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 THE UNIVERSITY 
 
 OF ILLINOIS 
 
 LIBRARY 
 
 33S 
 B875
 
 ^- x>v>o?/: 
 
 FURTHER 
 
 CONSIDERATIONS 
 
 ON THE 
 
 STATE OF THE CURRENCY ; 
 
 IN wmcH 
 
 THE MEANS OF RESTORING OUR CIRCULATION TO A 
 SALUTARY STATE ARE FULLY EXPLAINED, 
 
 THE INJURIES SUSTAINED BY^ THE PUBLIC TREASURY, 
 
 AS WELL AS BY THE NATIONAL CREDITOR, 
 
 •ROM OUR PRESENT PECUNIARY SYSTEM, ARE MINUTELY 
 
 -UJ 
 
 DETAILED. 
 
 BY 
 
 THE EARL OF LAUDERDALE. 
 
 =A 
 
 EDINBURGH : 
 
 PRINTED BY GEORGE RAMSAY AND COMPVNY, 
 
 FOR ARCHIBALD CONSTABLE AND COMPANY, EDINBURQHj 
 
 LONGMAN, HURST, REES, ORME, AND BROWN, 
 
 AND M. BUDD, LONUON. i 
 
 1813.
 
 ^' ^ ^ ADVERTISEMENT. V 
 
 labour in endeavouring, by means of ta- 
 bles, to facilitate the acquisition of that 
 information, which cannot fail to excite, 
 in those who possess it, that feeling 
 of alarm at the state of our curren- 
 cy, with which his mind has of late 
 years progressively become more and 
 more seriously impressed. 
 
 He is indeed anxious distinctly to de- 
 clare, that nothing but the deepest con- 
 viction of the increased and rapidly in- 
 creasing danger with which the nation 
 is now threatened, and of the irreparable 
 injury the country must sustain from the 
 procrastination of measures which cannot 
 with impunity be delayed, could have 
 induced him, at the ]>resent moment, 
 to undertake the painful task of point- 
 ing out, what he is afraid has now 
 become the only means of" arresting the 
 progress of the calamity, and of restor- 
 ing our currency to a salutary state. 
 
 Throughout this publication, the Au- 
 thor has purposely abstained from all dis-
 
 VI ADVERTISEMENT. 
 
 cussion of the means of practically car- 
 rying into execution the plan which he has 
 traced out. He flatters himself, however, 
 that no difficulty can arise on that subject, 
 which may not be easily obviated. And 
 he will be at all times ready to give every 
 aid in his power towards carrying into 
 effect what he conceives to be so neces- 
 sary for the welfare of individuals, as 
 well as for the credit and prosperity of 
 his country.
 
 FURTHER CONSIDERATIONS, &c. 
 
 In proceeding to discuss the best means^pf re- 
 storing to this country the enjoyment of a metal- 
 lic currency, it may be assumed, as generally ad- 
 mitted, that it is highly desirable we should again 
 resort to the system of circulation so long preva- 
 lent, which insured to the public the utmost sav- 
 ing of expenditure from the improvements of 
 banking, consistent with a circulation of paper 
 secured from abuse, by being made payable in 
 coin on demand. 
 
 For the expediency of our recent system, for- 
 merly described, as getting rid of that remnant 
 of barbarous times, the necessity of paying in 
 cash on demand *, and as solving the problem of 
 
 * Sec Observations oa the State of our Currency, by the 
 Earl of Ross, page 9'. 
 
 A
 
 reconciling national prosperity * with* a state of 
 war, has of late no advocate ; as it is now re- 
 presented, even by its defenders, to be an evil, 
 which, under our present difBculties, must be en- 
 dured, rather than as a benefit, which with justice 
 can be applauded. 
 
 Perhaps, too, considering the length of time 
 which the proofs of tl>3 depreciation of our paper 
 have remained before the public unanswered, 
 it might be assumed, without farther argument, 
 that the depreciation of bank notes is the cause 
 of the derangement of our currency. Nay, if 
 the public opinion can be inferred from the ap- 
 prehension so generally felt and so frequently ex- 
 pressed, of the impending calamity with which 
 the state of our currency threatens us, some apo- 
 logy would appear necessary for presuming to 
 suppose, that any farther reasoning could be re- 
 quired to establish, either that there exists a dif- 
 ference of value betwixt our coin and our paper, 
 or that this rapidly increasing difference arises 
 from the depreciation of paper. 
 
 * Speech by Lord Castlereagh on the Report of the 
 Bullion Committee, page 24.
 
 But the House of Commons have, in the 
 course of last session, repeated their assent to 
 their resolution, declaring, *' That the promisso- 
 " ry notes of the Bmk of England have hitherto 
 ** been, and are at this time, held to be equiva- 
 ** lent to the legal coin of the realm, in all pecu- 
 *' niary transactions to which such coin is legal- 
 ** ly applicable.*' 
 
 It is true, that, out of the two Houses of Parlia- 
 ment, ho man could be found hardy enough to 
 insult the understanding of any assembly of his 
 fellow-subjects, by asserting that a pound note 
 and a shilling are at present equivalent to a 
 guinea. 
 
 It is certain, that there are few who have not 
 known instances of guineas being disposed of for 
 a price in bank paper, proportioned to the value 
 of the gold they contain; and that there are 
 none who have attended to the subject but must 
 be satisfied, that this traffick has been carried on 
 in wholesale by some of the most opulent and re- 
 spectable establishments in the country, whilst a 
 few needy individuals have been, in a most dis- 
 gusting manner, entrapped into the transgression 
 of selling a single guinea, to give the appearance
 
 of efficacy to a law, which, in the nature of things, 
 must be nugatory. 
 
 It cannot be denied, that common sense in- 
 forms us, that no man would give for coin a 
 greater denominative value of paper than the de- 
 nomination of the coin imports, if that equiva- 
 lence in public opinion, which the House of 
 Commons have announced, really existed j and 
 it must therefore be admitted, that the passing of 
 a law, to check by punishment the practice of 
 giving more, is, in itself, a direct contradiction of 
 the resolution which the House of Commons 
 has last Session repeated. 
 
 As one branch of the Legislature, however, 
 have, in conformity to the opinion of those in- 
 trusted with the executive government of the 
 country, announced a perseverance in the belief 
 that coin and paper are equivalent ; a restate- 
 ment of the grounds on which it has been as- 
 serted iksit the paper currency of this country is 
 depreciated, seems a necessary preliminary to the 
 investigation of the means of reforming our cur- 
 rency, and to the consideration of the time it will 
 be most expedient to take measures for that pur- 
 pose.
 
 ^5 
 
 It is intended, therefore, in this short Supple- 
 mentary Treatise, — Firsts To recapitulate the 
 grounds upon which the proofs of the deprecia- 
 tion of our bank paper seem to rest. — Secondly , 
 To investigate ihe means of restoring our cur- 
 cency to a salutary state. — And lastly. To shew 
 the fallacy of the opinion, that the nation can de- 
 rive benefit from persevering in this system, and 
 to display the calamities to which it must give 
 rise. 
 
 I. 
 Statement of the grounds on which it is asserted 
 
 that ihe paper of the Bank of England is 
 
 depreciated. 
 
 First, — That coin, or gold and silver, have at 
 present risen to the extent of L. 38, 13s, per 
 cent, (gold being L. 5, 8s. per ounce *) above the 
 
 • See Appendix, No. I, a^d II., contajnipg tables, shew- 
 ing the value, and also the gain per cent, on one pound of 
 standard gold or silver coin, taking gold and silver i^cr 
 ounce at the various prices therein stated, and assuming 
 these metals to have risen in value. 
 
 See also Appendix, No. III. and IV., containing tables, 
 •hewing the value, and also the loss per cent on a bank
 
 price they may be said to have uniformly borne 
 till the restriction imposed on the bank in 1 797, 
 is the proposition that must in substance be ac- 
 ceded to, if it is admitted, that the difference 
 betwixt the paper of the Bank of England and 
 the standard coin of this kingdom is to be attri- 
 buted to a rise in the value of the metals. 
 
 But the impossibility of such a rise in the value 
 of gold and silver, the mass of which is annually 
 increasing by the quantity raised from the mines, 
 must be evident to those who reflect, that the use 
 of these metals, unlike that of other commodities 
 i^hich serve for the sustenance, or the enjoyment 
 of the human species, does not imply the con- 
 sumption of them, as, after serving the purposes 
 for which thty are required, they may at all 
 times be restored to their primitive state, without 
 any very considerable loss of quantity ; while, 
 on the other hand, the effective demand for them 
 always remains more invariably the same than 
 the demand for almost any other commodity. For 
 
 note of one pound, taking gold and silver per ounce at the 
 various prices therein stated, and assuming bank paper to 
 Iiave diminished JD valuQ.
 
 increasing opulence and credit, which augments 
 the demand for articles of consumption, tends to 
 supersede the necessity of so frequently resorting 
 to the use of coin, the forming of which is the 
 , chief source of demand for those metals. Be- 
 sides, mankind, ever attentive in the progress of 
 improvement to devise means of saving labour, 
 or expenditure, which, from its power of com- 
 manding labour, may be regarded as the same 
 thing, have been, and are in the constant habit of 
 studying with success the means of economiz- 
 ing the use of coin. 
 
 Accordingly, all who have thought or written 
 on the subject, till the aera of the late novel and 
 whimsical doctrines on the state of our currency, 
 have concurred in representing the metals to have 
 sustained, from the earliest times, a gradual dimi- 
 nution of value. 
 
 Unless, therefore, in defiance of all authority, 
 credit can be given to the proposition, — that since 
 the restriction of the Bank of England, the nature 
 of things has altered to such a degree, that gold 
 and silver have changed their invariable character 
 with respect to value, and suddenly sustained a 
 greater rise than any of those commodities we
 
 8 
 
 know from experience to be occasionally liable 
 to rapid increase of value — it is impossible to ad- 
 mit, that the variation in value betwixt our coin 
 and our paper can arise from the increased value 
 of the metals, and the difference must of course 
 be attributed to the depreciation of bank paper. 
 
 Secondly^ — A bank note, promising to pay cash 
 on demand, is not a commodity capable of sus- 
 taining a variation in value from the coin it pro- 
 mises to pay ; it is an obligation to give to the per- 
 son who presents it a portion of gold or of silver, 
 certified by the mint stamp to be of a given 
 weight and fineness ; while, therefore, it conti- 
 nues to command the immediate possession of the 
 coin it promises to pay, it must be equal in value 
 to the quantity of bullion contained in that coin, 
 — because things equal to the same thing are equal 
 to one another. 
 
 "When the note ceases to be able to command 
 that portion of coin which it engages to pay, then, 
 indeed, there may exist a variation in value be- 
 twixt the note and the coin, or the weight of bul- 
 lion contained in the coin ; but as such an altera- 
 tion of circumstances in the character of the note
 
 9 
 
 can neither affect the coin or the metal, this dif- 
 ference of value cannot be imputed to an aug- 
 mentation in the value of the metals, but must be 
 ascribed to a diminution in the value of the note, 
 naturally arising from a deficiency of power to 
 execute what it engages to effect. 
 
 Thirdly, — In further confirmation of the opi- 
 nion, that a bank note payable in cash on demand 
 cannot vary in value from the coin it promises to 
 pay, the experience of the last century may be re- 
 lied upon ; for, during all the gradual and formi- 
 dable diminution in value which the metals then 
 sustained, bank notes fell in value in the same pro- 
 portion with gold and silver, uniformly continuing 
 equivalent to the quantities of these metals contained 
 in the coin which they have promised to pay. 
 
 Now admitting, for the sake of argument, that 
 the metals have all at once risen in value, instead 
 of continuing to suffer that gradual diminution in 
 value which has been experienced during the last 
 750 years, to an extent that elevenpence and 
 twenty-nine two hundred and eighty-one parts of 
 a penny are represented to have been equal in va- 
 lue, in the year 1050, to a pound Sterling of sil- 
 ver coin in the year 1 800 5 still it would be im-
 
 10 
 
 possible with justice to conclude, that bank notes, 
 which iiave uniformly remained equivalent to the 
 metal contained in the coin they promise to pay, 
 had suddenly assumed the faculty of possessing 
 a distinct, independent, and determinate value of 
 their own ; for that would be reversing the absur- 
 dity of inferring a change of character in the me- 
 tals from a change of circumstances in the notes, 
 and concluding that the notes had undergone a 
 change of character, from a supposed alteration 
 of circumstances in the metals. 
 
 Fourthly f — The modern opinion that coin, or 
 gold and silver, have risen in value, and that 
 bank paper maintains a value, independent of any 
 connexion with the value of what it promises to 
 pay on demand, necessarily involves the assertion 
 that bank notes are a commodity possessing a va- 
 lue of their own, which, as nothing possesses fixed 
 value, must be liable to variations in value, guid- 
 ed by the same circumstances that regulate the 
 value of all other commodities. 
 
 By those, therefore, who maintain this proposi- 
 tion, gold, silver, and bank notes must be consi- 
 dered as three distinct species of commodities, the 
 values of which must be severally regulated ac^
 
 11 
 
 cording tp the demand for, and the quantities of 
 each. 
 
 That is, a rise in the value of gold must be 
 occasioned by an increase of demand for, or a 
 diminution of the quantity of gold : A rise in 
 the value of silver, either by an increase in the 
 demand for, or by a diminution of the quantity 
 of that metal : And an alteration in the value of 
 bank notes must equally depend on the same 
 change in the demand for, or in the quantity of 
 that commodity. 
 
 It follows, then, that to suppose the difference 
 in value betwixt bank notes and coin of gold and 
 silver is the consequence of a rise in the value 
 of these metals, is to assume, that the proportion 
 betwixt the demand for, and the quantity of gold, ' 
 and the proportion betwixt the demand for, and 
 the quantity of silver, have both undergone 
 changes, which have fortuitously happened to be 
 such, as to make these two metals all at once 
 augment in value in the same proportions *. 
 
 * That (he reader may have it in his power to judge ho'jr 
 far the market price of gold and silver have risen in due pro- 
 portions to each other, there is ^ivcn iu Appendix, No. V.^
 
 12 
 
 On the great improbability of such an incident, 
 it is certainly needless to enlarge. It implies either 
 that the taste of mankind for two different com- 
 modities, should, at one and the same time, by ac- 
 cident, be so altered as to create a corresponding 
 increased desire for each, or that the bounty of 
 nature should all at once have become limited in 
 similar proportions, with respect to the quantity 
 of each of these metals ; and we are desired to 
 believe that this rise .of value, in proportions 
 nearly similar, has suddenly taken place with re- 
 spect to two commodities, which, for centuries, 
 liave been uniformly diminishing in value in ratios 
 so different, that, though silver was formerly to 
 gold as ten to one, it is now become compara- 
 tively so abundant, as to be in value, only in the 
 proportion of rather more than fifteen to one. 
 
 On the other hand, in adopting the supposi- 
 tion that the difference of value betwixt our coin 
 and our paper currency arises from a diminution 
 
 a table shewing the Taliie of silver per ounce, gold bein^ 
 at the prices per ounce therein stated ; assuming that silver 
 is uniformly to bear a value in proplortion to gold, as five 
 shillings and twopence is to three pounds seventeen shil- 
 lings and tenpence halfpenny.
 
 IS 
 
 of the value of bank notes, no such improbable 
 coincidence of change in value betwixt two seve- 
 ral commodities is assumed. To account for it, it 
 is only necessary to suppose, that there has been 
 a variation in the demand for, or in the quantity 
 of bank notes j and that this has taken place, is a 
 matter of perfect notoriety to those who have at- 
 tended to the extension of the circulation of the 
 Bank of England, as well as to the immense pro- 
 fits they have acquired ; and who know, that the 
 number of establishments throughout the country, 
 licensed to issue bank notes, have increased, since 
 the restriction on the Bank, from 230 to 878. 
 
 Fifthly, — ^The opinion that bank paper has a 
 value of its own, independent of what it acquires 
 from the metal contained in the coin it promises 
 to pay, proceeds on an assumption that value can 
 be conferred by authority. For it presumes, that, 
 by royal proclamation, or by legislative enact- 
 ment, either a value can be given to the paper 
 which it does not possess, or that a portion of the 
 value it naturally enjoys can, by the same means, 
 be taken from the metal of which the coin is 
 composed. And this doctrine may be said to
 
 14 
 
 have derived authority from a recent resolution 
 of the House of Commons, which expressly de- 
 clares " That the rights of establishing and re- 
 ** gulating the legal money of this kingdom, hath 
 ** at all times been a royal prerogative, vested in 
 •' the sovereigns thereof, who have from time to 
 ** time exercised the same as they have seen fit, 
 *' in changing such legal money, or alter'mg and 
 " varying the value, and enforcing or restraining 
 " the circulation thereof by proclamation, or, in 
 *« concurrence with the estates of the realm, by 
 " act of Parliament." 
 
 To the authority of either House of Parliament 
 the utmost deference is due j but no extent of 
 authority can command the assent of men to a 
 proposition, as novel as it is false in an economi- 
 cal, and dangerous in a political view. 
 
 1st, — It is indeed novel j for hitherto it has 
 been uniformly held, that, in fixing a standard of 
 value, the crown alone adjusts a portion of metal 
 of given weight and purity, to a certain denomina- 
 tion in the scale of money of account, and thus 
 gives a name to a quantity of metal, which, when 
 once effected, teaches us to know the quantity
 
 13 
 
 and the purity of the metal which each denomi- 
 nation represents *. ■ 
 
 * ** We are of opinion, that the alteration of the pound 
 weight Troy, being the public measure used in this land for 
 gold, silver, &c. ^yill be hurtful many ways, neither will it 
 alter the value of the bullion, but the name of a quantity." 
 —See Report made by Sir William Ilerrick, Alexander 
 Prescot, and John Williams, Esqrs, his Majesty's Gold- 
 smiths, Oct. 18, 1611, as printed in the View of the Silver 
 Coins and Coinage of En>vlaud, by Snelling, page 35. 
 
 " Silver being made money, and thereby becoming, as it 
 were, a commodity universally coveted, wherein every one 
 deals, and to which every one hath a right, according to his 
 respective share of property, no set of men have it in 
 their power to settle, alter, or in any wise regulate the 
 value of money ; nor can laws do any thing in < lie case, 
 otherwise than as, by their influence, they may increase or 
 diminish the whole quantity in circulation ; and so affect 
 the Talue of a given sum, or the prices of things. 
 
 ** The prices of particular commodities are every day sub- 
 ject te change, from natural causes ; and the same may be 
 brought about by artificial means. But to alter the value 
 of money, would be to alter uniformly and universally the 
 price of all commodities; a thing manifestly out of the 
 reach of laws, and no other way to be accomplished, than 
 by altering the proportion between the sum total of the 
 one, and the sum total of the other ; and this perhips is 
 continually done, though gradually and insensibly, by tho 
 common course of things. 
 
 ** It is the business of Liws to establish rules for coining ; 
 
 k
 
 16 
 
 In fact, the Crown, in the exercise of its pre- 
 rogative of regulating our coin, only adopts, as the 
 standard of value, a portion of a substance which 
 appears the most convenient for circulation, and 
 is the least likely to suffer those variations in 
 value, to which every thing is subject ; but the 
 law neither confers on this substance a more fix- 
 ed or permanent, or even a differenfii^value from 
 what it antecedently possessed, for it must remain, 
 when coined, liable to those alterations in value, 
 to which all commodities are subject. 
 
 Neither do the records of this country, since 
 
 that is, to fix a standard, both as to weight and fineness ; 
 for coins having certain denominations, and a standard 
 being fixed, it would be difficult to shew why it should be 
 afterwards deviated from. For do what you can, coins, as 
 soon as they are out of the mint, are quite free, throughout 
 their whole progress, to find their own value, according to 
 the quantity of pure metal they contain ; that is, to pur- 
 chase as much of any thing as the market price will allow. 
 And it seems quite a paralogism to say, which yet I have 
 often heard said, that, in any country, money is either too 
 cheap or too dear ; or, that its value is in anywise subject 
 to legal restraints or regulations, otherwise than as such 
 regulations might affect the quantity of the whole stock 
 in currency."— Harris's Essay on Coins, Part 1st, Chap; 
 XII.
 
 17 
 
 Queen Elizabeth's time, afford a single instance 
 of the Crown's attempting to defraud the public 
 by departing from this principle, except in the 
 year 1688, when King James, about the time of 
 his abdication, attempted in Ireland to confer va- 
 lue on pieces of brass, and raised nearly a million 
 by the exercise of this very prerogative which Par- 
 liament has now announced the Crown to possess, 
 enforcing it in the only way in which it can be 
 made effectual, that is, by declaring a maximum. 
 
 2dly, It must be false and unfounded in an 
 economical view ; because, to suppose that the 
 law, or that the Crown, authorized by law, 
 can give a value to any thing which it does not 
 possess, is to presume that the Crown, or the Le- 
 gislature, can give value to a substance not con- 
 trollable by the degree of demand for it, and of the 
 quantity of it, which is, in other words, at- 
 tributing to the Crown the power of conferring 
 what nothing can possess, fixed, real, and perma- 
 nent value. 
 
 Sf//y, Above all, it is dangerous in a political 
 view ; for, if the Sovereign can confer value, and 
 give to a piece of paper, or to a piece of leather, 
 that value which silver naturally possesses, there
 
 18 
 
 IS an end of all advantage from those wise pre- 
 cautions, the fruits of the cautious jealousy of our 
 ancestors, by which the people possess that boast- 
 ed security of Parliament's having the sole autho- 
 rity over the public purse. 
 
 For, if the Crown could alter or confer value, 
 this privilege of exclusively taxing the people, far 
 from affording any check on the executive govern- 
 ment, would only secure to Parliament the power of 
 doing what the Crown, if possessed of this prero- 
 gative, could itself more easily effect, by conferring 
 value on substances of no value, to an extent ca- 
 pable of defraying the expences of the services it 
 wished to command. 
 
 It is evident, therefore, that if bank paper dif- 
 fers in value from the coin it promises to pay, 
 that difference must arise from a diminution in 
 value, which will be more or less, according to 
 the difficulty in public estimation of procuring 
 in exchange for it what it ought at sight to com- 
 mand ; and that nothing can be more erroneous or 
 dangerous than the reasoning by which it is at- 
 tempted to establish, that paper can possess or ac- 
 quire a value totally independent of that metallic 
 currency of which it is merely the representative.
 
 19 
 
 Shthlj/i — Great Britain is^ of all countries, that 
 which is generally supposed to possess the great- 
 est degree of wealth ; and the wise and politic re- 
 gulations of our laws have been generally admitted 
 to be more favourable to the institution of banks, 
 and to the existence of great and extended credit, 
 than those of any other country. The laws, as 
 well as the government of France, have been 
 generally deemed most unfavourable to all bank- 
 ing establishments. In practice it has proved so ; 
 yet the National Bank of France at present con- 
 tinues to pay its notes in gold or silver on demand, 
 at a time when, in this country, all standard coin 
 has disappeared, and when v/e are told that there 
 exists a difference of thirty eight and a half per 
 cent, betwixt the value of gold and the value of 
 notes of the Bank of England. 
 
 Now, on the supposition that our paper is de« 
 preciated, this is a circumstance easily accounted 
 for ; but, supposing the difference to arise from 
 an increase in the value of the metals, that 
 the National Bank of France, which, in opu- 
 lence, certainly cannot be compared to the Bank 
 of England, should go on paying in gold at a
 
 20 
 
 supposed loss of thirty-eight and a half * per 
 cent. Is in itself perfectly incomprehensible. 
 
 If it were to be announced, that wine had be- 
 come very dear, either from a diminution of the 
 quantity produced, or from an increased consump- 
 tion, which had augmented the demand, and that 
 in consequence of this increase in value, it had 
 been banished from the tables of the opulent, and 
 was now to be found only in the homely dwel- 
 lings of the poor, the statement would be con- 
 sidered as ridiculous j yet it could not with jus- 
 tice be deemed more absurd than the assertion, 
 that a rise in the value of the metals had deprived 
 us of our lawful metallic currency, whilst our 
 poorer neighbours enjoyed their metallic curren- 
 cy in abundance. 
 
 Seventhly, — In all foreign countries, where pa- 
 per has differed in value from the coin which it 
 promises on demand to pay, the difference betwixt 
 the value of the coin and of the paper has been 
 held by our merchants, and admitted by those of 
 
 * Taking gold to be worth five pounds eight shillings, 
 it is thirty-eight pounds thirteen shillings. See Appendix, 
 No. I.
 
 21 
 
 the country in which it was issued, to be an 
 accurate measure of the depreciation of the 
 paper. 
 
 Such is at present the situation of the paper is- 
 sued at Petersburgh and at Lisbon, as well as at 
 Vienna and Copenhagen. 
 
 When, therefore, we are desired to believe, 
 that the diflFerence in value betwixt coin and the 
 paper of the Bank of England arises from an 
 augmentation of the value of gold and silver, our 
 assent is demanded to the proposition, That al- 
 though universally, throughout the rest of the 
 world, the difference of value betwixt paper, the 
 payment of which on demand is suspended, and the 
 coin it promises to pay, forms the measure of the 
 amount of the depreciation of the paper; yet 
 that, in Great Britain, the difference of value be- 
 twixt coin and paper, under similar circumstances, 
 denotes the degree in which gold and silver have 
 increased in value. 
 
 Now, though this is a proposition which their 
 wishes and their prejudices may lead the interest- 
 ed and the ignorant to advance, and to repeat, 
 yet it cannot be defended, and it is impossible for 
 any man of common understanding, not to revolt 
 at the inferences which it authorizes.
 
 22 
 
 Supposing, for example, the paper of the Bank 
 of Vienna to differ in value fifty per cent, from 
 the coin it promises to pay *, those in this coun- 
 try who know that there is a difference in value 
 betwixt coin and notes of the Bank of England 
 to the extent of thirty- eight and a half per cent, 
 taking gold at five pounds eight shillings per 
 ouncef, and who maintain that this is to be ascrib- 
 ed to a rise in the value of the metals, must ne- 
 cessarily abandon the opinion, that the difference 
 betwixt the value of coin and paper of the Bank 
 of Vienna is the measure of the depreciation of 
 its paper ; for consistency requires that those who 
 assert gold to have risen in value should likewise 
 maintain, that thirty-eight and a half per cent, of 
 the fifty per cent, is the measure of the increase 
 in the value of the metals, and that it is only the 
 remaining eleven and a half per cent, which forms 
 the measure of the depreciation of Vienna paper. 
 
 This inference, which must necessarily follow 
 from the position, — that the difference betwixt 
 coin, or gold and silver, and the notes of the Bank 
 
 * This is assumed as a mere hypothesis to illustrate the 
 doctrine, for, unfortunately, the paper of that bank is now 
 at an enormous discount. 
 
 + See Appendix, No. I.
 
 23 
 
 of England, denotes the rise in the value of the for- 
 mer, — is stated, as, from its absurdity, illustrating 
 the fallacy of an opinion, which however in it- 
 self can neither be justified nor explained. For, 
 it is in vain to attempt to maintain that a pound 
 note has an independent and determinate value of 
 its own, on the absurd principle, that, from its de- 
 nomination, it retains the precise value which it 
 possessed antecedent to the metals rising in value. 
 
 The paper of the bank of Vienna has also its 
 denomination, and it can hardly be argued, that 
 the English language has a power of conferring 
 value by an expression of denomination which the 
 language of no other country possesses ; and even 
 if there were to be found those whose prejudices 
 made them capable of advancing such an absur- 
 dity, it would be necessary for them to state some 
 reason why, in our times, the English language has 
 acquired that power which was never antecedent- 
 ly attributed to it. 
 
 For, in the reign of William the Third, when 
 notes of the bank of England differed in value 
 from the sum in coin they promised to pay, it is 
 well known, that the difference was then con- 
 sidered as the measure of the depreciation of
 
 24 
 
 bank paper, and a statement of it, as such, was 
 regularly inserted in the newspapers. 
 
 Nay, more recently, the American congress, 
 with the aid of the English language, could fall 
 on no means of expressing by denomination a de- 
 fined notion of the value of the paper they meant 
 to constitute a legal tender, otherwise than by 
 identifying the value of a certain denomination of 
 paper with a given quantity of metal of a given 
 fineness, which they did by declaring, " That 
 " every paper dollar should be taken and esteem- 
 " ed at the rate or value of seven shillings and 
 *' sixpence, and of equal value in the payment of 
 *• debts with a Spanish milled silver dollar weigh- 
 " ing seventeen penny-weights and six grains." 
 
 Eighthli/^ — That the difference betwixt coin 
 and paper arises from a diminution in the value 
 of paper, and not from any increase in the value 
 of the metals, may be with certainty inferred 
 from the circumstance, universally admitted, that 
 this variation became conspicuous in 1 809. 
 
 For those who have attributed this difference 
 to a rise in the value of the metals, have hitherto 
 been able to assign no reason why an event so
 
 25 
 
 unprecedented should have taken place at that 
 period. The war, indeed, has been loosely talked 
 of as occasioning this rise in the value of the 
 metals, but the war, which begun in 1792, and 
 which has continued ever since, with a short in- 
 terval of eight months, never can account for such 
 a change taking place in the year i 809. Those 
 who have alluded to the Berlin and Milan de- 
 crees, and to the great importation of corn, as 
 causing this extraordinary rise, in the value of the 
 metals, have been equally unfortunate ; for, if it 
 had originated from these occurrences, it ought 
 to have been perceived at a much earlier period ; 
 and certainly the difference betwixt paper and the 
 value of the metals would not have continued to 
 increase with additional rapidity after the effect of 
 those decrees had, in a great degree, subsided, 
 and after we had, in the course of a year, actually 
 exported more corn than we had imported. 
 
 Of' late, it has indeed been urged, that a smal- 
 ler quantity of the metals has been extracted from 
 the mines * ; but even this, if true, could not pro- 
 
 * Tbc information received by Government concerning (lie 
 qnantify of gold and silver imported into Great Britain and
 
 26 
 
 duce what happened in 1 809, — nay, if this suppos- 
 ed deficiency had taken place in the commence- 
 ment of that year, it never could have caused the 
 occurrences which we have witnessed. A diminu- 
 tion of the quantity of the metals extracted from 
 the mines, must be felt equally all over the world ; 
 there is, however, no such complaint. The sin- 
 gular phenomenon that is to be accounted for, 
 is, that whilst in France, and throughout the con- 
 tinent, the metals are equally abundant, they 
 should be banished from this country. 
 
 Spain in the latter end of the year 1810, and in the course 
 of the years 1811 and 1812, has been communicated to the 
 author in the handsomest manner by the Earl of Liverpool. 
 The exportation from South America to these countries 
 being diminished, can, however, afford no evidence of a 
 smaller quantity being raised from the mines ; and if it were 
 even true, that the mines throughout the world had totally 
 failed, that circumstance could not account for this country's 
 being deprived of its metallic currency, in consequence of 
 what is stated to ba a great increase of the price of the metals 
 here, at a time when their value has risen in no other part 
 of the w orld. Indeed, in a future part of this Treatise, it 
 will be shown, that if ever so unprecedented an occurrence 
 as a scarcity of the metals does take place, it will occasion 
 no inconvenience to any country whose currency is consti- 
 tuted on sound principles.
 
 27 
 
 In short, it is not only true, that no satisfac- 
 tory statement can be given of the reasons why 
 this supposed rise in the value of the metals 
 should have taken place in 1809, but it is certain, 
 that hitherto no attempt has been made to assign 
 reasons of any sort, vi^hy such a rise should have 
 taken place at that particular time. 
 
 If, however, the hypothesis is adopted, that the 
 difference betwixt coin and paper is occasioned 
 by the depreciation of paper, nothing is more 
 easily explained than the circumstance of the 
 period at which it became conspicuous. 
 
 That the price of commodities rose with un- 
 common rapidity from the time of the restriction 
 of the bank, till the end of the year 1 808, is gene- 
 rally admitted * ; it is unnecessary, therefore, to go 
 into details to show why the pecuniary state of the 
 times must have occasioned a rise in the price of 
 all commodities, except gold and silver, which. 
 
 * Set; Report of the Secret Comniitcc of the House of 
 Commons, page 1. See also Mr Rose's Speech, page 4, in 
 which he says, " That commodities have risen rapidly, is 
 " beyond dispute;" and (page 29) wiierc he states, " that 
 " since tlie bank restriction, mc find the prices of other 
 " commodities advancing yearly, while, in gold, there was 
 " no considerable rise till the year 1809.''
 
 28 
 
 till about that time, remained practically inter- 
 changeable with paper. 
 
 But a general rise of the price of commodities 
 is an undeniable proof of the depreciation of the 
 currency of a country ; the gold, therefore, 
 whilst it remained interchangeable with the paper, 
 must have shared the diminution of value, which 
 the general increase in the price of commodities 
 establishes. 
 
 The state of our bank paper, however, though 
 in this country it must necessarily have affected 
 the value of the gold that remained in circulation 
 with it, could in no degree affect its value abroad. 
 In proportion, therefore, as, in conjunction with 
 our paper, it diminished in value at home, in the 
 same proportion must the premium on its expor- 
 tation have increased. 
 
 In the progress of things, the extension of this 
 premium must naturally have occasioned gold 
 being withdrawn from the circulation of this 
 country, and in fact we know, that, about the end 
 of the year 1 808, this occurrence did take place. 
 
 The moment, however, the gold could not be 
 procured for notes, by melting the guineas that 
 were interchangeable with them, that commodity 
 must have suddenly assumed the same relation to
 
 29 
 
 paper with regard to value, which previously 
 subsisted betwixt paper and other commodities. 
 
 Lastly^ — ^The experience of what is daily pas- 
 sing, completely confirms the inference which ge- 
 neral reasoning concurs in establishing, — that the 
 diflFerence in value betwixt coin and bank paper 
 is occasioned by the depreciation of paper. For 
 the economical occurrences which distinguish the 
 times clearly prove, that the metals have not risen 
 in value, and as distinctly show those symptoms 
 which are the constant and invariable attendants 
 on a circulation of paper in a state of depreciation. 
 It cannot be denied that, if a rise in the value 
 of the metals had taken place in those countries 
 which enjoy a metallic currency, a diminution in 
 the price of all commodities must have ensued. 
 Yet in France, where there has been, ever since 
 the restriction in the Bank of England, a metallic 
 currency, it is admitted that the price of commo- 
 dities has materially risen, that is, that there 
 exists the very proof of the continuance of the 
 depreciation of the metals, which all authors who 
 treat on the subject have relied on as conclusive *. 
 
 » See Mr Rose's Speech, page 4 and page 29.
 
 so 
 
 On the other hand, in this country, where the 
 circulation has now for a length of time been ex- 
 clusively conducted by paper, we have expe- 
 rienced a great rise in the price of gold and sil- 
 ver, as well as of all commodities, whilst we have 
 been forced, by the difficulty of making small 
 payments, to have recourse to a circulation of 
 coin, debased to the extent of nearly one half of its 
 value — to tokens issued by the bank, which, at 
 at their present value, can neither be thrown into 
 nor continue in circulation *, — and to an issue of 
 local tokens infinitely varied in their value ; all 
 of which, even aided by an illegal issue of siU 
 ver, paper, and by shop-notes, try in vain to sup- 
 ply the want of lawful standard money, which has 
 completely vanished from circulation. 
 
 That these, the appearances uniformly attend- 
 ing a circulation of depreciated paper, should 
 form the distinguishing features of our present 
 pecuniary system, seems at once to preclude all 
 possibility of further dispute concerning the na- 
 ture of the grievance under which we labour. 
 
 * The author has received a copy of a letter from Mr 
 Hase, of the Bank of England, which sufficiently proves 
 the truth of this assertion. It will be found at the end of 
 Appendix No. X.
 
 31 
 
 Various specimens, therefore, of silver, paper, and 
 of shop-notes — with a minute account of the va- 
 lue of our debased silver, as vi^ell as of the value 
 of bank tokens — and of each of the silver local 
 tokens that have been issued — together with de- 
 tailed information from all quarters of the king- 
 dom, of the hardships endured from want of the 
 means of making small payments, after all these 
 shifts have been resorted to — are subjoined as 
 incontrovertible evidence that our paper is de- 
 preciated *. 
 
 * These details are successively stated in the Appendix. 
 
 Appen?!ix, No. VI. contains specimens of some of the 
 printed silver or shop notes, that are, or have been in cir- 
 culation. 
 
 Appendix, No. VII. gives various particulars concern- 
 ing the shillings and sixpences now in circuladon. 
 
 Appendix, No. VIII. affords similar infomation con- 
 cerning the silver tokens issued by the Bank of England. 
 
 Appendix, No. IX. displays the weight, the quality 
 of the metal, and the value ; together with a variety of o- 
 thcr particulars concerning each of the silver local tokens, 
 now in circulation throughout Great Britain. 
 
 Appendix, No. X. consists of extracts of information 
 from every quarter of England, showing the extreme hard- 
 ship under which the country labours from want of the 
 means of making small paymenis, notwithstanding all the 
 disgraceful shifts to which it has been reduced.
 
 5t 
 
 II. 
 
 Of the principle on which our currency can mth 
 tJie greatest degree of justice and propriety be 
 restored to a salutary state. 
 
 In inquiring into and examining the means 
 best calculated to restore to the country the en- 
 joyment of a metallic currency, it is impossible, 
 consistent with the opinions already expressed, 
 not to reason upon the supposition, that the griev- 
 ance originates from the restriction of cash pay- 
 ments, and the effects produced by that mea- 
 sure on bank paper. 
 
 It seems, however, expedient occasionally to 
 consider, what those, who state the evil as pro- 
 ceeding from a rise in the value of the metals, 
 ought to regard as the most expedient means of 
 resuming that mode of conducting our circulation 
 by a metallic currency, which is by all admitted to 
 be the most advantageous. 
 
 For it would certainly be satisfactory, if it could 
 be shown, that those who reprobate the restriction 
 on cash payments, and those who defend it, — as 
 well as those who profess to believe that paper is 
 depreciated, and those who choose to represent
 
 35 
 
 the value of the metals as augmented, — must all a- 
 gree on what is the more immediate cause of the 
 derangement of our currency, and of course on 
 the means which ought to be pursued to remove 
 it. 
 
 Strenuously as it has been here maintained, 
 that the restriction of cash payments is the origin 
 of the evil under which we suffer ; yet it is cer- 
 tainly not intended to assert, that derangement in 
 the currency of a country is a necessary conse- 
 quence of such a restriction's being imposed. For 
 it cannot be doubted, that the currency of this 
 country showed every symptom of being in a more 
 salutary state in the month of November 1797, 
 six months after the restriction was imposed, 
 
 than it was previous to the adoption of that mea- 
 sure. 
 
 On the other hand, it is presumed that the 
 warmest advocates of the system which attributes 
 the present derangement of our currency to an 
 augmentation in the value of bullion, cannot go 
 the length of maintaining that every alteration in 
 the value of the metals will produce a derange- 
 ment in the currency of a country. For they 
 are fond of asserting, what is not true, that bullion 
 has occasionally risen in value beyond the small
 
 partial and local variations necessary to carry it 
 from one country to another ; whilst all must 
 admit, that during the years of our greatest pros- 
 perity it has greatly diminished in value. And 
 yet it cannot be doubted, that, under these cir- 
 cumstances, our currency experienced no mate- 
 rial derangement. 
 
 But if the derangement under which we suf- 
 fer neither follows of necessity from a restriction 
 of cash payments, nor from an alteration in the 
 value of bullion, it seems necessary to ascertain 
 accurately, what it is that has occasioned our cur- 
 rency being reduced into its present state ; as a 
 knowledge of the precise cause of an evil is that 
 which best enables the mind to determine how it 
 should be remedied. 
 
 Now, on this important question there is not 
 the smallest difficulty of giving a clear and dis- 
 tinct opinion ; for, as the currency of no country 
 ever was deranged whilst the denominative values 
 of all the different sorts of money of which it was 
 composed were adjusted, so as accurately to cor- 
 respond with the differences betwixt their real, or 
 what has been called their intrinsic values ; so 
 it is certain, that there never has existed in any 
 country an inaccuracy in this arrangement, that
 
 35 
 
 has not produced more or less of derangement in 
 its currency. 
 
 When this derangement has taken place in the 
 due proportion of the denominative and the real 
 value of the different component parts of the me- 
 tallic currency of a country, it has always been 
 immaterial, whether it has been produced by rais- 
 ing the denomination of certain descriptions of 
 coin, or by lowering their value ; in either case 
 they are rendered incapable of circulating with 
 what remains unaltered, because that which is of 
 least real value, and of the greatest denominative 
 value, may be profitably employed in withdraw- 
 ing the other from circulation. 
 
 I.est, however, it should be disputed that this 
 is the immediate cause of the derangement of our 
 currency, it is necessary to examine minutely the 
 consequences of an inaccuracy in the adjustment 
 of the proportions between the real and denomi- 
 native values of the various component parts of 
 the currency of a country, and to explain how 
 the want of attention to this circumstance has 
 been, at all times, the sole cause of every such 
 derangement. 
 
 To illustrate the effects of this inequality 
 in the component parts of our currency, let us
 
 56 
 
 suppose that in this country a coinage of six- 
 pences should be issued, containing, in real value, 
 silver equal to what at present composes nine- 
 pence, the other descriptions of our currency re- 
 maining unaltered, it would be impossible that 
 such coin could circulate ; for nobody would part 
 with two such sixpences, that is with a quantity 
 of silver of the value of eighteenpence, in exchange 
 for a shilling really worth one of those sixpences 
 and the third of another ; — such a coinage of six- 
 pences would, therefore, immediately disappear. 
 
 Again, if sixpences should continue to be is- 
 sued of the same real value as at present, but 
 that the denomination of the shillings issued 
 should be advanced to eighteenpence, that of six- 
 pences remaining the same, they would in like 
 manner disappear ; for nobody would give three 
 sixpences for a shilling called eighteenpence, as 
 nobody would pay for eighteenpence worth of com- 
 modity three sixpences, when they could dis- 
 charge the debt for a shilling, which, though de- 
 nominated eighteenpence, was, in reality, only 
 worth two sixpences. 
 
 In like manner, if there be an undue proportion 
 in the adjustment of the real and denominative 
 value of the silver coin, when compared with the
 
 51 
 
 -gold coin, they cannot circulate together ; that of 
 which the denominative value is highest in pro- 
 portion to its real value, becoming at once an in- 
 strument by which the other may be profitably 
 withdrawn ; for, as Sir Isaac Newton states, in his 
 Report to the Treasury, 1717, "It appears by 
 " experience, as well as by reason, that silver 
 " flows from those places where its value is low- 
 " est, in proportion to gold, as, from Spain to all 
 '' Europe, and from all Europe to the East In- 
 ** dies, China, and Japan ; and that gold is most 
 *' plentiful in those places in which its value is 
 " highest in proportion to silver, as in Spain and 
 « England/* 
 
 Lastly ^-^li paper money exists in any country, 
 convertible into coin on demand, it must always 
 partake of the value of that coin to which it is equi- 
 valent ; but if paper money of a given denomina- 
 tion, either from its quantity or its want of credit, 
 does not possess the same real value with coin of 
 a similar denomination, then the reason of the case 
 teaches us, that the same effects must ensue from 
 this derangement in the proportion between the 
 real value of the metallic and the paper money 
 of similar denominations, which has always at-
 
 ^ 38 
 
 tended every derangement of these proportions 
 in the different species of metallic money. 
 
 Indeed, there is no possible device for totally 
 depriving a country of its metallic currency, but 
 a circulation of paper, whose real value is less 
 than that of the coin of similar denominations ; 
 and this is the opinion, not of theorists, but of 
 practical men of the greatest eminence, for it was 
 the opinion stated by Mr Winthrope, late gover- 
 nor of the Bank of England, in the year 1804. 
 
 If, then, an inaccuracy in the adjustment of the 
 proportions betwixt the real and the nominal va- 
 lue of the various sorts of money which by law 
 are permitted to circulate, is the only possible 
 source of derangement in the currency of a coun- 
 try, which can force one peculiar description of 
 its currency to disappear j — if, for example, an 
 inaccuracy of the proportions betwixt the real and 
 the nominal value of our coin and our paper, 
 giving to the denomination of the coin a greater 
 real value than that which the paper possesses in 
 public estimation, is the only means of completely 
 banishing lawful coin ; — it follows, whether that 
 difference has been produced by the depreciation 
 of paper money, or by the rise of bullion, that 
 there is no possible way of restoring our currency
 
 39 
 
 to a state in which it can again circulate as for- 
 merly, but by resorting to means that will rein- 
 state the due proportions betwixt the real and no- 
 minal value of the various descriptions of money, 
 paper, and metallic, which constitute the currency 
 of the country. 
 
 It does not, indeed, seem possible to dispute this 
 principle. It is perfectly clear, that whether the 
 difference between gold and bank notes arises 
 from a rise in the value of gold, or a depreciation 
 in paper, that paper and gold, differing in value 
 to the extent of more than thirty-eight and a half 
 per cent., cannot circulate together but by coer- 
 cion j and even those most sanguine concerning 
 the effects of penal laws, in enforcing the circu- 
 lation of coin at an inferior value, cannot suppose 
 that they can operate, so as to induce men to 
 give a pound in gold for a pound in paper, when 
 the difference is such, that a pound in gold is 
 really worth one pound seven shillings and eight- 
 pence three farthings in paper *. 
 
 But if this proposition was not in itself perfect- 
 ly clear, the experience we have recently had, 
 
 * Thai is (lie value of a pound in gold coin, when gold 
 is L. 5, 8s. an ounce. Sec Appendix, No, I.
 
 40 
 
 that the whole coin of the country disappeared 
 long before the difference came to be so great, 
 must convince even those who are disposed to be 
 the most sceptical, that no restraint can force 
 paper and coin of similar denominations to circu- 
 late together at par, when of value perfectly un- 
 equal. 
 
 Thus far, then, it do6s not appear that there 
 can exist much difference of opinion about the 
 immediate cause of the derangement of our cur- 
 rency, whether the origin of it be attributed to a 
 depreciation of paper, or a rise in the value of 
 bullion ; because, even admitting that the exist- 
 ing difference in value betwixt coin and paper 
 arises from an augmentation in the value of the 
 metals, it is just as clear that paper and coin 
 cannot, under such circumstances, circulate to- 
 gether, as it is that they cannot, if the inequality 
 arose from the depreciation of paper. In either 
 case, it cannot be disputed, that the equalization 
 of their value is a necessary preliminary to the 
 possibility of restoring the circulation into the state 
 in which it existed when our coin and our paper 
 circulated together. 
 
 The question then assumes this shape : What
 
 41 
 
 IS, under all the circumstances of the times, the 
 most expedient, just, and practicable means of ad- 
 justing and equalizing the proportions betwixt the 
 denominative and the real value of all the money, 
 paper as well as metallic, of which the law autho- 
 rizes the circulation ? 
 
 In examining this subject, it is not intended to 
 investigate how a perfect equality can be intro- 
 duced, for that would involve a discussion, whe- 
 ther the currency of a country can enjoy perfect 
 equality, if both gold and silver are used as 
 standards of value ? and whether, if there is to be 
 only one metallic standard, gold or silver should 
 be selected for that purpose ? two points on which 
 there have existed a great variety of opinions, 
 but which seem foreign to the object of the pre- 
 sent inquiry. 
 
 Now, waving all consideration of these inter- 
 esting topics, and assuming, what is undoubtedly 
 not the case, that the mint of this country was by 
 law arranged, previous to the restriction of cash 
 payments, in a manner sufficiently accurate, it 
 appears, that a variety of different arrangements 
 might be adopted for restoring to our currency 
 the possession of the same species of equality
 
 42 
 
 it antecedently enjoyed. All of these, however, 
 have this in common, that the moment the 
 metallic standard of our currency is fixed, the 
 whole of the paper promising to pay coin at 
 sight, must be made payable on demand in the 
 current coin, as so regulated ; for though paper, 
 the payment of which on demand is suspended, 
 may, for a time, circulate on an equality with coin, 
 the ingenuity of man cannot suggest a device to 
 secure its continuance in this state, but by enforc- 
 ing payment in coin when demanded. 
 
 Its remaining permanently equivalent to coin, 
 if not payable on demand, even if the regulation 
 of the issues was left to the decision of a few in- 
 dividuals having a common interest, and posses- 
 sing the greatest intelligence on the subject, seems 
 almost impossible ; because, from circumstances 
 which can hardly be discerned, even by the best in- 
 formed, what at one time might be an inadequate 
 supply of paper, might at another create a great 
 redundancy. At all events, it is absurd to ima- 
 gine that this equality betwixt coin and paper, 
 the payment of which on demand is suspended, 
 can, for any length of time be preserved in this 
 country, where we have now nearly nine hun- 
 dred establishments, each actuated by views of its 
 
 6
 
 43 
 
 own interest, and each having an unlimited power 
 -of issuing the quantity of paper it may think ad- 
 vantageous. 
 
 Subject then to this regulation, that our paper 
 should be made payable on demand the moment 
 the coin is duly regulated, that state of practical 
 equality which our currency formerly enjoyed 
 may be restored. 
 
 First, — By repealing all the laws passed since 
 the restriction, and issuing a metallic currency, 
 coining the pound of silver, as heretofore, into 
 sixty-two shillings, and the pound of gold into 
 forty -four guineas and a half, and adjusting the 
 other coins of each metal according to the same 
 standard. 
 
 Secondly, — By regulating the standard of our 
 metallic currency according to its present value 
 in paper, that is, taking the ounce of gold to be 
 worth five pounds eight shillings *, and the ounce 
 of silver, maintaining the proportions established in 
 our mint, to be worth seven shillings and one 
 
 * The value of the ounce of gold has risen since this was 
 written.
 
 penny three farthings *, by coining a pound of the 
 former into sixty-one guineas, and fifteen twenty- 
 one parts of a guinea, and a pound of the latter 
 into four pounds five shillings and nine pence. 
 
 Thirdly^ — Such an equality may be restored, 
 by fixing the value of the metals at an intermedi- 
 ate price, and adjusting the coin according to a 
 metallic standard selected on this principle. 
 
 For example, by fixing the value of gold at 
 five pounds per ounce, and silver, retaining the 
 same proportion as formerly, at six shillings and 
 seven pence halfpenny per ounce, vi'hich of course 
 will be done by coining a pound troy of gold in- 
 to fifty-seven guineas and three twenty»one parts 
 of a guinea, and a pound troy of silver into three 
 pounds nineteen shillings and sixpence. 
 
 Now, with regard to the future prosperity of 
 the country, it is perfectly immaterial which of 
 these three methods are adopted ; for a country 
 may improve, and increase in wealth, just as much 
 under one standard of value as under another. 
 
 There are scarcely two countries in Europe 
 in which the pound or livre contains the same 
 
 "*■ See Appendix, No. V.
 
 4^ 
 
 iquantity of silver, yet no one ever imagined, that 
 the reduction of the livre in value, though mis- 
 chievous at the time, could affect the future pro- 
 sperity of the country. 
 
 It would be absurd to conceive, that the pro- 
 sperity of our cloth manufactory, or the quantity 
 of broad cloth that would in future be produced, 
 could depend, in the smallest degree, upon the 
 comparative length of the yard. The yard in 
 France is longer than the yard in England, yet no 
 one ever heard of the French manufacturers de- 
 riving comparative advantage, or suffering com- 
 parative injury from this circumstance, A per- 
 son would be laughed at, who stated that the 
 prosperity of the farmer, or the quantity of grain 
 to be produced, could be affected by the size of 
 the bushel by which it was measured. Com« 
 plaints concerning the inequality of measures 
 are familiar to us all ; but no one ever heard the 
 circumstance of a country having a large bushel 
 assigned as the cause of its fertility, nor the ex- 
 istence of a small bushel, as the cause of the ste- 
 rility of any other district. 
 
 Yet it would not be more absurd to conceive, 
 that the prosperity of our manufactures and of
 
 46 
 
 our agriculture depended on the length of the 
 yard, or the size of the bushel, than to imagine, 
 that our standard being fixed at one value rather 
 than another, could, in the smallest degree, affect 
 the general prosperity and opulence of a country. 
 
 In this country, as has been already observed, 
 it is well known, that our standard has been re- 
 peatedly reduced ; yet it must be admitted, that 
 since the 43d of Elizabeth, when it was fixed, 
 by coining the pound of silver into sixty-two 
 shillings, we have enjoyed greater prosperity, 
 and the wealth of the country has more rapidly 
 increased, than it did in the time of Edward 
 III., when the poimd of silver was coined into 
 twenty shillings. 
 
 Neither is there any reason to doubt, that if the 
 standard were reduced still lower, and that the 
 pound troy of gold should be coined into sixty- 
 five guineas and fifteen twenty-one parts of a gui- 
 nea, taking gold at five pounds fifteeen shillings 
 an ounce, or into sixty-eight guineas and twelve 
 twenty-one parts of a guinea, taking it at six 
 pounds an ounce, that the due proportions being 
 preserved in relation to the silver coin, the coun- 
 try may go on, by means of industry and inge- 
 nuity, to obtain increased opulence.
 
 47 
 
 immaterial, however, as it is to the future pro- 
 sperity of this country, whether equaUty in the 
 proportions between the denominative and the 
 real value of our currency is restored by retaining 
 the metallic standard the country formerly enjoy- 
 ed ; by adopting a metallic standard conformable 
 to the present value of silver in paper ; or by fix- 
 ing the standard on the supposition of the ounce 
 of silver's being of an intermediate value, — each 
 of these measures would produce very different ef- 
 fects on the property of individuals, and of course, 
 administer very different degrees of justice in the 
 various cases which must occur throughout the 
 complicated and extended transactions of this 
 country ; though it is to be feared, that there are 
 few or no cases in which, under any scheme for 
 restoring our currency to a salutary state, strict 
 justice could be distributed. 
 
 If in the year 17^5, or if in any year before 
 the restriction on cash payments, or even if at 
 any period previous to the year 1808, and the 
 unfortunate legislative interference which ensued 
 on the subject of our currency, a proposition had 
 been made to alter the metallic standard of value 
 in this country, it would, as an act of the gros-. 
 sest injustice, have merited universal indignation.
 
 48 
 
 JBut, unfortunately, we are now in a very dif- 
 ferent state. We have abandoned that metallic 
 standard we had for centuries enjoyed, and we 
 have erected no new standard whatever. We are, 
 and have been now for years, in the same situa- 
 tion, with regard to the power of estimating va- 
 lue, that a country would be in with regard to 
 the means of ascertaining the quantity of any 
 commodity, who, rejecting all measures, sold its 
 corn, its cloth, and the other articles of its pro- 
 duce and manufacture, by what the contracting 
 parties imagined to be a bushel or a yard ; whilst, 
 by the length of time this system has endured, 
 we are brought into a state in which this coun- 
 try never stood before ; for, although it seems im- 
 possible that things can long go on as they are, 
 it appears to be equally impossible to devise any 
 arrangement which can restore equality to our cur- 
 rency with perfect justice to all. 
 
 In order, however, accurately to display the 
 comparative degree of justice which will ensue 
 from adopting the several plans which have been 
 here suggested, it will be necessary to detail the 
 effects of each on the property of individuals, as 
 well as on the property and debts of the comma-
 
 49 
 
 nity, which now forms so large a proportion of 
 the wealth of the country. 
 
 If equality is to be restored to our currency, 
 by reverting to the ancient standard, that mea- 
 sure will secure to those who had stipulated to 
 receive annual payments, previous to the restric- 
 tion of cash payments, a just and equitable future 
 performance of the engagements contracted with 
 them. 
 
 But a recurrence to this standard will no more 
 indemnify them for the losses which they have al- 
 ready sustained by the payments of interest made 
 in paper of inferior value, than it will indemnify 
 that numerous class of individuals throughout the 
 kingdom, who, having lent their capital in the 
 lawful coin of the realm, previous to the restric- 
 tion, have been obliged, by the interference of 
 the Legislature, and their own wants, to accept 
 payment from their debtors in our present cur- 
 rency, of the principal which they had advanced 
 in standard coin. 
 
 Unfortunately, however, this deficiency in 
 the power of doing justice to those who had 
 entered into agreements before the restriction of 
 cash payments, is, in considering what is the 
 
 D
 
 iftost equitable mode of restoring equality to oih* 
 currency, a trifling objection to the measure of 
 resuming the ancient standard, when compared 
 with the gross injustice which such a proceediiftg 
 would inflict on those who have, for some yejirs 
 past, or who may at present, contract engagements 
 to pay stipulated sums at future periods. 
 
 For example, the public have this year bor-r 
 rowed twenty -one millions* at an interest of rai 
 ther more than five and a half per cent. ", 'but 
 taking it at that rate, it is stipulated, for that 
 loan to make a future annual payment to those 
 who have advanced it to the extent of one mil- 
 lion, one hundred and fifty-five thousand pounds* 
 Now, as the pound note, in which payment 
 is received, is only worth, in coin or bullion, 
 fourteen shillings and fivepence, it would be in- 
 difi^erent to the public whether they received 
 
 * It is not here meant to state the sum of debt contract- 
 ed, for this is exclusive of fifteen millions, seven hundred 
 and fifty-five thousand, seven hundred pounds. Exchequer 
 bills funded, of eight hundred thousand debentures issued, 
 as well as of six millions, five hundred thousand, borroAV- 
 ed for Jreland and Great Britain, and two millions bor- 
 rowed for Ireland in Ireland, making in all forty-six mil- 
 lions, fifty. five thousand, and seven hundred.
 
 twenty-one millions in paper, or fifteen millions, 
 one hundred and thirty-seven thousand, five hun- 
 dred pounds, in gold coin or bullion; so also 
 would it at present be a matter of indifference to 
 the lenders, whether they received, inpayment 
 of interest, one million, one hundred and fifty- 
 five thousand in paper, or eight, hundred and 
 thirty-two thousand, five hundred and sixty-two 
 pounds and ten shillings, in gold coiii or bul- 
 lion. 
 
 But if, at a future period, cash payments should 
 be resumed, on the principle of adopting the an- 
 cient standard, then the public will be obliged 
 to pay one million, one hundred and fifty-five in 
 coin or goW ; that is, they will be under the ne- 
 cessity of paying three hundred and twienty-two 
 thousand, four hundred and thirty-seven, pounds, 
 ten sbillingSj more, annually, than the value of 
 the sum which, under the present system, they 
 have stipulated to pay. 
 
 On the ^ame principle, the private borrower 
 of any slim of money, who, at present, receives 
 his loan In bank paper, and covenants to pay five 
 per cent, interest, bank paper being now worth 
 within a trifle of twenty-eight per cent, less than
 
 52 
 
 coin, will find himself obliged, by the resumption 
 of the ancient standard, to pay a value which 
 would be nearly twenty-eight per cent, more 
 than the value which, in the present state of 
 things, he stipulates to pay ; and it is not the 
 assumption that bank paper is depreciated which 
 authorizes the inference that the resumption 
 of metallic payments, according to the ancient 
 standard, will inflict a great grievance ; for this 
 measure must appear to those who have in- 
 variably held that bank paper has maintained 
 its value, and that gold and coin have increased 
 in value, to give rise to a much greater degree 
 of injustice. 
 
 By them, the number of grains of metal which 
 formerly represented the pound Sterling is es- 
 teemed, (gold having risen to five pounds eight 
 shillings,) to be of value one pound seven shil- 
 lings and eightpence three farthings ♦ in paper ; 
 such a regulation would, therefore, force the 
 payment in paper of one pound seven shillings 
 and eightpence three farthings for every pound ; 
 that is, the sum of one million, six hundred and 
 one thousand three hundred and fifty-nine pounds 
 
 * See Appeadix, iVo I.
 
 53 
 
 «even shillings and sixpence, for the interest of 
 the loan of twenty-one millions, instead of the 
 sum of one million, one hundred and fifty-five 
 thousand pounds in bank paper, which the pub- 
 lic are now bound to pay. 
 
 It is clear, therefore, that equality cannot now 
 be restored to our currency by resuming the 
 ancient standard, without committing as great a 
 fraud on those who have recently borrowed, or 
 who are at present borrowing, as has been al- 
 ready committed by our departing from it, on 
 those who have been, or are now forced to accept 
 payment of money in paper, which, previous to 
 the restriction,^ had been advanced by them in 
 gold. 
 
 The practice which has been recently carried to 
 such an extent, of raising annually large sums of 
 money, by issuing Exchequer bills, and afterwards 
 funding them, forms another means of illustrat- 
 ing and exemplifying the gross fraud which would 
 be committed by the resumption of payment in 
 standard coin, after having, for such a length of 
 time, permitted the present system of conducting 
 our circulation to prevail. 
 
 Last year, Exchequer bills were funded to the 
 extent of fifteen millions, seven hundred and fifty-
 
 54! 
 
 five thousand, seven hundred pounds *, in five per 
 cent, stock, at the rate of one hundred and fifteen 
 pounds ten shillings stock for every Exchequer 
 bill of one hundred pounds. | Now, though 
 there is a great probability, as the quantity of 
 Exchequer bills thrown into circulation is in- 
 creasing, that in the ensuing year there will be a 
 larger sum funded, and that, of course, the terms 
 obtained for the public will be still more disad- 
 vantageous, we shall suppose that only fifteen 
 millions will be funded, and that at the rate of no 
 more than one hundred and fifteen pounds stock 
 for every Exchequer bill of one hundred pounds. 
 For every hundred pounds of Exchequer bills 
 funded on these terms, the public may be stated 
 as receiving one hundred pounds of bank notes, for 
 it is unnecessary to take into our view the trifling 
 premium which the market now affords. The 
 charge, therefore, for fifteen millions obtained 
 in terms of this hypothesis, at five and three 
 quarters per cent., must amount to eight hundred 
 
 * See No. 2. of Resolutions on Finance, submitted to 
 the House of Commons by the Chancellor of the Exchequer, 
 8th July 1813. 
 
 + See Account, No. 3. respecting Exchequer bills, or- 
 dered to be printed by the House of Lords, 7th of May 1813.
 
 55 
 
 and sixty-two thousand five hundred pounds iii 
 notes, — or what is equivalent in value, (gold being 
 at five pounds eight shillings,) to six hundred and 
 twenty-one thousand, eight hundred and sixty- 
 two pounds ten shillings, in standard coin. 
 
 Now if, subsequent to this arrangement, pay- 
 ment is to be enforced in standard coin, the Ex- 
 chequer will be obliged to pay eight hundred and. 
 sixty-two thousand five hundred pounds, of those 
 pounds of which they had only engaged to pay 
 six hundred and twenty-one thousand, eight 
 hundred and sixty-two pounds, ten shillings ; so 
 that this measure must annually give rise to an 
 additional demand for interest to the extent of two 
 hundred a^d forty thousand, six hundred and thir- 
 ty-seven pounds ten shillings, of standard coin. 
 
 But, if it must be admitted that such will be 
 the unjust result of our resuming payment in coin 
 of our former standard, by those who think we 
 are borrowing in paper, which is depreciated so 
 as to be at a discount of nearly twenty-eight per 
 cent., — to those who think that bank paper has 
 maintained its ancient value, and that coin has 
 risen thirty-eight pounds thirteen shillings and 
 eightpence halfpenny per cent, in value, the re-
 
 56 
 
 sumption of payments in standard coin must ap- 
 pear pregnant with still greater injustice. 
 
 They must be aware that this measure will in- 
 volve the necessity of paying an increase on the 
 interest of no less than thirty eight pounds 
 thirteen shillings and eightpence halfpenny per 
 cent*. They must therefore foresee, that the 
 interest due on the fifteen millions borrowed, 
 must, subsequent to the resumption of cash pay- 
 ments, be one million, one hundred and ninety- 
 six thousand, one hundred and sixty-one pounds f, 
 of those pounds of which the public agreed to 
 pay eight hundred and sixty- two thousand five 
 hundred pounds, — and of course, in that event, 
 they must contemplate an additional demand for 
 interest of no less than three hundred and thirty- 
 three thousand six hundred and sixty.one pounds. 
 In truth, the great injustice which must arise 
 from the resumption of payment in the ancient 
 lawful standard of these realms, subsequent to a 
 transaction of this nature, cannot be denied. 
 
 * See Appendix, No. I. 
 
 f It is accurately one million, one hundred and ninety- 
 six thousand, one hundred and sixty-one pounds, fourteen 
 shillings and fourpence halfpenny.
 
 57 
 
 Much as those who have contended that bank 
 notes have maintained their value, and that gold 
 has risen in value, are disposed to cavil, they^ 
 cannot dispute that the bank notes given for an 
 Exchequer bill of one hundred pounds would 
 purchase thirteen ounces, seven penny-weights, 
 twenty-three grains, and eleven twenty-seven parts 
 of a grain of gold, at the present price of five 
 pounds eight shillings per ounce, which being 
 the precise quantity contained in seventy-two 
 pounds one shiHing and eight-pence of standard 
 gold coin, that sum must be equal in value to 
 one hundred pounds worth of bank notes, unless 
 things equal to one and the same thing have 
 ceased to be equal to one another. 
 
 They cannot be ignorant of what is notorious ; 
 that, for the loan of this sum of seventy-two 
 pounds one shilling and eightpence of standard 
 coin, an interest of five pounds fifteen shillings 
 in five per cents, has been given, which is at 
 present payable in bank paper. 
 
 They must therefore perceive, that as this five 
 pounds fifteen shillings of interest on seventy-two 
 pounds one shilling and eightpence, will become 
 payable in coin on resuming payment in the old 
 standard, so it cannot be denied that five pounds
 
 58 
 
 fifteen shillings on seventy. two pounds one shil- 
 ling and eightpence, being at the rate of seven 
 pounds nineteen shillings and sixpence one far- 
 thing on one hundred pounds, — the country will 
 by this measure be compelled to pay interest on 
 this fifteen millions, at the rate of seven pounds 
 nineteen shillings and sixpence farthing per cent., 
 instead of five pounds fifteen shillings per cent., 
 which, according to the hypothesis, they con- 
 tracted to pay. 
 
 If the second means which has been stated of re- 
 storing equality to our currency should be pre- 
 ferred, and a new metallic standard should be 
 adopted, regulated on the principle of adapting 
 the value of our coin to the present value of our 
 paper currency, then, on the supposition that 
 gold is at five pounds eight shillings an ounce, 
 the pound will be coined into sixty-one guineas, 
 and fifteen twenty- one parts of a guinea ; and, as- 
 suming that the same proportion should be main- 
 tained betwixt gold and silver as now established, 
 a pound of silver will be coined into eighty-five 
 shillings and three-fourths of a shilling. 
 
 Now this arrangement, by fixing the future va- 
 lue of our currency on a standard conformable 
 to the present value of our paper, would undoubt-
 
 59 
 
 edly sanction a continuance of that loss which 
 creditors on past contracts have already sustained, 
 by which means it would give to those debtors 
 who have not already taken advantage ot the law, an 
 opportunity of benefiting by it at any future period. 
 
 But even in the case of creditors whose debt* 
 ors have not as yet taken advantage of the present 
 system, it will add nothing to the injustice which 
 they have already sustained. 
 
 On the contrary, by adopting a fixed and 3, 
 certain standard, the mischief will be arrested in 
 its progress, and they will be no longer subject 
 to that severe annual increase of injury to which 
 they have been for some time exposed, and which 
 they must continue to sustain, if the present sys- 
 tem be persevered in. 
 
 On the other hand, under this arrangement of 
 erecting a new standard of value, suited to the 
 value of coin in paper, those who borrow at pre- 
 sent, or who have recently borrowed, wiil not be 
 subjected to an unjust demand, either on payment 
 of the principal when called on, or on account of 
 the interest which they have agreed to pay, as 
 would undoubtedly be the case if payment in 
 money of our former standard was resumed. 
 
 Of this means of restoring equality to our cur-
 
 60 
 
 rency, it may then be justly predicated, that it' is 
 a measure which can do injustice to none. All 
 that can be said against it is, that it will sanction 
 the injustice already done, in cases where debtors 
 on past contracts have, from choice, or from want 
 of power, hitherto abstained from taking advan- 
 tage of their creditors. 
 
 It is certain, also, that the cases must be com- 
 paratively few, in which it can ever be accused 
 of sanctioning the injustice which has already been 
 committed ; for all those who have been already 
 forced to accept payment will be in the same si- 
 tuation, whether the one arrangement or the o- 
 ther is adopted, as, in all cases where payment 
 has been made, and the account settled, the resump- 
 tion of the ancient standard will afford no indemnity. 
 
 In like manner the public creditor, who has 
 been forced to sell out of the funds, and accept 
 full payment in money of inferior value, cannot 
 now be indemnified by resuming the old standard j 
 whilst, on the other hand, the purchaser who has 
 paid for his stock in paper of inferior value to 
 gold, would obtain, at the public expence, by re- 
 suming the old standard, a premium to which he 
 is nowise entitled. 
 
 If the third mode of equalizing our currency.
 
 61 
 
 which has been suggested, should be adopted, 
 viz. That of assuming a metallic standard, on the 
 supposition that silver and gold possessed an in- 
 termediate value betwixt the value of these metals 
 in paper, previous to the restriction, and their 
 present value in paper ; such a measure would 
 obviously, in some cases, inflict injustice, in the 
 same manner with the arrangement of resuming 
 our ancient standard, though in no case to the 
 same extent ; and, in other cases, it might be ac- 
 cused of doing injustice, though less in degree, 
 similar to that arising from the arrangement of 
 fixing our standard of gold according to the pre- 
 sent value of paper. 
 
 It is clear, too, that it would possess more of the 
 character of the first measure, in proportion as 
 the new standard of value approached the former 
 valuation of gold and silver, and more of the de- 
 fects of which the latter measure may be accus- 
 ed, as it approached the value of the metals as 
 now estimated in paper. 
 
 It is therefore much to be lamented that we 
 have ever in practice departed from enforcing 
 payment in the standard coin of these realms ; for 
 we have now to regret, not only that strict jus- 
 tice in all cases can, on no plan which can be
 
 62 
 
 suggested for restoring equality to our currenciy, 
 be administered, but that, even if we are guided by 
 the considerations of which system would produce 
 the least hardship and injustice, we must abandon 
 the idea of resuming the ancient standard. i- 
 
 Most certainly, if all pecuniary engagements 
 remained in the same state in which they existed 
 jirevious to the restrictiGn, and that all who had 
 lent their money were still creditors to the same 
 extent ; if no new engagements had been made 
 by which depreciated currency had been advan- 
 ced under obligations to pay stipulated sums, then, 
 indeed, justice would point out the propriety of 
 restoring things to the state in which they stood. 
 
 But, from the nature of human transactions, 
 much of what debtors had stipulated to pay at 
 so remote a period, even in quiet times, must have 
 been discharged. It is, therefore, impossible to 
 reflect upon the extraordinary changes which must, 
 from the nature of the times, have taken place in 
 all pecuniary engagements since that period ; and 
 on the circumstance that, for some years past, 
 with the exception of the loans to government, 
 money transactions have been generally limited 
 so as' to endure only for the short term of a few 
 months, without plainly perceiving that, in at-
 
 63 
 
 tempting to do justice to the few creditors whose 
 engagements, contracted before the restriction, 
 have ever since remained unchanged, we should 
 do the utmost injustice to all the debtors whchave 
 received payment of what was advanced to theni 
 in money of very inferior value.' ■ 
 
 It is also clear, that even the few creditors who 
 had entered into pecuniary stipulations years ago, 
 and whose contracts remain in circumstance un- 
 changed, will derivd a benefit from our abandon- 
 ing the present system of circulation, even if the 
 principle should be adopted of fixing the legal 
 standard of our money at the rate which the 
 price of coin in paper suggests. 
 
 They will, indeed, receive no compensation for 
 the loss they have already sustained j but, if they 
 consider the extent of the annual diminution of 
 their receipts, and the severe losses to which, year 
 after year, they have been subjected, if is impos- 
 sible they should not perceive that they derive a 
 great benefit from any measure which guards a- 
 gainst a future increase of their loss. 
 
 Two years ago, the bank note was worth 
 seventeen shillings and fourpence three farthings ; 
 at the price of gold of this day, it is worth only 
 fourteen shillings and fivepenCe ; since that period,
 
 C4 
 
 therefore, the loss of a creditor in an old pecuni- 
 ary contract, has been more than double. 
 
 It is likewise true that the difference betwixt the 
 value of gold and paper has, generally speaking, 
 proceeded in an increasing ratio, and many reasons 
 may be assigned for believing that it will continue 
 to do so ; any measures, therefore, which tend to 
 guard a creditor in a contract entered into before 
 the restriction, from the gradual annihilation of 
 his property with which he^is threatened, must 
 appear desirable to him, And when it is con- 
 sidered that the benefit he will derive extends 
 itself to all those who have become creditors in 
 pecuniary engagements now subsisting, even since 
 the restriction, all of whom are alike liable to sus- 
 tain a similar diminution of their property in the 
 course of the ensuing year, it hardly admits of a 
 doubt, that justice to the community at large 
 points out the measure of adopting a new stan- 
 dard, suited to the present value of the metals in 
 paper, as the means of equalizing our currency 
 which ought, under all the circumstances of the 
 case, to be resorted to. 
 
 It must, however, be admitted, that those who 
 are still creditors in subsisting pecuniary engage"*
 
 65 
 
 ments, entered Into previous to the restriction, are 
 the class in the community who will be most in- 
 jured by such a regulation ; but if the question be 
 fairly explained to them, and the choice given, 
 whether they will incur the risk of going on with 
 the system which now prevails, or secure to them- 
 selves the certainty of enjoying what they would 
 be still, under the present circumstances, entitled 
 to receive, at the expence of submitting to the loss 
 already sustained, it is scarcely possible to doubt 
 what must be their decision. 
 
 Let us suppose, that a loan of a thousand 
 pounds had been made to Government in the 
 year 1 795, in the lawful coin of these kingdoms, 
 for the payment in coin at five per cent., or of 
 fifty pounds a year. Let it be stated and explain- 
 ed to the creditor entitled to the interest on 
 this loan, that, from the state of the deprecia- 
 tion of the paper in which he is now paid*, he re- 
 ceives only thirty-six pounds and tenpence, being 
 nearly twenty-eight per cent, less than he con- 
 tracted for : that the loss he sustained did not 
 
 * Taking gold at five pounds eight shillings an ounce, 
 and the bank note of one pound of course as worth four^ 
 tccn shillings and fivepcnce. Sec Appendix, No. III. 
 E
 
 66 
 
 happen suddenly, but that it has been gradu- 
 ally increasing to this pitch, being at first small, 
 and having, since the year 1808, increased very 
 rapidly : that the ratio of its increase has been 
 annually augmented : and that, from the circum- 
 stance of the increase of banking establishments, 
 and of the unparalleled inequality of the present 
 value of small money, it is likely to increase in fu- 
 ture, even more rapidly than before. 
 
 Let him be informed, that though there is now 
 a probability of arresting the progress of his loss, 
 so that his property shall be permanently diminish- 
 ed only twenty-eight per cent. ; yet that if it goes on 
 another year, and the depreciation of paper should 
 increase to thirty-five per cent., the application of 
 the same principle to arrest the growing evil will 
 require a permanent sacrifice of thirty five in- 
 stead of twenty-eight per cent, of his income. 
 
 Further, let the certain consequences of going 
 on without a scale of value, fixed and adjusted to 
 a metallic currency, be pointed out from the ex- 
 perience of past times, which has shown it to 
 be only a plausible and occult, though neverthe- 
 less a certain means of transferring the property of 
 one man into another man's pocket; and he
 
 «7 
 
 must indeed be ignorant or obstinate, if he do 
 not regard this measure, with all its hardsliips, 
 as an arrangement comparatively beneficial. 
 
 Hitherto, in considering the various means 
 of restoring equality to our currency, the prin- 
 cipal object has been to convince those who 
 conceive the difference betwixt coin and paper 
 to arise from a depreciation of paper, that, con- 
 sistent with views of strict justice in the position 
 in which we stand, all idea of resuming payment 
 in coin of the former standard must be renoun- 
 ced ; and the question has been argued in this 
 point of view with the greater anxiety, because it 
 appears, that, as far as the administration of jus- 
 tice is concerned, it is those alone who hold this 
 opinion concerning the cause of the difference 
 betwixt coin and paper, who can object to the 
 measure of adopting a new metallic standard, 
 adapted to the present value of our coin in 
 paper. 
 
 For it « seems impossible that those who assert 
 the difference betwixt gold and paper to have arisen 
 firom an increase in the value of gold, should 
 maintain, that, consistent with justice, we can re- 
 sort to our ancient metallic standard, — as it isob-
 
 68 
 
 vious, that to them a bank note appearing not to 
 have diminished in value, and gold or coin ap- 
 pearing to have increased in value to the extent 
 of thirty-eight and a half per cent. *, the resum- 
 ing the ancient standard must appear a fraud on 
 the debtor to that extent, whilst the payment 
 in metallic currency, coined on the principle of 
 containing a portion of metal equivalent to that 
 paper which they hold to have maintained its 
 value, must be considered as consistent with per- 
 fect justice. 
 
 This, indeed, is not a proposition which re- 
 quires to be enforced or illustrated, for it has 
 been assumed as the foundation of all the abuse 
 bestowed on those who, two years ago, demanded 
 payment in coin, as well as of the reasoning in de- 
 fence of all the recent regulations on the subject 
 of our currency. 
 
 "Whilst therefore they must conceive, that com- 
 plete justice is done by enforcing payment in bank 
 notes, which they hold not to be depreciated, or 
 what is the same thing, by enforcing payment of 
 that quantity of gold which is now equivalent to 
 
 * See Appendix, No, I;
 
 69 
 
 these bank notes, — they must regard enforcing 
 payment of contracts that have taken place since 
 the restriction J or of payments which are now con- 
 tracting, in gold coin of our former standard 
 to be an act of the greatest injustice, involving 
 an additional payment, not of twenty^ eight per 
 cent, more than was contracted for, which is the 
 sum their adversaries contend the paper is de- 
 preciated, but of thirty-eight and a iialf per cent., 
 the amount they assert which gold has risen in 
 value. 
 
 Those then who maintain, that the difference 
 between gold and paper arises from the increased 
 value of the metals, can hardly entertain a doubt 
 on what principle we ought now to proceed in 
 restoring equality to our currency. 
 
 It is a proposition which cannot be disputed, 
 that a country can possess no measure of value, 
 from the circumstance of having a denomination 
 of money of account, without its being adjusted 
 to a metallic currency ; for, as Sir James Stewart 
 forcibly states it, you might as well pretend to 
 measure a distance upon a map, without adjust- 
 ing the compasses to the scale, arguing that the 
 accidental opening must suit the length to be
 
 70 
 
 measured. — But if we are to adjust the denomina- 
 tive value of our paper to a metallic scale, that we 
 may have a certain measure, wiihout which we 
 cannot even ascertain whether there exists equali- 
 ty in the component parts of our currency, it is 
 clear, that with justice to no description of men 
 engaged in pecuniary concerns, can a certain de- 
 nomination of paper be declared equivalent to a 
 portion of metal now of iiifi litely greater value 
 than they suppose such paper to have at any time 
 enjoyed. 
 
 It seems therefore evident, that whatever may 
 be the difference of opinion prevalent with regard 
 to the cause of the inequality of our currency, a 
 due regard to justice must produce a cfuncidence 
 of sentiment on the propriety of abandoning the 
 ancient standard, and on the principle on whicK 
 we ought to proceed in restoring equality to the 
 currency. 
 
 But there is another view of this question, 
 which is of still greater importance, that is, — How 
 far the arrangements which have taken place in 
 relation to the property of the country, since our 
 departure from the ancient metallic standard, has 
 not made it impossible to retrace our steps, with-
 
 71 
 
 out producing a scene of universal bankruptcy and 
 confusion. 
 
 It would be an endless task to undertake to 
 point out, in detail, all the effects which would im- 
 mediately ensue from adopting the former legal 
 standard, in consequence of the various shifts and 
 changes which have taken place in the arrange- 
 ments of property since the Legislature countenan- 
 ced the present system of circulation. 
 
 All that can be attempted, and indeed all that 
 seems necessary to produce a complete convic- 
 tion, even on the minds of those who are most 
 sanguine on the subject of our resources, that we 
 cannot now possibly resume our former standard, 
 will be, to trace the outlines of the certain effects 
 of this measure, in some very prominent and 
 leading cases. 
 
 The public debt of this country has increased 
 to an extent so enormous, that, in considering the 
 effects of any arrangement on the situation of pro- 
 perty, the state of the public creditor, and the 
 power of paying his demands, is perhaps, of all 
 others, that view of the subject which interests the 
 greatest number of individuals. 
 
 Those who have attended most to the state of
 
 72 
 
 our funded debt, and who have minutely observ- 
 ed its rapid accumulation, have for some years 
 doubted whether the country was not getting into 
 a very perilous state. There are few, perhaps, who 
 have thought us capable of long sustaining the 
 enormous burdens to which it has given rise ; and 
 there are surely none but must have seen with 
 pain the hardships inflicted on various classes of 
 the community, by the increased taxation which 
 has taken place. 
 
 Yet it is certain, that, though the nominal va- 
 lue of what has been paid of late years to the pub- 
 lic creditor has greatly increased, the real value 
 of what he has received has invariably diminish- 
 ed, and that to an extent of which perhaps few 
 are aware. 
 
 In the year ending Ist February 1 808, the total 
 charge, on account of the public debt, as paid in 
 bank paper, was twenty-eight millions, one hun- 
 dred and eighry six thousand, nine hundred and 
 onh pounds. * — In consequence of the rapid aug- 
 
 * See Appendix No. XI. containing a Table, shewing the 
 total charge ccmccrningthe public debt of Great Britain, 
 including the Sinking-Fund, as paid in bank paper, from the
 
 73 
 
 mentation of our debt, the charge for one year, end- 
 ing 1 St February 1813, was thirty-four millions, two 
 hundred and eighty-eight thousand, five hundred 
 and sixty-four pounds *, being an increase, as 
 paid in bank paper, of six millions, one hundred 
 and one thousand, six hundred and sixty-three 
 pounds. 
 
 But in the year 1 808, gold was of value four 
 pounds per ounce ; the sum of twenty-eight milli- 
 ons, one hundred and eighty- six thousand, nine 
 hundred and one pounds, was therefore, at that 
 time, equivalent to twenty-seven millions four hun- 
 dred and thirty-seven thousand, one hundred and 
 twenty-nine pounds of standard coin f : whilst, 
 in the present year 1813, (gold being at five pounds 
 eight shillings an ounce), the charge of thirty-four 
 millions, two hundred^ and eighty- eight thousand, 
 five hundred and sixty- four pounds i.i paper, can 
 be defrayed for twenty -four millions, seven hun- 
 dred and twenty-two thousand, and fiffy four 
 pounds in coin J, that is, for two millions, seven 
 
 ycareuding Istl'cbruary 1804, h> iheyear ending Isi Feb- 
 ruary 1813 inclusive; shcAvingalsa the value in cacli year, 
 of gold coin, which, according to the price of gold, was 
 equivalent to the sum paid in notes. 
 
 ♦ Ibidem. -j- Ibidem. + Ibidem.
 
 74 
 
 hundred and fifteen thousand, and seventy-five 
 pounds less of the lawful money of these king- 
 doms, than would have been required to defray 
 the charge of the public debt before it received 
 the large additions which have been made to it 
 since the 1st February 1808. 
 
 It is then easily understood how, notwithstand- 
 ing the rapid and certainly unparalleled increase 
 of charge in respect of our debt, it should have 
 been apparently submitted to with less difficulty 
 than was formerly felt, when the increase of 
 nominal charge used to be comparatively insig- 
 nificant. 
 
 But those who conceive we can now resume 
 payment in coin of the ancient standard, must be 
 prepared to state grounds for thinking that the 
 people of this country, (who, it is hardly possible 
 to believe could have suffered the pressure of this 
 great increase of debt, had the continuance of 
 payment in standard coin allowed it to be gradu- 
 ally felt), will be able to sustain the sudden shock 
 they must receive, when it comes all at once to 
 bear upon them in full force, which must be the 
 case, if payment be enforced in standard coin. 
 
 For, though twenty- four millions, seven hun-
 
 75 
 
 dred and twenty-two thousand, and fifty-four 
 pounds* of our metallic money, can, under our 
 present system defray the whole charge respect- 
 ing the national debt, (that sum being equivalent to 
 thirty.four millions, two hundred and eighty-eight 
 thousand, five hundred and sixty-four pounds f 
 in bank paper), the moment payment is enforced 
 in the metallic money of these kingdoms, the 
 charge on that account will become thirty-four 
 millions, two hundred and eighty-eight thousand, 
 five hundred and sixty-four pounds in standard 
 coin. That is, this regulation will have the ef- 
 fect of suddenly subjecting the people of this 
 country to the necessity of an additional pay- 
 ment of nine millions, five hundred and sixty six 
 thousand, five hundred and ten pounds, not in 
 bank notes^ but in the lawful coin of these realms. 
 This statement is not here brought forward 
 for the purpose of canvassing the justice or in- 
 justice of giving to the public creditors such a 
 large addition to the sum they now annually re- 
 ceive : It is not meant to assert, that they have 
 a right to nine millions, five hundred and sixty- 
 
 * Ibidem + Ibidfiu.
 
 76 
 
 six thousand, five hundred and ten pounds, 
 more than is now paid to them. 
 
 In that view of the subject, a judge deciding in 
 equity, by the just maxim of the Roman law, 
 " Valor monetce consideraridiis et inspiciendiis 
 " est a tempore contractus, non autem a tempo- 
 ** re solutionis" would discover that much of it 
 had been contracted, and a still greater portion 
 of it acquired, by the intervention of paper of va- 
 rious values, according to the time in which it 
 was purchased, without any advance of standard 
 coin, and he would therefore conceive that no 
 claim urged in that form ought to be sustained. 
 
 The object in at present submitting this state- 
 ment, is simply for the purpose of displaying 
 the unquestionable fact, that if payment be resum- 
 ed in standard coin, the public must be subject- 
 ed to an additional charge of nine millions, five 
 hundred and sixty six thousand, five hundred 
 and ten pounds, on account of the National 
 Debt. 
 
 How far this could be defrayed at a time when, 
 during the last year, the Chancellor of the Ex- 
 chequer avowed the impossibility of carrying 
 taxation further ; and, on that ground, encroach-
 
 77 
 
 ed upon the favourite system of the Sinking- 
 ]p und, seems, in itself, a point on which it is rea- 
 sonable to entertain the strongest doubts. Yet it 
 is certain, that a still more striking illustration 
 of the impossibility of now resuming payment 
 in coin of the ancient standard, must arise from 
 a short view of the effects which such a regula- 
 tion would have, in increasing the taxes at large 
 to which the people of this country are subject- 
 ed. 
 
 The receipt into the Exchequer, on account 
 of the permanent taxes, and of the taxes annu- 
 ally granted, amounted, for the year ending Ja- 
 nuary 1813, to thirty-seven millions, five hun- 
 dred and ninety-seven thousand, and thirty-five 
 pounds *. Supposing the receipt to be the same 
 this year, as gold is five pounds eight shillings 
 
 * Sec Appendix No XII., containing a table, sliewing 
 the amount of the sum paid into the Exchequer, on ac- 
 count of the permanent taxes, and the taxes annually 
 granted in each of the following years ; Shewing also, on 
 the supposition that bank notes have been and are depre- 
 ciated, the sum in gold coin, aacording to the mint stan- 
 dard, which would have been, in each year, equivalent to 
 the sum paid into the Exchequer in notes.
 
 78 
 
 an ounce ; the sum, in reality, levied from the 
 public in the lawful coin of these realms, must 
 therefore be twenty- seven millions, one hundred 
 and seven thousand, four hundred and sixty- 
 two pounds *, being ten millions, four hundred 
 and eighty-nine thousand, five hundred and 
 seventy three pounds less than the sum which of 
 necessity would become payable, the moment the 
 measure is enforced of resuming payment in coin 
 of the ancient standard. 
 
 Neither is this by any means the full extent 
 of the increased contribution which resuming pay- 
 ment in coin of the ancient standard must impose 
 on the country. Supposing twenty-one millions, 
 one hundred and eighty-one thousand, and eighty- 
 two pounds, which was last year received in bank 
 notes at the Exchequer, on account oi the war 
 taxes f , to be also the amount paid in the 
 
 * Ibidem. 
 
 + See Appendix, No XIII, containing table, shewing 
 the amount of the sum paid into the Exchequer on ac- 
 count of the war taxes in each of the following years :— - 
 Shewing also, on tlie supposition that bank notes have 
 been and are depreciated, the sum in gold, according to 
 the mint .standard, which would have been in each year 
 ec^uiTaleut to the sum paid into the Exchequer in notes.
 
 7§ 
 
 course of the present year ; (as gold is at five 
 pounds eight shillings,) this sum is exactly 
 equivalent to fifteen millions, two hundred 
 and seventy-one thousand, five hundred and 
 sixty pounds * in standard coin ; it would 
 be immaterial, therefore, both to the peo- 
 ple who pay, and to the treasury, in which 
 of the two forms it passed from the one to 
 the other: but the resumption of payment in 
 standard coin would create the necessity of pay- 
 ing the twenty-one millions, one hundred and 
 eighty-one thousand, and eighty- two pounds in 
 coin ; that is, it would, by its operation on the 
 war taxes, alone impose the necessity of addi- 
 tional burdens, to the extent of five millions, nine 
 hundred and nine thousand, five hundred and 
 twenty-two pounds f. 
 
 * Ibidem. 
 
 + This regulation certainly will not haye the eflFect of 
 producing the rise that is here stated on ad valorem du- 
 tics ; because, as the price of commodities would be re- 
 duced by adopting coin instead of paper, as the measure 
 of Talue and medium of exchange, so they would under, 
 go a diminution in nominal amount proportioned to the 
 higher Talue of the standard by which it is measured; but
 
 80 
 
 Thus, this measure of resuming payments in 
 cash of the old standard, which to some has ap- 
 peared a thing to be done by the superintending 
 care of the bank directors, in the course of two 
 years, and which the Legislature has perempto- 
 rily enacted should take place six months after 
 the conclusion of peace, would, by its combined 
 effect on the permanent and the war taxes, ne- 
 cessarily give rise to an additional annual pay- 
 ment, on account of taxes, to the amount of n,o 
 less than sixteen millions, three hundred arid 
 ninety nine thousand, and ninety hve pounds. * 
 
 Hitherto, in tracing the effects of the resump- 
 tion of payment of standard coin in augmenting 
 the sums which must be paid to the public credi- 
 tor, as well as the amount of what must be 
 
 the sum of ad valorem taxes is comparatively so insignifi- 
 cant, that it appeared unnecessary to load the reasoning 
 with any additional statement on that account. 
 
 *See Appendix, No XIV, containing a table, shewing 
 the sum jjaid into the Exchequer on account of the perma- 
 nent taxes ; of the taxes annually granted ; and of the 
 >var taxes in each of the following years : Shewing also, 
 on the supposition that bank notes have been and are de- 
 preciated, the sum in gold coin, according to the mint 
 standard, which would have been in each year equivalent 
 to the sum paid into the Exchequer in notes.
 
 81 
 
 paid by the subject to the Exchequer on account 
 of permanent and war taxes, the reasoning has 
 proceeded on the assumption that the paper of 
 the Bank of England is in a state of depreciation. 
 Those, however, who, notwithstanding the clear 
 and incontroverted proofs which have been given 
 that this is the case, still persevere in expressing 
 the opinion, that paper has maintained undimini- 
 shed value, and that gold and silver have risen in 
 value, will not find, even if they could establish the 
 accuracy of this their favourite tenet, that the road 
 towards the resumption of cash payments was much 
 smoothed ; on the contrary, this measure must ap- 
 pear to them to impose the necessity of a much 
 more formidable increase of interest being paid to 
 the national creditor, as well as of levying a much 
 greater augmentation of revenue from the subject. 
 According to their doctrine, as the gold con- 
 tained in one pound Sterling, (gold being at five 
 pounds eight shillings an ounce,) is worth one 
 pound seven shillings and eightpence three far- 
 things in paper— that is, has increased upwards 
 of thirty-eight and a half per cent.*j the sum of 
 
 * See Appendix, No. I.
 
 »2 
 
 thirty- four millions, two hundred and eighty- 
 eight thousand, five hundred and sixty-four 
 pounds *, which was last year paid in paper on 
 account of interest, &c. on the national debt, 
 would, if payment in coin was this year enforced, 
 •amount in reality to a value in paper of no less than 
 forty-seven millions, five hundred and forty- 
 seven thousand, nine hundred and fifty-one 
 pounds f. 
 
 Those who hold this tenet must, therefore, 
 allow, that the resumption of cash payment 
 would create the necessity of paying to the pub- 
 lic creditor a sum in bank notes of thirteen mil- 
 lions, two hundred and fiity-nine thousand, three 
 hundred and eighty-seven pounds, more than 
 they at present receive. 
 
 * See Appendix, No. XV., containing a table shewing 
 the total charge of the public debt of Great Britain, in- 
 cluding Sinking-Fund, as paid in bank notes, from the 
 year ending 5th January 1804, to the year ending 5th Ja- 
 nuary 1813: Shewing also, on the supposition that gold 
 has risen in value, the sum in notes, equivalent to what 
 the public creditor and Siihking-Fund would have received 
 in each jear, had they been paid in standard coin, 
 i Ibidem.
 
 83 
 
 In like manner, as it must be admited that this 
 regulation, if now enforced, would augment the 
 sum to be paid in paper, both on account of the 
 permanent taxes, and of the war taxes, in a similar 
 proportion ; so, on the supposition that the same 
 sums are to be paid this year as Were received in the 
 preceding one, it would create the necessity of the 
 subjects* advancing, on account of the permanent 
 taxes, the sum of fifty-two millions, one hundred 
 and thirty -five thousand, eight hundred and eight 
 pounds in paper*, instead of the sum of thirty-seven 
 millions, five hundred and ninety- seven thousand, 
 and thirty-five pounds f, which was paid in notes ; 
 whilst the same measure must also occasion a pro- 
 portional effect upon the war taxes, — as there will be 
 
 * See Appendix, No. XVL, containm.:;a table, sliewitig 
 the amount of the sum paid into the Exchequer on account 
 ol the permanent taxes, and the taxes annually granted iu 
 each of the following )'ears : Shewing also, on the sup- 
 position tiiat gold has risen in value, the sum in notes, e- 
 quivalent to what the subjects would have paid into the Ex- 
 chequer, in each year, had they been compelled to pay in 
 standard gold coin. 
 
 + Ibidem.
 
 84< 
 
 a necessity, on the same principle, of the country's 
 paying twenty-nine millions, three hundred and 
 seventy-one thousand, eight hundred and six 
 pounds in notes *, instead of twenty- one millions, 
 one hundred and eighty-one thousand, and eighty- 
 two pounds, which was last year actually the re- 
 ceipt under our present system from that source. 
 Thus, the resumption of cash payments must, ac- 
 cording to those who think that gold has advanced 
 thirty-eight and a half per cent, in value, substanti- 
 ally occasion an increased payment on account of 
 the permanent taxes, to the amount of fourteen 
 millions, five hundred and thirty-eight thousand, 
 seven hundred and seventy-three pounds, and, on 
 account of the war taxes, to the extent of eight 
 millions, one hundred and ninety thousand, se- 
 ven hundred and twenty-four pounds, creat- 
 
 * See Appendix, No. XVII., containing a table, shewing 
 the amount of the sum paid into the Exchequer on account 
 of the war taxes in each of the following years : Shewing 
 also, on the supposition that gold has risen in value, the 
 sum in notes, equivalent to what the subjects would have 
 paid into the Exchequer, had they been compelled to pay- 
 in standard gold coin.
 
 85 
 
 ing, when united, an augmentation of re- 
 venue, payable in bank paper, of the enormous 
 amount of twenty-two millions, seven hundred 
 and twenty-nine thousand, four hundred and nine- 
 ty-seven pounds *. 
 
 If there be any one whose opinions on the sub- 
 ject of the resources of this country are so inflated 
 as to imagine, that, in times the most prosperous, 
 such additional burdens as would be thus created 
 could be sustained, — or, should any one be san- 
 guine enough to think, that even the smaller 
 increase of taxation could be sustained, which, 
 on the supposition of bank paper's being depreci- 
 ated, would be occasioned by the resumption of 
 payment in the ancient standard ; let them re- 
 flect, that this regulation, which will so materially 
 
 * See Appendix, No. XVIII., containing a table, shew- 
 ing the amount of the sum paid into the Exchequer on ac 
 count of the permanent taxes, of the taxes annually grant- 
 ed, and of the war taxes in each of the following years: 
 Shewing also, on the supposition that gold has ri^cn in 
 Talue, the sum in notes, equivalent to what the subjects 
 would have paid into the Exchequer, had they been com- 
 pelled to pay in standard gold coin.
 
 S6 
 
 increase the value of the sum to be collected 
 from the public, must also greatly derange the 
 property of individuals, and that, too, in a manner 
 not very consistent with the prosperity of the in- 
 dustrious, to whom the nation must always look 
 for the augmentation of its resources. 
 
 It is impossible to pretend even to give a sketch 
 of all the various effects which the resumption of 
 payment in our ancient standard must have upon 
 private property, nowise concerned with the pub- 
 lic debt ; but to give some idea how very unfa- 
 vourable the arrangement must be to the power 
 of providing means to defray that increased taxa- 
 tion which it must occasion, it will be sufficient to 
 point out the situation in which the farmer must be 
 placed, at the moment his taxes, already so bur- 
 densome as in many places to have produced a check 
 to the improvement of the country, are increased 
 to the extent of nearly twenty-eight per cent. * — 
 which would be the case, according to the theory 
 of those who think paper is depreciated — or of 
 thirty 'eight and a half per cent., which would be 
 
 * gee Appendix, No. III.
 
 87 
 
 the effect of resuming payment in standard coin, 
 according to the system of those who assert that 
 gold has risen in value *, 
 
 Suppose, for example, a farmer now agrees 
 for a farm at the rent of one thousand a-year, he 
 will pay, including property-tax, one thousand 
 and fifty pounds per annum, equal in the current 
 coin of these kingdoms (gold being five pounds 
 eight shillings per ounce,) to seven hundred and 
 fifty-seven pounds one shilling f, and as, in taking 
 this farm, he must be supposed, according to the 
 principles laid down by all who have treated of 
 the subject, to have calculated on its produ- 
 cing three rents, the gross produce must have been 
 estimated as worth either three thousand one hun- 
 
 • Sec Appendix, No. I. 
 
 + Appendix, No. XIX., containing a table s!ieMi.T»g the 
 real value in standard coin paid l)y a farmer for a farm of 
 one thousand pounds per annum rent in notes, calculated 
 upon his paying fifty pounds u-year property-tux. In this 
 Appendix,- the statement is maile in each yi'ar since the 
 year 1804, that farmers may jud^e from the' ytar in M'hich 
 their lease is dated and their calculations formed,. w hat must 
 be the advance of rent to which the icsumption of [jayiiient 
 in standard coin Mill subject them.
 
 88 
 
 dred and fifty in bank paper, or two thousand 
 two hundred and seventy-one pounds three shil- 
 lings in coin. 
 
 If payment in cash be resumed, it is ob- 
 vious that the whole of this proportion must be 
 at once destroyed ; his rent will be advanced two 
 hundred and ninety-two pounds nineteen shillings; 
 for he will pay one thousand and fifty pounds in 
 coin, while he will receive for his gross produce 
 only the amount of coin on which he originally 
 calculated, viz, the sum of two thousand two 
 hundred and seventy-one pounds three shillings, 
 being little more than double of the rent he will 
 be under the necessity of paying by the regulation 
 of resuming payments in standard coin. 
 
 Great as this hardship must appear, it is no 
 exaggerated representation of the situation in 
 whiph farmers will be placed who have recently 
 taken the lands they occupy, by the resumption of 
 payments in cash, at the very time when, by 
 this measure, they will be subjected to such large 
 increased payments on account of their taxes. It 
 would indeed, on investigation, be found that 
 there is hardly any description of property, the
 
 89 
 
 produce of which would not be liable to diminu- 
 tion from this regulation, at the same time that 
 all descriptions of property will be called upon, 
 in consequence of it, to contribute such large 
 additions to the public purse. 
 
 The question, therefore, for Parliament, and for 
 the country to consider, is, not how far it is eligi- 
 ble to resume payment in the ancient standard 
 coin of these realms, — nor even that which has 
 been here agitated, how far such a measure can, 
 consistent with justice, be resorted to, — but 
 whether we have not ignorantly persevered 
 in the present system, into which we went 
 headlong, without knowing what we were 
 about, till we have no longer the power of 
 reverting to that standard of payment from 
 which there is no considerate man who must 
 not regret our unfortunate departure. And after 
 the explanation upon this question which has been 
 here given, it certainly does appear impossible to 
 conceive, that any man who will give himself the 
 trouble of deliberately reflecting on the circum- 
 stances in which we are placed, can believe 
 the country capable of sustaining the shock
 
 90 
 
 which the resumption of coin of our ancient stand- 
 ard would occasion. 
 
 Here, then, the investigation into the best and 
 most expedient means of restoring our currency to 
 a salutary state might be terminated ; for the 
 consequences of persevering in our present system 
 will come properly to be subsequently considered. 
 But there are so many who have flattered them- 
 selves into a belief that the bank paper, and the 
 metals of which the coin is composed, will, with- 
 out legislative interference, either of themselves, 
 or by the skilful management of the directors of 
 the bank, resume that relation in respect to value, 
 which so long subsisted betwixt them, and who 
 look to that event as the most natural and pre- 
 ferable means of restoring our currency to a salu- 
 tai'y state, that it seems necessary to consider how 
 far this desirable change is in itself possible. 
 
 Some explanation on this subject seems indeed 
 peculiarly necessary, in deference to the high au- 
 thorities who appear to have formed their opi- 
 nions on this presumption. For the legislature 
 must have conceived that this change was likely 
 to take place, when they enacted that payment
 
 91 
 
 in coin of the ancient standard should be resum- 
 ed six months after a definitive treaty of peace ; 
 and it was avowedly on the principle that the 
 Bank of England could restore the former rela- 
 tions betwixt the value of coin and of paper, 
 that it was proposed to the House of Com- 
 mons to resolve, that cash payments should' take 
 place at the end of two years. 
 
 In considering the justice of these opinions, it is 
 plain that they both proceed on the belief that one 
 of two events must necessarily happen ; — they pre- 
 sume, either that bank notes will recover the twen- 
 ty-eight per cent, in their value * which they have 
 lost, or that coin or gold will fall the thirty-eight 
 and a half per cent, which it has risen*; for 
 those who assert bank paper to have diminished in 
 value, must conceive that the restoration of the old 
 relation, w ith respect to value betwixt coin and 
 paper, is to be reinstated by an augmentation in the 
 value of the paper, — whilst those who regard the 
 metals as having risen in value, must contemplate 
 
 * Taking gold at five pounds ci^jht fliiiliiigs per ouiuc. 
 See Appendix, Nos. 1. and ilT.
 
 92 
 
 the probable diminution in their value, as the 
 means of restoring the same equality. 
 
 Now, though it be impossible not to regret that 
 the avowal of the belief, that neither of these e- 
 vents can possibly take place, involves a differ- 
 ence of opinion, both from the sentiments hitherto 
 expressed by those who think that the misfortunes 
 of the times arise from the depreciation of our 
 paper, and by those who attribute our suiferings 
 to an increase in the value of the metals, — yet it 
 fortunately happens, that throughout the reason- 
 ing in defence of this scepticism, the adherents of 
 the one or the other of these sects, must uniform- 
 ly concur in every branch of the argument. 
 
 For those who conceive that the metals have 
 risen thirty-eight and a half per cent, in value, 
 must agree in thinking that bank paper, which 
 they hold to possess invariable value, cannot sud- 
 denly regain twenty-eight per cent, in value; 
 whilst those who think that paper is depreci- 
 ated twenty-eight per cent, must regard a fall of 
 thirty-eight and a half per cent, in the value of the 
 metals, which would prove the fallacy of their opir 
 nion, impossible. Besides, they never can give ere-
 
 93 
 
 dit to the idea that the metals, the rise of whose va- 
 lue they deny, and whose uniform slow diminu- 
 tion in value they have enlarged upon, should 
 suddenly fall thirty-eight and a half per cent. 
 
 It seems, therefore, only necessary to address 
 the reasoning, to prove, that there is no hope, un- 
 der our present circumstances, that equality can be 
 restored to our currency by bank paper rising in 
 value, to those who attribute the difference be- 
 twixt coin and paper to a depreciadon of paper ; 
 whilst, in like manner, in arguing that it is in 
 vain to expect it can be restored by a rapid di- 
 minution of the value of the metals, the reasoning 
 may be exclusively addressed to those who think 
 the difference occasioned by their having increased 
 in value. 
 
 Now, if what has been already stated, on 
 the impossibility of resuming payments in stan- 
 dard coin, has had the good fortune of command- 
 ing the assent of those who think the paper cur- 
 rency of the country depreciated, it can be no 
 very difficult task to convince them that they can- 
 not expect our currency to resume its former sa- 
 lutary state, either by any events which may na-
 
 94 
 
 turally happen, or by any regulation the bank di- 
 rectors can devise, producing such a rise in the 
 value of paper as shall restore that equality of 
 value betwixt bank paper and metallic money, 
 which formerly existed. 
 
 For, on a moment's reflection, they must per- 
 ceive, that all the reasoning used to shew that the 
 changes in the arrangement of the property of 
 the community, since we abandoned our ancient 
 standard, has rendered it impossible now to en- 
 force payment in that standard, must produce a 
 similar conviction, that the country could not go 
 on under any circumstances which occasioned 
 such an improvement in the value of bank paper. 
 In truth, the enforcing of payment in coin of 
 the ancient standard, can be considered only as 
 one mode of raising to that extent the value of 
 paper in circulation, which, the moment it is made 
 convertible into coin on demand, must partake 
 of the value of that coin ; and in whatever way 
 bank paper is made to resume its value in rela- 
 tion to coin, it must have accurately the same ef- 
 fect in augmenting the sums, or, what is the same 
 thing, the quantity of commodities those sums
 
 95 
 
 represent, which must be paid to the national cre- 
 ditor for interest, — to the Exchequer for taxes, — 
 and to the landlord for rent. 
 
 If a shop-keeper should add a fourth to the 
 length ot that measure of dimension called a yard, 
 his customers would inevitably get one-fourth 
 more, whether the instrument with which he 
 measured out the cloth was composed of a piece 
 of wood, or of a piece of ribbon ; so also, if nearly 
 twenty- eight per cent, in value is restored to 
 what is called a pound, it matters not whether it 
 be gold or paper that is used ; he who receives a 
 pound will receive an increased payment of near- 
 ly twenty-eight per cent. 
 
 Waving, however, this view of the subject, 
 which must in itself appear conclusive, as it shows 
 that the country could not go on in its present 
 circumstances if such a rise should take place, — let 
 us consider how, in the present situation of things, 
 it is possible either that bank paper should pf 
 itself rise in value, or that any means can be de- 
 vised to make it rise in value, without the inter- 
 position of the legislature. 
 
 The hypothesis, that a rise in the value of pa- 
 
 6
 
 96 
 
 pef may take places unconnected with the value of 
 the coin which it promises to pay, evidently shows 
 that bank paper is considered as a commodity 
 possessing an independent value of its own, which 
 must be subject to variations in value, governed 
 by the same laws which regulate the value of all 
 other commodities. It can, therefore, only rise 
 in consequence of an increased demand for it. 
 Or of a diminution in the quantity of it. 
 
 That paper should rise in value in consequence 
 of an increased demand for it, can hardly be in 
 the contemplation even of those who flatter them- 
 selves that a rise in the value of paper is a pro- 
 bable event. 
 
 It has been argued, and hitherto the reasoning 
 has remained incontroverted, that an excess of 
 paper produces its injurious effects on the ex- 
 change with foreign countries and in increasing 
 the value of commodities, not by its operation of 
 circulating medium, but by creating a mass of 
 fictitious capital. Even the committee of the 
 House of Commons, in their report of the high 
 price of bullion, who certainly have not adopted 
 this view of the subject, admit, that when paper 
 is first issued, it is undoubtedly so much capital,
 
 97 
 
 to use their own words, *' So much power of 
 ** making purchases, placed in the hands of those 
 " who receive it *.** 
 
 To suppose an increase of demand for bank 
 paper, is, therefore, to suppose an increase of de- 
 mand for capital, for which, of all things, there is 
 at all times the most equal demand, those who 
 possess it being always alike desirous of securing 
 an increase, and those who have it not, being at all 
 times equally desirous of acquiring it. 
 
 But, if at any time it could be supposed that 
 ihis demand had materially varied, and that it had 
 reached a point beyond which it was not likely 
 to rise, in times of peace at least, to which we 
 must look forward, it certainly would be in the 
 present moment of warfare, when the sum raised 
 by loan is so great, and when the expenditure of 
 the empire has within the year reached to the 
 enormous amount of one hundred and twenty- 
 five millions, five hundred thousand pounds f. 
 
 • See Report of the Bullion Committee, page 23. 
 + See Resolutions, No. 9. and 10. submitted to the House 
 of Commons by the Chancellor of the Exchequer, 8th Julj 
 1813.
 
 98 
 
 But if It appears impossible that a rise in the 
 value of paper should be produced by an increase 
 of the demand for it, it certainly on consideration 
 does not appear much more probable that such 
 an event should happen in consequence of a di- 
 minution of the quantity of paper in circulation. 
 
 The Committee of the House of Commons, in 
 their report on gold bullion, have indeed sup- 
 posed, that if the Directors of the Bank of England 
 abridged their circulation, the quantity of paper 
 throughout the country must be diminished; 
 arguing that the necessity of paying country 
 bank notes in Bank of England paper created 
 a check on the issue of those notes, in itself simi- 
 lar to that check on the issues of its paper which 
 the Bank of England experienced when it was 
 liable to pay in coin on demand *. 
 
 But that the restriction on country bankers, In 
 consequence of the liability to pay in Bank of 
 I^ngland notes on demand, creates no check in 
 its nature, similar to that which the liability to 
 pay in coin formerly imposed, must be apparent 
 
 * See Report of the Committee of the House of Cora- 
 mons on gold bullion, page 28.
 
 99 
 
 to all who have deliberately reflected on the sub- 
 ject. 
 
 Paper issued to excess, whether it be or be not 
 payable in gold on demand, is liable to suffer a 
 diminution of value; but when it is convertible in- 
 to coin on demand, the coin must, under such 
 circumstances, inevitably share with the paper in 
 the country where it circulates in excess, that di- 
 minution of value which it must necessarily sus- 
 tain. 
 
 As in other countries, however, such an over- 
 issue of paper cannot operate to diminish the value 
 of the quantity of gold contained in the coin of the 
 country where it takes place, the foreign trader 
 must, whenever this happens, have an interest in 
 exchanging all the notes he can procure into 
 gold, by which he acquires an immediate profit in 
 those countries where he has payments to make. 
 
 ' The holder of country bank-notes, on the other 
 hand, during the existence of the restriction on 
 cash payments, has no interest to convert them 
 into Bank of England paper, provided he feels 
 satisfied as to the credit and responsibility of those 
 by whom they are issued. 
 
 The liability to pay in gold, on demand, is 
 then a check which must be efficacious in prevent-
 
 100 
 
 ing an over-issue of notes, independent of any 
 suspicion concerning the credit of those who are 
 the issuers 5 whilst the liability to pay in Bank of 
 England notes on demand is no check at all, 
 unless there exists some suspicion or alarm con- 
 cerning the credit of the country banker, whose 
 paper is thrown into circulation ; for there can be 
 no difference of value betwixt two pieces of paper, 
 neither of which are payable in cash on demand, 
 and both of which are issued by those whose 
 credit is unsuspected. 
 
 A reduction of the paper of the Back of Eng- 
 land, can, therefore, only be looked to as likely 
 to make way for an increased circulation of the 
 notes of the other eight hundred and seventy- 
 eight banking establishments throughout the king- 
 dom, who, ever watchful to increase their indivi- 
 dual profits, would eagerly seize the opportunity 
 of extending their issues, by filling up the blank 
 which such a diminution of accommodation 
 on the part of the bank of England would oc- 
 casion. 
 
 Neither is this important conclusion solely jus- 
 tified by theory, for this inference, to which gene- 
 yal reasoning leads, accurately accords with the
 
 101 
 
 opinions which experience has taught practical men 
 to entertain ; accordingly, MrD'Olier, when exa- 
 mined before the House of Commons in the year 
 1 804, in the Irish Exchange Committee, declared, 
 that a diminution of the paper of the Bank of 
 Irelapd would only increase the circulation of the 
 private banks of that country ; and Mr Thornton, 
 when, in 1797, he was examined in the Bank 
 Committee, stated his belief, that a reduction of 
 five hundred thousand pounds of the notes of the 
 Bank of England would only produce a substi- 
 tution of other paper nearly to the same, or, per- 
 haps to a greater amount. 
 
 To look forward, then, to the value of bank 
 paper being raised by a diminution of its quantity, 
 without any legislative interference, is to indulge 
 a hope, in itself still more improbable than that 
 the value of paper should be raised by an increas- 
 ed demand for it ; for it is to suppose that nearly 
 nine hundred rival establishments, all habitually 
 employed in studying the means of acquiring 
 wealth, should at once sacrifice that consideration, 
 for the purpose of promoting the general welfare 
 of the community. 
 
 Before proceeding to state the unsurmountable 
 difficulties which must be encountered by those
 
 102 
 
 who maintain that the value of com has risen, 
 in endeavouring to justify the opinion that equa- 
 lity can be restored to our currency by its 
 suffering a diminution in value equal in extent to 
 the rise they assume to have taken place, it seems 
 necessary to repeat, that, far from supposing such 
 a rise possible, it is here only admitted for the 
 purpose of proving, to those who profess to be- 
 lieve in such a strange alteration in the natural 
 order of things, that a second alteration, no less 
 hostile to every thing that, on general principles, 
 can be reasonably expected, must take place, be- 
 fore their speculation, that coin will diminish in 
 value so as to resume the relation it formerly 
 bore in value to paper, could be realized. 
 
 To suppose that gold, which is said to have risen 
 in value upwards of thirty-eight and a half per 
 cent, is to suffer a diminution to a similar extent, 
 is evidently to assume either that the demand for 
 that commodity must, at an early period, be very 
 greatly diminished, or that the quantity of it must; 
 be most wonderfully augmented ; for these are 
 the only two events which could give rise to such 
 an alteration in the value of that metal. 
 
 Now, whilst it is perfectly impossible to per-
 
 ceive on what grounds those who think the value 
 of gold has increased, can contemplate the proba- 
 bility of a formidable diminution in demand for 
 this commodity, either on a supposition of a con- 
 tinuance of the war, which they have hitherto held 
 to be a source of great increase of demand for 
 it, or on the supposition of returning peace, 
 which is supposed to have at all times occasioned 
 an immediate increase of demand for it, it can- 
 not be denied that, under the circumstances 
 of this country, all must anticipate an extraordi- 
 nary source of increased demand for that metal, 
 before we can resume payments in cash. Thirty 
 millions is esteemeji about three years' produce 
 of all the mines, and thirty millions being the 
 quantity which was formerly computed to circu- 
 late in this country, we must have a demand for 
 three years* produce of the mines to replace the 
 metallic currency which we were supposed to 
 possess before the restriction on the bank. 
 
 Ridiculous, therefore, as it must appear for 
 those who" profess to believe that coin or gold has 
 risen in value, to suppose it will resume its for- 
 mer value in consequence of a diminution of de- 
 mand, — it must, however, appear still more im-
 
 104 
 
 possible to conceive, that it can be reduced to its 
 former level by an increase of the quantity pro- 
 duced from the mines. 
 
 Though we have certainly no experience of the 
 rules which regulate a rise in the value of the me- 
 tals, that event never having yet taken place, ex- 
 cept partially and casually, merely to the extent 
 of what was necessary to distribute them, in pro- 
 portion to the demand throughout the various 
 parts of the world, yet we have ample experi- 
 ence of their diminution in value, and unless we 
 can believe that the natural order of things is to 
 be totally perverted, such a diminution as that 
 which is supposed cannot possibly take place. 
 
 It is admitted by all those who have written on 
 the subject, that, towards the conclusion of the 
 last century, the progress of the depreciation in 
 the value of the metals was more rapid than at 
 ; any antecedent period, — but even then, it took 
 more than twenty-four years* before the additional 
 
 * Computing, according to the average rate of deprecia- 
 tion during the last fifty years of the eighteenth century, 
 as stated in Sir George Sliuckburgh's Tables, it would tak6 
 accurately twenty-four years, and one hundred and fojrty-
 
 105 
 
 quantities annually produced from the mines 
 could effect a diminution in value to the extent 
 of thirty-eight and a half per cent, which must 
 now appear to be necessary to restore the former 
 equality which subsisted betwixt our coin and 
 our paper ; how then can they suppose that any 
 quantity which can possibly be produced, with 
 the increased demand which they must contem- 
 plate on our resuming payments in cash, can 
 reduce the value of these metals to the degree 
 they are supposed to have risen in much less time 
 than that in which a similar diminution was for- 
 merly eflfected ? 
 
 It seems, therefore, difficult to say, whether 
 those who think that the difference betwixt coin 
 
 eight days, before gold or coin diminished 38.6855 per cent. 
 in Taluc. On this occasion we refer to these tables with 
 confidence, because, though a disposition has lately been 
 shown to dispute their accuracy, even by some of those who 
 had been over-lavish in their praise, yet these modern cri- 
 ticisms, all tending to prove that the metals are, by Sir 
 George Shuekburgh, represented as having sustained a more 
 rapid depreciation than they actually suffered, it follows, 
 that if there be any foundation for such observations, gold 
 would be still more tardy in resuming that relation in va- 
 lue to paper, which it is supposed will take place.
 
 106 
 
 and paper arises from a depreciation of paper, 
 or those who conceive it to proceed from a rise 
 in the value of the metals, have most reason to 
 despair of their former relation with respect to 
 value being restored by any means except by 
 the efficient interference of the legislatuse, in the 
 manner that has been here proposed. 
 
 Of the justice of the opinion that the nation de- 
 rives resources from the present system of 
 circulation, and of the consequences of perse- 
 
 After the detailed explanation which has been 
 given, both on the causes of the present derange- 
 ment of our currency, and of the most expedient 
 means of restoring it to a salutary state, it may 
 by many be considered superfluous to attempt a 
 minute refutation of the opinion that, from this 
 state of calamity we derive resources, and conse- 
 quently the means of displaying an increase of 
 exertion in the arduous contest in which we are 
 unfortunately engaged. 
 
 But the subject of paper money is one on 
 which the daily practices of mankind, and the ha«
 
 107 
 
 bits of thinking which these practices generate, 
 are hostile to all accurate and sound reasoning. 
 From using coin or paper payable in coin as a 
 measure of value, the vulgar naturally ascribe to 
 it the possession of fixed value; for, as measures 
 of quantity and length are known to possess fixed 
 dimensions, so the mind conveys the same attri- 
 bute to money which is the measure of value, 
 imputing all variations of price to the thing that 
 is to be measured, and giving to the measiire, 
 nay even to the denomination by which the mea- 
 sure passes, the qurJity of possessing a certain fix- 
 ed value, which, philosophically speaking, neither 
 belongs, nor can belong to any substance within 
 the grasp of man. 
 
 Besides, it is a subject which, though all admit 
 to be of the greatest importance, many think 
 they cannot make themselves master of, because 
 they never attempted it, — and of which unfortu- 
 nately not a few think that they are masters, be- 
 cause they can utter a few plausible sentences in 
 favour of opinions which they wish to be true. 
 
 Whilst, it is, therefore, difficult to say, whether 
 the indolent diffidence of the former, or the rash 
 conceit of the latter, have tended most to retard
 
 108 
 
 the ^neral diffusion of that knowledge which 
 can alone lead to accurate conclusions, it must 
 become the subject of all others on which minute 
 detail and repeated explanation is the most neces- 
 sary, to guard against those false impressions that 
 are too easily produced by reasoning, or rather 
 declamation, calculated to establish conclusions 
 beneficial to the interest of many, and suited to 
 the prejudices of all. 
 
 That, in the arduous contest in which we have 
 been so long engaged, the resources of this coun- 
 try have been exhausted to a degree heretofore un* 
 known, is a proposition, to the truth of which the 
 daily experience of every man in every rank of life^ 
 must force him to assent. Whilst, therefore, it is 
 wise in those who have persuaded themselves of 
 the necessity of this paper system, and who feel^ 
 in common with others, the difficulties which our 
 enormous expenditure for some years back has 
 occasioned, to represent it as the " vital branch 
 «' of the system, through the fruits of which we 
 *' contend on behalf of the world as well as our- 
 *' selves * J** it would be folly in one who con- 
 
 * See Lord CaBtlereagh's speech on the Report of the 
 Bullion Committee, page 50.
 
 109 
 
 ceives it to be deeply injurious, both to the credit 
 and to the resources of the country, not to en- 
 deavour to expose the fallacy of such loose decla- 
 mation. 
 
 In executing this task, the reasoning will 
 throughout proceed on the presumption, that the 
 depreciation of the paper currency of this coun- 
 try has been already clearly established. For 
 though, on considering the means best calcu- 
 lated to restore our currency to a salutary state, 
 the question was canvassed both on the sup- 
 position that the difference betwixt the value of 
 coin and paper originated in the depreciation of 
 paper, and on the hypothesis of its arising from 
 an increase of the value of gold ; yet, this last 
 view of the subject was merely an admission for 
 the sake of argument, and in no respect proceed- 
 ed from any feeling of doubt concerning the va- 
 lidity of those proofs of the depreciation of our 
 paper which are hitherto incontroverted, and 
 which certainly appear incontrovertible. 
 
 The proposition, then, which it is proposed to 
 canvass, before proceeding to a short detail of the 
 consequences of persevering in our present system
 
 110 
 
 of circulation, is, Whether a depreciated currency 
 can be considered as a means of adding to the re- 
 sources of a country ? 
 
 Though, to those who have maturely consider- 
 ed the subject, it must at once appear absurd, yet 
 the affirmative of this proposition was formerly 
 asserted with great eagerness by the natives of 
 our American Colonies, in defending their prac- 
 tice of issuing bills of credit, and more recently 
 with equal confidence by those who projected 
 the circulation of assignats in France, whilst it is 
 now as strenuously maintained in this country, by 
 men whose character, and whose high situations 
 in the state, claims the highest respect. 
 
 The reasoning of all, who, in this country, 
 have recently held the doctrine, that great resour- 
 ces are derived from our present system of circu- 
 lation, proceeds on an assumption of a fact which 
 has never yet been proved, nor attempted to be 
 proved — that there existed, in this country, a great 
 and unparalleled want of money. 
 
 Now, though the scarcity of money is a griev- 
 ance that has been complained of in all countries, 
 by almost all ranks and descriptions of men, and 
 even by those who have been entrusted with the 
 
 6
 
 Ill 
 
 conduct of their several governments, it is a com- 
 plaint which it is apprehended has, on the part of 
 governments, as well as of individuals, uniformly 
 proceeded from a misunderstanding of the real 
 grievance under which they laboured ; and as it 
 is believed that there never was any real ground 
 for giving credit to the existence of such an evil, 
 it seems necessary, with a view to show that this 
 pretence for adopting a circulation of paper not 
 payable on demand is in itself absurd, to explain 
 what have been the real grievances which diffe- 
 rent classes of individuals, as well as of statesmen, 
 have falsely considered as proceeding from a 
 scarcity of money. 
 
 Of all classes of mankind, beggars who are in 
 extreme poverty are the description of individuals 
 who complain loudest of the want of money; yet, 
 it is impossible to reflect on the circumstance, 
 that money is only useful as a measure of value, 
 or as a means of conducting the exchange of com^ 
 modities, without at once perceiving, that those 
 who have no commodities either to measure or 
 to exchange, are the only description of men who 
 can have no use for money. 
 
 When the beggar, therefore, complains of vmxt
 
 112 
 
 of money, he completely mistakes the nature of 
 his grievance, — it is the want of the necessaries of 
 life he really feels and ought to complain of, and 
 not of a want of money, for which, from the very 
 circumstances of his case, he can have no possi- 
 ble use. 
 
 The farmers who send their cattle or their 
 corn to the market, and return without effecting 
 a sale, are another class of mankind who almost 
 uniformly attribute their grievance to a want of 
 money. 
 
 Now, it is certainly curious to observe, that 
 this complaint of the farmers is founded on the 
 circumstance of not being able to get rid of a 
 great quantity of those necessaries of life, the dif- 
 ficulty of acquiring a small portion of which, 
 causes the beggar to complain of a similar want ; 
 and yet the grievance of the farmer can no 
 more be attributed with justice to the want of 
 money than that of the beggar. 
 
 His real grievance consists in his not having 
 been able to procure a sufficient price for his 
 commodity, and this must have arisen, either from 
 an increase in the quantity of cattle, or of corn 
 Mcposed to sale, or from a diminution in the
 
 113 
 
 value of other articles, which form the revenue 
 of those who would have become purchasers ; and 
 which of necessity must have diminished the de- 
 mand for the produce of his farm, and not in a 
 scarcity of money, which always must be ready 
 to perform the duty of a convenient machine for 
 exchanging the commodities produced by one 
 person for those produced by another, when both 
 wish to exchange, but which never can appear, 
 when there is, on the part of the one or the other, 
 a deficiency of commodity to exchange. 
 
 Amongst merchants also, there is no complaint 
 more common than that of the want of money, 
 yet they too mistake the real cause of the griev- 
 ance which they sustain ; for it is in no case the 
 want of money which prevents the merchant from 
 selling his goods to advantage : if that does not 
 proceed from the market being overstocked with 
 the goods of the sort he has to dispose of, it must 
 arise either from a sudden change of taste, or of 
 fashion, which diminishes the demand for them, 
 or from a general failure of the production, or of 
 the value of those commodities, from the sale of 
 which the revenue of that class of the commu- 
 nity arose who were accustomed to consume them.
 
 114 
 
 Even the landholder, when he finds a difficulty 
 in borrowing on mortgage, though he uniformly 
 attributes this circumstance to a want of money, 
 is not more correct in his statement of the griev- 
 ance under which he labours than the farmer 
 or the merchant. 
 
 What he in reality wants is, a portion of capi- 
 tal, either to be used in improving a part of his 
 property, or in replacing what he has already ex- 
 pended, or means to expend ; but, in acquiring 
 this capital, money is of no further use than as 
 the means of conveying it to him, just as it acts 
 in conveying the bread into the hands of the 
 beggar. 
 
 For it is surely needless, in this age, to explain 
 the distiiiction long known, though often lost 
 sight of, even by writers of the greatest character 
 and intelligence, betwixt money and capital, the 
 former of which merely forms, in common with 
 any other machine, a part of the general capital 
 of the country *. 
 
 * '1 his important distinction is clearly stated in the fol- 
 lowing passage of a Discourse of Trade, written by J>r 
 Bifield, and printed 1690, page 31.
 
 115 
 
 l^ow, much as these various classes of individu- 
 als have misconceived their real wants, when they 
 complain of a deficiency of money, their igno- 
 rance is trifling, in comparison of that which the 
 financier exhibits, concerning the real state of the 
 country, when he attributes the ease with which 
 he acquires loans to the abundance, or the diffi- 
 culty of obtaining them to the scarcity, of money. 
 
 Mr Bosanquet, who at least may be consider- 
 ed as an impartial authority, has stated, that the 
 trifling sum of fifty thousand pounds is suf- 
 ficient to conduct the advances to the issuers of 
 all the best bills in circulation in Lombard Street ; 
 and in like manner, it is evident, that a very few 
 hundred thousands of money must be capable of 
 transferring into the hands of government, those 
 millions of capital which have of late years been 
 annually borrowed from the subject. 
 
 That the scarcity or abundance of money is no 
 
 ** Interest.is the rent of stock, and is the same as the rent 
 of land. The first is the rent of the wrought or artificial 
 stock ; the latter of th<*\in wrought or natural stock. 
 
 " Interest is commonly reckoned for money, because the 
 money borroAved at interest is to be repaid in money ; but 
 this is a mistake— for the interest is paid for stock."
 
 116 
 
 criterion of the power of commanding capital, is 
 a proposition not only justified by general reason- 
 ing, but amply illustrated in our own times, by 
 the history of the finance of this country. 
 
 For, if it was given as a task to any man con- 
 versant with the details of these subjects, to se- 
 lect a year in which money, including coin and 
 paper, must have been peculiarly scarce, the year 
 1797 is that which would naturally suggest it- 
 self; as, on that occasion, the coin of the country 
 was proved to have been diminished to an unpa- 
 ralleled degree, by forced remittances, whilst the 
 paper of the Bank of England was issued to a 
 smaller extent than at any other period. And 
 the accommodation from other banking esta- 
 blishments was known to be reduced, though at 
 all events, it must have been comparatively small, 
 as at that time there were not above two hundred 
 in Great Britain. 
 
 Yet, for the service of that year, thirty-four 
 millions, five hundred thousand pounds was rais- 
 ed by loan, being the greatest sum ever attained 
 in any one year, by that means, in this or any 
 other country. 
 
 It may then be asserted, without hesitation, that 
 whether these complaints of want of money have
 
 117 
 
 proceeded from individuals, or from men in high 
 situations, charged with the superintendence of 
 public concerns, they have uniformly originated 
 in a total misconception of the real and existing 
 grievance. 
 
 In truth, to state a scarcity of the materials of 
 money, and consequently of money itself, as a na- 
 tional evil, and far more as the cause of the de- 
 rangement of the currency of a country, is of all 
 others the misconception which betrays the most 
 complete ignorance of the nature of money, — that 
 great and important branch of the science of poli- 
 tical economy, of which it is requisite, in the pre- 
 sent state of the world, that every man who pre- 
 tends to the character of a statesman, should have 
 an accurate knowledge. 
 
 For no country whose currency is established 
 on sound principles, so that the proportions be- 
 twixt the denominative and real value of all the 
 money, paper and metallic, in circulation, duly 
 accord, could suffer the smallest inconvenience 
 from such an occurrence ; — as the ease with which 
 the metals are conveyed, must secure to all 
 countries, under such circumstances, a share of 
 the existing quantity, duly proportioned to their
 
 118 
 
 respective demands ; whilst, on examination, it 
 will be found, that there is, in the natural or- 
 der of things, a check against the possibility of 
 injury being generally sustained from a scarcity 
 of the metals, should such an event ever happen. 
 Money, it is universally known, is useful to 
 mankind in two capacities, — as a measure of va- 
 lue, — and as a machine for conducting the inter- 
 change of commodities. In its former capacity, 
 it is evident, that so small a quantity must be am- 
 ply sufficient to perform the duties required, that 
 the mass of the metals already in existence would 
 be much more than enough, supposing the mines 
 to become perfectly unproductive, without giving 
 rise to any increase of demand. In its latter^ca- 
 pacity, undoubtedly, the case is different. If we 
 could suppose a complete failure of the mines, 
 and if we could imagine, that, under such circum- 
 stances, the value of the metals should remain the 
 same, a demand for more to conduct the inter- 
 change of commodities would be felt; and 
 though, as the case never happened, we have no 
 experience of its effects, it is obvious that a scar- 
 city of coin would ensue. 
 
 But when we reflect, that the moment any det
 
 119 
 
 gree of scarcity takes place, the value of the me- 
 tals must be raised ; and that, as in that case, a 
 smaller quantity will of course measure a given 
 extent of value, so that small quantity must at 
 once possess the rpower of conducting those in- 
 terchanges which were previously conducted by 
 the larger quantity, with the same efficacy, and, 
 with the additional convenience of the machine's 
 being more portable; — it becomes evident that 
 a scarcity of the materials of money never can be 
 felt as a grievance, in a country whose currency 
 is established on sound principles. 
 
 Thus, it not only appears, that this scarcity of the 
 metals — to remedy the evils arising from which, 
 we are told by the advocates of the present sys- 
 tem that we have been forced to have recourse 
 to an issue of paper not payable on demand, — can- 
 not, if it existed, occasion any inconvenience, be- 
 cause it would carry along with it a due preven- 
 tive against that mischief which they think the 
 country would sustain. — But what is still more 
 curious, is, that the remedy which the present 
 system affords for the evils supposed to exist, is 
 directly the reverse of that which, in the natural 
 order of things, would arise to prevent the bad
 
 120 
 
 effects of a scarcity of the metals which form the 
 materials of money, if such a scarcity really did 
 exist. 
 
 For the remedy which the advocates of this 
 system regard as the sure means of rectifying 
 the mischiefs arising from the scarcity which 
 they are pleased to announce, — is to lower the 
 standard of value. Whereas, the natural preven- 
 tive to the possibility of the world's feeling any 
 inconvenience from such a scarcity of the metals, 
 should it take place, is, — that it would universally 
 and proportionably raise the value of the existing 
 metallic measures of value, so as to give to the 
 smaller quantity the power of conducting ex- 
 changes which was previously enjoyed by the 
 greater. 
 
 To leave things to themselves is the sound po- 
 licy which this enlightened age has universally ap- 
 proved as productive of the greatest economical 
 prosperity ; we may safely pronounce, therefore, 
 that there is not a surer mode of shewing the 
 folly of any artificial remedy to any supposed 
 economical derangement, than that of proving, that 
 it is the reverse of the preventive which would 
 naturally interpose itself as a bar to the effects of 
 the evil, if it really existed.
 
 121 
 
 In inquiring, therefore, into the benefit which 
 the country is to derive from this depreciation of 
 its currency, we may safely affirm, that it could, in 
 no respect, consist in its remedying the evils flow- 
 ing from a scarcity of the metals, even if such a 
 scarcity existed. 
 
 The prejudice, however, is strong and preva- 
 lent, that, during the continuance of war, it is 
 impossible to relinquish the system of circulation 
 we have adopted. It appears, therefore, necessary 
 to examine w hat are its present bearings, and what 
 must be its future effects on our situation ; and, in 
 order to effect this with perspicuity, even at the 
 risk of repetition, the consequences of the depre- 
 ciation of a part, or of the whole of the circulating 
 currency of a country, must be minutely stated. 
 
 If a certain description of the metallic cur- 
 rency of the country be depreciated, it is al- 
 most unnecessary to observe, that it matters not 
 how that depreciation is occasioned, — whether by 
 a diminution of weight, — by an addition of al- 
 loy, — or by raising the denomination, as previous- 
 ly arranged by law : the consequences must be the 
 same. 
 
 In all these cases, the exclusive circulation of 
 that descrii tion of coin, the real value of which
 
 122 
 
 is lowest in proportion to its denominative value, 
 and the export, or the hoarding of all the rest of 
 the currency, will be the immediate consequence, 
 if individuals act, as they must in such concerns 
 be supposed to act, for the purpose of promoting 
 their own interests. 
 
 It follows, therefore, that the debtors in all 
 past contracts, who are entitled to discharge their 
 debts in the depreciated currency, must receive 
 a bonus at the expence of their creditors, as well 
 as that there must be a rise in the price of com- 
 modities, and an alteration in the rate of exchange, 
 such as will ultimately secure the same price in 
 real value, which might have been obtained had 
 the coin remained in its former state. 
 
 If this be an accurate view of the effects of an 
 enfeebled metallic currency, the^same must be 
 the consequences of an enfeebled paper currency ; 
 for, whether payment is by law enforced in a 
 bank note called a pound, or in twenty shillings 
 called a pound, neither of which are in value 
 more than fourteen shillings and fivepence in 
 standard gold coin ; it is plain, that, in either 
 case, the creditors must be equally losers, by 
 their debtors having obtained a right to discharge 
 their debts by what is nearly twenty-eight per
 
 12S 
 
 cent. less in value than that which they received, 
 and which they contracted to pay. It is obvious," 
 too, that the venders of commodities, or of fo- 
 reign money, must, in either case, be equally a- 
 verse to sell, till, by acquiring a greater denomi- 
 native value in paper, or in metallic money, they 
 have secured the same real value which the com- 
 modities and the foreign money antecedently com- 
 manded. 
 
 Assuming, therefore, these to be the certain 
 consequences of enfeebling the paper currency of 
 a country, the question comes to be, What advan- 
 tage the treasury can gain by raising the price of 
 commodities, or by altering the rate, or, more 
 properly speaking, the par of exchange *? And 
 lastly, — -What advantage can the pubHc receive 
 from bestowing such a bonus on all those who 
 pay at the expence of those who are entitled to 
 receive ? 
 
 By the last accounts, the value of gold in bank 
 
 * If the par of Exchange arises out of a comparison of 
 what is called'the intrinsic value of the money of any two 
 countries, then a regulation which enfeebles the value of 
 ihc one, must in reality alter what has been considered the 
 jiar of Kxchaiifjo
 
 124 
 
 paper is stated to be five pounds nine shillings 
 an ounce ; throughout this tract, however, it has 
 been considered worth five pounds eight shillings 
 per ounce, at which price the pound note is accu- 
 rately worth fourteen shillings and livepence of 
 standard coin; and fourteen shillings and five- 
 pence being to one pound, as one pound is to 
 one pound seven shillings and eightpence three- 
 farthings, one pound in standard coin is worth 
 one pound seven shillings and eightpence three- 
 farthings in bank paper. 
 
 The proposition, therefore, to be canvassed, 
 may be more simply stated thus: What advan- 
 tages can the resources of a country derive from 
 Government's making it necessary to pay one 
 pound seven shillings and eightpence three-far- 
 things in paper for the same quantity of com- 
 modities or of foreign money that could formerly 
 have been obtained for one pound in paper ? and 
 what resources can this country acquire from the 
 circumstance, that all past obligations, whether 
 created by law, or by agreement betwixt the par- 
 ties, may be discharged, with what in value is equal 
 to fourteen shillings and fivepence in standard 
 coin, instead of what is equal to one pound in 
 standard coin ?
 
 125 
 
 Now, it appears, that these questions may be 
 best and most perspicuously investigated by con- 
 sidering separately and successively, — The effect 
 such regulations must have on the revenues to 
 which the state is by law entitled ; — The effect 
 they must have on the public expenditure ; — And 
 lastly, — Whether they have any tendency to in- 
 crease the wealth of the community, so as to pre- 
 sent to the financier further resources of revenue ? 
 
 It the public revenue arose from the produc- 
 tion of commodities, or from acquiring a given 
 share of the commodities pioduced by others, 
 then it is evident that, as the nominal price of 
 commodities must be increased upwards of 
 thirty-eight and a-half per cent, by the currency 
 with which their value is to be measured being 
 diminished nearly twenty-eight per cent, in its 
 value, so the nominal receipt of revenue would 
 be proportionally augmented. But, as no part 
 of the revenue is so collected, it is clear that the 
 increased price of commodities can in no degree 
 augment even the nominal receipt of revenue, ex- 
 cept in so far as it may increase the small portion 
 that arises from ad valorem duties ; but this in- 
 considerable augmentation must be more than
 
 126 
 
 counteracted by the diminution of the produce o{ 
 taxes on consumable commodities, which must be 
 the effect of the necessary limitation of the con- 
 sumption of those who are confined to fixed in- 
 comes. 
 
 This, indeed, is too obvious to require illustra- 
 tion ; for it is impossible not to perceive, that the 
 consumption of a person must be limited, when 
 his income is diminished nearly twenty-eight per 
 cent., that is, when the thousand a-year he enjoys, 
 becomes, in the purchase of commodities, worth 
 only seven hundred and fifty-seven pounds one 
 shilling ; as it is evident that, if the price of goods 
 rises more than thirty-eight and a-half per cent, by 
 the reduction of the value of the standard by which 
 they are measured to the extent of nearly twenty- 
 eight per cent., such a depreciation must reduce 
 those possessing fixed incomes, to the necessity of 
 making a proportional reduction in the commo- 
 dities they formerly consumed. 
 
 On the nominal receipt of revenue, therefore, 
 the difference arising from such regulations can- 
 not be very material, though it is to be feared 
 that, if any alteration takes place even on the 
 nominal receipt, it will not be a favourable one.
 
 127 
 
 On the public expenditure, however, the ef« 
 feet must indeed be most formidable ; for, with 
 the exception of what the public pay in stipulated 
 salaries, payment in bank notes, value fourteen 
 shillings and fivepence, which were formerly value 
 twenty shillings, cannot command two-thirds of 
 the services and cpmmodities which they formerly 
 procured. 
 
 For example, we are supposed to have expend- 
 ed in the Peninsula of Spain, in the course of last 
 year, nearly twenty millions. About twelve mil- 
 lions, we know, have been drawn by bills, and 
 the remainder must have been conveyed either in 
 goods or in bullion. 
 
 Now, as it must require thirty- eight per cent, 
 more of notes, to purchase the same quantity of 
 bullion or of goods, when gold is at five pounds 
 eight shillings per ounce, than it did when gold 
 was at three pounds seventeen shillings and ten- 
 pence halfpenny per ounce, five millions, seven 
 hundred and sixty- six thousand, six hundred and 
 sixty-six pounds * must have procured as much 
 
 * Five millions, seven hundred and sixty -six thousand, 
 six hundred and sixty-six pounds thirteen shillings and lour- 
 peuce, is accurately the cquiTiileiit.
 
 128 
 
 of these before the depreciation of our paper, as 
 eight millions of notes can command, at the va- 
 lue to which our recent regulations has reduced 
 them. 
 
 It is equally evident, that, as all foreign mer- 
 chants, in discounting bills, calculate on acquir- 
 ing the same quantity of bullion in the country 
 in which the bill is to be paid that they advance 
 in the coin of the country in which it was dis- 
 counted, so drafts for eight millions, six hun- 
 dred and fifty thousand pounds, payable in bank 
 notes, if gold had been at three pounds seven- 
 teen shillings and tenpence halfpenny per ounce, 
 would procure the same advance of foreign coin 
 that bills for twelve millions, payable in bank 
 notes, could command, when the price of gold 
 in bank paper is at five pounds eight shillings 
 per ounce. 
 
 Thus, with fourteen millions, four hundred 
 and sixteen thousand, six hundred and sixty-six 
 pounds, expended on account of the Peninsula, 
 the same services might have been commanded, 
 if bank notes had not been depreciated, that can 
 be obtained for twenty millions, bank notes being
 
 129 
 
 depreciated to an extent that gold in oar paper 
 costs five pounds eight shillings per ounce. 
 
 It is unnecessary to go into any very long de- 
 tail to shew, that, on the principle here illustrat- 
 ed, by reference to our past expenditure in the 
 Peninsula, a very large sum of our enormous 
 annual expenditure, which even last year amount- 
 ed to more than one hundred millions, and 
 which has this year increased to upwards of one 
 hundred and twenty-five millions, must arise 
 from the fatal difference in the value of our pa- 
 per and our coin, which the present system of 
 circulation has produced j for it is obvious, that, 
 at present, every part of our expenditure must 
 be increased upwards of thirty-eight and a half 
 per cent., except what is paid to the public cre- 
 ditor, or appropriated to the discharge of the 
 fixed salaries of the army and navy, and of 
 the persons employed in other departments of the 
 public service. 
 
 Neither, if this system continues long, can we 
 avoid additional expenditure on this last accoimr, 
 for either our civil and military services were 
 paid in a manner absurdly extravagant (which 
 certainly was not the case), or otherwise the
 
 130 
 
 many meritorious officers employed in the va- 
 rious departments of the Slate, must find > it im- 
 possible to subsist upon pay which cannot cbm- 
 •mand two-thirds of what they formerly enjoyed. 
 
 If any one should.be disposed to doubt the 
 accuracy of these speculations, or to consider 
 ihem as theoretical, it is unfortunately only ne- 
 cessary to look, for some years back, into the 
 annual augmentation of our expenditure, which, 
 after inaking allowance fof; any increase'X)f. exer- 
 tion we have made, affords :!proofs of theirs cor- 
 rectness but too convindng.' , - . •• l:^. ■>.'■ 
 < j&iilt is ■• difficult, therefore, < to . conceive hovi a 
 system which occasions such an increase of ex- 
 penditure, can be regarded as beneficial to the 
 resources of the country ; for it is not a nominal 
 but a real charge which is thus brought against 
 the public/' - - 
 
 • ^i ten ov'-^iieen millions more is, in <;onse- 
 quence of this system, expended, the loan for 
 the year must be increased to that extent V and 
 whenever the payment in standard coin is resum- 
 ed, to which the advocates of the system have 
 hitherto professed they look forward, the coun- 
 try will find themselves not only loaded with 
 ten or fifteen millions in paper, but with ten or
 
 151 
 
 fifteen niillions more in standard coin ; in whicli 
 also the interest will immediately become payable. 
 
 ioNeither is it more easy to conceive what chain 
 o£' reasoning can pass in the minds of those 
 v^ho think themselves entitled to conclude, that 
 the derangement of property which such a sys- 
 tem must necessarily produce, can add to the re- 
 sources of the country, and of course furnish fu- 
 ture sources of revenue, i >: -jo'I .01 
 
 ■-It is true, a depreciation of paper must enrich 
 aU.diose who have to pay, at the expence of all 
 those who have to receive ; — but to the common 
 sense of mankind it must naturally apjTear, that 
 all sudden forced changes in the distribution of 
 pr6perty, by diminishing the means of expendi- 
 ture of those who had the habit of expending, 
 must force them to retl-enchments hostile to the 
 receipt of revenue, which it cannot reasonably 
 be expected will be c6mpensated by enriching 
 those who, from poverty, have acquired habits 
 of more rigid economy, jv.iiiu- Y ;• 
 
 As the public, however, ire the greatest debt- 
 ors in the country ; as the debts of all others com. 
 biiaed are trifling in comparison of what is due by 
 the state itself; and as this empire at present en- 
 joys funds for the payment of debt to an extent
 
 132 
 
 altogether unparalleled in the history of mankind, 
 — it may perhaps be thought that the public, as 
 debtors, must be great gainers by this system of 
 circulation, which is characterized as giving a bO' 
 nus to all debtors who have the means of taking 
 advantage of it, at the expence of their creditors. 
 
 But, even this view of the subject affords no re- 
 commendation of the measure as salutary to the 
 public welfare. For the system seems to be arrang- 
 ed with such refined hostility to the public inte- 
 rest, that the state will be found to be the only 
 debtor, who not only cannot profit by it at the 
 expence of its creditors, but who, on the con- 
 trary, is doomed to sustain a similar loss in the 
 course of paying debt, to which it is exposed in 
 defraying the overgrown expenditure from which 
 we have recently suflfered. 
 
 The Sinking-Fund appropriated to the dis- 
 charge of debt, it is well known, is weekly em- 
 ployed for the purchase of stock in the public 
 market j its efficacy must therefore depend on the 
 quantity of stock that is acquired, which must 
 be great in proportion as the funds are low. It 
 is evident, therefore, that, as the price of stock 
 must rise in a ratio proportioned to the deprecia-
 
 133 
 
 tion of the currency to be given in exchange for 
 it, the progress of the Sinking-Fund must be 
 small, in proportion as the value of our paper is 
 diminished ; and this conclusion is confirmed by 
 past experience ; for before the Legislature had 
 prohibited the sale of stock at one price in coin, 
 and at another in notes, though the difference in 
 value betwixt coin and paper was then much 
 smaller than at present, it is known that, in 
 practice, a price in coin and a price in paper 
 was established. 
 
 In stating the increased expenditure which this 
 system has occasioned, it is impossible to pass 
 over the very great, and, under the circumstan- 
 ces in which we are placed, the absurd expendi- 
 ture which has of late years taken place on ac- 
 count of interest on the enormous sum of Exche- 
 quer bills, which this system has empowered us 
 to circulate. 
 
 In the year ending January 5th 1813, the 
 charge for interest on Exchequer bills amounted 
 to one million, eight hundred and thirty-five thou- 
 sand, three hundred and sixty-nine pounds ; in 
 the garrent year, it is estimated that it will amount 
 to one million, eight hundred and seventy thou-
 
 134 
 
 sand pounds *. Now, great as are our present 
 difficulties, and much as those entrusted with the 
 charge of our pecuniary concerns are bound to 
 adopt every measure of economy, yet it is iml- 
 possible not to perceive that this large sum of 
 money is in reality wantonly lavished. 
 
 An Exchequer bill is a piece of paper en- 
 graved by the order of Government, purporting 
 to be an engagement to pay a given sum of 
 money. A bank note is a piece of paper, en- 
 graved, either by the order of the Directors of the 
 Bank of England, or that of the managers of some 
 other of the seven hundred and seventy-eight 
 banking establishments, purporting also to be a se- 
 curity for the payment of a given sum of money. 
 
 Of the former, that is of the paper engraved 
 by order of the Exchequer, there was issued, in 
 the year ending 1813, forty-five millions, four hun- 
 dred and six thousand, and four hundred pounds f. 
 
 * See account of the amount of charge for interest paid 
 on Exchequer bills, outstanding from 5th January 1798 
 to 5th January 1814, ordered to be printed by the House 
 of Lords, 25th June 1813. 
 
 f See resolutions submitted to the Ilouse of CoMn'ons 
 by the Chancellor of the Exchequer, No. 6, 8th July 
 1813.
 
 ; l3o 
 
 In,t}ije c(iritef^f.iy^airr.4|ii is. suppose^,; id)p.i;e.^ilil be 
 a stUl jJarg^,s^rijtii|hr9Vf»(i^to circulatiqn ; %nA In 
 order, to obtain riotes -engraved , by; order of thp 
 Bank of Englan^^j o;:^ jby , some ot])fir . banking 
 establig)ipieiit,, \n ^sf^^ngp ^ox t^Q$p g^^f^hequa- 
 bills, the public willi^wider the pres^n^systein, bie 
 doodled to pay one millipp, eigl^; l^n^rfe^ ^flji 
 seventy thousand p9unds. f,,-, ■■'■,j j^i ,lr!,;7;;f' :ofi 
 y^t,if, \t be asked^^wfJialj.differe/iGef pf ;>5al;Vi€ there 
 can exist; betwixt two pwigGes of ; papeJf , promising 
 to pay eqfial.sunjs.^ of [money, r^either .pf \v\n^\i. 
 ^^.^d payable i^i,;Cpii) ,pn .^^mandj-^th?; ansfw^r fliyg: 
 be, that there cau h^ ,none, provided the .crecJit 
 of. thq parties \vho engage to make the payment 
 ^considered tp.be equally good j a^id it certainly 
 .fi^ ;^e dejBiaed jjq.g^eal impeao^igfil^t, either of 
 the ;pank of Engjland,- or of any other banking 
 esjfiblishmeflit, -who ,sharg these, spoils,, .to ^t^ate the 
 .predit, of the public , treasury as jips^isecinferior 
 tp theirs. , -j.|y, i)'j«^'iijd:i -nisd ?i'y i^./u. 
 
 It follows thereforQj .even cm this sipiple view 
 of the subject, that the paper of the Exchequer, 
 being equal; in credit to the paper of the Bank, 
 they ought to circulate together at par, without 
 the Treasury's being at any cxpcnce for the ex- 
 change.
 
 136 
 
 But, when we reflect that the Bank Directors^ 
 when examined concerning the value of their 
 notes, and when desired to state what value a 
 note payable in coin on demand can have, when 
 the coin it promises to pay is not forthcoming, 
 have uniformly answered,— that it is indift'erent to 
 the value of their notes whether they are or are 
 not payable in coin on demand ; that their value 
 depends on the value of those securities on which 
 they are known to be advanced : — we all at once 
 learn, that the value of the Exchequer bill must 
 be superior to that of the note, which owes its 
 value solely, according to these great authorities, 
 to the circumstance of its having secured the 
 possession of the Exchequer bill, and we are 
 therefore left to wonder, that the Bank and the 
 bankers throughout the country should not pay 
 the Government for thus giving value to such a 
 great proportion of their notes, instead of the 
 subjects being charged with taxes to the amount 
 of one million, eight hundred and seventy thou- 
 sand pounds, to obtain for the Government the pri- 
 vilege of giving value to the notes of the bankers. 
 
 It must also be apparent, that this singular 
 operation of finance becomes more extraordinary 
 from the circumstance, that the increased charge
 
 137 
 
 on account of the interest on Exchequer bills, 
 may, to a certain degree, be truly considered as an 
 index to the extent of calamity which this paper 
 circulation inflicts on the country ; for the more 
 the subjects are taxed on that account, as we 
 know that, in the present state of our pecuniary 
 concerns, these Exchequer bills must be held 
 with bank notes, so the greater must be the ex- 
 cess of them which is forced on the public, and 
 consequently the greater must be the depreciation 
 of this species of paper *. 
 
 ;: jei lnw 
 
 * To complete the "view of this most extraordinary and 
 ruinous measure of finance, the reader must resort to page 
 53, M'here he will find a statement of the consequences of 
 subsequently funding these Exchequer bills in five per cent, 
 stock, as has been recently practised. 
 
 He is, however, desired to attend to a mistake of no 
 great importance, the Author has been too late of discover- 
 ing. In page 57, thirteen ounces, seven penny-weights, 
 twenty-three grains, and eleven twenty-seven parts of a 
 grain of gold, are stated to be (taking gold at L. 5, 8s. 
 jxjr ounce) of value, L. 72, Is. 8d. of standard gold coin ; 
 now in trutji itis worth L. 72, 2s.; a mistake inadvertently 
 made by the Author, who had multiplied I4s. 5d. by lOO, 
 to obtain the value of L. ICO of notes in standard gold 
 coin, when gold is at L.5, 8s. without adverting to the fact, 
 that the pouud note is worth 14s. 5d. and 4-100 parts of u 
 ]U., ivhipb accurately makes the difference of 4d, on L.lOv).
 
 1^8 
 
 If; may then answer tjie purposes of: th?, ,day, 
 to taiilk of this (?ircjil^ti()n of paper as having r^- 
 conciledi n^it^Qnal yprpsiperity with.a state of War- 
 fare^ and to hold out, that our extended exer- 
 tipn^^requir^ such ,extr9,ordinary re,spurces jjbutjf 
 tfe^, whoihpld thi^.Jaqguage coji^ld be persuacj- 
 •ffd; to descend from su<:h pompous ^nd unmean- 
 ing declaniationy it se^ms impossible to imaging, 
 how they could state^ any intelligible ground for 
 believing that thj^ ^yistem , 1^^ been the meanst ..of 
 increasing the resources of the country ;. for 
 whilst it cannot augment the nominal,_and must 
 diminish, the real' receipt of revenue,, it.. fit •( once 
 greatly enlarges our expenditure, — and forces us 
 to tax the public to accomplish exchanges of paper, 
 which the government ought to be paid for ac- 
 cepting,- — whilst it impedes the progress of that 
 sinking-fund, which in the eyes of many appear- 
 eds and in the conception of some still appears, to 
 •be of jsuch importance to the country.. , 
 '•■•"in order, however, to dissipate all doubt about 
 tK^' effects of this system of circulation on the 
 receipt and expenditure of the state, let us sup- 
 pose that payment in standard coin had been re- 
 sumed, and that the same operations to which 
 our perseverance in the paper /system has indi-
 
 ipeg^y given rise,.,h^d ipi lea^h year, sinc^JhCiyear 
 •,l-SQS,->:l;)^en^ Erectly enacXed by law. jBy^.^his 
 means the public a^ large will be enabled more 
 ;easily to discern, and more distinctly to ,|>rQ- 
 tnounee, how far there is any foundation for those 
 declamatory encomiums whiph describe tjiaeo.nn- 
 try as indebted to its paper money for the power 
 of increasing its exertions; or whether thi^iirt- 
 flated pr^^se-.m^st not be considered as adding, 
 either - frdm ignorant misconception, or artfijl 
 misrepresentation of a system injurious, discredit- 
 able, and even in itself fraudulent. 
 
 To effect this object after, in the year 1808, 
 resuming payments in standard coin, which at 
 that time, the difference betwixt coin and paper 
 being trifling, could have been managed with 
 comparative ease, an act of Parliament must have 
 been passed imposing a tax of two pounds thir- 
 teen shillings and twopence two farthings per cent, 
 on the dividend and sinking-fund set aside for 
 the public creditor, and on the salaries of all 
 those employed in the civil and military services, 
 whilst by that or some other act, a discount 
 must have been given on all taxes to the same 
 amount. 
 
 Under the operation of such acts, it will be
 
 140 
 
 found that the sum paid on account of dividend 
 and sinking-fund, would have been accurately 
 equivalent to what was disbursed in paper in the 
 course of that year on that account * ; whilst 
 the public treasury, notwithstanding the discount 
 granted upon the taxes, must have received in 
 coin a value equal to what was in that year paid 
 into the Exchequer in notes f. 
 
 To carry on the system, these laws, in the year 
 1809, must have been repealed, and acts must 
 have been passed authorizing the detention of 
 twelve and a half per cent, from those employed 
 in our civil and military service, as well as from 
 the sum appropriated to the dividends and sink- 
 
 * In the year 1808, the charge of debt and Sinking- 
 Fund was L. 28,186,901, from which, if L. 2, 13s. 2|:d. 
 percent, is taken, there will remain L. 27,437,129, the 
 sura which appears in Ap[)cndix, No. XI. to be the value 
 in gold coiii of what was paid on that account in that 
 year. 
 
 + In the year 1808, the sum of L. 55,152,982, was 
 paid into the Exchequer on account of taxes ; and if 
 L. 2, 13s. 2|d per cent, is taken from that sum, there will 
 remain L. 53,685,912, which appears in Appendix, No. 
 XIV. to be the Talue in goid coin of the sum paid into the 
 Exchequer in notes during that year, on account of per- 
 manent, annual, and war taxes.
 
 141 
 
 ing-fund on the public debt, and granting a re- 
 duction of twelve and a half per cent, on all taxes 
 paid into the Exchequer, which measures will be 
 found, on examination, to make the sums paid in 
 respect to the national debt, and received on ac- 
 count of taxes by the Exchequer, accurately 
 to correspond with the value in coin of the paper 
 paid on these several accounts *. 
 
 Again, in the year 1810, the acts of 1 809 must 
 have been done away, and laws imposing a tax of 
 a larger per centage on the pay of the public 
 functionaries, as well as on the sums destined to 
 the sinking-fund, and to discharge the dividend 
 of the public creditors, making also an addition 
 to the discount on the payment of taxes by the 
 
 * In the year 1809> the charge of debt and Sinking- 
 Fund was L. 28,849,000, from which deducting L. 12, 
 ]0s. per cent, there will remain L, 25,242,875, which ap- 
 pears in Appendix, No. XL to be the Taliic in gold coio 
 of what was iiaid on that account. In like manner, there 
 was in this year paid into the Exchequer on account of 
 taxes, L.56,706.339, and if 1^12, lOs. per cent, is taken 
 from that sum, there will remain L. 49,618,046, which ap- 
 pears in Appendix, No. XIV. to be the value in gold coin 
 of the amount paid into the Exchequer in notes, on ac- 
 count of permanent, annual, and war taxes, during that 
 year.
 
 14-2 
 
 subject, must have been passed. Aftd if these 
 acti^ Had- in' -the year 1810 imposed ' taxes ahd' 
 ^gf anted discounts on these several accounts to the. 
 extent of fourteen pounds- eight shillings and 
 sevenpence per cent.,- the sums received for the 
 pali>poSe of dischai'gtefg the detoands on accotmt' 
 of the national debt, and in payment of taxes by 
 the Exchequer, would^ as formerly, assimilate 
 theffisfelves to the value in gold of the pa|)e^;paid 
 and received on these accounts in that year V-''^* 
 In 1811, the legislative arrangements of th§ 
 preceding year must have been again done away'; 
 btit if these had been succeeded by actlB imposing 
 taxes on the payment of all fixed salaries f&r' 
 which' the public are liable, and on the sum jiay- 
 able in respect of debt and sinking-fund, to the 
 
 * In the year 1810, t^e charge of debt and Sinking- 
 Fund was L.29j977,582, from which deducting L. 14, 
 .8s. ;7d,, per cent., there yjij remain L. 25,651,81(5^ which 
 appears in Appendix, No. XI. to be the Talue in gold coin 
 of what was paid on that account. In like^ manner, there 
 Y?}iS;iu this year paid in^ta the Exchequer on account c^f 
 ,ta,xes;, L. 59,125,651, and if L. 14, 8s. 7d. per cent, is ta- 
 ken from that sum, there will remain 1^,50,59^,819, which 
 appears^ in Appendix, No. XIV. to be the value in gold 
 coin of the sum paid into the Exchequer in notes for 
 taxes during that year.
 
 143 
 
 amount of eighteen pounds sevenpence one far- 
 thing, notwithstanding this deduction, the sinking- 
 fund and the dividend woi^ld again have amoun- 
 ted precisely to the vajue ki gold of the paper 
 which wa$^ actually paid ; Avhilst, if - a discouot on 
 thetaxes to a similar amount had been allowed, 
 the Exchequer would have nevertheless received 
 the value in coin of what they did actually ac- 
 quire in paper *, . . .<".'■-. ' 
 
 In the year 1812^ith^jUws of the former year 
 must have been once more^repealed;- but a re- 
 enactment^ of iaws drt the same principle;, autho- 
 rizing the breasury to retain the increased per 
 centage- of twenty-two pounds eighteen shillings 
 from the sum appropriated 'for ijdividend and 
 sinkingifand, and obliging the Exchequer -to give 
 a discount on. the- laxes. ta the same amount, 
 
 * lA'iflW'ykTfM,"'ihfe'fcliatgfe''of dfbtand Sinking- 
 Fund 'was- L. 30,9 3,747, ftOni' Which tleducting L. 18, 
 0«'."7|d*-per'ceik.,'«h'ereM'rRT0th:iVt\ L.'^5,358,03r, which 
 appears In A^pcMulix,' 'No' Xf . to he thb ralue iii'gold coin 
 of Avhat wis 'paid On th.1t acconnt. In like manncV, there 
 was iu 'fhi^"J'caf paid into the tljcthc(^ucr, on account of 
 laxts, L ^2,751,513, and if L'.' 18,- OS. T^J-d. per ccht.'is 
 taken frcrtfilhat ^utfi, thcfi 'itill' remain L. 51 ',1437, ^15, 
 wlikh iippcars in Appentifxj'No. XTV. to b« thb vaiiie in 
 gold coitt'of'the Slrni ()Hld'ililo ♦lie f:!xchequcr ih notes for 
 taxes during that year.
 
 144 
 
 would have still left the sum paid in respect of 
 charge on the national debt, equal to the value 
 in gold coin of the paper which was paid on that 
 account, whilst the receipt for taxes at the Ex- 
 chequer would, also have been found equal to the 
 value of the paper in gold coin which was that 
 year received *. 
 
 Lastly, the same system must have been again 
 pursued in the year 1813, of repealing the laws 
 enacted in the preceding year, for the purpose of 
 once more increasing the discount to be allowed 
 on the receipt of taxes, and the tax to be imposed 
 on the salaries of public functionaries, and on 
 the sum payable in respect of charge on the na- 
 tional debt ; but the retention on the last account, 
 of twenty-seven pounds eighteen shillings per 
 
 In the year 1812, the charge of debt and Siaking-Fund 
 Afas L. 32,411,132, from which deducting L. 22, 18s. per 
 cent., there will remain L. 24,988,982, which appears ia 
 Appendix, No. XL, to be the value in gold coin of what 
 was paid on that account. In like manner, there was in 
 this year paid into the Exchequer, on account of taxes, 
 L. 60,625,620, and if L. 22, 1 8s. per cent, is taken from 
 that sura, there will remain L. 46,742,353, which appears 
 in Appendix, No. XIV. to be the value in gold coin of the 
 sum paid into the Exchequer in notes for taxes during that 
 year.
 
 145 
 
 cent., would have had accurately the same effect 
 with this paper system, which has been so much 
 applauded, because it would have reduced the 
 sum paid for dividends and Sinking-Fund exact- 
 ly to the amount of what in gold coin was equal 
 in value to the paper which was paid, — whilst the 
 Exchequer would have found itself, even though 
 a discount to that extent had been given on the 
 taxes, possessed of the precise value in gold coin 
 of the sum in bank notes which they in that year 
 received *. 
 
 Here then, as far as the revenue is concerned, 
 are distinctly displayed those measures which, had 
 they in eaqh year been directly enacted by the 
 
 * In the year 1813, the charge of debt and Sinking- 
 Fund was L. 34,288,564, from which deducting L.27, 18s. 
 per cent., there will remain L. 24,722,054, which appears 
 in Appendix, No. XL, to be the value in gold coin of 
 what was paid on that account. In like manner, there 
 was in this year j-aid into the Exchequer on account of 
 taxes, L. 58,778,117, and, if L. 27, 18s. per cent, is taken 
 from that sum, there will remain L. 42,379,022, which 
 appears in ApiMjndix, No. XiV., to be the value in gold 
 coin of the sum paid into the Exchequer in notes for taxes 
 during that year. 
 
 K
 
 146 
 
 Legislature, would have produced the same effects 
 that have flowed from the indirect operation of 
 that system of" circulation which Parhament has 
 been taught to consider as of so much benefit to 
 the country. 
 
 It seems however impossible, that such regula- 
 tionj?, in this their undisguised state, should com- 
 mand the approbation of any man. It is true, 
 that to give to the public creditors the sum of 
 twenty-four millions, seven hundred and twenty- 
 two thousand, and fifty-four pounds in coin, on ac- 
 count of interest and Sinking Fund in the year 
 ]813, when thirty- four millions, two hundred and 
 eighty-eight thousand five hundred and sixty-four 
 pounds * of the lawful coin of these realms 
 ought to have been paid, is to acquire for the 
 Treasury the sum of nine millions, five hundred 
 and sixty-six thousand, five hundred and ten 
 pounds, which is thus retained ; but this is a 
 revenue, which, when directly taken, must be 
 considered as secured by one of those acts of 
 power which hitherto it has always been the 
 pride of this country to avoid ; and when indi- 
 
 * Sec Appeudix, iNo. XI.
 
 147 
 
 rectly acquired by those who hold out that they 
 mean to take no such advantage, it can only be 
 regarded as one of those acts of fraud which it is 
 the duty of all Governments to avoid. 
 
 On the folly of this measure, however, all 
 must agree, if, as has been the case, it is to be at- 
 tended with a regulation, giving a proportionable 
 discount on the taxes j for, as by that means the 
 Exchequer was in the year 181^ forced to receive 
 forty .two millions, three hundred and seventy-nine 
 thousand, and twenty-two pounds in coin, instead 
 of fifty-eight millions, seven hundred and seven- 
 ty-eight thousand, and one hundred and seven- 
 teen pounds*; if, on the one hand, it gained by 
 what it retained from the public creditor and 
 Sinking-Fund, to the amount of nine millions, five 
 hundred and sixty-six thousand, five hundred and 
 ten pounds, it lost on the other to the extent of 
 sixteen millions, three hundred and ninety-nine 
 thousand, and ninety-five pounds, — making a ba- 
 lance against the public revenue of no less than 
 six millions, eight hundred and thirty-two thou- 
 sand, five hundred and cighty-five pounds. 
 
 * See Appendix, No. XIII.
 
 148 
 
 The legislative regulations, which have been 
 here traced out, would not indeed have ef- 
 fected the same changes, in relation to the pecu- 
 niary transactions betwixt individuals, which this 
 system of paper circulation has occasioned. The 
 debtor, on past contracts, would not have acquir- 
 ed the same power of taking advantage of his cre- 
 ditors which, under it, he has obtained. But 
 even this might have been made the subject ot 
 legislative enactment ; though it is to be hoped, 
 that Parliament would have shrunk back from 
 the open act of robbery they must have perform- 
 ed, in taking the money out of the pocket of one 
 individual, and placing it in that of another. 
 
 Had they, however, sanctioned such a disgrace- 
 ful and unprincipled proceeding, it is unnecessary 
 here to explain how much an act, undermining 
 all security for property, and enriching those who 
 have habits of economy at the expence of those 
 who have acquired habits of comparative prodi- 
 gality, must have added to the injury inflicted on 
 the revenue by the other legislative regulations 
 that have been described, as calculated, by direct 
 enactment, to produce the precise changes in the
 
 149 
 
 state of property, which our present system of 
 circulation has indirectly effected. 
 
 Unfortunately, however, by all who have de- 
 fended the system, and by some even of those 
 who have not appeared blind to the mischiefs it 
 was likely to produce, our present state of warfare, 
 and our extended exertions are represented as con- 
 clusive against any immediate attempt at a change. 
 
 Certainly, wh<.n it i;^ shown, that this system of 
 circulation is injurious to the revenue, and that 
 it must be destructive of our resources, it might 
 be conceived, that objections to a change, origi- 
 nating in the circumstances of the times, and 
 founded on the necessity of extended exertion, 
 would be disregarded ; but, somehow, the sub- 
 ject of paper money is one in which so many 
 are so deeply interested, that mankind, neither in 
 this, nor any other country where the system has 
 been adopted, have ever shewn the same dispo- 
 sition to be guided by reason, which has prevailed 
 in the discussion of other topics. 
 
 Those, however, who are disposed to talk of 
 the circumstances of the times as hostile to any 
 immediate alteration of system, ought to recollect, 
 that it was the peculiar circumstances of the times
 
 150 
 
 that was urged in the month of October 1798, 
 as the reason of continuing the restriction, though 
 the directors of the bank declared themselves able 
 and willing to resume payment in coin : That it 
 was the peculiar circumstances of the times which 
 was urged in favour of the continuance of this 
 restriction when peace was made in 1 803 : That 
 it was the peculiar circumstances of the times, 
 that, in 1 804, was urged, as making it necessary 
 to prolong the restriction till six months after a 
 definitive treaty of peace : And that it has been the 
 peculiar circumstances of the times which have 
 successively furnished apologies for the act of 
 1811, for that of 1812, and for that which has 
 since passed, — which have in effect practically 
 rendered the paper of the Bank of England a le- 
 gal tender. 
 
 Yet, who can look back to the situation of the 
 country, in the month of September 1798, when 
 gold was at three pounds seventeen shillings and 
 ninepence per ounce, without regretting that those 
 in power should have fancied the situation of the 
 country required a continuance of the restriction. 
 "Who can even look back to the year 1804, when 
 gold was at four pounds zn ounce, without feeling
 
 1.51 
 
 how fortunate it would have been for the country, 
 that the Legislature had then acted on the convic- 
 tion, that the circumstances ot the times required 
 a check to be put to the yearly increasing issues 
 of paper; — nay, is it possibL- that any man of 
 common sense can look at the rapid rise in 
 the price of bullion, and of all commodities 
 which has taken place since the year 1808, 
 without feeling, that, in every succeeding year, we 
 have had most serious cause to lament that the 
 circumstances of the preceding year had dis- 
 suaded us from attempting what, comparatively, 
 might have then been eflF.cted with ease and ad- 
 vantage to the country. 
 
 In considering the future prospects to which 
 the nation must look forward, if this system of 
 circulation be alluvsed to go on, it is impossible 
 not to perceive, that, unlike all other govern- 
 ments who have hitherto had recourse to the 
 ruinous expedient ol a paper circulation not pay- 
 able in coin on demand, ours possesses neither the 
 power of ascertaining nor of controlling the 
 quantity to be emitted ; it is unfortunately, there- 
 fore, at once deprived, both ol the means ot form- 
 ing any conjecture concerning the extent of the
 
 152 
 
 mischief with which the country is threatened, and 
 of doing away the calamity, however great in de- 
 gree, that may be inflicted. 
 
 We have in truth abandoned ourselvCvS to the 
 mercy of those seven hundred and seventy eight 
 banking establishments which have been licensed 
 to prey on the public ; for the quantity of paper 
 thrown by them into circulation can have no 
 bounds but what arises from the difficulty they 
 may have of finding agents, in the form of mer- 
 cantile adventurers, to whom their paper may be 
 issued in discount. 
 
 Neither does the degree of caution, necessary 
 in the conduct of such transactions, give rise to 
 any salutary check ; for the favour which our laws 
 show to bill-holdersis such, that, though the bank- 
 ruptcy of the adventurers, to whom the paper is 
 issued in discount, was almost certain, the dis- 
 counter may contrive to be safe, whilst ruin alone 
 falls on those who, duped by the display of wealth, 
 to which these advances in paper has given rise, 
 have been induced to lend on bond, or to give 
 credit in goods, the real value of which goes to 
 reimburse the issuer of the notes, and to maintain 
 the expensive establishments of those who are in
 
 153 
 
 reality nothing more than instruments, with whose 
 aid, under our modern system of circulation, 
 the licensed issuers of notes can legally defraud 
 the unsuspicious *. 
 
 The calamity is indeed formidable under which 
 we are now suffering ; but, since it has been 
 proved, that we cannot look to the restoration of 
 the relation in value betwixt paper and coin, as 
 
 * By the law of England, the holder of a bill (upon 
 which the drawer, accepter, and any number of indorsers, 
 are all become bankrupts) is entitled to prove, under the 
 separate commission of each, the full amount due to him at 
 the time he makes his proof ; and to receive dividends un- 
 der each commission, upon the sums proved, until he shall 
 in the whole have received the full amount. If, at the time 
 of going to prove under one commission, he has already re- 
 ceived any part of the bill, he can only prove for so much 
 as remains. But if, after having proved for the whole, he 
 receives a part of the bill from any of the j)crsons liable to 
 pay it, lie is still entitled to a dividend upon the whole, 
 provided it does not exceed twenty shillings in the pound 
 upon such part as remains due. 
 
 Thus, it may often happen, that the holder of an accom. 
 modation.liill may receive from the drawer, the accepter, 
 and the various indorsers, the full amount of his debt, 
 whilst the bond creditors of these various parties, and those 
 who have delivered merchandise to them on credit, may 
 not recover half-a-crown in the pound.
 
 154 
 
 likely to ensue, either from the events of time, 
 or from the superintending care of the directors 
 of the Bank, we must be satisfied, that, under such 
 circumstances, bad as things are, nothing can be 
 expected but a rapid change for the worse. 
 
 In former times, when thePai liament of Great 
 Britain, called upon to consider the state of the 
 circulation of our American colonies, saw the sil- 
 ver value of the whole of the paper in circulation, 
 diminish, just as the nominal value ofwhat was issu- 
 ed increased, the state of things appeared so alarm- 
 ing as to force that interference of the Legislature, 
 uhich, in our piesent situation, is thought unne- 
 cessary. 
 
 Ihe paper circulated in those colonies was 
 undoubtedly issued by Government, and the 
 amount of it djrectly indicated the extent of the 
 debt, — the effect of an excess of paper in diminish- 
 ing the real value of the debt, was thereiore more 
 easily perceptible,-- yet unfortunately, if that cir- 
 cumstance was hen deemed to give just ground 
 of apprehen.-^ion and alarm, it will, on examina- 
 tion, be found that there exists in reality, in this 
 country, at the present moment, similar reasons
 
 155 
 
 for dreading the effects of the situation in which 
 we are placed. 
 
 The following table was long ago given, as dis- 
 playing in a distinct point of view, the diminution 
 of the silver value of the debt of the province of 
 New York, in proportion as its nominal value in 
 paper increased. 
 
 TABLE, sheicing the nominal value of the paper in cir- 
 culation in the Province of Nezo I'urky in llic following 
 ijears~—and also its real value in ounces of Silver. 
 
 Yca.s. 
 
 JNuiiiiuai value ot 
 the paper in citcu- 
 luiiou. 
 
 Vaiiic ot">ilvci 
 lieioiinc(. 
 
 p.ipci 111 ounces of 
 silvtr. 
 
 1713 
 1718 
 1731 
 I7J9 
 
 L. 262,500 
 300,000 
 470,000 
 630,000 
 
 »..0 8 
 12 
 20 
 '29 
 
 *65G,000 
 300,000 
 470,000 
 
 4:>4,ooo 
 
 The advocates for the system we are now 
 pursuing, have indeed asserted, that paper was 
 never issued under circumstances similar to the 
 bank paper employed in conducting our circula- 
 
 * This is Ik re giveD, as it was originally priulcH, in ounces ot* silver, 
 but it may be cusily turned into pounds Sterlii'fr, as each pound Ster- 
 Un<; contains ot'standard silver, tl.ree ounces, seventeen pennyweights, 
 ten grains, and sixly lliousand pait.A of a grain.
 
 156 
 
 tion. They have on that ground inferred, that 
 the result of our issues of paper, not payable in 
 cash on demand, must be perfectly different from 
 what such measures have heretofore occasioned. 
 They have figured what was destructive to others, 
 to be salutary in the extreme for us. But, 
 though ignorance and vanity may entertain such 
 ■ whimsical fancies, it is impossible to discover a 
 reasonable justification of such prejudices. For, 
 throughout the history of mankind, it will be 
 found, that similar causes are productive of simi- 
 lar effects ; and this proposition cannot be more 
 strongly illustrated than by exhibiting the fol- 
 lowing tables, shewing how, within these few 
 years, the value of our national debt, as well as 
 that portion of it which constitutes our unredeem- 
 ed debt, has been falling in value in our metallic 
 money, whilst it has been increasing in value in 
 our paper money, with greater rapidity indeed, 
 but precisely in the same manner as that of New 
 York, when this circumstance was considered as 
 a conclusive proof of the ruin in which that pro- 
 vince was likely to be involved.
 
 157 
 
 TABLEf shewing the total amount of the National Debt 
 in each of the last six years, and the iliininntion of its 
 value in gold coin, as its nominal value increased in 
 paper. 
 
 V>ai> 
 ending 1st 
 February. 
 
 Total amount of 
 the National Debt 
 ill Bank Notes. 
 
 Value of Gjid 
 per oiuicf. 
 
 I'o al va;ue ot'ttie 
 National Debt in 
 s andanl Gol 1 Coin. 
 
 1808 
 1809 
 1810 
 1811 
 1812 
 1813 
 
 L. 687,689,958 
 701,229.515 
 722,466,770 
 742,239,101 
 771,370,396 
 812,013.135 
 
 L 4 
 4 9 
 4 110 
 
 4 15 
 
 5 1 
 5 8 
 
 L. 669 .39 7,405 
 613,575,825 
 618,214.815 
 608,413,391 
 594,726,575 
 585,461,470 
 
 TABLE, shewing the total amount of the Unredeemed 
 Debt in each of the last six years, and the diminution 
 of its value in gold as its nominal value increased in paper. 
 
 Yrai., 
 ending 1st 
 February. 
 
 1808 
 I8O9 
 1810 
 1811 
 1812 
 1813 
 
 total amount ot 
 the Unredienied 
 Debt in banknotes 
 
 .. 556,776,026 
 535,741,052 
 541,977,854 
 545,662,698 
 556.284,819 
 575 211,393 
 
 Value of nolil 
 per ounce. 
 
 L.4 
 
 4 9 
 
 4 11 
 
 4 15 
 
 5 1 
 5 8 
 
 I oial value of the 
 Uuiedeemed Debt in 
 s'aiidard gold coin. 
 
 *L. 522.497,783 
 468,773.420 
 463,770,449 
 447,279,713 
 428,895 595 
 414,727,414 
 
 • The valne of the debt might have been here given in ounces of 
 gold, or in onnces of .silver, in the same m -inner as in the table rela- 
 tive to tlie debt of N(Av York, but the author conceived it would be 
 more intellijiible to tiie pnbhc in this shape; and it will be easy for 
 those who have any curiosity to know the value in ounces of gold, 
 to divide the sums contained in the last columns of each of the 
 Tables, by the lurai contained in the column immediately preceding.
 
 ]58 
 
 In case these striking views of the calamitous 
 state in which we are involved, and of the more 
 grievous calamities with which we are threaten- 
 ed, should not be sufficient to convince the cre- 
 ditors of the public that their interests call for 
 some immediate exertion, and even sacrifice, to 
 arrest the progress of the evil, and to induce the 
 Parliament to adopt the measures which have been 
 suggested for that purpose, let us shortly sketch 
 out the probable consequences to the public cre- 
 ditor of persevering two or three years longer in 
 this system of circulation. 
 
 In the course of this year, a new plan of fi- 
 nance has been adopted, by which the charge 
 we may incur by increasing our debt for some 
 years to come, is to be defrayed out of the sink- 
 ing-fund, an addition having last session been 
 made to that fund of one million, one hundred 
 and twenty- seven thousand pounds a-year; the 
 amount, therefore, of the charge, with respect 
 to the national debt, including dividend and sink- 
 ing fund, as it was last year thirty- four millions, 
 two hundred and eighty-eight thousand, five hun- 
 dred and sixty. four pounds, so it will be in the 
 present year, one million, one hundred and
 
 159 
 
 twenty-seven thousand pounds more, that is, 
 thirty-five millions, four hundred and fifteen 
 thousand, five hundred and sixty four pounds. 
 
 This too must, during the years ending 1st 
 February 1815 and 18)6, continue to be the 
 charge on these accounts ; because, as it is pro- 
 posed to provide for the increased debt, by tak- 
 ing from the sinking-fund a sum equivalent to 
 the interest paid, though there is every prospect 
 that the interest of our debt will be much increas- 
 ed, the charge on account of the sinking fund 
 will be proportionably diminished, and the joint 
 amount of both must of course remain the same. 
 
 In the last year it has been already shewn, 
 that, though the sum paid on account of divi- 
 dend and sinking fund on the national debt 
 amounted in paper to thirty-four millions, two 
 hundred and eighty-eight thoui>and, five hun- 
 dred and sixty iour pounds, yet that gold being 
 at five pounds eight shillings, the charge on 
 these accounts in standard coin was defrayed for 
 twenty four millions, seven hundred and twenty- 
 two thousand, and filty-lour pounds*; but, in 
 
 * See Appendiic, No, X(.
 
 160 
 
 estimating the value in coin of the sum of thirty- 
 five millions, four hundred and fifteen thousand, 
 five hundred and sixty.four pounds, which will 
 be the charge on account of dividend and sink- 
 ing-fund on the national debt in the course of 
 this and the two following years, it is impossible 
 not to suppose, that, by the progressive deprecia- 
 tion of paper, the value of gold in paper will be 
 greatly increased. 
 
 In the course of the preceding year we know 
 it did increase eight pounds nineteen shillings 
 and ninepence halfpenny per cent.; we know 
 also, from experience, that, in the natural pro- 
 gress of the depreciation of paper the value it 
 loses in every subsequent year is greater than 
 in the preceding ; and when we reflect that we 
 have been already reduced to grant the subsidy 
 to the King of Sweden in bank paper, payable in 
 England ; and that, if we pursue a similar prac- 
 tice, in relation to the King of Prussia, and the 
 Emperors of Russia and Austria, we must se- 
 cure a competition, on the part of these four 
 crowned heads, in forcing our paper on the mar- 
 ket to obtain what will command value on the 
 Continent, — we must conclude, that the deprecia-
 
 161 
 
 tion will now go on in this country with more 
 than usual rapidity. 
 
 As it is wished, however, in forming a con- 
 jecture of the future probable price of gold, to 
 assume a very moderate rise, we shall suppose 
 that gold, instead of even rising, as in the preced- 
 ing year, eight pounds nineteen shillings and 
 ninepence halfpenny per cent., will rise in value 
 each year four shillings an ounce, which is at the 
 rate of five pounds two shillings and eightpence 
 three farthings per cent. 
 
 On that hypothesis, taking gold to have at- 
 tained the value of five pounds twelve shillings 
 in paper before the conclusion of the present 
 year, — as a bank-note, when gold is at that price, 
 is worth only thirteen shillings and elevenpence 
 in standard coin*, the charge of thirty-five mil- 
 lions, four hundred and fifteen thousand, five 
 hundred and sixty -four pounds will be defrayed 
 for twenty-four millions, six hundred and twen- 
 ty-four thousand, four hundred and forty-one 
 pounds f. ■ 
 
 * See Appendix, No. III. 
 
 + 5see Aj)pcnilix, No. XX., shewing the sum that will 
 become payable in bank uutes, for charge of interest and
 
 1(52 
 
 In like manner, if gold rises four shillings an 
 ounce more, that is, if it is five pounds two shil- 
 lings and eightpence three farthings per cent, 
 higher, by the 1st February 1815, the bank note 
 will be then of value only thirteen shillings and 
 fivepence * ; and the charge on account of the 
 national debt of thirty- five millions, four hun- 
 dred and fifteen thousand, five hundred and six- 
 ty-four pounds, will be defrayed by twenty-three 
 millions, seven hundred and seventy-four thou- 
 sand, four hundred and sixty- eight pounds in 
 standard coinf- 
 
 Again, presuming that gold should continue 
 to rise, and that, before the 1st of February 1816, 
 it should acquire an increased value in paper of 
 five pounds two shillings and eightpence three 
 farthings per cent., then the ounce of gold, being 
 worth six pounds, the bank note will be worth 
 
 Siuking-Fund on the national debt, in the years ending 1st 
 February 1814, 1815, and 1816: Shewing also the sura 
 in standard gold coin that will be equivalent to the sum 
 in notes, on the supposition that gold rises four shillings an 
 ounce, or five pounds two shillings and eightpence three 
 farthings per cent, in each of these years. 
 * See Appendix, No. Ill, + See Appendix, No. XX,
 
 163 
 
 twelve shillings and elevenpence three farthings;* 
 and the charge of thirty-five millions, four hun- 
 dred and fifteen thousand, five hundred and six- 
 ty-four pounds, on account of the national debt, 
 will be defrayed for twenty-two millions, nine 
 hundred and eighty one thousand, one hundred 
 and fifty-nine pounds of standard coinf . 
 
 This anticipation of the probable consequences 
 of persevering for little more than two years in 
 our present system of circulation, without having 
 recourse to the means suggested for arresting the 
 progress of the evil, cannot fail to be highly in- 
 structive to those of the public creditors who may 
 wish to consider the measures most advantageous 
 to their interest, in the present unprecedented 
 state of things. 
 
 They must at once perceive how much their 
 chance of benefiting from the nation's having in 
 its power to resume payment in standard coin, 
 must, in the year 1816, be diminished. For, if 
 it appears at present impossible that we should 
 revert to our ancient standard > — as that measure 
 would produce the necessity of paying an in- 
 creased sum on account of the charge of the 
 
 * Sec Appendix, No. III. + See Appendix, No. XX.
 
 164. 
 
 national debt, equal to the difference betwixt 
 thirty-four millions, two hundred and eighty- 
 eight thousand, five hundred and sixty-four 
 pounds*, and twenty-four millions, seven hun- 
 dred and twenty-two thousand, and fifty-four 
 pounds, that is, nine millions, five hundred and six- 
 ty-six^housand, five hundred and ten pounds, — • 
 they cannot help observing, that the difficulty will 
 be infinitely augmented in 1816, when reverting 
 to the ancient standard would make it necessary 
 for the country to pay annually of increase, on 
 that account, the difference betwixt thirty- five 
 millions, four hundred and fifteen thousand, five 
 hundred and sixtyfour pounds, and twenty-two 
 millions, nine hundred and eighty-one thousand, 
 one hundred and fifty-nine pounds ; that is, the 
 sum of twelve millions, four hundred and thirty- 
 four thousand, four hundred and five pounds, 
 in standard coinf. 
 
 Neither can it escape them, that this increased 
 difficulty of reverting to the ancient standard, is 
 by no means the only detriment they will sus- 
 tain by the evil's not being stopped in its pro- 
 
 * See Appendix, No. XI. f See Appendix, No. XX,
 
 16a 
 
 gress, when gold is at fourteen shillings and five- 
 pence an ounce in paper. For they must feel, 
 that all the reasoning which now applies, in point 
 of justice and expediency, to adopting a new 
 standard, by which they will lose to the extent of 
 only about twenty-eight per cent. *, will then ap- 
 ply to the erection of a new standard, by which, 
 gold being at six pounds an ounce, they will be 
 permanent losers to the extent of upwards of thir- 
 ty-five per cent, f 
 
 It is also impossible that the public creditor 
 can contemplate this prospective view of the con- 
 sequences of our continuing to persevere in this 
 favourite system of circulation, and in this new 
 system of finance, without perceiving how very 
 much he is interested in any measures being a- 
 dopted that would immediately stop the progress 
 of the calamity which threatens him. 
 
 He cannot but admit, that it is a very mode- 
 rate estimate of the probable increase of our debt, 
 to suppose that it will only augment as much in 
 
 • Sec the loss per cent, on bank paper, gold being at 
 five pounds eight shillings an ounce. Appendix, No. III. 
 
 + See the loss per cent, on bank pa|)er, gold being at 
 six pounds an ounce. Appendix, No. 111.
 
 166 
 
 the two following years as in the present. He 
 must think that an equal degree of moderation is 
 displayed, in calculating on the price of gold in 
 paper only rising five pounds two shillings and 
 eightpence three farthings per cent, in each of 
 these years. 
 
 But even, on these suppositions, which will pro- 
 bably fall far short of the truth, he must discover, 
 that as the charge for interest and manage- 
 ment of the debt we have this year contracted, 
 is two millions and seventy-nine thousand pounds, 
 we must, betwixt the 1st of February 1813, and 
 the 1st of February 1816, have a new set of cre- 
 ditors, entitled to three times that sum, that is, to 
 six millions, two hundred and thirty seven thou- 
 sand pounds * ; yet these new and the old credi- 
 tors, and the sinking-fund, will, in the year end- 
 
 * The sum added to the national debt in the course of 
 the present session, that is, for the year ending 1st Feb- 
 ruary 1814, is L. 54,780,423, on Avhich the interest and 
 charge of management amount to L. 2,079,000. Assuming 
 that we shall add an equal sum to the capital of the nation- 
 al debt, and a charge to a similar amount, on account of 
 interest and charge of management in each of the years end- 
 ing 1st February 1815 and 1816, the sum that will be at 
 that time annually due to creditors, with whom the nation 
 will have formed engagements subsequent to the 1st Feb- 
 ruary 1813, must be L. 6,237,000.
 
 167 
 
 ing 1st February 1816, receive in standard coin, 
 only twenty-two millions, nine hundred and 
 eighty-one thousand, one hundred and fifty nine 
 pounds *, whereas, there was paid to the credi- 
 tors of the public and to the sinking-fund, in the 
 year ending 1st February 1813, before we had 
 contracted any engagement with these new credi- 
 tors, one million, seven hundred and forty thou- 
 sand, eight hundred and ninety- five pounds more 
 in standard coin ; for, in that year, it appears, that 
 they received what in value was equivalent to 
 the sum of twenty-four millions, seven hundred 
 and twenty- two thousand and fifty-four pounds of 
 Standard coin f. 
 
 Lastly, — He cannot fail to feel a well-ground- 
 ed alarm for the situation in which he is placed, 
 by this system of circulation, when he reflects that, 
 in the year 1 804, the public paid, on account of 
 interest and sinking-fund on the debt then due, 
 a sum equal in value to twenty-three millions, 
 four hundred and sixty-nine thousand, one hun- 
 dred and thirty-six pounds J in standard coin ; 
 and that, notwithstanding the enormous increase 
 
 * See Appendix, No. XX. + See Appendix, No. XL 
 X Sec Appendix, No. XI.
 
 168 
 
 made both to the debt and the sihking-fund since 
 that time, and the great addition which this pro- 
 spective statement assumes, will take place before 
 the 1st of February 1816, yet the whole charge 
 on these accounts will then be defrayed for twen- 
 ty-two millions, nine hundred and eighty- one 
 thousand, one hundred and fifty-nine pounds ^, 
 that is, for four hundred and eighty-seven thousand, 
 nine hundred and seventy-seven pounds of stand- 
 ard coin, less than was paid for interest, charge 
 of management, and sinking-fund, in the year end- 
 ing 1st February 1804. 
 
 There could be no difficulty in adding a great 
 variety of illustrations, to elucidate the general 
 consequences of persevering in the present sys- 
 tem of circulation ; the details, however, which 
 have been given, appear sufficient to explain the 
 grounds upon which it has been conceived, that 
 the community at large can hardly make sacri- 
 fices too great to avoid the risk of suffering from 
 the scenes which must ensue in the farther pro- 
 gress of the evil. 
 
 It would, indeed, be impossible to 'give a mi- 
 
 * See Appendix, No. XX.
 
 169 
 
 nute sketch of the pecuHar degrees of calamity 
 which each of the various interests created by 
 our extended and multifarious pecuniary tran« 
 sactions will sustain, if no remedy be adopted ; 
 but the principle on which all must suffer has 
 been sufficiently explained, to enable the land- 
 holder, the stockholder, the annuitant, the pro- 
 prietor of reversionary interests, of quitrents, or 
 of lease-hold property, to apply it to their own 
 particular cases, in doing which, they will find 
 great aid from the tables which are subjoined. 
 
 Here, then, these considerations naturally ter- 
 minate, — for the object, in discussing this branch 
 of the subject, is to induce others seriously to 
 think on the distressing situation in which the 
 country is likely to be involved, and not vainly 
 to attempt the task of endeavouring to point out 
 the specific share of injury each will sustain in 
 the further progress of this improvident system, 
 which must be more or less prejudicial to all. 
 
 CONTl-NTS
 
 CONTENTS OF the APPENDIX. 
 
 No. I. Page 
 
 Table, shewing the value of One Pound Sterlins of Standard 
 Gold Coin, and also the rise per cent, on Gold Coin, taking 
 Gold per Ounce at the various prices therein stated, and as- 
 suming that metal to have risen in Value, - - 1 
 
 No. II. 
 Table, shewing the value of One Pound Sterling of standard 
 Silver Coin, and also the rife per cent, on Silver Coin, tak- 
 ing Silver per Ouuce at the various prices therein stated, and 
 assuming that metal to have risen in value. - - 2 
 
 No. III. 
 Table, shewing the value of a Bank Note of One Pound, and 
 also the loss per cent, on Bank Paper, taking Gold per Ounce 
 at the various prices therein stated, and assuming Bank Pa- 
 per to have diminished in Value. - ... 3 
 
 No. IV. 
 Tab!e, shewing the value of a Bank Note of One Pound, and 
 also the loss per cent, on Bank Paper, taking Silver per Ounce 
 at the various prices therein stated, and assuming Bank Pa- 
 per to have diminished in Value. - - - - -j, 
 
 No. V. 
 Table, shewing the value of Silver per Ounce, Gold being at 
 the prices per ounce therein stated; assuming that Silver is 
 uniformly to bear a value in proportion to Gold, as Five 
 Shillings and Twopence is to 1 hree Pounds Seventeen Shil- 
 lings and Tenpence halfpenny, - - - 5
 
 11 CONTENTS, 
 
 No. VI. Page 
 
 Specimens of some of the Printed Silver and Shop Notes in 
 the possession of the Author, which are, or that have been 
 in circulation, .... , g 
 
 No. VII. 
 An Account of the Value of Shillings and Sixpences in circula- 
 tion in the year 1 so?, as ascertained by experiments made 
 in His Majesty's Mint ; to which is added, a calculation of 
 the number of such Shillings which a Pound Troy of Metal 
 would contain — of the rate of Value per Ounce at which 
 such a Coinage would be executed — of the number of Shil- 
 lings of such a Coinage that would be equal in Value to 
 Twenty Shillings Sterling — and of the Value of the nume- 
 rary Pound of such a Coinage in Silver Money, - - * 
 
 TSo. VIII. 
 Table, shewing, first, the quantity of Dollars, of Three Shil- 
 lings Pieces, and of One Shilling and Sixpence Pieces, issued 
 by the Bank of England since the year 1797 ; secondly, the 
 weight of one Shilling, as well as the fineness of the Metal 
 per Ounce of the Dollars and Tokens last issued ; shewing 
 also their Contents in Standard Silver — the Value of one 
 Shilling In Standard Coin — the Deficiency of Value — the 
 Number of Shillings in a Pound Troy — the Price of Silver 
 per Ounce at which they are Coined — the Number of Shil- 
 lings equal to a Pound Sterling — and the Value of the Nu- 
 merary Sterling Pound, - - - - 10 
 
 No. IX. 
 Tablcj shewing the Amount of Weight In the Denominative 
 Value of One Shilling of each of the Local Silver Currencies 
 issued throughout Great Britain ; shewing also the quality 
 of the Metal of which it is composed ; the quantity of Stand- 
 ard Coin contained in each denominative Shilling ; the value 
 of these Shillings in Standard Coin ; the Num.ber of them 
 contained in One Pound Troy of Silver; the number equi- 
 valent In Value to One Pound Sterling ; as well as the Price 
 of Silver per Ounce, at the Rate at which they are Coined ; 
 and the Value of the Numerary Pound, as composed of each 
 of these Local Currencies, - - - 12 
 
 No. X. 
 Information from various parts of the Kingdom concerning 
 the difhculty of making Small Payments, and the state of 
 the Silver Currency now In circulation, - - 25
 
 CONTENTS. Ul 
 
 No. XI. Page 
 
 Table, shewing the total charge of the Public Debt of Great 
 Britain, including Sinking-Fund, as paid in Bank Notes, 
 from the year ending 5th January l H04., to the year ending 
 5th January 1815; shewing also, on the supposition that 
 Bank Notes have been, and are depreciated, the sum ia 
 Gold Coin, according to the Mint Standard, which, in each 
 year, would have been equivalent to the sum paid to the 
 National Creditor and Sinking Fund, in Notes, 30 
 
 No. XII. 
 Table, shewing the amount of the sum paid into the Exche- 
 quer on account of the permanent taxes, and of the taxes 
 annually granted in each of the following years : Shewing 
 also, on the supposition that Bank Notes have been and are 
 depreciated, the sum in Gold Coin, according to the Mint 
 Standard, which, in each year, would have been equivalent 
 to the sum paid into the Exchequer in Notes, - - 31 
 
 No. XIIL 
 Table, shewing the Amount of the Sum paid into the Exche- 
 quer on account of the War Taxes in each of the following 
 years ; shewing also, on the supposition that Bank Notes 
 have been and are depreciated, the sum in Gold Coin, ac- 
 cording to the Mint Standard, which, in each year, would 
 have been equivalent to the sum paid into the Exchequer in 
 Notes, - ... 32 
 
 No.-XIV. 
 Table, shewing the amount of the sum paid into the Exche- 
 quer on account of the Permanent Taxes, of the Taxes an- 
 nually granted, and of the War Taxes, in each of the follow- 
 ing years; shewing also, on the supposition that Bank Notes 
 have been and are depreciated, the sum in Gold Coin, accord- 
 ing to the Mint Standard, which, in each year, would have 
 been equivalent to the sum paid into the Exchequer in Notes, 3Z 
 
 No. XV. 
 
 Table, shewing the total charge of the Public Debt of Great 
 Britain, including Sinking-Fund, as paid in Bank Note?, 
 from the year ending 5th January 1804, to the year ending 
 5th January 1815; shewing also, on the supposition that 
 Gold has risen in value, the sum in Notes, equivalent to 
 what the Public Creditor and Sinking-Fund ".(uld have re- 
 ceived in each year, had they been paid in Standard Coin, 34 
 s
 
 IV CONTENTS. 
 
 No. XVI. Page 
 
 Table, shewing the amount of the sum paid into the Exche- 
 quer on account of the Permanent Taxes, and the Taxes 
 annually granted in each of the following years ; shewing 
 also, on the supposition that Gold has risen in value, the 
 sum in Notes equivalent to what the subjects would have 
 paid into the Exchequer In each year, had they been compel- 
 led to pay in Standard Coin, - - 35 
 
 No. XVII. 
 Table, shewing the amount of the sum paid into the Exche- 
 quer on account of the War Taxes in each of the following 
 years ; shewing also, on the supposition that Gold has risen 
 in value, the sum in Notes equivalent to what the subjects 
 would have paid into the Exchequer, had they been compel- 
 led to pay in Standard Coin, ... sg 
 
 No. XVIII. 
 
 Table, shewing the amount of the sum paid into the Exche- 
 quer on account of the Permanent Taxes, of the Taxes an- 
 nually granted, and of the War Taxes in each of the follow- 
 ing years ; shewing also, on the supposition that Gold has 
 risen in value, the sum in Notes equivalent to what the sub- 
 jects would have paid into the Exchequer, had they been 
 compelled to pay in Standard Gold Coin, - -37 
 
 No. XIX. 
 Table, shewing the value in Standard Coin which a Farmer 
 must have calculated on paying, when taking a Lease of One 
 Thousand Pounds per annum, in each of the following 
 years, - - - - - 38 
 
 No. XX. 
 
 Table, shewing the sum that will become payable in Bank 
 Notes for charge of Interest and Slnking-Fund on the Na- 
 tional Debt, in the years ending 1st February 1814, 1815, 
 and 181G ; shewing also, the sum in Standard Gold Coin 
 that will be equivalent to these sums in Notes, on the suppo- 
 sition that Gold rises 4s. an ounce, or L. 5, 2s. 8^d. per cent, 
 in each of these years, ... 39 
 
 APPENDIX.
 
 APPENDIX, No. I. 
 
 TJBLEy shewing the value of One Pound Sterling of Standard 
 Gold Coiuy and also the rise per cent, on Gold Coin^ taking 
 Gold per Ounce at the various prices therein statedj and as- 
 suming that metal to have risen in Value. 
 
 Supposed va- 
 lue of God 
 per ounce. 
 
 
 k Paper 
 ngs of G 
 )posed vs 
 iiice. 
 
 
 
 
 .Gold 
 ank of 
 
 II Value ill JJan 
 Twenty Sliilli 
 Coin at the sii 
 of Gold per oi 
 
 of 
 
 lOld 
 
 due 
 
 How much per ceii 
 Coin is better than £ 
 England Notes. 
 
 
 DeclmuU. 
 
 L. 
 
 bb. 
 
 d. 
 
 fis. 
 
 Dacimala. 
 
 L. sh. 
 
 d. frs. 
 
 L.3 17 
 
 104 
 
 1. 
 
 
 
 
 
 
 
 
 
 
 
 3 19 
 
 
 
 1.0143 
 
 
 
 
 3 
 
 1 
 
 1.4459 
 
 1 9 
 
 9 
 
 4 
 
 
 
 1.0272 
 
 
 
 
 6 
 
 2 
 
 2.73 
 
 2 14 
 
 7 1 
 
 4 1 
 
 
 
 1.04 
 
 
 
 
 9 
 
 3 
 
 4.0141 
 
 4 
 
 3 2 
 
 4 2 
 
 
 
 1.0528 
 
 
 I 
 
 
 
 2 
 
 3.2983 
 
 3 3 
 
 11 3 
 
 4 3 
 
 
 
 1.0057 
 
 
 I 
 
 3 
 
 3 
 
 6.3824 
 
 6 11 
 
 7 3 
 
 4 4 
 
 
 
 1.0783 
 
 
 1 
 
 6 
 
 3 
 
 7.8663 
 
 7 17 
 
 4 
 
 4 5 
 
 
 
 1.0914 
 
 
 1 
 
 10 
 
 
 
 9.1306 
 
 9 3 
 
 
 
 4 6 
 
 
 
 1.0142 
 
 
 2 
 
 1 
 
 
 
 10.4348 
 
 10 8 
 
 8 1 
 
 4 7 
 
 
 
 1.117 
 
 
 2 
 
 4 
 
 1 
 
 11.7189 
 
 11 14 
 
 4 2 
 
 4 8 
 
 
 
 1.1^299 
 
 
 2 
 
 7 
 
 1 
 
 13.003 
 
 13 
 
 3 
 
 4 9 
 
 
 
 1.1427 
 
 
 2 
 
 10 
 
 I 
 
 14.2871 
 
 14 3 
 
 9 
 
 4 10 
 
 
 
 1.1556 
 
 
 3 
 
 1 
 
 1 
 
 15.5713 
 
 15 11 
 
 3 
 
 4 11 
 
 
 
 1.1684 
 
 
 3 
 
 4 
 
 2 
 
 16.8554 
 
 16 17 
 
 I 1 
 
 4 12 
 
 
 
 1.1812 
 
 
 3 
 
 7 
 
 o 
 
 18.1395 
 
 18 2 
 
 9 2 
 
 4 13 
 
 
 
 1.1941 
 
 
 3 
 
 10 
 
 3 
 
 19.4236 
 
 19 8 
 
 5 2 
 
 4 14 
 
 
 
 1.2069 
 
 
 4 
 
 1 
 
 3 
 
 20.7078 
 
 20 14 
 
 1 3 
 
 4 15 
 
 
 
 1.2098 
 
 
 4 
 
 4 
 
 3 
 
 21.9919 
 
 21 19 
 
 10 
 
 4 16 
 
 
 
 1.2326 
 
 
 4 
 
 7 
 
 3 
 
 23.2760 
 
 23 3 
 
 6 1 
 
 4 17 
 
 
 
 1.2454 
 
 
 4 
 
 11 
 
 
 
 24.5601 
 
 24 11 
 
 2 2 
 
 4 18 
 
 " 
 
 1.2583 
 
 
 3 
 
 2 
 
 
 
 25.8443 
 
 23 16 
 
 10 3 
 
 4 19 
 
 
 
 1.2711 
 
 
 3 
 
 3 
 
 1 
 
 27.1284 
 
 27 2 
 
 6 3 
 
 5 
 
 
 
 1.284 
 
 
 5 
 
 8 
 
 1 
 
 28.4125 
 
 28 8 
 
 3 
 
 3 1 
 
 
 
 1.2968 
 
 
 3 
 
 11 
 
 1 
 
 29.6966 
 
 29 13 
 
 11 
 
 5 2 
 
 
 
 1.3096 
 
 
 6 
 
 2 
 
 I 
 
 30.9808 
 
 30 19 
 
 7 1 
 
 5 3 
 
 
 
 1.3225 
 
 
 6 
 
 3 
 
 2 
 
 32.2649 
 
 32 5 
 
 3 2 
 
 5 4 
 
 
 
 1.3353 
 
 
 6 
 
 8 
 
 2 
 
 33.349 
 
 33 10 
 
 11 3 
 
 5 3 
 
 
 
 1.3482 
 
 
 6 
 
 11 
 
 3 
 
 34.8331 
 
 34 \Q 
 
 8 
 
 6 6 
 
 
 
 1.361 
 
 
 7 
 
 2 
 
 3 
 
 36.1173 
 
 36 2 
 
 4 1 
 
 3 7 
 
 
 
 1.3738 
 
 
 7 
 
 3 
 
 3 
 
 37.4014 
 
 37 8 
 
 I 
 
 3 8 
 
 
 
 1.3867 
 
 
 7 
 
 8 
 
 3 
 
 38.6833 
 
 38 13 
 
 8 2 
 
 3 9 
 
 
 
 1.3993 
 
 
 8 
 
 
 
 
 
 39.9696 
 
 39 19 
 
 4 3 
 
 5 10 
 
 
 
 1.4124 
 
 
 8 
 
 3 
 
 
 
 41.2538 
 
 41 3 
 
 3 
 
 3 11 
 
 
 
 1.4232 
 
 
 8 
 
 6 
 
 
 
 42.3379 
 
 42 10 
 
 9 
 
 3 12 
 
 
 
 1.438 
 
 
 8 
 
 9 
 
 
 43.822 
 
 43 16 
 
 5 1 
 
 3 13 
 
 
 
 1.4309 
 
 
 9 
 
 
 
 
 45.1061 
 
 45 2 
 
 1 2 
 
 3 14 
 
 
 
 1.4637 
 
 
 9 
 
 3 
 
 46.3903 
 
 46 7 
 
 9 3 
 
 5 13 
 
 
 
 1.4766 
 
 
 9 
 
 6 
 
 
 47.6744 
 
 47 13 
 
 6 
 
 3 16 
 
 
 
 1.4894 
 
 
 9 
 
 9 
 
 48.9585 
 
 48 19 
 
 2 
 
 3 17 
 
 
 
 1.3022 
 
 
 10 
 
 
 
 2 
 
 50.2426 
 
 50 4 
 
 10 1 
 
 5 18 
 
 
 
 1.3131 
 
 
 10 
 
 3 
 
 3 
 
 31.5268 
 
 51 10 
 
 6 1 
 
 3 19 
 
 
 
 1.5279 
 
 
 10 
 
 6 
 
 3 
 
 52.8 1U9 
 
 52 16 
 
 2 2 
 
 6 
 
 
 
 1.340S 
 
 1 
 
 10 
 
 9 
 
 3 5 4.095 
 
 54 1 
 
 10 3
 
 2 
 APPENDIX, No. II. 
 TABLE shewinsr the value of One Pound Sterling of siaiu 
 dard Silver Coin, and also the rise per cent, on Silver Coin, 
 taking Silver per Ounce at the various prices therein stated, 
 and assuming that metal to have risen in value. 
 
 Siippospcl 
 value of Sil- 
 ver per 1 
 
 value in li..iik Paj,., oi | 
 Twevity Shiiiinss of Silver 
 Coin, at tlie supposed value 
 of Silver pei Ounce. 
 
 How mucli per cent. Silver 
 Coin is better than Bank of 
 England Notes. 
 
 Ounce. 
 
 
 
 
 
 
 
 
 
 
 
 Decimals. 
 
 I.. 
 
 sh. 
 
 d. 
 
 frs. 
 
 Decimals. 
 
 L. 
 
 sh. d. Irs 
 
 L.O 5 
 
 2 
 
 J. 
 
 
 
 
 
 
 
 
 
 
 
 5 
 
 3 
 
 1.01 5S 
 
 1 
 
 
 
 3 
 
 3 
 
 1.6129 
 
 1 
 
 12 
 
 3 
 
 5 
 
 4 
 
 1.0320 
 
 1 
 
 
 
 7 
 
 3 
 
 3.2258 
 
 3 
 
 4 
 
 6 
 
 5 
 
 5 
 
 1.0482 
 
 
 
 
 11 
 
 3 
 
 4.8387 
 
 4 
 
 16 
 
 9 1 
 
 5 
 
 (j 
 
 1.0643 
 
 
 1 
 
 3 
 
 2 
 
 6.4516 
 
 6 
 
 9 
 
 1 
 
 5 
 
 7 
 
 1.0803 
 
 
 1 
 
 7 
 
 2 
 
 8.0645 
 
 8 
 
 1 
 
 3 1 
 
 6 
 
 8 
 
 1.0.963 
 
 
 1 
 
 11 
 
 o 
 
 9.6774 
 
 9 
 
 13 
 
 6 2 
 
 5 
 
 9 
 
 1.1126 
 
 
 2 
 
 3 
 
 1 
 
 11.2903 
 
 11 
 
 5 
 
 9 2 
 
 5 
 
 10 
 
 1.1287 
 
 
 2 
 
 6 
 
 3 
 
 12.9032 
 
 12 
 
 18 
 
 3 
 
 5 
 
 11 
 
 1.1449 
 
 
 2 
 
 10 
 
 J 
 
 14.5161 
 
 14 
 
 10 
 
 3 3 
 
 6 
 
 
 
 1.161 
 
 
 3 
 
 2 
 
 3 
 
 16.1290 
 
 16 
 
 2 
 
 6 3 
 
 6 
 
 1 
 
 1.1771 
 
 
 3 
 
 6 
 
 2 
 
 17.7419 
 
 17 
 
 14 
 
 9 3 
 
 6 
 
 2 
 
 1.1931 
 
 
 3 
 
 10 
 
 2 
 
 19.3548 
 
 19 
 
 7 
 
 1 
 
 6 
 
 3 
 
 1.209^ 
 
 
 4 
 
 2 
 
 1 
 
 20.9677 
 
 20 
 
 19 
 
 4 
 
 6 
 
 4 
 
 1.22. '54 
 
 
 4 
 
 6 
 
 
 
 22.5806 
 
 22 
 
 11 
 
 7 1 
 
 6 
 
 5 
 
 1.2416 
 
 
 4 
 
 10 
 
 
 
 24.1935 
 
 24 
 
 3 
 
 10 1 
 
 6 
 
 6 
 
 1.2578 
 
 
 5 
 
 1 
 
 3 
 
 25.8064 
 
 25 
 
 16 
 
 1 1 
 
 6 
 
 7 
 
 1.2739 
 
 
 5 
 
 5 
 
 3 
 
 27.4193 
 
 27 
 
 8 
 
 4 1 
 
 G 
 
 8 
 
 1.28i>9 
 
 
 5 
 
 9 
 
 2 
 
 29.0322 
 
 29 
 
 
 
 7 2 
 
 6 
 
 9 
 
 1.306 
 
 
 6 
 
 I 
 
 2 
 
 30.6451 
 
 30 
 
 12 
 
 10 2 
 
 6 
 
 JO 
 
 1.322 
 
 
 6 
 
 5 
 
 1 
 
 32.258 
 
 32 
 
 5 
 
 1 2 
 
 6 
 
 11 
 
 1.3384 
 
 
 6 
 
 9 
 
 1 
 
 33.8709 
 
 33 
 
 17 
 
 4 3 
 
 7 
 
 
 
 1.3546 
 
 
 7 
 
 1 
 
 
 
 354838 
 
 35 
 
 9 
 
 7 3 
 
 7 
 
 1 
 
 1.3707 
 
 
 7 
 
 5 
 
 
 
 37.0967 
 
 37 
 
 1 
 
 11 
 
 7 
 
 2 
 
 1.3867 
 
 
 7 
 
 8 
 
 3 
 
 ^>8.7096 
 
 38 
 
 14 
 
 2 1 
 
 7 
 
 3 
 
 1.403 
 
 
 8 
 
 
 
 3 
 
 40.3226 
 
 40 
 
 6 
 
 5 1 
 
 7 
 
 4 
 
 1.419 
 
 
 8 
 
 4 
 
 3 
 
 41.9354 
 
 41 
 
 18 
 
 8 1 
 
 7 
 
 5 
 
 1.4352 
 
 
 8 
 
 8 
 
 2 
 
 43.5483 
 
 43 
 
 10 
 
 11 2 
 
 7 
 
 6 
 
 1.4514 
 
 
 9 
 
 
 
 1 
 
 45.1612 
 
 45 
 
 3 
 
 2 2 
 
 7 
 
 7 
 
 1.4675 
 
 
 9 
 
 4 
 
 1 
 
 46.7741 
 
 46 
 
 15 
 
 5 3 
 
 7 
 
 8 
 
 1.4835 
 
 
 9 
 
 8 
 
 1 
 
 48.387 
 
 48 
 
 7 
 
 8 3 
 
 7 
 
 9 
 
 1.4994 
 
 
 10 
 
 
 
 
 
 50. 
 
 50 
 
 
 
 
 
 7 
 
 10 
 
 1.5156 
 
 
 10 
 
 3 
 
 3 
 
 51.6129 
 
 51 
 
 12 
 
 3 
 
 7 
 
 11 
 
 1.532 
 
 
 10 
 
 7 
 
 3 
 
 53.2258 
 
 53 
 
 4 
 
 6 
 
 8 
 
 
 
 1.5482 
 
 
 10 
 
 11 
 
 3 
 
 54.8387 
 
 54 
 
 16 
 
 9 1 
 
 8 
 
 1 
 
 1.5643 
 
 
 11 
 
 3 
 
 2 
 
 56.4516 
 
 56 
 
 9 
 
 1 
 
 8 
 
 2 
 
 1.5803 
 
 
 11 
 
 7 
 
 2 
 
 58.0645 
 
 58 
 
 1 
 
 3 1 
 
 L< 8 
 
 3 
 
 1.5965 
 
 
 11 
 
 11 
 
 1 
 
 59.6774 
 
 59 
 
 13 
 
 6 2 
 
 8 
 
 4 
 
 1.6126 
 
 
 12 
 
 3 
 
 
 
 61.2903 
 
 61 
 
 5 
 
 9 2 
 
 8 
 
 5 
 
 1.6288 
 
 
 12 
 
 7 
 
 
 
 62.9032 
 
 62 
 
 18 
 
 3 
 
 « 
 
 6 
 
 1.6457 
 
 
 12 
 
 U 
 
 
 
 64.5161 
 
 64 
 
 10 
 
 3 3
 
 APPENDIX, No. III. 
 
 TABLE shewing the value of a Bank Note of One Poundy 
 and also the loss per cent, on Bank Paper, taking Gold per 
 Ounce at the various prices therein stated, and assuming 
 Bank Paper to have diminished in Value. 
 
 
 Valiie in 
 Coin of a 
 Bank Note 
 value of G 
 
 standard Gold 
 Twenty Sliiilines 
 , at the supposed 
 lold per ounce. 
 
 How much per cee 
 l^'aper is worse than 
 ard Gold Coin. 
 
 
 Supposed 
 Value of 
 Gold per 
 Ounce. 
 
 t Bank 
 Staau- 
 
 Decimals. 
 
 L. sh. d. 
 
 fis. 
 
 Decimals. 
 
 L. sh. 
 
 d. frs. 
 
 L.3 17 
 
 lOX 
 
 I 
 
 
 
 
 
 
 3 19 
 
 
 
 .9857 
 
 19 8 
 
 2 
 
 1.43 
 
 1 8 
 
 7 
 
 4 
 
 
 
 .9734 
 
 19 5 
 
 3 
 
 2.66 
 
 2 13 
 
 2 2 
 
 4 1 
 
 
 
 •9614 
 
 19 2 
 
 3 
 
 3.86 
 
 3 17 
 
 2 2 
 
 4 2 
 
 
 
 .9497 
 
 19 
 
 
 
 5.03 
 
 5 
 
 7 1 
 
 4 3 
 
 
 
 •9382 
 
 18 9 
 
 1 
 
 6.18 
 
 6 3 
 
 7 I 
 
 4 4 
 
 
 
 ■927 
 
 18 6 
 
 2 
 
 7.30 
 
 7 6 
 
 
 
 4 5 
 
 
 
 .916-1 
 
 18 4 
 
 
 
 S.39 
 
 S 7 
 
 9 1 
 
 4 <) 
 
 
 
 .9055 
 
 u IS I 
 
 1 
 
 9.45 
 
 9 9 
 
 
 
 4 7 
 
 
 
 .8951 
 
 17 11 
 
 
 
 10.49 
 
 10 9 
 
 9 2 
 
 4 8 
 
 
 
 .8849 
 
 17 8 
 
 1 
 
 11.51 
 
 11 10 
 
 2 1 
 
 4 9 
 
 
 
 .875 
 
 17 6 
 
 
 
 12.5 
 
 12 10 
 
 
 
 4 10 
 
 
 
 .8652 
 
 17 4 
 
 3 
 
 13.48 
 
 13 9 
 
 7 1 
 
 4 11 
 
 
 
 .8557 
 
 17 1 
 
 1 
 
 14.43 
 
 14 8 
 
 7 
 
 4 12 
 
 
 
 .846'4 
 
 16 11 
 
 1 
 
 15.36 
 
 15 7 
 
 2 1 
 
 4 U 
 
 
 
 .8373 
 
 16 9 
 
 
 
 16.27 
 
 16 5 
 
 5 
 
 4 14 
 
 
 
 .8284 
 
 16 6 
 
 3 
 
 17.16 
 
 17 3 
 
 2 1 
 
 4 If) 
 
 
 
 .8197 
 
 16 4 
 
 3 
 
 18.03 
 
 18 
 
 7 1 
 
 4 16" 
 
 
 
 .8111 
 
 16 2 
 
 3 
 
 18 89 
 
 18 17 
 
 9 2 
 
 4 17 
 
 
 
 .8028 
 
 16 
 
 2 
 
 1972 
 
 19 14 
 
 5 
 
 4 18 
 
 
 
 .791-6' 
 
 15 10 
 
 3 
 
 20.54 
 
 20 10 
 
 9 3 
 
 4 19 
 
 
 
 .786'6" 
 
 15 8 
 
 3 
 
 21.34 
 
 21 6 
 
 9 2 
 
 5 
 
 
 
 .7787 
 
 15 6 
 
 3 
 
 22.13 
 
 22 2 
 
 7 
 
 5 1 
 
 
 
 .7710 
 
 15 5 
 
 
 
 2290 
 
 22 18 
 
 
 
 5 2 
 
 
 
 .7634 
 
 15 3 
 
 1 
 
 23 66 
 
 23 13 
 
 2 2 
 
 5 3 
 
 
 
 .7500 
 
 15 1 
 
 2 
 
 24.40 
 
 24 8 
 
 
 
 5 4 
 
 
 
 •7487 
 
 14 11 
 
 3 
 
 2.5.13 
 
 25 2 
 
 7 
 
 5 5 
 
 
 
 .7416 
 
 14 10 
 
 
 
 25.84 
 
 25 16 
 
 9 3 
 
 5 6 
 
 
 
 .7346' 
 
 14 8 
 
 1 
 
 2654 
 
 26 It) 
 
 9 3 
 
 5 7 
 
 
 
 .7277 
 
 14 6 
 
 2 
 
 27.23 
 
 27 4 
 
 7 1 
 
 5 8 
 
 
 
 .7210 
 
 14 5 
 
 
 
 27.9*) 
 
 27 18 
 
 
 
 5 9 
 
 
 
 .7144 
 
 14 3 
 
 n 
 
 28 .56 
 
 28 11 
 
 2 1 
 
 5 10 
 
 
 
 .7079 
 
 14 1 
 
 3 
 
 J9 21 
 
 29 4 
 
 2 1 
 
 5 11 
 
 
 
 .7015 
 
 14 
 
 1 
 
 2985 
 
 29 17 
 
 
 
 5 12 
 
 
 
 .6953 
 
 13 11 
 
 
 
 30 47 
 
 30 9 
 
 5 
 
 5 13 
 
 
 
 .6891 
 
 13 9 
 
 
 
 31.09 
 
 31 1 
 
 9 3 
 
 5 14 
 
 
 
 .683 1 
 
 13 8 
 
 
 
 31.69 
 
 31 13 
 
 9 3 
 
 5 15 
 
 
 
 .6771 
 
 13 6 
 
 2 
 
 32.29 
 
 32 5 
 
 9 3 
 
 5 16 
 
 ^ 
 
 .6713 
 
 15 5 
 
 
 
 32.87 
 
 32 17 
 
 5 
 
 5 17 
 
 (' 
 
 .6655 
 
 13 3 
 
 3 
 
 33.45 
 
 33 9 
 
 
 
 5 18 
 5 19 
 
 
 
 .6599 
 
 13 2 
 
 1 
 
 34 01 
 
 31 b 
 3rVl 
 
 2 1 
 
 
 
 .6544 
 
 13' 1 
 
 o' 
 
 3i.5lj^ 
 
 2" 1 
 
 6' 
 
 
 
 .6489 
 
 12 11 
 
 3 
 
 .T, 11 
 
 35 2 
 
 2 1
 
 APPENDIX, No. IV. 
 TABLEj ehewing the value of a Bank Note of One Poundy 
 and also the loss per cent, on Bank Paper, taking Silver per 
 Ounce at the various prices therein stated^ and assuming 
 Bank I aper to have diminished in Value. 
 
 Supposed 
 value of Sil- 
 VM per 
 Ounce. 
 
 Vdlae 111 ISiaii laid Suvek cl 1 
 a Twenty bhiliing Note, ai 
 iiip supposed value of Silver 
 p r ounce. 
 
 How iniicli per cent. Bank 
 Paper is worse tliau Stand- 
 ard Silver Coin. 
 
 Decimals. L. sli. d. 
 
 frs 
 
 Decinuds. 
 
 i^. sli. d. trs. 
 
 L.0 
 
 5 
 
 2 
 
 1. 
 
 1 
 
 
 
 
 
 
 
 
 
 5 
 
 a 
 
 9841 
 
 19 8 
 
 
 
 1.59 
 
 1 
 
 11 
 
 9 2 
 
 
 
 5 
 
 4 
 
 .9687 
 
 19 4 
 
 1 
 
 3.13 
 
 3 
 
 2 
 
 7 
 
 
 
 5 
 
 6 
 
 .9538 
 
 19 
 
 3 
 
 4.62 
 
 4 
 
 12 
 
 4 3 
 
 
 
 6 
 
 6 
 
 .9393 
 
 18 9 
 
 1 
 
 607 
 
 6 
 
 1 
 
 4 3 
 
 
 
 5 
 
 7 
 
 .9263 
 
 18 6 
 
 
 
 7.47 
 
 7 
 
 9 
 
 4 3 
 
 
 
 5 
 
 8 
 
 .9118 
 
 18 2 
 
 3 
 
 8.82 
 
 8 
 
 16 
 
 4 3 
 
 
 
 5 
 
 9 
 
 .8985 
 
 17 11 
 
 2 
 
 1016 
 
 10 
 
 3 
 
 
 
 
 
 5 
 
 10 
 
 .8867 
 
 17 8 
 
 2 
 
 11.43 
 
 11 
 
 8 
 
 7 
 
 
 
 5 
 
 ll 
 
 .873.; 
 
 17 6 
 
 2 
 
 12.68 
 
 12 
 
 13 
 
 7 
 
 
 
 6 
 
 
 
 .8611 
 
 17 2 
 
 2 
 
 13.89 
 
 13 
 
 17 
 
 9 2 
 
 
 
 6 
 
 1 
 
 .849'^ 
 
 16 11 
 
 3 
 
 15.07 
 
 16 
 
 1 
 
 4 3 
 
 
 
 6 
 
 2 
 
 .8>57« 
 
 10 9 
 
 
 
 16.22 
 
 16 
 
 4 
 
 4 3 
 
 
 
 6 
 
 3 
 
 .82b'i 
 
 16 6 
 
 1 
 
 17.34 
 
 17 
 
 6 
 
 9 2 
 
 
 
 6 
 
 4 
 
 .8167 
 
 16 3 
 
 3 
 
 18.43 
 
 18 
 
 8 
 
 7 
 
 
 
 6 
 
 5 
 
 .8051 
 
 16 1 
 
 
 
 19.49 
 
 19 
 
 9 
 
 9 2 
 
 
 
 6 
 
 ti 
 
 .79^8 
 
 15 10 
 
 3 
 
 20.62 
 
 20 
 
 10 
 
 4 3 
 
 
 
 6 
 
 7 
 
 .7848 
 
 16 8 
 
 1 
 
 21.62 
 
 21 
 
 10 
 
 4 3 
 
 
 
 6 
 
 8 
 
 775 
 
 15 6 
 
 
 
 22.6 
 
 22 
 
 10 
 
 
 
 
 
 6 
 
 9 
 
 .765-1 
 
 16 3 
 
 3 
 
 23.46 
 
 23 
 
 9 
 
 2 1 
 
 
 
 6 
 
 10 
 
 .756 
 
 15 1 
 
 2 
 
 24.40 
 
 24 
 
 8 
 
 
 
 
 
 6 
 
 11 
 
 74G<J 
 
 14 11 
 
 1 
 
 26.31 
 
 26 
 
 6 
 
 2 I 
 
 
 
 7 
 
 
 
 .7380 
 
 14 9 
 
 
 
 26.20 
 
 26 
 
 4 
 
 
 
 
 
 7 
 
 1 
 
 ,7294 
 
 Oil 7 
 
 
 
 27.06 
 
 27 
 
 1 
 
 2 1 
 
 
 
 7 
 
 2 
 
 .7209 
 
 14 5 
 
 
 
 27.91 
 
 27 
 
 18 
 
 2 1 
 
 
 
 7 
 
 3 
 
 .7126 
 
 14 3 
 
 
 
 28.74 
 
 28 
 
 14 
 
 9 2 
 
 
 
 7 
 
 4 
 
 .7046 
 
 14 1 
 
 
 
 29.56 
 
 29 
 
 11 
 
 
 
 
 
 7 
 
 5 
 
 .6966 
 
 13 11 
 
 I 
 
 30.34 
 
 30 
 
 6 
 
 9 2 
 
 
 
 7 
 
 6 
 
 .6888 
 
 13 9 
 
 1 
 
 31.12 
 
 31 
 
 2 
 
 4 3 
 
 
 
 7 
 
 7 
 
 .6813 
 
 13 7 
 
 2 
 
 31.87 
 
 31 
 
 17 
 
 4 3 
 
 
 
 7 
 
 8 
 
 .6739 
 
 13 5 
 
 3 
 
 32.61 
 
 32 
 
 12 
 
 2 1 
 
 
 
 7 
 
 9 
 
 .6666 
 
 13 4 
 
 
 
 33.34 
 
 33 
 
 6 
 
 9 2 
 
 
 
 7 
 
 10 
 
 .6586 
 
 13 2 
 
 1 
 
 34.05 
 
 34 
 
 1 
 
 
 
 
 
 7 
 
 11 
 
 .6526 
 
 13 
 
 2 
 
 34.74 
 
 34 
 
 14 
 
 9 2 
 
 
 
 8 
 
 
 
 .6458 
 
 12 11 
 
 
 
 36.42 
 
 36 
 
 8 
 
 4 3 
 
 
 
 8 
 
 1 
 
 .6391 
 
 12 9 
 
 2 
 
 36.09 
 
 36 
 
 1 
 
 9 2 
 
 
 
 8 
 
 2 
 
 .6326 
 
 12 7 
 
 3 
 
 36.74 
 
 36 
 
 14 
 
 9 2 
 
 , 
 
 8 
 
 3 
 
 .6262 
 
 12 6 
 
 1 
 
 37.38 
 
 37 
 
 7 
 
 7 
 
 
 
 8 
 
 4 
 
 .62 
 
 12 6 
 
 
 
 38, 
 
 38 
 
 
 
 
 
 
 
 8 
 
 5 
 
 .6138 
 
 12 3 
 
 1 
 
 38.62 
 
 38 
 
 12 
 
 4 3 
 
 
 
 8 
 
 6 
 
 .6078 
 
 12 '0 
 
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 39.22 
 
 39 
 
 4 
 
 4 3
 
 APPENDIX, No. V. 
 
 TABLE, shewing the value of Silver per Ounce, Gold being at the 
 prices per ounce, therein stated; assuming that Silver is uniformli/ to 
 bear a value in proportion to Goldy as Five Shillings and Twopence 
 is to Three Pounds Seventeen Shillings and Tenpence halfpenny. 
 
 Supposed va- 
 lue ot Gold 
 
 PropoiUon.ite 
 Silvt- 
 
 value of 
 
 Supposed V' 
 lueofGoid 
 
 Propo. Iionatc. value o, 
 Silver. 
 
 ,\^r ft. in.... 
 
 
 
 
 per OuuCB. 
 
 
 
 
 per uunc' 
 
 10^ 
 
 Decimals. 
 
 L. 
 
 sh. 
 
 d. fr.v 
 
 
 
 Decimals. 
 
 L. 
 
 Sll 
 
 d. frs 
 
 L.3 17 
 
 5. 1666 
 
 
 
 5 
 
 2 
 
 L.5 
 
 
 
 6.6347 
 
 
 
 6 
 
 7 2 
 
 3 19 
 
 
 
 3.2413 
 
 
 
 5 
 
 2 3 
 
 5 1 
 
 
 
 6.7011 
 
 
 
 6 
 
 8 1 
 
 4 
 
 
 
 5 3076" 
 
 
 
 5 
 
 3 l: 
 
 5 2 
 
 
 
 6.7674 
 
 
 
 6 
 
 9 
 
 4 1 
 
 
 
 5 374 
 
 
 
 5 
 
 4 1 
 
 5 3 
 
 
 
 6.8337 
 
 ) 
 
 6 
 
 10 
 
 4 2 
 
 .0 
 
 5.4403 
 
 
 
 5 
 
 5 1 
 
 5 4 
 
 
 
 69001 
 
 ) 
 
 6 
 
 10 3 
 
 4 3 
 
 
 
 5.50()7 
 
 
 
 5 
 
 6 
 
 5 5 
 
 
 
 6.9665 
 
 () 
 
 6 
 
 11 2 
 
 4 4 
 
 
 
 5 573 
 
 
 
 5 
 
 6 3 
 
 5 6 
 
 
 
 7.0328 
 
 
 
 7 
 
 1 
 
 4 5 
 
 
 
 5.6394 
 
 
 
 5 
 
 7 2 
 
 5 7 
 
 
 
 7.0992 
 
 
 
 7 
 
 1 
 
 4 6 
 
 
 
 5.7057 
 
 
 
 5 
 
 8 1 
 
 5 8 
 
 
 
 7.1655 
 
 ) 
 
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 57721 
 
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 7.2319 
 
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 7 
 
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 4 8 
 
 
 
 5 .^3>S4 
 
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 5 10 
 
 
 
 7.2982 
 
 
 
 7 
 
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 5.9048 
 
 
 
 5 
 
 10 3 
 
 5 11 
 
 
 
 7.3646 
 
 
 
 7 
 
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 4 10 
 
 
 
 5 971' 
 
 
 
 5 
 
 11 2 
 
 5 12 
 
 
 
 7.4309 
 
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 4 11 
 
 
 
 6.0375 
 
 
 
 6 
 
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 7.4973 
 
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 6.103S 
 
 
 
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 6.1702 
 
 
 
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 7.63 
 
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 6.2366 
 
 
 
 6 
 
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 7.6963 
 
 
 
 7 
 
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 6.303 
 
 
 
 6 
 
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 7.70'i7 
 
 
 
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 6.3693 
 
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 7 
 
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 6.5020 
 
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 APPENDIX, No VII, 
 
 An Account of the Value of Shillings and Sixpences in circulation in the 
 year 1807*, as ascertained by experiments made in His Majesty^ s Mint; 
 to which is added a calculation of the number of such Shillings zshich a 
 Pound Troy of Metal would contain — of the rate of Value per Ounce at 
 zchich such a Coinage zcould he executed — of the number of Shillings of 
 such a Coinage that would be equal in Value to Tzoenty Shillings Sterm 
 ling — and of the Value of the numerary Pound of such a Coinage in 
 Silver Money. 
 
 Fourteen Pounds Weight of Shillings and Two Pounds Weight of Six- 
 pences, taken promiscuously from the common Circulation, were pro- 
 cured from the Bank of England; and upon Experiment the following 
 Result was obtained, viz. 
 
 Shillings 14 lb. Weigh* 
 contained - - . 
 
 Sixpences 2 lb. do. 
 
 Number of 
 Pieces. 
 
 Averai^e 
 Number of 
 Pieces in the 
 lb. AVeight. 
 
 (Number ot 
 Pieces l)y Law 
 
 in the 
 lb. Weiglit. 
 
 Excess by 
 Tale. 
 
 1,198 
 412 
 
 854 
 206 
 
 62 
 124 
 
 234 
 82 
 
 Upon an Assay made from a lb. Weight of the above Pieces they were 
 found 2 oz. 10 dwt. worse than Standard in Fineness. 
 
 Hence 
 The Defective Value of the Shil- 
 
 By Weight 
 
 By Fineness. 
 
 Total. 
 
 ling will be - - 
 
 Ditto - - - of the Six- 
 
 3^d. 
 
 Hd. 
 
 5d. 
 
 pence will be - - - 
 
 n^. 
 
 1 
 
 3d. 
 
 Making the Intrinsic Value of th 
 
 e Shilling 
 
 7d. 
 
 beins a loss of 
 L.41 13 4 
 
 
 
 per Cent. 
 
 And - - . of the Sixpence 
 
 3d. 
 
 being a loss of 
 
 L. 30 per 
 
 Cent. 
 
 
 Value of One 
 Slullim,'. 
 
 AuhiUli 
 
 .>f siiiliinjrv 
 
 jlll 1 Puuuit 
 
 Troy. 
 
 Price of 
 
 Silver per 
 
 Ounce. 
 
 INuHiDtr ot 
 Shillings in 
 1 Pound Ster- 
 ling. 
 
 Value oliu. nu- 
 merary Pound 
 in Sterling 
 Money. 
 
 Shillings in 1 
 Circulation, j 
 Sixpences in ) 
 Circulation. J 
 
 Sh. d. frs. 
 7 
 
 3 
 
 106.03 
 124 
 
 8.10 
 10.4 
 
 34. 2i 
 40 
 
 11.8;- 
 10. 
 
 T It is probdblt t.ial siiice lb07 the Silver in Circulation Uas become much womr.
 
 10 
 
 No. VIII. 
 
 TABLE, shewing, Jirst, the quantity of Dollars, of Three Shillings Pieces-, d 
 of One Shilling and Sixpence Pieces, issued by the Bank of England since t - 
 year 1797 ; secondly, the weight of one Shilling, as well as the fineness of ti^\ 
 Metal per Ounce of the Dollars and Tokens last issued. Shewing also the, iSl 
 Contents in Standard Silver — the Value of one Shilling in Standard Coin — t. 
 Deficiency of Value — the Number of Shillings in a Pound Troy — the Price 
 Silver per Ounce at which they are Coined — the number of Shillings equal to 
 Pound Sterling — and the Value of the Numerary Sterling Pound. 
 
 Value. 
 
 2,325,099 Dollars issued in 1797 a 45. 9d. each L. 552,211 3 
 
 1,211,484. Ditto - 1804 a 55. each 302,871 
 
 51,200 Ditto - 1805 a 5s. each 12,800 
 
 11,600 Ditto - 1808 a 55. each 2,900 
 
 698,980 Ditto - 1809 a 5s, each 174,745 
 
 2,270,895 Ditto - 1810 a 5s. each 567,723 15 
 
 251,175 Ditto - 1811 a 55, each 62,793 15 
 
 410,489 Ditto - 1811 a 55. 6£/. each 112,884 9 6 
 
 5,711,873 Tokens - 1811 a 35. each 856, '80 19 
 
 2,249,454 Ditto - 1811 c l5. 6d. each 168,709 1 
 
 2,910 Dollars - 1811 a 55. 6c?. each 800 5 
 
 4,013,589 Tokens - 1812 a 35. each 602,038 7 
 
 2,547,535 Ditto - 1812 a I5. 6rf. each ] 91,(565 2 6 
 
 538,102 Ditto - 1813 a 3s. each 80,715 6 
 
 269,974 Ditto - 1813 a Is. 6d. each 20,248 3 
 
 L. 3,709,286 3 3 
 
 Total Amount of Dollars L. 1,789,729 4 9 
 Ditto of Tokens 1,919,556 18 6 
 
 L. 3,709,286 S 3 
 
 The
 
 11 
 
 The following calculations apply to Dollars of Five Shillings and Sixpence, and 
 o to Three Shillings, and One Shilling and Sixpence Pieces, issued by the 
 jik in the years 1811, 1812, and 1813. 
 
 eight of 
 :e Shilling 
 grains. 
 
 75.7 
 
 Fineness, 
 oz. dwt. 
 
 10.13 
 
 Contents in 
 Standdid 
 Silver. 
 Giaiiis. 
 
 7'i.56 
 
 Value of 
 t SliillinL 
 '.qr. pts 
 
 915 
 
 Ueticit 11-1 N o. of 
 cy in va- Sliillings 
 iue. I in t lib. 
 
 \, qr.pts.lTroy. 
 
 ol 
 
 79.37 
 
 Price of 
 Silver pci 
 Ounce. 
 
 6.7f 
 
 Siiillings 
 qiiai toonr 
 Pound Ster- 
 
 25,7^ 
 
 Value of 
 numeral) 
 Sterling' 
 Found. 
 
 That these Dollars cannot now continue in circulation, seems evident, because 
 they are coined on the principle of taking silver at six shillings and sevenpcnce 
 le farthing per ounce, silver having risen to six shillings and elevenpence per 
 ince, a profit of threepence three farthings per ounce must arise from melting
 
 
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 APPENDIX, No. X. 
 
 The following extracts from yarious communications orx 
 the subject of the state of the silver currency thro'ighuut the 
 kingdom, are here inserted, for the purpose of shewing that 
 necessity alone gave rise to the local tokens ; and that, though 
 the Parliament have shewn an inclination to supjir^ss them, 
 the publicare indeljted to that measure for theaccommodatioa 
 which has of late enabled the retail dealer to carry on his 
 trade. 
 
 For the sake of brevity the author has abstained from ad- 
 ding the information he has received almost monthly up to 
 the present day : From all quarters, however, he learns that 
 the difficulties with which the retail dealers have to contend, 
 arc greatly increasing. 
 
 That Bank of England tokens are becoming infinitely more 
 scarce. 
 
 That even many of the local tokens have been withdrawn, 
 or have disappeared. 
 
 That in manufacturing towns small payments have been re- 
 cently principally made by copper tokens ; and that the 
 journeymen are generally paid (to use the technical phrases) 
 by linking or banding them together with notes, which inevi- 
 tably drives them to the public-houses for change. 
 
 Last year Scotland was exempted from the general diffi. 
 culty arising from a scarcity of silver money which was a- 
 bundant in Edinburgh and Glasgow, long after it had be- 
 come scarce in England ; now the grievance has extjndetl to 
 those towns, and has become as serious a ground of complaint 
 in the north as iu the south. 
 
 Bristol, June 16, 1«12. 
 
 The quantity of silver sanctioned by Government, now in circula- 
 tion here, ia not nnore than in the proportion of two to twenty of lo- 
 cal tokens. 
 
 Before these were brought out, the difficulty of procuring change 
 was so great, that eighteen shillings were readily taken for a one pound 
 note. The workmen employed in the various branches of business 
 In this city, absolutely refused to take their weekly wages, and many 
 v«ere about to leave their employers, because they could not be paid 
 in any thing but paper. Even the local poor could not receive their 
 pay, which in this city amounts to a considerable sum weekly, the 
 rate* for their tupport being firooi L. 1?,000 to L. 1 4,000 per annum.
 
 S4 
 
 Bristol, September 5, 181?. 
 I have had the honour to receive your letter, and, in reply, I beg 
 to say, I cannot avoid differing from you in opinion on the principle 
 you have stated. The great evil appears to me to be, that Govern- 
 ment should omit to issue coin to the amount necessary to keep all in 
 place. If individuals can issue tokens, and thus serve the public, does 
 not the fact present itself, , that there is no want of bullion ? And if 
 there is no want of this sort, is it not better that the Government 
 should reap the advantage of the issue, than private individuals ? Be- 
 sides, are not the people in this instance running away with one of the 
 unalienable prerogatives of the crown ? And if they purloin one, is it 
 not likely they will begin to grasp at others ; and that this inroad up- 
 on the constitution will lead to hideous consequences ? Considerations 
 such as these, have induced me to withhold issuing tokens, and I 
 shall be most happy to take up every one I have issued when the time 
 comes. It will certainly behove the Government to issue a proper sup- 
 ply. If they do, all will be well, but if they do not, the dreadful state 
 of confusion, if not of open rebellion, into which their misconduct will 
 fling the country, will lay at their door. I calculate that we have not 
 less than eighty thousand pounds of nominal value in tokens in circu- 
 lation, in, and In the neighbourhood of Bristol. 
 
 Bristol, September 1812. 
 It is a fact, that, at this present moment, this city is In almost as 
 bad a state for want of coinage as it was when we first resorted to the 
 issue of our tokens. It has been asserted by some, that what we did 
 whh the most laudable intentions was done with sinister views ; but 
 this, on a fair and impartial investigation, must to a man even of com- 
 mon capacity, appear to be untrue and without the slightest founda- 
 tion. On the contrary, we most certainly shall (unless the present 
 scarcity of silver causes a great advance In the price) be inevitable 
 losers to a very serious amount. But be that as it may, the public are 
 heartily M'elcome to our efforts to alleviate in some measure the gene- 
 ral distress they, in common with ourselves, then laboured under for 
 want of a circulating medium ; and we are proud to state, that it did 
 put in their power the means of procuring themselves the necessaries 
 and comforts of life, without paying an extravagant price for con- 
 verting paper Into specie. It Is also a great satisfaction and pleasure, 
 that we can with confidence state, that the public in this city and 
 neighbourhood, have many times, both collectively and individually, 
 returned us their sincere thanks for the very great accommodation they 
 have received through our means. 
 
 Bath, September 21, 1812. 
 
 The local tokens circulated here may amount to about five and 
 
 twenty thousand pounds, forming about two-thirds of the circulating 
 
 silver change, the remaining third consisting of shillings and sixpences, 
 
 and of bank tokens, nearly in equal quantities. It was very difficult
 
 25 
 
 »o piet a pound note changed, even by taking 1 5s. worth of copper, 
 before tokens were issued. The people here are in general, crying 
 out, " What shall we do for change, when the tokens are called in ?" 
 
 Bat/i, October 2f 1812. 
 Previous to the issuing of local tokens, (gold being withdrawn) no 
 change could be obtained. Trade was at an alarming stand ; nine- 
 tenths of our customers went away without their goods, or had them 
 on credit. The banks could not give the least change ; our drafts 
 were returned and our credit endangered. The letter-carrier carried 
 a book in his hand, and gave credit to those he knew, whilst others 
 went days without their letters for want of change. The issue of lo- 
 cal tokens has removed our difficuhies, and the issuers have received 
 public thanks in the papers. From our knowledge of trade we are 
 convinced that there is not one thousand pounds worth of bank 
 of England tokens, and of old silver, in circulation in this place. 
 
 Hull, 7th September, 1812. 
 Being at the head of two considerable wholesale and retail con- 
 cerns, I was one who very early felt the cripjpled means of carrying 
 on my trade, for want of silver to give in change to my customers ; 
 I not only lost the benefit of my friends' custom, but in many and 
 daily instances, I was obliged to give credit for small sums, which I 
 have not to this day received, nor ever shall. In this situation I and 
 my partner were reduced to issue tokens. The relief this gave was 
 incalculable, not only to .ourselves but to our neighbours, and I can 
 safely say that had it not been for their introduction, I do not know 
 what this populous town and neighbourhood would have done. 
 
 Tork, November 4, 1 8 J 2. 
 Prior to the issuing of tokens, it was usual to give a premium of 
 one shilling to procure change for a twenty shilling bank note, and 
 customers were sent away who wished for change unless they intend- 
 ed a purchase to almost the amount of the note. If the act prohibit- 
 ing local tokens takes effect, the greatest part of our district will be 
 thrown into the utmost confusion, as it will be totally impossible for 
 the lower orders, whose gains amount but to a few tokens, to procure 
 either bank tokens or old silver in lieu of thera. 
 
 Bridlington, September 18, 1812. 
 Local tokens compose four parts out of five of the circulating silver 
 money. Bank of England tokens have invariably disappeared after 
 their first circulation, even before local tokens were issued. Before 
 this resource I used to give a premium in London to get silver, but 
 that premium increasing, I was compelled to discontinue it, my trade 
 not allowing me to pay so dear for the accommodation ; and until the 
 issuing of local tokens, I was daily under the necessity of refusing 
 goods to my customers, from being unable to furnish them with 
 change, whilst I sustained great loss by giving credit to people who
 
 came to my shop for goods, knowing I could not give them change 
 for a note. If the local tokens are done away, and government do 
 not issue a very large sum in specie as a substitute, trade must inevi« 
 tably be at a stand, and the result of this I dare not contemplate. 
 
 Scarborough. 
 
 Inconvenient as the country was for want of silver currency, and 
 to prevent a total stoppage of trade between the mechanic and the 
 retail dealer, it was absolutely necessary to substitute a something 
 in its stead. To remedy this inconvenience, was one grand ob- 
 ject in first issuing tokens, and our most sanguine expectations have 
 been more than realized, — notwithstanding which, none more than 
 ourselves lament the actual necessity there is for having recourse to 
 such expedients. 
 
 It is needless to tell you, that tokens differ much in value — yes, 
 almost as much as the coin in circulation. This is no doubt a calamity ; 
 but to put a total stop to this substitute before a sufficient quantity of 
 legal change is issued, must occasion a suspension of business betwixt 
 the retailer and the poorer classes of the community. Even at pre- 
 sent It is too familiar a sight to see the shopkeeper's servant going 
 from door to door, for a whole street together, with a guinea note In 
 his hand in want of change, and unable to accomplish his purpose, 
 whilst his master is at last under the necessity of either keeping his 
 goods, or of giving his customers credit, either of which is ruinous to 
 the Industrious tradesman. 
 
 Sheffield, November 2U 1812. 
 
 Four-fifths of the silver money here in circulation Is in local tokens, 
 the quantity of bank tokens very small, and there is difficulty in ob- 
 taining change even with the aid of copper ; I believe it to be more 
 scarce now than even before the local tokens were issued. 
 
 We are paying nearly L. 400 a week to the poor of this township ; 
 perhaps four-fifths of the cases do not average more than Ss. a head, 
 and we are not enabled to collect more than from L. lOO to L. 150 
 a week in copper, (including local copper tokens). I need not point 
 out the inconvenience this occasions to the overseers, nor the hard« 
 ship It Imposes on the paupers, who are of necessity obliged to be link- 
 ed together, and parade the streets In numbers to get copper for an 
 odd guinea note, and which Is most generally obtained by the poor 
 creatures spending a part of their weekly pittance. 
 
 Prior to their issuing silver tokens, the Sheffield overseers joined 
 with the banks in getting down Bank of England tokens, which was 
 done to some extent, and as I remember, the expence of carriage and 
 Insurance was about L. 12 to the L. 2000, but these were found to 
 answer only a temporary purpose : they did not circulate at all— once 
 paid away, you saw no more of them.
 
 27 
 
 Gloucester^ September 12, 1812. 
 In the months of July, August, and September 18U, change b©. 
 came so exceedingly scarce as to be very alarming to me, who have 
 an extensive retail trade, producing a suspension of all settlement of 
 accounts, whilst comparatively speaking I received no ready money.— 
 Much as this business has occupied your attention, I conceive it near 
 ly impossible that any imaginary idea of its effects, say the embarrass- 
 ment and loss to retail traders in particular, at the period staled, could 
 equal the reality. This produced the issuing of local tokens, from 
 which I have never entertained a shadow of expectation of deriving 
 any emolument. They were issued for my own convenience and that 
 of others, and the only hopfe or wish I have ever entertained, is, that 
 when the legislature may think proper to prohibit them, an adequate 
 substitute may be introduced, which at present does not exist ; for even 
 with all the tokens in circulation, there is now neariy as great difficul- 
 ty as ever in obtaining change for a bank note. 
 
 Carmarthen^ September 8, 1812. 
 During the greater part of the year 18 ii, we observed that the 
 gold and silver coin were rapidly withdrawing from circulation, and 
 these tradesmen who generally supplied us with small change, were 
 reduced to the extremity of applying to us to issue tokens, as the der- 
 nier resort to enable them to carry on their trade with any degree of 
 facility. Until we had acceded to their views, the distress for change 
 •was great beyond measure ; the tradesmen were unable to supply 
 their customers ; and the poorer classes of the community considered 
 themselves fortunate in procuring one moiety in silver, and the other 
 in copper, of a pound note. The Bank of England in a small degree 
 supplied us with their tokens, but in quantities very inadequate to the 
 demand. 
 
 Sivanjey, October 6, ISl-i- 
 Change is so scarce here, that during the last week I saw an m- 
 ftance of ten shillings of copper and ten of tokens being given for a 
 one pound note. The tokens form five parts out of six of the silver 
 circulation. Before they were issued all classes fek the want of silver 
 money in an extreme degree. 
 
 At a meeting of the inhabitants convened by public advertisement, 
 thanks were voted to the issuers of tokens. — Shop notes are common 
 in this and in the adjoining counties. 
 
 Frame, September «?, 1 8 1 2. 
 
 Previous to the issue of local tokens, many persons were obliged t* 
 give a premium of 5 per cent for change, whilst others could not pro- 
 cure it even at that rate. 
 
 Tradesmen's books were filled with small debts, the greater part of 
 which will never be discharged ; in many instances the wives and 
 children of labourers have had to suffer hunger, and the most dread- 
 ful privatione, through the husband's being drove to an ale house in
 
 28 
 
 wder to obtain change for a one pound note, part of which frequent- 
 ly belonged to a fellow workman.-^The collectors of taxes had their 
 task increased by the impossibility of giving change for the paper 
 currency. The overseers of the poor found the collecting the rates, 
 and the procuring of change for the payment of the paupers, to be a 
 work of unprecedented labour. Therefore, being thus plunged into 
 intolerable difficulties, we were naturally led to seek some means of 
 extricating ourselves, and no mode appeared so likely to do it, as 
 that of issuing tokens. But now again the want of change is so great, 
 that the most intimate friends will not part with it, but on condition 
 of receiving a similar favour when required. 
 
 Chichester, September 13, 1812. 
 There are not many tokens of the Bank of England circulated in 
 this vicinity ; change would yet be very scarce if not assisted by the 
 local tokens. Bank tokens begin to dlssappear. Previously to the 
 circulation of local tokens, it was difficult to get change for bank notes. 
 Frequently the whole in copper could not be obtained, to the great in- 
 convenience of the military as well as trade, and in many cases the 
 former (we mean soldiers) have passed through the city, when halt- 
 ing, without obtaining necessary food, for want of change. 
 
 Barnstaple, November 20, 1812. 
 I enclose you specimens of leather shillings and sixpences issued in 
 this vicinity. About three weeks ago the tradesmen who issued to- 
 kens announced by public advertisement that they would pay them 
 off, on or before a certain day ; in consequence of this about two- 
 thirds of what had been issued was brought in for payment. The re- 
 sult was, that the retail trade immediately came to a stand, and sev- 
 eral of our most respectful inhabitants called on the issuers to request 
 of them to reissue them for two or three months. After some con- 
 sideration they consented, and we now go on as formerly. 
 
 Newark, 2d December, 1812. 
 Before the local tokens were issued, it was impossible to obtain 
 change in silver, and the utmost efforts of the manufacturers did not 
 enable them to pay their workmen even in copper. They were 
 therefore forced to the highly objectionable expedient of paying them 
 in classes, which was only a transfer of the difficulty to the lower or- 
 ders amongst whom great discontent was created, as the shop-keep- 
 ers could not give change when they supplied them with provisions ; 
 consequently much retail business diverted from its course, and much 
 was disadvantageously transacted upon credit, because payments 
 could not be taken from a pound note. Upon a Saturday evening, 
 both individually, and in groups, the labouring classes were seen vainly 
 soliciting change and a supply of their wants, to a distressing, if not 
 an alarming extent ; and the most respectable inhabitants were fortu- 
 nate in being able, in a market-day, to effect their market purchases 
 with copper. The inconvenience arising out of the absence of silver 
 coin is really beyond our description.
 
 29 
 
 In addition to these Extracts the Author thinks it import- 
 ant to add one of a very recent date, which, without merely 
 referring to former information, lias gone into detail, ou the 
 present state of the small silver money. 
 
 Stockporty 1 1 //; October, 1815. 
 
 This town is more than ever inconvenienced from want ef silver 
 change ; and such are the difficuhies the retail trader now labours un- 
 der, that frequently goods are sold and cut in small quantities, when, 
 from want of change the seller is obliged, in many instances, either to 
 take the goods back, or otherwise to allow the parties to take them on 
 credit, at the risk of losing the whol?.. . . 
 ■ We have inclosed some of the paper wage notes, of which there are 
 a great quantity in circulation. There are some issued by the manufac- 
 turers for 2s. 6d. besides those for 5s., 7s. 6d., lOs. and I5s. which 
 we enclose. With these the manufacturer pays his hands without 
 band, but this is not adopted by all ; those however who do not pursue 
 this plan, are obliged to pay their work people in band, it being im- 
 possible for them to do otherwise j and consequently the work-people 
 are obliged to go to the public-houses, and even in the present times, 
 when wates are very low, compelled to expend with the publicans a 
 certain part of their wages, in order to induce the publicans to give 
 them change, and in doing this, both parties are necessarily injured ; 
 and what is most to be lamented, the morals of the lower order of 
 society are on these occasions corrupted, and no doubt they have in 
 part been the means of creating that dissatisfied spirit which so much 
 prevailed with us in the course of last year. 
 
 You should have heard from us sooner, but we waited to learn the 
 success of an application made to Henry Hase, Esquire, of the Bank of 
 England, for a supply of tokens, whose answer we now inclose. 
 
 Bank of England, 6 th October 1815. 
 Sir, — I have to acknowledge your letter of the 2d instant, request- 
 ing a supply of silver for Stockport, and in answer thereto I beg leave 
 to acquaint you, that as the Governor and Company of the Bank are 
 not now delivering tokens to supply the wants of the country, as here- 
 tofore,, they cannot comply with your request. 
 
 I am. Sir, 
 
 Your humble servant 
 
 (Signed) H. Hase;
 
 80 
 
 APPENDIX, No. XI. 
 
 TABLE, shewing the total charge of the Public Debt of Great Britain, 
 including Sinking-Fund, as pmd in Bunk Notes, from the Year 
 ending 5th January 1804, to the year ending bth January 1813/ 
 shewing also, on the supposition that Bank Notes have been, and 
 are deprecictted, the su7n in Gold Coin, according to the Mint Stand- 
 ard, which in each year would have been equivalent to the sum 
 paid to the National Creditor and Sinking-Fund, in Notes. 
 
 Years 
 endins: 
 5tli of 
 January. 
 
 Total amount of 
 the charge of 
 Debt and Sinking 
 Fund, as paid in 
 Bank Notes. 
 
 Value of Gold 
 per Ounce. 
 
 Value of a 
 Bank Note of 
 Orte Pound 
 in Standard 
 Gold Coin, tt 
 
 sum ai Standard 
 Gold, equivalent to 
 what the creditor 
 lias in each year re- 
 ceived in Bank 
 Paper. 
 
 
 
 
 
 L. s. d. frs. 
 
 
 1804 
 
 *L.k, 110,475 
 
 t L. 4 
 
 
 
 19 5| 
 
 ttL.23,469,136 
 
 1805 
 
 24,928,336 
 
 4 
 
 
 
 19 5| 
 
 24,265,242 
 
 1806 
 
 26,330,988 
 
 4 
 
 
 
 19 5|: 
 
 25,630,583 
 
 1807 
 
 27,447,646 
 
 4 
 
 
 
 19 5i 
 
 26,717,538 
 
 1808 
 
 28,186,901 
 
 4 
 
 
 
 19 5| 
 
 27,437,129 
 
 1809 
 
 28,849,000 
 
 t4 9 
 
 
 
 17 6 
 
 25,242,875 
 
 1810 
 
 29,977,582 
 
 n 11 
 
 
 
 17 li 
 
 25,651,816 
 
 1811 
 
 30,935,747 
 
 11 4 15 
 
 
 
 16 4| 
 
 25,358,031 
 
 1812 
 
 32,411,132 
 
 f5 1 
 
 
 
 15 5 
 
 24,988,982 
 
 1813 
 
 34,288,564 
 
 •*5 8 
 
 
 
 14 5 
 
 24,722,054 
 
 • See an account pointed by the Heusfe of Lords, 8th July 1813. 
 
 t See acconiit of the market-price of standard gold, &c. printed by the House of 
 Commons, 4th March 1811. 
 
 X Report of Bullion Committee, page 1. 
 
 § The account of the market-prices contains no entry in this y«ar. This is the value 
 as stated in the commencement of the following year. 
 
 II The average as slated in the account of the market-price of Gold, &c. is 
 L. 4, 15s. 4d., the 4d., however, is throvrn away, that the reader may at once see 
 the value of the bank note in the tables forming the lirsl numbers of the Appendix. 
 
 % The average, as stated in the tiiurket price of gold, is L. 5, Is. lOd. j the lOd. 
 is, however, omitted on the same principle. 
 
 •• See Wettenhal's Tables. 
 
 tt See Appendix, No. III. 
 
 ^ Shillings and pence are here omitted.
 
 ai 
 
 APPENDIX, No. XII. 
 
 TABLEy shetbing the amount of the sum paid into the Eccchequer on 
 account of the permanent iaxes^ and of the taxes annually granted 
 in each of the follotcing years : Shewing also^ on the supposition 
 that Bank Notes have been and are depreciated, the sum in Gold Coin, 
 according to the Mint Standard, which in each year would have 
 been equivalent to the sum paid into the Exchequer in JSotes^ 
 
 Veais 
 ending 
 5tl! Ja- 
 
 Sum in Bank notes 
 pai'l into the Ex- 
 chequer. 
 
 Value cf «oU\ 
 per ounce. 
 
 Value of a 
 Bank Note of 
 one Pound in 
 Standard gold 
 
 .Suuxs 111 StaudaiU 
 gold coin equivalent 
 to what tlie Exche- 
 quer has in each 
 year received in 
 Bank Paper. 
 
 nuary. 
 
 
 
 coin.$ 
 
 
 
 
 L. s. d. frs. 
 
 
 1804 
 
 •L. 31,900,922 
 
 tL.4 
 
 19 5| 
 
 :j:L. 31,052,357 
 
 1805 
 
 30,279,933 
 
 4 
 
 19 5i 
 
 29,474,486 
 
 1806 
 
 82,865,885 
 
 4 
 
 19 5| 
 
 31,991,165 
 
 1807 
 
 34-,6M,582 
 
 4 
 
 19 5| 
 
 33,723,036 
 
 1808 
 
 35,317,162 
 
 4 
 
 19 5i 
 
 34,377,725 
 
 1809 
 
 36,414,542 
 
 4 9 
 
 17 6 
 
 31,862,724 
 
 1810 
 
 38,327,506 
 
 4 11 
 
 17 1| 
 
 32,796,846 
 
 1811 
 
 39,724,069 
 
 4 15 
 
 16 4i 
 
 32,561,819 
 
 1812 
 
 38,232,567 
 
 5 1 
 
 15 5 
 
 29,477,309 
 
 1813 
 
 37.597,035 
 
 5 8 
 
 14 5 
 
 27,107,462 
 
 • See account delivered to the House of Lords, and printed by their order, 8th 
 July 1815. 
 
 t See the authorities for these various prices of gold, a< stated, AppeodiK^ No. XI. 
 X ShillinfTS and pence are here omitted. 
 ^ See Appendix, No. III.
 
 32 
 
 APPENDIX, No. XIII. 
 
 TABLE, shewing the Amount of the Sum paid into the Exchequer on 
 account of the iVar Taxes in eachof the following years; shewing also, 
 on the supposition that Bank Notes have been and are depreciated^ 
 the sum in Gold coin, according to the Mint standard, which in each 
 year would have bee^i equivalent to the sum paid into the Exchequer 
 in notes. 
 
 Vears 
 
 .ith Ja- 
 nuary. 
 
 Sum in Bank 
 Notes paid into 
 the Exchequer. 
 
 Value of Gold 
 per Ounce. 
 
 Value of aBank 
 Note of One 
 Pound in 
 Standard 
 Gold Coin. % 
 
 Sums in Miiiid.ird 
 Gold, eq;:ivalait to 
 \\liat die Exche- 
 quer has in each 
 year received in 
 Batik Paper. 
 
 
 
 
 
 
 h. s. d. fis. 
 
 
 1804. 
 
 *L. 1,857,754 
 
 tL.4 
 
 
 
 
 
 19 5i 
 
 II L. 1,808,337 
 
 1S0,5 
 
 11,418,874 
 
 4 
 
 
 
 
 
 19 5i 
 
 11,115,131 
 
 1806 
 
 13,171,499 
 
 4 
 
 
 
 
 
 19 51 
 
 12,821,137 
 
 1807 
 
 14,821,252 
 
 4 
 
 
 
 
 
 19 5^ 
 
 14,427.006 
 
 1808 
 
 19,835,820 
 
 4 
 
 
 
 
 
 19 5^ 
 
 19,308,187 
 
 1809 
 
 20,291,797 
 
 4 
 
 9 
 
 
 
 17 6 
 
 17,755,322 
 
 1810 
 
 20,798,145 
 
 4 
 
 11 
 
 
 
 17 1^ 
 
 17,796,972 
 
 1811 
 
 23,027,444 
 
 4 
 
 15 
 
 
 
 16 4| 
 
 18,875,595 
 
 1812 
 
 22,393,053 
 
 5 
 
 1 
 
 
 
 15 5 
 
 17,265,043 
 
 1813 
 
 21,181,082 
 
 5 
 
 8 
 
 14 5 1 
 
 15,271,560 
 
 * See account delivered to the House of Lords, and printed by tlieir order, 
 «th July 1813. 
 t See the autliorities for thesejarious prices of gold, as stated, Appendix, No. XL 
 t See Appendix, No. IIL 
 [1 Shillings and Pence are here omitted.
 
 S3 
 
 APPENDIX, No. XIV. 
 
 TABLE shelving the amount of the sum paid into the Exchequer on account 
 of the Permanent Taxes, of the Taxes annually granted, and of the War 
 Taxes, in each of the following years ; shewing also, on the supposition 
 that Bank Notes have been and are depreciated, the sum in gold coin 
 according to the Mint standard, which in each year would have been equi- 
 valent to the sum paid into the Exchequer in Notes. 
 
 Years 
 ending 
 SthJan. 
 
 Slim in Bank notes 
 paid into the £x- 
 ciiequcr. 
 
 Value of Gold 
 per ounce. 
 
 Value of a 
 Bank note of 
 one Pound in 
 Standard gold 
 coin." 
 
 Sums in SlandarU 
 ((Old coin equivalent 
 to what the Exchr- 
 qiier has in each 
 year received in 
 Bank paper. 
 
 
 
 
 L. sh. d.frs. 
 
 
 1804 
 
 L. 33,758,676 
 
 t L. 4 
 
 19 5i 
 
 L. 32,860,695t 
 
 1805 
 
 41,698,h07 
 
 4 
 
 19 5| 
 
 40,589,618 
 
 1806 
 
 46,036,884 
 
 4 
 
 19 5| 
 
 44,812,302 
 
 1807 
 
 49,465,834 
 
 4 
 
 19 5| 
 
 48,150,042 
 
 1808 
 
 55,152,982 
 
 4 
 
 19 5^ 
 
 53,685,912 
 
 1809 
 
 56,706,339 
 
 4 9 
 
 17 6 
 
 49,618,046 
 
 1810 
 
 59,125,651 
 
 4 11 
 
 17 Ik 
 
 50,593,819 
 
 1811 
 
 62,751,513 
 
 4 15 
 
 16 4| 
 
 51,437,415 
 
 1812 
 
 60,625,620 
 
 5 1 
 
 15 5 
 
 46,742,353 
 
 1813 
 
 58,778,117 
 
 5 8 
 
 14 5 
 
 42,379,022 
 
 * See Appendix, No. I. 
 
 tSee Ihe anthorities for these vnrioiis prices of goli as stated Appendix, No. XL 
 
 % Shillings and pence are here omitted.
 
 34 
 
 APPENDIX, No. XV. 
 
 TABLE, shewing the total charge of the Pub fie Debt of Great Britain 
 including Sinking Fund, as paid in Bank Notes, from the year end. 
 ing 5th January 1804, to the year ending 5lh January 1813; shexB' 
 ing also, on the supposition that Gold has lisen in value, the sum it 
 notesy equivalent to what the Public Creditor and Sinking Fund wouli 
 have received in each year, had they been paid in Standard GoU 
 Coin. 
 
 1 
 
 
 
 
 
 Si.m in Notes, 
 
 Years 
 e.ufling 
 5th Ja- 
 
 Total amount of 
 
 
 
 
 Vrtiue of a 
 
 equivalent to what 
 
 the cliarge of 
 Debt and Sinking 
 
 Value of Gold 
 
 nor O.innA 
 
 Founi Ster- 
 hngofGold 
 
 the ( reditor would 
 in each year have 
 
 Fund, as paid ia 
 
 per IJ"""'* 
 
 Kiuy,^. 
 
 ■ 
 
 Coin in Bank 
 
 r» reived, had he 
 
 nuary. 
 
 Bunk Notes. 
 
 
 
 
 Paper.- 
 
 been paid iu Stand- 
 ard Gold Coin. 
 
 
 
 
 
 
 L. s. d. 
 
 
 1804 
 
 tL.24,1 10,4.75 
 
 tL.4 
 
 
 
 
 
 1 6J 
 
 § L. 24,766,279 
 
 1805 
 
 24',928,336 
 
 4 
 
 
 
 
 
 1 6t 
 
 25,606,386 
 
 1806 
 
 26,330,988 
 
 4 
 
 
 
 
 
 i 64. 
 
 27,047,190 
 
 1807 
 
 27,44.7,646 
 
 4 
 
 
 
 
 
 1 64 
 
 28,194,221 
 
 1808 
 
 28,186,901 
 
 4 
 
 
 
 
 
 1 6^ 
 
 28,953,584 
 
 1809 
 
 28,849,000 
 
 4 
 
 9 
 
 
 
 I 2 10^ 
 
 32,965,752 
 
 1810 
 
 29,977.582 
 
 4 
 
 11 
 
 
 
 1 3 4i 
 
 35,025,806 
 
 1811 
 
 30,935,747 
 
 4 
 
 15 
 
 
 
 1 4 4| 
 
 37,426,066 
 
 1812 
 
 32,411,132 
 
 5 
 
 1 
 
 
 
 1 5 11:5: 
 
 42,030,755 
 
 1813 
 
 34,288,564 
 
 5 
 
 8 
 
 
 
 1 7 H 
 
 47,547,951 
 
 ♦ See Appendix, No. 1. 
 
 t See account delivered to the House of Lords, and printed by their orde 
 Sth July 1813. 
 
 J See the authoritie>. for these various prices of gold, as stated, Appendix, No. X 
 $ Shillings and Pence are here omitted.
 
 35 
 
 APPENDIX, No. XVI. 
 
 TABLE shewing the amount of the sum paid into the Exchequer on account 
 oj the Permanent Taxes, and the Taxes annually granted in each of the 
 follomng years : Shewing also, on the supposition that gold has risen in 
 value, the sum in Notes equivalent to what the subjects would have paid 
 into the Exchequer in each year, had they been compelled to pay in Stan- 
 dard Gold Coin. 
 
 
 
 
 
 
 lUiii til iNntes equi- 
 
 Yeais 
 pndiit}.' 
 5tl. Ji- 
 
 
 
 
 V'a'iieofa 
 
 valent to what the 
 
 Sum in Bank notes 
 paid into the Ex- 
 chequer. 
 
 Value of Gold 
 per Ounce. 
 
 «»ound Ster 
 u.sjofGol.l 
 •-oiii n Bank 
 
 Exchequer must 
 Uive received had 
 hose Taxes been 
 
 nuary. 
 
 
 
 
 pipei.» 
 
 paid in Standard 
 ^ iol(i coin. 
 
 
 
 
 
 
 
 r* .s. d.fi 
 
 
 1804 
 
 tL. 31,900,922 
 
 tL.4 
 
 
 
 1 6| 
 
 L. 32,768,627$ 
 
 1805 
 
 30,279,933 
 
 4 
 
 
 
 1 61 
 
 31,103,547 
 
 1806 
 
 32,865,385 
 
 4 
 
 
 
 1 6j 
 
 33,759,333 
 
 1807 
 
 34,64.4,582 
 
 4 
 
 
 
 1 6i 
 
 35,586,914 
 
 1808 
 
 35,317,162 
 
 4 
 
 
 
 1 6| 
 
 36,277,788 
 
 1809 
 
 36,414,542 
 
 4 9 
 
 
 
 1 2 10^ 
 
 41,610,857 
 
 1810 
 
 38,327,506 
 
 4 11 
 
 
 
 1 3 4i 
 
 44,781,8i;8 
 
 1811 
 
 39,724,069 
 
 4 15 
 
 
 
 1 4 H 
 
 48,058,178 
 
 \1812 
 
 jlRIS 
 
 38,232,567 
 
 5 1 
 
 
 
 1 5 Hi 
 
 49,579,992 
 
 37.597,035 
 
 f, 8 
 
 
 
 1 7 Hi 
 
 52,1 35, SOS 
 
 • See Appendix, i\o. L 
 
 i See accuuut delivered to the House of Lords, and printed by their order, Stli 
 Jnly 1813i 
 
 J S'-e tlie authorities for these various prices of gold, as stated Appendix, No. XI. 
 $ Shillings and pence are here omitted.
 
 S6 
 
 APPENDIX, No. XVII. 
 
 TABLE shewing the amount of the sum paid into the Exchequer on account 
 of' the War Taxes in each of the following years : Shewing also^ on the 
 supposition that Gold has risen in value, the sum in Notes equivalent to 
 what the subjects would hare paid into the Exchequer, had they been 
 compelled to pay in Standard Gold coin. 
 
 
 
 
 
 
 Sum in Notes equi- 
 
 
 
 
 
 Value of a 
 
 valent to -what the 
 
 Years 
 
 Sum in Bank notes 
 
 
 
 Pound Ster- 
 
 Exchequer must 
 
 ending 
 
 paid info the Ex- 
 
 VahieofGom 
 
 ling of Gold 
 
 have received bad 
 
 5th Ja- 
 
 chequer. 
 
 per OunciE 
 
 • 
 
 coin in Bank 
 
 these taxes been 
 
 nuary. 
 
 
 
 
 paper. 
 
 paid in Standard 
 Gold coin. 
 
 
 
 
 
 L. s. d. frs. 
 
 
 1804 
 
 fL, 1,857,754 
 
 XL. 4 
 
 
 
 1 6i: 
 
 L. 1,908,284$ 
 
 1805 
 
 11,418,874 
 
 4 
 
 
 
 1 6i 
 
 11,729,467 
 
 1806 
 
 13,171,499 
 
 4 
 
 
 
 1 6i 
 
 13,529763 
 
 1807 
 
 14,821,252 
 
 4 
 
 
 
 1 6f 
 
 15224,390 
 
 1808 
 
 19,835,820 
 
 4 
 
 
 
 1 6i 
 
 ' 20,375,354 
 
 1809 
 
 20,291,797 
 
 4 9 
 
 
 
 1 2 10^ 
 
 23,187,436 
 
 1810 
 
 20,798,145 
 
 4 11 
 
 
 
 1 3 4f 
 
 24,300,552 
 
 1811 
 
 23,027.444 
 
 4 15 
 
 
 
 1 4 4| 
 
 27,858,601 
 
 1812 
 1813 
 
 22,393,053 
 
 5 1 
 
 
 
 1 5 Hi 
 
 29,039,311 
 29,371,806 1 
 
 21,181 082 
 
 5 8 
 
 
 
 1 7 8| 
 
 • See Appendix, No. I. 
 
 t See ac( ount dehvered to the House of Lords, and printed by their order, 8th 
 July 1813. 
 
 % See the authorities for these various prices of gold, as stated Appendix, No, XI. 
 § Shillings and pence are here omitted.
 
 37 
 
 APPENDIX, No. XVIII. 
 
 TABLE sherving the amount of the svm paid into the Exchequer on tic» 
 count of the permanent taxes, of the taxes annually granted, and of the 
 "war taxes in each of the folio-wing years : Shewing also, on the supposi- 
 tion that gold has risen in value, (he sum in Notes equivalent to •what the 
 subjects would have paid into the Exchequer, had they been compelled t9 
 
 day M 
 
 1 standard gold coin. 
 
 
 
 
 
 
 
 
 
 Sum 11. JVotes equi- 
 
 Years 
 ending 
 5th Ja- 
 
 
 
 
 Vahieofa 
 
 valent to what the 
 
 Sum in Bank 
 Notes paid into 
 the Exchequer. 
 
 Value of Gold 
 per Ounce. 
 
 Pound Ster- 
 ling of Gold 
 coin in Bank 
 
 KKchequer luust 
 have received had 
 these taxes been 
 
 nuary. 
 
 
 
 
 paper*. 
 
 paid in Standard 
 gold coin. 
 
 
 
 
 
 L. 8h. d.f.s. 
 
 
 1804 
 
 L. 33,758,676 
 
 tL.4 
 
 
 
 1 6{ 
 
 tL. 34,676,911 
 
 1805 
 
 41,698,807 
 
 4 
 
 
 
 1 6i 
 
 42,833,014 
 
 1806 
 
 46,036,884 
 
 4 
 
 
 
 1 6i 
 
 47,289,087 
 
 1807 
 
 49,465,834 
 
 4 
 
 
 
 1 6i 
 
 50,811.304 
 
 1808 
 
 55,152,982 
 
 4 
 
 
 
 1 6^ 
 
 56,653,143 
 
 1809 
 
 56,706,339 
 
 4 9 
 
 
 
 1 2 lOi 
 
 64,798,333 
 
 1810 
 
 59,125,651 
 
 4 11 
 
 
 
 1 3 4f 
 
 69,082,410 
 
 1811 
 
 62,751,513 
 
 4 15 
 
 
 
 1 4 H 
 
 75,916,780 
 
 1812 
 
 60,625,620 
 
 5 1 
 
 
 
 I 5 Hi 
 
 78,619,304 
 
 1813 
 
 58.778,117 
 
 5 8 
 
 
 
 1 7 8^ 
 
 81,507,614 
 
 • See Appendix, No. I. 
 
 t See the authorities for theie various prices of gold, a? stated in AppeodilTf 
 No. XI. 
 i Shillioss and pence are bore omiKed.
 
 38 
 
 APPENDIX, No XIX. 
 
 TABLE skewing the value in Standard Coin which a Farmer must hat 
 calculated on payings when taking a Lease of One Thousand Pounds pe 
 annum^ in each of the following Years. 
 
 Years. 
 
 Rent in 
 Bank 
 
 Notes. 
 
 Property 
 Tax on 
 Ditto. 
 
 Total Rei. 
 
 and Hioper- 
 
 ty Tax on 
 
 Ditto. 
 
 Value of 
 Gold per 
 Ounce. 
 
 Value of a One 
 Pound Bank 
 Note in Gold 
 (Join. 
 
 Value at wtiicli Hie 
 Karmer must have 
 estimated his Rent 
 and Property Tax i 
 Standard Gol(| Coii 
 
 180* 
 1805 
 1806 
 1807 
 1808 
 1809 
 1810 
 1811 
 1812 
 1811 
 
 L, 1000 
 1000 
 1000 
 1000 
 1000 
 1000 
 1000 
 
 1000 
 
 1000 
 1000 
 
 L. 50 
 50 
 50 
 
 L. 1050 
 1050 
 1050 
 
 ♦1^.4 
 4 
 4 
 4 
 4 
 4 9 
 4 11 
 
 4 15 
 
 5 1 
 5 8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 L.0 19 6| 
 19 bi 
 19 bi 
 19 6| 
 19 bi 
 17 6 
 17 li 
 16 4| 
 15 5 
 14 5 
 
 L.1022 1| 6 
 1022 I: 5 
 1022 1 5 
 
 50 
 50 
 50 
 50 
 50 
 50 
 50 
 
 1050 
 1030 
 1050 
 1050 
 1050 
 1050 
 1050 
 
 1022 1 5 
 1022 1 5 
 918 15 
 898 9 8| 
 860 13 8i 
 809 11 
 767 1 
 
 ' See the authorities for these various prices of Gold, as stated Appendix, No. 1^1.
 
 39 
 
 APPENDIX, No. XX. 
 
 *rABLE, shewing i he sum that will become pa if able in Bank Notes for 
 charge of' Interest and Sinking Fund on tho National Debt, in the years 
 ending \st t'elmiary 1814, 1815, and 18l6; Shelving also the sum in 
 Standard Gold Coin that will be equivalent to these sums in JS'otes, on the 
 supposition that gold rises 4*. an ounce, or L. 5, 2*. 8|tf. per cent, in each 
 of these years. 
 
 Years 
 endinL 
 1st Ff- 
 bruaiy. 
 
 1814 
 1815 
 1 8 1 () 
 
 Total amount that 
 will be p tyable in 
 liank Notes. 
 
 L. 35.4 15,564 
 35,415,564 
 35 415,5^4 
 
 Supposed ValHft 
 )t Goid per ouucc 
 
 +L.5 n 
 
 5 16 
 
 6 
 
 Value of a 
 Bank Note 
 •f On. Pound 
 in StKodard 
 Golfl ( oin. 
 
 13 11 
 13 5 
 
 O 1<? in 
 
 Value of what will 
 become payable in 
 Standard Gol<i Coin. 
 
 L. 24 624,441 
 23,774468 
 22,081 159 
 
 • In the course of the present year the additional sum of L.1, 127,000 per annum 
 has been convtyed to tht Sinking Fund, out of which the ctarnf for the additional 
 debt is taken, so th t L.1,127,W)0 in addition to L.;)'l.,288,564, the rhaige of last 
 yeai, makini; L.35,415,56<i, will form the charge ou these accounts in the current 
 yi ar. And as the new i>>stem of Finance projects inthe two follovung years, taking 
 the charge of the debt to be contracted out of the Sinkin<; F'nnd, without makiog 
 any addition thereto, the same must be the charge in «ach or these years. 
 
 t Gold is h»-re valued per ounce, on tlic supposition that it will nominally list 
 four shillings in the present^ and each of the two followmg years.
 
 ERRATA. 
 
 Appendix, No. VII. page 9, second line from the bottom, 
 for 106.03 read 854^ — For 8.10 read 8s. 10|d. and ^ of 
 
 a farthing For 34.24^ read 34s. S^d. and -f of a far. 
 
 thing — For lis. 8id. read lis. 8d.— Last line, /or 3d. 
 read 6d. — For 124 read 206. 
 
 Printed by George Kamsay and Co. 
 
 Kdinl)«rgh, 1813.
 
 ^■: 

 
 WeSS^^^^^lISSIsajr^ 
 
 3 0112 062406746 
 
 
 iSi; 
 
 i:lu f 
 
 mm