ? — Certainly, at the time to which I allude there was a very gi'eat alarm in the Country, and the exchanges were above par. Do you not mean then that the diminution of difcounts increafed that alarm ? — • The diminution of difcounts, and confequently of Bank notes, increafed that alarm, and I think confequently increafed the run. Suppofing a demand to be made upon the Bank for guineas in confequence of the high price of Bullion and an unfavourable exchange, there being neverthelefs no alarm in the Country, do you conceive that a limitation of the Bank paper would in like manner increafe the drain ? — I think, in as much as it would occafion diftrefs in the public,-it would probably have that effed. Suppofing the Bank to be now paying in ca(h,and the exchanges as well as the price of Bullion to be as they now arc, and confequently a drain upon the Bank for guineas to take place, would it be your opinion that the Bank ought todiminifh its paper or not ? — I am decidedly of opinion that it would and ought to make the B^nk very cautious. Do you not mean by caution, that it ought in fome degree to reftrain its paper, and that fuch icftriftion of the paper might tend to lefTen the drain ? — That muft depend very much upon circumftances. Suppofing the Padiament to enaft that the Bank of England (hould again pay la Gold at a diftant period, fay one, two or three years, would it be your opinion that the Bank ought to refort to the meafure of reftraining its ifTues, as a means of pre- paring itfelf to meet that event, fuppofmg the exchanges and the price of Bullion to continue as they now are ?— I conceive that they muft neccfTarily, if the exchanges were to continue as they now are, which, however, I deem barely within pofTi- Do you not conceive that an augmentation of the quantity of Bank of England notes tends to increafe the price of commodities, and a diminution of their quan- tity to reduce it ?— An augmentation of the paper currency generally perhaps may, but, as far as I have been able to confider the fubjeft, not fo greatly as is generally fuppofed ; I fee very few fymptoms of it. . _ Do you not apprehend that there is a difpofition in perfons keeping accounts at the Bank, to apply for a larger extent of difcount than it is on the whole expedient for the Bank to grant ?— Very many do, and we treat them accordingly. Do you not think that the fum total applied for, even though the accommoda- tion afforded ihould be on the fecurity of good bills to fafe perfons, might be fuch as to produce fome excefs in the quantity of the Bank ifTues if fully complied with ?— I think if we difcount only for folid perfons, and i;uch paper as is for real bona fide tranfadions, we cannot materially err. _ . n , r Suppofing you were to afford your accommodation at iour-per-cent. initead of five-per-cent. intereft, the current intereft being five per cent, would there not be danger of excefs ?— Perhaps fo. . , r .u- .1 ' Does it not then follow, that, provided money is now worth fomethmg more than five-per-cent, and being in general difncult to be procured at that rate, you may fall into fome excefs by granting it at five-per-cent. on the principle which you J*9. ^° ^''' 144 MINUTES of EVIDENCE taken before the [Appendix, J-Jiafman, Efq. have ftated ? — I think not, becaufe we Ihould difcover the fuperabundance very ^ V — > foon. What QioTild you confidcr the tefl. of that fuperabundance ? — Money being more plentiful in the market. What do you confider to be the caufes of the unfavourable ftate of the exchanges with Europe and the high price of bullion during the laft twelve or fifteen months, upon the bed view that you have been able to give to that fubjeft ? — 1 mufc fuppofe that the balance of payments has been materially againft this Country, and I have moreover underflood that very high prices have been paid for Gold on the Continent for particular purpofes. Do you merely infer this to be the cafe from the ftate of the exchanges, or do you happen to know the faft from any documents? — I know generally that our imports have been much larger than ufual, and that we have had to pay large fums to foreign countries for the maintenance of our own troops, and for various other Icrvices. Suppofing the exchange to continue long and greatly unfavourable, fliouldyou not be difpofed to refer this circumftancein feme meafure to an excefs of paper currency, or thould you alTume that the balance of trade had continued during that long period unfavourable? — I muft very materially alter my opinions, before I can fup- pofe that the exchanges will be influenced by any modifications of our papec currency.- Have you ever known the exchange to fall to twelve or fifteen-per-cent. in any part of Europe, in which it was computed in coin containing a fixed quantity of gold or filver, or in paper or bank money exchanged at a fixed agio, either for fuch gold or filver coin, or for gold or filver bullion of a definite amount ? — I really can- not from recolledtion anlwer that queftion. In what degree do you conceive the exchange to have been lately againft this Country? — When at the loweft it was full 17-per-cent. below par. What is it now ? — I think about lo-per-cent. Could the exchange have been fo unfavourable as it has been for the laft twelve oi? fifteen months, fuppofing the Bank to have been paying in cafti ? — If there had been more Gold in the country, that would of courfe in fo far and no further have leflened the efFeft, by furniihing a means of remittance which would leflen the unfavourable balance. If the quantity of Gold now locked up was brought into circulation, would it not in fuch degree have tended to have benefited the exchange ? — If it was remitted, it naturally would have that effect. . - \\-' 0,1 Luna, 16^ die Jprilis, 18 10. F R A N C I S H O R N E R, Efq. in the Chair. William Irving, Efq. Infpeftor Genera! of Ex])orts and Imports, again called in, and Examined. Ace. N" 73. [Mr. Irving delivered in " An Account, fhewing the Total Balance of Trade in favour of or againft Great Britain, in her Commerce with all Parts of the World, during the laft Five Years."] ' W. Irvingy Efq. IN what manner have you calculated the adual value of imports into thisCoun- -'try,in the paper you have nowdelivered in ? — 1 ccnfiderthe Account objeftionablein fome refpeds. The values are calculated at the prices in this market, of courfe the imports include the mercantile profits and the freights inwards ; the exports are cxclufive of the freights outwards, confequently the adtual balance in favour of Great Britain will be much more confiderable than appears upon the face of the Account. The correct principle would be, to eftimate the imports at the firft coft-of the goods in the foreign country, adding thereto^ the freights in foreign vcflTels, and the exports according to the real value at the port of exportation, adding the freights in Britifti veflels as fb much additional value on the goods, to be paid for by the foreign confumers. I have no means of afcertaining thofe particulars. Can you ftate the difference between the official value of imports, as given in your other Account, and the aftual value of imports as now given ? — It is in the propor- tion J Appendix.} . COMMITTEE on the High Price of GOLD BULLION. 145 tlon of the fum of £. 59,^5 1,352. real value, to the amount of imports as ftated in ^_ Irvin", Efa my annual account of official value. ' ^ ' ^' ' It appears, by the Account now delivered in, that the average balance of trade in. £ivour of Great Britain, during the laft five years, has been fomething more than nine millions per annum ; how do you account for the exiftence of fo large a balance of trade during fo many fucceffive years, and to what purpofes do you confider this balance to have been applicable \ — I confider that either bullion has been imported- towards defraying the balance, or that a debt has been created from foreign countries to this Country, or partly both, to the amount of the balance, except fo far as the balance may have been cancelled by means of the foreign expenditure of Govern- ment. The maintenance of Britilh troops abroad, and loans to foreign powers, muft, as I confider, diminifli the favourable balance. Have J ou any information of the amount of bullion that may have been imported, into this Country within the laft five years? — I have none; but i apprehend an account might be procured of the receipts and ifiTues of foreign coin and bullion at the Bank of England, which might afford the Committee a tolerably corredl idea of the quantity retained in the Country. In your opinion has there been more bullion exported or imported ? — I believe there has been an increafe in the imports, but 1 cannot fpeak as to the amount re- tained in Great Britain. In the laft fix months of the laft year 1809, do you think there was an excefs of imports or of exports of bullion ? — I fliould be fpeaking without data, having no knowledge of the quantity imported. Some bullion has been imported from Spain which has been fince drawn for, and appears as an export from this Country to Spain, in the Account of Bullion exported delivered in by me to the Com- mittee. Can you ftate nearly the amount of bullion which has been fo re-exported ? — I have no official knowledge of the amount. You have intimated an opinion, that the ftate of trade in the laft five years muft have brought bullion into this Country; in what manner do you conceive that to have been efFeded ? — It has been in confequence of the great extenfion of our commercial intercourfc with the foreign colonies on the Continent of America, direft as well as circuitoufly, through the medium of the Batifli free ports in the Weft Indies. Muft not the balance of trade between Ireland and all foreign countries, be added to the balance of England, in order to afford a juft view of the total amount of the fund, which is applicable to the purpofe of fupplying the means of dif- charging the expences of Government in the fupport of our foreign military and naval ettabhftiments ? — The favourable balance on the Irifli trade with foreigri countries, ought unqueftionably to be added to the favourable balance of this Country. Do you know what the balance is ?— I have no knowledge of the amount of the Irilh favourable balance with foreign countries. In the Account juft delivered in, you have fpecified three articles, which are de- ducted from the value of the imports, namely, firfl the amount of fiftieries, fecondly the furplus of imports from Britiih colonies, and thirdly tlie furplus of imports from Britifti India, amounting together to about eight or nine millions in each year; can you ftate the amount of each of thofe three feveral articles ? — The average amount of each of thefe heads, is as follows, viz. I ft. FiOieries _ - - - I. 1,253,000 2d. Surplus of Imports from Britifli 7 ^^^ ^^^ Colonies and Plantations \ •'' ' 3d. Britifh India - , - - 4,217,000 {^. 8,590,000 In calculating the real value of imports, have you eftimated every article of which thofe imports are compofed, according to the prices current of this Country ?— Yes» I have on an average of feveral years. ,\ c a . . x Of how many articles did they confift ?-^Perhaps from a thouland to twelve 'hundred. o r Suppoling. 146 MINUTES of EVIDENCE taken before the [Appendix. W. Irving, E/q . Suppofing the fame article to be of various qualities, how did you eftimate the "^ average value of the whole article ?— By confulting with fome of the principal im- porters as to the probable relative quantity of each fort. Are you confident that your calculation has been a pretty accurate one ? — I believe it to be accurate. Has the Account been carefully checked in the office? — The accuracy of the Account there can be no doubt ot fo far as refpefts calculations, it being a document prepared and regularly proceeding from my office; but I cannot anfwer for the accu- racy of the prices quoted in the price currents. Mercurij, iS' die Apr His, 18 10. FRANCIS HORNER, Efq. in the Chair. Mr. John Hiimik, called in, and Examined, Mr.y. Humble. IS there not an office called the Bullion-office, in the Bank } — There is. V— ^ ' Are you the Clerk in that office ? — Yes. What is the bufinefs of that office ? — The bufinefs of the office is divided into two branches, and is to be confidered under two heads ; the firil is for the pur- pofe of weighing and afcerfaining the value of the bullion in which the Bank is concerned ; the other, in which individuals only are concerned. What do you mean by afcertaining the value ? — By weighing, calculating the finenefs according to the Affiiyer's reports, and cafting up the value according to the prices. VVhere do you get the prices ? — From the Brokers reports made to the office, either on account of the Bank or of individuals. Does tlie Broker give you a general price, or the price of every tranfaction ? — The price of every tranlaftion. What form of accounts do you keep in the office ? — Every tranfadtion which is done for the Bank is daily reported to the Calhiers, pafTes through the Bank books and into the Bank balances ; the weight and finenefs. price and value is entered in the Bank books ; it is daily reported to the Calhiers, aiid pafTcs confequently into the Bank balances. I fpeak now merely of the tranfadions which are made for the Bank only; the tranfaftions between individual merchants are not entered in the Bank books at all, but merely entered in wafte or memorandum books. Do you, for the Bank, keep an account of the buUion iffued from the Bank, as well as that received ? — Yes, the bullion certainly, both gold and filver, but not the current coin. Then would your accounts fliew for any one year, the total value of bullion pur- chafed by the Bank and iflued by the Bank ? — Certainly, by the Bank only, but not by individuals. How came this office at the Bank to have any cognizance of bullion tranfadions between individuals ? — It has been fo long eftablilbed that I cannot anfwer that queflion with certainty; it has been eftablilTied upwards of 100 years. I under- fiand it to have been infiituted merely f(;r the purpofe of accommodation and fafety between merchant and merchant, as a place of depofir; it ufed formerly to be called the Warehoufe, it is only of late years that it has been called the Bullion, office. Do you keep any account of thofe tranfadions which pafs between individuals ? — Only memorandums in a wafte-book. The bullion is depofited generally by fliip- mafters, and lies in that office for the owners to whom it is configned ; vve keep feparate books for entering thofe depofits, one of which we call the packet book, and the other the man-of-war book, and in thofe books we enter what may be called a manifeft of the depofits the name of the fhip-mafter and the confignee, the name of the veflel by which the importation has been made, the number of packages and what thofe [ ackages arc faid to contain, for we receive them, only as packages. When a fale takes place, that is tranfaded by the Broker between the feller and buyer, he giving a contrad to each; the parties come to the office, and in their prefence the package is opened, the bullion weighed, we deliver the quan- tity fold to the buyer, and receive from him the price, which we dehver over to the feller: in a wafte book we make a memorandum of what has thus'paflld. We App^dk.) COMMITTEE on the High Price ./ GOLD BULLION. ,47 We keep :Gnly a wafte book, and do not transfer thefe memorandums to any move Mr. f. Humble. tegular account, becaufe the whole tranraftion paffes as between the parties, who ^ --^- ^ keep thar own accounts, we being merely an umpire between them. The whole of this IS done by the Bank gratuitoufly. There is no report made to the Bank, of thele depelits or iales. What e|tabli£hment of Clerks is there in the Bullion-office ?-A principal and deputy and an affiftant. «. r From your fituation, do you know any thing of thofe faks which are made for exportation;?— With refpea to bar gold we do know, becaufe the certificate of ■an oath before the Court of Aldermen accompanies the bars from our office as a permit. Is there more than one broker?- Only one houfe, there are feveral partners in the firm, the houie of Mocatta and Goldfmid. , Have they, in your opinion, any power of controul over the prices ?— None in, ihe world, i believe. Then the price is fixed entirely between the feller and the buyer? — I cannot ■take^upon myfelf to fay in what manner the prices are fixed, becaufe I have inothing to do with that. Does the .Bank at any time purchafe .bullion without the intervention of a broker ?r— Very feldom. Can you aflign any reafon-tothe Committee, why, in fo extenfive a commodity as bullion, there fhould be only one broker employed ? — I cannot. Would -not any other broker be permitted to aft as broker, with refpeft to bullion depofited in your office;? — Not without orders from the Court of DireAors. *ljpoii application. * Have any fuch tranfadtions ever taken place ? — Never, to my knowledo-e. Are you acquainted whether Meflrs. Mocatta & Goldfmid at ^ny time deal in rbullion for t'heir own account? — I believe never, I am confident they never do. Can you ftate to the Committee the quantity, or nearly the quantity, of golcl ^bullion imported, that has. been depofited in your office in the courfe of the lafl: year:?—] fei.ve ho conception of it. Have you any accounts that will ihew it ? — We can afcertain from our books the .squanlity faid to be brought by the fhips -in the laft year, but that might -miflead the Committee, if they take that as .-the amount of what had adlually been importecL becaufe th«re is a great deal imported which does not come to our office. Would not. your books, in the fame manner, -enablp you to ftate how much gold -fcullion.hascbeen delivered out from your office for exportation in the lait vear.? • 'We could afcertain it with refpedt to the bar gold, but with refped to the" foreign ^old coin only hy conjecture..; there is a great deal of bar gold exported, which doei not come to us. Could, you not ftate from your books alfo the amount of fales of gold of aU •/orts for the lalt year ? — Probably we might. Mar lis, 22 die Maij, 18 10. HENRY THORNTON, Efq. in the Chair. ^^homas Rkhardfon, Efq. again called in, and Examined. " HAVE you the means of knowing whether the bankers in London ufe any y', Richardfon ;greater economy than formerly in refpeft to the quantity of notes kept in their £'/g vpofleffion-?^'Yes ; I fhould guefs that they do not keep io much by one-eighth as ^ ^ - » ■they did eight years ago, in proportion to the amount of payments made. To what caule do you afcribe that diminution i* — To the more ready method in 'Which they can borrow bank notes for the day, through the means of brokers. Is it your pra.#:ice to be an intermediate perfon lor thefe purpofes ? — Very fre- •quentlyi not unfrequently to the amount of twenty or thirty thoufand pounds a day. Has that praftice.increafed ? — No doubt of it, very confiderably. Are there any other caufes to which you canafcribe the ufe of the verydiminiflied -quantity of notes ? — There are a great many more bills in circulation than formerly,, •sfo that a jDaoker can .at all times take a bill or bills to fuit his purpofes. 148 " UlNVTES o( EVIDENCE iake^i be/ore the> ^ CAppendJXil T. R:c)arJfoii, Wliat you mean, Is, he can thus get rid of any fuperfluity of ca(h at a fliori Efq. notice ? — Yes. ^^ ~-^ ' Do you know of any alteration in the hour at which the Bank now takes froni the bankers the fiim daily due to them on the ground of Bank charge ? — Yes, at' four o'clock. At what hour were they ufed to take it fome years ago? — As foon after nine as • they could agree upon the, fum. . >■ is it not one confequence of that change, that the banker is able to pay the Bank in a great meafure by the medium of drafts upon the Bank, which have been paid in by his cuftomers for bills difcounted by them on the lame day, inftead of paying the Bank in Bank of England notes ?—- It certainly is a very great faving in tlie ufe of ndtcs to the banker. ' . How long has this change taken place? — I do not think more than four or five j'ears. ■ ■.■•.' Do ypu not conceive that the increafed amount of bills difcounted' by the Bank for the mercantile world, has afforded increafed means to the bankers of obtaining a fiipply'of notes at flidrt notice, through the medium of the bills fent to the Bank td be difcounted bj their cuftomers? — Yes. , . t '' Is it not" now the praiftice at the Bank to give money for Navy Bilk on all days in the week, inftead of difcounting them only as heretofore on the Thurfday ■? — Yes, they are taken everyday. • ' • • r Do you tliink that, from the tranfaftions which you carry on with bankers lA London, they are enabled to lend a larger proportion of their depofits than formerly ? »— Yes.' •- ■■ ■ ^ - . _ i Why ?-^Becaufe from, our general intercourfe with them, we can borrov? of one to pay the other at an hour's notice. Do you not conceive, that it is a more general cuftom for tradefmen and indivi- duals to keep bankers now than forfie few years ago ? — Yes. • ■ .. - . '. Would it not naturally refultfrom that, that in general fewer perfons keep an amount of notes by them than heretofore ? — I think people keep a Imaller amount at home than formerly, but perhaps the potes may not belefs, as having no cafh they muft keep notes for their daily traffic, though formerly they ufed to have guineas. Is any other mode of payment than Bank of England notes and fpecie accepted •'of in London ? — Drafts upon bankers. , In confequence of the ready, means of providing notes for ail perfons holding the undeniatJe fecurities necefiary, do you think ten millions of bank iiotes will keep afloat the fame quantity of bufinefs as fifteen millions would have done ten years ago .? — Not quite fo much perhaps ten years ago. Are you fufficiently acquainted with' the barrking-bullnefs to ftate the mode of iheir making their daily payments ?~If a perfon has a fum of money at his lDanker's,he draws his drafts, and ofcourfe receives the notes at any moment he pleafes ; but if in the courfe of the" day he has, for inftance, ;^.''io,coo. to pay, widi perhaps only {^. i,ooo. at his banker's, he pays in the drafts he receives that cfay from otliers, to" make tp the fiim he feq'uireS,"for which-hc alfo draws ; whieb ■drafts the bankers do not ufually pay the bank notes. upon, but take them to the clearing houfe at four o'clocli, when each banker fettles the difference between him and .each otherbarfker, and the balance is uniformly paid that evening in bank notes. How is the praftice of fettling vv'ith the bankers at the weft end of the Town ?— ^' ^" ■ "The clerks of the City bankers, and the bankers at the weft end of the To-wn, bring their demands mutually upon each other, which are always difcharged on both fide? in bank notes. , , , " How many bankers are there that clear their drafts at the clearing houfe?— Forty-five. Has the number much increafed of late years ?— Only increafed three in the laft -t'en years. . j - Can you telJ the average, amount, or ijear it, of the tranfaftions of one day at thf clearing houfe ? — No, but from the beft conjedure, which muft be a vague one, ^bout five millions, reckoning both received andpaid; When was the fyftem of the clearing houfe firft eftablifhed?— About thirty^five ;years ago. You know Ihe prefent number of .country, banks .''—About 720 or 730. Ho«r A^ipendlx.l i COMJ^ITTEE vn Vfe High Price ^ GOLD BULLION. 1 4 9 "■■ How'^marry were there in 1796, iSoo, rSoj, andiSoS P— I cannot .tell, but in T*. RkLrdJon,. tlie hft'two years >t!iey have increafcd about a, hundred. , ' £[({. I Have yom any data to enable yau to guefs the .amount of promiflbry notes in cir- v Gelation by, the country bankers? — No, but I have .heard it calculated at thirty millions. ' 'Can you inform the Committee if any one hoiafe circulates _£. 100,000. of one and two pound notes?— Mliould think not, I think that Lha.ye heard, of as much as i^. yOjOoo. ' Do you know whether -any manufafturers iffue their notes in payment to their kbou-isers ?— ^Some do, only a few of thofe are made payable in Londan. Mas it net -been a cuftom foryoung men of inconfiderable property to buy goods fer manufacturers at unufually long credits, for tli£ purpofesof carrying to Saint Domingo or South America upon fpeculation, and for.which they give -inpayment bills at from twelve>to eighteen months date ?— !tds the cuftom. , How do.perfons receiving thofe billscontrive to convert th&m into money for the purpoles of their own-trade ?'— By lodging them with good Jioufes,,and drawing other bills against them at two or three months, aad reHewing-them when they become ducj and fo on till the payment is fulfilled. i- Docs not the public money paid-in by the taxgatherGrs.previoKsto the dividends, crfeate 'for the time a confiderable fcarcity of .noLss ?— YcSjstlvere js a period prior to the dindends, m which large fums-of ■money are paid to the Bank foip. 'the tax- gatherers, which at fiach time occafiens ^reat fcarcity, and is an inconvenience to the trade.' ■ . . ; .-•> . ■ . , • t'-Canyou fbj-many idea what would be the confequence ofreducingthe amount of 'the circulating paper in the country by refufing to difcount fo largely asat prefent? — ■ A more fteady and -regular .price of all .commodities,, with mote confidence in- all inoney tranfactiens. ■ > . \ Are you not of opinion that fhe Bank of England notes are at prefent more con- fined to the^cjixulation of tl>e metropdiis and its neighbourhood, than they were a few years agof — They ^re veryxinuch fa, vfrom the country bankers fubftituting theiE -''■ Venei-isy z^" die Ma if, iSi-o. " ' PRANCIS' HORNER, in the Chair. ■Charles Grant, Efq. (a Member «f the Houfe) Examined-., 'CAN you inform the Committee, oF the ftate of tiie exchange between this' C. Grirfft^^i'''j. Country and -India for fome time .paft ? — The Eaft India Company have drawn no * i 'bills upon India for many years, paft, but thej are-continu-ally drawn upon from Indian -the rates of exchange of the bills drawn upon from India and China are pretty much fixed in confequence of particular regulations; thofe regulation's with refpeft to India have apfen from the conditions on which money has been borrowed fjr thei public tliere, optionally payable in England, at certain fixed rates of exchange ; thofe rates of exchange are for the ficca rupee, generally from 7 s. dd. to 2, j. \d. per ficca rupee, according to the term of payment ; from Fort St. George the exchange is upon the pagoda, v^hich is a Gold coin, from '] s. Sd. to 8s. 6d. according to fhe term of paymerit j from 'Bombay the excliange has been for the Bombay rupee, for a feries of years' paft',' at 2 J.' 6^.; from China the exchange has been ufually at the rate of £s. 6d. the Spanifh dollar. Are thofe the prefent rates ? — Yes, tlie Account I liave fpoken from comprehends a period of ten years, up to the year 1808-9. •. Has there been no variation in the exchange for fome years paft ?— Not in bills drawn upon the Company, any further fhan I have already mentioned. " Can you fhat'e whether there hr.s been a variation on the part of drawers and remitters not bound by tiie regulations you have fpoken of ?— I have information upon that point from two of the principal hdufes in London aSing as agents for merchants refident in India: I find' from orie of thofe hdufes, that from -the yckt j,8oo to 1804 they paffed their bills on London at 2 j. 6J: per ficca rupee at fix morrths fighr, and 2J. J,d. at three mdnth-s fight ; buf from 1804 to 1809 their hills were pretty uniformly granted at as. ^J. at twelve months date ; and from the beginning of laft year, that is, from the beginning of \ 809, they reduced their ex- " • ' ■■ - -change ISO Minutes of evidence taken before the [Appendix^ Charles Granti change to 2J. ^i. and in fome inftanccs to i25. 5^. per ficca rupee. Another EJ(i. eminent houfe has Informed me, that from the year 1800 to 1807 inclufive, theyj 1^ ) were drawn upon from Bengal at fix months fight, at is. 6d. the ficca. rupee, in 1808 they were drawn upon at is. "jd. the ficca rupee^ and i.rv 1809 at zs. 6d. all at the fame fight. Can you ftate the reafons of this variation in the exchange ? — I underftand that thefe houfes in India draw upon Londop for .greater or kfs fums, according to the.. exports of goods from India ; and the exports having diminifhed in the two.Iafl. years, which produced a diminiflied demand upon them for bills, they in con- fequence lowered the exchange: and the reafon why one houfe drew at zs. Sd. when the other drew at 2.5. ']d. I underftand to have arifen from- the former of thofe houfes having a much larger concern in the way of configning goods, and drawing .bills in confequence. Can you ftate the comparative quantity of Silver or Bullion, which has gone ta India for fome years pall ? — I am informed by one of the houfes already mentioned, that in the years 1803, 4, and 5, when there was little produce to remit back to India, the exchange was fo low as is. gd. the current rupee, or a.j.the ficca. rupee; and according as the private trade increaied, it rofc to is. i^J and in fome. inftances to 2^. 6d. when the price of bullion was high : within thefe few months it has been as low as zs. id. and 2.s. id.; the prefent rate is from zs- zld. tcy zs- 2id.; but there are- very few inclined to draw «nder 2s. ^d. . Fpom the other houfe I have the following table of the rates of exchange for bills, from London upon. Calcutta: 1800, bills at 60 days fight, is. iid. at 2j. the current rqpee ; 1 80 1 & 2, two -fliillings to zs.id.', 1803 & 4, is.; iS'of, 6. 7., 8 and 9, I .--- from 1765 to 1787, at Caftllle - -p. 183. No. 31.— -.-D''---D°--- from 1788 to 1792, at the two Caftilles, and alfo at Andalufia and Ellremadura - - p. 184. No. 31. — -..D''---D"'--- from 1 793 to 1 804, at Medina de Rio Seco, in the JLingdom of Leon - - - - p. i8j. No. 33. — Eftimate of the Quantities of Gold and Silver, added annually to the commerce of Europe, from 1790 to 1802 - - - - - - - - - - -p. 186. No. 34.— Weekly Amount of Bank of England Notes out in circulation, for the years 17951 '79^« and to the ift of March 1797; diftinguifhing the Bank Poll Bills - - - p. 188, No. 3.5.--<-Nfltes of the Bank in circulation, including Bank Poll Bills, on ill .February, iftMay, ill Auguft, and ill November 1798 &.1799, 1808 & 1.809; diftinguilbing the amount of thofe under ^.5. - ...__-. -p. 189. :No. 36.-7Bank Notes in circulation of;^. 5. and upwards, including Bank Poll Bills, for 1801 & 1802; alfo Notes under ^.5. for the fame two years ---... ibij. No. 37.— Bank Notes in circulation of £.5. and upwards, on the 7th and lath days of each month, from December 1808 to January 1810; diftinguilbing Bank Poll Bills and Notes under £.5. .- . . p. i^q. No. 38. — Bank Notes out in circulation each day (Sundays and Holidays excepted) from izth January to 4th February 1810; &c. --..-..-- p. i^j. No. 39.-rWeekIy Amount of Bank Notes in circulation, from January to March i8io; diflinguifhinr Bank Poll Bills, &c. -p, j^j. No. 40. — Bank Notes in circulation, of £. 5. and upwards, on Saturday Night, from the beginning of March to the 1 2th May 1810; diftinguilbing Bank Poft Bills, &c. . - . ibid. No. 41.— Dollars iiruedb)r the Bank, to the 8th February 1810 ..... jjjid. No. 42.— Bank Notes lying in the Exchequer, in each month from December 1806 inclufire. to December 1808, exclufive --------.. p. 193, No. 43. — Bank Notes lying in the Exchequer from December 1808 to February 1810 - - ibid. No. 44. — Higheft and loweft Prices of Bank Stock in each year, from January 1796 to May 1810: Alfo, the Price on the ift January and ift July in each year; from Caftaigne'i Tables ....... r p, ,p^. No. 45. — Advances made by the Bank to Government, on Land and Malt, Excheqiier Bills, and other Securities; from 1798 to 1810 .-.---.... jyd. No- 46. — IlTues of Coin from the Bank, fince the ift May 1803 - - . . p_ jq^. No. 47. — Bank Notes in circulation, on Saturday Night in each week of the year 1797; and theCourfe of Exchange on Hamburgh the following Tuefday - - - . - p. iq8. No. 48. — Bank Notes in circulation of £.^. and upwards, including Bank Poft Bills; in January, February, and part of March 1795 and iSio -----..p, jg„_ No. 49.— Comparifons of Hamburgh Exchanges with Amount of Bank Notes at various periods - ibid. No. 50. — Notes and Bills of the Bank of Ireland, in circulation from ill January 1805, to ift January 1 8 10 - - . p. 200. No. 51. — Silver Tokens ilTued by the Bank of Ireland, to 3d March 1810 - - - p. 201. No. 52 — Number of Licences for the iflue of PromilTory Notes, granted by the Commiffioner of Stamps; for the yeaxcoding totb October iSc9 ^ .... jbid. No. 53 — Duties on PromilTory Notes reiffuable; from January 1798 to the lateft period, &c. - ibid. No. 54. — Duties on Bills of Exchange, and PromilTory Notes not reiffuable; for i8o6, 1,807, 1808, and 1809 - " - ,, p. 203. No. 55.— Number of Stamps of PromilTory Notes reiffuable, from loth Oftober 1808 to ill June ] 810 ; diftinguilbing the Amount iffued in each Quarter, and the correfpondent Produce in Money - - - - - p. jq^. Nos. 56, 57, & 58. — Letter and Enclofures from Mr. Greffulhe, relative to the Weight and Standard of Gold and Silver - .... . -p. 205. No. 59.^Relative Value between Gold and Silver in England and in Foreign Countries, according to their refpeQjve Mipt Regulations ; with the Par of Exchange of each of thofa Countries on England - -- .....p. 206. No. 60. — Pries of Gold and Rate of Exchange, at Hamburgh, on the lirft Poft day in every month ,.--.-.- ,..., p. 207. - .349. R r No. 61. 154 APPENDIX to The Minnies of Evidence t aim before the Ro. 6 1. — Average of Exchange, New York on Great Britain, from 1804 to 1808, inclufive: Alfo, the Exchange at fiofton, vn feveral of the momhs of 1SC9, and in January 1810 p. soS. No. 62.— Extrafts from a Book, entitled, "The IVTaffachufetts Regifter, &c. for 1808 ;"— Viz. Table of the Value and Weight of Coins as they pafs in the refpettive States of the Union, with their Sterling and Federal Value - - - ibid^ No. 63. — Tibles for receiving and paying the Gold Coins of France and Spain, Great Britain and Portugal, according to Adl of Congrefs - _ . _ p. 209. TJo. 64 — ^Table of the Weight and Value of the American Corns - - - p. 210. No. 6;. — Courfe of Exchange at Gothenburg, on the 30th April and 4th May 1810; and in Sweden for the )ear 1809 - - - - . . _ ibid. No. 66.— Exchange, London on Dublin, and Dublin on London; from January 1804 to March 1810 - - - - - - p. 211. Yto 67. — . D° - Dublin on London.; 16th May 1810 - - . _ - p. 21.2. >jo, OS — - D* - between Belfaft and London, and between Belfaft and Dublin.; from January 1S04' to January 1810 - ........ ibid. JMo 69. — Money iffued by the Paymafters General to cectain perfons for the purchafe of Dollars .-.-.-.------p. 217. No. 70. — Bills of Exchange drawn on the Treafury, for Expences Abroad, accepted by order payable at the Bank of England, and which becantie due in .each year fii.ce 5th January 1804; diltinguiftiing the Sums, the Places, and the Services : — Alfo, Bills of Exchange, drawn as above, &c. other than thof« accepted by order ; dittingiiilhing, &c. - - - p. zip. No. 71.— Annual average Price of Wheat, in Scotland, alfo in England, and Wales, from 1770 l;p 1809 . -------.--.---p. 227. No. 72.-r-Annual average Prices of Wheat in Ireland, from 1784 to 1809 - - - - ibid. No. 73 Balance of Trade in favour of, or againit Great Britain, in her Commerce with all parts of the World, during the laft five years --....-rp. 228. No. 74 — Official Value of the Exports from Great Britain to .the Continent of Europe, to the Well Indies, to America, to Africa, and to Afia refpeftively, during the lail five years - p. 229. No. 75. — Official and Real Value of the Exports from Great Britain to the .Continent of Europe, in ' each of the laft five years ----.-.-... ibid. No. 76.— Ofiicial and Real Value of the Imports Into Great Britain, from the Continent of Europe, in each of the laft five years ..... .... jbij. No. 77. — Quantity of Grain, Meal, and Flonr imported from the Continent of Europe into England ; from September 1809 to April 1810 ....... p. 230. No. 78. — Value of Imports and Exports of Ireland, for five years, to January 1 810 - - ibid. iNo. 79. — Monies fent from this Country by the Paymafters General of the Forces, for Army Services and Foreign Succours, from the commencement of the prefent War to ift February 18 10.; jdiftin^uilhing the Coin, when and where fent,.&c. . - . . _ jj. 2^1. Appendix, COMMITTEE on the High Price ^f GOLD BULLIOiNf, 155 Appendix, Nos. 1,5, & 3. ^jETORN to feveral Orders of the Committee on the High Price of Gold Bullion, dated the joth and 2dth February 1810 — for I ft. An ACCOUNT of the Quantity of Gold and Silver exported as Merchandize, or otherwife, from >the different Ports of Great Britain to Joreiga Ports in each of the laft ten years, to the lit of February 1810, diftingm&ing Gold and Silver; diftinguifliing Bullion, Wrought Plate, and Coin ; and diftinguifli- ing the Ports and Places from and to which the fidd Exportation* were made (fo far as the fame can be ^fcertained at the Cullom Hbufe.) 2nd. An ACCOUNT of the Export of Gold and Silver from Great Britain to Ireland, from the year 1803 to the 5th of January 1810, diftinguilhing Gold and Silver, and diftingnilhing Bulliott Wrought Plate and Coin. 3rd. An ACCOUNT of the Quantity of Bullion or Coin wHch has been fejzed in the two year* ending the ift February 1810, under the authority of the Statutes which regulate the Exportttion of JSuUion and Coin. No.t, 156 APPENDIX to The Minutes of Evidence taken before the No. I. — ACCOUNT of Gold and Silver Coin and Bullion, and GOLD COIN AND BULLION. PORTS from whence exported. i3oi. 1802. 1803. Years ending 1804. 1805. .he III Pel 1806. sruary 1807. 1808. 1809. 1810. Dover . - - Oz. dwts Oz. dwts . Oz. .dwts 1,601 16 Oz. dwts 2,00 1 15 Oz. dwts Oz. dwts Oz. dwts Oz. dwts. Oz. dwts. Oz. dwtd 516 10,426 a 14.051 44.622 7J 86 a Harwich - - - - - - 3,0*2 6, 17,323 16; - . . . . - 9,297 c - - 1,000 c 619 t> 5.182 13I London . • . 10,842 ic 75-755 4496 3 i.°5'i>4 - . - 7,170 751 •^,549 Portfmouth Yarmouth - - . 6,000 11,170 700 23,900 251 540 2,268 6.73» ^\ - - - . . . 9,050 '9 14. '57 " 4.374 ^ 190 561 1] Fraace - - - Portugal Ss Azores - - - 500 1,601 16 2,001 17 • 5.997 Hi i,9«3 1,161 3.777 557 2,303 «i Gibraltar - . - - - - - - - - - - - - 240 300 c 1,268 9.459 Britiih WeA Indies Foreign Weft Indies - Spani/h America 6,000 C 200 2,567 7 - - - - - - - - - - 13s * 1,412 21, '71 9J Eaft Indies & China - . . . 45,980 1,846 16 z6a 530 M 521 S 195 1.^35 . . . 770 751 c *.549 6,167 Total - - 2S,iia IC '03.377 H 23.673 15s 3.053 M - - - 17,007 c 3,019 c 13,008 '4.716 i3i 69,962 7J COMMITTEE en the HigH Price «/ GOLD BULLION. 157 Wrought Plate, exported from Great Britain to Foreign Countries. SILVER COIN AND BULLION. PORTS Yearj ending the ift February. from whence exported. i8oi. 1802. 1803. 1804. 1805. 1806. 1807. 1808. 1809. iSio. Oz. dwcs. Oz. dwts. Oz. dwts. Oz. (twts. Oz. dwts. Oz. dwts. Cz. dwts. Oz. dwts. Oz. d-wts. Oz. dwts. Cowes - - - - 27,000 — — — — — — Deal - - - 34,203 — — — — — — — — — Dover - . - - - - 50 — — — — — — — Falmouth - - - , - - - - - - . . . - - - - - 429,499 Harwich - - - - - - - 547.579 ° - - - - - - 934 114,000 c 178,446 Hull - - - - - - - - - - - 5.3S9 i — Liverpool - - 53,928 55,000 c 6,000 , - - 37,203 c 233,882 "london - - - 1,963,287 483,694 3,107,817 5,725,039 4.570,496 1 5,610,461 c 1,500,607 15 443.474 9 i,86.:;,4ii 15 1,206,251 7 Plymouth - . . . - - - - - - 36,06s Pdtttoouth - -. 72,000 Sc 134 Bars. 1,586,262 82,710 676,000 29,800 c 2,340,800 c '.533.4S7 c 61,865 1.544.849 <^ ',095.795 ° Whitehaven - - - - - - - - - - - 10,800 Olafgow," Greenock 1 k Leith - - i 9JS - ■ - - - - - - - 4.95" <= — Total 2,070,425 & 134 Bars. 2,123,884 3,793,156 s.434.039 ° 4,600,196 II 7,951,261 < -,063.094':' 506,273 5 ;. 370,783 3 3,190,742 7 COUNTRIES -- to which exported. Oz, dwts. Oz. dwts. Oz. dwts. Ot. dwts. Oz. dwts Oz. dwts. Oz. dwts. Oz. dwts. Oz. dwts. Cz. dwts. Heligoland Ruffia - Sweden - - - 5.730 3,000 - - 13,660 c i,oco — — — 934 8,950 c "110,000 c 193,148 71,000 o Poland - Germany Holland - Walcheren n.734 c 115,574 333,240 c 270,115 c 4,610 i,6jo 86 K - - 102,270 73,583 59.345 16 prance - Portugal & Azores - Madeira -'Spain - -- - Canaries - Gibraltar - Sardinia - - - .Sicily - 99>ooo c 8,000 16,250 50 c 16,798 c. 16,000 29,800 1,653,314 c 1,292,567 c 16,660 95o,83i c 360,390 ic 516,103 c 5,000 c 88,828 c 1,392,869 269,072 10 I3.°7S 14,464 17,000 22,130 200,000 United States of } America ) 35,942 c - 55, coo c - - - - 500 - 12,990 c — — Britilh North Ame- | rican Colonics ) - - - - - - - - - - - - . . . 10,000 Britifli Weft Indies 1,000 c 8,000 600 c . - . - . - - - 31,423 c 43,250 Foreign Weft Indies . . . 14,722 . . . - - - - - ' - 5.369 8 18,764 ^paniih America - - - - - - - . . - - •i,000 - - — — "Brazils - . - - . . - . - - - - - - - - 137,420 c 420,186 Eaft Indies & China < (Africa - - - 1,912,019 c & J 34 Bars. 1,961,338 3,098,685 c 5,412,429 4,568,896 1! 6,296,260 15 1,100 c 1,768,527 13 474.839 5 850 .0 1,351,218 5 5,200 226,297 I 44,288 7 ToTAt - - 2,070,425 c & 134 Bars. 2,123,884 3.793.156 "^ 6.434.C39 4,600,296 1] 7,951,261 s 3,063,09413 506,273 5 3,570,783 5 3,190742 7 ,349 Ss i5« APPENDIX to The Minutes of Evidence taken before rht No. I. — 'Contimed. — ACCOUNT of Gold and Silver Coin and Bullioh, WROUGHT GOLD PLATE. PORTS Years ending the ift February J from whence exported. 1801, 1 80a. 1803. 1804. 1S05. 1806. 1807. 1808. 1809. iSio. Oz. dwts. Oz. dwts. - Oz. dwts. Oz. dwts. Oz. dwts "Oz. dwts. Oz. dftts. Oz. dwts. , Oz. dwts. Oz. dwts. XiTcrpool - - . . - - - - - . . . . . . - - - 4 12 London - » . 16 S S« 4 11 10 5 'I 10 I 14 7 36 II 14 4 2 . 33 9 ■Southampton - S , - - - . . 14 11 /o 10 c| II 9 3 10 6 46 17 .Total 21 S 58 4 II 10 19 II 21 12 24 li 48 17 14 8 84 ig '.eOUNTMES to which exported. O2. dwts Oz. dwts. Oz. dwts. Oz. dwts. Oz. dwts. Oz. dw!s. Oz. dwts. Oz. dwts. Oi. dwts. Oz. dwts. .Ruflia - - - . - . 10 10 - . . 3 10 . . - - - - 15 — — — Germany . . • - 7 15 — — — — — — — Holland ... •Portugal & Azores - - - - 8 — — — — — 7 .5 ■<;ibraltar . - . - - . 2. - » 5 - - 7 — — - •Turkey . - - - 8 li — — — — — — Ifles, Guernfey & Jerfey S . . . - - - 14 IS ° 10 0^ II 9 3 10 » - 46 17 •UnitedStatesof Ame- \ 6 . - .. I 5 12 ry rica - - S Biitifh North Ameri-7 can Colonies - I 14 I 6 I 8 2 I a . . . . . . 9 . - . I 12 Britifli Weft Indies . -14 8 lO i 1 15 - - . a 7 14 7' 12 IS 13 IS . : . 7 9 8 18 £aA Indies smA China ■Africa - - - . . - 2 S i — — ~ I 16 — — Total - ai 8 58 4 II 10 19 II 21 12 *4 li 48 17 14 8 84 i8 COMMITTEE on the High Price 0/ GOLD BtJLUON. J 59 and Wrought Plate, exported from Great Britain to Foreign Countries. WROUGHT SILVER PLATE. PORTS Years ending the I ft February, from whence exported. iSoi. 1802. 1&03. 1804. 1805. l8c$. 1807. 1808. 1809. iSio, ■ Oz. dwts. Oz. dwts. Oz.dwts. Oz. dwts. Oz. dwts. Oz.dwts, Oi.dwts z. dvns. Oz. dwis. Oz.dwts. Briftol - - , 501 IC 213 11 - - - - - - 245 '5 120 c 545 'S - 41S .J HMwich - - - -. - . . - - - -. - - - . . . .- ■ - - - 54 a Liverpool 1,717 4,598 3,897 Q 6ip . . 1,910 937 " 1.403 ><: 2,141 c 3,298 c 2,686 •» Lpndon . - - 83,182 J3 86,588 18 74,769 »9 66,951 2 91,372 5 89,454 14 76,756 11 69,240 15 66,646 4 74,293 4 Portfrnouth 420 c -378 1,486 - - - . . . -4,305 - - 4,106 c 4S0 677 Southampton - 5,8co 1! 3.739 5,287 10 5.9'7 3 4,067 1 3.749 17 S.910 4 5,526 C 5.351 6,548 19 Yarmouth - - . - - 583 - . . . . — — — — Glafgow, Greenock 1 le Leith - - i 258 c 559 157 e 32 40 38 802 c 237 445 1,609 * Total - 91,879 14 96,076 9 86,iSo 9 73>5io 5 97,389 6 98,730 6 84.991 'S 81,796 16 76,220 4 86,285 17 COUNTRIES to which exported. Oz dwts. Oz: dwts. Oz. dwtf Oz. dwts. Oz. dwts. Oz. dwts. Oz. dwts. Oi. djttf. Oz. dwts. Oi. dwts. Heligoland . - . - - - - - - - - - - 444 3.52 Denmark 733 221 16 684 8,382 3,260 c 1,070 893 — — Ruflia ... 6,016 c 9>754 5 9.765 2 11,370 4 16,698 10 17,811 12,979 c 6,260 c . . - 507 9 Sweden - - - 138 - - - - - - - 1,884 . - - . . . - 2,660 257 « Poland . . - 147 IC 142 . . . 4>7 9 — — — — — — Pruffia . . . 283 5 164 r 120 c 250 2,487 . . - 311 — — Germany 9,488 1 2,029 I" 4,746 5 1,018 10 700 784 485 c — — — Holland - 106 c 896 4.454 = 8a 6S4 - - - - - iXo. • ■Flanders - - - . . . - - - 410 c — — — — — — — France - - - . . . - - 300 e 2,022 16 — — - — — — Portugal & Arores - ».I33 5 1.347 19 2,084 9 1,397 388 '•',455 1 4.5S3 c 868 3 1,40 r c 172 Madeira _ - - 429 c 1,639 8 2,294 15 *99 ,0 - 173 c 1,083 c 942 c 2.792 3 5,cii 11 Spain . . - - 1,018 c 1,067 c 243 c - - 4Q c 290 C 4.570 c 35 ..'Canaries - - - - - - 98 c - - - 205 - - - - - - 435 'Gibraltar i,'S7 If 2.195 " 4,183 17 3,685 15 6,on 2,«62 1 4,309 13 5,108 S 992 2 6/665 '4 Sicily 1,583 iS - - - 799 «: SPl - - . 8 c 130 c 311 4 - - 57G 74 79 7'9 i: 1,174 ' 285 2,360 7 1,148 6 Turkey - - - 240 IC 246 10 141 iS IC4 7,010 c IflesQuernfeyJerfey ) and Man - - ^ 6,24s I) 3,95* ° 5,789 la 6,025 3 4,801 I 3 '749 ': 6,130 4 6,296 6 6,373 c 6,548 I* i^United States of ) America - - i '7.447 '/ 23,511 c H.79S ■: 13,988 1 15.769 5 10,706 1 10,695 c ) 8,879 ■/ 999 «: 3,598 i« Brilifli North Ameri-V can Colonies -V 1,930 c 1,323 5 1,442 ', 1,435 18 M45 '3 895 IC 4S2 1 2,007 I. 1,101 iS 5,168 16 Britilh Weft Indies - 29,738 I 34,°95 * 20,618 < 1 16,333 18 23,960 i 25,364 28,574" s ! 29,849 i; 31,180 11 35,951 IS 801 IC ■ 484 .; 2.60 c - - - 1.244 <■ 2,626 ■ Spanilh America - - - . - . - - - . - . - - - 722 < : «50 e 264 c 3 Brazils - . - . . - - - - - - - - . . . - - - - 4,887 / 5,321 "■ Eaft Indies & China - 13,096 I 13,450 i» 10,218 IC i2,So9 14,705 1 . 21,188 5 8,078 5 16,509 i< 5 9,756 3 8,756 14 Africa - - - 24s c , 978 > < 2,056 c - " ■ 544 < 415 I ? 3.731 I I 2,735 < 5,194 I ? 2,981 a Total - - 91,879 14 96,076 s 86,180 ( ) 73.510 ; 97,389 ( . 98,730 5 84,991 I 5 81,796 I 6 76,220 4 86,2*5 17 i6o APPENDIX to The Minutes of Evidence taken before the No. 2. ACCOUNT of GOLD and SILVER COIN and BULLION and WROUGHT PLATE, Exported from Great Britain to Ireland. Coin and Bullion. Wrought Plate. GOLD. S I L V E Jt. GOLD. SILVER. 1 Year ending 5tk January 1804 - - 1805 - - 1 806 - - 1807 - - i8o3 - - 1809 - - ■']■- , •'• l8lo - - oz.- dwts. IS oz. dwts. 631 22,747 23,636 132,996 7,680 oz, dwts. 8 oz. dwts. 14,267 7 «4->329 S 23.030 19 10,637 j6 10,103 11 10,151 20,412 9 No. 3. ACCOUNT of BULLION or COIN which has been feized under the Authority of the Statutes which regulate the Exportation thereof. Britidi Coin. Foreign Coin and Bullion. GOLD. SILVER. GOLD. SILVER. Value. Value. Oz, dwts. Oa. dwts. £. .. d. £. s. d. "Year ending 1 ft February 1809 - - 81 4 44 19 — — 1810 - - 11,963 14 f 1,224 14 |- t and54i doubloons. 3_ 8,856 Curtom-Houfe, London, > 3d March 1810. j William Irving^ Infpeftor Gen' of Imports and Exports. No, 4. An ACCOUNT of the Quantity ofCOIN or BULLION imported in His Majefty's Packets for Four Years, ended 5th January i3io ;• diflinguifning Coin from Bullion, Gold from Silver, and the place from whence the faid Importations were refpedively made ; as well as the fame can be made out. Years ended 5 th of January, I 807. 1808. 1809. I 8 I 0. From Jamaica, and Leeward Iflands £■ ^- d. 23,447 5? 4 £■ '■ 35,810 s d. £. .. d. 68,363 2 £. s. d 541,084 10 1 Lilbon ------. 130,646 6 2 46,581 6 996 66,399 16 The Brazils - - - - . - ■ -1 29, 050, Dollars, 691 Joes, and a box of 7 . „ , „ Gold,valued at } £' '*'°+'*' > Mediterranean - - - . - - - 808 18 Guxhaven - - - - - Qz. t39,584SllverBallion. 3,100 — ■ ■■ ■ ■\.}\ Tonningen - - . - - -. - - Oz. 535,754 Silver Bullion. ■= — i ■ '■ — Hjfum - Oz. 2,214,452 Bullion. Oz. 657,452 Bullion. — '■» * The Gold and Silver Coin and Bullion cannot be diftinguilhed, as a feparate Account of each has never been kept either hy the Agents or Captains. -Examined per Tho' Church, Depv Acc« General. March 17th, 18,10. COMMITTEE en the High Price o/GOLD BULLION. i6i No. 5. Tia-ualling Office, izth April i8io,- An account of the Quintlty of COIN imported by this Departtsen^, during tlie pfef«nt War. Time. Pl»ce. By what Ship. On wtiofe Account. Spanifii SHvef G»'h». i8io: gth January - - VValcheren - - j His Majefty's Ship Csfar, ( Captain Richardfon > Goverement - Ounces, dwts. 24.991. 10 J. C. SearU. G. P. Toivry. Nic^' Brown. ff7w' fVe/J/i. J. Aubin, " fi. B A part of thi4 C ->in was the refidue of a fum fent by this Board to the Agent Viftcaller at VValcheren, and returned by him j and a part was fiw account of the CominiffioRers of the Navy, and the Value repaid to- that Board. No, 6. An ACCOtJI^T of the Amount of Monthly Sales of GOLD and SILVER, by Private Dealers, in tne Bullion Office of the Bank of England; from the ift January iSoj) to the . .4II April i-Sio ; diflingjiifliing Gold from Silver, and Bars from Coin. Silver Coin. Gold Coin. Bar Gold. Bar Silver. TOTAU 1809: £• I- £■ £■ £^ ; January . . - - 130,380 , 354+3 - 5,jio , >7».>33 February - - - - 108,200 58,286 - - - 2,5«0 i^5),ooiS March - - - - - -9^,750 »S'49J - - • 1,190 '09,435 April - . - - - J 35. '30 44.749 - - - - - - 179-879 May - . - - 4 108,730 110,461 . - . 160 3«9'3S' June . . - - J 103,050 41,064 2,647 3,6to '50.37' July . - ^ - J^ 191,200 28,a57 . - - 607 220.064 Auguft .---.* ^24,0-30 60,725 - - - 17,105 301,960 September - - - -■ 86,104 27,228 i-Jr5«2 87s 129,70^ . Oftober - - - .■ so6,8'7o «8,545 4,270 3.885 283,570 ■November - . . -^ 76,310 64,760 •ii,56s : i.HS 154780 . December- , - - -■ 187,480 20,331 12,326 24,220 244.358 1810: January ■ -<■ - - - 187,000 36.645 6,302 606 230.553 ,Fcbrnar'^ - u » - I4';i30 36,107 - - - - - - 177,237 MttKsW , - - - - 126,180 34.970 7.25s 4.9 '8 173,321 f.- 2,!04,544 683,067 60,867 66,251 2.914.729 •349- Ar,„_This Account cf the Sales of Gold and Silver, comprehends Bullion brought to the Bank by private pcrfons,,as well as that brought by men of war, and Poft.Office pack«3, as, per Accot^P-t he.rtfwith delivefed. J. Humble. ^Bullion OfSce, Bank, 2d May 1810. T t i62 APPENDIX to The Minutes of Evidence tahn before tits No. 7. An ACC0U"NT of the Amount of GOLD which has been delivered out from the. Bullion Office of the Bank of England, as Sales and Purchafes by Private Dealers; from the ift fanuary 1809 to the i8th April j8io: — Dillinguifliing Bar Gold from Foreign Coin; and fpecifying how much Bar Gold has been, delivered out as for Exportation. In Foreign Gold Coin " Bar Gold - - Bar Gold, for Exportation - c. s. d. 702,991 13 7 59* 8 n 101,984 6 9 805,568 9 3 Hote. — The above h the amoant of Gold which has palTed the Bullion Office in the time above inamed, as Sales and Purchafes by private Dealers ; but which may have paffed more .than once, the Bullion Office having no information generally from whence the 'leller procures his Gold. J. Humble. Bullion Office, Bank, 2d May i8io. No. 8. An AC count of the Amount of GOLD and SILVER depofited in the Bullion Office of the Bank «f England, as having been imported from Abroad ; from the ift January 1809 to the 30th March 1810. Silver. Gold. TOTAL. £■ £■ £• Per Men of War - - - 1,369,971 I76>9S3 1,54.6,929 Per Poll-Office Packets - - 601,071 343.267 944-338 a.491,267 J.mmbU. Bullion Office, Bank« ad May 1810. ' COMMITtEE on the High Piice of GOLD BULLION. i5j X3\ 4-, O «J t "" r/^O — O M r>0 i-^-iCC '-"OO O— ^-^VD -. t^ w LACO ij-» V5- ' ' , \C *^ i^ 1-- ^J *^' - .-■■ ^ -^ "■■ -ht^- O l^Q ^0 r^O C\ [^ e% O >■•■' rnOc-" ^■^'^ ri >-, V^ Cy^ q rj-" O 0-ru->U\Th r^ ON o "^ til • T^ *- rn-iOO u-\Of^ M H-C\0 "J*-*^. r^O OOO 0^(5^■-' ^^i^O ■s Tt- i^ o TZ T. Oun.rO L,n,i--^rj-i^, ■wr;OC — O-OCC ONt^ — >ONOCC W> N N 1 O O •o <ro TOO fO ^ OO no" oe .2^ — - ;^ a p . l-i n M = ■j: o CO :2; o Th go o 'S o if "^ "^ " - -^ «-. < .2 L> • vc r>»t^cc 0\ o c^ o>Qr »-so -h^f-M-ir^. ovo - *--> -^co i^ *-a ri- «-« C 1— 1 Pi S c »; O 0\ — «^0 N uy-, ^ ^O fACO en *J~ N ON C^ OsX Tl — 0\^ t^ C* "^ J^ i^S *^ -tOni-h O /■'« "^-^WOD-C rC.O « tr>vA(j-^,^o rrcc 1^, 1>~ «1 ai u ONi-'i^f^ON w rri^ciNOuooOs-^r^r-^ Osoo c^ n m Ci^ -i; ot3 &. c o ►Hc^ -^ cnu-\ -^c^t^j-iFH*. tm W o i; « * 3 O < ^ 5 o' «>,ii 1"? -5 1 1 1 1 ■ 1 1 1 1 I 1 1 I * 1 f i 1 * 1 1 « o CN.S*^ " : " c o c 3 '^lll1<^ll^iltlllt2^'''** ■ ■ M t M t M -a f ft Ml ■> ABI I ■■ A II - a 1- o >^ PQ llllllllllllllll 'llll HI in ^ '5 U M 0*^00000000'OvO^O^O»nOONVOM ■^ -NO CT'O Os'O - O c* O ^-00«0<0 r^- O^O fn- ^w a: J- w iO OnQP O «j~»QO O O r^t^ONr<-.oO N r>.'<-N ^mw M t^ o OJ ._ N ^''i^'^'^*i^'^^'?''^**^'^*^'^*^*i**^*ti.'lr ^'-^ u^ "^ Z, o'^"" o rr c ° 1 »r w tx r^oo ^ 1%. -* 6 *^oo «*^ ■<-'*cr ^ "^^o OS d\^ O^ 2 s§ Ja ° « « O r^»J->r-s,-i -4-"N ^ -^oo mcooo i^m rj-i^r^-^m " c « 00 2 3 PU c o O^^t^fl "-• « '* ^ t^O\Tn-Noo '^•^.O^ ^ o 2'S 1 ' M rt « M O g c w'?- C o fi A o 1" 5 ""iiiiiiiiiiiiiiitigiiii o Fs 9 M 00 M S = fK o o « I|i|lll4l*111(llt III! G < s s >■ -jOOOOOOO OOOO '"j-x.^'O i^r^ON**^ o M l1 S i Oc)ooo»ovovo sr»N~ tI-00 ov >" m o o -< \a »-• c* t^vO -^ N U-, u^ On "^ -^-OO (^ ^^ OOO w^ N -^ so "-I rt a. U N ON ■*■ wjooi (jiuo-oo "*:^- "C^ *> *> ^'^5, ^""^ t " t*N H " wi^ °«^-tC0"ooiNi-»r^ivcrrA^*^»^N"'^»^w<^co 1 t^i •> M U os^o\rs.w>^-T'C '^ o o tJp-Tt'irlH «•>*■ -•Nvo^Nt^tT WN 4J U H -t, 1 1 1 ■*e >« Z • 1 :&-.a <: .s 2 boo O OQOOO OOOO ^ llll 1 • III rl-vo N O \o NO vo O M Ti-Tt-t^oo O -2 * Ph '5 UN a "t! o o h ™* O* rr> i^ NO Q\ O OSOe ON CO r~.VO NO 00 o o " ° li. o" -^ 1 •+■ 1 1 1 ncTnO CO «^ I'l I 1 CO On ON to . ■ 1 NO 3 is 1— ( < ►J « £ Mr tA t^ r* ir\ O o "3 o 2 ^ 1 1 I 1 1 1 1 1 1 1 1 ■ 11 ~ 1 1 ^ NO 00 MNO ON NO o •« 00 HH C o i« o ^ n! NO c H 2 n (^ tv t-oovq 00 °l 1 1 1 IH^ 1 1 1 1 l-^l ivr-. -^cTONIt^t 1^ d g •^ <^ CO c 00 NO tfl ON <^ M •*- ^~N b Q - -3 g § NO q^NO M, «^ ■*• -d ."a < *3 ~ cT llllllflllll 11 1 1 *A Of Cj O s^ H cq ■ ■■•••■f("»T *■ • • (U ■^i O^ a 3 ^-1'' n •s u •jOOOOOOO OOOOi^OO rvO * II I 1 1 f nONOnOOOONDno NOl^'J'O On>0 - NO tJ- 1- W .*« ^ h rr,m — -ihNO tn-^ t»1.^0ri-'*-JN^ O"- s ™ « ^^ t;. q o« qNoo oo_ tv.Nq tj "^ 'J' T o, O >0_^ ON H — -T3 *^NONONO00N — —"l »NONO00?nwt^-*'l e^cfl » 1 g'g C' «-i t^r^oOI^ON-^-^ t>^Ly^— L^OnO-^ OOOO o '»; 2,2 : NOvn ODOO-^ON'^'TfOOu-i 00 o '2 *f « w" - M wri « II 1 III cu iS r—- , «*« X O M c 1^ w 3 1 1 1 1 1 1 .1 1 '.iN.(^ r^i^oooooooQooooco9ooooo 164 APPENDIX to The Muiates of Evidence taken hfore thz No. 10. An u\ C C O U N T of the Annua! Exports ami Itnpons of G O L D and SILVER C O I N, or £ ULL ION, belw-een Cliin.a and the fiiveral ScU'emerits of the United Eaft Indi.i Cf>mpany -in the Eaft Indies, ficrr. the yi^r 1763 to the laiell period to wl.ich the fame can be ir.ide up;, fliftinguifliing the fevera! Settlcir.ems, and Gold fioui Silver. I MPORTED into CHi NA. Seafon. Where from. Bullion. Go'd-. Silver. Dl Silver Coins. Rupee?. 1763. Madras - - - Mani.la - - . Bombay - - - oz. cz. 3 iNuir.ber. ' 6,524 cz. Number. 932,760 402,000 a%. . 3 6,924 - - 1,334,760 — 1764. ... - ,' - - . . 7,868 199.258 64,000 32.323 322,280 — Teilicherry Bengal - - - iW*adras IBeirgal - . - Sdoloo - - . Mlanilta - - . - Bancooleii - - Madras - - - Bengal - - - M|adras - . - fidnibay . - The Canton ge- neral bocks for this year are mififflid. Mad-ra* . - . Bimbiay - - None. 3,882 69,550 40,516 .. - - — — 3.f82 69,550 40.516 7,868 1617.861 — 17%. - - . 59.707 20,169 1 6, poo 156,761 950,857 113,926 97.369 56.000 46,979 300,411 10,695 . - - - 79.876 172,761 364,78} 500,-59 10,695 1766. - . - - 314.759 197978 118,193 52,298 3^>737 1,430,412 413.177 — - . . 314-759 368,46^ i,K-7,326 1767- (- — ' — — 1768. - - - 7,* 10 124,982^ .vC36 136.395 1,090,400 53.7«4 r 7,110 124,982 3-936 1-226,795 53.784. 1769. 1 ' — — — »77o- 271,032 r8,257 Madras - - - 1 None. iVjEdrsfi - • - , - - - ■ - - - 19.833 — ,. - - - - . . i9.'^33 289,299 -1771. — — — — ~- 1773. ' 1 2*5.474 1 «■■ *773- ' 1 i ! i€o,ooo Ben-ooien - - Madras - - - - . - - - -17.119 — — . ' - - - - - - 45'" 6. (' 160,000 • COMMfTTEE on #Z^'F:ch Price .c/ GOLD BULLION. ^65 No. 10 — -AnnUii.Kxp orts and In) ports of GOLD, ^-.c— continued. Bullion. Silver Coins. Seafon . Where from. Goia. silver. , 'Dollars. Rupees. oz. oz. Number. oz. Number. oz. J774-7, '775- J None. Bombflv -■ — — ' — — — — •1.776. 291,686 966,666 18,4-85 Bencoolen - - Madras - - . - - - " - - - - - ... — - - . ■ - . . - . . - - - 1,286,837 — '■»777- ^ 308,870 - - - 70,000 Madras - - - - - . - - - and to the value of Tales 52,871 -— 1778. . . . ... iaz,ooo — — — 1779 970,056 •v .1780. 1781. 1782. •I783- 1784. )None. . __ .... 1785. 1786. 3787. J Bencoolen - • 1788. - • - - - . 5'*53 ^^ _^ . ?. W. Ifland - > None. Bombay - - - - - - - - 135,000 — — — ... . - - - 140-253 — — — 1789. 1790. — ■- — ' — — — J791. ... - - - 209,280 — — — 1792. «793- I 179+. »79S- ■ 1796. 1797- , ' 1798. - 1799. 1800. 1801. )None. — — - — — Si 1802. 1803. 1S04. 1S05. „, .i. 1806. i«07. 1S08. 1 EXPORTED from CHINA. Scafon. Where to. Bullion. Dollars. Rupees. •3k\A 1801. 1807. 1808. Bengal .... Molucca ... P.W.Ifland- - Bengal- - - . Bengal .... ... 509,000 36,636 15,000 - 536,636 15,000 • — •» to the value \ ,, ^ of Tales \ «^»'33<5 38,903 3,165,000 n 162,336 3,203,903 — 1,870,000 — 349- Uu {.ontinuid. ) t66 APPENDIX to The Minutes of Evidence tah;n hfore The. Memorandum. — ^The preceding Account comprehends the Imports into and Exports from Canton cnly on the account of the Eaft India Company, as there are no records received from China, by which the tranfaftions of Individuals can be afcertained. But as the Reports of the Uleporteri «f External Commerce at Bengal, Fort Saint George, and Bcmtay, ftate the Imports into and Exports from thofe places refpeftively to and from China, on account of-lndivdusls, the particulars are flated a.s follow, fo far as the Reports of thofe Officers have been received at thi» Hoafe. FORT ST. GEORGE. IMPORTED from CH-INA. Exported' to China. Dollars. Rupees. No. ■ 'BulJion. Vaiuein Gold Bullion, Value's" R=. Gold Mohurs, - No. bolla'rs. Ifupeek. , .,N^, From I ft January to \ 3iftDecemberigoz j " - D" - - i803 - - D' - - 1804 - - D" - - 1805 - - D" - . 1806 - 46,164! 1 44>3i7, 140,000! 114,486; 176 43 S 612 i 1678,382 >.39' 3,250 , 4.>i8 ? 43,000 433.004 8,899 4,0001 6,532 ■V, ,4.244 BOMBAY. IMPORTED from CHINA. Exported to China. ; Treafure not diftiriguiflied. not dillinguiflied. 'Bam iflMay 1801 \ to 30th April 1 802 ]■ - .^ — valueR'505,032 value R» 20,937 1802-3 — — — 603.954 9,000 1803-4 - — — • — 109,626 _- 1804-5 — — -^. 4260,000 ^_ 1805-6 - ~ " • 6006,113 — la Account, the Tale is ukcn at dr. 2d. and the Rupee at zs. 6d, Eaft-TndiaHoufe^ | die i4thMaixli iSio. j ,(Er«ors excepted.) Cha' Can Wright, Accountant GeneraL COMMITTEE m The High PHce^GOLD BULLION. rBj No. ir. B U L L I O N imported into the Company's feveral PieficJencies in India, in the following Years : — Extraded from The Reports of External Commerce, which exclude the Company's own Imports. 180Z-3 - 1803-,^ 1804-5 Sicca R upccs 2,52,59,805 2.'3'23.047 2,9i>79>o^9 1805-6 - Sicca Rupees 3,38.66,483 1 806-7 - 3.11,94,786 1807-8 - - - - 2.67.59.19* Note. — The Accounts from Madras are not complete for the Year 1807-8, owing to fomc of th» .Hecurns not having been received. The Reports of External Commerce for all India, only commence with the Year 1802-3. COS T oF BULLION exported by the Company to India and China, in the following Years : INDIA. CHINA. £. £• I Sooi - •£■ 599,056 :i83l-» - 435,766 — fl 802-3 - - - I.«38>3i3 568,806 i«03-4 .- - -' 599,815- i88,o8» 1804-5 - - - »'7«!473 201,500 1805-6 ^ - - 49q'5°3 200,505 1806-7 - - - None Exported. — 1807-8 - - - 279,317 — 1808-9 1809-10 ■ -. . None Exported. — Now I a. ComparaSve V.A LTJE of GtDLD and SILVER at the feveral Prefidencies in India, and at China. Sghgai. - - MAil^RA* - iBOMJBAY - - tOajNA According to the Standard of the Benga:lCoin, the Gold Mohur contains of pure Gold, trOy gr'ains 189,402 ; which compared £. s. d. with the ftandard £nglijh * Guinea,' or 2 1 fliillings, the value of the Gold Mohur is - - - - - i 13 6263 The Sicca Rupee contains of pare Silver, troy grains 175,917, which compared with the (landard Shilling, the value is . f o 2 o 566 And at the average price of Dollars - - - - -^022 937 The proportion between the Mohur and the Sicca is 14,861 of Silver to i of Gold. According to the ftandard for the Madras Coin, the Star Pa- goda contains of pore Gold, troy gains 42, which compared as above, the value is------- "75 ■*o* The Arcot Rupee contains of pure Silver, troy gains 166,477, and compared as above, the value is- - - - -koiii 247 And at the average price of Dollars - - - - - \ o z 1490 The proportion between the Star'Pagbdaiand the Arcot Rupee is 13,872 of Silver to i of Gold. According to the ftandard for the Bombay Coin, the Gold Rupee contains of pure Gold, troy grains 164,174, which compared as above, the value is ■•• - - - . . - 19 J »o3 The Silver Rupee contains of fine Silver, troy grains 164,74, and compared as above, the value is - - - -foiii 064 And at the average price of Dollars - - - - -J^oai 224 The proportion between the Gold and Silver Rupees is 15 of Silver to I of Gold. In the China Diaries of 1805-6 and 1806-7, the price of Gold is ftated at 16 tales of filver for i tale of Gold of loo foach, or pure Gold ; if the 16 tales of filver is fo much of fycee, or pure filver, then the proportion is 16 of filver to i of Gold ; but as it appears that in tlie years i8o;-6 and 1806-7, fome Gold was imported from China into Bengal and Fort St. George, where the proportions are only near 15 to ■ at the former, and near 14 to i at the latter place, it would feem that 16 tale weight of fycee iilver, or l6to I, was not intended as the price of Gold in the China marker. If it ftiould be coniidered that l tale weight, or 1,208 oz. troy of pure Gold, ibid for the equivalent of 16 tales in new dollars of the average weight of 1,000 dollars to 866 oz, and of the average finenefs of 7|- dwts. worfe than Englifh Aanda-rd; in tins cafe the proportion is 14,237 of filver to 1 of Gold. But if the tale weight of Gold is now confidered in the proportion of loo new dollars to 72 tales, as it formerly was, at 100 old dollars to 72 tales, the weight of the tale will now be 1,203 oz. uoy, and the proportion will be 14,296 of filver to i of Gold. Gold * That !(, tlie Mint price of £.3. 17. loi. per oz. for ftand- ard Gold of 22 «arats finej and $1. zd. per oz. for ftandard Sil. ver of 2aa dwti. fine. oz. dw™. 22. 222. r<6% APPENDIX to The Minutes of Evidence tahn hfore lit Gold coined in the Calcutta Mint, in Eight Years, from 1799-180010 1806-7: Value - - Silver .-.------ Ditto --.--. Value - - Total - - - - Average per Annum - - S" R' Gold -coined in the Madras Mint, in Se'ven Years, from 1800-1801 to 1806-7: Value - Arcot R' SilvCT Ditto --. Total Average per Annum - Arcot R» or - Sicca R' Total Average per Annum of Gold and Silver 1 tt 1 ^' p, coined in the Mints at Calcutta and Madras | ^'^"'s ' ^iccaK Or nearly ^. 2,000,00c per Annum. In the five Years from 1802-3 '° 1806-7, accordiivg to the Return of the Calcutta Mint, I Sicca Rupee coined from dollars, fent from Europe, coft the Company, exclufive of charges ---.-..---. Charges in England, Shipping J per cent. - - » - - "'39 Intereft, la months, a' 5 per cent. - ...-_. 1,401 Ri& i| per cent. ----------. 420 1,960 Expenfe of coinage to the Company in the Calcutta Mint, on tlie average of the aboye five years - . - • - - - . -981 Total coft and expenfe of one Sicca Rupee - - Sicca Rupees. 144,47,108 584,70,809 729'i7.9'7 9«''4.739 86.84,143 359,63,298 4+6,47.44» 63,78,206 60,27,425 151,42,164 /. %" ^ 3 c « o o o & o o < z h O o f~ s - ■rt o HI m cn & d o c " t>. 00 •o 1 1 1 tn 0^ JO •^ 'Q o o <-i O Irt N "^ ba CO VO o M o SK 00 M J2 ^ i^ O 'I- l^ l^ o VO M '«^ oo O 00 eo O so o vo O N CO CI iC o" - 2 5 00 g o CO 1*^ N uo ^0 n oo «o M vn 0\ (^ CO to r - Pi 2 P O o S2 ON ON o ON On «o <3 O NO NO o >^ < ^ On O NO NO O 00 o\ ON NO NO NO O NO On CO 1-1 1^ o c !: e V a> - *■ "-5 *- -S S s;^ -o *-• J3 . fc/> CI, -J} - trt .5 B « ^ 1 t: *T "3 ^ , E« 1^ „ -a u u .2?"" i u r o o 00 o NO oo 00 t» OO NO l>> o CO ^J^ NO t». WN u\ •o 00 u 1^ M «j ao ^ o V) + CO Co OO 00 -ct- oo N o N NO 00 Ti- r«* co « ^ NO ON ON M CO g NO •i- I^ i^ CO -*■ OO rt- o ^a N r^ O -^ OQ o VN N t-» t^ 00 <:^ t^ 00 ON ON O M - O 1-4 -4- ■4- o 5- wlcl NO nO O On ON NO NO O e NO NO M O O o CO 00 ON NO NO NO O z ■* On hc N NO c< NO O O N CO o ■i*- 00 CO 0\ NO J3 ■- o bA NO >o ON O O o o On 0\ oo ■ch NO NO NO o" NO nO o On o 60 ^ O O >-t|H "Hire O CO o 00 <^, On rj »- "H q On O " 0\ NO O NO to O O NO N o oo o .5? -d u ^% C/3 O "3 "o c o «^ "^ k ° Ki2 .§ o u ti O >.s •£ J3 O u. - "^ 'Sno'S c " 5 c^2 •- " o £ O ^ '^ ,y « ^ >^ o O -ii ". E Vi o E o u COMMITTEE en the High Price of GOLD BULLION." i7t No. 18, _An account of the Quantity of Golo and Silver. Wrought Plate afliyed and marked at the Aflay Office, Dublin ; commencing 5th of January 1808, and ending 2d January i8io. •Gold, at the Standard of 22 Carats D" - - - D" - i8 Carats Silver - OE. dwts. 6. J7- 529. I. - 236,440- 7- Tho. Nut t all t Afiay Mailer. No. 19. Ab account of all GOLD imported into His Majefiy's Mint, and the Amount of Gold Monies Coined, from the year 1797 inclufive, to the ift day of March 1810 j dillinguiihing the Ingots received in each year produced from Guineas and from Foreign Gold, with ths Value of each. GOLD in Ingots produced from Importations in GUINEAS. F R E I G N COLO. Amount o( Gold M( Coined in each Ye >niej' each Year. Weight. Value. Weight. VaJire. ar. lb. oz. dwt. gr. I. - i. lb. oz. dwt. gr. Z- s. 7f5o • 97 59 I 4 16 ok — 1760 — 1761 III 36 1 5 i9 1 — 1761 — 1762 102 33 3 68 I 1762 — 1763 83 7 2 49 1 — 1763 — 1764 - - 99 55 2 •9 4 — 1764 — 1765 93 49 5 2 43 4 — 1761; — 1766 . 85 49 2 7 07 2 , — 1766 to3iftDec' 1766 46 S3' 5 I 62 ift January 1767 — 1767 S7 33 3 7 37 — 1768 — 1768 84 63 6 46 4 — 1769 — 1769 - - 84 33 I 57 — 1770 — 1770 9? 35 6 7 64 4f — • 1771 — 1771 81 2 7 7 23 2 — «77a — 1772- - 82 '17 2 7 65 4 — 1773 — 1773 7^ 23 3 6 '3 — 1774 — »77+ 75 37 J 6 38 2 — 1775 — »77S 74 60 I 43: 2 •— 1776 — 177^' - - 76 23 2 6 6 4 — 1777 — 1777 70 7 z 2 35 I — J778 — ^77^ yi. 5i S 4 71 — 1779 — '779 71 46 2 6 13 — 1780 — 178,0 65 49. 6 S ■ 46 — 1781 — 1781 72 12 5 5 68 — 1782 — 1782 6s 36 7 2 14 -~- 178-3 — 178^ 62 44 2 6 56 — 1784 — 1784 58 6 5 5 4 — 1785- — 17S5 54 S° 5 S 4 — , 1786 — 1786 49 29 7 1 '9 -0 -—^- ■■_ 1787 _ 1787 43 II 4 6 '5 — 1788 — 1788 41 28 ,2 2 '3 — 1789 — 1789 44 20 2 7 39 — 1790 — 1790 4' 39 1 4 59 — 1791 — 1791 41 23 6 8 — 1792 — 1792 45 H 4 2 5° — '793 — ,'793 , '^l 6 S 2 33 — ^79^ — ^79^ - - y 46 44 6 5° Amount of the Quinto do Ourb from 1752 to>i762 7 inclofive - - - 11 years . - j I. '45 10 6 2 2Z from 1763 to 1773 - 11 years - - i ^^ - ^ IjODl ^5 2 4 7 from 177410 1784 - 11 years - 765 61 6 4 22 from 1785 to 1794 ■ '° 7^2" - - - - 456 32 . 3 S z Annual average from 1752 to 1761 - - -^ ■ 104 7 S 2 20 J763 to 1773 - - - go 3 1 s 33 1774 to 1784 - -'--■- 69 20 4 1 60 1785 to 1794 - 45' 4' S I 22 ' The preceding ftatement, a» far as I777> was copied from a manufcript in the pofleffion of the Portuguefe Government, entitled '' Inftruccao para o governo da Capitania de IVImas Geraes por Joze JoTo Teixeira Dczemb.irgador da relacau do Porlo," 1781. The ftatement from 1777'to 1794 wa» taken from another manulcnpt, alfo in the poffeffion of the Portuguefe Government, called '' Rende- miento ■io Quinto do Ouro das 4 comarcas de Minas Geraes e Minas Novas de 1752 a 1794." Th« ftatement; in thcfe two manufcripts were found to agree perfcflly as far as they coincided in time. ;49- Yy 474 APPENDIX to The Minutes of Evidence taken before the No. 22. Quinto do Ouro from the diftrift of Goiazes in Brazil, from the year 1788 to 1795. In 1788 • •§ < 3 a CO > s 6 9 13 s - 1789 - 8 19 6 S6 - 1790 - 7 47 6 rz - I79« - 7 46 a 9 - 1792 - 9 8 3 IS - 1793 - II '9 - >794 - 7' 39 7 61 - 1795 - 7 24 5 10 There are other mines of Gold in Brazil, as in Cuiaba, Jacobina.and Matogropo, but their produce is inconfiderable when compared with that of Minas Geraes. The Quinto do Ouro is one-fifth of the Gold duft carried to the cazat dafuniicao or fmelting houfei, of which there are four in the Minas Geraes. The Gold is there aflayed, weighed, melted into ban and (lamped, one-fifth being retained as the royal duty. In the mining diftrifl. Gold duft is the common medium of exchange, but till it is (lamped and converted into bars it palTes for only 4/5 or .8 of its real value, the remaining fifth or .2 being due to the crown before it can be legally exported from the diftrifl. An eutavi of Gold, for example, which is worth 1,500 rees, when fiamped palTes for no more tlian 1,200 rces before it has undergone that operation. There are rtgiftas or cuftom-houfes on all the roads leading from the Minas Geraes, where ftrid fearch is made to prevent Gold that has not paid the Sluxnto from being carried out of the country. Minas Geraes is about 100 leagues from Rio 'de Janeiro, which is the neareft fea port. TABLE of Portuguefe Weights, compared with Englifh Troy grains. J 2 < 1 3 Portugueffr grains. Engliih Troy grains. ■ I 8J t 72 Slk I 8 576 442 \ I 8 64 4,608 3.S4« T I 64 512 4,096 294,9 ' 2 £26,645 1 PORTUGUESE COIN. The legal (landaTd of Portuguefe Gold is of 22 carats (ine and 2 carats alloy; but from an aJT.iy made by Sir I(aac Netvton in 1777 it appears that the Portuguefe moidore contains only 21 carats 3 I grains fine, and 2 carats \ fe;rain alloy. Calculating from this affay, the Portuguefe (ix-mill four is intrinfically worth only 35 (hillings and feven pence fterling. From one mare of Fortuguefe Gold are coined 16 fix-mill-fours, equal in value to 569 (hillings and four pence fterling. An arroba of the fame Gold is therefore equal in value to 36,437 Ihillings and fourpenccj or j^. 1,821. 17. 4 fterling; and 100 arrobas. are worth j^. 182,186. 13. 4. COMMITTEE m the tligh Price 'of GOLD BULLION. 17; No. 13. I. COINAGE ef Mexico from 1733 to 1798 inclufive^ extrafted from a Work entitled «' Mercurio Peruano de Hiftoria Literatura y Noticias publicas," publifhed at Lima 1791-4. vol. X. p. 133. YEAR. Silver. Golc. Total. Dollars. Dollars. Value. ■1733 - - io,oog,795 4 151,561 3 10,161,356 6 1734 - - 8,506,553 4 385.27s 6 8,891,829 I 1735 - - 7,887,772 477-^03 4 8,309,975 4 1736 - - ILOl'^OOO 748,679 2 11,764,679 2 1737 - - 8,122,132 4 3 ' 3 947 4 8,436,oi>o 1733 - - 9,390,250 468.273 4 9,858,523 4 1739 - -, 8,680,548 4 310,615 4 8,991,164 1740 - - 9.556.040 309,900 4i 9,865,940 4?; 1741 - - 8,636,000 605,661 1 9,241,661 I J742 . - 8,177,000 624,3b6 5 8,801,386 5 Average 8,998,209 t T 434.050 T 9,432,259 i ?743 - - ■8,6ig,ooo .704,208 3 9,323,208 3 1744 10,285,000 818,907 1 1,103,907 1745 - - 10,327,500 505,760 5 10,833,260 5 ,746 - - 11,509,000 428,149 -2, .11,937,149 2 1747 - - 1 2,002,000 369-745 6 12.371,745 6 J748 - - 1 1,628,800 327,411. 4 11,956,211 4. 1749 - - 11,823,500 313,888 12,137,388 1750 - - 13,409,000 476,233 6 '3,685,233 6 175' - - 12,631,000 340,234 6^ 12,971,234 6i •«752 - - 13,625,500 266,560 13,892,060 Average - 11,566,030 455,109 -j%s • 12,021,139 -i% '753 - - 11,594,000 452.064 12,046,064 «754 - - 11,594,000 309.75' 11,903,751 J7S5 - - 11,959,150 216,746 4 12,175,896 4 175& . - 12,299,500 731,000 13030,500 1757 - - 12,529,000 554,880 13,083,880 J7S8 - - 12,758,500 i73'3>7 I 12,931,817 1 1759 - - 13,022,000 ^ ' 450,168 4 13,472,168 4 1760 - - 11,968,000 465,464 2 12,433,464 z 1761 - - 11,879,711 3i 679,505 6| 12,559.217 2 176* - - 10,114,492 4 594,838 4 '0,709,331 Average - 11,971.835^ 462,773 i + 12,434,608 ^% ,76, . - 11,774.964 3|- 859,982 V4J 12,634,947 1764 - - 9,79^.54' 7 553,*6o -7 '0,31-5.702 6 1765 - - 11,609,496 4 778,428 12,387,924 4 1766 - - 1 1,223,986 7k 524.3 »» 11,748,298 7f 1767 - 10,455,184 4 599,414 11,054,498 4 1768 - - 12,326,499 2 933.35* 13.259.85t- 3 1 769 - - 11,985,427 2 497.770 12,483,197 2 1770 - - 1 3,980,816 6 606,494 i4587>3'o 6 177J - - 12,852,166 3 501,266 •I3'3S3.432 3 177* - 1.7.036.345 3 1,853,440 18,889,785 3 Average - 12,303,753 770,742 13,074,494 1 + 1773 - - 19,005,007 3 M32,3iB 20,237,325 X «774 - - 12,938,060 1 728,894 13,666,954 1 1775 - - i4,29«,094 4 73.i,rOD '■^ '■ 15,032,194 4 -1776 . - i6.5i«,935 s, 796,602 '7.3'5'^37 5 1777 - - 20,705.591 7i 819,214 21,524,805 ji 1778 - 19.911,460 «i8,298 20729758 1779 - ■ 18,7^9,8+1 2 675,616 '9'435,4S7 2 1780 - - 17,006,909 i 507.354 17,514,263 i 1781 - - 19,710334 6i *25,5C!8 20,335.842 6f J7S2 - - 17,180,388 /i 400,102 17,580,493 7^ Average - 17,603,462 tV 733,800 4. 18,337,26,3 {^itntimicd-) 17^ APFEN'DTX to The Minutes of EvJdenGe talen btfore ihe- COINAGE of M£xi£0 from 1733 to 1792 inclufive, continued. YEAR. Silver. Gold. Total. Dollars. DoJlars. Value. 1783 - . 23,.»0S.799 I 610,858 23,716,657 I 1784 - - 20j,49Z;432 I 544.94* 21.037.374 ' ,1785 - - 18,002,956 7 572,252 18,575,208 7 1786 - -• 16,868,614 5f 388,490 17,257,104 5f J 787 - - 15,505,324 7| 605,016 16,110,340 ^k 1788 - - 19,540,901 7 605,464 20,146,365 7 3789 - - 20,594,875 6 S35'036 21,129,911 6 1:^90 - - '7.435.644 S 628,044 18,063,688 5 J791 - - 20,140,937 980,776 21,121,713 i79% - - 23,225,611 6 969,430 24,195,041 6 Average - 19,491,309 7 644,040 \ 20,135,340 5 ■^l^oial Coinage in 60 years, 854,361,070. 2 3, The COIN AGE of Mexico in the year 1793, according to the information which Captain Vancouver obtained from the Spanilh Government of St. Jago de Chili, was Silver. Gold. Total. 23,428,680. 884,262. 24,312,942. The fan^c flatement is given in the Mercur. Peruano, vol. xi. N. B. More than \\ million was remitted on the King's account, to Old Spain, in Bullion, in the year 1790. Merc. Peruan. tom. ii. No. 24. ACCOUNT of tlie Coinage of Mexico in Silver, from, 1795 to 1804 inclufive, obtained (by Mr. Angibault IV^orney] from Don Manuel Sixto Efpinofa, direflpr of the Caxa de Con- folidacion at Madrid. Per Menor de los pefos duros acunadot en la cafa de Moneda de Mexico, des de eI;ano 1 795 hafta 1 804 ambos inclufivos. En, 1795 - - - 20,480,877 1796 - - - 21,598,891 1797 - - - 19,649.679 1798 - - - 18,750,890 1799 - - - 2r,oo2,i34 1800 - - - 2 1,880,400 i8oi - - - 20.992.535 1802 - . - 21,980,776 1803 -' - - 21,900,040 1804 - - - 22,611,65a 210,847,874 " '" . '' . - . _ COMMITTEE en the High Price of GOLD BULLION. 177 No. 25. MINES of PERU; Coinage of Lima ; Mines of Chili; and Coinage of Spanifti America. MINES of PERU. Total amount of Silver fmelced in the Viceroyalty of Peru, from 1776 to 1785 7 inclufive, 10 years - - - - -■- - - - -j Annual average during that period ---.-... Amount of d° in 1787 ------.... 1788 '789 - - - - i7^» - . (Extrafted from the Mercurio Peruano, vol. ad.) """ Marcs. Oz. 2,979'365 o 297,936 4 3".6S+ 4 374.153 7 389,006 4 412,117 7 PRODUCE of the MINES of PERU, computed from the Royal Duties, from 1780 to 1789 incluUve, 10 yeans. Duties. Correfponding Sums, Silver, made into plate, duty 10 per-cent, « « - . 5ilver, made into ingots, duty 1 1 J per-cent. - - . iGold, duty 3 per-cent. -....-. Dollars. Real.. 60,213 2f. 3,307,580 ij 132,729 Dalian. 602,130 29.126,024 4,424,03 s Total - ' . - - (Extrafted from the Mercurio Peruano, vol. 4th.) 1,500,522 4 34,152,1^9 Marcs. Qz. Average of the annual produce of Silver from 1788 to 1789 - 373>976. o. • - - - - , - of Gold - - - . . 3,536. 7. (From the fam6.) COINAGE of LIMA. :■' ' - Silver. Gold." " Total. Annual average from 178010 J 7 89 ; Dollars. 2,804,613 Dollars.. . S40.933- Dollars. 3.3?5.S46 (From the fame.) Coinage in 179,0 - — ^79^ - — 1792 - — 1793 - — 1794 - 35>°°'^'°00' The feme eftimated by Malefpiua (MS)j at - - 40,000,000. COMMITTEE on the High Price of GOLD BULLION. 179 No. 26. SPANISH MINT. THE Standard of Spanilh Silver Coin, fince 1785, has been io| ounces fine, and i| ounce alloy. The Mint gives S dollars for the mark of Silver of the finenefs of 11 ounces, and after reducing it to the ftandaid of loj ounces, coins it into 8^ dollars: that is, the Mint gives 3,885,176 Spanilh grains of pure Silver for 4,128 grains of the fame, and confequently gains more than 8 per cent, in the tranfadlion. The price of Silver Bullion is, therefore, always higher in Spain than the Mint price, generally about 6 per cent. The ftandard of Spani{h Gold Coin, fince 1785, has alfo been fixed atJi^ carats fine, and 2| carats alloy ; and the proportional value of Gold to Silver in the Mint has been as 16 to i during the fame period. — The proportional vaiue of Gold to Silver, in the Portuguefe Mint, is alfo as 16 to I. For the mark of pure Gold is there worth 104 fF. 727x1- reis, and the mark of pure filvcr is worth 6fF.S4S'^- Importation of GOLD and SILVER into Spain. - Dollari. Reals. Importation in the year 1794 - - - - - '795 17,648,878 7 2S>5^7,5«i 7 From 8th Dec. 1801 to 29th Auguft 1804 - «J years ilnnual Average during this period . . - 107,308,15* Q 39,oai,i46 (From the books of tlie Spaniih Cujlom-houfe.) DUTIES on SILVER. The Tenths and Cobos collefled in the Caxas reales amount to ii| per cent. The Mint duties amount to Tomewhat more than 8 p. "/„, Th« duty on the importation of filver into Spain amounts to 6 per cent. The duty on the exportation of filver from Spain amounts to fomewhat more than 4^ per cent, viz. 3 p. 7o to .the Crown, and l4 p."% to the bank of San Carlos. The aggregate of thefe duties on 100 parts of filver, from the time when it is brought into the Caxai reales till it is exported from Spain, amounts to about 37 p. %• DUTIES on GOLD. The duty on Gold in the Caxas reales is 3 per cent. The duty on Gold imported into Spain is 2j percent. The duty on Gold exported from Spain is 3 per cent, to the Crown, befides the dutjr to the bank ^f San-Carlos, which, I believe, is the fame with th« duty on filver, that is i|^ p. 7o. No. 27. ESTIMATE of the proportional quantities of GOLD and SILVER extrafted annually from the Mines of Spariifn and Portuguefe America, Bourgoing (edition of 1 806) ftates, on the authority of Humboldt, thai the whole of the annual Coinage of Spanifh America amounts to about ---.-..- Of which the proportion of Gold is « - ., - Andconfequemly that of Silver « - - - - Dollars. 35,000,000 5,100,000 29,900,000 i8o APPENDIX lb The Minutes of Evidence taken i'efore'Wie Gold and Silver extraded from the Mines of Spanifh America, &c continued. The Royal quinto of Gold coUefted in Minas Geraes amounted in 1794 to -----•-.. ■ in Goiazes ------... As the other Mines of Brazil are, in compirifon with thefc, of little moment, we (hall fuppoie that the qpinto from them amounts to no more than --..... Total - - The quantity of Gold correfpomling to this amount of the Royal Arrobas. Marks. 46 M 7 29 S 55 60 00 30O- o» 300 Portuguefe arrobas are equal to . _ . , j, 100,000 dollars in- Gold coAcain of S'tafickHi Gold Tqtal amount of the annual produce of Gold Marks of Caftille. 19,158 37,500 56,658 Oz.. 3 o 99,900 dollars contain, of Standard Silver •----. 3,517,64.7 o I The propoirtianal qnaantity of Silver Tinnudly obtained front Spanifh America, is therefore, to the quantity of Gold obtained fiom Spanilh and Portuguefe America together, as 3,517,64.7 are to 56,658,4; or very nearly as roOjOcJio : 1607, (Sr abottt -63 to i: ------ ESTIMATE jof the rektive proportions of the GOLD and SILVER obtained fronj SvANisH'and PoKTiJcuESE America, about the middle of the laft century. GOLD. Arrobas. Marks* The quinto of Minas Geraes in 1753-4 - That of the other Mines of Brazil eftimatcd at Correfponding quantity of Gold 118 21 50 14 140 700 Dollars. Marks. oz- gjQ. Portuguefe- arrobas amount in Spanilh marks - - - ----=: 44)703 o old frdiii Mexico in 1753-4 -------- 400,000 — — from Santa Fi and Popayau, e'flimated at - . - . 1,200,000 1,600,000 = 1 1,764 J Gold coined in Lima, average from 1780 to 1,789 - - - .... 3,536 o "— in Chili, average given by Molina in 1787 * .... — 5,200 o •— Potosi, average from 1780 to 1790 - - - .... i,Sqi 5 Total amount of the annual produce of Gold - - ----=: 67,095 2 S I I- V E R, -, ,, „ . Dollars. Marki. ox "Silver from Mexico in 1753 = 11,594,000 — from Potofi, average .>....... 2,518,198 14,112,198=1,660,258 5 — from Lima; average from 1776 to 1785 - . ;• .... 297.0,6 r — from Chih; average - . 30.080 o Allowance for omiffioas - - - - - _ . . . . -n ,804 6 Totalamount of the annual produce of Silver - , — 2,000,000 o The proportion 6f Silver to Gold, about the middle of the lafl century, was therefore as a,ooo,ooo : 67,095, or as 100,000 : 3354; or about 30 to i. If the preceding cakuktioirs are well founded, the produce of Gold from America has diminifhrd during the laft half century, in the proportion of 67.695 to 56,65.8, or in the proportion of nearly 6 to 5 ; while that of Silver has increafed during the lame period in the proportion of a,ooo 000 '^o 3'S ^7i^\7t or very nearly as 2 to 3|. COMMITTEE on the High Price cf GOLD BULLION. i8i No. 28. STATEMENT of the amount of the ROYAL DUTIES collc&d at POTOSI, under the denominations cf Fifths, Tenths, and Cobos ; from the ill of January 1556 to the 31ft of December 1800 ; with the corrcfpcnding amount of Silver. ■From 111 Jan. 1556 to ill: Jan. 1579, 23 years, Royal Fifths- ift Jan. 1579 to ift Jan. 1736, 157 years, fifths and Cobi.s - . - . . -• ift Jan. 1736 to 31ft Dec. i8co, 65 years. Tenths and Cobos ----- Total (The above Statement was extrafted from the Books cf the Royal Cheft of PotoTi, by Don Iiamberto de Sierra, Ti'eafurer thereof, and Honorary Account- ant ; Major of the Tribunal of Accounts of the Vice- royalty of Buenos Ayres.) Average of the Annual Quantity of Silver that paid from 1556 to 1800 inclufive - _ - . 1556 to 1578 1579 fo 1735 ------ 17 36 to i5oo ------ Royal Duties. Dollars, Reals. = 9,802,257 I 129,509,939 o 18,618,927 o 157,931,123 I the Royal Duties, 245 years. '57 6S Correfponding Sliver. Dollars. Reals. 49,011,287 o|. 611,256,349 2 163,682,874 5 823,950,508 Jl Dollars. 3.354900 2,043,969 3,893,3524 2.518,198 COINAGE of the ROYAL MINT of POTOSI: Of Gold, from 1780 to 1790; of Silver, from 1773 to 1790. Gold. Silver. Marcs. Ounces. Marc«. In 1773 - - 231,853 1774 - - - 377,965 177s - - - - - 396,196 1776 - - 4.80,981 V77 - 485,328 1778 - - - 577.579 1779 - - 544,762 17S0 - 3.532 2 581,020 1781 1,6 4 447.994 1782 - 2,204 410,267 1783 - 1,841 z 485.547 1784 - 1,529 2 485.344 > 1785 - 1,628 6 428,978 J786 - 2.45' 4 438,266 1787 - . 1,87^ 6 503.544 1788 - 1,936 2 420,340 1789 - _ - . 420,340 1790 2,204 468.609 34.471 (Error or omlflion.^ Total - 20,806. 6 8,219,384 Annual Average - ^.891 sA 456,632$ Total Value in Dollars - 2,829,718 69,864,764 real, reals. Average of the Annual Value 257,247 1 3.881,375 6 Coinage of 1791 reduced \ to its Value ia Dollars | 257,526 4.365. '75 J49- (Extraded from the Mercuric Peruano, vol. 4th and 7th.) 3A l82 APPENDIX to The Minutes of Evidence /aj&^« before the No. 29. PRICES of ihsFanega of WHEAT andBARLEY, from 1675 to i764inclufive ; taken from the Current Prices in the Market of Seville. N. B. The Ta/a was aboliftied in 1 765. WHEAT. BARLEY. Reals Vcllon. Reals Vcllon. In the year 1675 - 36 17 1676 - 30 10 1677 - 48 18 1678 ... 40 13 1679 34 12 1680 ... 21 '4 1681 - - • 21 '4 • 16S2 . 21 14 1683 - 21 14 1684 . 20 8 1685 - 14 .? 1686 . II 6 1687 - II 6 ■ 1688 . . - II 6 16S9 . II 6 ■ 1690 - . - II 6 1691 . 17 9 ... 18 8 1693 - i3 8 1694 ... IS 8 1695 _ . . 12 6 1696 - II 7 1697 - - . '7 8 1698 . 23 II 1699 - 2S 13 Total - - Average Price - - - 18 9 538 2 53 . 20 23/^ 9 281| WHEAT. BARLEY. In the Year 1727 - WHEAT. BARLEY. In the year 1701 J 4 7 'S 8 - 1702 - 12 7 ' 1728 . 20 8 i 1703 - 12 7 1729 - 17 9 '704 - 11 7 1730 - 13 7 — 1705 - 10 6 1731 - 12 s - 17 10 1732 - 17 8 — — 1707 - II 7 1733 - 25 12 . 1708 - •7 7 1734 - 23 10 i 1709 - 28 12 >73S - II 6 — 1710 - 28 «3. .736 - '3 7 1711 - 22 10 «737 - 22 «3 1712 - 22 10 1738 - 17 10 1713 " 24 12 1739 -- 21 9 1714 - 20 8 ',740 - 21 9 I7'S - '9 8 ' i74« - 23 13 — 1716 - 14 ? 1743 - '5 7 1717 - li 6 '743 - 12 5 — 1718 - II 6 1744 - II 7 1719 - 10 S 1745 - '3 8 —— 1720 - 7 3 1746 - '3 8 — 1721 - S 4 1747 - so 8 ■ 17ZZ - 12 6 1743 - 21 8 1723 - 12 6 1749 - 25 9 1724 - 12 5 1750 - 17 8 1725 12 S 1751 - iS 9 - la 8 1752 . Total - - 24 '3 Total - 388 '94 459 224 Average P rice 14 3«tV 7 15/3 Average Pri ce 17 22^33. 8 20i.|. COMMITTEE on the High Price of GOLD BULLION. Tf?-; Prices of the F«»c^« of Wheat and Barley, from 1675 to 1764, at Seville — continued. WHEAT. BARLEY. Reals Vellon. Reals Vellon. In the year 1753 ,- - _ 33 22 1/5+ 17 12 1755 la 7 1756 »3 7 ,757 H 9 17S8 - - - 16 10 I7S9 18 9 1760 ... 22 10 1761 . . - 24 II 176a 2+ 10 .763 - - - 30 13 ,76+ Total - Average Price . 39 13 252 «33 21 I. 2i N, B. The/anega ufed in this and the following accounts is that of Caftille, and 100 fancgas Caftel- lanes make 15 a Englilh bulhels. The ta/a was a maximum of price fixeri by the Government annually. The real vellon is a money of account, aijd one is equal to the -^^ th of a dollar ; and is divided into 34 inaravedis. No. 30. PRICES of the Faitega of WHEAT and BARLEY, from I765 to 1787 inclufive; fron:j a cemparifon of the Prices in the Market Towns of Caftille, taking the medium between the higheft and loweft Prices. YEAR. 1765 1766 1767 1768 1769 1770 1771 1772 1773 1774 177s 1776 "777 1778 - - J 779 1780 1781 178a 1783 1784 -- - 1785 - - 1786 1787 - - 23 Years. - -Total Average Price - - WHEAT. BARLEY. 26 12 25 '3 25 H 30 H 30 »S H 18 26 II 27 »3 s6 17 85 IS 27 10 22 '5 25 16 24 H 26 13 29 16 26 15 •9 II 22 1 1 21 14 24 20 29 20 35 19 606 3?6 26 nil 14 zoff i84 '>t.' , , APPENDIX to The Minutes "of Evidence tak(u before the No. 31. Higheft and Loweft Prices of the Fanega of Wheat and Barley, from 1788:10 1792111- clufive, in the Chief Marker Towns of the twoCaftillas, Eftremadura and Andalufia; publifned by order of the Ccnfejo de Caftilla. YEAR. 1788 - - 1789. . 1790- - 1791 - - 1792 - - OLD CASTILLE. Wheat. Reals Vellon. 34 to 59 S2 to 58 37 to. i«9 22 to 66 16 to 35 Average middle price 45 Barley. 13 to 2S 14 to 29 17 to 48 10 to 38 9 to iS 22 13 \ NEW CASTILLE. Wheat. Reals Vellon. 36 to 64 44 to 60 35 to 85 22 to 78 23 to 40 48 27 i Barley. 18 to 26 17 to 24 17 to 42 9 to 4a II to 26 23 6 I YEAR. 1788- 1789- 2790 1791 - 1792- ANDALUSIA. Wheat. Reals Vellon. 26 to 63 26 to 70 34. to 70 25 to 64 25 to 65 Average middle price 47 10 -y Barley. 16 to 38 17 to 40 21 to 36 15 to 36 H to 35 38 V ESTREMADURA. Wheat. 37 to 60 37 to so 38 to 66 19 to 57 19 to 42 - 42 '7 Barley. 20 to 30 19 to 26 16 to 36 II to 39 14 to 28 - 23 30 I COMMITTEE on the High Price cf GOLD BULLION. . i-Z^ .No.. 32. -Erice* .of the Loa^ of four Fanega* of W H E A T and BARLEY, from th? . ycsf 1 79 J t» the year 1804, both indufive, in the Market of Medira de Rio 6eco,. in the Kingdom of Leon. YEARS. Months. Sort of Grain. Low Prices. High Prices. '793 - - - May . - - September - - Wheat- - - Barley - . - Wheat- . - Barley - . - 120 80 130 84 140 112 9" .1794 - - - May - - .. September - - Wheat-. - - Barley - - - Wheat- - . Barley - - - 140 76 140 64 179 88 19' 76 1795 - - - May - - - . September - - Wheat- - - Barley - - - Wheat- - - Barley - - - 160 96 39 '9+ 66 48 1796 - - - May - - - September - - Wheat - - - Barley - - . j Wheat- - - Barley - . . I«0 40 104 61 126 48 139 75 1797 - - - May - - ^ September - - Wheat - - - Barley - . - Wheat- - - Barley - - - 125 120 158 100 A '7+' 127 200 130 1798 - . . May ... September - - Wheat- - - Barley - - . Wheat- - - Barley - - . 146 180 80 270 1 6a 36 •799 • - - May - - - September - - Wheat- - - Barley - - - Wheat- - - Barley - . - 120 6z 83 42 172 .7,0 io5 48. 1800 - - - May - - September - - Wheat- - - Barley - - - Wheat - - - Barley - - 100 66 140 130 130 82 200 .48 iSoi - - - May - - - September - - Wheat - - - Barley - - . Whtat- - - Barley - - - 146 104 160 70 198 ia6 20(5 88 i8oi . - - May - - September - - Wheat - - - Barley - - • - Wheat- - - Barley . ' - - 216 100 159 78 ^10 244 33 1803 - - - May - - - September - - Wheat- - - Barley - - . - Wheat- - - Barley - . - 2 20 108 286 170 275 14S 330 184 -i ' 1884. ?■ - » May ~ - - Septfmber - - Wheat - - - Barley - - - Wheat - - - Bailey- - - 600 J 80 400 ' 192 ■ 640 270 424 £00 349- 3B iS5 4c= APPENDIX h The Minutes of Evidence taktn hefm the No. 33. ESTIMATE of the Quantities of GOLD and SILVER added to the Commerce of Europe, from 1790 to i8c2 : — Extrafted from a work entitled, "Traitc E.'emsntaire de Mineralogie, par Alexandre Brongniart j Paris, 1807." G L D. SILVER. Kilograms. Kilograms. Kilograms. Kilograms. OLD CONTINENT : Afia— Sibdria . . - 1,700 . . . 17.500 — Africa . - - - - 1,500 — — Europe — Hungary . - - 650 - - - 20,000 — Saltzburg IS — — — Auftrian States - • - ... 5,000 Hartz and Heffe - . . . 5.000 — Saxony . - - 10.000 — Norway - - i 75 - . - 10,000 — Sweden - - - . . -. France - . - - ■ '[ 5,000 — Spain - ... - - -) 4,000 7*.S00 . Total of the Old Conunent - ^ . ... NEW CONTINENT: North America - - - 1,300 - . . 600,000 — South America : Spanifti Poffeffions, including"^ "Choco, Pbpayan, Santa Fe, > Peru, and Chili - - -) 5,oco - - . 275,000 r- Portuguefe Poffeffions 7,500 • 14,100 — 875,000 Total of the New Continent . . - - - - ■ Total - - - 18, ICO 947,000 * This number does not agree with the fum of the numbers in the preceding column. IT appears from this Table, that J. The produce of Gold from the New World is, to its produce from the Old, as 3. 5 to i. 2. The produce of Silver from the New World is, to its produce from the Old, -as 13 to i . 3. The total annual produce of Silver is, to the total annual produce of Gold, as^z to 1. 4. The total annual produce of American Silver is, to the total annual prdduce of American Gold, as 62 to I. In the Eftimate which I had the honour of fubmitting to the Bullion Committee on the r6th inffant, of the quantities of Gold and Silver extracted annually from the American Mines, the proportion of Silver to Gold was ftated to be as 63 to i. But, notwithilanding their agreement in this refult, the Eftimate which I drew up for the Committee differs materially from that of M. Brongniart, in the ftatement which it contains, as will appear from the following Tible, in which the French weights ufed by Mr. Brongniart are converted, for the purpofe of comparifon, into marks ofCaftille, and the corr«fponding value of the precious metals annexed in Spatiifh dollars, calculated according to the regulations of the Spanlih mint. The French kilogram is converted into marks of Caftille, at the rate (jf one kilogram to 4,352 marks. TABL* COMMITTEE on the High Price of GOLD BULLION. 187 Gold and Sliver added annually to the Commerce of Europe — continued. TABLE of the annual produce of GOLD and SILVER, from 179010 1802; talceii from Brongniart, and reduced from French Kilograms to Marks of Caftille. GOLD, SILVER.. OLD CONTINENT: Marks. Value in Dollars. Marks. Value ;b Dsllirs. Afia — Siberia ... Africa - . . . 7=398 4 6,528 - 76,160 — Europe — Hungary Sakzburg Auftrian States 2,828 8 326 4 — 87,040 2i,;6o — Hartz and HelTe - - - 21,760 — Saxony aa * - 43.520 — Norway - - / Sweden 326 4 : ; . 43.5«o — France - - V 21,760 — Spain, &c, - -j - - - J - — Total— Old World - 1 7,408 2,367,488 315-520 2,681,920 NEW CONTINENT. North America - - - S.6s7 61 • 2,611,200 — . South America - - - Spanifli Poffeffions 21,760 J 3,728,793 6 1,196,800 J 32,368,00a Portnguefe Poffeffions - 32,640 4,439,040 — — Total— New World - •61,363 2 8,345.395 a 3,808,000 32,368,000 General Total 78,771 2 10,712,883 2 4,123,520 35,049,920 Dollara. - Value of the Gold and Silver brought annually into circulation = 45,762,803 from the Old World ... 5,049,408 — — from the New World - - - 40,713,355 • from Spanifli America - - -•36,096,756 from Portuguefe America - - • 4,439,040 • A fmall error in M. Erongnia*i's Table affcfls the accuracy of thefe 5uir.s. The chief differerices between the Statement of M, Brongniart, and that which I had the hjonouT •of layir.g before the Committee, are the following : 'ill. M. Brongniart eilimates higher the annual produce of Silver from Spanifh America than, following the authority of Humboldt, I had ventured to do. 2d. He makes the antuial produce of Gold from Spanifli America lefs, and that from Portuguefe America greater than I had eftimated them. Not having accefs to the fafts on which Humboldt forms his opinion of the quantities of Gold and •Silver e.ctraftcd annually from the Mines of Spanifli America, I cannot pretend to decide •between ills cftimate as given by Bourgoing, and that publiflied by Brongniart. But in the high ftatement •^vhich the latter has^iven of the produce of the Portuguefe Mines, I ,-im much inclined to think that (he is miftaken, as I have underftood from all perfons converfant ii» the affairs of Brazil, that the j)rod4ice of its Mines has decreafcd, irftcad of increafir^, fnice 1794. John Aatn, M *^ APPENDIX io The Minutes bf Evidence taken hefvri the No. 34. An account of the Weekly Amount of Bam k of Escland Notes out in circulation, for'tlie Yekrs 1795, 1796, and to the ift of March 1797; diftinguilliing the BAnk Post Bills. ^ — . . Bank Notes. Bank Poll Bills. 1796. Bank Notes. Bank Poft Bills, '795- January 3. 10,296,740 594,480 February 6. 10.592,260 622,720 10. 10,829,940 597.470 i «3- 10654,850. 647,810 '7- 11,399,340 S9r930 20. 10. 1^4,-^ 30 654,910 24. 11,496,960 593,100 i ^'' 9,999,710 648,010 3'- 12,123,980 591.830 March 5 . io,3li6,540 654. IQO ^February 7. 12 2Si,86o 588.610 12. 10,136,920 659,710 14- , 1.2434,740 587,08.0 18. 9,215,290 678,680 21. 12,464,050 578,090 26. 9.576,220 710,960 28. 13,452,290 565,560 April 2. 9 722,920 747,700 March 7. 13,578,440 576 840 9- 10,480,8-20 773.780 14. 14,296,360 580,220 16. io.7-83,3.3o 780,050 21. 9'33i'2go 596,850 23. io,V5b,4i'o 773,680 sS. ■9,821,360 622,990 3°- 10,896,430 7<:'5-330 April 4. 1-0041,710 638 2IO May 7. 10,820,720 735.5 'o II. 11,037,230 635,850 •4- 10,705,650 717 740 18. 11,000 240 6^0,790 21. 9,2.46, 170 6 ,4.930 24. 11,402,350 637,760 2S. 9,626,070 6:7,530 May 2. 10,677,8^10 636,; 30 June 3. 9,675,800 655 7 JO 9- iCjjz.Sjo - 612.150 10. 9,537,920 6^:. 5 ,0 16. 10,369,360 597,030 17- 9,275,9 6i:-4,-3- 9^601,650 547,010 16. 10,107,250 fco6.,«io 20. 9.77,8,540 540,500 23. 9',078,98o S99-'^o */ • 10, 1 25,960 532,020 3°- yj2oo,coo 580,4.80 ]"V 4-. 9-451,270 ■5i8,8'90 Aoguft 6. 9, 5 06,? 30, • 572, 4«o n. 9,9-9-0,570 • 510,010 13- 9, ',64,860 557,290 18. 10,648,710 514,480 20. ' 9,077,190 555.770 . _- - ■j^_ n-ar905,77o S'4.5'80 27. 8,881, 2 ;o 546.280 •Augu.1 I . 10,683,3 -,o 520,600 September 3. 8,9;6.8io 545.420 8. 10,887,290 512,450 10. 8.276,i:23 54i,3;o ■'5- 10,783-590 507,250 17. 8,455,110 533.570 22. 10,741.180 516,310 24. 8,87s 350 530,700 29. '0,65,9,690 ' 516,590 Oflober I . 9,00 1 ,960 '558,380 September 5. 10,640,9)0 513,910 8. 5*58^6,690 560,880 12. 10,604,940 523,620 '5- 9.335,650 558,490 19. i& 352,270 540,870 2Z. 9,332,-o3o 548,150 26, I o,i 19,000 556,130 29. 9,214.780 429*730 -Oflober 3. 10,477,670 569,020 November 3. 9 178,270 . 517,260 ic . 10.233,670 592,120 12. 9,165,3 IO 490,360 17^ 10,671,7.60 624,280 '9- 9,264,420 . 484,120 24- 10,426,530 633.390 26. 9,44o,gSo ' " 474.090 3'- 10,451,700 630,420 December 3. 9,381,100 - -473,3»o November 7. io,r65,74o 595,610 10. 9>o'5.33o 470,060 14. ■ 10,750,250 577.580 '7- 8,813,830 459-550 21. 10,603,130 572,830 24. 8.7„4.,30o 45 7-,^ 7? 28. 10,936,270 566,830 3!- 8.742,530 461,970 December 5. 11, '74.340 56^,090 1797. January 7. 8730;86o 454,660 12- 12,818,970 12 756,030 558,800 j 14.' 9,422,140 471,200 19. 568,490 ; 21. i©,D68,i30 482,700 485,540 1796. January 2. 10,9.19,610 576,660 28. 9,539.300 10.095,380 5^7.270 ■ ' February 4. 9,201,280 466,180 9- 10,037,870 581.460 1 I. 8,953,7^0 477.770 16. 11.054,500 599,040 i 18.' 8,666,820 471,130 23- 10,201,450 611,110 25., 8,165,^40 474.6 le 29. 10,136,550 6!0,1C0 ' March i '. 9,189,350 486,290 Prior to March J 797, there were r.ot any Bank of England .Notes in circulation under the Value pf Five Founds. Ba-k of England, > zoth March idio. j Wilh Dawes, Ch. Ace'. COMMITTEE on ih3 High Trice tf GOLD BULLION. 1S9 No. .35. Aw ACCOUNT of the Notes of the Bank of England in circulation, including Bank Poft Bills, on the ift of February, ift of May, ift of Auguft, and ift of No- vember 1798 and 1799; alfo on the ift of May, lit of Auguft, and il{ of November l8o8; and on the jft of February, lit of May, id of Auguft, and ift of November 1809.; diftinguiiliing the amount of thofe under the value of Five Pounds. 1798: February ifl. May ift. Auguft ift. - November ill. ^799: Bjnk Notes of X,- S- and upward*, including' Bank Poft Eiils. 11.855^430 13,160,030 10,696,100 Bank Notes under ^. 5. ii54I,9IO 1,956,060 1,928,090 1,814,950 February ift. 12,066,310 '^ i,6So,oio May ift. 12,774,340 1,663,560 Auguft ift. • 12,479,540 1,600,000 November ift. 13,51^,900 1,671,650 z8o8: May I ft. 13,429,640 4,062,260 Auguft ift. - 13.521,380 4,123,290 November ift. 13,255,460 4,211,710 1809. " February ift. - 13,226,860 4,333,200 May ift. 14,137,410 4,509,470 Auguft ift. - 14,649,090 5,162,240 November ift. 14,481,103 5,468,190 Bank of England, 1 25th April 1810. j Will'" Dazves, Ch. Ace'. No. 2^. The AVERAGE^AMOUNT of Ban.k of .England Note? in Circulation of ^ 5. and upwards, including Bank Foft Bills, for tlie Years i8oi and 1802 ; alfo the Average Amount of Notes under ^^.5. for the fame two years. 1801 - - - Notes of;/;". 5. and upwards . 13,454.367 Under X-S- - 2,715,182 1S02 - - - Notes of j^. 5. and upwards - I3.9i7>977 Under jT. 5. - 3.136,477 349- 3C 190 APPENDIX to The Minutes of Evidence taken lefore the No. 37. An account of the AMOUNT of the "MOTES of the Governor and Company of the Bank of England, in Circulation on the 7th and 12th days of each Month, from December 1808 to the 12th January 1810 ir.clufive; Diftinguifhing the Bank Poft Bills, and diilinguiQiing the Amount of Notes under the V-lue of Five Pounds. Bank Notes of and upwards. Bank Bank Notes 1809: January 7th - Poft Bills. under ,C. 5. 11,718,010 796,250 4,2+1,420 — 12th - 14,077,780 825,580 4,305,920 February 7 th t 12,778,660 923,540 4,351,360 — I2th - 12,655,360 960,070 4.345.340 March 7th - 12,761,730 903,450 4.347.>9o — lath - 12,366,480 899,100 4-364.470 April 7th 13,062,280 941,530 4,505,770 — I2th 13,661,710 992,500 4,518,859 May 7th 13,165,000 903,190 4,547.410 — ijth 13.635,860 892,790 4,520,710 June 7th 12,404,120 848,440 4.544.650 — lath - 12,414,150 842,400 4,565,000 July 7th . 12,763,880 807,920 4.868,620 — lath - 15,066,180 848,330 4,981,060 Auguft 7th - 13,197,260 901,250 5,186,880 — lath - 13,311,800 ^09,290 5,206,590 September 7th 13,424,000 882,400 5,188,580 lath 13,217,600 883,880 5,185,280 Oftober 7 th - 13,142,210 935.410 5,367,880 — latb - 13,298.870 933.050 5,335,660 November 7th 13,652,700 943.450 5,438,480 — izth 13,578,260 945,130 5,476,020 December 7th 13,381,600 899,740 5,402,010 — I zth 13,438,580 880,880 5,408,060 1810: January ■ftk - 13,013,790 851,160 5,663,080 — 12th - 14,668,640 884,120 5,854,170 Bank of England, T 9th February 1810. j Will"' Dawesy Ace* Gen'. COMMITTEE OK ^',^ High Price f/:GOLD BULLION. IQI No. 38. An a C C O U NT of the Amount of B A N K N O T E S out in circulation each day (Sundays and Holidnys excepted) from tlie 12th of January to the 4th of February 1810, and on every Monday, VVednefday, and Friday in each Week, from the 4th to the 23d of February 1810; Dillinguilhing the Bakk Post Bills, and diftinguifliing the Amount of Notes under the valueof ^. 5.; and fpecifying for the l6th day of February 1810, the Amount of Notes of £.^. and of £. 10. each, on that day. lb 10. (Saturday) fanuary 13. (Monday) - - «S- {Tuefday) - - 16. (Wednefday) - - "7- (Friday) - - - '9 (Saturday) - - 20. (Monday) - - 22. (Tuefday) - - 23 (Wednefday) - - 24- (Friday) - . 36. (Saturday) - . 27. (Monday) - - 29- (Wednefday) - - 31- (Thurfday,) Febr uary i. (Saturday) - Monday - - - 5- Wednefday - - 7- Friday - - - 9- Monday - - - 12. Wednefday - 14. Friday - - - 16. Monday - - - '9- Wednefday - - 21. Friday - . - 23. Bank Notes of ;(?. 5. and upwdrda. Bank Pud Bills. Bank Kote3 under £. 5. 13,728,820 892,010 £■ 5.894,700 13,512,950 ?97.95° 5,88'5,5oo 14,079,120 901,610 5,926,910 13,806,090 g. 3,960 5.672,940 13,869,290 923.270 S.£87,25o . 13.766,330 932,760 5,9r4,4.oo 13,254,440 921,460 5,893.900 13,867,630 924.210 5,871,800 13,260,760 927.303 5,857,580 13,873,000 939,440 5.^78,470 13.549,82© 944,220 5,916,040 13,424,190 974-9;o 5,904,450 13,222,540 960,670 5,953,21a 14,069,370 970,990 5,894,040 13.929,930 975,020 5,926,080 13,354,320 956.230 5,933,010 13,241,0^0 959,150 5,897,490 13,634,010 970,600 5.891,340 13,330,850 1,008,700 5.893.923 13,588,520 988,850 5,855.420 13-877.730 976,350 5,874,700 13,150,920 953.340 5,883,760 i3'454.730 924,740 5,844,300 13.855.550 920,030 5,857,500 Amount of Bank Notes in circulation of j^. 5. and £. 10. each on the i6th of February 1810. OfjC.S- - - /■.2,3io,840. Of£-io- - - ^.2,572,100. Bank of England, \ 36th February i8jo. j Will'" Dawes, Ch, Ace'. :?9^ •APPENDIX 7fl TheMmutes oF Evidence tahenhfore tU No. 3,9. -Aw ACCOUNT of tlie Weekly Amount of BANK N O T E S in circulation, from the jsth of January 1810; diftinguiihing the Bank Post Bills, and the Amount of Notes under the Value of Five Pounds. Of ^. 5. and upwards. Bank Poll Bills. Under (.. 5. »8io. January 19. 26 13,869,290 13.873.000 923,270 939.440 5,887,250 5,878,470 February i* 9- 16. 23- 14,069,370 13,634,010 13-877.730 j3.85S.5SO 970,990 970,600 076,350 920,030 5,894,040 5,891,340 5,b74,7oo 5,857.500 March 2. 9- 14,205,760 13,679,440 900,600 897,500 5»892,35o 5,-850,140 Eank of England, 7 14th March 1 8 lo. J fVllt" Dawes, Ch. Ace'. No. 40. An account of the Amount of BANK NOTES in Circulation on Saturday Night, from the beginning of March to the 12th of May 1810. Of ■;f. 5. and upwards. Bank Poll Bills. Under ;f.S. £■ £■ £■ .1810. Marcli 3. 13,894,410 900,700 5,922,900 to. •13,482,240 895,980 5,893,769 17- 13,584,820 899,480 5,900,320 24. 1 3.9577 >o 932,830 S.939.110 3»- 14,271,180 986,980 5.983,970 April 7. 13,714,680 ■ 988,900 6,104,170 14. 15,054,100 979,140 6,189,490 21. 14.361,370 i,oo6;38o 6,219,450 28. 14,409,260 1,012,780 6,185,740 May 5. 14,180,090 963,820 6,161,020 12. I4>093''30 916,160 6,114,540 Bank of England, 1 i6th May i8io. 3 Will'" Dawes, Ch. Ace'. No. 41. An ACCOUNT of all the D O L L AR S iffiied by the Bank of England, to the Sth day of February i8io, inclufive. DOLLARS. Dollars flamped in the Year 1797, and iflued D" - ftamped in the Year 1 804, and iffued - . . - D" - ftamped in the Ye*rs iSog and 18 10, and iffued 2,325,099 1,419,484 1,073.051 Dollars 4,817,634 Bank of England, 7 pthJebruary j8iQ. J -H. Hafe, Chief Cafliier. COMMITTEE mihemgh Price of GOLD BULLION. '93 No. 42. An account of the Amount of BANK of ENGLAND NOTES, lying In the Exchequer in each Month, from December 1806 inclufive, to December 1808 excMive. 1806, December ^th 19th 1807, January- 1 6th February 6th March 6th 27th April 17th May 15th June 12th July loth Auguft 7 th September 4th Oftober ad ?oth November27th December i8th 1808 January 15th February 1 2th March Jith 25 th April 14 th May 13th 27th June 23d July 22d Auguft igth Septembei r l6th Oftober 7th 28th November 25th Exchequer, the 2ift \ day of March 1810. j £■ s. «/■. - 3,007,200 - 3,012,200 • 1 2,400 14,300 - 15,700 - 1,520,500 - 16,300 . 15,600 - 8,025^600 - 18,300 - 3,017,800 3,019,600 - 6,013,800 - 3,512,900 - 6,289,100 - 5,885,300 • 38,900 - 1,042,600 - 3,266,600 - 3,294,200 - 47,900 - 49,600 - 53,600 - 20, ICO • 19,600 - 17,600 - 22,300 - 3,701,600 - 18,400 " 16,300 £. 48,005,900 W"" Ro/e Hawortb. No. 43. Am account of the Amount of the BANK of ENGLAND NOTES lying i» the Exchequer in each Month, from December 1808 inclufive, to the 10th February i8io. 1808. 23d December 1809. 20th January 17th February 17 th March 14th April 12th May 9th June 30th June 28th July 25th Auguft zzd September zoth Oftober J 7th November 15 th December 1810. 1 2th January 9th February z- s. d. 522,600 1 1, goo 13.300 29,800 19,500 27,000 31,900 37,300 19,4.00 25,100 28,400 30,600 18,600 526,500 3 1, zoo O O l6,200 O O £■ i.379'30o o o Exchequer, the 36th 7 day of February 1810. J 349- n W'" Roje Hawortb. 194 APPENDIX to The Minutes of Evidence taken before the No. 44. An account of the Higheft and Loweft Price of Bank Stock, in each year from 179610 15th May i8io : And al.fo an Account of the Price on the ill January and ill July in each year ; Taken from Caftaign's Tables. 1796 .... 1797 .... 1798 - . - .. 1799, - - - - 1800 . - - - i8oi . . - - i8ea - . - - 1803 1804 . . - - 1805 . . . - 1806 - 1807 . . - . 1808 - - - 1809 . . , - 18 ro from Jan. to 15th May Higl.eft. Loweft. 180 140 142 .151 '65i 118 i76i '37^ '75 '54 190I: 148 2o7i .78 '93 136 169 146 197* i67i 223 •9'^ 235I 208| 240 224I a 88 235 278i 274 1796: 1797; 1798; 1799: 1800 : 1801: 1802 : 1803: 1804: 1805: 1806: 1807: 1808: 1S09 : January i July 1 January i July I January July 1 January i July 1 January i July I January i J..,ly 1 January 1 July I January I July t' January I July 1 January i July I January ! July I January I July [ January I July I January i July I January 1 76 5*i 38i 26f 19I 37l 53l 55 6,^ 6«i 68 87 89 86 45 46 S4i 67i 794 93 21 f 208I; iji 225 241 =35 260 274 No. 45. An account of Advances made by the Bank of England to Government, on Land ard Malt, Exchequer Bills, and other Securities, at the following periods. 1798, Jan' 5th 1799, JanT sth 1800, Jan^ 4th Land, 1797 -....-.- Malt, 1797 .-_---. Land, 1798 _.....-. Malt, 1798 .-. Advanced out of fums iffued for the payment of Dividends £■ Land and Malt, 1 797 ---._• D" - - 1798 Malt - - 1799 .--..-. Exchequer Bills ^.2,000,000. on Perfonal Eftatss, 1799 - ^iC-3'°°o<*o°- ''"PP'X' 1798. at;(^.5. per cent. - Advanced out of fums iffued for the payment of Dividends Land, 1797 --_..... D° - 1798 - - Malt, 1798 ----.... D" - 1799 D" - 1800 Exchequer Bills, Perfonal Eftates .... D' -^.3,000,000. Supply, 1799 . . . _ . D°^. 3,000,000. Vote of Credit, 1799 . - . . D" Credit of Income Tax, 1799 . - - ■ _ Advanced out of fums iffued for the payment of Dividends c s. d. 1,716,000 750,000 2,000,000 521,000 376.739 9 5,363.-33 9 628,000 2,432,000 719,000 2(,g,ooo 3,000,000 376.739 9 7,454.739 9 242,000 475,000 71,000 750,000 750,000 46,000 3,000,000 1,000,000 521,500 376,739 9 7,232,239 9 - 3,000,00c Exchequer Bilb, Bank Charter, without Intereft - 3,000,000 D° Inconne Tax 1799 . - . - - 361,500 Janr 5 th. Advanced oat of fums liTued for the payment of Divide Malt, 1800 -.-..-. nds £• 376.739 9 10,983,239 9 £8o». 433,000 D° 1801 - 750,000 D° i8©2 - 560,000 Perfonal Eftates, i8oi. Exchequer Bills - - - . 90,000 D» 1802 D» ... - 2,000,000 Vote of Credit, 1802, ^.2,ooo,coo. . . - - 148,000 Exchequer Bills, Bank Charter . . . _ - 3,000,000 ]> Supply, iPoi, j^. 3,000,000 - 3,000,000 Jani' 5th. Advanced out of futns iffued for the payment of Dividends Malt, I Sol 376.739 9 ic,357t739 9 5803, 119,000 D° 1802 - 750,000 D" 1803 - 750,000 Perfonal Eflates, 1803, Exchequer Bills - - - - 484,000 Supply, 1802, /. 1,500,000. D" - - 1,500,000 Bank Charter D' - . 3,000,000 JanT 5th. Advanced out of fums iflbed for the payment of Divider Malt, 1802 .------ ids £• 376,739 9 6>979>739 9 1804, 134,000 D' 1803 ...-.-- • 750,000 D" 1804 - 455,000 Supply 1803, ,^.1,500,000. Exchequer Ellis - - 1,500,000 Bank Charter D» . . . - 3,000,000 JanT 5 th. Advanced out of fums iffued for the payment of Dividends Malt, 1803 ._...-.. D" 1804 376,739 9 6,215,739 9 5^05. 326,000 750,000 ' Perfonal Efiates 180^, Exchequer Bills - 1 1 1,000 Supply 1804, ,^.1,500,000, D" - - - 1,500,000 Bank Charter D" . . - . - 3,000,000 C Vote of Credit 1804 ^^.2, 560,000. on Aids or Suppl \ 1805, Exchequer Bills . . . - Advanced out of fums ifl'ued for the payment of Divide ■Malt, 1804 - - - - - - - ies7 1,500,000 JanT 4th. nds I- 376.739 9 7.563739 9 3806. 341,000 D" 1805 - 750,000 Supplv, I So;, £. 1,500,000. Exchequer Bills - - 1,500,000 » Banc Charter D" - - - - 3,000,000 JanJ^ 5th. Advanced out of fums iffaed for the payment of Dividends ^• Malt, 180; -..----- Do 1806 376.739 9 5'967.739 9 1*07. 220,000 750,000 Supply 1805, £,. 1,500,000. Exchequer Bills - - 1,500,000 D" i8o6, X'- 3'°o°'°°o- D" - - - - 3,000,000 Aids 1806, Cap. 93 X)" • - - 252,000 ^upply 1806, j^. 10,500,000. D» - 693,000 Advanced out of iums iJlued for the payment of Dividends 376,739 9 6,791,739 9 19^ APPENDIX to The Minutes of Evidence taken before the Account of Advances made by the Bank of England — {contznued.) 1808. Jany 5 th. 1S09. Jan^ 5 th. 1 8 10. Jan)" 5 th. MaU, 1S06 - - - - _ - Supply, 1 807, £. 1,500,000. Exchequer Bills - - - D" i«07 Do - . . D* 1807, £. 10,500,000. D" - ~ Advanced out of iums ili'ued for the payment of Dividends Malt, 1807 P° &c. 1808 - Supply, 1808, j£. 1,500,000. Exchequer Bills D* 1807, D* - - - - Bank Loan - - .--_.. Advanced out of fums iffued for the payment of Dividends Malt, &c. 1809 -------- Supply 1809. ^. 1,500,000. Exchequer Bills - - . D' 1808 D" - - - - Bank Loan - - . _ . _ Advanced out of fums iffucd for the payment of Dividends £■ 373,000 750,000 1,500,000 3.000,000 600,000 376,739 o 9 o o o o o 6.499>739 9 358,000 98,000 1,500,000 3,000,000 3,000,000 876,739 9 8,832,739 9 98,000 1,500.000 3,000,000 3,000^000 876,739 9 8>474>739 9 Bank of England, 7 14th March, 1810. 3 H. Ha/e, Chief Caftiier. No. 46. An account of all Iflues of the Coin of this Realm, from the Bank of England, fince the ift of May 1803, under any Orders in Council made for that purpofe; — fpecifying the Date of each Order, and the Amount ifTued thereupon. The D A T E S of the Orders in Council. SUMS -Iffued. To W H M IlTued. '^ -* Iffiied bet"-''n ift Msy 1803^^ and iJtIi Mach 1810, in ^ puriu.ince- of an Order in >. Council, dated 9ih Oftober \ - £• 661,480 s. d. The Treafurer of His Majefty's Navy, 1799 -J 1803 - - May 26 - — - Ju:e29 - ' - — - - July 29 - _ 100 100 100 — — The Ordnance Storekeeper at Woolwich. -, - D". - - D". - - Augull-22 — - September 23 - _. - - Odober 28 ;- 100 100 100 — — - - D". D". - D". — - - Nav."r ber ^o — - - December 28 - 100 200 — — - - D". - - D". 1804 - Janua-y 31 — - February 27 — - - March 29 - aoo 200 zoo — — - - D». - - D". t — - - Apri; 28 - — - - May 14 - - 200 4,jco 1,400 — — ! he T fur?r of His Majefly's Ordnance. 1 he Ordnance Storekeeper at Woolwich. (continued.) COMMITTEE en the High Price of GOLD BULLION. 197 Account of Ifl'uss of Coin from the Bank — ccniinued. The D A T E S of the Orders in Ci>uncil. SUMS I. rued. To W H M Iffued. 1805 - - January 25 - - Alarch 1 - - - 2,O0O 2,500 Th : Ordnance Storekeeper at Woolwich. - D\ — - - — 27 - - Msy 6 - - Jane 6 - - 2,500 2,500 3,000 - - D". - D'. - D". ■" ■" - - - — 22 - Auguft 6 - ~ _ 3,coo 3,000 : - D*. - D°. = 29 - - - September 23 - - oaober 28 - November 30 - " December 2i • - 200 — — 200 — — 200 — — 203 200 — - - D°. - D'. - D°. - jy. - D«. ii8o6 January 24 - - February 22 - - March 27 - - 200 — 200 2CO - - D*. - !>•. - D'. — - - April i8 - - - 4,200 The Treafurer of His Majefty's Ordnance. — . 28 - - - 200 — ^- Th e Ordnance Storekeeper at Woolwich. .__ - - May 3 1 - - June 30 - - - Ju'y 29 ■ - - Auguft 23 - - September 27 - - Oftober 30 - - November 24 - - December 26 - - OOOOOOSO oooooooo 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 . - D». - D». - D". D». - D". - D°. - D». - D°. J 807 - - January 23 - - February 23 - - March 25 - - April 23 - - - 200 soo — — 200 200 - - D«. - D". - D«. - D°. — _ - - - 11,550 The Treafurer of His Majefty's Ordnance. — - - June 25 - - - July 2? - - - October 27 " " 200 200 aoo The Ordnance Storekeeper at Woolwich. - - l: - - jy. — - - December I16 - - 14,000 The Paymafter General of His Majefty's Forcei. — — 23 - - - 200 The Ordnance Storekeeper at Woolwich. a 808 - - January 26 - - March 31 - - May 31 - - - 200 — — 200 2CO — ^ . D°. - D". . D». — - - June 25 - - - 500 ; 1 Meflrs. Potts V Johnfon, Overfeers of the Poor, \ Birmingham. — — 29 - - - 200 The Ordnance Storekeeper at Woolwich. — - - July 26 - - - September 27 - - 200 200 - - D». - D". — - - oaober 24 ■ * , 200 - - t)'. 1 1 1 1 ll - - Janaary 24 - - March 28 - - May 23 - - - June 24 - - - September 25 - - oaober 26 - L- 200 200 — — 200 200 280 2CO - - D». - D«. - DO. - D«. - D". - D'. 72 , 330 ►Bank of England, 7 ^oth March 1810. j H. Hafe, Chief Calhier. 349- 3E 198 APPENDIX to The Minutes of Evidence taken before the No. 47. The AMOUNT of BANK NOTES in circulation,\n Saturday Night in'each Week of the Year 1797; and the Courfe of Exchange on Hamburgh, on the following- Tuefday. 1796. December 31 1797. January 7 14, 2 28 February 4 1 1 18 25 March 4, I 18 24, April I 8 I? 22 29. May 6 «3 ao. 27 June 3 10 «7 23 July I 8 IS 22 29, AuguJl 5 II 19. 26, September i 9 16 23 30 Oflober 7 '4 21 27 November 3 II 18 25 December 2 9 16 23 1798. January 5. 9,201,295 9,181,843 9.888,731 10,545,271 10,018,074 9,660,611 9,425,224 9,128,512 8,638,954 0,412,412 0,384,431 9,995,611 0,501,378 0,943,221 '>5S4'372 2,613,053 , 2,123,547-. 3.049'9SS .3.58i>274 2,212,266 1,956,012 0,880,108 1,237,106 0,230,601 0'97S'943 0,284,600 0,764,170 0,776,482 ".375,960 i'a53.529 1,233,809 1,105,768 '.453.737 0,936,954 0,564,109 1,434,462 1,024,603 0,710,192 0,649,752 1.834.7s' 0,505,234 '.777.3 '3 2."3.3i3 2,448,026 '.980,334 1,671,070 1,309,010 1,206,816 0,684,914 1,261,839 0,897,328 1,440,879 1,276,712 11,051,971 ^1797. January 3. 10. 17. 24. 3'- February 7. '4- 21. 28. March 7- '4- 21. 28. April 4- II. 18. May 25- 2. 9- »6. 23- ,30. '■.June 6. -'r« \ '3- 20. 27- 1798. July 4. II. 18. 25. Auguft I. 8. '5- 22. 29. September 5. 12. 19. 26. Oftober 3. 10. '7- 24. 3'- November 7. 14. 21. a8. December 5. 12. 18. 26. January 2. s.d. 35/6- 35/8- 3S/5- 35/3- 35/3. 35/- 34/9- 35/4- 3S/I0- 3S/'- 36/. 36/. 36/- 36/8. 36/2. 36/. 36/4- 36/. 36/2. 36/2. 36/3. 36/4. 36/3- 36/4. 36/4- 36/4. 36/6. 36/9. 36/8. 36/8. 36/8. 36/8. 36/10. 37/2- 38/. 37/10. 38/. 37/8. 37/8. 37/7- 37/10. 37/10. 38/. 3S/2. 37/10, 38/1. 38/1. 38/1. 38/3. 38/4- ■ 38/5. 38/5. 38/2. 37/' '• N. B. The above Coiirfe of Exchange taken from \ Wetenhall's publication of Caftain's Papers, j March izth, i3io. John Whitmore. COMMITTEE m the High Price of GOLD BULLION. 199 No. 48. AMOUNT of Bank of England Notes in Circalation of /.5, and upwards, including Bank Post Bills, on the under-mentioned Dates; — viz. 179J. January 3. 10. »7- 24. 3'- February 7. 14. 21. 28. March 7. 10,891,220 11,995,270 1 2,090,060 12,715,810 12,870,480 13,021,820 13,042,140 14,017,850 14,155,280 1810. January 7 12 19 z6 February 1 9 16, 33 March a 13,864,950* ■15,552,760* 14,792,560 14,812,440 15,040,360 14,604,610 14,854,080 14,775.580 15,106,360 i4>57'5,94o Tke above extraiSed from the Ac- count tranfmilted zift March 1810. • Extrafted from the Account prefented to the Houfe of Commons, 9th Feb. 1810. The remaindsl from the Account tranfmitted tothe Bullion Committee, 14 March 1810. No. 49. COMPARISONS of Hamburgh Exchanges with amount of Bank Notes at ▼arious Periods, BANK NOTES in Circulation : fee Report delivered to the Houfe of Commons, 18th March 1797. 1787 1788 1789 1790 1791 .1792 25th February - - D" - - - D- - - . - D° - - . . D" - - . . D° - - £.8,688.570 1793 9>37o>3So 1794 9,905,240. '79S io,ai7,36o 1790 11,699,140 11,349,810 D° - D° - D" - D" - Average of 10 years From April to June 1793, the average of thofe three months was* - - - 5th September 1795 -}..----- -- (For the amount of Bank Notes from ifl: January 1795 to ifl: March 1797, vide account of Weekly Totals within thofe periods, delivered 19th March 1810. 11,493,125 10,699,520 i3'S39»>6o 11.030,110 £.107,992,385 £.10,799,238 12,104,040 1 1,154,826 •May 3d, 1793, the higheft Hambro' Exchange 37/. 6g. £.1 r. 6s. per cent, above par, •J- September ift, 1795, the loweft D° D" - 32.'. 6g. l\ per cent, below par. The par of the Hambro' Exchange is taken at 33 : — 8f being the par in common acceptation. .From January 1803 to the endof 1807 From January i8o3 to Chriflmas 1809 »3 RESTRICTION BILL, 27th February 1797. Total of Bank Notqs. ;z7th February 1797 .... 81 Millioni Rofe gradually in 1797 and 1798 to - March 1799 - - _ After this period, great commercial diilrefs, large importa- tiof>3 of corn, heavy fubfidies, and the Hambro' Exchange continued falling, and on 2d January 1801, was as low as Between the end of the year 1799 to the end of 1802 an increafed quantity of £.1. and £.2. Notes were iflued, fwelling the fum total of fl// Notes to 13I 16 Rate of Hambro' Exch. 35J. 6g. 38 o 37 7 - fall 29 g _ Cfrom33 3 to > Fluctuation -(J i ' ( to 29 8 f from 32 10 (to 35 10 from 34 9 to - 28 6 fi6il - Jl to > Fluctuation ^ Fall The rate pf the Hambro' Exchange is taken fro.m Lloyd's Lift. 20O APPENDIX to The Minutes of Evidence lahn k/bte tht No. 50. An account of the Amount of the NOTES and POST BILLS of the Bank of Ireland in circulation on the ill January, April, June and September, commencing the ill January 1805, and ending the ill Januarv 1810; dillinguilhing the Notes from the Poll Bills, and dilUnguifhing the Amount under ihe Value of j^. 5, 1805. Notes, value of ^.5. and upwards Ditto, below Five Pounds - - - - Poft Bills Notes, \aiue of /. 5. and upwards Ditto, below Vive Pounds . - - - Poft Bills » ■ Notes, value of ;£• S« and upwards Ditto, below Five Founds - - - - Poft Bills Notes, value of £. 5. and upwards Ditto, below Five Pounds - - - - Poft Bills Notes, value of j^. 5. and upwards Ditto, below Five Pounds - - - - Poft Bills Notes, value of ^.5. and upwards Ditto, below Five Pounds . - • - Poft Bills .-..-. Notes, value of ^.5. and upwards Ditto, below Five Pounds - - - Poft Bills Notes, value of ^. 5. and upwards Ditto, below Five Pounds - - . . Poft Bills - - Notes, value of (^. 5. and upwards Ditfo, below Five Pounds . - - . Poft Bills Notes value of £.^. and upwards Ditto, below Five Pounds - - . - Poft Bills k £■ £■ £■ £- £■ r £■ - £• £• - £' £■ - £' £■ £' £• £■ £■ ' £■ £■ : ^' £■ i.«';5.448 3 1.272,539 II 474.450 18 loi I ft January. 2.902,438 13 10 1,144.302 17 1,295,84+ 19 468,592 14 2 6 7k ift April. 2,908.740 II 3i 1,077.85 s 9 1,233,939 14 501,890 17 6| 7i 5 jfl June 2,813,686 I 7 1,060,421 8 963,442 9 481,612 18 II iftSeptember 2,505,476 17 9 1806. i,}48,338 16 856,571 13 460,800 4 3 3 . ill Janiiary. 2,465,710 13 6| 1,154,15413 789.183 8 467.095 -19- 4f 4 ifl: April. 2,410,434 H 1,159,815 10 858.838 19 563,082 4 6| ifi, June. 2,581.736 13 8 i,«'9'393 «3 893914 II 587.499 6 8 I ft September. 2*600.807 10 8 1807. 1,255,635 13 927,208 12 635,296 14 I ?5 I ft January. 2,818.140 19 "I 1,235.569 16 9241547 7 682,602 8 Ii ift April. . 2,842,719 if 10 •d-'»- COMMITTEE on the High Price of GOLD BULLION. fe^ Account of Notej and Poll Bills of the Bank of Irelanc — continued. 1807. {toMiiuti/.) Notes, value of ^{,'.5. and upwards Ditto, below Five Founds - - - - foft Bills Notes, value of £. 5. and upwards Ditto, below Five Founds - - - - Poft Bills Notes, value of j{^. ;. and upwards Ditto, below Five Pounds - . - - Poll Bills Notes, value of ^. 5. and upwards Ditto, below Five Pounds - - - - Poft Bills Notes, value of £. 5. and upwards Ditto, below Five Pounds . » • . Poft Bills » - r Niates, value of j^. j. and upwards - • Ditto, below Five Pounds - . - - .Poft Bills ; N-otes, value of £.5. asBdttp\«ard» Ditto, below Five Pounds . - - - Poft-Bills. - - I ■ Notes", value of j(^. y. and upwards I Ditto, below Five Pounds - - - - Pott Bills - Notes, value of jf . 5. and upwards Ditto, below:Fi*e PoundJs - » - . Poft Bills - ' - . - „ - Notes,, value of ^..5. and upwards Ditto, below Five Pounds - - - - Poft Bills . - . ^ - - . Notes, value of ^.5. and upwards - " - Ditto, below Five Pounds - - - - Poft Bills - j Far the Governor and" Company 1810. J 3F • of the £■ ' £■ £■ £■ £' £• •• £■ £• £■ £■ £■ £• £• £■ £■ £■ £• £■ Bank JVi 1,197.556 10 2^ 912,27a 4 671,944 oi J R J une. 2,782,772 14 3 1,114,291 19 lOf 83993 » « 9 601,430 8 loi ill Septcfliber. 2,615,654 10 6 1808. 1,184,846! 5 I 815,500 ij J 722,136 17 f 1 ft January. *.73M8J 17 % 1,158,514 9 i\\ 811,685 I 9 745.7 «4- «6 ii. ift April. 2,715,714 8, 1,167,423 10 of 857»630 4 769,827 IS 6| ifi June, 2,894,881 9 7 . i,r94.SS8 S 2J 905,438 18 9 ift September. 2,900,738 5 5I 1809, 1,282,709- '4 i\ 955,429 7 6 903^271 17 li 3,141,410 19 I 1,306,158 II 8J 981,807 14 3 912,381 7 iii ;iftA2ril. 3,200,347 13 M ■ i.*33'343 "o 3l ; 963,664 9 6 904,35.41(8 7f. 4 ft June. 3,101,363, 18 5 r r,223,6oi 9f ' 86i,8'93 i 6 ■ 845.9:2.5 7 af ; I IJ September. 2.93 ^4>^ 9 6 , -1810. 1,385,895 4 837,64^1 6 li ' 968.6411 14 6- • jjl January. - J,i92,r86 4 7i Dublin 14th March 349' ofTrelaiid^ Uiam Donlevy, Ace' Geii'. JJOZ -^Pf ENDIX td The- Minutes of Evidence takem before the "Ti , No. 51. ~ An 'Ae'CP'U N't -tf the Valued of Silver Tokens iffued by the Bakk oflRELAWD, '. , ./.,.', to the, 3d March 1810. Value of (ts. Tokens iffued Ditjo. of 2J. ^i/. iJitto - - Pitto of f<»y. and; 5^. Ditto Total Value £• - ''• 232,052 395,263 520,041 ',>47.356 For the Governor and Company of the Bank of Ireland, . Bublin/ja March 1810. " IVtlliam Donkvy, ■ '. I . - Act' Get,'. ;. ■" ■ .. :■ ' ' ' -No. C2". ; 'M , . 1 - - - --' An .ACCO,yNT. of the Number of LICENCE'S for the "KTue of Promiffbry Notes payable on Demand, which were granted by, or by Authority of the Commiflioners of Stamps, for the year'ectling the joih of Oftober 1809. NUMBER OF LICENCES 735- Comptroller's Office, Stamps, 7 February 6th, 1810. J Cb' Stedman, Depr Comp" & Accomp' G'. No. 53. ji^H ACCO;UNT of 'the Duties on Promissory'Notes Reifluable; diftinguiljiing the'Kate .jof.-Dutiy, and the Amount feceived for each Clafs of Fromiffory Notes, in .each Quarter, ■i ' from 5' January 175I8, to the Tateft Period to which the fame can be made up. 1 r ' ; ■ '"J : ■ ■ " DUTIES impofed by Aft 44 GEO. iir.; / 'J • ^ : . -, ■ _ 1 r . Not eXMeding £..\. js.- Exceeding ;^.i. u. and not exceeding bd. Exceeding £.i. zs. and not exc-eding gd. Exceeding £. 5. 5 i. and not exceeding ■ £■ lo- I J', . ■.-:■'. i^- :: Quarter ended Jth January - - 180J - 5 ti) April - ■ - — '■ - 5th July - - — - loth OOober ■- — ' - £■ s. d 7,807 13 6 ■y./St 4 6 ■6,6i6 I '3 14,121"" 10 '3 I. s. d^ .194 15 6 285 12 143 2 — 176 19 6 £■ - d. ■ 5.45a >8 3 5,032 II 6 6,794 12 6 13.595 V 3 . £. s. d. 3.5'7 '4 — 2,042 16 — 3.065 7 — 6,504 5 — Quarter ended 5th January - ' i8o6' - '5th April - . — - 5th Jul/ ... - — - - loth Oftober - 12,066 16 9 9'597 9 9 -6,44.> 3 — 7^218 5 3 4Q4 — 6 387 5 6 432 10 — 339 '7 — 12.537 15 — 8,689 10 9 6,323 15" 6 3,684 15 9 •6.705 14 — 4,068 14 — 3.7'3 1,668 10 — Quarter ended 3th January - - 1807 - 5th April - - -^ . - 5th July - - — lOth Oftober - — 6,905 '9 3 7.274 18 3 5.193 9 9 7,452 it 3 465 4 — 521 10 6 227 17 — 305 3 — 5,062 16 9 3,759 « 3 3,734 12 6 2,'38 19 — ,, 1,809 1 — < 1,499 18 — »'754. i — ..Quari«r ended 5tR January - - 1808 - 5th April ,- - -i- - 5th July - 1 — - loth.Oflober - — - ■4853 2 — 7,609 II 9 6,198 II 9 3,000 6 6 ■ 354 I — 938 13 6 457 3 6 209 iS 6 •4,597 12 3 54'9 9 3 5,570 17 — 9,389 .4 c, 2,042 2 — 2,411 1 — 2,371 ^ -4. 5,099 5 6 (cUntinuid.) COMMITTED Oft th High Price d/ "GOLD .BULLIQN. 203-^ Account of the Duties on Piomifibry Nates ReilTuable— fas/cKafi/. _, Quarter ended .JthJan4ary.i8o9 - rth Apwl ^ — - I ^th July; .-.' -T ■ ^fOthOftpiser — ; \ Quarter ended ,rth January i8 10 DUTIES impofed by Aft 48 GEO. III.; Not exceeding ■.£..^. ... ■£• ^■ 28.978 I i5iioi iz 25,519 8 a5'.°3' "3 'S..858 5 4- £xccsdtng £... 1.. md nnc exceeding £.i- 21. ^Exceeding £.z. »i. and not exceeding £■ '■ 'I- 1,429: '9 2 1,659. 2 8 1,55,. 1,760 7 4 1,049 '7 4 Exceeding I Exceeding ;f . J. 5 •• 1 ^- *°- -. and not exceeding and nor exce^dinj 14,742 10 11,053 2 I2>i84 10 : 8,113 II — 10.573 16 — £.zo. X /. 6 d. 3^- Exce. ding and not exceeding 4/. 6 J. £■ 9,217 6,378 8,902 4,002 5,186 s. V. II 6 10 6 7 — — •"— 9 ^ £■ J. d. 134 67 14 '9 z 'S 146 2 — 'S — — £. s. d. 53 II — 24 15- — ^' ^~ 02 2 — 9 Exceeding £■ 50. . - and not exceeding £■ 100. 7/. 6d'. 699. 1 > — «4 'S -, 21 15 — 172 17 6 19. 7 6 Note — The Title above given is agreeable to the- Order of The Honourably Hoafe of Commons; which cannot be fullyr complied with, by reafon of the mode in which the Books were kept previous to loth Oftober 1804. The Account rendered, is the Produce! and Rates of the Stamps on Reiffuable PromilTory Notes applied for at the Head ^ Office; which may be confidered for the Supply of the Country in general, as it occurs but very feldom that thefe. Stamps. are configned to the Diftributbrs, except Scotland, the Produce for which.is npt diftingujlhsd. Comptroller's Office, Stamps, 7 6th February 1810. j . Ch' Stedman, Dep'/ Comp' & Accomp' G'. No. 54. ■ Ah ACCOUNT of the Produce of the Duties on Bills of ExChance (and Promissory Notes not reifTuable) for the years 1806, 1807, 1 808, and iSoy: Dillinguifhing the Rates of Duty; and alfo dlllinguiihlng the finl three Quarters of the year 1808, from the fourth Quarter of the fame year. "9 Rate of D^ty. YEAR ended 5th January - JS07. YEAR ended jth January 1808. Three firft : - C' 235,203 ■ 2 8 :4l6,c6o 5 s i \^\,-]zv 3 — 1 * i ■ ' . 85:567. 8 3 a.S.10. ,. - C6antry Ne'it • £■ ^- "'. •197.687 .7 7 Of which S cotland - 60,900: — -: — i £8,450. . r 48,36© — ^ ■ 22,-g.oc • — ■ AW.— Scotland, for the frrft three Quarter* of the lafl year, did not, in it.s Remittances, diHinguilh Bills from Nots5 ; but their Produa is inc'uded in tb? fum ©f._^". ].-97,687. 7-'.; /i^- _ - .. . ■ ■ ■ ,• •-• , . CcDiptroUer's, Office, Stamps, 7.. -, ■ ' ■ jtli rcbruiry I'Sio, y Char.'ts S^cark IJoyd, . '■■■.■"-* *■ pio C&iiJntroiler: 204 APPENDIX ta The Minutes of Evidence taken before the No. 55. An account of the Number of STAMPS of Promiffory Notes rc-iffuable, of each Clafs that have been iffued, from the loth day of Oftober i8qS to the ill day of June 1810, being the lateft Period to which the fame can be made up; diftinguifhiog the Amount iffued ia each Quarter, and the correfpondeni produce in Money. 'Fof any Sum - - - Not excetding ^.i. t j. '■ QaMter ' \ Eitcacding £.i. i. and not f icceeding £.z. z. -en.led 5th' J E«eeding £.i. 2. and not citveJins £.^. 5, January \ E'teeding ^.5. 5. and not fxcceding £.io. j8oa. -I £'";«din|j ^.20. - and not excced'.njj /.".jc. • Exceeding ^.jG. - and nnt exceeding /■.5c. Excqeomg^.jo. - tat not exceeding 2^. 100 from ^ - » 774 221,262 85,047 45? no 226 1,411,165 46,530 243,690 118,698 100 5° 58 Amount of Duty. .27,41 ' * '.353 8 14,326 8 8.845 7 134 14 53 " 699 15 15,101 12 o 1,659 2 8 11,063 2 c 6,378 10 6 67 19 o 24 15 84 15 o Additional Duty by A61 48 of tlie King. d. d. 1. upon 3. 2. — 6. 9- It. 3- 6. — 1. upon 3. 2. — 6. 3. — 9. 6. — I J, 23,519 8 4 55' o I2,'x84 10 o 8,902 7 o 15 o " 5 21 IS 1,501,901 52,81 162 271 53,360 974 276 461 951,496 3 '1496 211,476 69.153 100 40 105 4 825,356 8 40,412 192,396 6 69,969 ai 6 24 6 84 586,712 12,930 J59.565 55.68 1 51 •100 2,046 25,031 13 8 1,760 7 4 8,113 II o 4,002 o o 146 -I. 62 2 172 17 6 15.85^ 5 4 1,049(7 4 10,573 16 o 5.1S6 9 6 IS o 9 o 39 7 6 13.755 '8 8 1.347 I 4 9,619 16 o 5,247 13 6 330 580 31 10 c 9,778 10 8 431 o c 7,978 5 o 4,i7& I 6 7 13 o 22 IS o 767 5 o 1. upon 3. 2. — 6. 3- — 9- 6. — ij Number of Stamps. 434.675 11,741 43.151 17.453 29,556 4.35° 14.143 3.456 Amount of Duty. I,S:i 2 106 3 539 456 i. II 6 o 6 6 35'0«>i 1.7 18 7.536 3,036 1. upon 3. 2. — 6. 3. — 9, 6. — ij 1. upon 3. 2. — 6. 3- — 9- 6. — i; J. upon 3. 3- — 6. — 1. upon 3. 2. — 6. 9- I J. 3- — 6, — 18,970 3i» 2,292 3.796 7.504 8og 2,400 1,715 123 3 36 5 17S o g 86 8 145 16 9 H 6 4 94 4 75 '8 79 o 10 2 13 c 28 13 o 94 18 c 3' S 4 6 14 8 30 o o 42 19 6 Total Nutnber of Stamps. 2,079,342 53.343 329 t8o >J5.59' 898 238 1,866 2,6co,7j8 935,652 54.124 aj5.505 88,503 453 1 10 226 Total Ani'iunt of Duty. £. .. rf. 19,122 s J 1,459 S 21 15 46,535 10 5 15,110 14 6 1,761 o 4 8,142 4 o 4,096 18 9 140 2 o 61 2 o 172 17 $ ;9.493 18 4 15,889 10 8 1.056 12 D 10,503 16 o 5,229 9 o 15 O fl 900 39 7 * 32,74* 15 * 3.755 18 8 1.347 •« 4 9,619 16 ,0 5,247.13 .6 3 3 b 5 « o 31 ,10 to ;c,oio 10 -5 9,778 10 -8 431 o o 7.978 5 4.17* ■» 7 13 22 IQ 7«7 5 13,161 5 s Ifote. — The foregoing Account doei not *pfly to-thi DiAribvtort, the Coofigninents being but few, and of do conCderable amounr. T'iCsniptroner's Office, Stamps, \ jthJvBciSia ') ^h Sttdman, TSefaty Cemf & Accomp' G>. COMMITTEE on the High Price of GOLD BULLION. fto5 Nos. 56.— 57.— 53. LETTER received from Mr. Greffulhe, 14th March 1810:— With two Enclofures marked A. and B. relative to the Weight and Standard of Gold and Silver, Sir, According to your defire I hnve the honour to enclofe a Statsment of the Prices of Gold and Silver at Hamburgh and Amfterdam iince the commencement of the year 1804, (hewing alfo the re- fpeftive ftandardt and weights of thofe places compared to the Englilh ftandard and weights. — The quotations at Paris, I am forry to fay, I find it impoiTible to procure here for any length of time back ; but I have m3.de the enquiry by letter in France, and hope to b» foon enabled to tranfmit tliuc information to you, together with the prices of Corn during the fame period. With refpefl to an agio upon Gold againft Silver, I find it regularly quoted at Paris at from 1 5 to 25 centimes perCt. (i. e. -i a i per Ct.). At Hamburgh and Amfterdam there is no fuch eftabiiflied difference ; but it may perhaps be worth your notice, that in the latter place the principal Gold coin, viz. the ducats, intrinfically worth guild. 5. 5. ftiv. fell at the rate of g. 5. 12 a 14 liiv. The rate of fuch agio at Paris, prior to 17S;, I have not yet fucceeded in afcertaining, but the dif- ference produced by the coinage of that year in the Louis d'or was. I underiland, exaftly in the pro- portion of 30 to 32, i. e. 32 Louis were coined in 1785 out of a marc of Gold of 22 carats purity, which before that year was coined into 30 Louis. There is no difference of value between the Geld coins prior and fubfequent to 1803. I alfo ta:ke the liberty of annexing a Statement of the prefent value of Gold and Silver at the faid places of Hamburgh, Amfterdam, and Paris, in Englifti money at the current rates of exchange, and for the Englifti flandard and weight ; which may perhaps be afeful for occafional reference, or lor a comparifon with fimilar calculations already before you. Pall Mall, 14th March 1 8 10. Francis Horner, Efq. Chairman of Bullion Committee, Houfe of Commons. I have the honour to be. Sir, Your moft obedient Servant, 7. L. Greffulhe. No. c^G, Prices at HAMBURGH and AMSTERDAM. HAMBURGH. AMSTERDAM. GOLD. SILVER. GOLD. -sn .VER. loweft price. higheft. loweft price. hi„hcft. loweft price. higileft. Advance on <;: 355. loweft price hijheft. 1804 97l- - - 995- 27. 10. - 27. 12. lo|. per Cent, iil. 25. 14, . - 26. — . 1805 9Si. loii. 27. 10. - 27. II. 13^. - - 18^. 26. — . 26. 3. 1806 98. - - - 103. 27. 10. - - 27. 10. 9. - - - li|. 24. 17. - - 25. 14. i8o7 98i. - - loii. 27. 10. - 27. 10. 9. - - - 13. 24. 4. 25. 4. a 808 102. - - - 106. 27. 6. - - 27. 12. 10. - - 17. 24. 18. - - 25. 18. 3809 ioi|. - - io4i. 27. 10. 27. 12. I4i. - - - 2Q. 26. — . - 26. 8. 1810 101. 27. 10. 12. - - - i4i. 25. 16. - 26. 8. No. 57. (A.)— Enclofed in Mr. Greffulhe "a Letter of 14th March 1810. Comparative STATEMENT of Weights and Standard's of Gol d and Si l vur. In England, Gold is fold by the ounce; theilandard is 22 carats. Silver is fold by the ounce ; the ftandard is 1 1" 2^'*". In Hamburgh, Gold is fold by the ducat in ftivers lubs banco, {16 to a marc banco) — 67 ducats are a marc; 60 marcs are equal to 451 oanct-;s Englifh troy weight; the ftandard is z3j carats. Sliver is fold by the marc in marcs banco. — Standard abfolute purity. Jn Am ST IBRD AM, Gold is fold by the marc at a fettled price of 355 current guilders, with an agio or per- centage upon that price; 80 marks are equal to 633 ounces Eiigliia troy weight. Silver by the marc in current guilders.— Standard of both abfolute purity. InpRANCE - Gold is fold by the ounce in francs; 63 ounces Englifh troy weight are 64 ounces French. Silver ii fold by the marc; the marc is 8 ounces.— The ftandard of both abiolute purity. • 349- 4C-6 APPENDIX to The Minutes of Evidence taken hejore the No. 58. (B.) — Enclofed in Mr. Greffulhe's Letter of 14th March -i 8-1 o. VALUE of Gold and Silver at Hamburgh, Amfterdam, and Paris. An Ounce of Gold, Engli(h weight and ftandard is worth (the foreign money reduced into llerling) J^. s. d. At Hamburgh - t - Price 101 — Exchange 29/ ------- 4 17 o At Amfterdam - - - Price \\\ — Exchange 31/6, Bank agio i per Ct. 4 18 6 At Paris - - - . Price 105 — Exchange 20 -------4190 An ounce of Silver, as above, I. s. d. At Hamburgh - - - Price 2.7. 10 — Exchange as above - ----063 At Amfterdam - - - Price 26. 8 — . .d------ -065 At Paris- - - - Price 53. 60 — -.^o..... -06 4J No. 59. Relative VALUE between O"" 'S-sI to one, making no allowance for remedy, which by the trials of the pix has never been taken. The relative value of thofe m,etals cannot be permanently determined, becaufe the current value of the (Sold is not fixed. Taking the ducat at five guilders five ftivers, the price which it moft coipmpply bore, thp proportion is 14-5% to one, according to the mint regulations-, and 1415V '" °"^> according to aflays. HAMBURGH - - The relative value between Gold and filver cannot be fijted here, for ^he fame reafons as in Amfterdam, the price both of Gold in curreBcy and.filyer coin in b.inco being variable ; but taking the m?an prices as follows, 6 marks banco per gold ducat, and 27I- marks banco per cologne mark of finie filver, the proportion will then be as 14-155 '° °"^- P.^RIS - - - - (Old fyftem) 15 to one, per mint regulations, allowing for the remedy, which was confiderable, and of which the coiners fully availed themfelves. Per affays i ; -f^ to one. (New fyftem) i5TiV to one, according to mint regulations, without allowance for remedy. Per affays 15 -i^ to one. • CADIZ, &c. - - Sixteen to one, by mint regulations, without the remedy. Per affays [ '^t-b-o to one (by doubloons of 1772.) \ \(i4is to one (by doubloons of i8.ai.) - - 1 5 -j^ to one, per regulations, > 5 T%« to one, per affays. - - l4-i'o fo one, per regulations. HtVo- to one, per affays. - - '5 Tw to one, per regulations. 'Sto's per affays. - - 141V0 to one, per regulations. i4-To% to one, per affays. - - i,4t-oV to 0"«» per regulations, 14^5^ to one, per affays. The reports here of the filver coins vary confiderably, and have undergone feveral depreciations of late years. - - Fifteen to one, per affays. - - Fifteen to one, very nearly, per regulations, without allowance for remedy, JJ.-ra^ to one, per aflays. -Intrinsic LISBON - NAPLES - fGEN^-A - LEGHORN VENICE - •PALERMO oAMERICA COMMITTEE on the High Price o/GOLD BULLION. 207 Intrinsic Par of Exchange between Amfterdam, Rotterdam, Hamburgh, Paris, Geneva, Leghorn, Naples, Lilbon, Cadiz, Venice, and England. By Mint Regulations. By Aflays. In Gold. In Silver. In Gold. In Silver. .. d. /. d. s. d. X. d. Amfterdam Currency * 37. 5. Flem. 38. I. Flem. 11- 3j. 38. 7|. For one Pound ft;rlii;g-. D" - - Banco - - t3S. II. 6. 36- 7- 5- 35- ie|- 37. «. V>\ Rotterdam Currency - guil. ft. II. 4.5. s. d. guil. ft. 11. 8.5. X. d II. 4. II. 14. D". Hamburgh Banco 134. 3. Flem. 35. I Flem. 34. 3. 35- I. D" liv. s. den. liv. s. den. liv. s. Ul'. S.- Paris, old Coins - - 25. 9, II. 25. I. 9- 35. 10. 25. 10. D». Paris, new D° - - 25. 10. 6. or 35. 0. 9. or 25. II. 6. 25. 4. ;. D». 25 fr. 21 cents. 24 fr. 73 cents. 25 ^r. 26 cents. 34 fr. 91 cents. D». Gen^/a .... pence fieri?. 45.52. pence fterls. 46. 4S_*- d. 46. For the pezza. Leghorn . - - - 49.09. 46. 67. 49. 46 f. D». Naples ... - 41.57. 43. S- 42. 41 i. For the ducat. Lilbon - --..-- - 67. 4. 69. 4. 67 I. 68 i. The niilrea. •Cadiz . - - . - 37- 3. lire. 39. 22. lire. 37^. lire. 39. The dollar of ex- change. "Venice - - - - 46. 28. 47- S. 46. reckon- ing the faquin at 22 lire. 49 lire in old coin. 56.4. in new currency. For the pound fterling • Reckoning the Gold ducat at 5 guilders 5 (livers; which is, however, fubjedl to variation. f Reckoning the agio at 4 per cent. J Reckoning the Gold ducat at fix marks banco, and the agio of the bank with currency at 23 ; but thefe data are fubjetl to vaiiation, as in Amfterd:im. No. 60, The Price of GOLD and Rate of Exchange at Hamburgh, on the firft Poft Day in every Month. Gold. Exchange. 1809 - - January ....103I----- 30/8. February ... 103 5 - - - - - 30/. March --.-104 ---.. 29/ri. April - - . - 104 ..... 29/4. May ----- 103 29/. June ..-- - 104 1 28/. July .---.104 J----- 27/10. . Auguft - - - - 1043 28/1. September -.-104 ..... 28/1, Oftober -.--loij 27/8. November ---ioi| 27/8. December ---loij----- 27/8. )l8iO - - January ... - 100^ 2?/. February - • • 100 1- - - - . - 28/. March -.--ioo|----- 28/3. April loi 28/11. -- ■ II It The Gold is quoted in flivers banco per ducat, which, at par, is 96 ftivers banco. 20^ APPENDIX to The Minutes bf Evidence idken before tie No. 6i. AVERAGE of EXCHANGE, New York on Great Britain. J MONTHS. 1804. 1805. 1806. 1807. 1808. January - - - - 103 99a 96J -97f I02|- February - - - - - «03i 99 98i 98I 103 March . - - . - lozf 98 99 99 '^ 1034 April . . . . - 1 03. J 9n I oof 98 107 May - . - - . 103 98 par 98 108 June ------ lOZi 95 par ■98 io6i July - ■ - - - - I02i 95 99 97l 100 Auguft . _ - . 102 95 98J 9^1 106 September . - . . - 102 97l par 97 106 Oaober 103 98 99h 93| 166 November - - - - - Idii 99 99 par 107 December - - - - - par 93 98f lOZ no Exchange at Boston in 1809. iFebruary - . - March - - - April . - _ . June . _ . - Auguft . _ - . September ... Cdlober, November, December , 1810. January - - - . 109 »9f 109 104 vai lOZi ^3 par par a 98 96 a 97 No. 62. EXTRACT from Book, 'entitled, " The-Maffachufetts Regifler and United Statti Calendar, for the Year of our Lord 1806." A T A B L E of the Value and Weight of COINS, as they pafs in the refpeftivc States of the Union, with their Sterling and FeL^eral Value. New Jerfi-y. Penns. Dcla. t- ■-•I, Value. Standard In Maffa. R. in. N. Yo k. S. Carol. "CO p g Nair.es of Coins. Weight. Great Britain. Conn. Virg, N. Carol. anO Maryl. Georgia. '- ^ ^ 1 i^ dwts. gl3. /:. *. J. £■ s. d. c- ^■ d. £• '■ d- & '■ d. EngliOi Guinea ^ 6. 1. 1. —. I. 8. — I. 17. 6. I. 15. — I. I. 9. 0. 4. 6. 6. 7. French Louis . 5- 5- 1. — — I. 7- 6. I. 16. — I. 14. 6. I. I. 5. 0. 4. 6. 0. 0. Johannes - 18. 0. 3. 12. — 4. 16. — 6. 8. — 6. I. 6. 0. 0. 0. Half Johannes - 9. 0. I. 16. — 2. 8. — 3- .4- — 3- — — 2. 0. 8. 0. 0. 0. Moid ore 6. 18. I. 7. — 1. 16. — 2. 8. — 1. 5 — I. 8. — 0. 6. 0. 0. 0. Doubloon - •■ 16. 21. 3. 6. — 4. -8. - ,. ,6. — J. 12. 6. 3. 10. — 1.4.9. 3-3- Spani/h Piflole 4. 6. — 16. 6. I. 2. I. 9. — I. 8. — — 18. — 0. 3. 7. 7. 3. French.Piflole 4. 4. — 16. — I. a. — I. 8. — I. 7- 6. - 17. 6. 0. 3. .6, 6 7. French Crown 10. 0. — 5- — - -6. n\ — 8. 9- - 8. 3- 0. I 1. 0. 0. Spanifh Dollar ,7. 6. — 4- 6. —. 8. - 7. 6. — 4- 8. 0. 1.0. 0. 0. Engiidi Shilling 3- 18. — I. — — I. 4. — I. 9- — I. 8. 0. 0. 2. 2. 2. Pillareen 3. Ji. ~~' ""■ zo| — I. 2. — 1. 7- — I. 6. 11. 0. 0. 2. 0. 0. All other Gold and Silver Coins of equal finenefs are valued by weight. RULES for reducing CURRENCIES. Ti* To reduce New York and North Carolina into New Hampfliire, Maffachufetts, Rhode Ifland, Connefticut, "Vermont and Virginia, from the fum given, daduit ^th thereof. Into Pennfylvania, New Jerfey, Dtlaware, and Maryland, from the fum given, deduft 1/16"" thereof. Into South Carolina and Georgia, to the fum given, aud 1/6"" and -then take half of the whole. 3'' To reduce Pennfylvania, New Jerfey, Delaware, and Maryland, into New Hampfhire, Maffachufetts, Rhode Ifland, Connefticat, Vermont, and Virginia, from the fum given, deduft i/j''' thereof. Into New Yo^k and North Carolina, to the fum given, add 1/15"' thereof. Into South Carolina and Georgia, multiply by 3 and i/cj*"* and divide the produdl by 5, or multiply by 28 and divide by 45. 4"' To reduce South Carolina and Georgia into New Haihplhire, Maffachufetts, Rhode Ifland, Connefticut, .«nd Virginia, to the fum given ?dd a/7''" therpof. - Into Pennfylvania, New jerfey, Delaware and Maryland, n-ultiply the given fum by 45 and divide b/ a3. Into Nt^w York and North .Carolina, from the given fun fubtraft 1/7^'' and double the remainder. COMMIITEE on the High Price of GOLD BULLION. 209 No. 6^. EXTRACTS from Book entitled, " The MaiTachufstts Reg ?ller and United States Calendar for the Year of our Lord 1808." TABLE for receiving and paying the Gold Coins of France, Spain, and t1\e Dominions of Spain, of their prefent Standard, according to the Aft of Congrefs regulating Foreign Coins [paffed the gth February 1793] : calculated for the ule of the flank of the United States. Grains. Cenls. Grains. Cents. Grains Cents. 1 - - 3 9 - - -•33 >7 - - - 62 2 - - - 7 10 - ■ - ':,(> 18 - - 66 3 - - - 1 1 II - - - 40 '9 - - .69 4 - - '4 12 - - - 44 20 - - -• 73 5 - - - 18 «3 - - 47 21 - - .76 6 - - - 2S H - - 51 22 - - 80 7 - - 25 «5 - - - 55 '3 - 8^ 8 - - - 29 16 - - - S8 Dwts. Dolls Cts. DWLS. Dulli. Cts. Dwts. — Dulls Cts. I . - 87 18 - 15 - 76 j; ^0 _ 65 a - I - 75 19 - 16 - 64 36 3< - 53 3 - 2 - 63 20. 20 - »7 - 52 37 r- - 4» 4 - 3 - 5° 21 - 18 - 39 3« .n - 2S 5 - 4 - 3a 22 - 19 . 27 39 34 - 16 « - 5 - 25 23 - 20 - 1 + 40. 40 55 - 8 7 - 6 '3 24 - 21 - 2 41 5^ 91 8 - 7 - 1 25 - 21 - 9° 42 3^ - 79 9 - 7 - 88 26 - 22 77 45 37 - 66 10. 10 - 8 - 76 27 - n 65 44 - .^H - ?4 II - 9 - -36 - 44 3 - 2-67 16 - 14 - 22 29 - 25 - 78 42 - il - 33 4 - 3-55 17 - 15 - 11 30. 30 - 26 - 67 43 - j8 - zs 5 4-44 iS 16-00 31 - 27 - s; 44 -39 - n 6 5-33 19 - 16 - 89 32 - 28 - 44 ■^5 - 40 - 0.0 7 - 6 - 2S 2 3. 20 - 17 - 78 33 - 29 - 33 46 - 40 80 8 - 7 - n 21 - 18 - 67 34 - 30 - 22 47 .41 - 78 9 - 8-00 22 - 19 - 55 35 - 31 - >i 48 - 42 - 67 10. 10 - 8-89 23 - 20 - 44 36 - 32 - 00 49 -43 - s"; 11 - 9 --78 24 - 21 - 33 37 ■ 32 - 89 50. so 44 - 44 12 - 10 - 6-j 25 - 22 - 22 38 - 33 - 73 — — ■ — 13 - II - 55 26 - 23 - 11 39 - 3V ^7 "■" "— — ••-By-Law of the Un ited States, A pril 10, 18c 6, Gold Coins of Great 3riiain anc Portuaa! are eftimated at the weight of 27 Grains to a Dollar ; and thafe of Frauce a nd Spain at the weight of 2/7 per Dollar. 349- 3H 2IO APPIENPIX to The Minutes- of Evidence takpt, h^orrihe ■No. 64. A TABLE of the. Weight and Value.of.itJ-.e.AMERicAN COINS. NAMES. Dwts. Grs. Dolls. Cents. Eagle . - - - - 11 6 I 10 00 Half Eagle - s 15 ■. s 00 Quarter lagle ,_ - 2 •9f 2 5° Crown - - - . - 18 "7 I 10 ,. ,, , Dollar ,. - . - - «7 1 I 00 Half Dollar - 8 16 SO Quarter Dollar 4 8 25 Dime - - - - I iS 10 Half Dime . - - 31 S No. 65. The E X C H a N G E by the laft advices frcm Gothiinburg. dated the 4th May, and received the I2th Idem, was at ..-.--.- - - Rx 5. 32. And by the previous, dated the 30th April, and received the 5th May, was at - - 5.33* The Par is fuppofed to be Rx. 4. j8. p. ^. 28 : I .4 : : too: C 4.28 : I . s : : 100: ^ 48 48 48 48 ■at s 32. ;; 19a S« at 5. 33. < 192 53 >>. 220 100 •% P -o 28 ^ 220 ) 100 ) S.200 (K '' . 800 ^ 5,303 (-24. p'f. . 900 '^ eo 140 a^sE of] during the Year 1809. EXCHANGE in Sweden January 4 - - Rx. 4 . 20 July 3 - - Rx. 4 . 25 '• 18 - - -4.21 10 - - 4 .26 20 - - 4 .21 17 - - 4.2» *3 - - 4.22 21 - - 4 -29 February 10 & II - 4 . 22 24 - - -4 ■ »9-3» 22 - - 4 . 22 a8 - - 4 .29 March 7 - - t 4 • 2°i ■ Auguft 7 - - 4 • 30 10 - -, 4 -^^ II - - 4 .29 *4 - - 4 .21 18 - - 4-32 April 4 - - 4.26 23 - - 4 -32 »i - - 4 . 28 27 - - 4 -31 May 4 - - 4 . 28.25 September 4 - - 4 -3* 5 - - 4 -30 8 - - 4 -34 — - - 4-29 II - - 4 -33 — - - 4 -27 'S ■ ' 4 -32. 8 - - 4 • 30 18 - - 4 -34 9 - - 4 -30 19 - - 4,. 31, 10 - - ,4 ■ 2.7 ;, 2o - - 4 -33 12 - -" 4 . 28 i Oflober % . . 4. -32 15 - - 4 • 2,7 \ ■ * >3 - - 4 • 3a .i 24 - - 4 . 24 1 20 - - 4 • 30/ 26 - - 4 . 28 November 4 - - 4 • 29,. 29 - - - ■~4-*8-30 10 - - 4, -.30 ' 31 - - 4 . 26 13 - - 4 . 29 Juiw 2 - - 4-251 *7 - - •4,-3' .,^l.,- 5 -4 .-*r - rDecember 4 - - 4.-32: 16 - - 4 .26 li; - . 4.-37 26 . • 4 . 25.28 18 - - 4 - 38- V ■,„ 28 - - 4 • 24i , 22 - - 4 '39. 3. COMMITTEE' oh ihi Hkh Price e/GOLD BU LLIOM,. 2,1 I NO o ■o ■ ^ ■a 'US U o ■o ■a o •S Oh ,o o •a s o E o e o ►J (3 O .J Q 9 o C o Z O O o e /— 3 s '"!♦ CO OO M 3 V ',.■ oo a ^ L^ ^^v -.- ._..,.- -' 3 -!■* t'll* nl* hW W|M Ml-f H(H '■•W !-(■» -*:f K-f G Ob 't>> *^ •t>. CO On 0\ o> O po 09 OO ON ' OS ' M C ' .r^ 'i «■♦ H« .^^ Kin •Sit 3 o o\ OO aa o» 2 o\ o O o C\ 0\ Q . v_ /" .3 il -a riD MM -*> »H H* ,M4 ■'«)< «(rt [ -<* •-4^ 3" o\ a^ o\ •k O^ o o» (7> o» 0^ <»o f^ 00 o 5 j; ( o M)-t o "lie* O o o- r.j Q a 0\ 3\ -+♦ -S« HH »l« H» ON o\ O is *Ni*l aft m|4 O O o o Mirt «l* l.|,» Hl«| o o o do .5 IS -«• HlH xlM r-W -*♦ , t ) Mid M* -H M* •"W «^ N M N -• N M M «i4 ■^ «3 o ^ — c 3 D «irt Hkl ~u> H« Mlr4 MM Ml* -r^ 00 o o\ — •4 •^ - H N - — - i c OO c 3 mW -** -Hll^ mU Kt* hW MM MM MM O »9i O M >4 « •M <*^ r^ N « « c •* ►^ '^ ** — ■• — ■^ " •• c o \ /- 00 -S o c o MM MM mW -Ift ">W «1H MR MM VO l^ - c« •* "^ H N »M MM Ml« Htoa -M »lM *** MM -*» 00 OO 00 OO \o "«■ -*- »"^ M •*■ m *> B ex. < E. u a. o o J3 O V :ii APPENDIX io.Thz Minutes of Evidence /e/<)re the No. 67. DUBLIN, May the i6th, i8io, Courfe of Exchange, on London 7 |. 8. per-eent... Roh' Deey. No. 68. TABLE of the Courfe of EXCHANGE between Belfast and London, and a'fo of the Exchange between Belfast and Dublin, commencing f/om and after the lit January 1804, and continued every 'Change day until the ill January 1810, as the fame was collefted and compiled from the publication of Exchanges in the Belfalt Newspapers ; no other Account having been kept, nOr reference whereon to depend. 1804. Date. On London. , On Dublin. January 3. 6 Hi 6. Sf — 10. s II «3- +*, M;: 17- 5 • si 1 1 a'o. II ; : 24. 'si 'si". II;: 27- 6 . 6i 11 : : 3'- -6f Hi Feb. 3. 6| . 64 "f 7- 6| I ( 10. 6I.7, 10 1 14- 7* • 7l 9^ 17- - ■9I ;o. . «i^ 24. . ji 27. - 10 i March 2. 7f . 7i . 10 i 6. - - . ,104 9- . ■ - 10 •3- 6f . 7i iO ^6. 6i.6i 9i zo. 6 10 25. — ^^ .27- 6i lof 30- 6i .61 ■ -Aprir 3": 6i .61 io| 6. 6 . 64 — 10. 6 lOi 13- S|.6 «7- 6 . 6| 10 20. 6i . 7 .of 23- 7 • 7f 10 27. — — 3°- - 9f May 4- 6i.l ... . 9l 8. — — II. ; - — , — 14- . 9f 18. — ' — 22. Si ■ 6| — ' 25- ■ 6 :6i 8i .. ?9- — June- I. ... 71 5- 6 7 :8.. 6 . 6i . . r— . . IS. . 6 4 15- 6i 6| 19. H ■ 6f 7 22. 6| 6| »s- 6i.6i Si.. 29. " < " " Si I 804 — aniijtued. Date. July 3- On London. Auguil o. 10. >3 "7 20. 24. 27. SI- S' 7- 10, 14. 17- 21. 24. zg 3'- Sept. 4. 7- 1 1. u- '7- 21. 24. 28. Oftober 2. S" 9- iz. 16. ;; 19. ■ S3- 26. 30. 2. 6. 9- J3- 16. 20. 23. 27. 30. 4- .-.7- II. 14. 18. 21. 25. 28. Nov, Dec. 7 6i 7 7 61. . 6| S ■ Si 4i • 4i 4 . 4i 4 S ■ 4i 45 4l 4 • • 5 • S • 4i 4i 44 6 . 6| 6i.7 64 w 7 6 4. si s4 • si 6 S^ 64 64- 7 64 6 . 6i 6i 6 6|.6i SJ. 5i On Dublin. sk sk s£ 5 3J_ 5 s4 sf 7 ■ 9 8i 7f 7 7 si 81 6f 7 I + • I 7k 7 7T 7i 74 S 7i- S* sf 6 . .61 64 •54 si s -sf Sl-6 ^ujitinue^-) CW/IMITTEE on llie High Price of GOLD 'BULLIOW. a-JS* No. 68 — Courfe of Exchange between Belfail: and London, and between Belfaft and Dublin — contir.ued. 1805. Date. January 4. 8. rFeb. II. 'S- 18. 22. -25.. 29. I. 4' S. n. >5- 18, S- 8. 12. M9- 26. 29. 2. 5' 9- 12 16. I.9.- ^3- 26. 30. 7- .10. 14 -17. .20. 24. 25. 3'- 4- 7- ; I. 14. 18. 2 I. /April ■Jvlay ■ June ^July -Attguft 5- 9- !2. 16. '9- ,23. 26. 3«>- 2. 6. 9- J3- 16. 20. 27- 3>- On Lontlon. s s 4l S • 5^ 5 5i S 5i 5 si si si si 6 H 6 6 6? 61 7i 7 6i 6i Oii Dublin. sj_ -sT 6 61 6i 6 6 '^1 6 si- 6 6 6^ lSc;5 — conliaued. Date. Sept. 3. /- 10. U- 17. 21. 24. 28. On London. G£lober 4- 8. n. 15. iS. 22. 20. Nov. Dec. ■8. 12. 'S- 19. 22. 26. 29. 3- 6. 10. 13- '7- 10. »4- 27. 3'- 6f 7 i 7i On Dublin. 8| •1806. Feb. January 5. 7- 10. 14. '7- 21. 24. .27. 3'- 4- 7- If. U- iS. .2 I. 21;. 28. March 4. 7- 10. 14. >7- .21. 24. 28. 3'- Api-il 4. -.8. n. 'S- 18. €1 H 349- J J 4r 4i 4^ 4l 4i 4i 4i Ai 3i 4 3 4. 3i i.1%' APPENDIX / -3 ..I *-? 3l -A .4i COMMITTEE m ihe Higli Price of GOLD BULLION. 2'5 .No. 68.— Courfe of Exchange between Kelfaft and London, and between Belfaft and DahVia— continued I S07 — continued. I &oii— continued. " Date, On London. On Dublin. Date. On London. On Dublin. 24. II. _ ■28. 64 — ';• — — 3'- ^k 18. 7 — - Auguft I. 6 . 6 1 44 22. 2,-. "~ ""~ 7- II. 54 • 6 » 29. — , "~ 14. — April I. ^^ _ . 1-8. 5i~si S 5- 6{ — 21. si — . S. — — 25- si .6 — 12. 6| 4-i . 1%. .— «s- — — "'Sept. 1. sl 44 ig. 22. — — 4- 8. 6 — 26. 29. 6? '■'4T 1 1. .M — 1 '5- 64 __ May 3. 64 4 4 la. 64- 7 — 6. 74 -- 22. — 10. 7f — 2;. — — 1 '3- - . . 3 4 29. . . - 4i •7- 8 . 84 'Gftober 2. 64.61 20. 2^ 8 4 74 ■ ll 4- 27. — 3 9- '3- 31. — 34 r6. — — "June 3. — — 20. 64 — 7- — — 23. — — 10. — — 27- — — 14. — " — 30. , 4 '7- 7i — Nov. 3. 6. 6| 21. 24. 74 7 3f 4 ^■" — 28. 10. 6 4i >3- — July I. — — «7- 6 . 6i — 5- 6f 4i 20. — — 8. — — 2+- — — . 12. — — 27- 64 . 7i 4 »s. — — ■ ;Dec. 1. 61 .7 3^. ^4 3 4 19- 22. 6i 4i 4- 7 26. .^ — ■ ' " 29. — — 1 1. ' '5- 6 2 — Auguft a. 6 — 18. . — 5- 64 — 22 > — 9- 5i 4| Z'?- 64 3i 12. 1^ 5i 29. 16. 6 5 19- 23. ' I, " 4f -.— I80S. z6. 64 4i 3^. 5ept. 2. 6f M~* January — 6J 3i 41 <;. — — 6. '8. — -^ 9. - ■ — . 12- — — 13- — 44 '5- — — 16. 64 1.9. — — 20. 6 4|- 22. 6.i — *3- ■ — — 26. — 27- 6| 4 29. 6? — 30. 64 '.Feb, 2. — — Oaober 4. 7 3j_ 5- — — 7- — 9- 64. 7 — 11. — — 12. 7 ■ 7l — >4. — — 16. 7 2 • 7 ♦ — 18. 6 4 19- — - — 2i. — — 2'?. 8 — 25- . 34 26. — — - 28. 5i li March 1 . 74 34 Nov.. I. 5^ 3i 4- — 4. — — 8. — ~ _— 8. "." — TtrS APPENDIX to The Minutes of 'EviSence Men before tht No. 6«.— Courfe of Exchange between Belfaft and London, and between Belfaft and TtahXin—canUmeJ^ I io^— continued. D.te. 1 1 London. On Dublin. II. 18. — — ..^ 22. — — 25- — — 29. — — •Dec. a. 6. .9. ,13. =16. 5 5.- 5; 3i 20. ^7. S3: — 3°- —~ — 1 809 — contix ued. Date. On London. On D»iblin. Jtuie n 8| t I 6. 9i — 9- «l 3i 13- 9i — 1 809. ;Jan«ary 3. si 3i 6. —i— 10. -13- si 4i 4I ■ — 20. - 4i H i — ^7- — — 31' 4l 4i rFeb. 3. 7- 10. Faft Day. ■ -.14. 4i 4 21. + 1 3i 24. — — ,2S. 5i 3i TMarch -3. 7- - 3 10. — — 14. — — 17- — — 21. Si 3i 24. — — 28. — — 3«- - . - 2i April 4. — — 7- - af 11. 6 14. 6f — ,18. 7i , — 21. 7 — ■ .25. — — 28. . 2i -May 2. 5- 9- 7 2^ 7i — 12. — — t6. 8 — 19. 8 'J 2 23. . - - I| 26. — 3°- — J.Iy Augufl 20. 23. 27- 3''-- 4- 7- 1 1. 14. m. 21. .25. 28 I. Sept. 4- 8. 1 1. I?- 18 22. 25. 29. 1. ";. ' 8. 12. 19. 22. .16. 29. Oflobcr ^. 0. 10. 13- VI7. 20. 24. ^7- SI- S' 7- 10. 13. •7- 20. 23- I. 5- 8. 1'2. '5- .19. 32, 26. 29. Nov. Dec 8 9 I 8i 7i 6i 7 7i lA 7-1 /i Ik 6| 6i 6| 6i 6-1 7 7 3s 3j_ 3T 3 Ik 3i 3j_ 3 3^ 3 3 3 3f 2.i Nothing done. D" D" D" D" - 2* Theforegoing Rates.of E.ychange of Belfaft on London, and Belfaft on .Dublin, are computed for the payment in Gold, »nd the quotations are underftood for:Biris on London at 21 days light, and Bills on Dublin at 61 days fight ; fuch "Bills as have a longer or a (horter time on Dublin as the cafe may be, take or give Intereft at fix per-cent. And it is to be obferv«d that the Exchange on London'indicates Premium while that on Dublin iindicates.difcQflnt. ^oh" O/?^.") Exchange Brokers. , ' A W'" Duj. i Dublin. COMMITTEE on the High Price of GOLD BULLION. 217 No. 69. STATEMENT of Money iffiied by the Paymaflers General to the under-mentioned Perfons, for the purchafe of Dollars, &c. i8o4,Augufl;i7. Sept. 12. 1805, March 14. 26. April 2, 4- 8. 18. *5- May 4. 8. 13- June lA. 18. 20. 24. July 3. 25- 1807, June 3. 22. July 10. 349- Paid. Daniel Bailey, Efq. in part of a Warrant of 17th Auguft 1804, for ^.200,000. for the purchafe of Silver Bullion for the Public Service, without Deduftion and without Account, other than fuch as he may be required to render to the Commiffioners of the Treafury ...._. 100,000 o o Paid D" to complete a Warrant of 17th Auguft 1804, for ^.200,000. for the purchafe of D° for D", without Deduftion and without D", &c. .-.-.. 100,000 Paid William Mitchell, Efq. in part of a Warrant 13th March 180;, for^. 300,000. for the purchafe of Dollars for the Public Service, without Deduftion and without D°, &c. - - - 5^>3^7 i» 8 Paid D° in further part of a Warrant of 13th March 1805, for £. 300,000. for D° D', without Dediiftion, and without Account, &c- - 44,3^<5 6 8 Paid D° in further part of a Warrant, 13th March 1805, for jT. 300,000. for D° D", without Deduclionand without Account, &c. - - - . . . . 42,626 8 I Paid D° in further part of a Warrant, dated 13th March 1805, for ^.300,000. for D" D" without Deduftion and without Account, &c. - . - - - 50,401 13 10 Paid D° in further part of a Warrant, of 13th March 1805, for Jl. 300,000. for D° D°, without Deduction and without Account, &c. * - . . - . ^ 42,810 4 6 Paid D° to complete a Warrant of 13th March 1805, for ^.300,000, for D° D°, without DedutHon and without Account, &c. &c. 68,507 14 3 Paid D" in part of ^. 400,000. for which a Warrant is to be granted, for the purchafe of Dollars for the Service of Govierriment, per Treafury Letter, 17th April 1805 .... 26,108 19 7 Paid D° iu further part of £. 400,000. for which a Warrant is to be granted, for the purchafe of Dollars for the Public Service, per Treafury Letter of 24th April 1805 _ , . 53,970 6 4 Paid D" in further part of a Warrant for £.400,000. for the purchafe of Dollars for the Public Service, without Deduc- tion and without Account, other than fuch as he may be re- quired to render to the Commiffioners of the Treafury - 27,202 18 9 Paid D" in further part of a Warrant of 1 8th Apriri8o5, for £.400,000. for the purchafe of Dollars for the Public Service, without Deduflion and without Account, other than fuch as he may be required to render to the Commifiioners of the Trea- fury - - - - - 54>495 10 4-- Paid D" in further part of D° Warrant - - ^ 39,246 18 9 Paid D" in further part of D° D" - - - 4^,595 i 9 Paid D" in further part of D° D" - - - - 23,602 16 4 Paid D° in further part of D= D" - - - - 56,774 2 5 Paid D° in further part of D° D" - - - - 28,382 13 8 Paid William Mitchell, Efquire, in further part of a Warrant, 18th April 1805, for £.400,000. for the purchafe of Dollars for the Public Service, without Deduftion and without Account, other than fuch as he may be required to render to the Commiffioners of the Treafury - - ... 42,587 8 7 Paid D° to complete D" Warrant D" .... 5,033 4 3 Paid D° for the purchafe of Dollars for the Public Service, wichout DeduiSion and without Account, other than fuch as he may be required to render to the Commiffioners of the Treafury, per Treafury Letter, 5th July 1805 - - 30,448 13 11 Paid D" for the purchafe of Dollars for the Service of Governfflent, per Treafury Letter, 25th July 1805 .... 27,22s 12 3 Paid George Ward, Efq. on account cf Bar Silver, purchafed for the Service of Government, per Treafury Letter, 3d June 1807 50,000 o o Paid D", for the purchafe of Bar Silver for the ufe of Government, per Treafury Letter, 20th June 1807 ... 100,000 o o Paid D°, for the purchafe of Dollars for the Service of Government, per Treafury Letter, 9th July .... 121,5381611 o f^ (continuei'.) 11% APPENDIX io The Minutes of Evidence faken before the 1807, March 14. 19. Augufl 25. Odober 9. n- s8o8, May 23. March 5. June 14. 23- 30. Sept. 1; 1S09, July 3. Auguft 5. Nov. 17. l8io,Januaryz3. J 808, March 5. 36. Paid Thomas Reid, Efq. in re-payment of Dollars fupplied for His Majefty's Service, as follows, withour Dedu(^ion and without Account, other than fuch as he may be required to render to His Majefty or the Commiffioners of the Treafury, viz. value 1,400,000 Dollars, at the rate of 865 oz. for 1,000 Dollars, being 1, 212,40002. at ;j. kd. per oz. Deduft Premium of Infurance of ^. 3. 3^. per cent. j{^. 10,502 Carriage from Portfmouth to London, at J^ per cent. - 625 £.333,410 o o 2 10^ 11,127 II 1^ Paid D* for the value of 1,730,000 Dollars at the rate of 4/, "jd. per Dollar, jT. 396,458. 6j. id. fupplifd for His Majefty's Service, and for Fees -£.6. yj. without Deduflion and without Account, other than fuch as he may be required to render to His Majefly or the Commillioners of the Treafury Paid by George Ward, Efq. for Bar Silver purchafed by him for the ufe of Government, without Deduftion Paid ! leflrs. Thomas Reid and Partners, for 450,000 Dollars deli- vered by them, at Jamaica, to Lieutenai-.t General Sir Eyre Coote. for the ufe of Government, ^f. 103,920. and for fees, ^.6. 7j. without Deduilion . . . . Paid TJiomas Reid, Efq. in re-payment of Dollars fupplied for the Service of Government - - - - Paid William Gordon, Efq. to John Murphy, Efq. for the Balance due to Thomas Reid and Partners, and the faid John Murphy, for 900,000 Dollars in Gold and Silver, delivered by them to Sir Eyre Coote, at Jamaica, for the Military Service, without Deduc- tion and w't'nout Account, other than (uch as may be required to be rendered to His Majefty or the Commiffioners of the Treafury Paid Mr. William Gordon, to John Murphy, Merchant, on account of the value of Doubloons delivered by him for the ufe of the Government at Jamaica, without Dedudion and without Ac- count, other than fuch as Jie may be required to render to His Majefly or the Commiffioners of the Treafury Paid Thomas Reid, Efq. for the purchafe of Dollars, in part of £.50,000. ordered, per Treafury Letter of 14th June 1808 Paid D" for D° to complete D= ordered per D° - Paid William Gordon, Efq. for John Murphy, Efq. for the purchafe of D" per D° of D" date . - . . . Paid D° for D° for the purchafe of D» per D°of 22djune 1808 Paid D» for D''fcrthu purchafe of D" per D° of 30th D° - Paid Mefl'rs. T. Reid and Co. for the purchafe of D° per D" of D" date - - - Paid Meflrs. Taylcr and Hnghan in re-payment of the value of Dollars delivered by them, at Gibralt r, for the ufe of Govern- ment, £.4,551. 15J. and for Fees £.3. %s. without Dedurtion and without Account, other than fuch as thev may be required to render to the Commiffioners of the Treafury, per Tiea fury Warrant .--.-_. Paid Meflrs, Robert Taylor and Co. for Dollars, delivered by them at Jamaica, for His Majefty's Service, wi'.hout Deduction Paid D° for D" Paid D" for D" D' D' D° Paid D" for the value of Dollars delivered by them to Commiflary Drennan, at Jamaica, the 30th September 1809, on account of Government,£.773. i ij. and for Fees £.3. 3 j-. without Deduftion Paid Mr. William Gordon to John Murphy, merchant, being on account of the value of 202,783 Dollars, to be delivered by him, for the ufe of the Government at Jamaica, without Dedadlion and without Account, other than fuch as he may be required to render to the Commiffioners of the Treafury - - - Paid James Farrell, Efq. for the value of Dollars delivered by him for the ufe of the Government of Jamaica, without Deduftion and without Account, other than fuch as he may be required to render to His Majefty or the Commiffioners of the Treafury £. .. d. 323,282 8 ic 396,464 13 8 33,31a o 9 103,926 7 o 429.771 13 II 5,959 2 II 52,975 2 8 25,000 o o 25,000 o o 50,000 o o 87,000 o o 234,168 3 I 153,280 e 10 4'55S 3 o 48,494 I 3 21,625 o o 13,244 18 8 776 14 o 4o,SS« '7 S 50,405 O o PAY-OFFICE, \ Horfe-Guards, uth March 1810. j jD'^ Thomas, Accountant. COMMITTEE on 'the High Price e/ GOLD BULLION. ai9 No. 70, (Ai.)— An account of the amount of all BILLS of E XCH AN GE drawn on the Lords Ccm- miffioners of His Majefty's Treafury, for Expenfes Abroad, accepted by their order, payable at the Bank of England, and which became due in each year fin ce the 5 th January 1804.; diftinguiHiing the Sums, the Places, and the Services. Amount in 1804 - per annexed Account* - 1805 - - . - , — - - 1806 .... — - - 1807 - - 1 - - 1808 - - . - — - - 1809 .... * For this and the five following Accounts, fee below, and fo on to page 226 inclufive. £. s. d. 1,565,900 2,102,355 . 3,189.715 2,1^4,800 J^93S.767 4,162,290 5,080,827 (A2.)— An ACCOUNT of the A MOUNT of all BILLS of EXCHA NGE drawn on the LordsCommifiioners of His Majefty's Treafury, for Services Abroad, other than thofe accepted by their order payable at the Bank of England, and which became due in each year fince the 5th January 1804; difiingulfhing the Sums, the Places, and the Services. From whence drawn. Service. Amount due in 1804. Amount due in ii5o5. Amount due In 1806. Amount due in 1807. Amount due in 180S. Amount due in 1809. TOTAL. New SouthWales Continent of ^ Europe - -\ Purchafe of Provi-"J iions, Hire of Vcf- {^ fels, &c. for the ufe l of that Colony - - ) Bills drawn by Lord"^ R. S. Fitzgerald, f His Majefty's En- ( voy at Lilbon - -J D'-byA. Briarly, } from Cadiz - ) Bills drawn by James "J Green — His Ma- f jefty's Conful at { Tangiers - - -J Bills drawn for Boun- ^ ties on Fifli - - S 1)0 by Governor "^ and Council at Domi- (_ nica, for lofles by Fire I ai Rofeau - - -J Bills drawn fromSlerra "J Leone, for the Civil f Expenfes of that / Colony . - - -} 24,646 18 10 6,000 £■ '■ d. 20,670 6 li £■ '. t- 21,410 9 5I £■ s. d. 13,253 11 4i £■ s. d. 25,817 9 II £■ - d. 16,738 7 10 1,847 6 —J 49,696 3 — J 15,804 — 7 ?■; £ £■ •■ i- 122,337 3 fil 7,847 6 — Mediterranean . Weft Indies - - Coaft of Africa - . 700 500 — — 50 8 — 249 7 — * 1 " 149 j6 — . F ~ 3,163 5 6 750 8 — So,s9S 6 — 28,967 6 1 z 10,697 9 ^\ 1804.— ACCOUNT 220 ■APPENDIX io The Minutes of Evidence taken before the No. 70. (A I.) — continued. 1804. ACCOUNT of BILLS drawn on the Lards Commiffioners of His Majefty's Treafury, amounting to ■ £,■ i.s6s>90°f being the Sum advanced by the Paymafter General to the Bank of England for the difcharge thereof; from the 25th December 1803 to the Z5th December 1804.. From whence drawn. Guernfey, Jerfcy,^ and Alderney. Gibraltar and Mediterranean. Continent of Europe. Ccaft £. of Africa, and\ 111 l^udies. \ Weft Indies. By whom drawn. North America, Newfoundland, jBahamas, Uc. Lieut.Col. James Fahy, Commandant at Alderney Lieut. Gen. A. Gordon - Lieut. Gov. at Jerfey Major Gen. J. Doyle, Commandant at Guernfey Admiral D'Auvergne - Commanding at Jerfey Edward Stanley Hon. William Wyndham Haviland Le Mefurier - - Confulat Triefte Envoy at Florence Commiflary Gen. 1 Mediterranean -\ Alexander Sloane - - Conful at Rome _Sir Thomas Trigge Governor at Gibraltar Hugh Elliot - - - Minifter at Naples -Sir Alexander J. Ball, Bart. - Governor at Malta Geo. Burgmann, CommifTary Gen. Meditenanean George MifTet - Bricifli Refident in Egypt Lord R. S. Fitzgerald Charles Stuart Thomas Durell .. Sir Geo. Rumbold John Sontag - - - - Minifter at Liftjon - Minifter at Vienna - Deputy Commiflary Minifter, Lower Saxony Colonel in the Army John Frafer - - - Commanding at Goree Hon. Frederick North - - Governor at Ceylon Captain W. Murray - Commanding at Goree Donald Macdonald Edward Corbet - ■ - Commandant at Tobago . Agent for St. Domingo Brig. Gen. Geo. Prevoft - Lieut. Gov. St. Lucia Samuel Dent - . _' . PrefiJent at Grenada Major Gen. G. Nugent,- Lieut. Gov. of Jamaica Lord Lavington Lieut. Gov. of Leeward Iflands Lord Seaforth Governor of Barbadoes W. V/. Eentiiick - Governor of St. Vincents John Leach Panter - Secretary to Seleftpd Weft > India Commiffioners ■ - ) H. Johnfton Lieut. Governor of Tobago Brigadier General James Montgonierie - Com- ^ manding at D'^ - ^ Abraham Charles Adye - Prcfident of Grenada James S. Barnes - - Lieut. Gov. of Tobago Valentine Jones -CommiflTary General, Wind- ^ ward and Leeward Iftands - J Thomas Hiflop - Lieut. Governor of Trinidad John Rutherford Surveyor General, Trinidad John Glasfu.'d - A6ling Commiflary General,"] Windv,rard and Leeward Iflands -j Alexander Cormack Deputy Commiflary, } Newfoundland - ^ fohn Halkett - Governor of the .Bahamas Major General John Defpard, Prefident at Cape Breton - Sir John Wentworth - Lieut. Governor of ) Nova Scotia - $ Edmund Fanning - Lieut. Governor, Prince Edward's Jfland - Henry Tucker . - - Prefident of Bermuda Col. Thomas Barrow,Superintend_ent at Honduras Service, [-■hilip Van Cortland H. M. Djer - - Thomas Forth Winter jirEvafmus Gower - - Deputy Conimifl'ary, } Newfoundland - S Prefident of the Bahamas - Commiflary, New- ) foundland - ^ Commanding at New- ^ foundlatnd - 5 Brig. Gen. J. W. Skerret . . D» - - - Pay of Signal Mafters, Sec. Subfi Kence of Jerfey Troop,Ordnance ^ -Works, &c. - - - - i Public Services and Contingencies Relief of Emigrants Relief of Emigrants - - - - . D° Csmmiffaviat Department Relief of Emigrants Purchafe of Ground for Bakery, &c. Relief of Emigrants Purchafe of Corn r - - Commiflariat Department Expenfes of his Miflfion Relief of Emigrants - D" Pay of Dutch Officers . D" . . D° Supplies for the Garrifon Public Services Value of a Schooner, &c. Secretary's Salary, &c. ,- - - Pay of himfelf and Perfons in his ) Department - - - 5 Contingencies _ _ _ - D° - . . . Allowance for Barracks, Staff, &c - Hire of a Schooner, &c. - Secretary's Salary, &c, . t" - - Expences of the Conjmi^oners - Secretary's Salary - - - - - D» - D" D" - - . - Commiflariat Department Purchafe of a Veflel . -, - Supplies to the Settlers, &c. Commiflari.at Department - 1? - Commiflariat Department Provifions, Hireof Vefiels, &c. Hire of a VeiTel, Secretary's Salary Expenditure under American Treaty, &c. - - - Contingencies _ _ - Military Expenditure His own, and Secretary's Salary, &c. Repairs to Government Houfe, &c. - Prov)fions, Hire of Vefiels, &c. Repairs to Government Houfe Salaries to the Officers of the Civil 7 Eftablifliment -\ Purchafe and outfit of a Schooner - ':| 319 14 9{ 12,968 7 — 15.833 16 -\ ^,900 — ^ — - 241 — — 3,400 532 13 2 1,961 19 6i 4,000 187..257 s — 107,651 3 II 1,600 — — 1,606 4 TOj 3o!j 13 — 6,460 ^- 4,660 18 ^- 7,770 15 — 5>io° 138,079 H i '55 136 17 6 1.S4.5 7,065 5 8i 422 19 8 113,648 iz 10 1.749 209 17 io| 256 — — H.375 51 16 8 loi 3 10 — 2,00 — ._ I>447 11 6i 4,152 12 9 852,811 6 5l 201 18 26,796 7 S\ i>3°7 19 -\ 279 7 "i 450 — — 8,913 '5 8 1,279 19 loi 672 i 3i 3.233 16 — 143 S 9 1.549 16 5, 780 — — L- »• d. 34.021 17 loj 326,645 I 7{ 20,8c6 10 loi 143.334 II 2 995,483 II -I a;.6c8 7 51 1,565,900 ' COMMITTEE on the High Price of GOLD BULLION. £2f No. 70. — (A I.) continued. 1805. ACCOUNT of BILLS drawn, on the Lords Commiffioners of His Majefty's Treafury, amounting to tlie Sum of j^. 2,102,3; $. being the Sum advanced by the Paymafter General to the Bank for the difcharge thereof, betweea the 25th December 1804, and the 25th December 1805. ' Fxoin whence drawn. Cnernfey, Jerfejr,^ liid Alderney. By whom drawn. Service. Gibraltar and UediCerranean. Continent 1 Europe. Lieut. Col. James Fahy - Commandant at Alderney Major Gen. A. Gordon - Lieut. Governor of Jerfey Major Gen. J. Doyle - - Commandant at Guernfey Rear Admiral D'Auyergne - Commanding at Jerfey Lieut. Col. George Smitli - - 8id Regiment, Naples Alex' Fernandes, Dep. Commiflary, Mediterranean Honourable Williara Wyndham - Envoy at Florence Sir Tho' Trigge, K. B. - Lieut. Governor at Gibraltar Honourable H. E. Fox - - - - D" D" - Hugh Elliot- - - - - Minifter at Naples George Millet . - . - Britilh Refident in Egypt Erneft Miffet - - . . - D<> - - - - Sir Alexander J. Ball - - - Governor at Malta E. F. Chapman - - - Malta George Burgmann - Dep. Commiflary, Mediterranean Edward Stanley ...--- Conful at Triefte Militia Clothing, Signali, &c. - Subfiftence of Jerfey Troopi, Hire of ) Veffels, &c. - - - -' S Public Services, Purchafe of Ground, &c. Relief of Emigrants ... I'ublic Services CommilTariat Department Relief of Emigrants Building a Viaualling Store C- >■ d. 1,000 S £ 19,989 14. 10 12,736 9 — 5,550 Weft Indies. Honourable Arthur Paget - - • Envoy at Vienna Lord R. S. Fitzgerald - - - Envoy at Liibon Colonel Son tag ------- Arnftein & Eikeles Vienna - Prefident of Grenada - Prefident of Tobago Governor at Barbadoes Prefident at - O' V. fSanh America, Newfoundland, Bahamas, &c. G«orge Bcckwith - - Governor of St. Vincent's Edward Corbett - - Agent for the Affairs of St. ) Domingo - j W.L.Whitfield - Deputy Agent - D" - - - Lord Lavington - Lieut. Governor, Leeward IflandS Brigadier General Sir George Prevoft, Lieut. Gov' ) of St. Lucia - S Abram Charles Adye ■ James Campbell - Lord Seaforth - - John Ince - - - W. W. Bentinclc - - Governor of St. Vincent's Joiin Leach Panter - Secretary to SeleSed Weft ? India Commiffioners - S Thomas Hiflop Lieut. Governor of Trinidad John Rutherford - - Surveyor General, Trinidad Major General G. Nugent - Lieut. Governor of J Jannaica - S Allan Dabell - - Aaing Commiflary General ^ Windward and Leeward Iflandi - ) John Glasfurd - - Commiffary General - D° - - Maj»r Gen. John Defpard, Prefident at Cape Breton Sir John Wefitworth, B*. - Lieut. Governor" of ") Nova Scotia - S Edmund Fanning, Lieut. Governor PrinceEdward's | Ifiand - j Henry Tucker ----- Prefident at Bermuda Lieut. Col. Gordon - Dep. Superintendant Honduras Co). Thomas Barrow Superintendant at - D° - Thomas Forth Winter - Commiffary, Newfoundland Sir Erafmus Gower - Commander in Chief, New- J foundland - \ Brig. Gen. J. W. Skerrett - Commanding at D° Charles Cameron - - - Governor of the Bahamas Relief of Emigrants Expences of his Miffion • . - - . D" . Public Services Purchafe of Com for Malta Commiifariat Department Relief of Bmigrants Relief of Emigrants - . - D° - Pay of Dutch Officers Public Servicci Secretary's Salary . . - Pay for himfelf and Perfons in his ) Department - - - - 5 - - - -D» -D"- -- Hire of Vefiels, Contingencies, ice, - Contingencies . . - - Secretary's Salary . - - - Hire of Veffels, Contingencies, &c. - Secretary's Salary - - - - - - - D° 800 64,000 — •— 3,900 — — 5,623 s 10 8,500 8,000 2,200 I, 000 — — I39>750 »o,ooo — — 172,134 9 I 154 «o — J9,x76 (z — > 703 18 I 1419 13 I 19,041 16 6 I5>.S50 4i6io6t 4 (I 171,716 r » Coaft of Africa, C and y Indies, i fai& Off Ireland. Francis Gore - - JohnCraigie - George Brinley - Governor of Bermuda Deputy Commiffary, Canada ■ Commiffary General, Halifax Richard Loyd Commiffary at Goree Captain William Murray - Commandant at Goree Samuel Hamilton - .- Affiftant Commiffary, Goree Honourable Frederick North - Governor at Ceylon Lie.t. General Sir Eyre Coote, K. B. - Off Cork • Major General Sir David Baird - . - - - D" Tohn Muitay - Deputy Commiffary to the Forces ) ■' under Sir Bavid Eaird - ) Expcnfes of the Commiflion Defence of the Ifland . - - Supplies to the Settlers, and fer Surveys Allowance for Barracks, Staff, &c. - Commiffariat Department - . - . D° - Hire of a Veffel, &c. - - ■ Mr. D'Anfeville't Penfion, Ice. Coiatingencics - - » . Military Expenditure Purchafe of Provifions - - D" - - &c. - Commiffariat Department Salary of Civil Officers - Expenfes of a Schooner - Hire of Veffels, Commiffariat De- partment, &c. - - - - Military Expenditure Commiffariat Department - - - D" - Commiffariat Department Provifions for the Garrifon Commiffariat Department, &c* Public Services . - - Public Services - . . - Articles for the Sick on board the s« i — 460 — — 450 1,073 '° — i,j5« 202 10 — 186 10 — 151 9 2 152 10 300 S 10^ 6,100 — —» 16,344 « 4 XIO 118,931 12 8 29,600 — ~- 989,785 12 9 653 16 8| 124 19 3 350 3,323 6 8 914 II ii| 4,530 16 — i Hi 4 5* 156 »77 16 4 19,650 J 2I 2,000 — — £0,983 iS I 21,746 14 7i 1,165,552 « 9| 1,589 II 449 7 1,002 6 218,505 9 Hofpital Ship Provifions purchafed 1,560 14 — 350 465 10 10 £■ 74,8*4 7 4i 211,546 14 4 »,376 4 I* ,102,355 349- 412 APPENDIX to Tftc Miffljtcs of Evidence laken hfon the No. 70. — (A I.) continued. 1806. ACCOUNT of BILLS drawn on the Lords Commiffioners of His Majefty's Trsafury, amounting to jf. 3,i89',,7''S' bri'ftg chie lowi advanced by t!ie ?ayma:!ler GeiierHl to tlie Ban-k of Ehglani? for the difeharge cliereof ; fiiom 25th December 1805 to the 2 jth December r.8o6. From whence . drawn- Fron^ Guernrey, Jerfey, i . and Alderney, Gibraltar and I Mediterranean! ' J Continent of Europe. Majoi*Gifn. J, Doyle - Conimawdamt at Goernfey Rear Admiral D' Auvergn« - CoWntandiiij a« Jerfey Col'. G. W. Kamfey - - Commandant a*. Gucrnfey Li«ut. Gsn'. Ge»rgB BoiV' L'eut. Governor of Jerfey Brig. G«n. P. HeiOB - Goinmandant at Gueniiej Edward Stanley - - . - Conful at Triefte Ho«. WHIiam Wyi-vdliam - - Env Commi'ion of Enquiry J Thortias Hiilop - . Lieut. Govepnor of Trinidaj Major Gen. Georige Nugent - Lieut. Governor of J Jamaica J Allan Dalzell - Afling Commiffary General, ) WrndiVardand Leeward Ifl nds ) George Metcalf - - - Prefident at Dominica Rcib^rt Mitchell - - Prefidcnt at Tobago John Balfour D"- Co). Frederrx:k Martland Governor of Grenada WilliamrWhirmore - Afling Cnmmiflary Genci al, ) Windward and Leeward Iflands ) W. H. Robinfon Commiflary General, Jamaica John Ghsfiird - CsmmilTary General, Windward ) and Leeward Iflaads \ Maj. Gen. John Defpard - Prefident of Cape Breton Sir John WentWorth, Bart. - Lieut. Ooverwor ) of Nova Scotia \ Henry Tucker - - . - Prefident of Bermuda Lieut. Col. Gab' Gordon - Deputy Superintendant ^ at Honduras \ R. Edwards - - - Seceretary to D° - Thomas Forth Winter - Commiffary at New- ) foundland ) Sir Erafmus Cower - Commanding in Chief, \ Newfoundland \ Brig. Gen. J. W. Skerrett - Commanding at D" - Francis Gore - - Governor of the Bermudas John Craigie - - Deputy Commiffary, Canada Charles Cameron - - Governor'of the Bahamas L'Col. A. M. K. Hamilton - Superint'atHondura.s George Brinley - - Commiffary General, Halifax G. G. Ludlow - - St. John's, New Brunfwick Richard Lloyd - -- - Commanding at Goree Samuel Hamilton - AITidant Commiffary, Goree Hon. Frederick North - - Governor of Ceylon John "Murray - Dep. Com^ Gen. Cape of Good Hope Right Hoii. T. MditlanJ - Governor of Ce>lori John Cloafe - Afli'iV Commiffary and Paymaft^r in ) the Ordnance Service at the Cape of Good, Hope \ Edward Couche - Deputy Commiffary General in 7 Lieut. the Expedition under Gen. Simcoe Gen. Simcoe - Commanding an Expediciori Service.* Pay of Signal Mailers, &c. SubfilVence of Jerfey Troop, Hire of ) Veffels, &c. - - - - 5 Public Services . . - . Rellief of Emigrartts . - - Public Services - - - - Hi.'rofVenils, &c. - . - Public Services - - - - Relief of Emigr.ints - - - - - D° Building a Viftualliog Store, Tem- \ piorary Habitations, &c. - - S Expenfes of his Miflson - - - Public Services - - - - D" Commiffariat Department Service of the Garrifoa Public Services - - - - - D" - - - - Relief of Emigrants . - D" ... Public St-rvices Relief of Emigrants _ - - allowance to Dutch Officers - Public Services - - - - Purchafe oi Dollars ■ - - - Public Services - - - - D' Intereft and Comm'fli-'n on the Ne^'l gociation of Bills drawn by Mr. > Thornton, &c. - - 3 D" - Secretary's Sa^arJr - . - - Hiire of Veffels, Secretary's Salary, &c. Secretary's Salary - _ - - Secretary's Salary and Hire of Veffels Expenfes of the Commiflion - Defence of the Ifland Allowance of Barracks, Staff, and ^ other Military Expences - - \ Provi-fions, Stores, and other Ex- 7- penfes of the Forces there - -\ Secretary's Salary - - Condn^encies - - - - Seicretary's Salary - _ - - - - D" Commiffariat Department . - . D" - - ... 0° - Secretary's Salary and Hire of a Veffel Mr. D'Anfevlile's Penfion Military Expenditure Parchafe of Provffions, &c. - His Salary - . - - Pay of Commiffary and Storekeeper's } Dep rtment - - - j Salary of Civil Officers, Cloathing \ for Volunteer!-, &c. - - -\ Eype.nfe of a Schooner, &c. Military Expenditure - - - D" - - Hire of Veffels, Commiff' Depart', &c. Secretary's Salary - - - Military Expenditure Expenfe of prof'-cuting E. Winflow. Deputy Paymafter Provifions, &c. furniflied the GJrrifon Public Service of the llland Public Services Military Expenditure - - Public Services - - .- Purchafe of Artillery Hor&s . Bat and Forage Money 304 19 s 4,o3z I 6 6,455 6 a 5,300 i,99Z 4 8 4,56s II Id 2,90% II 3 137 15 — 3,000 15,124 14 — 2,700 128,000 — — 27,500 329,880 2 3 3,723 5 10 600 — — 75c 550 10 — 914 6 6 92,200 816 6 3 18,334 I — 48,450 32,891 II II 660 701,225 18 9 5,27+ 15 3 5,131 18 8 i5» — Sj 12,031 10 — 46 1,735 16 5 2,870 12,363 10 7 55,021 IS io| '73>737 '4 — 253 148 10 — 45 " 6 202 10 — 706,301 — 76,204 9 a 109,348 — 7j 766 10 — 166 12 4 7S0 621 18 — 107 lO 664 18 6! 3',8?fi II li 813 14 li 9,864 15 — 66,703 15 4- 29,716 10 7 116 3 S 58,071 II 5» £■ '■ A 43 8 - -■ 36 3,187 12 6 227,952 18 2 I4iic4i .i3 8 45.678 II — _ J,09i — — 200 . 1,212 12 26,561 14 19 510,065 17 I 907,799 8 4, 1,150,461 5 ^ 172,335 18 —I 411,080 — 4 1, 41' 12 — 3,189,777^ COMMFTTEE on tlte High Price of GOLD BULLION. 123 No. 70. — (A I.) continued. •1807. ACCOUNT of BILLS drawn on the Lords Commiffioners of His Majefty's Treafiiry, amounting to /.a,l»4,8oo. being the Sum advanced by the Paymafter General to the Bank of England for the difcharge thereof; from the 25th December 1806 to the 25th December 1807. From whence' drawn. Cuernrey, Jerfey, and Aldcrney. Gibraltar and / Mediterranean. "^ v -Continent of ) £urofe. S Weft Indies. North America, ■Newfoundland,; Bahamas, &c. South America, <5oree, Caie, and^ Ccjion. By whom drawn. Lieut. Gen. George Don - Lieut. Governor of Jerfey Rear Admiral D'Auvergne - Commandant at Jerfey Brig'' Gi-neral P. Heron - Commandant at Guernfey Brig' General Sir John Doyle - Commandant at J Guernfeyand Alderney - S Brig' Gen. W. Robertfon - Commandant at Alderney Edward Stanley • - . - . Right Honourable H. E. Fox - H. S. Blanckley George Burgmann-Commiflary Lieut. Gen. Sir Hew Dalrymple Sir Alexander J. Ball - - - Honourable William Wyndham William DrumToond - . Major Gen. Jas. Drummond - Erneft Miffett . - - - . - Conful at Triefte - Mini fter, Sicily ■ Conful at Algiers Gen. Mediterranean - Commandant at ) Gibraltar - ) Governor of Malta - Envoy at Florence • Miniller at Sicily Comm^ at Gibraltar Refident in Egypt Honbte. Henry Pierrepont - Minifter at Stockholm Alexander Straton -- ...D"--- Robcrt Adair - ... - Minifter at Vienna Parifli & C. - - - - Merchants at Hamburgh Thornton & Power .....-D'-.- Edward Thornton - • Minifter at Hamburgh Lord Hutchinfon - . . . P. Ragay - - - . - . - Altona Vifcount Strangford - - - - Envoy at Liibon James Gambier ----- Conful at - D" - Robert Hugh Kennedy - Dep. Commiflany General ? on the Continent - \ James Drummond - Dep. Commiflary of Accounts ) on the Continent - \ John Sontag - - • . Colonel in the Army al, > LorJ Lavington - Lieut. Gov. of the Leeward Iflands William Whitmore- Afljng Commirtary General, Windward and Leeward Iflands Thomas Hifinp - - Lieut. Governor of Trinidad George Metcalf - - - Prefident at Dominica C*,lonei Frederick Maitland - Governor of Grenada George Geckwith - - Governor of St. Vincent's Wjllisra Woodlcy - - - Prefident at Antigua John Balfour - - - Pre/ideot at Tobago Earle Karwood - - - Barrack Mailer at Curagao Samuel Chollet - Commilfary General, Windward ^ awi Leeward Iflands - S W. H. Robinfon - - CommliTary General, Jamaica Henry Broughton - Dep. CommiiTary Gen. Curasao John Spooner - - - - Prefident at Barbadocs Charles Cameron - - - Governor of the Bahamas Lieut. Col. A. M. K. Hamilton - Superintendant at ) Honduras - J Brig. Gen. ].W. Skerret, Comman^ at Newfoundland Hon. Alex' Murray Late Agent at Turk's Ifland Thomas Forth Winter, Commiffary at Newfoundland Sir John Wentworth - Lieut. Gov. of Nova Scutia Francis Gore ----- Governor of Bermuda Henry Tucker - ... - Prefident of Bermuda Major General John Defpard - Prefident of Cape ) Breton - J George Erinley - - Commiflary General, Halifax John Hodgfon - - - Governor of Bermuda John Craigie - Deputy Commilfary General, Canada AJra. Ja' HoUoway, Comma.iding at Newfoundland Samuel Hamilton - - AiTiflsnt Commiflary, Coree fohn Murray - Dep. Commiffary General, Cape of ) ■' Good Hope - ( Right Hon. Thoma« Mairland - Governor-of Ceylon Edward Couche - Dep. Coromiftjry General South J America - S Robert Hill, AfTiftantCommifTary General, Buenos \ Ayrfs - S Honlile. Frederick North - Governor of Ceylon lofeph BuUockj'Depoty Commifiirj Gt-ieraJ, South ) ' Aaierica - j Service. Fortifications, Hire of VefTels, &c. - Relief of Emiy ants, &c. Public Services u - - - D° Pay of Signal Mafters, rep^ Flags, &c. Relief of Emigrants - " - - - - D" Public Services - - - Commiffariat Department Fordficatians, &c. - - . - Puhlic Services, Civil Government - Relief of Emigrants - - - Public Services - - - - Service of the Garrifen • - - Expences of his MiiTion - . . Public Services - - « - - - D" - - D° Commiflion, &c. on negociation of ) Bills drawn by Mr. Thornton - } - . . DO - Public Services - . - - - - D" Allowance to Dutch Officers - Relief of Emigrants and hire of Veffels Hireofa VefTel . - . - CommifTariat Department Public Services - - • . Allowance to Dutch OiSccrs - Hire of VelTels, Secretary's Salary, &c. CommifTariat Department Chinefe Settlers at Trinidad. - Secretary's Salary - • - . . D" - . - . Exoenfes in fettling the remaining ) Charibs, Secretary's Salary - J Secretary's Salary - - - - - D" Barrack Department CommifTariat.Oepartmsnt - DO ---D" Secretary's Salary - - - - Hire of VefTels, CommifTariat and 7 Engineer Department - - j His own, and Secretary's Salary Expenfes of a Schooner HiicOf a Veflel, &c. Pay of Storekeeper's Department Expenfe of Embodied Militia, &c, - Military Expenditure - - - Hire of a VelTel, and Secretary's Salarj CommifTariat Department Military Expenditure CommifTariat Department Salary of Civil OAcerc, &c. - Public Service of the Ifland, purchafe ) of Provifions, &c. . \ CommifTariat Depai-tment Public Services - . - - CommifTariat Department . - - DO . - - . Public Services - . . - CommifTariat Department 18,725 — — 5,200 7,8o2 II 3 6,748 ij le 158 7 6 28 2,000 . — — 1,000 — — 201,595 3 _ 3>»7S JO ^\ 26,028 2,598 308,792 1,00Q — — 1,315 7 6 ZQa,72« — — 78,8qo 85,719 I 2 333 " » 504 ,16 4. 19,800 13;!, 000, — — 13,037 2 -T- 1,879 I " 3S5 5?,8«j 9 4 +> " 5 4,094 — — 1,174 10 -^ 110,524 — -^ •5,412 10 -,- 151 10 — 202 10 —■ 453 la — - «4 — ^ 136 6 7 '>.»77 7 — 353,221 8 —J 77.3*4 5 '»!• 20,119 * 9t 202 10 -J-' 29,^59 12 I 620 — — 85,6' 19 7i *4i 7 4 60 3 4 Ij3P5 " 5 900 — — 750 — -^ 3261 13 3 27-,5,C2 1.7 9 1.2,207 — — 7,2,300 847 8' 9 57,799. 17 5 23.541 12 3 1,436 11. — 2,360 t2 9 43,026 12 5 I- «■ i- 38,634 12 7 S47r«J3 I 't 603,151 14. 4 571,123 12 Jj I47 Gibr.-iltar - J James Green ..-..- Conful at Algiers H. M'^Donell - Afliftant Commifiary, Gibraltar Sir Alexander J. Ball — Governor of Malta Williain Drummond - - - - Minifter at Sicily George Spiller -- . Deputy Commiffary, Madeira H. S, Blanckley - ... - . Conful at Algiers Robert Adair £dw;ird Thornton - Minifter at Vienna Minifter at Stoclcholm Commanding in Spain Major Gen, B, Spencer -p. Ragay ... - . . . Brig.''Gen. J. Sontag - - - - - Lord Strangford - - - . - Envoy at Lifljnn William Olborne Hamilton, . Lieut. Governor at? Heligoland 3 Capt. D' Auvergne ... Commandant at D° David Allan . : . . Afliflatit Commiffary D" Robert H. Kennedy, Deputy Commiffary to Forces 7 under Lord Cathcart in Baltic - ) . . D" - ". D" - - under Sir J, Moore - . D" . - . D" . - D" -' in Spain Col. C. W. Doyle • . on a Special Mi0ion in Spain James Drummond . John Bell - - James Pipon John Erfkine - W. J. Coope . Geo. Afliotli -- Sir Hew Dalrymple' Thomas Hiflop - - George MetCalf • . Col. F. Maitland - - George Beckwith . William Woodley - Dep. Commiffary of Accounts, ^ Spain - \ .... Conful at Liflson . Deputy Commiffary, Portugal . Commiffary in Chief, Spain - Deputy Commiffary - D° . - . . D" - - • D° Lieut. Gov. of Gibraltar Lieut. Governor of Trinidad . Prefidcnt at Dominica - - Governor of Grenada - Governor of St. Vincents . - PrefiJent at Antigua Sir Wllliarn Voung - • . Governor of Tobago Earle Harwood ... Barrack Mafter, Curajao Stewart Abernethy . Affiftant Commiffary - D" Henry Broughton - Deputy Commiffary - D° W™ GrifEths & Co., Agent for the Captors . D" Charles Baggi . . Affiftant Commiffary - D* JohnCorfer - Receiver General, Cuftoms - D* Jofepfa Bullock, Commiffary General, Windward \ and Leeward Iflands -\ Samuel Chollet --- .D"- Thomaa Wethered . - . . D" - Randolph J. Routh - Afiiog Commiffary, Jamaica John Spooner .... Frefident at Barbadoes James Ryrie ...-...- Dominica W. N. Firebrace - Refidcnt Commiffary, Demerara T. H. Dummett - • Secretaryto felefted Weft ) India Commiflioners \ William Whitmore, Commiffary General, Wind-j ward and Leeward IHands - 5 ' Service. Fortifications, Hire of Veffels, &c. Relief of Emigrants Pay of Signal Mafter, &c. Fortifications, &c. - Pay of Signal Mafter, Sec, Expenfes of his Miflion Reliefof Emigrants . . - Barrack Department . . - Commiffariat Department . . . D" Service of the Garrifo« - . ^ Prefents to Native Princes Cnmmiffariat Department -Expenditureon account of the Govern. 7 ment of Malta . _ - -\ Sicilian Subfidy & Reliefof Emigrants Commiffaridt Department Contradt of Ports of Bona, &c. Relief of Emigrants Swedifli Subfidy, Service of Sir I. "^ Moore's Army.and of theSpaniih > Troops - - . -J Advances to Spanifh Government - Allowance to Dutch Officers - - D" - . ... Hire of a Veffcl, &c. ... Loan to the Inhabitants of Heligoland Coals purchafed - - . - His pay, &c. .... Commiffariat Department . . . D" . - - D» Advances on account of Spaniih Government . On account of his Pay - Relief of E^migrants His Pay, &c. Commiffariat Department - . . D" . - - D" Service of the Gartifon at Gibraltar "J Advances on account of > Ih ) and Spanilh Armies Chinefe Settlers at Trinidad . Secretary's Salary . - - . . D» - D* - - _ Hire of a Schooner and Secretary's ) Salary - . ^ - " - j Secretary's Salary ... Barrack Department Commiffariat Department . . . D" . - - Hire of Negroes Commiffariat Department Expenfes on accaun: of the Govern- 7 ment of Curasao - . -3 Commiffariat Department . . , D' . . . D" . . . D" Secretary'i.Salary, &c. . - - ad Inftalment for draining Swamps 7 at Prince Rtipert's ... -J Commiffariat Department Ex'pehfes of the Commiffion . Commiffariat Department 10,121 17 8^ 5,200 — > — 161 3 5 13,255 t3 I ji — 6 3,389 I 9 28 5.340 174 14,016 600 167 13,550 7,250 4*3.479 22,122 17,076 1 7^ 7 « 2 S 19 3 10 2^ 4-4 12,699 310,202 10,000 8,005 8,0 5t) 592 IS 6 15 2 18 — 6 — 10 — I.COO — — 2,301 _ — 256 11,097 12,376 783 3.«7S 1,487 300 156,014 13,108 200 14 — 10 — 9 I 5 7 13 5 5 6 18,689 10 H 2,036 18 6 2C3 ' 203 152 11 4f 1,498 10 — 202 10 — 2,804 6 8 1,000 — - - 3,400 4.759 '6 « 22,173 13 " 2,219 12 7 IjOCO '5.759 3 7 54,648 2 81 3i398 II I 561 17 6 4,000 1,463 J4 10 4,971 1 10 249,548 ■ 4 s| ^• 28,770 14 %\ 507.593 6 'o 'S7r,«4« »3 I J 376,004 15 %i (nntiKuiil.) COMMITTEE m the High price ?/ GOLD BULLION. 225 No. 70. (A 1.) — Account of Bills drawn on the Lords Comtniffioners of His Majefly's Treafury, in iSoS — continued. From whencs drawn. 3f»rth America, ^Newfoundland, I rBahamai, &c, ' •Coaft of Africa, Cape, ^ £all Indies, and ' ■South America. By whom drawn. Cfaarks Cameron Governor of the Bahamas Lieut. Col. A. M. K. Hamilton Superintendant ) at Honduras - ^ Sir John Wentwprth, Bart. - Lieut. Governor > of Nova Scotia \ Sir George Prevofl-, Bart. - - . - D" f rancia Gore - - . . -Governor at Bermuda John Defpard . . Prefident at Cape Breton George Brinley - . Commiflary Gener.il, Halifax John Hodgfon - _ . . Governor at Bermuda John Craijie - . Deputy Commiffary, Canada Brig. Gen. N. Ncpean, Commanding at Cape Breton fames Gr«n - ASing Deputy Commiffary, Canada J. F. W. Delbarrps - Lieut. Gov. Prince Edward 7 Ifland -J Rear Admiral HoHoway - Commanding at New- ? foundland -J Edward Winflsw - Prefident at Frcderickton \ New Bruiifwitk - j Thomas Ludlam - - Gi>vernor at Sierra Leone Francis Leedam - Alliftant Commiffary - D° T. Perronet 1 hompfon - - Governor at - D" John Murray, Dep-Comminary, Cape of Good Hope Right Hon. Thomas Maithnd, Governor at Ceylon Samuel Hamilto;! - Aflift.int Commiflary, Goree Jofeph Bullock, Commiffary General, South America Edward Couche - Deputy - D° - • D" Robert Hill ----- D° - D" ' - - D* - - - - D", Cape of Good Hope Captain P. G. Xing - - . . Service. Hire of Veflels, Commiffariat Dc- ^ partment, &c. - - - ~ S His own and Secretary's Salary Expenfe of Embodied Militia - Mr. D'Anfcville'a Allowance - Military Expenditure. Hire of a Schooner _ - - CommriTariat D^-partment Military Expenditure Commiffariat Department Hire of a Schooner and Secretary's \ Salary - r - - 4 Commiffariat Department Secretary's Salaiy - Rations to Volunteers, &c. Embodied Militia - Defence of the Colony - Comrmflariat Department Defence of the C-pbny Commiffariat Depjrtment Military Expenditure Commiffariat Departnu'nt - - D° - - > D' - - . - . D» - - - . - D» - Purchife of Corn at Riode Janeiro, | for the Array at Monte Video - \ £■ 1. ''■ £. '■ d. 34.9^5 9 7 _ 620 — — 29,665 '5 7 ,58 6 2 I'-'O — — 5^^ 4 9 13,331 b 2-1- 8,9,3 — 115,972 — 4 493 9 10 109,3+8 4 9\ 6o5 — — i,8Sg — 6 2, ceo — — .3=8,360 17 ■» 6,3,6 7 .1 1,260 2 10 1,069 II 61 73.3S8 6 lel 27,761 8 3,882 7 8| 1.5 17 10 — 2,038 — 2 3>5'i 15 — 1,110 •H ^i i,Soo 8 — 113,796 II io| ^■ 1,935.767 I 809. ACCOUNT of BILLS drawrv on the Lords Commiffioners of His Majefty's Treafury, amoanting to £. J^.,^62,igo. being ttie Sura advanced by the Paymafter General to the Bank, for the difcharge thereof, between the 25th December 1808, and the 25th December iSpg. <• from wh"^nce drawn. 573 10 9 500 9,273 9 II J ^,000 1,158 I l6i 11,621 4 6i 8,oo» — — 4^.15 28 -■ 105,615 153,000 - 2,000 — +- 11,000 — .*— »5i>»S3 5 !■ 50,000 . — -r- 493 5 5 12,176 a il 31,124 1 300,000 — • 1-30 — . TT-T-Z- 2I,Si» 12 6J 4,300 -• — 6j2,5S7 ~ 4! {ccn^'inn'd.) 3M asS' APPENDIX to The Minutes of Evidence tahtt lefore the No. 70. (A \.) — Aceoant of Bills drawn on the Lords Commiffioners of His Majefty's Treafury, in lio^^continued. From whence drawn. "Continent of Europe— "Weft Indies- ■Continent of 'Xuropc. ■North America, "Newfoundland, Bahamas, Sec. By whom drawn. Coaft of Africa, Cape, Eaft Indies, ' and South America. Madeira VV. H. Robinfon - Commlflary General, Scheldt Charles Wright - Deputy CommilTary - D" - Sir Robt. Wilfon - Commanding in Portugal Capt. T. Kennedy - On a Military M.iTion in Spain Lord William Bentinck - . - D° - - - - Major K.Roche D°---- Col. W. P. Carrol D°---- Col. C. W. Doyle - - - - D" - . R' H. Kennedy - Dep. Comm''j Spain and Portugal Philip Rawlings . - D" - - John frflcine - Commilfary in Chief - W. J. Coope - Deputy CommllTary - George Aflioiti - D° . - - Thomas Dunmore - "D° - - - Jarnes Diikens - D" - - - ._ George White - Afliftant Commiffary, D" - - John Murray - CommilfaryGeneral, -D* * - John Hunter ----- Confiil at Cijon William Dickenfon ------- P. C. Tupper - - - . Conful at Va'encia James Duff ------- Conful at Cadiz D° D' D° D" D° Do Hon. And" Coch* Johnftone ■ John Bell - - - . Conful at Lilbon Frederic Drennan - Adiftant CommilTiry, Jamaica Thomas Wethcred - Ailing CommifTary Grneral, ^ Windward and Leeward Iflands \ William Whitmore - - - D " - - D» - - Jofeph Bullock - Commiflary General - D° - . Robt. Wm. Alexander - Dep' Comm/, Surinam William"N. Firebrace - - - D* - Demerary Stewart Abernethy - AHiftant CommiiTary, Curasao Henry Hutcbings - Agent for the Captors, Curasao James Montgomerie - - Governor at Dominica Edward Barnes ------D", - - - A. C. Adye ----- Prefident at Grenada JWajoT General F. Mailland - Governor at - D° - William Woodley Lieut. Governor at Antigua John Spooner - - - - Prefident at Barbadoes Sir William Young, Bart. - Governor at Tobago James Tyfon - • - • - - Prefident-at Antigua Rob.-rtPaul- - . . Prefident at St. Vincents Tho. H. Dummett - Secretary to the Selefted 1 Weft India Commiflioners ) Ifaac G. Amyott - AfliU' CommiiTary, St. Domingo Alex'' Pitman - AfUftanl Commiflary, Demerary Brigadier General John Sontag P. Ragay Lieut. Gen. Sir Geo. Prevoft, Bart. - Lieut. Gov. 1 of Nova Scotia ) Lieut. Col. A. M. K. Hamilton - Superintendant, ? Honduras \ Alexander Cooke - - Prefident at Nova Scotia M. Hunter - - - Governor at New Brunfwick George Srinley - Commiflary General, Halifax John Butler Butler - -\aing D" - - ." D°" - James Green - - Afling D" . - . Canada Vice Adm' HsUoway • Governor at Nevvfuundland .Thomas Forth Winter - Commiflary at . D° - - Charles Cameron • - Governor of the Bahamas William Vefey Munninga - Prefident at - D" - Brig' Gen. John Hodgfon - Governor at Bermuda Brig'' Gen. Nich'Nepean --Prefident at Cape Breton Col. J, F. W. Deibarres •. Lieut. Governor, -Prince Edward's Ifland J. Perronet Thompfon - Governor at Sierra Leone Francis Leedam - - Afliftant CommiiTary - Do Samuel Kamiltoa - Deputy CommiiTary, Goree RobeitHeddle - Afliftant Conimiflarv, Senegal John Murray - Dep. CommilT/, Cape ofGood Hope Robert Hill - D" - - - - D' - - Right Hon. Thomas Maittand - Governor at Ceylon Captain Philip Cidley King ------- Service. CommilTariat Department D° - - - Shoes and Provifions for the Troops - On a Militai7 Miflion ... - D*> - - - . D" - - - - - D° - . • - Supplies to the Spanilh Armies CommilTariat Dep:T:inent ' - D° - . - D" . - - - D" - - - - D" D" . D" . - - D° . D" - - - Advances on ace' Sir D. Baird's Army D" - - . Advances on account Spanilh Armies Remittances to Col. Doyle, Mr. "1 Stuart, Conful Tupper, Mr. Frerc, ; and Commiflary Murray - J Purchafe of Dollars Relief of Emigiants ... CommilTariat Department D° - . D' - - - - D" - - - - DO - . - D" - - D" - - - Purchafe of Slaves for Government ufe Contingencies - - - - - D" . - - - - Secretary's Salary D" Hireofa Vefliil, &c. - . - Secretary's Salary - - - - - - D" Hire of a Veflel, &c. - Secretary's Salary - . - Bxpenfes ofthe Commiflion - Commifl°aria tDepartment D» - - - - Allowance to Dutch Officers - D'' - - - Purchafe of Land for Government ) ufe, M. D'Anfeville's Penfion, tec. ) His onn and Secretary's Salary M. D'Anfeville's Penfion, &c. - Forage, &c. to Ofiicers of Militia - CommilTariat Department General Expenfes . - - - CommilTariat Department Hire of Veflels and CommilTariat ^ Department, &c. - - - \ ...D"- -D° -- Military Expenditure . - - Secretary's Salary - - - - - D" ... Defence of the Colony . - - CommilTariat Department Lord Strang ford George Spiller - . - . Envoy at the Brazils Deputy Commiirary, Madeira General Exp' of the Ceylon Governm' Corn purchafed at Rio de Janeiro for " th» ufe ofthe Army at Montevideo Relief of Emigrants, &c. CommilTdriat Department £■ '■ i- 54,006 a 7 .i,3ie -^ — 371 10 5 150 — — I,OCO — 150 701 19 — 7,302 I J 9 10,700 — — ;S9,86c 14 4 119,350 J7 9 6o,2CO — . — 1,000 — 4,500 300 100 — — 761,840 13 %\ 6,666 13 4 1,333 .6 8 15,215 — a 443,802 9 10 353,000 9 1 362 16 II 147,956 12 \\\ 3S» i73>473 17 3? 128,711 1,752 — 4^ 1,566 4 '6 17,200 — — io,Sco — — 95 IS 7 94 10 — loi lai 10 — 772 17 7 ao2 10 — 202 IC — 64.8 66 5 lo^ 6,675 714 5 8| 330 S — 3,918 16 — 11,825 14 — 435 I » 620 158 6 z 115 4 11 34,668 13 9I 12,922 « 4 187,675 8 6 890 3,620 — — 10,158 4 9I 23.724 17 8i i,S64>579 10 a} ♦91,814 4 joj 1S,744 10 — I- 477,281 iS 4| ^34.170 3 7| 20,000 — — 4,i6a,29o — — COMMITTEE m the High Price r/<^OLD BULLION. ^27 No. 71. A RETURN of the Annual average Price of WHEAT in Scotland, from the^ yearr 1750; — ^alfo, a R ET-URN of the Annual average Price of WHEAT in England and Wales, from-the year 1750 :— Puifuant to an Order of the Committee on the High Price of Gold Bullion. ENGLAND ENGLAND. SCOTLAND. and SCOTLAND. and WALES. - WALES. Wheat. Wheat. . ' ■ Wheat. Wheat. Quartets. Quarters. . Quarters. Quarters. s. d. s. d. 1. d. s. d. 1771 - - 39 6 47 2 .1791 - - No Return. 47 ^ 3 - ■ - 4, 6 50 8 2 - - 38 2 42 II 3 - - 42 8 SI J - - 42 9 48 II 4 - - 42 2 52 8 4 - - 46 4 SI 8 s - ■ 37 2 48 4 5 - - 66 3 74 « 6 - - 31 38 * 6 - - 70 8 77 1 7 • • 3+ 4 45 6 7 - - 44 3 53 « 8 - - 33 >° 42 8 - - 41 9 SO 3 9 - " a7 33 8 9 - - 57 J 67 6 .1780 - - 29 8 35 8 1800 - - 89 4 >«3 7 1 - - 36 6 44 8 I - - ibo 9 118 3 a - - 35 2 47 »o 2 - - 63 7 ^J 1 3 4« a 52 8 3 - - 49 9 56 6 4 - - 40 48 10 4 - - S3 5 60 I 5 - - No Return. 51 10 I " ' 76 4 87 10 6 - - D» 38 10 6 - - ,66 s 79 7 - - D" 41 2 7 - .66 7 73 3 8 - - D- 45 8 , - 71 8 ' 79 9 - - D" 51 z 9 - - 85 6 ,95 7 1790 : - D" 53 2 -; 5th March 18 10. ^ie Ja Catherwood, Receiver of C< jrn Returns. N B. The annual average Price of Wheat from the ypar 1750, cannot be given as required by the foregoing Order ; the firft Aft, viz. loth Geo. III. chap. 39, for regiftering the Price «f Grain in Great -BritMn not being pafTed till the latter end of the year 1770, which Aa was very un- perfeaiy carried into execwion in Scotland. Returns of the Prices of Grain never being made but from a few of the Counties ; and from 1785, the Returns entirely ceafed till- the Cor^ Aft of the 31ft of the King, ch. 30. came into operation, from whiah time^-Returns from Scotland have been at regularly made as thofe from England and Wales. No. 7^. .-^ n-*^— A RETURN of the Annuail average Prices of WHEAT in Ireland, commencing year 1784 and ending 1809. ISfear ending 1784 - ,1785 - 1786 - 1787 - 1788 - 1789 - 1790 - 1791 - ;1792 - 1793 - 1794 - 1795 - 1796 - d. 3 31 3 8 3 2: 2 4 6 11 8 2 6 It 3 4i 5 9 I 10 10^ I 14 io| 1 18 5 f per barrtel of \ 20 ftone. C. s. d. ■ Year ending 1797 - I 6 8| ■ per barrel of ■20 ftone. 1798 - « 7 4^ ,,;■ — . 1799 - I 12 4J - — 1800 - 2 16 4I — 1801 - a 16 7 — . iSoz - in 6J ^^ l3p3 - I 9 °i !^f" ""^ 1804 - I 9 lo ■ -J .— ' 1805 - I 16 7i 1806 - I 19 6 -It 1807 - 201 1808 - 2 4 9i J 809 - i 7 3i """ Dublin, :) ^th March laio. > 'John Moore, Regifter of Corn Reiurnt, arS APPENDIX U The Minutes /)f Evidence /«/^ CO vo M Th «r> •*i q t^ V0 On ^ ••• 00 tn »> * O 00 to •O H« 00 1 \r\ tn NO •^ u > - • *-l NO 00 o — u - 00_ >« ^ of I ,174. "s •rt S «^ (4 .5 "-^ 9^ jj *o l#\ ^ NO 1 ^ o\ t^ ^ ■fl- 44 r-» o; N ?. NO q> ■5 O 00 M 'S! o o 00 of 1^ ft 00 •fl- o- NO OO^ VO o •< «« •*• ws id S o - u kl u J3 c; •;. •o ■^ ^ r^ • o »-r» to oo N SB SO o 00 %4 •V ■. lo oo op d < s? -N - q ON q ^ •: ^5 O 09 cT ro d NO OS v\ -^ N/1 M i& v» d t" • 00 < 00 o ■■ '._. £0 ■ n s ■» . g •1^ 'S O • a 9* 1 o ^ vo 6> N^ M 00 oo ON o o :r NO 3 l/> -«• lO f- C3 •S ^-^ft_^ i ' « • ( ) < •s -1 ^ a 1 4 > .1 o «> <4 O be o '%■ o O CJ t» -*! .-5 •• O •sq a, *- o t:: t> ^ rs Bu V O , o-o S ^ " "^ . ;o§ 2 <« 8,w) rt e « ' S.-S'S • E o fcl "i «: j; I o o " > 5 - "j? rt S .5 CO a o CO e 13 a O c ^ I NS c3 5 J2 S ^ ■ >S M.. « "o U -c o •E u E -a % • "& c • E O B 3 •S^ So a . ' o o o O^ 4j .3 « 0,3 •- ri CO 3 o E o (4 O Oh X a PS m o ■3 o .5 a vSJ "2 a o a COIVIMITTEE on the High Price of GOLD BUIXION. 229 No. 74. An ACCOUNT, Shovvlng the Official Value of the Exports from Great Britain to the Continent of Europe, to the Weft Indies, to America, to Africa, and to Aiia, refpeftlvely; during the laft five years. 1805. 1806. 1807. 1808 1809. Continent of Europe - - Weft India Iflands - - - Continent of America Africa ...... Afia 15.465,430 4,096,196 8,067,671 9;o,625 1,669,214 £. 13,216,386 5,339,612 10,754,140 «433.«S3 '.936,954 £■ 12,689,590 5.433.267 9,455,028 797.74' 1,884,438 £. 11,280,490 7.507.575 8.369,472 "S3i.»4'i I>933.4Z5 £■ 23,72t,6i5 8,7S5.'93 10,570,100 703,180 1,647,927 Total - - £. 30,289,136 32,680,245 30,260,064 . 29,623,604 45.399,015 Cuftom-Houfe, London, 7ch May 1810. W" Irving, Infpeclor General of Imports & Exports. No. 75. A K ACCOUNT of the Official and Real Value of. the EXPORT S. from Great Britain to the Continent of Europe, in each of the laft five years. 1805 . - - Exports from Great Britain to the Continent of Europe; Official Value. Real Value. £■ 15.465,430 £■ 20.43 5.940 1806 - 13,216,386 17,547,243 1807 . - - 1 2,689,590 15,420,514 iSoS - 11,280,490 13,983,123 1809 - 33,722,615 27.190,337 Cuftom-Houfe, London, ift June 1810. William Irving, Infpeftor General of Imports & Exports. No. 76. Ak ACCOUNT of the Official and Real Value of the IMPORTS into Great Britain front the Continent of Europe, in each of the laft five years, ' ■ 1805 - - I.Tip'orts into Great Brftain from the Continent of Europe. Official Value. Real Value. _ ''• . ', £' 10,008,649 ■ £■ 11,744.76* ., . ; 1806 - - - 8,1 97,156 17,855,524 1807 . - - 7.973.S'o ^IM^'lSi • 1808 - 4,210,671 8,905,099 - ' "> f~ . i!?09 . - - 9'5S'.8S7 19,821,601 Cuftoni-Hoisr«r, London, 7' iftjun^ilio. I William Irving, InfpeSbr General of Imports & Exports, 549- 3N \ V.-. 2:?o APPENDIX to The Minutes of Evidence tahn before tB No. 77. An Account of the Quantity of grain, meal, and flour imported from, the Continent of Europe into England ; from the ift September 1809 to the liiteft date to which the fame can be made up, viz. 5 th April 1810. SPE CIES. Imported into E I ft September 1809 ng'and, and th between the c 5th April 18 10. Corn and Grain- Meal and Flour. Quarters. Cwts. Barley - . - 3.7 > 4 — Beans • <■ •* - 1 4,00 J — Indian Corn - - - 246 ~ Oats - - 149.597 — Peafe - - - 12,966 — Rye - - . - 12,974 — Wheat - . - 431,687 — Wheat Flottr - Total - - . 65,441 • ! 625,187 65,441 Cullom-Houfe, Loadon,7 38th May i8ip. 3 William Jrvitig, Infpeflor General Of Imports & Exports. No. 7». An account of the Value of all Import's into and all Exports from Iiel,ii-d, for five years, ending the jth Jaijuary 1810; diftinguifhing each Year, and'the Value 0+ Irifn pror'uce and Manufactures from the Value of Foreign Articles exported ; together with the difixT."nci between the Official Value and the declared Value of Irilh Produce and Manufa!ftures exported in the years ending' 5th January 1808, 1809, & i8io. Official Value of Official Value of ,-^ 1 Irifli ProduSs Foreign and Colonjak Imports. and Manufaftures W.*rc!i3r i\ZC Exported. Eipottcd. £• ^• 57'443 2 -n 6637,907 16 7i 5,307,806 16 4 150,370 3 8| 7,iz9,5«7 II H 5,696,897 5 si «3;,694 6 Mi 7,471,417 5 I 5.468,9 ■^ Copper in Pence - - IJO 1806. June 15th. Silver in Dollars - 7,000 1 Newfoundland. Copper - . . - - •504 r £-34>3'3 "o 9- 1807. June 8th. Silver in Dollars . - q,O0O 180S. Apr' i6th. D- D" - - _ . 9,309 10 0^ iSog. Apr' 4th. D" in Five Shilling Pieces 5,000 :. 1805. Oft"' 27th. Silver in Dollars . _ 1 00,000 0' ^ Nov'' 3d. D* D° - - - - 333,000 f HambiJrgh. 13th. D° D" - - 333,000 ■( £. 1,100,000 9 2fft. D" D" - - - 334,000 J i8o5. May 6"th. Silver in Dollars ^ . 20,000 '< I Halifiv. ■S ^.26,541 13 6- 1807. OSi' 6th. D" D" - - - - 6,541 ij 6 1806. July 28th. Aug*' 1 2th. Nov'' 5th. Silver in Dollars D* D" - D" D' - - - - 1 2,000 7,718 14 3 8,000 f South America. 1806. Aug" 14th, Silver in Dollar* _ _ 20,000 1 Sicily. 5 ■ £, 2Z0,000 9 1807. Feby 25 th. D" D» - - - - a 00,000 1807. Apr' 23d. Gold in French Loui? . . 4S4 Silver in French Crowns . - 546 Dec' 1 8th. C Gold in Half Guineas and Seven Shilling Pieces - { 6>ooo JerfejT. \ £. 22,000 1808. March 18th. D" D» - 5 ,000 1 Sepf 5 th. D» D» - - . - 8iOco 1809. June 20.h. Silver in Bank Tokens - 2,000 V 1807. Apr' 23d. Gold in French Louis _ 40 > Gu'ernfeJ'. £. 500 <5 Silver in Crowns - - 460 1807. OcV Silver in Dollars - 5,458 6 6 Goree. >8o7. Nov 15th. Silver in Dollars- r - 15,000 / Madeira. x8o8. Apr' zd. D'' D° D° D° T - - - 23.273 IS 23,273 15 \ /■■6j,547 la » 1808. TanT Silver in Dollars . .. 100,000 -J March 26:h. D" D" - - - 193,118 15 • I 1 Apr' 1 8th. D" D» - - - - 150,000 f Gothenburg. May 21(1. D* D" - - - - 143,181 16 I jC-«5S'°S° »° "5 June zzd. D" D' - - - - 195,454 10 9 1 Oft' 26th. D' C - - - - 73,295 9 J ; 1808. Apr' 2d. Silver in Dollars^ - - 23,273 15 Quebec.^ 1808. Jany 13th. 'Gold in Bullion • . 80,000 ■ June 25tb. ^ Silver in Dollars - 48,863 12 6 * July ;th. ' TT Ei* - - - ic^5i454 10 9 ]6th. J). D» - • - 83,785 10 D° D» , - - - 68 8 r7th. D» D» -- - - - 3* IJ 4 z3,d. D° D" - - - m n6i368 15 30th July, and ■ 7 Auguft 3d. j Auffult ; D° W -. -- D° in Bars - -■ ft 174.5^3 * 6 58,132 7 ) Spain and Portugal. [See Total next Page.] ° 8th. -'D" in Dollars -" - k 69,821 5 12th. D° in Bars. - - 116,301 11 8 26qh. D" in Dollars - - - 116^368 15 Sept' zd. 15th. D» D" - . - 116,368 i5_ . Gold in Doubloons and Ports 50,000 OH' 4th. Silver in Dollars - - 50,000 ly D" - ' 232,737 10 J •3* APPENDIX to Minutes of Evidence, cffr. No 79. — Specie • and Bullion purchafed by the Paymafters General an d fent Abroad — continued. Whenfsnt. Defctiption of Coin. Sterling Coil. Where fcnt. £■ d. i8o3. Nov zd. Silver in Dollars , . . 116,368 i^ -. 12th. D" - D" - 3+9,106 5 30th. D° - D" - 50,000 D" - in Ears . - - 154,472 8 D" - D» - 112,215 4 ? " D" - D» - 168,433 16 7 Dec' 1 5 til. p 1 , f in Spaniih and Portugal ") \ Coin in equal quantities j ico.oco Spain and Portugal, £. 2,995,106. 6. 4. 1^9. J any 4th. Gold in DouWoons ... 25,0:6 15 3 Juiie 13th. D" in D" and Poitugal Coin 110,636 6 4- Silver in Dollars ... 50,000 Aug* 8th. Gold in Doubloons . , . 70,000 Silver in Bars - . . . 80,00.0 J j8o8. Febyiuh. Sliver in Dollars ... 1,136 12 6 KeligoJand. 8809. Apr' 19th. Silver in Bars - - - - 250,000 Malta. 1809. July 17th. Silver in Dollars ... 9479 3 11 18th. D" - D" 50,000 Go'd in Dutch Ducats 64,1:00 \ Walcheren, Aug' 30th. Silver in Dollars ... 43,487 12 8 [iC-iOMSP- '9- «■ Oft' 21ft. D° - D» 11,636 17 6 Nov' Sth. D* - D» I- 24,356 5 . 5,826,106 18 SPECIE received by the Paymafters 'General, other than by Purchafe, and fent Abroad. DcfcriptSon of Specie fent. No. of Ounces. No. of Coin. Wlien and where fent. Silver in Dollars D° - D' D" - D» D« - D" D" in Danifh Crowns P° in Dollars D" - D" - ( I old in Doubloons Silver in Dollars - D» D' D^ D« D" D" D" - D° - ■ D" - D" I)^ . D" - - !)• . D" - ■ Gold in Doubloons Silver in Dollars - D" - D* - ■ D» - D» D» - D" Gold, equal to Dollars ■ Silver in Dollars - D» - D" Silyerln Dollars - D» - D' D" - D" D' - D* Oz. d*t5. 392.274. 14 132,000 , 74>993 100,000 1,500,000 124 800,358 365,000 J5'937f 1,000,000 ■ 20,000 500,000 708,263. 10, 500,000 160,294 139,566 10,000 39641 203,577 /1 4.030 105,949 5(X3,OCO 1806. ■ 833. May 6ch. Feby 8 th. 433,000. o. 7; 2,00* o. 7 i 0,000. o. 402,761, 18. 432,117. 2. 1807. -Apr' 1807, 1809. iSio. 1S07. 1807. 1807. 180S. 1809. i3io. 1805, 1805. May Apr' loth. Oft' i2th. Jan^ 111. July Aug' Aug' Julyi3th. T 14th. - 16th. Sep' 13 th. Ap' izth. - 14th. June 9th. July 2jft. Jans' aoth. July .30th. Sep' 19th, . - aift. . 22d. I Halifax. Quebec. Sicily. Bermuda. Barbadoes. The Baltic. Spain and Portugal. 1805. OS' }, Cape of Good Hope. K Malta, Hufiim. Liumuiuii