Ir 
 
 THE LIBRARY 
 
 OF 
 
 THE UNIVERSITY 
 
 OF CALIFORNIA 
 
 LOS ANGELES
 
 / 
 
 <; 
 
 J 
 
 ^ ^ 
 
 v»
 
 A CONTRIBUTION' 
 
 TO THK 
 
 BIBLIOGRAPHY 
 
 OF THE 
 
 BANK OF ENGLAND. 
 
 By T. a. STEPHENS. 
 
 (ASSOCIATE OF THE INSTITUTE OF BAXKERS.) 
 
 LONDON : 
 
 EFFINGHAM WILSON & CO., ROYAL EXCHANGE. 
 
 LS97.-
 
 Peixted at 
 
 THE BaXK of EXGLAXD, 
 BY WaLTEE J. COE.
 
 TO 
 
 A. G. SANDEMAN, Esq., 
 
 Governor of the Bank of England, 
 
 THIS CONrmiiUTlOX 
 
 to the BlBhlO(iRAIMIY OK THAT GREAT INSTITUTION 
 
 IS RESl'ECTFi;i-LY DEDICATED.
 
 TABLE OF CONTENTS. 
 
 PAGE 
 
 Introductiox. 
 
 Books on the Bank op England 1 
 
 Books on the National Debt 123 
 
 The Founder. William Pateeson 157 
 
 The First Governor, Sir John Houblon . . . 165 
 
 The First Deputy -Governor, Michael Godfrey . 166 
 
 Abraham Xewland 167 
 
 Chronological Summary of Events from 1694 . . 173 
 
 Index to Names 183 
 
 Index to Subjects 187
 
 INTKODUCTIOX 
 
 n^HE following- List of Books is the result of a 
 -L suggestion made to the compiler in 1887 by 
 Mr. H. G. Bowen, then De})nty Chief Accountant, 
 and now Chief Cashier, of the Bank of Eng:land. 
 Mr. Bowen's idea Avas the compilation of a list of 
 publications in the British Museum on the subject 
 of the Bank of England : but the original ]ilan has ex- 
 panded in the course of execution. In addition to the 
 British Museum, reference has been made to the libraries 
 of the Institute of Bankers, of the City of London, 
 and to that of the Treasury. The compiler takes this 
 opportunity of recording his thanks to Sir E. W. Hamilton, 
 the ])ermanent financial Secretary to the Treasury, for 
 the privileges granted to him there. An attempt has also 
 been made to add to the titles of the books, tracts, and 
 pamphlets that have been mentioned some accoimt of 
 their nature and contents. Generally, the book, or the 
 brochure, has ])een allowed as far as possible to speak for 
 itself, as it was thought that the weight to be attached 
 to the author's oi)inions might in some measure be ganged 
 by the way in wdiich he expressed them. In this manner, 
 too, the com])iler is best able to avoid the expression of 
 his own views, and to guard against any unintentional 
 misrepresentation of the author's. It would, of course, 
 be quite out of place in a work of this description to 
 ventilate one's own notions, or to discuss moot i)oints 
 in Economics. 
 
 This list does not ])retend to be a complete 
 bibliogra])hy of the Bank of England, but merely a 
 contribution thereto. No one can be better aware than
 
 Vlll INTRODUCTION. 
 
 the "compiler of its deficiencies. It represents, however, 
 the expenditure of considerable time and labour in the 
 intervals of leisure left by official and other duties 
 during some years, and though it is work that might 
 seem to suffer less than most from interruptions, it has 
 been found that, for several reasons, it would gain 
 greatly by being pursued continuously, instead of 
 intermittently. Such as it is, it is hoped that it may 
 help to supply a want that has been felt by economists 
 and statists, by whom bibliographies of special subjects 
 are much wanted. 
 
 No systematic bibliography of the Bank has 
 hitherto been attempted. Indeed, until recently, bibli- 
 ography has been a comparatively neglected department 
 of Enjjlish Literature. Now, to workers in historical 
 fields, bibliographies have become an absolute necessity, 
 and as time produces a greater s})ecialisation of work, 
 and makes available a larger mass of material, their 
 value will be enhanced. 
 
 As bankino; is to a certain extent a branch of 
 I'olitical Economy, there is, of coiu'se, in works on either 
 subject, a great deal that is common to both. In the 
 bibliography of Political Economy, J. 11. McCulloch's 
 "Manual of the Literature of Political Economy," 1845, 
 is the most complete, and, although only including 
 the more notable works, fairly covers the entire subject 
 as then known. In the first and only published 
 volume (A-Cu) of Macleod's "Dictionary of Political 
 Economy," 1863, a list of "Banking Works" is given, 
 but only in a. few instances is there any indication of 
 their contents. There are, besides, many interesting 
 and valuable bibliographical notes in the "Dictionary 
 of Political Economy," edited by Mr. R. II. Inglis 
 Palgrave, E.R.S., the ])ublication of which, in parts, 
 Avas commenced in 1891, and is not yet completed. 
 I5are catalogues of titles and dates are contained also 
 in Lawson's " History of Banking," .levons' " Investiga- 
 tions in Currency," Thorold Rogers' "' First Nine Years 
 of the Bank of I'^ngland," and in the .Vpj)endix to 
 the Reports of the Monetary Conference of 1878, by
 
 INTRODUCTION. IX 
 
 Daua Hortou. Blanqui, in his "Histoire d'Ecouoniie 
 Politique en Europe, &c.," gives a " bibliographie 
 raisonnee des principaux ouvrages," &c. 
 
 A bibliography of the Bank is the more needed, 
 as its history from the scientific standpoint of the 
 PoHtical Economist has yet to be written. Francis's 
 History, an excellent work within its limits, deals 
 with the subject rather from the popular point of view. 
 Possibly, if any one endowed with the necessary 
 qualifications for writing a full and exact history of 
 the Bank of England, the literary skill to deal with 
 the vast mass of material, and the historical imagination 
 to give it form and consistency, has ever contemplated 
 the task, he may have been deterred by its magnitude, 
 bv the reflection that it must embrace a great deal 
 of the commercial and most of the financial history 
 of the country during more than two centuries. For 
 the literatiu-e on the subject is enormous, and as the 
 information it contains has never been collected and 
 exhibited in a systematic form, it is the more necessary 
 that a record of it should be ])i-eservc(l. 
 
 The Bank has occupied a high position in national 
 finance from its first establishment, and has had to 
 pay the usual penalty of exalted station. It has been 
 subjected to criticism of all kinds; there has been 
 a tendency to exaggerate its shortcomings, real or 
 imaginary, and a corresponding di>])osition to decry 
 its merits. It has offered a ready mark to the average 
 currency theorist, frequently a man of one idea, delighted 
 to find faidt, and recommending his particular ])anacea 
 for all commercial evils. But the factors of a financial 
 problem are often far too comi)lex to be distinguishable 
 by the average student, be he theorist or man of 
 business, and the abuse lavished upon the Bank and 
 the Bank system is in many cases simply the result 
 of ignorance. 
 
 Such an institution naturally inlierits some of 
 the human imperfections of its foimders, takes its 
 complexion from its perhaps not altogether healthy 
 environment, and is subject during its growth to the
 
 X INTRODUCTION. 
 
 errors and diseases of childhood. To some extent the 
 free development of the Bank has been checked by 
 
 , the circinnstances of its origin and early years. It is 
 frequently forgotten that its foundation was due quite 
 as much to the desire of a weak government to 
 
 ! strengthen itself, as to any pressing need felt by the 
 M commercial world for such an establishment. Till far 
 into the eighteenth century, it acted cliiefly as a bank 
 of issue, and as agent for the Government Loans, and 
 had not as yet asserted that banking capacity wliich 
 was the foundation of its future greatness. There is 
 also this to be borne in mind, that many of the doctrines 
 of Political Economy are still awaiting confirmation, 
 and that to a comparatively recent date, no adequate 
 conception was formed of the far-reaching effects of a 
 motive power of the magnitude of the Bank. Much 
 had really to be decided by "trial and error." It is 
 permissible to say that OAving to the introduction of 
 new factors, and the rapid development of banking, 
 the machine had to a great extent to be worked 
 experimentally. Had not the Directors been thorough 
 business men, ^vatching carefully the effect of the 
 Bank's action on the markets, any transient evils would 
 have been fearfully intensified. The Bank, however, 
 has on the whole retained the confidence of the nation 
 at large all through its career, sometimes at considerable 
 self-sacrifice, till the saying, " Safe as the Bank," has 
 passed into a classical English proverb. Every phase 
 in its evolution has been made the subject of keen 
 comment, and often of bitter controversy. 
 
 The writer who would undertake a full and exact 
 history of the Bank of England Avould, of course, look 
 for the material Avith which to construct his framework 
 chiefly to official sources, — Acts of Parliament, Finance 
 Accounts, Parliamentary Returns, The London Gazette. 
 Most of these are readily accessible, and do not recpiire 
 scpai-nte notice. A list of the Acts relating to the 
 liank of l^ngland is quoted in " The Chronological 
 Table and Index of the Statutes." "The Statistical 
 Abstract" of the P>oard of Trade contains a mass of" 
 figures referring to the Bank. ^laterial which vividly
 
 IXJ'KODUCTIOX. XI 
 
 illustrates the o])iuion of the day is to be funnel in the 
 Reports of Parliamentary Debates, which were more 
 interesting reading prior to the introduction of verbathu 
 reporting than they are now. Much valuable information 
 is to be found in the comprehensive Reports of Secret and 
 Select Committees, both of the Lords and Commons, 
 with the evidence on which the}' are based. Most 
 important among these are the Report of the Lords' 
 Committee on the Order in Council restricting cash 
 pavments in 1797; the Second Report of the Committee 
 on Public Expenditure, 1807 ; the Bullion Report of 
 1810 (mentioned in the Bibliography) ; the tAvo Reports 
 on the expediency of the resimiption of cash payments, 
 1819 ; that on the Bank Charter in 1832 ; on Banks 
 of Issue in 1840 ; the two on Commercial Distress 
 in 1848 ; on the Bank Acts in 1857 ; and again on 
 Banks of Issue in 1875. 
 
 In addition to the Issue of Notes and the ordinary 
 business of a banking house, the Bank of England has, 
 almost from its origin, had the management of the 
 National Debt. In order to give the book some aspect 
 of completeness, notes of a few of the more important 
 works on this latter subject have been added, 
 too;ether with names of some of those less known. 
 Mr. Stutchbury, the Chief Accoiuitant, who has himself 
 written on the subject, has given the writer many 
 valuable hints in respect to this particular portion of 
 the volume, in fact the entire work owes much to his 
 kindly criticism, he having read through the whole of 
 the proof sheets. A great deal of the history of the 
 National Debt is still hidden aAvay in Parliamentary 
 blue books, which are much too numerous to be men- 
 tioned separately. Some extremely interesting details 
 of the earliest forms of the Debt are to be found in a 
 return to the House of Commons in 1858, knoAvn as the 
 "Goderich Return" (No. 443 of that year), and a 
 further important contiibution to its history is contained 
 in the voluminous Parliamentary Retin-n of Public 
 Income and Expenditure, from 1688 to 1869 (No. 366 
 of 1869). This Rfttui'n is a vast mao;azine of information 
 on the financial liistorv of tlio coimti'v. l)nt it sadlv lacks
 
 ^n INTRODUCTIOX. 
 
 ail iudex, although it has a general table of contents, and, 
 at page 313, a very full detailed list of the contents of the 
 "Explanatory and Historical Notices" in appendix 13. 
 Another still more valuable blue book, thous^h, as its 
 title indicates, withm much narrower limits, is the 
 "Report bv the Secretary and Comptroller-General of 
 the Proceedings of the Commissioners for the Reduction 
 of the National Debt, from 1786, to 31st of March, 1890." 
 This is at present the principal authority upon the 
 history of the National Debt for the period of Avhich it 
 treats. Again, alas ! there is no index, but only a table 
 of contents, and a marginal precis. The various classes 
 of transactions are, however, distributed into natural 
 and easily intelligible divisions and sub-divisions, and 
 are then treated chronologically. 
 
 None of the publications shew the capitalized value 
 of the Terminable Annuities issued by the Government, 
 and it is therefore impossible to make any exact com- 
 ])arison of the total amount of the National Debt in 
 different years. This want has now been supplied, for 
 the last 60 years, in a Return which is annually moved 
 for by the Parliamentary Secretary to the Treasury, 
 and is known in official circles as the "Harcourt 
 Return." It gives the " gross liabilities of the State 
 as represented by the Nominal Funded Debt, Estimated 
 Capital Value of Terminable Annuities, Unfunded 
 Debt," &c., at the close of each Financial Year. The 
 Annuities are capitalized at 3 per cent, to 1888, and 
 thereafter at 2| per cent. The only attempt that has 
 been made to capitalize the Terminable Annuities from 
 their first issue in 1693, is believed to be that made 
 in the .Journal of the Bankers' Institute, for Fehruarv, 
 1891, in one of a series of articles entitled "Notes on 
 the National Debt."' The Annuities are there capital- 
 ized on a uniforni basis of 3 per cent., and the total 
 amount of the Debt is shewn for each year of the 
 last two centuries. 
 
 While alluding to periodical literature, mention may 
 be made of an article by Mr. R. H. Inglis Palgrave. on 
 "Tiie Price of the Funds and (xovernnient Purchases,"in 
 the December, 1895, number of the Bankers ^Magazine.
 
 IXTKODLCTIOX. XlU 
 
 A few words have to be said about the selection 
 and aiTangement of the books. A difficulty in the 
 compilation has been the decision as to what to include. 
 Nearly all the writers of a complete Political Economy, 
 from Adam Smith downwards, have devoted more or 
 less attention to the Bank. Unless, however, they have 
 issued a separate book on the subject, or have given 
 it a special importance, their works have been omitted 
 from the list. These are intentional omissions which 
 any one can supply for himself. Other omissions have 
 been made. The compilation aims at being eclectic 
 rather than inclusive, and where a munber of tracts on 
 the same subject, and advocating the same views, have 
 been met with, only those which appear to be the best 
 representatives of the series have been recorded. The 
 ])ublication of the Report of the Bullion Committee, 
 for instance, evoked an enormous outburst of contro- 
 versial literature — good, bad, and indifferent. — and a 
 selection had almost necessarily to be made. It is to 
 be regretted that so many good tracts have been 
 published anonymously, especially in a subject where 
 the name of a practical man of repute would have given 
 so much additional weight to the opinion expressed. 
 
 A word remains of thanks to the present Governor 
 of the Bank, Mi*. A. G. Sandeman, for the assistance 
 he has been so good as to aiford in allowing the book 
 to be printed at the Bank, and at the Bank's expense. 
 This has necessitated the breaking up of the type as 
 each sheet was approved, and the book is already 
 therefore out of print. A work of this kind is, however, 
 of use only to a small class of persons, and the 250 
 copies which have been struck olf will probably prove 
 sufficient. 
 
 T. A. S. 
 
 3/y/ A/ui/. 1897.
 
 A BIBLIOGRAPHY 
 
 OF THE 
 
 BANK OF ENGLAND 
 
 The tracts (1651 — 1688) marked Avitli an 
 asterisk Avere published before the foundation of the 
 Bank,, and they are given as having contributed, 
 amongst other factors, in no small degree to ripen 
 public opinion as to the expediency of establishing a 
 " (reneral Credit Institution," as it is called by some 
 of the pamphleteers. 
 
 1651 — 1658 
 * Some Considerations on the two grand 
 
 STAPLE COMMODITIES OF ENGLAND and On 
 
 certain establishments wherein the publick good 
 is very much concerned. 
 
 Humbly presented to the Parliament. 
 
 By Sir Balthazar Gerbier, Knight. ]651. 
 
 One of the earliest tracts on the establishment of Banks 
 in England. 
 
 * Seasonable Observations humbly offered 
 TO His Highness the Lord Protector 
 BY Samuel Lambe, of London, Merchant. 
 
 1658. 
 
 Describes "a Bank" as "a certain number of men 
 " joined together in Joint Stock," and then goes on to 
 particularize its functions. 
 
 B
 
 2 A BIBLIOGRAPHY OF 
 
 1660 — 1682 
 
 * An Expedient for taking away all Im- 
 
 positions and for raising a Revenue without 
 Taxes by creating Banks for the encouragement 
 of trade. 
 
 Francis Cradocke. 1660. 
 
 * Proposals for Increase of Wealth by Sub- 
 
 scriptions OF Money according to the several 
 particulars herein mentioned, which proposal 
 having, the 19th May, 1674, been reported to 
 the Lord Mayor, Aldermen, and Commons in 
 Common Council assembled, and approved by 
 them the same was ordered to be published in 
 the Cities behalf. 
 
 Second Edition. 1675. 
 
 * The Mystery of the New Fashioned Gold- 
 
 smiths, OR Bankers Discovered. 1676. 
 
 Contaius much interesting detailed information. 
 
 * Corporation Credit, or a Bank of Credit 
 made Current by common consent, more 
 useful and safe than money. 
 
 Robert Moray. 1682. 
 
 * England's Interest, or the great benefit 
 TO Trade by the Banks, or Offices of 
 Credit in London, as it hath been considered 
 and agreed upon by a Committee of Aldermen 
 and Commons appointed by the Rt. Hon. the 
 Lord Mayor, &c. 1682. 
 
 * Several Objections sometimes made against 
 the Office of Credit fully answered. 
 
 1682.
 
 THE BANK OF EXGLAXD. 3 
 
 1683 — 1694 
 
 * An Account of the Constitution and 
 
 Security of the General Bank of 
 Credit. 1683. 
 
 * Bank Credit, or the Usefulness and 
 
 Security of the Bank of Credit 
 Examined. 1683. 
 
 * 
 
 A Model for Erecting a Bank of Credit, 
 &c., &c. 1688. 
 
 A Brief Account of the Intended B. of E. 
 
 1694. 
 
 Most probably bj Wm. Paterson, to Avbom it is attributed 
 by Bannister in his edition of Paterson's works published 
 in 1859 {q.v.) 
 
 An excellent tract, far in advance of its time, as the 
 following extracts may serve to show : — 
 
 " That all money or credit not having an intrinsic value 
 " to answer the contents or denomination thereof is false and 
 " counterfeit, and the loss must fall on one or other. 
 
 " That the species of Gold and Silver being accepted and 
 " chosen by the commercial world for the standard or measure 
 " of other effects, everything else is only counted valuable as 
 " compared with these. 
 
 " Wherefore all credit not founded on the universal species 
 " of Gold and Silver is impracticable, and can never subsist, 
 " neither safely nor long, at least till some other species be 
 " found out and chosen by the trading part of mankind over 
 " and above or in lieu thereof." 
 
 It states that the Bank was strongly opposed by the 
 Jacobites, "who apprehend it may contribute to lessen their 
 " Monarch of France." 
 
 li 2
 
 4 A BIBLIOGIIAPHY OF 
 
 1694 
 
 Some Useful Reflections upon a Pamphlet 
 
 CALLED " A BeIEF ACCOUNT OF THE 
 
 Intended B. of E.," wlieremito is annexed a 
 short description of Dr. Chamberlen's Bank, 
 
 Second Edition, with Additions. 1694. 
 
 The author abuses the intended B. of E. violently, but 
 regains bis good humour in giving the Draft of the Land Bank 
 Act, and in raising, and demolisbing, imaginary objections 
 thereto, e.g., " Tbis Act will make ns all too bappy, flourisbing 
 " and powerful for all our neigbbours, in tbat it will supply 
 " us at once with as much wealth as tbe Dutch bave been 
 " these many years a raising by tbeir Bank." He bopes tbis 
 will not be " a sufficient reason why it shall not pass ; for 
 " tbat it will certainly keep out and ruine the French King." 
 
 An Abstract of Their Majesties' Commission 
 UNDER THE Great Seal, dated 15th June, 
 
 1694. 
 
 For taking subscriptions for tbe Bank pursuant to the late 
 Act of Parliament. 
 
 Observations upon the Constitution of 
 THE Company of the B. of E., with 
 A Narrative of some of their late 
 Proceedings. 1694. 
 
 Complains tbat the proprietors were not adequately repre- 
 sented, and tbat a certain Director expected " an unreasonable 
 " reward, .... and in Coffee-houses began betimes to 
 " express bimself tberein." It is just witbin tbe bounds of 
 supposition tbat tbis may refer to Patersou, and, if so, it 
 tbrows some light on tbe possible cause of his so soon 
 resigning bis seat on the Board.
 
 THE BAXK OF EXGLAXD. 5 
 
 1694 — 1695 
 
 Ax IxTEREST Pocket Book or Tables of Ixterest 
 after the rate of 3, 4^, 5, 6 and 7 per Cent, 
 per annum, from £1,000 to Is., for any Summ 
 or Time to the Thousand part of a Penny. 
 Exactly computed for the use of the B. of E., 
 and also for any Person that hath Bills or 
 Tallies to discompt. 
 
 London printed for the Author, 1694, and 
 sold by "Will. Staresmore at the Half-Moon and 
 Seven Stars in Cornhill. 
 
 In a copy seen by the writer the following lines occur in 
 MS., date 1712 :— 
 
 " Gould is uncertaine. but what you possess 
 Is still your owne, and never can be less." 
 
 Also— 
 
 "Gold is God with many a one, 
 But God is God when Gold is gone." 
 
 Some Accouxt of the Transactioxs of Mr. Wm. 
 Patersox IX relatiox to the B. of E. 
 AXD the Orphaxs' Fuxd. In a letter to a 
 friend. 1695. 
 
 At present the British Museum seem to possess only a 
 fragment of this pamphlet, viz., the title-page. 
 
 A Short Accouxt of the B. of E. 
 
 Michael Godfrey (the First Depute/- Governor). 
 
 1695. 
 
 This and Paterson's "Brief Account of the intended 
 " B. of E.," certainly give iu a small space the best idea of 
 the Bank's infancy and the more immediate effects of its 
 institution.
 
 6 A BIBLIOGRAPHY OF 
 
 1695 
 
 First among these eifects he places the lowering of interest. 
 He says: "Foreign Bills of Exchange are discounted at 
 " £ 4 : 10*. per cent, per annum, and Inland Bills and Notes for 
 " debts for £6 per cent, per annum, and those who keep their 
 " Cash in the Bank have the one discounted at £3 per cent. 
 " per annum, and the other at £ 4 : lOs. per cent, per annum, 
 "for which most Goldsmiths used to take £9 or £10 per 
 " cent, per annum, and money is lent on pawns of com- 
 " modities, whicli are not perishable, at £ 5 per cent, per 
 " annum, for which some in their necessities have paid 
 " more than double as much, to the ruin of many good 
 " traders." 
 
 He then predicts that the Bank "will reduce the rate of 
 " money in England to £ 3 per cent, per annum in a few 
 " years without any law to enforce it." 
 
 He cuts hard at the inconvertible currency men. 
 " There are others who are forcing a currency of bills 
 " or tallies, and think they may pass as well as Bank 
 " Bills, but they do not consider its nothing makes 
 " Bank Bills currant but only because that all those who 
 " desire it can go when they will and fetch their money 
 " for them." 
 
 He concludes : " But it may perhaps be objected that 
 " the Bank is so far from being an advantage to all 
 " trades that 'tis prejudicial to some ; for it seems to 
 " be admitted that the Bank will be injurious to a dozen 
 " or fourteen goldsmiths, and to some scriveners, usurers, 
 " and pawnbrokers, because it will hinder them from 
 " exacting such oppressive extortion as some of them have 
 " done formerly ; and it Avill quite ruin the trade of tally- 
 " jobbers. 
 
 " Now, if the clamour of a few, Avhose trade has been 
 " to make merchandise of the nation, and to enrich them- 
 " selves by the necessities of others, shall not only prevail 
 " against the benefit of a community, legally establisht, 
 " but even of the kingdom in general and the credit of a 
 " Parliament, then the enemies of the Bank may hope to 
 " subvert it.
 
 THE BANK OF ENGLAND. 7 
 
 1695 
 
 "• But until the public good be postponed to private 
 " interest, and a small number of oppressors be too hard 
 " for the nobility, gentry, and traders of England in 
 "• general, it Avill and must be preserved and maintained 
 " because of its great use to the whole realm ; and the 
 " benefits which already accrue by it in its infancy are a 
 " good earnest of those greater advantages which the nation 
 " must receive from its future progress." 
 
 This tract is quoted in the Report of the Bullion 
 Committee of 1810. 
 
 Francis reprints this tract in the appendix to his 
 "History of the B. of E." 1848. 
 
 Some Observations on the B. of E. 1695. 
 
 Parts of this little book are very interesting from the 
 historical side, as jjivinuf accounts of similar institutions 
 from a contemporary point of view. The following extracts 
 indicate its scope and character. 
 
 " The practice of this most excellent constitution the 
 " Bank hath made a greater progress in a few months 
 " than could well be expected in several years, being 
 " naturall}^ so fundamental to the trade and improvements 
 " of England, it seems to be the harbinger for introducing all 
 " the excellent things we are capable of, and though it be 
 " sufficiently able to vindicate itself by the practice thereof, 
 " and stands not in any need of other, yet because some 
 " are so very ignorant in things of this nature, and others 
 " prepossest with notions not only beyond the practice, but 
 " vastly exceeding all l)Ounds of apprehension, it may be 
 " of use to give some account of the rise, reason, and use 
 " of some other Banks in the Xtian Avorld. 
 
 " The Bank and Company of St. George in Genoa was 
 " constituted about the year 1407, when that Government 
 " was reduced to its worst extremity by war, they Avere 
 " obliged to assign over part of their public Revenue to . . . ." 
 satisfy their creditors, and " to induce further advances,
 
 8 A BIBLIOGRAPHY OF 
 
 1695 
 
 *' and for the better management of this their estate, they 
 " were erected into a Society or Company with the most 
 " ample privileges. Thus the Revenue or Estate of 
 " the Company became prosjiicuous ( ! ) and transferable, 
 " answering the use and convenience of money." 
 
 This Bank, in a greater degree even than any of the 
 earlier Banks, seems to have had peculiar privileges, their 
 eifects being by inviolable constitutions " free from all 
 " manners of arrests, attachments or forfeitures whatsoever, 
 " insomuch that the goods and estates of the worst of 
 " enemies, the vilest of traitors, and the best of friends or 
 " subjects are all alike secure in the Bank of St. George 
 " at Genoa." He goes on to say that it being to the 
 interest of all Governments to support them, they never 
 suffered under any. He then compares it to the B. of E., 
 but prefers the latter. In one year the Genoa Bank took 
 20,000,000 crowns from the King of Spain in interest 
 alone. 
 
 " The Bank of Amsterdam was erected in the year 
 " 1609, when the Lords of the Government of that City, 
 " as well to redress the great trouble, loss, and inconvenience 
 " occasioned by the transportation of great sums of money 
 " and Bullion of Gold and Silver from one place to another 
 " in trade, as to prevent and suppress frauds and deceits 
 " in the weight and alloy of the current money or Bullion 
 " of Gold and Silver," .... do appoint a public deposit 
 therefor, " with books and registers belonging thereunto for 
 " transferring or writing off as they call it from one 
 " account to another." 
 
 One function of the Bank was that of a "Clearing 
 " House " of the many different sorts of national coins in 
 which payment was made by the foreign merchants and 
 their agents who frequented the port. It seems if a man 
 had his coin money with him, he paid it into the Bank 
 and received a credit note which was called " Bank Money." 
 All considerable payments were made by this means. 
 
 The effects of this Bank were also free fiom 
 seizure, &c., and the City of Amsterdam took the eventual 
 responsibilit3\
 
 THE BANK OF ENGLAND. 9 
 
 1G95 
 
 Then for the practice: "Every one who hath credit 
 " in this Bank brings or sends his order in writing to the 
 " Commissioners to write off from his account, and if any 
 " one leaves the place, he ought to leave a special letter 
 " of attorney with the Bank, constituting some other to 
 " dispose of his interest therein. There have been several 
 " regulations al)0ut Bank hours, but that of April 1683 
 "makes them from 7 to 11 a.m., after 11 a 'late' fee of 
 " 6 stivers had to be paid for every Avriting off or transfer." 
 The Bank shut close at 3 p.m. The " late " fees were 
 devoted to the poor. "Bills of Exchange of 300 guilders 
 " or upward are by law made payable in Bank. 
 
 " Thus the Bank of Amsterdam is only a deposit of 
 " ready money for the security of trade aiul for (he con- 
 " venience of writing off instead of paying out, and 'tis 
 " wonderful to think what immense credit this Bank has 
 " acquired in 80 years, it having had upwards of 30,000,000 
 "' Sterling at once." The Bank of Hamburg is said to be 
 similar to the Bank of Amsterdam. 
 
 " The obligations of the several provinces and cities of 
 " the United Netherlands cannot be called Banks, because 
 " they are only transferable funds of interest, without a 
 " fund of ready money to supply the occasions of the persons 
 " on demand. But as they are public and obvious estates, 
 " and grounded upon a certain interest, every one's property 
 " therein is always equal to ready money, and have been 
 " of greater use to lower the Interest of Money than any 
 " other constitutions whatsoever." In cities where there 
 Avere Banks, as, for instance, at Rome, where money was 
 £3 per cent., and at Genoa only £2 per cent., the rates 
 were at least half those of the cities which were not so 
 favoured. 
 
 " And it's the happiest art or secret of State that any 
 " people can be blest with, to be able to effect the cure by 
 " the disease, that is, to lower the interest of money by 
 " interest itself" 
 
 He goes on to show how Holland had profited by free 
 trade in Bullion, and, contrasting it with Spain, says: "It 
 " should seem that money as well as men inclines to l)e 
 " where best used and under least restraint."
 
 10 A BIBLIOGRAPHY OF 
 
 1695 
 
 It is curious that tlie Bauk of Stockbolm should have 
 had at this time the National Exchequer work, and that 
 England should have been so late in discarding the 
 cumbersome old machinery, leaving it standing till well 
 into this nineteenth centurv. * 
 
 There is still much that must be left unnoted in this 
 clever tract, which so brightly mirrors forth its times, but 
 space is limited. It concludes with a most able defence of 
 the B. of E., pointing out the fallacies of the Land Bank 
 Scheme with great acumen. 
 
 A copy of this book was in William Paterson's library. 
 
 * Hubert Hall says in his "Antiquities of the Exchequer," 
 published 1891, page 88, " The Chamberlains (of the 
 " Exchequer) were abolished in 1782, and in 1784 the 
 " appointment of commissioners for auditing the public 
 " accounts paved the way for greater changes. Finally, 
 " in 1833, the account side, or the Barons' Chamber, was 
 " swept away, and the lower house or Receipt shared the 
 " same fate. The office of Queen's Remembrancer alone 
 " survived, with the exception of the now obsolete functions 
 " of the Chancellor of the Exchequer as a Baron of the 
 " Court. The practical work of the Exchequer was 
 " henceforth performed by the modern departments of the 
 " Paymaster- General and Treasury itself, whilst the place 
 " of the Receipt was more commodiously occupied by the 
 " Bank of England." 
 
 In several of the best tracts of this date, and even fifty 
 years sooner, — for example, by Gerbier, Lambe, and others, — 
 many political truths even now dimly seen, and many 
 grievances, still unredressed, are discussed with the greatest 
 clearness and vigour. Although scarcely within the scope 
 of our subject, it may be noted that there is hardly any 
 respectable tract that does not complain of the difficulty 
 surrounding transactions in the land market in consequence 
 of there being no universal and reliable compulsory 
 registration of ownership, and pointing out the great 
 advantage that the investors in stocks possessed both as to 
 title and readiness of sale or purchase. In these matters 
 the banking world is far ahead of the lesal world.
 
 THE BANK OF EXGLAXD. 11 
 
 1695 — 1696 
 Reasons for Encouraging the B. of E. — 
 
 I. In respect of Justice and Common Right. 
 
 II. Of its Usefulness and the Publick Good. 
 
 1G95. 
 
 (i.) Argues that the Bank had been granted a charter 
 for eleven years and that it would have been a breach of 
 faith to endeavour to curtail the period ; if another Bank 
 "were started it would not have so good a credit as the 
 one Bank, (ii.) The Bank liad been the sole cause of 
 lowering the rate of interest, " and that, too, in time of 
 " war." It had raised the value of tallies from 30 per cent, 
 discount to a premium. It had relieved divers orphans by 
 lending money on the orphan funds at 5 per cent. "It 
 " doth not engross all the money, nor in truth any, being 
 " only a great treasure chest whereinto the subjects put 
 " their money and take it out at pleasure." 
 
 The " subjects " no doubt thoronghly appreciated this 
 definition, they, probably, not having forgotten the seizure 
 of the Goldsmiths' cash in the Exchequer by Charles II., 
 by which many of them had suffered great loss. 
 
 A Safe and Easy Method of Supplying the 
 Want of Coin, and Raising as many 
 Millions as the Occasion of the Publick 
 MAY Require, with some Remarks on the 
 B. of E., &c. 1G95. 
 
 By the Proposer of the Crown Bank, who abuses other 
 schemes ; he, however, finds no fault with the B. of E. 
 beyond stating that it had not yet obtained credit with the 
 Bank of Amsterdam. 
 
 The Tryal of the Trustees of the Land 
 Bank for Murdering the B. of E. at 
 Grocers' Hall. (169G ?) 
 
 The humour of this sq.uib is Rabelaisian.
 
 12 A' BIliLlOGKArilY OF 
 
 1697 
 
 A Discourse of Trade, Coin, and Paper Credit, 
 AND OF Ways and Means to Gain and 
 Retain Riches. 1697. 
 
 Probably by a lawyer, who seems rather nervous as to 
 the results of an extensive paper currency being issued 
 under a monarchy. 
 
 The B. of E. and Their Present Method of 
 Paying defended from the aspersion cast on 
 them in a late book entituled a review of the 
 Universal Remedy for all diseases incident to Coin 
 Avitli application to our present circmiistances in 
 a letter to Mr. Locke. 1697. 
 
 Bv P. H. 
 
 The difficulty in getting payment in Coin at the Bank 
 was in consequence of the calling -in of the light gold coin 
 and the inability of the Mint to supply sufficient new 
 coinage. The author says : " So much coin being at 
 " the Mint for recoinage, could the B. of E. make bricks 
 " without straw." 
 
 A Reply to the Defence of the Bank : 
 setting forth the nnreasonableness of their slow 
 payments. To which is added — 
 
 1. The mischiefs that attend the buying and 
 selling of bank notes. 
 
 2. The advantages England will reap by 
 having the nnclipt hammered money pass current 
 into the Exchequer by weight. 
 
 In a letter to his friend in the country. By 
 a true lover of his comitrj and the present 
 Government. (1697 ?) 
 
 Traverses the statements of "P. H." and blames the 
 Bank, not the Government.
 
 THE I'.AXK OF EXGLAXl). lo 
 
 1(;97 — 1700 
 
 The Arguments and Reasons for and against 
 engrafting upon the b. of e. with 
 Tallies, &c., as they were debated in a late 
 General Court of the said Bank, considered in 
 a letter to a friend. (1097 ?) 
 
 Maintains that the principal reason against the engraft- 
 ment was that by so great an enlargement of capital the 
 interest wonld be ont of all proportion to the then profits. 
 He goes on jndicionslj, however, and shows that this 
 might be overcome by giving the Bank further privileges, 
 lone of which was an absolute monopoly, pointing out what 
 p, benefit the Bank had been to trade by discounting 
 foreign bills at £ 3 per cent, for which the Goldsmiths 
 had just before taken £12 and £14 per cent. A clever 
 piece of well-disguised special pleading, worth perusal. 
 
 Some Reasons against the Clause restraining 
 ALL Corporations but the Bank froje 
 keeping Cash or borrowing Money 
 
 payable at DE3IAND. 1700. 
 
 The Sword Blade Co. cries out against the action of 
 the Bank in complaining to the Lord Treasurer of the 
 fact that the Sword Blade Co. had advertized in the 
 Gazette that thev lent monev. 
 
 Some Reasons offered against the continuance 
 OF THE B. OF E. in a letter to a Member of 
 the present Parliament. 1700. 
 
 One reason is that the Bank absorbs money, and that 
 apprentices out of their time cannot obtain advances to set 
 np with, and that it is dreadful for the Bank to advance 
 money on mortgage and call it in, because the poor 
 freeholder would have either to make repayment or sell 
 his land.
 
 14 A BIBLIOGRAPHY OF 
 
 1703 — 1706 
 
 A Collection for the Improvement of 
 Husbandry and Trade. 
 
 By John Houghton, F.R. S. 
 
 16th April, 1692, to 24th September, 1703. 
 
 An extremely interesting set of journals, edited and 
 " run " by Houghton himself, a bookseller. He was a man 
 of very varied attainments, and was one of the first 
 members of the Royal Society ; he opens with a flattering 
 testimonial to his own abilities, signed by Samuel Pepys and 
 John Evelyn (both of Diary celebrity), Dr. Hugh ChamVjerlen 
 (of Land Bank fame), Hans Sloane, and other notabilities 
 of the day. A complete set of these journals in folio form 
 is very rare ; most of the other editions are reprints of 
 matter from the body of the publication (which was issued 
 weekly as a rule), consisting principally of technical trade 
 articles on glassmaking, apiculture, &c., &c., and are without 
 the market quotations of Bank Stock, &c., or advertisements, 
 both of which are to the student of finance of the period 
 quite as useful as the " accounts of Earth, Water, Air, and 
 Fire," as Houghton calls them. He frequently ends the 
 weekly numbers with " Next week expect more from 
 " Yours, J. H., " never forgetting to add F. R. S. — 
 {Vide Rogers' "First Nine Years of B. of E." 1887.) 
 
 Remarks on the B. of E. avith regard more 
 
 ESPECIALLY TO OUR TrADE AND GOVERNMENT 
 
 occasioned bj the present discourse concerning 
 the intended prolongation of the Bank. 
 
 Hmnbly addressed to the Hon. House of 
 Commons. 
 
 By a Merchant of London and a true Lover 
 of our Constitution. 
 
 Second Edition. 1706. 
 
 An account of the establishment, &c., of the Bank, and 
 a warning as to what an evil it might become under 
 corrupt management. 
 
 The author, however, like most of the anti-Bank 
 tractarians, seems unable to bring any specific charge 
 against it.
 
 THE BANK OF ENGLAND. 15 
 
 1707 — 1711 
 
 A Shoet View of the Appakent Dangees 
 AND Mischiefs feom the B. of E., more 
 particularly addressed to the Covmtry Gentlemen. 
 
 1707. 
 
 " Would that the Country Gentlemen, as in the good old 
 " days, should make their diligeid neighhouring tradesmen 
 " their cashiers." The magnitude of the loss entailed by 
 their not doing so may be estimated by the saying of 
 Solomon " that the hand of the diligent maketh rich." 
 Complains that the confidence in the security of the Bank, 
 and the temptation of small interest rather than none, 
 make the public prefer to deposit their cash there. 
 
 Another edition, 1708, winds up by entreating the 
 " publick not to establish iniquity by a law." 
 
 Aeguments against peolonging the Bank, 
 
 SHOWING the DANGEEOUS CONSEQUENCES OF 
 
 IT TO ouE Constitution and Teade, with 
 proposals for advancing the Revenue of the 
 Excise and making it more usefttl to the Nation 
 than ever the Bank can be, without any danger 
 to the publick. In a letter to a M.P. 1708. 
 
 The author says : " The malignity of the Bank is of 
 " that extent that I know not Avell where to begin my 
 " account of it." 
 
 The Excise duty was payable on quantity, and the 
 brewers universally, after paying it on strong beer, watered 
 the liquor ; he proposes to test the quality, and if found 
 inferior to the original sample to double the duly. He 
 prefers this to legalizing "that wen, that wolf of a Bank." 
 
 A Scheme foe Cieculating £1,600,000 in 
 Exchequee Bills by the Membees of the 
 Bank, but separate from the Bank in their 
 politick capacity. 1711. 
 
 This financial puff reads as though written yesterday. 
 It proposes that such members as did not care to subscribe 
 might sell their right of subscription at a good premium, &c.
 
 16 A BIBLIOGRAPHY OF 
 
 1712 — 1717 
 
 A Preamble to the Books for takixg a 
 Subscription of £1,200,000 for the use 
 OF the B. of E. 1712. 
 
 A Preamble to the Books for taking a 
 Subscription of " 10 Hundred Thousand" 
 Pounds for the use of the B. of E. 
 
 1713. 
 
 A Preamble to the Books for taking a 
 Subscription of £1,500,000 for the use 
 of the B. of E. 1713-14. 
 
 The three preceding papers are practically forms of 
 contract to be signed by the Bank on one hand, and the 
 subscribers on the other. 
 
 Rules to be Observed by all Persons 
 that intend to be Subscribers towards 
 
 FURNISHING £1,500,000 TO THE BaNK ON A 
 
 Subscription to be opened 23rd March, 
 
 1713. 
 
 One rule was '' that no person take more than £ 5,000 
 " or less than £ 500." 
 
 An Enquiry into the state of the Union of 
 Great Britain, and the past and present 
 state of the Trade and Public Revenues 
 thereof. 
 
 By The Wednesdays Club in Friday Street. 
 
 1717. 
 
 Bannister (1859) gives good grounds for attributing the 
 authorship of these dialogues to Paterson, who, he says, 
 uses the speaker, "Mr. May," to represent himself.
 
 THE BANK OF ENGLAND. 17 
 
 1717 — 1720 
 
 A first series, published some years earlier, deals 
 exclusively with the Union ; this set, however, has some 
 extremely interesting passages on the Bank (parts are 
 quoted in the notice of Paterson in this volume), and on 
 the allied subject of the National Debt. The work is 
 composed of a series of reports of imaginary debates of 
 the Club. 
 
 The realistic way in which they are written has caused 
 several writers to quote from them as records of actual 
 meetings. Amongst others, the author (Anon.) of the " Theory 
 "of Money," 1844, says the B. of E. was invented at the 
 Wednesdays Club, and quotes AUardj'ce as taking the same 
 view. The individuality of the speakers is remarkably 
 well preserved throughout, and their sayings well and 
 pithily put. Although written by a man who had fought 
 hard, but not always conquered, in the arena of life, they 
 are free from either prejudice or passion. 
 
 Proposals of the B. of E. and the South 
 Sea Company as they were delivered to the 
 Hon. the House of Commons stated and compared. 
 
 1720. 
 
 Showing that the S. S. Co. offered upwards of £2,000,000 
 more than the B. of E. for the privile2;e of enfjraftino- the 
 Public Debt on to their Capital Stock. 
 
 An Abstract of some Calculations relating to 
 the Proposals made by the South Sea Co. and 
 the B. of E. to the House of Commons. 
 
 1720. 
 
 The "ingraftment" of the Redeemable and Irredeemable 
 Debts would have raised the capital of the S. S. Co. to 
 £43,558,000. The writer asks what trade they could 
 possibly carry on to enable them to pay the interest on so 
 vast a sum, exceeding " the whole of the customs and 
 " excise, much less a farm of them." 
 
 The question is ingeniously approached, and seems really 
 to be a reductio ad ahsurdum of the South Sea Co.'s 
 proposals. 
 
 C
 
 IS A P,IBLI()(,KAP11Y OF 
 
 1720 — 1727 
 
 The Schemes of the South Sea Co. and 
 THE B. of E. as proposed to the Parliament 
 
 for the Keducinff of the National Debts. 
 
 "C3 
 
 1720. 
 
 Two proposals from each Corporation, dated January 
 and February, 1719. 
 
 Proposals for restoring Credit, for making the 
 B. of E. more useful and profitable, for relieving* 
 the sufferers of the South Sea Co., for the 
 benefit of that of the E. India, and for raising 
 the value of the Land Interest in Great Britain. 
 
 Humbly offered to the consideration of both 
 Houses of Parliament. 1721. 
 
 Proposes that the Government should issue £10,000,000 
 paper money to the Bauk, who should leud it on mortgage, 
 &c, ; in fact a modification of the old Land Bank Scheme. 
 
 Suggests £ 1 and £ 5 notes, and Branch Banks of 
 England. 
 
 Ax HOXEST Scheme for Improving the Trade 
 and Credit of the Nation, for pmiishing 
 the fraudulent and relieving the unfortunate 
 Bankrupts, for increasing the profits of the 
 B. OF E., and for paying the Public Debts of 
 the Nation. ' 1727. 
 
 Commences by saying he is very sensible of the bad 
 grace with which all new projects appear in the world 
 since 1720 (S. S. Bubble year). 
 
 This tract shows how hardly false ideas die, for " the 
 " honest scheme " is an old friend with a new face, viz., 
 the Land Bank. The idea is that the B. of E. should 
 invest the greater portion of their capital in mortgages, 
 and to facilitate this he proposes the public registry of 
 ownership of land.
 
 THE BANK OF EXGLAND. 19 
 
 1727 — 1740 
 
 He pithily savs : " If transfers of laud were as easily 
 " understood as transfers of stock are, there "would be many 
 " more purchasers than there now are, which would 
 " necessarily raise the price of lands, and I cannot think 
 " but 'tis possible to make one as plain as the other." 
 
 The Case of the Bank Coxtkact in answer to 
 the scurrilities of several libels lately printed in 
 the ^' Craftsman^ " 1735. 
 
 This tract, published fifteen years after the bursting of 
 the Bubble, testifies to the violence of the storm which 
 had then raged. 
 
 The Contract referred to is that discussed in September, 
 1720, between the Bank and the South Sea Co., and 
 luckily not ratified by the Bank. The author defends the 
 character of Sir R. Walpole against the imputations of 
 Aislabie, who had been Chancellor of the Exchequer in 
 1720, and when the crisis came had been compelled to 
 hide himself from the popular fury. He emerged from 
 seclusion in 1735, and grossly slandered Walpole, always 
 herein mentioned as the '" Great Person," in italics. 
 Aislabie is described as one " who with unblushing fiont 
 adds every private immorality to every publick corruption," 
 &c. The courtesies of the press were in no way behind 
 the time. 
 
 A DiSCOUKSE COXCERNIXG THE CUERENCIES OF 
 
 THE British Plantations in America, 
 especially Avith regard to their paper money, 
 Avith a P. S. thereto. 
 
 Boston, 1740. Keprinted, London, 1751. 
 
 This tract deals with inconvertible paper theorists in 
 a way that must have made some of them much regret 
 attacking the writer. He replies to one of them who says 
 "Our paper Bills are a standard for silver": "That is,' a 
 " ship upon the coast, progressively under sail, stands still 
 " Avhile the fields and the trees fluctuate." 
 
 c 2
 
 20 A JJliJLlOGUArHY OF 
 
 1740 — 1742 
 
 Paper moiioy in Xew Englaiul had depreciated 450 per 
 cent., iu S. Carolina TOO per cent., and in N. Carolina to 
 the extent of 900 per cent. The Massachusetts people, 
 after long tampering with their currency, postponed levying 
 the taxes, &c., for calling iu their paper, for two years, 
 going on progressively till 1722, when payment Avas 
 deferred till thirteen years later. " To make a Note or 
 " Bill bearing no interest, and not payable till after a 
 " dozen or score of years, a legal ready -money tender 
 " iu payment of debts is the highest of despotic and 
 " arbitrary government." Some of the Massachusetts paper 
 of 1717 was still outstanding in 1739, and the price of 
 silver per £ was 29 shillings in paper money. As this 
 paper was originally exchangeable for coin in the year of 
 its issue. State bankruptcy must have hovered very near. 
 He concludes by imploring the Home Government in London, 
 who at this time had the matter under their consideration, 
 not " to use any vigorous sudden methods." 
 
 Reprinted in the Overstone collection. 
 
 Ax Appeal to the People of England, the 
 Public Companies and the Monied Interest 
 
 on the Renewal of tlie Charter of the Bank. 
 
 1742. 
 
 Complains that the Bank Stock proprietors were so 
 indifferent that, in order to make up the number constituting 
 a General Court, the Directors were obliged to send specially 
 to some proprietors to come for that purpose. 
 
 Some Considerations relating to the intended 
 Bank New Contract. 1742. 
 
 Says £ 3 per cent, was too high an Interest for the 
 proposed advance, as the £3 per cent. Lottery Annuities 
 were then at par.
 
 THE BANK OF ENGLAND. 21 
 
 174G 
 
 SiK Richard Hoare's Vindication. (1740?) 
 
 This "Vindication" is on one side of a single sheet, folio, 
 undated. In Sir Richard Hoare's Journal of his Shrievalty, 
 privately printed at Bath, in 1815, by his descendants, we 
 find that he was knighted 31st October, 1745, the year 
 of his mayoralty, and as he is called "Sir" in the title, 
 and there is mention in the tract of the Life Guards being 
 ordered to march for Scotland, and of "a run on the Bank," 
 one naturally thinks of "'45" and its results. The date of 
 publication might seem, therefore, to have been about 1746. 
 It is here given in full, being of interest as showing the 
 state of public feeling in the City of London at the time 
 of its appearance. 
 
 " Whereas there hath been several false and malicious 
 " reports, industriously spread abroad, reflecting on Sir 
 " Richard Hoare, Goldsmith, for occasioning and promoting 
 " a run for money on the B. of E. ; in particular, several 
 " of the Directors of the said Bank reporting, that the said 
 " Sir Richard sent to the Bank for ten of their ^'otes of 
 " £ 10 each with a design to send several persons with the 
 " said Xotes to receive the money thereon so as to eifect 
 " his ill designs, and to bring a disreputation on the Baidv 
 " and occasion a disturbance in the City of London : — 
 " This is to satisfie all persons that the Right Hon. Lord 
 " Ashburuham, father of the Hon. Major Ashburnhani, 
 " Major of 1st troop of H. M. Life Guards, was ordered to 
 " march for Scotland, sending to the said Sir Ricliard Hoare 
 " for a large quantity of Gold and for ten Bank Notes of 
 " £ 10 each for the said Major to take with him to bear 
 " his expenses. The Gold was sent to his lordship 
 " accordingly, and Sir Richard's servant went to the Bank 
 "for ten Notes of £10 each which the Cashier of the 
 " Bank refused to give. But if Sir Richard had intended 
 " to promote a run for money on the Bank he could have 
 " done it in a more effectual manner, having by him all 
 " the time that the great demand for money was on the 
 " Bank, several thousand pounds in Notes payable by 
 " the Bank, and also there was brought to Sir Richard 
 " by several gentlemen, in the time of the run on the Bank, 
 " Notes payable by the said Bank amounting to a great 
 " many thousands of pounds which he was desired to take.
 
 22 A EIBLlOGUArilY OF 
 
 174G — 1752 
 
 '* and receive the money presently from the Bank, Avhich 
 " he refused to do until the great demand for money was 
 " over. 
 
 " N.B. — That the reports against Sir Richard have been 
 " more malicious than herein is mentioned which he forbears 
 " to insert for brevity sake." 
 
 A Copy of a Letter wrote to a M.P. after 
 the proposals for reducing the Public Debt were 
 rejected at the last General Court of the B. of E., 
 wherein is inserted a copy of the Preamble to 
 the Act of the Kinth Queen Anne for reducing 
 the Interest of Money from £6 to £5 per cent. 
 very proper to be considered by all landed 
 gentry, merchants and traders, especially such as 
 are members of the House of Commons. 1750. 
 
 Before the late war it says the £3 per cent. Annuities 
 were £7 per cent, above par, and "at this lime the natural 
 " rate of Interest without the interposition of the Legislature 
 " is less than £ 4 per cent.," therefore the Bank might 
 well consent to reduce the rate of interest on the 
 Government Debt. It was reduced from £ 4 per cent, to 
 £3 : 10*. per cent, in 1750. 
 
 " The general legal rate of Interest was fixed in 1714, 
 " just after Queen Anne's war, at £ 5 per cent." 
 
 Banks and Paper Money, from Essays moral, 
 political, &c. 
 
 By David Hume. 1752. 
 
 Although perhaps the difference between paper con- 
 vertible at sight, issued against gold, and inconvertible 
 paper is not so clearly shown as it should be, still Hume 
 is Hume, e.g., " What a pity Lycurgus did not think of 
 " paper credit when he wanted to banish gold and silver 
 " from Sparta, it would have served his purpose better 
 " than the lumps of iron he made use of as money, .... 
 " and have more effectually prevented foreign commerce." — 
 
 Reprinted in the Overstone collection.
 
 THE BANK OF ENGLAND. 23 
 
 1755 — 1758 
 
 Essay on Paper Money and Banking from 
 " Essays on the Public Debt, Frugality, &c."' 
 
 By Patrick, Fifth Lord Elibank. 1755. 
 
 The author modestly says that " as the Roman Emph-e 
 " was saved by the cackling of a goose," he hopes his 
 " own weak endeavours may be successful " in saving his 
 country from financial dangers. 
 
 After some stringent remarks on the various disad- 
 vantages of paper money, he asks, " Is there no advantage 
 " from this institution of Banks and paper money ? " and for 
 answer refers us to " the verses of Mr. Pope," — 
 
 " Blest paper credit ! last and best supply ! 
 
 " That lends corruption lighter wings to fly ! 
 
 " Gold, imp'd by thee, can compass hardest things, 
 
 " Can iiocket states, can fetch or carry kings ; 
 
 " A single leaf shall waft an anny o'er, 
 
 " Or ship off senates to some distant shore. 
 
 " A leaf, like Sibyl's, scatter to and fro 
 
 " Our fates and fortunes as the wind shall blow. 
 
 " Pregnant with thousands flits the scrap unseen, 
 
 " And silent sells a king or buys a queen." 
 
 It is a novelty to find Pope quoted as an authority on finance. 
 Reprinted in the Overstone collection. 
 
 Essay of Banks and Paper Credit (from 
 Characteristics of the present state of Great 
 Britain). 1758. 
 
 Attributed to Dr. Robt. Wallace, an Edinburgh minister. 
 
 Much clearer on tlie paper money question than Hume, 
 tliough even here once more crops up the old fallacy of 
 basing an issue on land. " It is of no consequence though 
 " the value of the Bank Notes should happen to extend to 
 " a vast sum provided the Banks which are to answer these 
 " notes have an equal value in coin, lands, goods, and good 
 " debts to which there is convenient access " 
 
 Reprinted in the Overstone collection.
 
 24 A BIBLIOGEAPHY OF 
 
 1759 — 17S2 
 
 History of the Public Revenue from 1688 to 
 1753, Avith Appendix to 1758. 
 
 James Postletliwayt. 1759. 
 
 Contains " Historical State of B. of E.," giving details 
 of transactions between the Bank and the Government from 
 1694-1753, alterations in Capital, Stock, and Exchequer 
 Bills circulated by the Bank, together with a detailed 
 account of the National Debt. Quotes Cap. and Sec. of 
 Statutes under which the various operations were effected. 
 Also Historical State of South Sea Co. and the East 
 India Co. for same period in the same detailed manner. 
 A most useful — indeed, invaluable — work to any one writing 
 on these subjects. 
 
 Universal Dictionary of Trade and Commerce. 
 Malachj Postletliwayt. 1774. 
 
 Very diffuse ; contains articles on National Debt, Funds, 
 Public Credit, &c. 
 
 The B. of E. Yade ]Mecu3I or Sure Guide, 
 extremely proper and useful for all persons who 
 have any money matters to transact in the Hall 
 of the Bank, &c., particularly to those avIio are 
 not practised in that business, in which every 
 office, place, and the manner of procuring Notes 
 of everv sort for Cash, or Cash for Notes, is so 
 distinctly described that the greatest Stranger to 
 the Bank may Avith certainty and propriety do 
 all they want Avithout being obliged to ask any 
 questions of any persons Avhatever. With tAvo 
 copper plate plans. 
 
 Ba' a Gentleman of the Bank, Sec. 1782. 
 
 Sold, amongst other places, at Mr. Pinchbeck's toyshop, 
 Cock spur Street. 
 
 The directions are extremely minute. "Present your 
 " note to one of the Cashiers through the little rails at one 
 " of the desks . . . with the words Cashiers Avrote against 
 " the pillars over their heads," &c.
 
 THE BA^'K or EXGLAXl). 25 
 
 1782 — 1796 
 
 The Drawing, Bill, and Post Bill Offices were then in 
 the Hall, and the Consols Office was split into two sections, 
 A-K in one room, L-Z in another. The Tellers' Office seems 
 to be the only one used for the same purpose now (1896) 
 as in 1782. The plans are quaintly marked, e.g., "Passage 
 "to a back passage," "sham door," " Accomptants," &c. 
 In the Rotunda "The Gentlemen Stockbrokers" assembled 
 from 11 to 1 . 
 
 Keprixt of B. of E. Charter op 1694. Published 
 by Jno. Bell, British Library, Strand. 1788. 
 
 Substance of Observations ox the State of 
 THE Public Finances of Great Britain 
 BY Lord Kawdon (Hastings F.R.) in a Speech 
 on the Tliird Reading of the Bank Loan Bill in 
 the House of Lords, Thursday, June 9th, 171)1. 
 
 Contends that the Government Avas wrong in demanding 
 the Loan of £500,000 on account of Unclaimed Stock and 
 Dividends, as the B. of E. was already in the habit of 
 granting that sum in respect to Exchequer Bills ; therefore 
 in demanding the Loan the Government cut their own 
 throats, &.G. The Debates on this Bill have been well 
 reported, and are extremely interesting. 
 
 A feav Reflections upon the present State 
 OF Co3imerce and Publick Credit, with 
 some remarks upon the late conduct of the 
 B. of E. 
 
 An old Merchant. 1796. 
 
 Defends the action of the Bank in restricting the 
 accommodation given to the market, and blames the 
 Ministry.
 
 26 A BIBLIOGRAPHY OF 
 
 1797 
 
 Substance of the Speech of Sir William 
 PuLTENEY, Bart., on his motion, 7tli April, 
 1797, for shortening the time during Avhich the 
 B. of E. should be restrained from issuing Cash 
 for its debts and demands. 1797. 
 
 After a long criticism on the Bank and its policy, 
 proposes another Bank " whose operations should commence 
 " on the day after the period fixed for the Bank to pay its 
 " IS^otes in Cash, hut not to commence at all " if the Bank 
 " should on that day " pay in cash and continue to do so for 
 a certain time. One can, now, hardly believe Pulteney was 
 serious, and not jesting ; the motion, however, was debated, 
 and he seems to have been in earnest, Judging from the 
 expressions of the other speakers. 
 
 Observations on the Establishment of the 
 
 B. OF E., AND ON THE PaPER CIRCULATION 
 
 OF THE Country. 
 
 Sir F. Baring, Bart. 1797. 
 
 Savs Sir W. Pulteney 's idea of a rival Bank was most 
 unjust, unless the action of the B. of E. could be proved 
 to have caused the panic, which was not the case ; the 
 profit on sending bullion to Hamburg in 1796 was £6 to £8 
 per cent., causing a great exportation of gold thither. 
 
 Points out that, in the event of a French invasion 
 and general catastrophe, a B. of E. Note would be still of 
 fair value, because the "Foreigners" knew that to injure 
 the Bank or its credit would be to cut their own throats, 
 and instances the treatment of the Bank of Amsterdam in 
 support of his opinion. 
 
 A most valuable and interesting tract. 
 
 o 
 
 Further Observations on the Establishment 
 
 OF THE B. OF E., AND ON THE PaPER 
 
 Circulation of the Country. 
 
 Sir F. Baring, Bart. 1797. 
 
 Recapitulates tbe contents of the last tract and insists 
 that some limitation should be placed on the circulation of 
 B. of E. Notes.
 
 THE BANK OF ENGLAND. 27 
 
 1797 
 
 Letters to the Governors and Directors 
 OF the Bank in September, 1796, &c. 
 
 Sir Jno. Sinclair, Bart. 1797. 
 
 Suggests various schemes to enable the Bank to continue 
 to pay Cash. 
 
 The History of the B. of E. from the 
 Establishment of that Institution to 
 the Present Day, containing a succinct view 
 of the extension of its Capital and Credit ; the 
 effects of both ; the dangers with Avhich it has 
 been threatened at certain periods, and tlie 
 measures adopted to maintain the Stability and 
 Credit of it on those occasions; interspersed with 
 reflections of the best financial writers on the 
 subject, with an impartial detail of the proceedings 
 of both Houses of Parliament and the Court of 
 Bank Directors, in consequence of the Order 
 of Council directed to the Governor of the 
 B. of E. on the 2Gth February last, with 
 the Report of the Committee ajipointed by the 
 House of Commons to enquire into the affairs 
 of the B. of E. at fidl length. To which is 
 added a correct copy of the Charter of the 
 B. of E., Avith the Bye-Laws and other interesting 
 matter. 1797. 
 
 A booklet Avhose principal topic is the panic of 1797. 
 Contains a graphic account of the debate in the House of 
 Commons on the appointment of the Secret Committee, witli 
 quotations from the speeches of Pitt, Burke, Fox, and Sheridan. 
 The title-page, which is the most lengthy of any work noticed 
 in this Bibliography, tells all else that needs to be told. 
 
 An Address to the Proprietors of the 
 B. of E. {suum cuiqne). 
 
 By A. Allardyce, M.P., one of the Proprietors 
 of the B. of E., 11th December, 1797. 
 
 States that the price of Bank Stock had fallen from 
 220 in February, 1792, to below 120 at the date of this
 
 28 A BIBLIOGUAl'UV OF 
 
 1797 
 
 " Address." Business bail, however, during tliat time Ijcen 
 generally good, hence the contention that the "hoard" 
 should not be increased but divided amongst the proprietors, 
 and a detailed account of all transactions and profits laid 
 before them. A bonus, viz., 10 per cent, in £ 5 per cent. 
 Annuities 1797, was given in 1799. 
 
 A Correct Detail of the Finances of this 
 C'ouNTRY, as reported by the Secret Committee 
 appointed hj the House of (-ommons on the 
 motion of the Rt. Hon. Wm. Pitt, &c., &c., 
 to which is added a History of the B. of E. 
 
 By Charles Hales, Author of Bmik Mirror 
 (1799, q.v.) 1797. 
 
 A pamphlet of 39 pages. 
 
 A Second Letter to the Rt. Hon. Wm. Pitt, 
 Chancellor of the Exchequer. 
 
 By Edwd. Tatham, D.D., Rector of Lincoln 
 College, Oxon. ]797. 
 
 Flatters Pitt grossly and proposes a National Bank, 
 which, with the Mint, Avould form " together one public 
 " manufactory of currency of both kinds." 
 
 In consequence of an Order of H, ]\L Privy 
 Council, the Governor and Com]iany inform 
 the Bank Stockholders that the Bank is affluent, 
 l)ut that Cash payments are suspended till tlie 
 opinion of Parliament be taken. 
 
 (Single sheet folio). 1797. 
 
 This notice was circulated just before the Suspension 
 of Cash payments which took place on the Oi-der of Council 
 of Sunday, 26th ?>bruary, 1797. The Bank Restriction 
 Act was passed immcdiatelv afterw;nil>.
 
 THE BAXK OF ENGLAND. 29 
 
 171)1) 
 
 Thoughts on State Lotteries. 
 
 Bv a youno- Gentleman. T. F. Junior. 1799. 
 
 One of the innumerable handbooks to the State and 
 other Lotteries. 
 
 Tlie author invites persons to buy four copies as a 
 mark of apjirobation, or two as a mark of disapprobation, 
 and leave their names with the pul)lishers to be printed in 
 the next edition ! 
 
 The Bank ]\rii:ROR or Guide to the Funds, 
 
 in which is given a clear and full explanation 
 of the pi'ocess of buying' and selling Stock in 
 the B. of E., so that any person may become 
 thoronghly acqnainted with it in a few honrs 
 without consultiug- a Hroker, with an account of 
 the Government and other Securities, a sketch 
 of the Ilistorj of Commerce, &c. 
 
 By Charles Hales. J 799. 
 
 A Stockholder's Vade Mecum Avritteu in tlie liveliest 
 style. The scene depicted in the Rotunda, then used as a 
 meeting place by the Consols, &c., Jobbers, contrasts strongly 
 Avith its present sober aspect. 
 
 " A mail come in — What news ? What news ? — Steady 
 " — Steady — Consols for to-morrow — Here, Consols — You 
 " old timber-toe, have you got any scrip ? — Here, Scrip ! 
 " Scrip ? — Private advices from a wicked old peer in 
 " disguise — Sold — Shorts — Shorts — " (The Beadle springs 
 "his rattle to get silence) " — Stop that ^^^^ noise! Five 
 " per Cents — Down — The Pope on his knees — Smoke the 
 " old girl there in pink shoes ? — Madam, do you Avant a 
 "Broker! — The French army retreating into — Consols — 
 " Consols — Up they go — Up they go — You lie, Moses, 
 " I'd stuif your mouth with pork/' &c., &c.
 
 30 A BIBLIOGRAPHY OF 
 
 1800 — 1801 
 
 Iniquity of Banking, or Bank Notes proved 
 TO BE AN Injury to the Public, and the 
 real cause of the present exorbitant price of 
 provisions. Fourth Edition, Part I. 1800. 
 
 In British Museum copy Part II. is wanting. Complains 
 of over-issue of paper by tlie B. of E. and the country 
 bankers, and says rather oddly, " Whereas farmers formerly 
 " carried purses they now carry pocket-books." Naturally. 
 
 A Letter to the Bt. Hon. Wm. Pitt on the 
 Influence of the Stoppage of Issue in Specie at 
 the B. of E. on the prices of provisions and 
 other commodities. 
 
 Walter Boyd, M.P. 1801. 
 
 Contends the rise of prices was in great part owing 
 to over-issue of Notes by the Bank arising from the 
 Restriction Act. 
 
 In 1796 an Association of which Boyd was chairman 
 had proposed a Grovernment Board for the Issue of 
 Promissory Notes payable six months after date of issue, 
 with interest at five farthings per diem (£1 : 18*. per cent. 
 per annum). The Chancellor of the Exchequer, however, 
 substituted the expedient of Funding the Floating Debt 
 by means of a Loan of £7,500,000. 
 
 Observations on the Publication of Walter 
 Boyd, Esq., M.P. 
 
 Sir Francis Baring. 1801. 
 
 Ably criticises Boyd's scheme, by which more Notes 
 than ever would have been in circulation, as Boyd proposed 
 paying them in Gold, Silver, or Bank Notes; luider the 
 circumstances the last mode of payment must haA^e been 
 resorted to.
 
 THE BANK OF ENGLAND. 31 
 
 1801 — 180:> 
 
 Brief Observations on a late Letter addressed to 
 the Rt. Hon. W. Pitt, by W. Bojd, on the 
 Stoppage of Issue in Specie, &c., &c. 1801. 
 
 Abuses Boyd as unpatriotic, and says his tract "would 
 be read with avidity by the French, as were those of Dr. 
 Price and Lord Stair a few years before. 
 
 EssAi suR LE Cri:dit Commercial. 
 
 J. H. M. Marniere, Paris. (1801?) 
 
 Describes the Banks of Genoa and England. 
 
 Guineas an Expensive and Unnecessary 
 Encumbrance, or the impolicy of repealing the 
 Bank Restriction Bill considered. 1802. 
 
 Appropriately, but unconvincingly, quotes Horace, " Quid 
 " juvat immensum te argenti pondus et auri," &c. 
 
 The writer, who says he is a barrister, appeals to 
 " plain, unvarnished facts," like all the anti-bullionists. 
 Feels proud of the National Debt being over £ 500,000,000, 
 and advocates a paper currency with the exception of 
 sufficient coin of low denomination for small change ! 
 
 Considerations sur la facilite d'etablir a 
 Paris une banque egale a celle de 
 
 LONDRES. 
 
 J. H. M. Marniere. Paris. 1802. 
 
 Insists on the advantages that such a Bank woidd give 
 to France, especially as regards the war with England.
 
 32 A BIBLIOGRAPHY OF 
 
 180^ 
 
 An Exquiky into the Nature and Effects 
 OF THE Paper Credit of Great Britain. 
 
 Henry Thornton. 1802. 
 
 This interesting tract gives a comprehensive account of 
 the working of the money market at the date of its 
 piibhcation, and of tlie attitude in which the B. of E. stood 
 towards the rest of the commercial world. As a Bank 
 Director, the author was peculiarly qualified to explain 
 the inner mechanism of the financial system. He insists 
 on the fact of an over-issue depreciating the value of the 
 Note, but does not consider that the Bank Issue was then 
 excessive. 
 
 There is an excellent chapter on the Country Banks, 
 in which, whilst confessing their usefulness, he deplores the 
 fact of their eventually having to depend on realising 
 whatever securities they might hold in London so that they 
 might be able to get down gold from the Bank rather 
 than keep their own sutficient gold supply. 
 
 Reprinted in the Overstone collection. 
 Considerations on the Propriety' of the 
 
 B. OF E. RESUMING ITS PAYMENTS IN SpECIE 
 
 at the period prescribed by the Act 37 Geo. III. 
 J. Atkinson. 1802. 
 
 Against resumption. 
 
 A Concise and Authentic History of the 
 B. of E., v^ith dissertations on Metals and Coin, 
 Bank Notes and Bills of Exchange, to which is 
 added their Charter. 
 
 T. Fortune. Third Edition. 1802. 
 
 He sajs one of his aims is to "unmask faction," and 
 disclaims any interested motives in his support of the Bank. 
 The Book contains scarcely any solid information. 
 
 The rhetoric, however, is amusing, such as (in the 
 largest caj;)itals) : — " The Honour, Stability, and Flourishing 
 " Condition Of That Great And Opulent Corporation," 
 etc., &c.
 
 THE P.AXK OF EX(;LAXI). 33 
 
 1803 — 1804 
 
 The Eventful Life and Wondeeful Histoey of 
 that most Notorious Character, Swindler & Forger, 
 Charles Price, commonly called " Old Patch," 
 containing a full account of his unparalleled frauds, 
 impenetrable disguises, and ingenious forgeries 
 during the term of six years on the B. of E. 
 and the public at large. 1803. 
 
 Price hanged himself in prison the night before his trial, 
 4th April, 1786. Although from infancy to sixty years of 
 age a scoundrel of the blackest dye, he escaped punishment 
 till the end. As a record of the criminal life, this chap-book 
 is unique. The story of Price is, however, better told by 
 Francis in his History of B. of E., 1849. 
 
 Des fixaxces dr l'Axgletei!i;e. 
 
 J. H. Lasalle, Paris. 1808. 
 
 Comments on the effects of the Bank Restriction Act, 
 and the heavy taxation. He says : " On n'a point oublie 
 " qu'un ministre. Lord Chatham, avoua que I'interet etait 
 " le veritable honneur de la nation brittanique, tandis que 
 '' rhonneur etait le veritable interet de sa rivale." 
 
 Many of the foreign tracts of this period are not only 
 valual)le for their information, but interesting also from their 
 point of view being opposed to our own. 
 
 Thoughts ox the Resteictiox of Payments 
 IX Specie at the Baxks of Exglaxd and 
 Ieelaxd. 
 
 Lord King. 1804. 
 
 The Irish paper currencv had increased in six years 
 (1797— 1803 )_ from £621,917 to £2,633,864, a greater 
 proportionate increase than in England. 
 
 "In 1801, 7 per cent, was lost" on all money le- 
 mitted from Dublin to London, and 18 per cent, on the 
 remittances from Dublin through London to Hamburg. 
 
 The rate of Exchange between Belfast and Dublin was 
 against the latter, where only Notes circulated. 
 
 D
 
 34 A RII',LI()GRAPIIY OF 
 
 1804 
 
 At Belfast payments wei'e made in Specie, or in Local 
 Bankers' Notes payable in Cash, and when in Bank of 
 Ireland Notes an additional amonnt was paid proportionate 
 to the Disconut. 
 
 The continuance of an unfavourable rate pointed to 
 something more than an adverse Balance of trade, viz., a 
 depreciated currency, especially in Ireland ; the only remedy 
 for the evil would be a resumption of specie payments. 
 
 Lord King was one of the first to call attention to the 
 real method of proof of the depreciation of a currency and 
 was in advance of Ilicardo. 
 
 His statement of the case is: "A rise of the Market 
 " or Paper price of gold above the Mint price, and a fall 
 " in the foreign exchanges, beyond the cost of sending 
 " bullion from one place to another, is the proof and the 
 " measure of the depreciation of the paper money." 
 
 Although everybody, but the doctrinaire, knows this 
 now, it was many years after 1809 before recognition of 
 " King's law " was general. 
 
 A useful Appendix shows the course of Exchange at 
 Hamburg, Paris, and Dublin, and the price of Standard 
 Silver from 1789. This stood at Oi<. on 9th February, 1798, 
 and at 6^. Id. on 8th May, 1800. — (See Note, by J. R. 
 McCulloch, to Overstone Tracts, Vol. III., 1857.) 
 
 A Letter to the Rt. Hox, Lord Kixg in 
 defence of the conduct of the Directors of the 
 Banks of England and Ireland, who his Lordship 
 (in a publication entitled " Tlionglits on the 
 Restriction, &c." ) accuses of abuse of their 
 privilege, with remarks on the cause of the great 
 rise of the Exchange between Dublin and London, 
 and the means of equalizing it. 
 
 Henry Boase. 1804. 
 
 Misunderstands King, who is most fair in his treatment 
 of the subject, and states that he has nothing to say against 
 the Bank Directors, but against the Restriction which made 
 it "necessary to repeal the law wliich ])i'(>]ii])ir('d tlic issue 
 ••of Notes under £ o," itc, etc.
 
 THE BANK OF EXGLAXD. o/i 
 
 1805 
 
 A Treatise on the Coins of the Kealm, 
 in a Letter to the King (Geo. III.) by Charles, 
 first Earl of Liverpool. Oxford, 1805. 
 
 This standard work was reprinted by the Bank in 1880, 
 with the following jirefatory note : — 
 
 " Bank of England, 
 
 " lOth Decemhcr, 1879. 
 
 " SIR, 
 
 " The discussions which have hiteiy taken phxce on 
 " International Currency, and the appeals whicli disputants 
 " on both sides have made to the 1st Lord Liverpool's Letter 
 " to the King on Coins, Iiave brought to light the fact that 
 " the work has been for some time virtually out of print. 
 
 " We have considered that we should be rendering: a 
 " service to the public by using some of the means at our 
 " disposal to republish this valuable treatise which deals 
 " exhaustively not only with metallic circulation, but also 
 " with the abuses of Avhich the issue of Paper -Money is 
 " susceptible. 
 
 " We trust that you will signify your approval of this 
 " measure by permitting us to inscribe this new edition to you 
 " in your double capacity of Chancellor of the Exchequer, 
 " and Master of Her Majesty's Mint. 
 
 " We remain, 
 " Your obedient faithful Servants, 
 
 " J. W. BIRCH, ) 
 
 "H. R. GRENFELL,) ^""■' '"'""■ 
 
 " The Right Honorable 
 
 " Sir STAFFORD XORTHCOTE, Bart., M.P." 
 
 D 2
 
 '^() A 1'>ij5L1()(ii;aimiy of 
 
 1805 — 1807 
 
 PRINCIPLES OF Currency and Exchange. 
 Sir Heniy Parnell. 1805. 
 
 Articles of Agreement which were entered mto 
 and mutually agreed upon 12th September, 1764, 
 by and between the Clerks of the B. of E,, 
 for the purpose of establishing a fund towards 
 the maintenance and relief of their widows and 
 orphans (amended up to date). 1807. 
 
 A copy of this booklet, which was printed by H. Teape, 
 wandered " into the British Museum 5th July, 1864, a 
 century from the date of the "Articles." In this copy is 
 inserted a curious table dated 18th June, 1814, showing 
 the premium, or rather the fine, that any member of the 
 widows' fund must pay on marrying a second (or third or 
 fourth, as the case might be) wife younger than himself, 
 " calculated at every 5 years of the man's age, and every 
 " year of the woman's age that she is younger than her 
 " husband." A man at 25 marrying a second wife aged 24 
 paid £2, but if the woman were uiuler 20, £12 : 16*.! A 
 man of 50 marrying his second wife of 49 paid £ 3 : 8a'., 
 and if she were under 20, £78 : 12^. As the man got 
 older the price rose prohibitively ; thus, a man of 75 could 
 marry a lady of 74 for a fine of only £6 ; if the fair one 
 were but 50 summers, the charge rose to £111 : 9,s. If, 
 however, December at 75 w^ould mate with May under 20, 
 be was mulcted to the tune of £ 190 ! For the sake of 
 justice it is to be hoped that remittal of premium was made 
 if the lady were older than the clerk ; of this, however, no 
 word is said. The original rule was a guinea fine for each 
 year of diiference ; evidently by this the fund lost, hence 
 tliis unique table. 
 
 An I^ssay on the Theory of ^NToney and 
 
 Pkixcfi'Lfs of Com:\ierce. 
 
 .I.,hn Wheatlev. 1S07.
 
 THE BANK OF EXGLAM). 37 
 
 1808 — 1810 
 
 The Life of Abraha3I Newlaxd, late Principal 
 Cashier at the B. of E., with some account of 
 that great National Establishment. 1808. 
 
 A capital su]>ject, fertile in anecdote and rich in con- 
 temporary history, but very poorly tieated. The appendix 
 contains the correspondence between the Government and 
 the B. of E. 1807-1808, a short list of early statutes 
 touching the Bank, with a meagre account of its history. 
 
 Desultoky Keflectioxs ox Baxks ix Gexei;ai.. 
 
 1810. 
 
 Observations on the Principles which 
 Regulate the Course of Exchange, and 
 on the present depreciated state of tlie Currency. 
 
 Wm. lilake, F.E.S. 1810. 
 
 The advertisement to this treatise is dated May, and 
 the Bullion Report was ordered to be printed 8th June, 1810. 
 
 Blake gives a good exposition of underlying principles, 
 and his work must have done much to prepare the public 
 mind for a better apprehension of the Report. In summing 
 up he points out that when the resumption of cash payments 
 did come there would sure to be great lamentation from 
 interested persons, and that there must inevitably be a 
 certain amount of real but transitory evil ; still further, that 
 a really healthy state of things could never be established 
 rill the day of Cash Payments had returned. 
 
 He advised a very gradual contraction of issue until 
 that time, so that the result might be discounted, and a 
 sudden convulsion avoided. The clearness and moderation of 
 this book contrast powerfully with the acrimony and special 
 pleading which pervade the financial tracts of this period. 
 
 Rcpriiiled ill the Overstone collection.
 
 38 A BlBLlOGUArilY OF 
 
 1810 
 
 Report, together avith the Minutes of 
 Evidence and Accounts from the Select 
 Committee, on the High Price of Gold 
 Bullion. Ordered by the House of Commons 
 to be printed 8tli June, 1810. 
 
 This Report, and its Appendices, shonhl he read by all 
 who wish to appreciate the merits or demerits of myriads 
 of tracts publislied during the "Restriction" time. 
 
 Of the 232 pages of the vohime, 33 are occupied by 
 the Report itself, 116 are devoted to the Minutes, and the 
 rest to the tables of tlie course of Exchange and Accounts 
 of Imports, &c., &c. 
 
 Practical Observations on thj: Report of 
 THE Bullion Committee. 
 
 Charles Bosanquet. 1810. 
 
 Differs entirely from the Report, and was tbe means of 
 calling forth Ricardo's " Reply, &c." {q.v. 1811), which 
 McCulloch considers " perhaps the best controversial essay 
 " .... on any disputed question of political economy." 
 
 Bosanquet was the strongest man of the Anti-Bullionist 
 Party, and in defeating him Ricardo may be said to have 
 gained for the Committee almost entire possession of the 
 field. 
 
 Observations on the Report of the Bullion 
 Committee. 
 
 Rt. Hon. Sir John Sinclair. 
 
 Second Edition. 1810. 
 
 Tbinks the Report was not in accordance with tbe 
 evidence before the Committee, and too "alarmist" in 
 character considering the exports in 1809 exceeded the 
 imports l)v £14,000,000, and the Revenue of 1809 that of 
 1796 by £39,000,000. 
 
 This and the preceding tract stand first amongst the 
 numerous Anti-Bullioiiist })ublications witli wliicli tbe press 
 teemed iit tins period.
 
 THE BAXK OF ENGLAND. 39 
 
 1810 — 1811 
 
 Analysis of the Money Situation of Great 
 Britain -with respect to its Coins and Bank Notes. 
 
 1810. 
 
 "The Preface Examined, &c." 1810. 
 
 A contentious critique of Huskisson's Work on Currency 
 Depreciation, iy-v. 1819.) 
 
 The Real Cause of the Depreciation of the 
 National Currency Explained and a means 
 of remedy suggested. 1810. 
 
 Tlie author failed to see that, at tlie time, tlie Bank 
 was really issuing as an Agent for the Government, and 
 proposed an Issue b}^ the Government itself. 
 
 A Letter containing some Observations on 
 some of tpie Effects of our Paper 
 Currency and on the means of remedvino- its 
 present, and preventing its future, excess. 1810. 
 
 Miscellaneous Observations for the benefit 
 OF the British Empire, &c., ike, Remarks 
 on Irish and Scotch Whiskev, a Diah^o-ue between 
 the Emperor Bonaparte and the Author, and 
 Remarks, &c., on the Bank of EngLand. 
 
 A. Balbernie. 1810. 
 
 A work original in character from the title-jiage to the 
 printer's erroi's. 
 
 A Short Investigation into the subject of 
 the alleged superfluous Issue of Bank 
 Notes, the High Price of Bullion, and 
 the unfavourable state of the Foreign 
 Exchange ; in two Letters extracted from the 
 Times newspaper of the 18th and 20th April, 1811. 
 To which is added the substance of the Earl of 
 Rosse's Speech in the House of Lords on the 
 Exchange and Currency of Irehmd, taken from 
 the MorniiKj Post of 17th A})ril, ]SlL
 
 40 A BIBLIOGKAPHY OF 
 
 1811 
 
 Substance of two Speeches made by the Rt. Hon. 
 N. Vansittart, on the 7th and 13th May, 1811, 
 in the Committee of the whole House of Commons, 
 to which the Report of tlie Bullion Committee 
 was referred. With an Appendix containing the 
 Resolutions moved by Francis Horner, Esq., and 
 the Rt. Hon. N. Vansittart, the Amendments 
 moved by F. Horner, Esq., and various accounts 
 referred to in the Speeches. 1811. 
 
 Observations on the Fallacy of the supposed 
 Depreciation of the Paper Currency, and 
 Reasons for dissenting from the Report of the 
 Bullion Committee. 
 
 Francis Perceval Eliot. 1811. 
 
 A Replication to all the Theorists on 
 Bullion, Coins, Exchanges and Commerce. 
 
 1811. 
 
 Facts stated in answer to the Report of 
 THE Bullion Committee. 1811. 
 
 An Attempt to Estimate the Number of Poor, 
 1785-180.3, and Observations on the Depreciation 
 of the Currency. 1811. 
 
 An interesting tract. 
 
 Remarks on the New Doctrine concerning the 
 supposed Depreciation of our Currency. 
 
 ]\fr. (sic) Boase. 1811. 
 
 Gives his nine reasons why the Bank Restriction Act 
 should not be repealed. Anti-Bullionist.
 
 THE HAXK UF EXGLAXD. 41 
 
 1811 
 
 Remarks ox the supposed Depreciation of 
 Paper Currency in England. 
 
 By a Merchant. 1811. 
 
 Commerce as it was, and is, and ought to be. 
 
 1811. 
 
 Substance of two Speeches of Henry Thornton, 
 Esquire, in the Debate in the House of Commons 
 on the Report of the Bullion Committee, on 7th 
 and 14th May. 1811. 
 
 An able defence of the Report, and a good general resume 
 of the subject. 
 
 He savs : " It was remarkable that when the American 
 " Banks about the year 1720 issued their excessive paper, 
 " the nierchauts of America attributed the consequent fall 
 " of the Exchange to something in the state of trade." 
 
 The Anti-BiiUionists did the same, and urged every 
 reason for the nnfavourable exchange but the real one — 
 viz., over-issue — which prevented them from seeing the real 
 remedy recommended by the Comnnttee, in a reduction in 
 the amount of paper currency and as speedy a return to 
 Cash Pavments as circumstances would allow. 
 
 The substance of a Speech delivered p.v 
 Lord Viscount Castlereagh in a Committee 
 of the House of Commons, Hth May, 1811, on 
 the Re])ort of the Bullion Committee. 1811. 
 
 Looks at the Restriction Bill of 1797 from the political 
 point of view, viz. — " A surrender for the time of the 
 " sound and legitimate regulations of our ordinary system, 
 " .... to preserve the system itself from destruction." 
 Points out that the attempt to procure Gold to resume Casb 
 Payments would at once make still higher the price of 
 Bullion, and that it was useless to tliink of Cash Payments 
 till after Peace had been obtained.
 
 42 A lilBLlOGKAPIIY OF 
 
 1811 
 
 Substance of the Speech delivered in the 
 House of Commons by the Rt. Hon. 
 George Rose, 6th May. 1811. 
 
 A rabid Anti-Bullionist, frequeutly attributiug meanings 
 to his many quotations that they do not bear. 
 
 For instance, M. Godfrey, in his " Short Account," &c. 
 (^.t'.1695), predicted that the Bank woakl be able to lower the 
 i-ate of Interest generally to £ 3 per cent,, as they eventually 
 did; because, however, it was still legaUi/ at £5 per cent, 
 in 1714, Rose says the Bank entirely failed to fulfil the 
 prediction. 
 
 The High Price of Bullion a proof of the 
 Depreciation of Bank Notes. 
 
 D. Ricardo. Fourth Edition, corrected, 1811. 
 
 The best account of the scope and purpose of this work 
 is that given in the preface to the third A^olume of the 
 Overstone Tiacts : — 
 
 " From ISO-i to 1808 inclusive, the market price of gold 
 "was nearly uniform at £4 per oz., being £2 : 14«. 6rf. 
 " per cent, above the Mint of £3 : l7s. \0\d. per oz., and 
 " shewing that the currency was depreciated to that extent. 
 
 " But in 1809 and 1810 the issues of the B. of E. and 
 " of the Country Banks were greatly increased, and, in 
 " consequence, the market price of gold rose, in March, 
 ^ 1809, to £4: 10,9. per oz., showing a depreciation of the 
 "currency of no less than £15: \\s. 4c/. per cent. But 
 " the real cause of the rise of the market price of gold was 
 " then comparatively unknown, and the adverse excliange 
 " with whicli it was accompanied was ascribed to payments 
 " on account of the war, the interruption of trade, and so 
 
 " forth In this tract Ricardo showed that redundancy 
 
 " and deficiency of currency are only relative terms, and that so 
 " long as the currency of a country consists partly of gold 
 " or silver coins, and partly of papei' innnediately convertible 
 " into such coins, its value can nt'ither rise above nor fall 
 " below tlic value of the metallic currencies of other 
 " countries hv a greater sum tlian will suffice to dffi-av tlie
 
 THE BANK OF ENGLAND. 43 
 
 1811 
 
 " expense of importing foreign coin or bullion if the currency 
 " be deficient, or of exporting a portion of the existing 
 " supply if it be redundant. But when a country issues 
 " inconvertible paper Xotes (as was then the case with 
 " England), they cannot be exported to other countries in 
 " the event of their becoming redundant at home, and 
 " whenever, under such circumstances, the exchange with 
 " foreign countries is depressed below par, or the market 
 " price of bullion rises above its Mint price more than the 
 " cost of sending coin or bullion abroad, it proves that too 
 " much paper has been issued, and that its value is 
 " depreciated from excess." 
 
 The substance of this work originally appeared in the 
 form of letters in the Morning Chronicle ; the first one 
 was published on 6th September, 1809, being reprinted in 
 book form early in 1810. 
 
 These opinions being published before the Bullion 
 Committee sat, no doubt influenced their Report, besides 
 contributing " in no ordinary degree to perfect the theory 
 " of money." 
 
 Reprinted in the Overstone collection. 
 
 Reply to Me. Bosaxquet's Practical Observa- 
 tions ON THE Report of the Bullion 
 Committee. 
 
 David Ricardo. 1811. 
 
 McCulloch says, in his notice of this work ('Literature 
 of Political Economy, 1845'), "Ricardo's victory was perfect 
 and complete." 
 
 Observations on the present state of the 
 Currency of England. 
 
 Earl of Rosse. 1811. 
 
 Anti-BuUionist.
 
 44 A BlBLlOGRArHY OF 
 
 1811 
 
 A Letter to a M.P. occasioned by the publication 
 of the Report of the Select Committee, &c. 
 
 J. Atkinson. Second Edition. 1811. 
 
 Anti-Bulliouist. 
 
 Pitt's Bullion Debate. A Serio-comic Satiric 
 Poem. 1811. 
 
 A Plaix State3iext of the Bullion Question, 
 
 in a letter to a friend. 
 
 Davies Giddy, M.P. 1811. 
 
 A temperately written BuUioni^t tract. 
 
 A Letter to Davies Giddy, Esquire, in answer 
 to his plain statement of the Bullion question. 
 
 S. Banfilh 181L 
 
 Sharply written. 
 
 The Theory of Money, or a practical enquiry into 
 the present state of the Circulating ^Medium, Avith 
 considerations on the B. of E., &c. 1811. 
 
 Diftuse. 
 
 A Letter to Sir John Sinclair on the subject 
 of his remarks on ]Mr. Huskisson's Pamphlet. 
 
 By a Country Gentleman. Second Edition. 
 
 1811. 
 
 Bullioiiist. 
 
 A Letter to the Rt. Hon. Sir John Sinclair, 
 Bart., M. P., stqjporting his argmnents in 
 refutation of those adyanced by Mr. Huskisson 
 on the supposed depreciation of our Currency, 
 including a letter to Sir Charles Price. 
 
 By J. M. Siordet, Merchant, of London. 
 
 18LL
 
 Tin: I'.vxK OF i:x(;laxi). 4.; 
 
 1811 
 
 Some Observations upon the Akgu3iexts drawx 
 BY Mr, Huskisson axd the Bullion Com- 
 mittee FROM the High Price of Bullion. 
 (First published in Letters to the " Tiniest) 
 
 I5y Civis. 1811. 
 
 Considerations on Commerce, Bullion and Coin, 
 Circulation and Exchanges, with a view to 
 our present circumstances. 
 
 By Geo. Chalmers, F. R. S. (Author of the 
 comparative strength of (Jreat Britain). 
 
 Second Ijdition. 1811. 
 
 Tiies to Iiace the high price of Bullion to other causes 
 than over-issue of paper, is in favour of restriction, and 
 exposes the system of management of the Country Banks, 
 said to be over 700 in ntmnber. Useful Appendix, witli 
 course of Excliange, etc., &c. 
 
 Bkview of the Controversy respecting the 
 High Price of Bullion and the State 
 OF OUR Currency. 1811. 
 
 The Speech of Mr. .foiixsToxE on tlic Tliird 
 Reading of the Bill for preventing the (iold Coin 
 of the Realm from being paid or accepted for a 
 greater value of sucli Coin ; commonly called 
 Lord Stanhope's Rill. 19th July," 1811. 
 
 Outdoes the Builionists. Has no dread of a return to 
 Cash payments. " Though the amount now in circulation 
 ''be not less than £12,000,000, it would be absurd to 
 '' suppose that an immediate demand will be made to the 
 " same extent. Many Notes would still circulate Avhen it 
 '"■ was known that fliey coidd be at any time cashed." 
 
 An Apj)endix, with tables of Impoits, &e., and an 
 account of the number of Ke-is<u;iblr Promissory ^votes 
 stamped in England 1 80.5-1 H 10.
 
 46 A BIBLIOGRAPHY OF 
 
 1811 — ]813 
 
 Letter to Mr. Huskisson by a Proprietor of 
 Bank Stock. 1811. 
 
 The Question Ee-stated, in Eeply to some parts of 
 "The Question Stated and Examined," in a Letter 
 to W. Hnskisson, Esq., M.P. {See Question, &c., 
 Huskisson, 1819.) 1812. 
 
 ESSAY'S RELATING TO WeALTH AND CURRENCY. 
 
 J. P. Grant. 1812. 
 
 Progressive Value of Money in England. 
 Arthur Young-. 1812. 
 
 The Lack of Gold. 1812. 
 
 Observations on the Circulation of Individual 
 Credit. 1812. 
 
 Observations on the Past and Present State 
 OF OUR Currency. 1812. 
 
 An Appeal to Common Sense on the Bullion 
 Question. 1812. 
 
 Review of the Report of the Bullion 
 Committee. 1812. 
 
 Brief Thoughts on the Present State of the 
 Currency of this Country. 1812. 
 
 Proposals for Reducing the Price of Silver 
 AND FOR Raising the Value and Diminish- 
 ing THE Amount of our Paper Currency. 
 
 1«13.
 
 TIIK r.AMv OF EXGLAXU. 47 
 
 18ia — 181G 
 
 Letters on the High Pkice of Bullion in 
 THE Autumn of 1812, showing- the necessity 
 of circulating Bank Tokens at their intrinsic 
 value, and of Repressing Local Tokens. 1813. 
 
 A Chart exhibiting the Relation between 
 
 THE amount of B. OF E. NoTES IN 
 
 Circulation, the Rate of Foreign Exchanges, 
 and the Prices of Gold and Silver liuUion and 
 Wheat, accompanied with explanatory observations. 
 
 S. T. Galton. 1813. 
 
 BuUionist. 
 
 Observations on the Expediency and Facility 
 OF A Copper Coinage of a Uniform and 
 Standard Value accordixg avith the 
 ]\riNT Prices of (iold axd Silver Bullion. 
 
 dohu Grenfell. 1814. 
 
 An Essay on tiih Influence of a Low Price 
 of C(Hix, ox THE Profits of Stock, &c. 
 
 D. Ricardo. Second Edition. 1815. 
 
 Proposals for ax Ecoxomical and Secure 
 Cui;rency, with Observations on the Profits 
 of the B. of E. as they regard the Public and 
 the Proprietors of Bank Stock. 
 
 D. Ricardo. Second Edition. 181 G. 
 
 Proposed that Bank Notes sliould be exchangeable for 
 Gold Bars of Standard weight and purity. This plan was 
 tried for a short time on the resumption of Cash payments 
 under Peel, and to some extent checked over -issue, but 
 made the employment of £ 1 Notes necessary instead of 
 sovereigns ; forgeries became numerous, and the old system 
 Avas reverted to. Also advocated publication of the Bank's 
 accounts for its own sake.
 
 4S A BIBLIOGKAIMIY OF 
 
 1816 
 
 The Speech of Pascoe Grenfell, Esq., in the 
 H. of C, on Tuesday, 13th Febrviary, 1816, on 
 certain transactions subsisting between the Public 
 and the B. of E. ' 1816. 
 
 Thought the Bank overpaid, and moved for a Select 
 Committee of enquiry into the engagements between the 
 pubHc and the B. of E. The Appendix is useful as an 
 index to various printed Reports. The author, in one 
 extract, quotes Mr. Samuel Thornton, at one time Governor, 
 as saying, when a witness before a Committee, " tliat, as a 
 " high testimony to tbe good management of the Funds, a 
 " public Loan attempted to be raised, for which the Interest 
 " was to be paid at the Exchequer, entirely failed." 
 
 Observations on the Scarcity of Money and 
 ITS Effects upon the Public. 
 
 By Edward Tatham. D.D., Rector of Lincoha 
 College, Oxon. 1816. 
 
 Contends Pitt would have done better to increase the 
 currency than to have formed Sinking Funds. Amongst 
 other things, as sources of Revenue, suggests National 
 Insurance and a Stamp Duty on the circulation of Notes. 
 
 The Author appears to have overlooked the fact that 
 an Act imposing a Stamp Duty on the Circulation of Notes 
 had been already passed in 1781, and further Acts on tlie 
 subject between that date and 1816. 
 
 An Address to the Proprietors of Bank 
 Stock on the Management of the Governor 
 and Directors of the B. of E., and on the I^aws 
 relating thereto. 
 
 Daniel P.. Payne. 1816. 
 
 A reasonably written tract in support of the action of 
 the B;nik l)ii-ccror<.
 
 THE BAXK OF EXGLAXD. 49 
 
 1816 — 1817 
 
 A Letter to the Earl of Liverpool on the 
 
 cause of the present distresses of the Country, 
 and the efficacy of reducing the Standard of our 
 Silver currency towards their relief. 
 
 C. R. Prinsep. 1816. 
 
 Reflectioxs upox Circulatixg Medium, 
 CuRREXCY, Prices, Commerce & Exchaxges, 
 with immediate reference to the present state of 
 the Country. 
 
 Lieut.- Gen. Crauford. 1817. 
 
 BuUionist. Canvasses Sir J. Steuart's views, and dares 
 to doubt Adam Smith's dictum, "that the more precious 
 " metal always regulates the value of the inferior in 
 " currencv." It is, however, verv readable. 
 
 View of the Nature axd Operatiox of 
 Baxk Currexcy as coxxected avith the 
 Distress of the Couxtry. 
 
 W. T. Comber. 1817. 
 
 Sketch of a Plax for a Reformatiox ix the 
 System of Provixcial Baxkixg, by which 
 the Notes of Country Bankers may be rendered 
 as secure as those of the B. of E., and the 
 Agriculturists, Manufacturers, &c., relieved from 
 the Distress and Inconvenience occasioned by 
 the Want of a secure Circulating Medium. 
 
 By a Country Shopkeeper. 1817. 
 
 e
 
 ',() A BIBLIOGRAPHY OF 
 
 1817 — 1818 
 
 Paper against Gold, containing the History and 
 Mystery of the B. of E., the Funds, the Debt, 
 the Sinking Fund, the Bank Stoppage, the 
 lowering and raising of the vakie of Paper Money; 
 and showing that Taxation, Pauperism, Poverty, 
 Misery and Crimes have all increased, and ever 
 must increase, with a Funding System. 
 
 William Cobbett, published 1817. 
 
 A series of periodical papers, mostly dated 1810-11, 
 written in Newgate State Prison in Cobbett's bitterest 
 manner against, the Bank Restriction Act, and republished, 
 with additions, in book form in 1817. 
 
 Though their technical value is inconsiderable, they 
 throw a strong light on the internal state of the Country 
 at the time.' 
 
 A Letter ox the Price of the Funds as 
 
 CONNECTED WITH THE BaNK RESTRICTION 
 
 Act. 1818. 
 
 A Letter to Jeremiah Harman, Esquire (Late 
 Governor of the B. of E.), on the Circulating 
 Medium of the Kingdom and the means of 
 diminishing the practice of Forgery. 
 
 By B. H. C. 1818. 
 
 Would prevent forgery by putting the circulation of the 
 small Notes entirely in the hands of private Bankers, as 
 frequent payment into the Bank of their origin, personal 
 interest, and a proposed system of rewards, would frustrate 
 forgery. 
 
 \v() Letters describing a method of increasing the 
 Quantity of Circulating Money on a new and 
 solid ])rinoi])le. 
 
 Ambrose Weston. 1818.
 
 THE BANK OF EXGLAXD. 51 
 
 1818 
 
 The Government and the Bank, being a statement 
 of the transactions existing betwixt the Public 
 and the B. of E., contained in Six Letters which 
 have appeared in the British Press and Globe 
 newspapers. April, 1818. 
 
 The title-page bears the following quotation from Mr. 
 Horner's speech in the House of Commons, 1st May, 1816: 
 " A system of profusion on the part of your Government 
 " and of rapacity on the part of the Bank that has no 
 " example in the History of European finance." 
 
 A Letter to the Prophietors of the B. of E. 
 on the Division of the Surplus Profits of that 
 Corporation. 
 
 By Charles Arnott, Solicitor, September, 
 
 1818. 
 
 Relates to the proceedings taking place on the Court 
 of Queen's Bench granting a rule to show cause why a 
 Mandamus should not be directed to the B. of E. com- 
 manding them to divide all inidivided profits up to 
 19th March, 1818. The original affidavit was filed by 
 Nathaniel Gundry, a Bank Stock proprietor, who, not 
 having used all possible means provided for in the Charter, 
 &c., to gain his end, before applying to the Court, lost his 
 case, Lord Ellenborough, C. J., observing that Mr. Gundry 
 " should have submitted a motion to the competent authority 
 " that there should be laid before the Court the information 
 " required, and if that Motion Avas not complied with, then 
 " there might be a Mandamus to compel the Directors to 
 " render such an account." This tract quotes the opinion 
 of Sir James Mansfield, who was consulted by Allardyce 
 {q. V.) in 1801. A Bonus of 25 per cent. Stock had been 
 declared in 1816. only two years before. 
 
 E 2
 
 52 A BIBLIOGRAPHY OF 
 
 1818 — 1819 
 A Plain Narrative of Transactioxs as they 
 
 RELATE TO A PoST BiLL OF FiFTY PoUXDS, 
 
 detained at the B. of E., containing copies of a 
 Memorial and Five Letters to the Governor 
 and Directors of the Bank, and the answers of 
 Messrs. Kaye, Freshfield & Kaye, their Solicitors. 
 Published as a Caution to the Merchants and 
 Traders of Great Britain, and "svith a view to 
 obtain, for the Author, Legal Remedial Advice. 
 
 By Benjamin Smart, Eefiner and Dealer in 
 Foreign Coin, 55, Prince's St., Leicester Square. 
 
 1818. 
 
 Smart had a grievance against the Bank in respect to 
 a Bank Post Bill of £ 50 ; he here gives the details of the 
 dispute. 
 
 The Question of the Depreciation of the 
 Currency Stated and Explained. 
 
 W. Huskisson. (Ncav Edition.) 1819. 
 
 Originallv published ISIO-IL 
 
 One of the best books by one of the best of the 
 BuUionists ; nothing can be more lucid or forcible than the 
 following general statement of the case : — 
 
 " Any Bank of which the profits are proportionate to 
 the amount of its issues, and which has nothing to 
 consider, in making these issues, but the quality and 
 character of the securities upon which its loans are advanced, 
 must have a natural tendency to a continual increase of its 
 paper. It appears to me, therefore, extremely probable 
 that for some considerable time before the depreciation of 
 our paper currency was materially marked by the high 
 price of gold bullion, the amount of Bank issues was in 
 excess. But the full effect of this excess was not so 
 sensibly felt because, so long as our currency consisted 
 of a raixtin-e of gold and paper, the former would give 
 Avay. and eithpr l^e expoitcd or melted down, and bv
 
 THE BANK OF ENGLAND. 53 
 
 1819 
 
 thus gradually making room for the augmentation of 
 paper, the value of the latter would be, in a great degree, 
 sustained. But when, by these successive additions to 
 the amount of the B. of E. and Coiuitry paper, nearly 
 the whole of the gold had been shoved out of circulation, 
 whilst the same disposition and motives to increase the 
 issue of paper still continued, the effect of any such 
 further increase would be more rapidly and seriously felt 
 in the diminished value of our remaining currency. — By 
 an unfortunate coincidence of circumstances, a disposition 
 to apply ibr a great increase of discounts was excited in 
 the mercantile world much about the same time when 
 the greatest part of our gold had been driven away ; the 
 facility with which these discounts were effected must 
 have contributed in this state of things to accelerate the 
 depreciation of our currency." 
 
 His Avhole exposition of the subject is most masterly. 
 
 Reprinted in the Overstone collection. 
 
 A Plain Statement of the Bullion Question, 
 
 in a letter to a friend. 
 
 Davies Gilbert, ]M.P. Second J'^dition. 
 
 1811). 
 
 A BuUiouist. A moderately written tract by a competent 
 man. 
 
 The Heal C'alse of the Increased Puice of 
 the Necessaries of Life, and the High 
 Price of Gold Bullion. 
 
 Edward Cooke. 1819. 
 
 Anti-Bulliouist, (|uiel in tone. 
 
 Substance of the Steech of Lord Liverpool 
 ON THE Report of the Bank Committee. 
 
 1819.
 
 ,54 A BIBLIOGRAPHY OF 
 
 1819 
 
 Representation agreed upon 20th May, 1819, 
 BY THE Directors of the B. of E., and 
 
 HEARD before THE CHANCELLOR OF THE 
 
 Exchequer. 
 
 The Bank reasonably suggested that as they were to 
 provide bullion for the resumption of Cash payments, the 
 State might repay them some of the advances which had 
 been made on Exchequer Bills, and urged that however 
 much dirt had been thrown at them, they had come out 
 before the Committee with clean hands. 
 
 Dangers of an Entire Repeal of the Bank 
 Restriction Act, and a jjlan for obviating them. 
 
 John Wray. (1819?) 
 
 Questions if there were a sufficiency of gold for resumption 
 of Cash payments, and canvasses various expedients to keep 
 the gold in the country. 
 
 The True Cause of Depreciation traced to 
 THE State of our Silver Currency. 
 
 A. W. Rutherford. 1819. 
 
 A feav Remarks on the Reports of the 
 Committees on the Currency, &c., &c. 
 
 AND 1819. 
 
 Further Remarks, &c. Bv the Author of a 
 "Few Remarks, &c." " 1819. 
 
 Two rather amusing tracts. 
 
 The author terms Hume " that elegant but hollow Avriter," 
 because it had been asserted, on Hume's authority, that a 
 diininutioti of currency increases its value. 
 
 In a remarkable attempt at a reductio ad ahsurdum, he 
 argues that if lessening the paper currency brings down 
 the price of gold, then the price of gold and of all other 
 articles might gradually be brought down to nothing I
 
 THE BANK OF ENGL AND. .;.J 
 
 1819 
 
 An Address to the Rt. Hox. Robt. Peel, 
 
 Late Chairman to the Committee on the Currency. 
 
 Thomas Smith, Accountant. 1819. 
 
 A Letter to the Rt. Hon. Robert Peel, M.P. 
 for the University of Oxford, on the pernicious 
 effects of a Variable Standard of Value, especially 
 as it regards the condition of the lower Orders 
 and the Poor Laws. 
 
 By one of his Constituents. 1819. 
 
 A Reply to the Author of a Letter to the 
 Rt. Hon. Robert Peel on the pernicious effects 
 of a Variable Standard of Value. 1819. 
 
 Remarks on some Occurrences since the 
 Reports of the Committees, &c., &c., and 
 on the expediency of the resumption of Cash 
 Payments at the B. of E. 1819. 
 
 Scarcely worth reading. The Reports themselves are, 
 as a rule, superior in every respect to the tracts. 
 
 The latter, in the majority of cases, reflect the crass 
 way in which the public, for the mo.>t part, regarded the 
 questions at issue. 
 
 Thoughts on the Resumption of Cash Payments 
 BY THE 15. OF E., cS:c., &c., in a letter to the 
 Chancellor of the Exchequer. 
 
 A. H. Chambers, Banker, Bond Street. 
 
 1819. 
 
 Asserts that the Bank should not resume Casli payments 
 till the price of Gold be brought down to 77*. lO^d. 
 " This would probably be brought about by raising the 
 " importation price of corn to 90*. or 100*. , thus encouraging 
 " the farmer to employ those individuals now on the Poor 
 " Rates." 
 
 Now (77 years later) we can say that the Mint price 
 of Ciold is 77.V. !().',/■/. iiltliongli the price of Corn is not iK).v.
 
 56 A BIBLIOGRAPHY OF 
 
 1819 
 
 An Address to the Public on the Plan 
 
 PROPOSED BY the SeCRET CoMMITTEE OF 
 
 THE House of Commons for Examining 
 THE Affairs of the Bank. 
 
 Edward Cooke. 1819. 
 
 Anti-Bullionist. 
 
 A Second Letter to the Earl of Liverpool 
 on the Bank Reports as occasioning the 
 National Dangers and Distresses. 
 
 Thomas Attwood. 1819. 
 
 Believes resumption of Cash payments to mean "Anarchy, 
 " Revohition, Death." The effects of the Resumption, so 
 long foreseen, must have been discounted, especially by the 
 more prudent, and although there was a panic in 1825, it 
 was principally caused by the excessive issue of the Country 
 Banks, which, in 1825, was 50 per cent, more than in 1822, 
 
 A Letter to Thomas Brand, M.P., &c., &c., on 
 the Resumption of Specie Payments. 
 
 E. BoHmann, M.D. 1819. 
 
 Anti-Bullionist. 
 
 Proofs of the Impracticability of the 
 Resumption of Cash Payments in the present 
 state of things, founded on some of the principles 
 of the Bullion Report. 
 
 By W. C. 1819. 
 
 " The worst evil would be an insufficient currency, let 
 " that currency be of what it may." 
 
 A View of our late and of our future 
 Currency. 
 
 Walter Hall. 1819.
 
 THE BANK OF ENGLAND. 57 
 
 1819 
 
 A Letter addressed to the Rt. Hon. Robt. Peel, 
 
 Late Chairman of the Committee of Secrecy 
 appointed to consider of the State of the B. of E., 
 with reference to the expediency of the resumption 
 of Cash Payments at the period fixed by law. 
 
 Samuel Turner, F.R.S. 1819. 
 
 Insists that £1 aud £2 Notes drove the Gold Coin out 
 of circulation, and would begin resumption of Cash payments 
 by calling them in. Speaks highly of the Bank. 
 
 The Real Cause of the High Price of Bullion. 
 
 1819. 
 
 Attributes the rise of prices generally, and of "Bullion 
 " in particular, .... by no means solely to an excess of 
 " paper circulation, .... but to the great increase of 
 " Taxation." 
 
 A Letter to the Rt. Hon. Earl of Liverpool 
 ON the Impossibility of a Speedy Return 
 to a Gold Currency. 
 
 C. Lyne. 1819. 
 
 Rather above the average of the tracts in faA-our of 
 the continuance of restriction. 
 
 Three Letters on the Causes of the Present 
 State of the Exchanges and Price of 
 Gold Bullion, as printed in the Times under 
 the signature of " An Old Merchant," with an 
 introductory Address bv the Earl of Lauderdale. 
 
 1819. 
 
 Contends that the high price of Bullion was not owing 
 to over-issue of paper, but to the fact that the Mint 
 regulations, "recently changed," made it pay to export 
 Gold and to import Silver. In England the Mint relative 
 values between the two metals were as 1 to 14^^ "at the 
 " time when the Mint proportions in France were fixed at 
 " 1 to loi."
 
 58 A BIBLIOGRAPHY OF 
 
 1819 
 
 A Protest entered in the Journals of the 
 House of Lords against the second reading 
 of a Bill, entitled — An Act to continue the 
 Restrictions on Cash Payments by the B. of E. 
 until 1st May, 1823, and to provide for the 
 gradual resumption, &c., and to permit the 
 Exportation of Gold, &c. 
 
 By the Earl of Lauderdale. 1819. 
 
 Follows the same line of argument as the " Old 
 " Merchant" {v. s.) 
 
 Elementary Propositions illustrative of the 
 Principles of Currency. 
 
 Henry Dnimmond. , 1819. 
 
 Specimens and Description of Perkins' and 
 Fairman's Siderographic Plan to Prevent 
 Forgery, being the Reports as made to the 
 Commissioners for preA^enting the Forgery of 
 Bank Notes. 1819. 
 
 The "description" is composed mostly of letters and 
 extracts from reports read before the Commissioners by 
 J. C. Dyer, who appears to have had an interest in the 
 invention. The plates are exquisitely engraved, the 
 " geometric lathe " borderings being very fine. It is 
 admitted that portions of the plate could be imitated, and 
 that portions of the plate could be transposed ; the design, 
 too, is very complex ; these were weak points. The 
 principal press was in Philadelphia, under the superin- 
 tendence of Perkins. The system had already been adopted 
 by several of the American Banks, and is, now, still in use. 
 
 Principles of a more Perfect System of 
 C-urrency formed in Precious or Non- 
 intrinsic Metals, &c., or an Intrinsic 
 Self-gauging Coin, &c. (With Plates.) 
 Sir Wm. Congrevc, Bart. 1819. 
 
 An ingenious, but sc;n'ccl\- pi;icli<';il, idcii.
 
 THE BANK OF ENGLAND. 59 
 
 1820 — 1822 
 
 A Theoretic Discourse on the Nature and 
 Property of Money, canvassing particularly 
 the notion respecting its dependency on the 
 Precious Metals, in which its abstract quality is 
 likewise considered according to its relations Avith 
 Foreign Exchanges, containing a few strictures 
 on a prevalent mode of treating such subjects 
 and others, and concluding Avith some observations 
 on the connection between the B. of E. and 
 Government. 
 
 Ephraim Gompertz. 1820. 
 
 Letters addressed to the Right Hon. the 
 Earl of Liverpool, and the Right Hon. 
 Nicholas Vansittart. 1820. 
 
 Elementary Thoughts on the Bullion Ques- 
 tion, THE National Debt, the Resources 
 of Great Britain, &c. Barnstaple, 1820. 
 
 David Ricardo thought highly of this little book. 
 
 The Bank, the Stock Exchange, &c. ; an Expose 
 touchino;' their various mvstei'ies from the times 
 of Boyd, the Martyred Goldschmidt, &c., to 
 those of Bowles, Aslett, &c. 1821. 
 
 The style may be judged from the names given to 
 typical characters, such as Overreach, Doubleface, Generous, 
 and others, who figure in the work. 
 
 On Protection to Agriculture. 
 
 David Ricardo. 1822. 
 
 Appendix A. — Representation of Bank Directors to 
 Chancellor of E-xchequcr ordered by the House of Commons 
 to be printed 21st May, 1819. Concerns Cash Payments.
 
 60 A B1BI.10GRAPHY OF 
 
 1822 — 1823 
 
 Keasoxs why the Bank ought not to reduce 
 THE Rate of Discount to £4 per Cent., 
 &c., &c. 
 
 By an Impartial Observer. Second Edition. 
 
 1822. 
 
 A Letter addressed to David Ricardo, Esq., M.P. 
 on the true principle of estimating- the extent of 
 the late Depreciation in the Currency, and on the 
 effect of Mr. Peel's Bill for the Resumption of 
 Cash Payments by the Bank. 
 
 Thos. Paget. 1822. 
 
 An Essay on the General Principles and 
 Present Practice of Banking in England 
 and Scotland, Avith observations on the justice 
 and policy of an immediate alteration in the 
 Charter of the B. of E., and the measures to be 
 pursued to effect it. 
 
 Published in Newcastle. 1822. 
 
 (T. Joplin?) see 1826. 
 
 Worth reading for its remarks on Bank management, 
 and its comparison of the Scotch and English systems. 
 States that the only district in England where B. of E. 
 Notes were then much circulated was Lancashire. (Lord 
 Liverpool, in his letter to the Bank, in January, 1826, 
 proposing Branch Banks of England, corroborates this fact.) 
 The Author complains of the insecurity of the Private 
 Banks, and proposes the establishment of Joint Stock 
 Banks, as being more secure, and the repeal of VI. Anne, 
 cap. 22, " No more than six persons, &c." 
 
 Eqlitai5m: Adjustment. Speech of the 
 
 Rt. Hon. W. Huskisson in the House of 
 
 Commons. 11th June, 1822, on Mr. Western's 
 
 motion concerning the resumption of Cash 
 
 i'avments. \9>'2'^.
 
 THE HANK OF ENGLAND. 61 
 
 1828 
 
 Observations on the Speech of the Rt. Hon. 
 W. HUSKISSON, &c., &c. 
 
 C. C. Western, M.P. 1823. 
 
 Western moved for a Committee to consider the effects 
 of Act 59 Geo. III. Cap. 49, which provided for the gradnal 
 return to Cash payments. 
 
 Huskisson strongly opposed any tampering with tlie 
 Standard, and pointed out that the right thing, viz., the 
 resumption of Cash payments, must necessarily involve a 
 certain amount of distress, and compared the situation in 
 1822 to that in 1696. Western, however, could not see 
 the parallel. 
 
 The strength of Iluskisson's position is shown by the 
 annoyance of his opponent at the title Equitable Adjustment, 
 Western proclaiming that he shall say nothing on the point 
 of pecuniary adjustment of contract, &c. 
 
 Origin of Fai-er ]\[<)NEY. J. Khiproth. 1823. 
 
 Facts Relative to the B. of E., explaining the 
 Nature and Influence of the Bank Charter, with 
 a view of the causes and consequences of the 
 suspension and restoration of the use of Standard 
 Coin. (1823?) 
 
 A thoroughly practical piece of writing, full of facts, 
 with valuable reprints of correspondence between the 
 Government and the Bank. 
 
 The Bane and Antidote, 8:c., &c. 
 
 S. Rogers. 1823. 
 
 Proposes to raise the price of Gold to £ 8 per oz., and 
 says : " It would electrify the people of all nations." 
 
 No doubt of it, especially the first nation that might 
 adopt the suggestion.
 
 62 A BIBLIOGKAPHY OF 
 
 1824—1855 
 
 Plan for the Establishment of a National 
 Bank. 
 
 D. Ricardo. ( Postliimious.) 1824. 
 
 The present system of separation of Issue and Banking 
 Departments nullifies any really important reason herein 
 advocated for a National Bank. How the National Bank 
 Notes were to get into circulation except by the deposit 
 of Bullion in exchange is not made quite clear. 
 
 Pierce Egan's Account of the Trial of 
 Mr. Fauntleroy for Forgery at the 
 Sessions House in the Old Bailey, on Saturday, 
 the 30th October, 1824, before Mr. Justice Park 
 and ]Mr. Baron GarroAv. 1824. 
 
 Fauntleroy was a partner in the Bank of Marsh & Co. 
 He forged the signatures to many Powers of Attorney for 
 the Sale of Stock for eight years before discovery. 
 
 There was produced at the trial a paper in his own 
 handwriting giving details of the forgeries, and stating that 
 he had committed them to obtain sufficient money to keep 
 up the credit of his firm, and without the knowledge of his 
 partners. That the Bank had injured his house by refusing 
 to take its acceptances, and that "they should smart for it." 
 They did ; the total loss was £360,000. In this man, one 
 of those last hanged for forgery, good and evil were mixed 
 to a far greater degree than usual, his character being a 
 remarkable psychical study. 
 
 The Appendix enumerates eighteen capital offences in 
 respect to the Stocks. 
 
 An Illustration of Mr. Joplin's Views on 
 Currency and a Plan for its Improvement, 
 togetlier with applications to the present state of 
 the Money Market, in a series of Letters. 
 
 By an lOconomist. 1825. 
 
 Rej)riiitrMl from the Courier, wiili ;ui Appendix.
 
 I'HE BANK OF ENGLAND. Go 
 
 1825 — 1826 
 
 An Essay on the Management & Mismanagement 
 of the cueeency. 
 
 Bj the Authoi" of au Essay on the Rent 
 of Land. 1825. 
 
 Causes of the Peesent Depeession in the 
 Money Maeket, with a suggestion for its relief. 
 
 John Exeter. 1825. 
 
 Proposes to establish an Exchequer Bank to woik the 
 Exchequer Bills. 
 
 An Essay on the Geneeal Peinciples and 
 Peesent Peactice of Banking in England 
 AND Scotland, &c., Sic. Fifth Edition. 
 
 T. Joplin (see 1822). 182G. 
 
 An Attempt to Explain feom Facts the 
 Effects of the Issues of the B. of E. 
 UPON ITS OAVN Inteeests, Public Ceedit, 
 
 AND COUNTEY BaNKS. 
 
 R. Mushet. 182(). 
 
 Amongst other things, he proposes " an extension of the 
 "■ metallic basis of the currency, and that no Notes should 
 " be in circulation under £20." He also looks forward to 
 the establishment of the Joint Stock system as beneficial 
 alike to the public and the B. of E. 
 
 Appendix giving prices of Gold, Silver, £3 per cent. 
 Consols, and course of Exchange with Hamburg and Paris 
 from 1815 to 1825:— 
 
 Highest. Lowest. 
 
 Gold, ^ oz., £ 5 : 7s.. 4th April, 1815. £3:1 7.v. 6r/., 2nd July, 1822. 
 
 Consols, %, 96i, 4tli May, 1824. 5fi|. 1st Sept., 1815. 
 
 On Both December, 182^, Consols stood at 81. 
 
 On 30th August, 1825, Bar Gold was quoted at £ 3 : I7.v. 10^^/. ^ oz.
 
 64 A BIBLIOGRAPHY OF 
 
 1826 
 
 A Letter to the Editor of the Edinburgh 
 Weekly Journal from Malachi Malagrowther, 
 Esquire {i.e. Sir Walter Scott), on the Proposed 
 Change of Currency as they affect, or are 
 intended to affect, the Kingdom of Scothmd. 
 
 Third Edition. 1826. 
 
 A Second Letter, ditto. Second Edition. 1826. 
 
 A Third Letter, ditto, Second Edition. 1826. 
 
 Scott himself, in his diary, mentions writing them {see 
 Lockhart's Life). At the time of their appearance, too, he 
 speaks of them in a letter to Dundas Croker ; in fact, their 
 authorship seems to have been an open secret. They deal 
 with the suppression of the " Small Note " circulation, and 
 were referred to by the Chancellor of the Exchequer, on 
 opening the Budget, 19tli March, 1826, as "the incantations 
 " of the First Magician of the age." Full of wisdom and wit. 
 
 Remarks on the Bank Restriction Act and 
 the Sinking Fund. 
 
 Isaac L. Goldsmid. 1826. 
 
 Considerations ox the State of the Currency. 
 T. Tooke, F.R.S. 1826. 
 
 The work was at first meant as a sequel to the first 
 part of the "High and Low Prices," published 1822, but 
 he afterwards devoted it more especially to the consideration 
 of the events between that date and 1826. 
 
 He argues that the Bank ought to have unloaded, at 
 any rate the greater part of, the " Dead Weight Annuity " 
 as soon as the increased issues for payment upon the 
 purchases produced a bad effect on the exchanges, or to 
 have raised the rate as a means of decreasing the redundant 
 issue. Also that the non-publication of the Bank's accounts 
 introduced too large an clement of uncertainty, and suggests 
 the obvious remedv.
 
 THE RANK OF ENGLAND. G5 
 
 182G 
 
 The greatest evils, however, were the precarious state 
 of the country issues. " Every country Banker ought to 
 " be called upon to give some pledge of his ability to pay 
 " on demand the Notes which he may be permitted to 
 " issue." Further, " there is one part of that circulation 
 " which ought not upon any footing or with any modification 
 " to be any longer tolerated. I mean the Notes under £5." 
 
 Some Country Banks grumbled if the public asked for 
 gold ; he rightly says : " If there is any feeling of the 
 " liarshness of demanding coin for the Notes of a Bank, 
 "• such Notes are more or less imperfectly convertible." 
 
 The Present Ckitical State of the Country 
 Developed, or an exhibition of the trne causes 
 of the calamitous derangement of the Banking- 
 and Commercial System, shewing the essential 
 distinction between the solidity of the National 
 B. of E. and that of the Country Banks. 
 
 ]^y an Individual. 1820. 
 
 Has much useful information concerning the relations 
 between the Bank and the Government from 1795 to 182G. 
 
 The B. of E. Defended, or the Principal Cause 
 OF the High Prices Demonstrated, &c., &c, 
 
 By Verax. ]82(). 
 
 A tract in advance of its times, advocating Bimetallism 
 and a monopoly of Issue for the Bank. 
 
 An Enquiry into the Origin and Increase of 
 THE Paper Currency of the Kingdom. 
 
 182(). 
 
 The State of our Circulation and Currency 
 briefly considered, in a Letter to a Friend. 
 
 182(>.
 
 66 A BIBLIOGRAPHY OF 
 
 1826 — 1828 
 
 The State of the Circulation and Currency 
 BRIEFLY considered, ill a Secoiid Letter to a 
 Friend, Avith an Appendix (v.s.) 
 
 Jasper Atkinson. 1826. 
 
 Observations on Paper Money, Banking and 
 Overtrading, iucludino; those parts of the 
 evidence taken before the House of Commons 
 ■which expLain the Scotch System of Banking, 
 
 Sir Hv. Parnell, Bart., UA\ 1827. 
 
 Til Section VII., on the B. of E., be argues that the 
 privileges of the B. of E. were too exchisive, and liable to 
 abuse, but would give full compensatiou for auy loss the 
 Bank would sustain by surrendering thera. Good paragraphs 
 on Scotch and Irish banking. 
 
 An Address to the Proprietors of Bank Stock, 
 the London and Country Bankers, and 
 the Public in General, on the Affairs 
 of the B. of E. 1828. 
 
 Abuses the Bank, and demands periodical publication of 
 its accounts in the Gazette. An appendix of 80 pages 
 of Extracts, &c. 
 
 A View of the jVIoney System of England 
 FROM THE Conquest, with proposals for estah- 
 lisliing a secure and equable Currency. 
 
 James Tavlor. 1828. 
 
 Proposes B. of E. Notes as legal tender for all payments 
 of ,£ 1 and upwards, and the Bank to pay their Notes in 
 f'oin on demand nt the market jirice.
 
 THE BANK OF ENGLAND. (it 
 
 1829 — 1S30 
 
 The Case of the Currency, with its Remedy, 
 By Richard Moore. 1829. 
 
 The "Remedy" Avas "a sterling standard Imperial Mint 
 " paper Note," and all Issning Bankers to deposit security 
 to the amount of their Issue with the Government. This 
 deposit system is now in operation in the United States. 
 
 A Letter to Lord Grenville on the effects 
 ascribed to the resumption of Cash Payments 
 on the A'ahie of the Currency. 
 
 Thos. Tooke. 1829. 
 
 Contends that the contraction of the Curi'ency was not 
 produced by Peel's Bill, oi- hy the Bank's preparation for 
 Cash payments. 
 
 Appendix with Statistics, S:c., and A Second Letter, 
 ditto, ditto, " endeavoniing to prove tiie same proposition 
 " ly a different process." 
 
 Thoughts on Currency and the means of 
 Promoting National Prosperity by tlie 
 adoption of "An Improved Circulation," founded 
 on the security of SoHd Property, &c., &c., Scr. 
 
 Rt. Hon. Sir Jno. Sinclair, Bart. J82<). 
 
 On Credit Currency and its superiority 
 to Coin, in support of a Petition for the 
 Establishment of a Cheap. Safe, and Sufficient 
 Circulating Medium. 
 
 (t. Poulett Scrope. 18:30. 
 
 F 2
 
 ()8 A nil'.I.KXillArilY OF 
 
 1880 
 
 A Lettek to the Duke of Wellington on 
 THE Cukrenc'y. 
 
 James Taylor. 1830. 
 
 Ill suppoif of Ills ])roposaIs in his trsicf published in 
 1828 {v. s.) 
 
 Three Lectures on the Cost of OBTAixiNa 
 Money, and on some effects of Private and 
 Government Paper Money. 
 
 Nassau W. Senior. 18:30. 
 
 Testifies to the honesty of the Bunk during tlie period 
 of " Restriction," and compares the enormous depreciation 
 of foreign state paper currency with the relatively shght 
 depreciation of our own, e.g., 
 
 Russia ill 1814, 4 Roubles paper = 1 Silver. 
 Denmark „ 1813, 1600 Dollars „ = 1 
 Austria „ 1810, 13 Florins „ = 1 ,, 
 
 For instance, in Denmark, an article worth six dollars in 
 silver coin, was worth nine thousand six hundred dollars 
 in paper money, and so on. 
 
 Remarks on the Question of again permitting 
 the Issue of £l Notes by the B. of E. 
 and also by Country Banks. 1830. 
 
 The question is well stated and the summing-up is 
 against the issue of £ 1 Notes. 
 
 The Principle and Operation of Gold and 
 Silver in Coin, of Paper in Currency, 
 and of (Jold and Silver in Buying and 
 Sellin(;, Stated, Sec. 
 
 Alcxniider MiiikIcH. 18.30.
 
 THE BANK OF EXGLAXD. 09 
 
 1831 
 
 Historical Sketch of the B. of E., with 
 an Examination of the Question as to the 
 Prolongation of the Exclusive Privileges of that 
 Establishment. 8vo., 77 pages. 1831. 
 
 J. R. McCulloch published this tract anonymously, but 
 in his " Handbook to Literature of Political Economy" puts 
 his own name to it. Though more of the nature of a 
 compilation, or rather a review, its 77 pages contain more 
 useful and soundly written matter on the subject than any 
 other book before published. His suggestion as to the form 
 in which the weekly accounts should be published has been 
 adopted entirely in principle, and in many of the details. 
 
 In speaking of Country Banks of Issue, he says : 
 " It is absolutelv imperative upon Government to interfere, 
 " to protect the interest of those wbo cannot protect them- 
 " selves, either by compelling all individuals applying for 
 " stamps for notes, to give security for their payment, or by 
 " making sure in some other way that they have the means 
 "■ of paying them, and that the circulation of the notes will 
 " be a benefit and not an injury to the public. A security 
 " of this sort has been exacted in the case of the B. of E., 
 "and the whole" (at that time) "£14,686,000, lent by the 
 " Bank to Government, must be sacrificed before the holders 
 " of her notes can sustain the smallest loss. Her stability 
 " has, therefore, been truly said, by Dr. Smith, to be equal 
 " to that of the British Government." 
 
 The five chapters of the book deal with : (1) Convertibility 
 of Bank paper ; (2) Historical Sketch of the B. of E. ; 
 (3) The B. of E. in connection with the Government and 
 the Public ; (4) Prolongation of the Bank Charter ; and 
 (5) Appendix. 
 
 In a masterly manner he shows in what a false position 
 a " National Bank " [i.e., a Bank conducted by the Govern- 
 ment with their own officials), as proposed by Picardo antl 
 others, would stand. He estimates the cost of a convenient 
 site, in tlic commercial centre, requisite for such a building 
 at £2,000,000. Asks how Government officials could be 
 familiar with the mvsteries of the market, pointing out 
 the disadvantage they would be at in comparison with the 
 Bank Directors, men experienced in business. Neither 
 could a National Bank engage in discounting, &c.. without
 
 70 A BIBLIOGRAPHY OF 
 
 1831 — 1832 
 
 incurring at times the gravest suspicious. He contrasts the 
 independent position of the Banlc with that of a mere 
 Government office at the mercy of any party in power. 
 Takes exception to Sir H. Parnell's views on free Banking 
 trade in Loudon, and gives instances of the honesty and 
 great use of the Bank to the nation. 
 
 The tabular statement of renewals of the Charter, and 
 Advances to Government, is most clear. Useful Appendix. 
 From 1797-1829 there were 618 capital convictions for 
 forgery of Bank Notes and Post Bills. 
 
 A Plain Statement of the Power of the 
 
 B. OF E., AND THE USE IT HAS MADE OF IT ; 
 
 with a refutation of the objections made to the 
 Scotch System of Banking, and a reply to 
 the " Historical Sketch of the B. of E." {q.v.s.) 
 
 Sir Hy. Parnell. 1832. 
 
 Supplement to an Examination of the Evidence 
 
 TAKEN BEFORE THE COMMITTEE OF SeCRECY 
 
 ON THE Bank Charter. 
 
 A. Mundell. 1832. 
 
 Twenty-four pages of (personal ?) hostility to the Bank. 
 
 Life and Adventures of the Old Lady of 
 Threadneedle Street, containing an account 
 of her numerous intrigues with various eminent 
 Statesmen of the past and present times. 
 
 Written by herself. 1832. 
 
 Not i^ufficiently smart for satire, and too slovenly for 
 history. 
 
 An Address to the ]*i;()Pi;n: ioks of Bank Stock 
 ON TiiK Subject of iiie Charter, the 
 Exclusive Privilege of Banking, and 
 an Increase of Dividend. 
 
 By J. P. Winter, a Proprietor. 1832.
 
 THE BANK OF ENGLAND. 71 
 
 1832 — 1838 
 
 A Legal Statement of the Real Position of 
 THE Government avith Relation to the 
 B. OF E. 
 
 Samuel Wells. Second Edition. 1832. 
 
 Rather a well-written tract ; criticises the Bank very 
 sharply. Useful appendix of Acts relating to the Bank. 
 
 The Evidence that would have been given 
 
 BY Mr. {i.e. John Cazenove*), late a 
 
 Continental Merchant, before the Committee of 
 Secrecy appointed to enquii'e into the expediency 
 of renewino- the Bank Charter. 1832. 
 
 Any man by qnestioning and answering himself can 
 
 prove his case to his own fancy. Cazenove forgets that 
 
 had he been sharply cross-examined before the Commission 
 
 his evidence wonld probably have been qnite different. 
 
 ' Question 71. — Do you conceive the institution of Joint 
 
 ' Stock Banks would be desirable in London ? I see no 
 
 ' use in them (!), as the circulation, when properly regulated, 
 
 ' is always as full as it should be ; for any Note of any 
 
 ' such Joint Stock Co. a Bank Note of similar amount 
 
 ' must be withdrawn," &c., &c. If he refers only to Banks 
 
 of Issue he should say so. A very amusing book. 
 
 * (British Museum Catalogue.) 
 
 A Cory of the Correspondence between the 
 Chancellor of the Exchequer and 
 
 THE B. OF E. RELATIVE TO THE ReNEAVAL 
 
 OF THE Chartek. April, 1833. 
 
 Chancellor of Exchequer, Lord Althorp. 
 (ioveruoi-, B. of E.. ]Mi;. J. IIorsley Pal:mi:i;. 
 Deputy-Governor, ]\Ir. \l. M. Raikes.
 
 A BIBLIOGKAPPIY OF 
 
 1833 
 
 A Digest of the Evidence on the Bank Charter 
 
 TAKEN BEFORE THE COMMITTEE OF 1832, 
 
 arranged together with the " Tables " under 
 proper heads. To -which are prefixed Strictures 
 and Illustrative Remarks, also copious Indices, &c. 
 
 1833. 
 
 Inferior to the next work, by Qiiin, the indices being 
 badlv arranged. Tlie remarks are contrary to the tendency 
 of tiac "Report." 
 
 The Trade of Banking in England, embracing 
 the substance of the evidence taken before the 
 Secret Committee of the House of Commons, 
 digested and arranged under appropriate heads, 
 together with a Summary of the Law applicable 
 to the B. of E., to Private Banks of Issue and 
 Joint Stock Trading Companies. 
 
 M. J. Quin. 1833. 
 
 With an appendix of statistics and general information. 
 A well-arranged, thoroughly reliable book, with a good 
 index. 
 
 Strictures on the Evidence taken before the 
 Committee of Secrecy of the House of 
 CoM3iONS on the B. OF E. Charter. 
 
 By Scotus. 
 Dissatisfied i)oth with the evidence and the Report 
 
 Letter to the Editor of tpie Thncs ox the 
 Question of the Bank Charter, shewing 
 the inconsistency of some of the accounts lately 
 furnished by the Bank to the Committee of the 
 House of Commons. 1833.
 
 THE BANK OF EXGLA^^D. /3 
 
 1833 — 1836 
 
 Currency Fallacies Refuted and Paper 
 MoxEY Vindicated. 
 
 (By Jno. Taylor?) 1833. 
 
 Important Notices of that which concerns 
 the Pecuniary Credit of a State, and 
 IX particular that of England. 
 
 Kichard Moore. 1833. 
 
 Advocates "Mint paper coin co-caiTeut with our Gold 
 Money." 
 
 The Revenue and Expenditure of the United 
 Kingdom. 
 
 Samuel Wells, Barrister. 1834. 
 
 Chapters on the Bank and kindred subjects from an 
 extreme point of view ; the book, however, is useful for 
 its many quotations of Acts and dates. Abuses the Bank as 
 one of the chief bloodsuckers of the national vitals, &c., &c. 
 
 Letters on the B. of E., with a Prospectus ol a 
 iieAv Joint Stock Banking Company. 
 
 By a Liverpool Merchant. 183G. 
 
 These letters were addressed to the Editor of The Albion. 
 Advises the Bankers to form "a United Banks of England," 
 as it is "more easy to construct new than to mend old 
 institutions." 
 
 The new one was, of course, to have all the advantages 
 and none of the defects of the B. of E., which he considers 
 past praying for. 
 
 A Review of the Trade of Banking in 
 England and Ireland, &c., also a Summary 
 of the Evidence taken before the Secret Com- 
 mittee of Joint Stock Banks diu'ing- the last 
 Session of Parliament. 
 
 Richard Gordon. 183(>.
 
 t-i A BIBLIOGRAPHY OF 
 
 1837 
 
 The Causes and Consequences of the Pressure 
 ON THE Money Market, with a Statement of 
 the Action of the B. of E., from 1st October, 
 1833, to 27th December, 1836. 
 
 J. Horsley Pahner (a Bank Director, 1811-56). 
 
 1837. 
 
 An able defence of the Bank's line of action diiriuo- the 
 period above-mentioned. Shows that the drain of Bullion 
 was due to the negotiation of numerous foreign Loans, the 
 change in the U. S. Mint regulations, and to the increase 
 in the number of Joint Stock Banks, and to their excessive 
 issue ; these circumstances together forming a counteracting 
 influence to the Bank's action. 
 
 The appendix contains the correspondence which took 
 place in 1826 between the Treasury (Lord Liverpool) and 
 the Bank, with respect to the establishment of Branch 
 Banks of England. 
 
 This and the following tract are most valuable, and 
 cast a clear light on the financial history of the period. 
 
 Reflections Suggested by a Perusal of 
 Mr. J. Horsley Palmer's Pamphlet on 
 THE Causes and Consequences of the 
 Pressure on the Money Market. 
 
 S. Jones Lojd (Lord Overstone). 1837. 
 
 Thinks the state of the casB in Mr. Horsley Palmer's 
 tract is " not proven." 
 
 Advocates the separation of the Baiddng uiid Issue 
 Departments and an extension of the central issuer's 
 monopoly so as to give her more control over the subordinate 
 issuers. 
 
 " The one simple duty which the manager of the 
 " Currency has to ])erform is that of making the amount 
 " of the paper circiihifion vary precisely as tlio amount of 
 " tiie circuhitiou wouM lia\e vaiied had" it been exclusively 
 " metallic.
 
 Tin; BANK OF ENGLAND. 7.5 
 
 1887 
 
 " A Bank of Issue is eutriisted with the creation of the 
 " circulating medium. 
 
 " A Bank of Deposit and Discount is concerned only 
 " with the use, distribution, or application of the circulating 
 " medium." 
 
 Further Eeflections on the State of the 
 Currency and the Action of the B. of E. 
 
 S. Jones Loyd ( Lord Overstone). 
 
 23rd December, 1837. 
 
 The object of this treatise was to lay further emphasis 
 on the cJjief points in the "Reflections, &c.," especially 
 " the essential difterence between a Bank of Issue and a 
 " Bank of Deposit and Discount," and to practically illustrate 
 the correctness of his views by reference to the proceedings 
 of the B. of Yj. during the financial pressure which had 
 occurred since the date of his first publication. 
 
 The Cause of the Present Money Crisis 
 Explained, in answer to the Pamphlet of 
 Mr. J. Horsley Pahner, and a remedy pointed 
 ont by W. Bennison. Second Edition. 1837. 
 
 He blames the B. of E. and thinks Mr. Horsley Palmer 
 laid too much stress on the careless management of the 
 country Banks. 
 
 '■ It may be said, the applications for discount are so 
 ' pressing that it would instantly bring on a panic if these 
 ' demands wci'e not complied with, and thus the Bank is 
 ' compelled reluctantly to increase her securities. This I 
 ' believe to I)e actually the case ; nevertheless, she ought 
 *■ at the same time to diminish the amount by the sale of 
 ' such securities as cannot be forced back upon her. If 
 ' she persevered steadily diminishing the total (imoiint of 
 ' securities gradually to the extent of only half a million 
 ' a month, wliile she discounted all good bills offered to 
 ' her, a very few mouths would bring us into smooth 
 
 ' water agaui.
 
 76 A BIBLIOGRAPHY OF 
 
 1837 — 1838 
 
 A WoiiD ON THE Bank and Paper System 
 OF England. 1887. 
 
 Thoughts on the Principles of Banks and 
 THE Wisdom of Legislative Interference. 
 
 1837. 
 
 Observations on the Crisis 1836-37, with 
 Suggestions for a Kerned j against Commercial 
 Pressures. 
 
 Bj a Merchant. 1837. 
 
 A Letter to the Rt. Hon. Lord Viscount 
 Melbourne on the Causes of the Pecent 
 Derangement in the Money- Market, and 
 ON Bank Reform. 
 
 R. Torrens, F.R.S. 1837. 
 
 Insists that the Circulation should be allowed to contract 
 or expand according to the state of the foreign exchanges, 
 and that separation of the Issue and Banking Departments 
 is necessary. 
 
 Observations on the Sy'Stem of jNIetallic 
 Currency' Adopted (sic) to this Country. 
 
 W. H. :Morrison. Second Edition. 1837. 
 
 Bimetallist, advocating "a double circulation of Gold 
 " and Silver free from the restraints imposed bv oiu' j)resent 
 " system."' 
 
 Articles on Banking and Currency, from the 
 Economist newspa})er, 
 
 T. Joplin. 1838.
 
 THE HANK OF EXGLAXl). (1 
 
 1838 
 
 Remaiiks ox some Pkevalext Errors with 
 RESPECT TO Currency axd Banking, and 
 
 Suggestions to the Legislature and the Pid)lic 
 as to the Improvement in the Monetary System. 
 
 Geo. Warde Novman. 1838. 
 
 Ill this tract, which did g(K)d work in its time, tlie author, a 
 Bank Director, 1821-70, points out, (1) the dissimilarity of the 
 functions of a Bank of Is.sne and an ordinary Banking concern, 
 (2) that while ordiiuiry Banking trade should be perfectly free, 
 it is far better for the issue of Notes to be a monopoly, for the 
 sake both of the Banking world and of the general public. 
 
 He proposes an Issue based one-third on coin and bullion 
 and two-thirds on " profitable securities, the discharge of 
 " pul)lic debts." After insisting on the i-ate of Exchange as 
 the real criterion of the state of the currency, he savs, with 
 regard to a monopoly of Issue : " The managers of one 
 " issuing establishment, supposing all their luoceedings to 
 " be made public, would be placed under a feeling of 
 " responsibility which would render it almost impossible for 
 " them to forget this great truth, but supposing instead of 
 " one that we have ten or a hundred Banks, the responsildlity 
 " is so divided as to become inefficient. 
 
 " The business of Issue, well conducted, can yield but 
 " a moderate profit, but if ill conducted so far as the pul)lic 
 " is concerned, it may yield a far more considerable profit — 
 " can any reasonable man doubt which course would be 
 " pursued ? The loss and inconvenience of over-issnes do not 
 "■ always fall upon the peccant bank, but on its neighbours." 
 
 Gives a resume of Torrens' plan for the separation of 
 the two departments, which provided that the "circulation" 
 department slnnild strictly confine itself to the exchange of 
 Gold for Notes and Notes for Gold with the following 
 exceptions :— (1) Libertv to buv or sell silver up to 
 £2,00(),()00 or £3,00(),()()(). (2) 'it should be compulsory 
 at all times to buy bar or foreign gold at 77*. Qd. per oz., 
 and be allowed to sell at 77.?. 9rf. per oz. (3) Permission 
 to lend Notes on Coin or Bullion at a low rate of Interest, 
 say, £1 per cent., so as to afford facilities to commerce, 
 whilst leading to no derangement of currency, and that 
 complete publicity should exist. The remaining provisions 
 were mostlv matters of detail.
 
 78 A BIBLIOGRAPHY OF 
 
 1838 — 18^0 
 
 The writer agrees to a great extent with the Torrens 
 plan, of which many suggestions were embodied in the 
 184:4 Act. After setting forth the whole of the matter 
 most clearly, he says in conclusion : " However desirous 
 " the Directors of the B. of E. might be to introduce the 
 " proposed system, they cannot be expected to do so on 
 " their own responsibility, especially in the existing state 
 " of public opinion, which has almost everything to learn 
 " on the subject of currency." 
 
 This was, unfortunately, oidy too true, notwithstanding the 
 severe lessons of the Restriction, and the repeated panics 
 and failures among the country issuers. In spite of the light 
 thrown on the subject by the 1810 Bullion Report, and 
 the labours of Ricardo, McCuUoch, Blake, and Huskisson, 
 the public, and, curiously enough, the financial section of it 
 especially, were still all at sea, blown hither and thither 
 Avith " winds of doctrine," and had it not been for the 
 work of a very few men like Horsley Palmer, Jones Loyd, 
 Warde Norman, and Torrens, who were luckily both capable 
 and of sound views, and influential not only in the "money 
 " world " but outside it, the whole financial system might 
 have suffered. 
 
 Causes which lead to a Bank Kesthictiox 
 Bill. 
 
 Heiiiy Drummond. 1839. 
 
 Ox Money Derangements, in a Letter addressed 
 to the Proprietors of Bank Stock. 
 
 Wm. Ward. 1840. 
 
 He is •■' under the influence of the warmest feelings in 
 " the welfare of one of the most useful and creditable 
 "institutions that ever yet existed, &c.," but "he wishes 
 " to see removed one of the greatest injuries the country 
 " ever encountered, viz., a paper circulation not regulated 
 " by any determinate reference to a metallic sfandaid of 
 " value."
 
 THE BANK OF ENGLAND. /9 
 
 1840 — 1842 
 
 Reflections on the Currency. By a Yorkshire 
 Manufacturer. 1840. 
 
 Remarks on the Management of the Circula- 
 tion, and on the Condition and Conduct of the 
 B. of E., and of the Countiy Issuers during 
 the year 1839. 
 
 S. Jones Loyd ( Lord Overstone). 1840. 
 
 Establishes the position taken np in his "Reflections, &c." 
 1837 {q. v.), and would give the Bank greater control 
 over the Country Bankers, who usually restricted their 
 accommodation when too late. 
 
 Currency and Banking. A Review of some of 
 the Principles and Plans that have recently 
 eng-aged public attention with reference to the 
 Administration of the Currency. 
 
 J. W. Gilbart (of the London & Westminster 
 Bank). 1841. 
 
 The System of the London Bankers' Clearances, 
 and their effect upon the Currency explained and 
 exemplihed by Formuhe of the C'learing House 
 Accounts. 
 
 W. Tate (Author of "The Modern Cambist"). 
 
 1841. 
 
 Thoughts on the Currency. 1842. 
 
 Metallic, Paper, and Credit, Currency, and 
 the means of regulating their quantity and value. 
 
 J. W. Bosanc^uet. 1842. 
 
 Holds " that when the currencv is not in itself unsound 
 " from excessive issue, the principle of convertibility may 
 " be suspended in cases of emergency without danger to 
 " the value of the currency," and that the enforcement 
 of the pi-iiiciple of convertibility may at times be wrong.
 
 so A RIliLIoOllAPIIY OF 
 
 1843 — 1844 
 
 Currency axd the Country. J. G. Hubbard 
 (since, Lord Addiiigton). 1843. 
 
 McCuUoch mentions this as "A valuable tract in favour 
 " of a single Bank of Issue." The Author was a Director 
 of the Bank from 1838—1889. 
 
 Banks and Bankers. 
 
 Daniel Hardcastle, jimior {i.e. B. Page). 
 Second Edition. 1843. 
 
 Racily written, full of anecdotal interest, and at times 
 very extreme in the views advocated. He is, doubtless, 
 however, quite right in saying that the same amount of 
 information could not, then, be found in one extant volume. 
 
 Well worth reading. 
 
 Speech of Benjamin Hawes, Esq., in Opposition 
 to tlie Second Reading of tlie B, of E. Charter 
 Bill, 1.3th Jime, 1844. 
 
 Two Letters to the Kt. Hon. Sir Robt. Peel 
 ON HIS Proposed Banking Measures, by 
 an Ex-M.P. 1844. 
 
 Foretells all sorts of catastrophes in case the Chaiter 
 Act were passed. The pamphlet was probably by a country 
 Banker. 
 
 Remarks on the Expediency of Restricting 
 THE Issue of Promissory Notes to a 
 SINGLE Issuing Body. 
 
 Sir Wm. Clay, Bt., M.P. 1844. 
 
 Speeches of the Rt. Hon. Sir Robt. Peel, Bt., 
 in the House of Commons, 6th and 20th May, 1844, 
 on the ReneAval of the Bank Charter and the 
 state of tlie Law respecting Curreuev and 
 Baiikinii-. J 844.
 
 THE liAXK OF EXGLAXI). hi 
 
 1844 — 1S47 
 
 Speech or Ciias. Wood, Esq., in the Debate on 
 Sir R. Peel's Resolutions on Banking, Monday, 
 20th Mav, 1844/ 
 
 Ox THE ReGULATIOX OF CURREXCIES AND THE 
 WORKIXG OF THE NeAV BaXK ChARTER AcT. 
 
 Jno. Fullarton. 1844. 
 
 Thoughts ox the Separatiox of the Depart- 
 ments OF the B. of E. 
 
 S. Jones liovd (Lord Overstone). 1844. 
 
 The Literature of Political Economy. 
 
 J. R. ^SPCnlloch. 1845. 
 
 It is described ou the title-page as a "■ Classified Catalogue 
 " of select publications in the different departments of that 
 " Science, with Historical, Critical, and Biographical Notices." 
 
 An indispensable book to all students of the subject. 
 
 Works of David Ricai;do, Esq., ]\r.P., with a 
 Notice of the Life and Writing's of the Anthor. 
 
 P.J .]. n. ]\PCnlloeli. 184(>. 
 
 This edition, which has a good index, includes the 
 " Essay on the Funding System," written for the Supplement 
 to the Sixth Edition of the Encyclopaedia Britannica. 
 
 M'^C'ullocli was an ideal Editor for Kicardo. 
 
 Ox THE OI'EKATIOX OF THE BaXK C'hARTER AcT 
 of 1844 AS IT AFFECTS COMMERCIAL CrEDIT. 
 
 liy K. Torrens. 1847. 
 
 Insists that the Act entirely thlfilled its purposes. 
 
 a
 
 82 A BIBLIOGRAPHY OF 
 
 1847 
 
 The B. of E. Justified in their Present Course. 
 Bv Jas. Ward. 1847. 
 
 Affainst the 1844 Act. Contends the Bank was right 
 to discount liberally to help the market. 
 
 The Petition of the Merchants, Bankers and 
 Traders of London, against the Bank 
 Charter Act, with Comments on each Clause. 
 
 1847. 
 
 Letter to the Rt. Hon. Sir Charles Wood, 
 Bart., M.P., Chancellor of the Exchequer, on 
 the Monetary Pressure and Commercial Distress 
 of 1847. 
 
 By Jno. Gellibrand Hubbard ( afterwards 
 Lord' Addington). 1847. 
 
 A Financial, Monetary, and Statistical History 
 OF England, FROM 1688 to the Present Time, 
 derived principally from Official Documents. In 
 seventeen Letters addressed to the young men 
 of Great Britain. 
 
 Thos. Doubleday. 1847. 
 
 This pessimistic effusion of over 400 pages must have 
 taken some time to write, and contains evidence that its 
 author possessed a certain amount of culture, and, un- 
 fortunately, many prejudices as well. The Bank Act of 
 1844, the Railway Constructors, in fact, all, was wrong, 
 quite wrong ; the destruction of all commerce and finance 
 was at hand, and for this final catastrophe the Bank Act 
 was more to blame than anything else. He had better 
 have stuck to facts. It is curious that in speaking of the 
 Bank Restriction Act, which excites his boundless hatred, 
 he quotes Gilbart's evidence before a Committee — "That 
 " the Act was not only a necessity, but good poHcy."
 
 THE BANK OF ENGLAND. 83 
 
 1847 — 1849 
 
 The concluding passage calls to mind Artemus Ward's 
 maxim, viz., " It isn't safe to prophesy unless you know." 
 " It is quite within the verge of possibility that as the 
 " scorpion when surrounded by fire is said to sting itself 
 " to death, so the Bank Act of Peel may, by force of 
 '* circumstances, be made to bring down the very fabric it 
 " was made to protect, a consummation of which the 
 " poetical would not be less conspicuous than the abstract 
 " and final justice." 
 
 A Review of the Practical Working of the 
 Act of 1844 for Regulating the Issue 
 of Notes by the B. of E. 
 
 J. W. Gilbart, F.R.S. 3849. 
 
 History of the B. of E., its Times and 
 Traditions. 
 
 John Francis. Third Edition. (1849?) 
 
 A most excellent work, graphically written and thoroughly 
 reliable. 
 
 A contemporary number of the Economist says : — 
 " Mr. Francis has made a subject that is, generally, 
 " repulsively dry, a matter of light reading. Instead of 
 " long rows of figures he gives us curious and interesting 
 " stories, .... and his book will be more extensively read 
 " than a mere political economical history." The appendix 
 contains a reprint of Godfrey's Tract, " A Short Account 
 " of the B. of E.," a copy of the correspondence between 
 the Chancellor of the Exchequer and the B. of E. relatiA^e 
 to the renewal of the Charter of 1844, a List of Directors 
 from 1694 to 1847, and a few pages of statistics. 
 
 Mr. Francis was a clerk in the B. of E., and subsequently 
 filled the important post of Accountant-General to the Bank. 
 
 G 2
 
 84 A BIBLIOGliAIMIY (»F 
 
 1850 — 1853 
 
 The History of Banking, with a comprehensiAe 
 accoimt of the Orio-in. Rise and Progress of the 
 Banks of England, Ireland and Scotland. 
 
 Wni. Jno, Lawson. 1850. 
 
 A capital book, by an interesting Avriter. Always 
 chatty and anecdotal throughout, yet tlie amount of solid 
 information given in the worlv is enormous. A second 
 Edition appeared in 1855. 
 
 The City, ou the Physiology of London 
 Business, with Sketches on 'Change, &c. 
 
 1852. 
 
 Cbattv notes on City men and manners, not forgetting 
 the Banlv. 
 
 A Letter to Tiios. Baring, Esq. on the effects 
 
 OF THE CaLIFORNIAN AND AUSTRALIAN (tOLD 
 
 Discoveries. 
 
 Erederick Scheer. 1852. 
 
 Some Observations on the Recent Supplies 
 OF Gold, Avith Remarks on ^Ir. Scheer's Letter 
 to Sii' T. Baring. 
 
 Andrew Johnson, of the Bnllion Office, B. of E. 
 
 1852. 
 
 Remarks on the Production of the Precious 
 ]\retals and on the depreciation of gold. 
 
 By M. Chevalier. (Translated from the French 
 hy \). Eorbes Campbell.) 1853. 
 
 Iiichiih's Lcttci- In the Covernoi- cd' Pi. of E. (Thomson 
 I I.iiikcy, Esq.), and a nscrni appendix, with tables, &c.
 
 THE BANK OF EXGLAXD. 85 
 
 1855 — 1856 
 Bank of Exglaxd Bakometer for 1855. 1855. 
 
 Gives rules for the " prognosticatory " interpretation of 
 the weekly published returns. If " pecuniary assets " 
 of the Bank stand beloAV £ 24,000,000 the barometric 
 indication may be considered as " stormy," if above that 
 amount, " set ftiir." 
 
 By "pecuniary assets" he means Gold in the Issue 
 Department and Notes and Coin in the Banking Department. 
 
 Ox THE Security axd Maxufacture of Baxk 
 NoTE^i. A Lecture delivered at the Royal 
 iDstitution. 
 
 Henry Bradbury. 9tU ]May, 1856. 
 
 Describes the diflferent methods of engraving Notes, and 
 pleads for better Art in their design. One of the illustrations 
 of specimen Notes, designed by John Leighton, is splendidly 
 engraved. 
 
 The Fixaxcier Law, His Scheme axd Times. 
 P. A. C'ochut. 1856. 
 
 A graphic account of tlie Origin, Maturity and Wreck 
 
 of the Mississippi Scheme. 
 
 After the great catastrophe the following "affiche" was 
 posted on the walls in Paris : — 
 
 " Beelzebub begat Law, 
 
 •■ Law begat the Mississippi, 
 
 '• The Mississippi begat the Scheme, 
 
 " The Scheme begat the Pajier, 
 
 •• The Paper begat the Bank, 
 
 " The Bank begat the Xote, 
 
 " The Note begat the Share, 
 
 •■ The Share begat the Stockjobbing, 
 
 '■ The Stockjobbing begat the Registration, 
 
 '• The Registration begat the Account. 
 
 '• The Account begat the general Balance. 
 
 '• The Balance begat Zero. 
 
 " From which power of begetting was taken mvay." 
 
 A concise and not inaccurate descriprioii.
 
 (S6 A BIBLIOGRAPHY OF 
 
 1857 
 
 A Brief Historical Relation of State Affairs 
 fi-om September, 1678, to April, 1714. 
 
 Narcissus Luttrell. Oxford, 1857. 
 
 Luttrell, Avho was born in 1657, was a Fellovv-Conimoner 
 of St. John's College, Cambridge ; his degree of M.A. was 
 conferred by Royal Mandate in 1675. He seems to have 
 taken no active part in the events of his time, leading a 
 secluded life at Chelsea, where he died in 1732. 
 
 The "Relation" consists of an onlooker's very brief, 
 not to say bald, notes of passing events. The MS., which 
 remained comparatively unknown till Macaulay quoted from 
 
 !it in his History of England, is in the library of All Souls 
 
 <]^oIlege, Oxford. It was printed in 1857, in six volumes, 
 by the Delegates of the Oxford University Press. It is 
 much to be regretted that, while they were about it, they 
 did not provide the book with a better index, instead of 
 the wretched apology for one it now has. An adequate 
 index would have greatly enhanced the A'alue of so rich a 
 mine of information. Rogers has used the l)Ook in his 
 "First Nine Years of B. of E." {q.v. 1887). The following 
 extracts, in addition to their intrinsic interest, show the 
 style of the book. 
 
 " Thursday, 21st June, 1694. The Commissioners for 
 " the new Bank came this morning to Mercers' Chapel, 
 " where the books were opened ; the Lords of the Treasury 
 " came themselves and subscribed £ 10,000 for the Queen ; 
 " . . . . 'tis said the subscriptions already amount to 
 " £300,000, such as subscribe before Sunday will be allowed 
 " 50*. per cent. Rebate, and on Monday 40*., but afterwards 
 " 'twill fall 5s. per day. Mr. Knight, Treasurer of the 
 " Customs, and Mr. Burton, of the Exchequer, are impowred 
 " by the Commissioners to take subscriptions for ease of 
 " people." 
 
 " Saturday, 29th September, 1694. Yesterday a General 
 " Court of .the Members of the B. of E. mett at Mercers' 
 " Chapell, when the Governor, Sir John Houblon, acquainted 
 " them there was a necessity for their removing out of 
 " that place, and, therefore, he had taken Grocers' Hall for 
 " eleven years, and told them the Bank was in a flourishing 
 "condition, and that the By-lawes were prepared and laid 
 " liffnro Serjeant Levinz."
 
 THE BANK OF ENGLAND. 87 
 
 1857 
 
 " Saturday, 28th September, 1695. The Bank of Euglaud, 
 " not having that successe in their Mint at Antwerp for 
 " coynino- Money to pay our army as they expected, 
 "have borrowed £200,000 of the Bank of Amsterdam, 
 "at £ 4 per cent., the King giving his word at tlie same 
 " time to see them reiraburst, which money they have paid 
 " to His Majesty's Army in Flanders, without remitting 
 " hence." 
 
 " 14th October, 1695. At Old Bailey Sessions four (men) 
 " were fined considerable summes and stood in the pillory 
 " for cheating the B. of E." 
 
 " 5th December, 1696. Sir John Houblon, Governor of 
 " the Bank, delivered to House of Parliament the debts and 
 "credits thereof; 'tis said the Bank is worth £280,000, 
 " their debts paid." 
 
 Sir Robert Peel's Act of 1844, Regulating 
 THE Issue of Bank Notes, Vindicated. 
 
 G. Arbuthnot. 1857. 
 
 A Select Collection of Scarce and Valuable 
 Tracts, &c., on Paper Currency and 
 Banking. ( " The Overstone Tracts." ) 1857. 
 
 {Vide 1857, National Debt Section.) 
 {Copy of Table of Contents.) 
 
 I. A Discourse concerning the Currencies 
 OF THE British Plantations in America, especially 
 with regard to their Paper Money, with a P.S. thereto. 
 
 Boston, 1740, Reprinted, London, 1751. 
 
 II. Banks and Paper Money (from Essays, 
 Moral and Political, &c.) 
 
 D. Hume. 1752, 
 
 TIT. Essays on Paper Money and Banking 
 
 (from Essays on the Public Debt, Frugality, itc.) 
 
 Bv Patrick, fifth Lord Eliliank. 1755.
 
 88 A BIBLIOGKAPIIY OF 
 
 1857 
 
 IV. Essays on Banks and Paper Credit 
 (from Cbaracteristics of the Present State of Great 
 Britain). Attributed to Rev. Dr. Robert Wallace. 
 
 1758. 
 V. Note on Suspension of Cash Payments 
 
 AT THE B. OF E. IN 1797. 
 
 (J. R. McCullocb.) 
 
 VI. The Utility of Country Banks con- 
 sidered, &c. 1802 ? (circ.) 
 
 VII. An Enquiry concerning the Paper 
 Credit of Great Britain. 
 
 Henry Thornton. 1802. 
 
 VIII. Note on the State of the Exchange 
 between London and Dublin froni 1797 to 1804. 
 
 (J. R. McCulloch.) 
 
 IX. Remarks on the Paper Currency. 
 
 By Lord Liverpool. From his " Coins of the 
 " Realm." 1805. 
 
 X. The High Price of Bullion a proof of 
 THE Depreciation of Bank Notes. 
 
 By David Ricardo. Fourth Edition, corrected. 
 
 1811. 
 
 XL Report from Select Committee of the 
 House of Commons on the High Price of Gold 
 Bullion. 
 
 Ordered to be printed, 8lh June, 1810.
 
 THE BAXK OF ENGLAND. 89 
 
 1857 
 
 XII. Observations on the Principles which 
 liegulate the course of exchange, and on the 
 Present Depreciated State of the Currency. 
 
 By Wm. Bkke, F.R.vS. 1810. 
 
 XIII. The Question concerning the Deprecia- 
 tion of our Currency. Stated and Examined l)v 
 Wm. Huskisson, M.P. Third Edition, corrected. 
 
 1819. 
 
 Lord Overstone, a notable figure in the financial world 
 of his day, printed, at his own expen^^e, in the " fifties," 
 the above vohime, one of a series since known to fame as 
 the "Overstone Tracts." They consist chiefly of reprints of 
 scarce and important works, most difficult of access prior 
 to the issue of this !<eries. Although all are interesting, 
 onlv those volumes which more particularly bear on the 
 central subject of this bibliograph}^ are here included. 
 
 Overstone had a great advantage in securing the assistance 
 of McCulloch as Editor. McCulloch, whose knowledge of the 
 literature of Political Economy was encyclopaedic, rendered 
 good service in making the selection both representative and 
 complete. 
 
 These books, typographically, are models, and, in l)()th 
 matter and form, will remain things of bibliographical joy 
 for ever. 
 
 In the preface to this volume McCulloch points out the 
 distinction, so often lost sight of by writers on finance, 
 between pajier money and paper currency, the former being 
 inconvertible and its \aluc proportionate to the extent of 
 its issue, progressively increasing on its curtailment or 
 decreasing on its augmeiitation. The paper currency is, 
 or should be, easily conA-ertible. The tracts had been selected 
 as exhibiting the principles Avhich determine its value, but 
 the enquiries into the natm'e of the measures to be adopted 
 to give a practical effect to these principles had been dealt 
 Avith in the briefest manner. 
 
 A detailed account ol' the iracls will be found uudcr 
 their respective dates.
 
 90 A BIBLIOGRAPHY OF 
 
 1857 
 
 The two " Notes," Nos. V. and VIII., by McCulloch, 
 may be more conveniently noticed here. The first, No. V., 
 is on the " Suspension of Cash Payments at the B. of E. 
 in 1797." 
 
 After the South Sea Bubble excitement had quieted 
 down, "with the exception of a run for gold occasioned by 
 " the advance of the Highlanders to Derby in 1745, there 
 " was no considerable run on the Bank till 1792," in the 
 Autumn of which year there was an acute crisis owing to 
 a previous over-issue by the country Banks, many of which 
 succumbed. When the disappearance of their issue had 
 ensured the requisite contraction, the financial equilibrium 
 was re-established, and a fairly healthy state of things 
 prevailed till 1797, when, owing to fears of invasion, 
 and consequent panic and hoarding, a run on the Bank set 
 in, which resulted in the Suspension of Cash payments. 
 During the reign of Paper Money, which lasted over twenty 
 years, an enormous numl^er of tracts were literally showered 
 upon the public, especially at times when the Note went much 
 below par. Of these pamphlets, luckily for the bibliographer, 
 many have disappeared altogether. The writer has come 
 across some which could have been written only by men 
 absolutely ignorant of their subject : even with respect to 
 the plainest facts, the views expressed are obviously distorted 
 by self-interest, when not rendered incomprehensible by the 
 imbecility of the writers. The question of depreciation 
 was, however, so thoroughly threshed out in the Bullion 
 Report of 1810, and, in the best of the contemporary 
 publications on the subject, that every conceivable weak 
 point of Paper Money may be said to have been detected 
 and exposed. 
 
 The Recoinage difficulty of 1696, the Restriction period, 
 the several Panics, and our own fifty years' experience of 
 the Bank Act of 1844, furnish financial philosophers Avith 
 an inexhaustible field of observation and research, in which 
 any theory, however apparently novel, njay be tested against 
 known and indisputable facts. The present day Economist 
 has, in addition to theoretical works, the benefit of the 
 public speeches of practical men, the demands on whose 
 time have precluded them from writing on the subject. 
 This independent running comment is of the greatest value, 
 and is an advantage of which the earlier workers were 
 almost totally devoid.
 
 THE BANK OF ENGLAND. 91 
 
 1857 — 1858 
 
 The second " Note," No. VIII., is on the " State of the 
 " Exchange between London and Dubhn from 1797 to 1804." 
 
 In 1689, the nominal vahie of the Irish shilling having been 
 raised from \2d. to I'dd., £108 : 6*. Sd. Irish money became 
 eqnal to £100 only of British money; and the Exchange 
 between Great Britain and Ireland was said to be at par 
 when it was nominally 8^^ per cent, against the latter. 
 In some parts of Ulster, owing to a feeling against the 
 Government, Bank Notes were very generally not accepted 
 in payment of wages, or for goods ; the landlords, too, 
 stipnlated for payment of rent in specie. Under these 
 conditions the North of Ireland possessed a gold currency 
 long after its disappearance in the South. This gave rise 
 to curious anomalies; for instance, in December, 1803, when 
 the exchange in Dublin on London was about 16 per cent., 
 that of Belfast on London was about 5 per cent. ; or, in 
 other words, at the very time that the exchange between 
 Dublin, which had a paper currency, and London Avas near 
 8 per cent, against Ireland, the Exchange between Belfast, 
 which had a gold currency, and London was 3 per cent, 
 in favour of Ireland. (At this time there was practically 
 no gold in London in circulation.) Again, the rate between 
 Dublin and Belfast was 10 per cent, in favour of the latter. 
 
 The Cuerency under the Act of 1844, together 
 Avith observations on Joint Stock Banks and the 
 causes and results of Commercial Convulsions. 
 
 (From the City Articles of the Times.) 1858. 
 
 The Articles are dated from 26th October, 1855, to 
 11th December, 1857. 
 
 Strongly against the suspension of the 1844 Act during 
 pressure, however severe. 
 
 " Why should the currency be, even for a short time, 
 "depreciated that unsound concerns should be propped?" 
 
 In the appendix, a speech of Lord Overstone (3rd 
 December, 1857) is quoted. "If the Act had been main- 
 " tained only twenty-four hours longer, the Avhole of the 
 " vicious system Avould have been got rid of by the crumbling 
 " to atoms of the institutions which fostered it." 
 
 Several excellent chapters on the contemporary discoA-eries 
 of Gold.
 
 <J2 A BIHJ.IOGRAPHY OF 
 
 1859 — LSGO 
 
 On the Pkobable Fall in the Value of Gold. 
 By Michel Chevalier. 
 
 Translated from the French, Avith preface by 
 R. Cobden. Third Edition. 1859. 
 
 Advocates the retention of the Silver Standard in France. 
 Has many snggestive references to the English Currency 
 system. 
 
 The Writings of William Paterson, of 
 Dumfriesshire, and a citizen of London ; founder 
 of the I>. of E., and of the Darien Colony. 
 
 Edited bv Saxe Bannister. 
 
 With Biographical Notices and facsimiles of 
 Handwriting and Portrait. 
 
 Second Edition. Three vols. 1859. 
 
 This book contains a large amount of raw material 
 towards the construction of a complete biography, but it 
 remains, unfortunately, a chaotic mass of facts, the result 
 of careful and conscientious investigation, with no organic 
 unity. 
 
 In fact, in writing the short notice of Paterson's life 
 appended to this volume, it has frequently been found easier 
 to go to orio-iiial sources than to wade throu<>h Bannister's 
 book which he himself terms a moles indigesta. 
 
 Memoirs of a Banking House. 
 
 By the late Sir Wm. Forbes, Bt., of PitsHgo. 
 
 18G0. 
 
 A graphically written history of the House of 
 Coutts & Co., of Edinburgh, the parent house of the 
 banks of Coutts & Co., and Herries & Co., of London. 
 
 Forbes, who Avas born 1739, and died in 1806, finished 
 the manuscript in 1803. It did not, however, get into 
 print till ]niblished by Robert Cliambers, in 1860, with an 
 iiitrdfhictorv notice bv himself. Tells how Circular Notes
 
 THE BANK OF EXGLAXD. !).*> 
 
 1860 — 1863 
 
 were invented hv Sir Robert Herries in 1772. A capital 
 account of the effects of the panic of 1797 in Scotland. 
 
 This fascinating book is a most valuable contribution 
 to the History of Finance — a sort of Evelyn's Diary of 
 Banking. 
 
 The 1>axk Act of 1844, and free trade in Gold 
 not incompatible with our standard of value, and 
 tlie true remedy for ruinous fluctuations in prices, 
 and in the Bank rate of discoinit. 
 
 By Henry Brookes (late editor, Bankers' 
 Circular). " 1S()1. 
 
 Reasons for ax Altekatiox ix the Legal 
 
 TeXDEK, and a KEFOItM IX THE C'UIIKENCY, 
 
 Bv Robert Slater. Fifth Edition. ]8(>1. 
 
 The Bank Act, and the Curkency Correspond- 
 ence BETWEEN Rt. HoN. LoRD OvERSTONF 
 
 AND Henry Brookes, Esq. 18(52. 
 
 His Lordship sticlvs to the point, and hoUls liis own. 
 
 This and the two preceding tracts were re})ublished in 
 one volume in 1862. 
 
 The Mystery of Money Explained and 
 Illustrated by the Monetary History 
 OF England, from the Xornian Conquest to 
 the present time. 
 
 Second Edition. IHG'3. 
 
 Advocates bimetallism and the removal of the Bank 
 from State control as better for all, it being unlikely, for 
 its own sake, that the Bank would do anvthinor tendinor to 
 depreciate the value of its Notes. 
 
 In spite of its fanciful title and occasional oddity tlicre 
 is some good work in tliis book.
 
 94 A BIBLIOGKAPHY OF 
 
 1863 — 1865 
 
 A Dictionary of Political Economy. 
 
 Biographical, Bibliographical, Historical and 
 Practical. 
 
 H. Dunning Macleod. 1863. 
 
 Of this work, encyclopnedic in design, only the first vohime 
 seems to have been pubKshed — A to Cii. It contains 
 important articles on Banking in England and many other 
 countries, and bibliographical lists on the subject. 
 
 La Question des Banques. L. Wolowski, Paris. 
 
 1864. 
 
 The Birthplace and Parentage of William 
 Paterson, founder of the B. of E., and 
 projector of the Darien Scheme. 
 
 Wm. Pagan (Edinburgh). 1865. 
 
 The Author discovered in an "old Scotch land register" 
 incontrovertible evidence that William Paterson was the son 
 of John Paterson, in Skipmyre, parish of Trailflatt, now 
 Tinwald, Dumfriesshire. He enlarges upon this. 
 
 Stories of Banks and Bankers. 
 
 Frederick Martin. 1865. 
 
 This little book is really a popular and anecdotal history 
 of Banking in England, from the time of the goldsmiths' 
 " running cashes " up to 1865, when the deposits in 
 the nine principal Joint Stock Banks in London stood at 
 £67,377,556. 
 
 A slight sketch is given of the Bank in its early 
 " Paterson " days. Sir Henry Furnese, one of the first 
 Directors of the concern, seems to have been a sort of 
 seventeenth century Rothschild. He maintained, at his 
 private expense, a complete and perfect train of intelligence 
 through Holland, France, Flanders and Germany. He was 
 in many instances ahead of the Government mail, as in the 
 news of the fall of Namnr, and had the full advantage of 
 tlie market which his energy deserved.
 
 THE BANK OF EXGLAXD. 95 
 
 1865 — 1867 
 
 Sir Robert Clayton, who was ou the Board in 1702, 
 was another celebrity, and was noted for the magnificence 
 of his banquets, held in his palatial mansion in the 
 Surrey hills, the rooms of which were waiuscotted iu 
 cedar. 
 
 A PRACTICAL Treatise on Banking, Currency, 
 AND the Exchanges. 
 
 By Arthur Crump (formerly a clerk in the 
 B. of E.) 1866. 
 
 The best section of this multum hi parvo is that 
 devoted to Bank Notes. 
 
 The B. of E. and the Organization of Credit 
 IN England. 
 
 Third Edition. 1867. 
 
 The most useful part of the book is the Appendix 
 containing the Evidence of M. M. Isaac and Emile Pereire 
 before the French Commission of enquiry into the manage- 
 ment of the Bank of France ; also an abstract of the 
 American Free Banking Act, and an outline of a Joint 
 Stock Bank on the New Principles. 
 
 La Banque d'Angleterre et les Banques 
 d'Ecosse, par L. Wolowski, Paris. 1867. 
 
 Begins Avith an able criticism of the Restriction period 
 (1797—1819). 
 
 " II fallait se rendre compte des conditions et des 
 " resultats, .... ainsi que les dangers qu'il faisait courir. 
 " Le Bullion Report s'est acquitte de cette tache avec une 
 " hauteur de vues egale a la parfaite conuaissance des donnees 
 " pratiques." The panic of 1866, commencing with a 
 graphic account of 11th May (Black Friday), is minutely 
 described and commented on. The rest of the book is 
 devoted to the consideration of the Scotch Bank Note 
 Issue.
 
 96 A BIULIOGRAPHY OF 
 
 18G8 — 18G9 
 
 The Question of Seigniorage and Charge for 
 Coining, and the Eeport of the Royal 
 Commission on International Coinage. 
 
 E. Seyd. 1868. 
 
 Contends tliat the Mint shonld be approaclied by the 
 public without the Bank's intervention. 
 
 The Science of Finance. II. H. Patterson. 
 
 1868. 
 
 Advocates free trade in Banking, and total repeal of the 
 Act of 1844 as better for the B. of E. and everybody else. 
 
 The B. of E., or any other Bank, to issue Notes to the 
 extent they wish on their depositing Government Securities 
 to the same amount with a State office. The author 
 proposes to obviate the possible effects of a displacement of 
 a certain amount of metallic currency thus caused by Banks 
 keeping in their Banking departments large amounts of 
 Foreio-n Securities, especially of those countries towards 
 which an outflow of Gold might at any time be expected. 
 In the case of internal panics, co-operation of the Banks 
 themselves is advised, by lending each other part of their 
 Issue, &c. 
 
 The suggestions for a Bank of Europe under the form 
 of a sort of international clearing-house, and the manner 
 of carrying it on, are as ingenious as they are interesting, 
 but can hardly, at present, be held to be practicable, 
 or within the scope of sound finance. Chapters on the 
 1866 panic and the National Debt. The B. of E,, when 
 it has been wise to do so, has assisted other Banks, and, 
 in 1891, was well sup])orted. 
 
 La Qiestion ^Monetaihe. Wolowski. 1869. 
 
 A Bimetal! ist. 
 
 Contains many Ictteis and ([notations from different 
 authorities in suppoi't of his theory.
 
 THE BANK OF ENGLAND. 97 
 
 1870 — 1874 
 
 Speeches, Letters, Articles, &c. on the Gold 
 Coinage Controversy of 1869. 
 
 Printed at the B. of E., December, 1870. 
 (^For 2»'>i'^te circulation 07thj.') 
 
 A short preface by Mr. R. W. Crawford, then Governor 
 of the Bank. 
 
 An interesting and impartial selection from the Times, 
 Economist, SfC, of letters of Messrs. Thomson Ilaukey, 
 J. Cx. Hubbard, T. Newman Hunt, E. Seyd, Sir John Lubbock 
 and Professors Levi and Jcvons, and several Extracts from 
 Parliamentary Reports, &c. 
 
 An excellsnt idea of the points of the Controversy 
 may be gathered from this work. 
 
 Principles of Monetary Legislation, with 
 definite proposals for placing- the sound and 
 successful principles into permanent operation. 
 
 Richard Webster. 1874. 
 
 Proposes : 1. The permanent repeal of the restriction 
 on the Bank Issue. 2. The abolition of the division of the 
 Bank returns into Issue and Banking, and the amalgamation 
 of the Cash reserve. 3. The abandonment of the restrictive 
 system of regulating the Currency by the Foreign Exchanges. 
 4. Tliat the State should place one or two permanent 
 Directors on the Bank Board, &c., &c. 
 
 The B. of E. Note Issue and its Error. 
 
 An Address to the holders of Bank Stock, 
 and to Bankers and Economists generally. 
 
 E. Seyd. 1874. 
 
 Urges that B. of E. dividends have not increased as those 
 of other Banks have. Argues that the Bank's position 
 Avould be improved by making the amount of the fiduciary 
 issue capable of increase, or decrease, in accordance with 
 temporary conditions, and by the reduction of the present 
 large i-osorve to a temporary small " indicating " reserve. 
 
 H
 
 98 A BIBLIOGRAPHY OF 
 
 1875 — 1876 
 
 Money, and the Mechanism of Exchange. 
 W. S. Jevons. 1875. 
 
 This volume, which is one of tlie International Scientific 
 Series, gives a general account of the subject, by no means 
 forgetting the B. of E. 
 
 A Handbook of London Bankers, with some 
 account of their predecessors, the early Goldsmiths, 
 together with Lists of Bankers from the earliest 
 one printed in 1677, to that of the London Post 
 Office Directory of 1876. 
 
 F. G. Hilton Price, F.S.A., (a partner in 
 Messrs. Childs' Bank). 1876. 
 
 Enlarged Edition. 1890-1. 
 
 The various headings are arranged alphabetically. The 
 notices of the older houses give an amount of information 
 otherwise inaccessible, the collection of which must have 
 entailed much tedious labour. 
 
 Currency and Banking. Bonamy Price. 187G. 
 
 With respect to the 1844 Act, he would place the office 
 of Issue in vSomerset House, or Whitehall, that the world 
 mio-ht understand the State to be the real issuer. 
 
 o 
 
 Observations on a Table, shoAving the Balance 
 of Account between the Mercantile Public and 
 the B. of E. from 1844 to 1857. 
 
 William Langton. Salford. 1876. 
 
 Observations on a Continuation Table and 
 Chart, shewing the Balance of Account between 
 the Mercantile Pul)lic and the B. of E., 1844-1875, 
 with special reference to its course in the years 
 1866-1875. 
 
 Henry Baker. Salford. 1876. 
 
 This, and the preceding paper, which include several 
 illustrative tables, diagrams and charts, were read before 
 the Manchester Statistical Society, and the two, together 
 with Jevons' "Frequent Aufiinmnl Pressure, &c.," contained
 
 THE BANK OF ENGLAND. 99 
 
 1876 — 1879 
 
 in "Investigations in Cnrrencj, &c.," 1884 (q.v.), set forth 
 with mncli clearness the periodicitj of the high and low 
 " pressure iu the Money Market " as exhibited in the 
 relations between the Public and the Bank. 
 
 Langton testifies to the Bank's public spirit during the 
 1857 crisis, and considers it "beyond all praise." 
 
 The Elements of Banking. 
 
 H. D. Macleod. Fourth Edition. 1878. 
 
 Thirty-four pages are devoted to a consideration of the 
 1844 Act. The summing-up is that " the true criterion of 
 " the proper quantity of paper currency was not its numerical 
 " amount, but the state of the Foreign Exchanges and the 
 " market price of Gold and Bullion." 
 
 Raising the rate of Discount is insisted on as " the true 
 supreme power of controlling the Exchanges and the 
 
 (( 
 
 " paper currency." 
 
 Banking Eeform. An Essay on prominent 
 Banking Dangers and the Remedies they 
 
 DEMAND. 
 
 A. J. Wilson. 1879. 
 
 Advocates that Banks of Issue should deposit Securities 
 Avith the Government sufficient to cover their circulation, 
 the holder of a Bank !Xote being, in a peculiar manner, 
 entitled to protection. 
 
 International Monetary Conference held in 
 compliance with the invitation extended to certain 
 Governments of Europe by the Government o£ 
 the United States, in pursuance of the second 
 section of the Act of Congress, 26th February, 
 1878. 
 
 Washington. Government Printing Ofhce. 
 
 1879. 
 
 This relates to the International Monetary Conference 
 (in Paris) of 1878, and gives an account of the proceedings 
 and exhibits, followed by the Report of the American 
 Commission, and an appendix containing correspondence 
 
 h 2
 
 lUO A BIBLIOGRAPHY OF 
 
 1879 — 1881 
 
 submitted to the Department of State by Mr. Fenton, and 
 historical material, for the study of Monetary Policy, 
 collected by S, Dana Horton. 
 
 It further contains a L'st of " Official publications 
 concerning money " of different European Nations and the 
 United States of America, and of modern treatises on Money, 
 in various languages. This catalogue extends over twenty 
 closely-printed 8vo. pages, and includes the names of the 
 principal works published between 1791 and 1879, together 
 Avith "The proceedings of the International Money Conference 
 " of 1867." A copious general index to its 920 pages 
 completes the work. 
 
 A most useful book to the student of the Bimetallic 
 question, not only on account of the Eeport but of the 
 valuable historical and other material illustrating it. 
 
 The History, Law and Practice of Bankixg 
 IN Ireland, with an introductory Historical 
 Sketch, and an Appendix of Statutes. 
 
 Charles M. Collins, Barrister-at-Law. Dublin. 
 
 1881. 
 
 A large amount of condensed information Avith respect 
 to the History of Banking in general, and especially in 
 Ireland, and a short chapter (8 pages) on the B. of E. 
 
 The following illustrations of Irish humour are worth 
 
 o 
 
 notuig : — 
 
 In 1798, the Dublin mob, who liad conceived a hatred 
 of the head of the firm of J. C. Beresford & Co.i Bankers, 
 with true Hibernian vengeance, collected and burned their 
 Notes in order to ruin the house ! 
 
 • 
 
 The form of a cheque drawn on the Bank of Latouche & Co. 
 by Whaley, a then noted character in Ireland, known as 
 "Buck" or "Jerusalem" Whaley, is unique: — 
 
 " Dear Mr Latouche 
 Pray open your pouch. 
 And give my heart's darling * 
 One thousand pounds sterling." 
 
 * His wife, probably. Mr. Collins suggeets.
 
 THE BANK OF ENGLAND. 101 
 
 1881 
 
 Patriots in Arms. Addresses and Sermons by 
 celebrated preachers of the last century in praise 
 of the Volunteer Movement, with an Introduction 
 and interesting historical notes. 
 
 Thomas Preston, Ex -Lieutenant E.V. 
 
 1881. 
 
 The first Address iu this unique book is " To the 
 " Vobiuteer Association of the B. of E. npou the consecration 
 " of its colours on 2nd September, 1799." By Rev. Richard 
 Lloyd, A.M., Rector of Midhurst, in Sussex. 
 
 His final peroration is a remarkable example of rhetoric. 
 
 " You have long been the honourable and worthy guardians 
 ' of the wealth and credit of the Katiou .... j-our 
 ' disinterested and independent conduct casts the greatest 
 ' lustre upon yourselves, whilst it affords security to the 
 ' country at large, and more especially to the B. of E., 
 ' the grand depository of the wealth not only of this but 
 ' also of other kingdoms. 
 
 " These colours, which I have had the honour to consecrate, 
 ' plead Avith a silent, but powerful, eloquence in behalf of 
 ' your King, your country, and all the various and inestimable 
 ' blessings to which I have alluded. 
 
 " They likewise serve as sacred emblems and elegant 
 ' memorials, through Avhich you may contemplate the praise 
 ' and admiration with which your loyalty and zeal are 
 ' honoured by the fair sex, — the best and most amiable part 
 ' of the human race. 
 
 " The character of the lady who will present to you 
 ' these colours reflects additional splendour on their value, 
 ' and her presence on this public occasion, I am confident, 
 ' will add fresh ardour to your zeal and inspire you with 
 ' the most manly and generous sentiments. I conclude iu 
 ' addressing vou all, mv honoured friends, in the sacred 
 ' and authoritative language of an Apostle, 'Watch ye, stand 
 ' ' fast in the faith, quit you like men, be strong.' " 
 
 Even the Jin de siecle young lions of the " Gaih/ 
 Bellogiaph'" can scarcely roar in this wise, and the 
 Rev. R. Lloyd preached a hundred years ago !
 
 102 A BIBLIOGRAPHY OF 
 
 1881 
 
 The following note by Lieutenant Preston is given on 
 the B. of E. A^olunteers : — 
 
 " This corps was formed by the Governors of the Banl^:, 
 " from amongst their own employes, in April, 1798 ; its 
 " special duty was to protect the premises and property of 
 " the Bank. 
 
 " The members were not to receive pay for their military 
 " services, but the Governors of the Bank provided uniforms, 
 " accoutrements and arms. 
 
 " Their strength was limited to 450, of all ranks, divided 
 " into eight companies of fifty privates each, two were 
 "called the wing companies and the remaining six were 
 " styled the battalion. 
 
 " Their colours were presented to them (as above stated) 
 " 2nd September, 1799, at Lord's Cricket Ground. 
 
 " The interesting ceremony was performed by 
 "Mrs. Thornton, wife of Mr. Samuel Thornton, M. P., 
 " Governor of the Bank. 
 
 " The colours were beautifully ornamented with the 
 " figure of Britannia encircled with branches of palm and 
 " oak, and, on an embroidered label underneath, the motto 
 " ' God save the King.' 
 
 " On presenting the Colours to Lieut. - Col. John 
 " Whitmore, M.P. (a Director of the Bank), Mrs. Thornton 
 " spoke as follows : — 
 
 " ' Gentlemen, I cannot contemplate the present scene 
 " ' without partaking in those gratifying emotions which 
 " ' I am persuaded the spectacle must excite in the minds 
 " ' of all who surround me. Where, but in the happy 
 " ' land to which w^e belong, could such a spectacle be 
 " ' exhibited ? 
 
 " ' A land in which we behold men of all ranks, situations, 
 " ' habits and professions, instead of declining and shrinking 
 " ' back from labour and danger, pressing forward, at whatever 
 " * expense of toil or peril, in the defence of their King and 
 " ' Country. Our enemies had vainly flattered themselves 
 " ' that military exertions were foreign to the habits of 
 " ' commercial men, but, in the estimation of our character,
 
 THE BAXK OF ENGLAND. 103 
 
 1881 
 
 ' they had forgotten we were Britons, We have proved 
 ' to them that under the ennobling influence of that 
 ' unrivalled constitution, which, through the blessing of 
 ' Providence, we enjoy, every rank and profession, together 
 ' with its own peculiar habits, combines those qualities 
 ' which, as Britons, are common to them all. You, 
 ' gentlemen, have associated under the influence of these 
 ' generous emotions. Let these Banners be the centre of 
 ' your union and the memorial of your public zeal. 
 
 " 'May the same spirit of energy and imanimity which has 
 ' raised our country to its })resent eminence long continue, 
 ' and may you, Avho have been so justly distinguished as 
 ' the guardians of public credit, stand forth its zealous 
 ' defenders, the protectors of commerce, and thereby the 
 'benefactors of mankind.'" 
 
 " Lieut. -Col. Whitmore made the following reply : — 
 
 " 'Madam, The Bank Volunteers assembled here this day, 
 'though generally engaged in far different pursuits, felt, in 
 ' common with their countrymen, that in the hour of danger 
 ' they had other duties to fulfli ; and in the enviable position 
 ' of their commander, I have no hesitation to declare my 
 ' firm reliance on them, fully persuaded that, consistent with 
 ' the first great object of our association, the immediate 
 ' protection of the Bank, they will shrink from no service 
 ' which circumstances may require at their hands. The 
 ' very elegant and impressive manner in which you, Madam, 
 ' have reminded us of the important truth that we live 
 ' under one of the freeest and best constitutions in the world, 
 ' gives a double value to the colours you have done us the 
 ' honour to present to our regiment. 
 
 " ' I feel an entire conviction that these colours will, in 
 ' every extremity, be defended with not less spirit than 
 ' we have engaged, and are well determined, to exert in 
 ' defence of the large national treasures committed to our 
 ' care, treasures not wrung from the oppressed, nor the 
 ' spoils of plundered nations, but the voluntary tribute of 
 ' the world to the industry, the enterprise, the honour and 
 ' integrity of this happy country.'
 
 104 A BIBLIOGRAPHY OF 
 
 1881 — 1882 
 
 " The names of the commissioned officers in the corps 
 " at the time of the presentation of the colours were 
 " Colonel Whitmore, Major and Adjutant James Eeed ; 
 " Surgeon, Mr. Vaux. Grenadier Company : Capt. Mellish, 
 " Lieutenants Bentley and Bradley. 
 
 " 1st 
 
 Battalion 
 
 Co.: 
 
 Capt. 
 
 Puget, 
 
 Lieut. 
 
 Best. 
 
 " 2ad 
 
 55 
 
 
 
 Lewis, 
 
 
 Aslett. 
 
 " 3rd 
 
 5) 
 
 
 
 Simeon, 
 
 
 Browning. 
 
 " 4th 
 
 5) 
 
 
 
 Champion, 
 
 
 Shrubsole. 
 
 " 5th 
 
 5J 
 
 
 
 M. Amy and, 
 
 
 Corner. 
 
 " 6th 
 
 5> 
 
 
 
 Langley, 
 
 
 CoUins. 
 
 " Light Infantry Company : Capt. Manning and Lieutenants 
 " Newcomb and Daws. 
 
 " Ensigns : Triipiet, Towle, Smart, Thomas, Hutchison and 
 " Humble. 
 
 " The uniform is thus described : scarlet tunic ; white 
 "cross -belt; buff waistcoat and breeches; breastplate, oval 
 " Britannia; cartouche box, Britannia in centre, with 'Bank 
 " 'Volunteers' around. Whole gaiters, Grenadiers & Battalion. 
 " Short gaiters. Light Infantry Company. 
 
 " The Grenadiers wore fur caps, and the Battalion round 
 " hats, with bearskin across and red -and -white feather. The 
 " military committee consisted of the Colonel, Major, and 
 " seven Captains, and was permanent during life." 
 
 The History, Principles and Practice of 
 Banking. J. W. Gilkart, F.E.S. 
 
 New Edition, revised to date by A. S. Michie. 
 
 1882. 
 
 This capital combination of the same Author's "History 
 " of Banking," first published in 1827, and his "Practice of 
 " Baidving," is full of practical information, and is written 
 in a lucid and elegant style. 
 
 A chronological sketch of the B. of E., and several 
 chapters on her various functions. Gilbart was born 1794, 
 became manager of the London and Westminster Bank on 
 its foundation in 1834, and retired from service in 1860. 
 His industrious and useful life came to a close in 1863.
 
 THE BANK OF ENGLAND. 105 
 
 1882 — 1884 
 
 Hints for Investors, being an explanation of 
 tlie mode of transacting business on tlie Stock 
 Exchange, with comments on the flnctuations and 
 quarterly average prices of Consols since 1759, &c. 
 
 By W. M. Playford. (Sworn Broker.) 
 
 1882. 
 
 Gives a clear account of B. of E. practice at that 
 time in respect to Transfers, Powers of Attorney, &c. 
 
 Our Clearing System and Clearing Houses. 
 W. Howarth, F. R. Hist. Soc. 1884. 
 
 Gives much information in a small space on a little-known, 
 but exceedingly important, subject. 
 
 The early origin of the clearing system is lost in the 
 obscurity of the past. The first ascertained fact is that 
 Messrs. Martin have an entry in their books, under date 1773, 
 "Quarterly charge for use of clearing - room, 19*. Gd," 
 In 1827, the Clearing-house adjoined and formed part of 
 the building in which Messrs. Smith, Payne & Co. carried on 
 business. In 1811, the "House" removed to the present 
 premises in Post Office Court. 
 
 Lawson dates the establishment of the clearing-house 
 from 1755. An old guide-book, undated, but probably 
 published early in this century, states that " the practice 
 " of clearing is said to be a century old," the Banks 
 employing clerks called " Clearers," who nsed to settle their 
 accounts on the top of a post in Lombard Street, or on 
 each other's backs. They occasionally resorted to a Bank 
 with a large recessed window, which was convenient to 
 them, but not so to the Bank, as they Avere often summarily 
 ejected on account of the noise they made. 
 
 There is a tradition that a convenient tavern was 
 sometimes the scene of primitive clearing operations, which 
 were probably instituted by the " clearers " themselves for 
 their own convenience. The enormous advantages of the 
 system were, however, so obvious, that, in 1810, separate 
 premises for this special purpose were taken.
 
 106 A BIBLIOGRAPHY OF 
 
 1884 
 
 Mr. Howarth has been unable to trace who the first 
 Inspector was, but, in 1818, the post was filled by 
 Mr. Johu White, from Vere & Co. (afterwards Fuller & Co., 
 now merged in Parr's Bank, Limited), with a salary of 
 £100 per annum. At first, transactions were settled in 
 Notes and Gold, later on by Notes of £50 and of larger 
 amounts, the diflerence under the last £50 being carried 
 over to the next day. 
 
 The Private Banks kept the institution to themselves 
 till 1854, when the increasing number and power of the 
 Joint Stock Banks made it difficult to keep them out any 
 longer. Just afterwards, another innovation was made by 
 the settlement of accounts by drafts on the B. of E. 
 In 1839, the average amount of Bank Notes used per diem 
 for adjustment of Balances was £213,100; from this we 
 can estimate at their real value the benefits of the present 
 transfer system, which was originally suggested by Babbage, 
 who was opposed by the majority of the Bankers. 
 Derbyshire, who, for so many years Avas Inspector of 
 the house, however, again took the matter forward, and, 
 demonstrating the many advantages of the transfer system, 
 was successful in procuring its adoption. 
 
 Now, a simple order for the amount owed by one Bank 
 to another, alter being passed by the Inspector, is handed to 
 the B. of E., who transfer the sum to and from the accounts 
 of the respective Banks. It is part of the system that 
 all Clearing Banks should keep their chief reserves with 
 the B. of E. 
 
 An account is given of the Paris, Berlin, New York, 
 and our own provincial clearing - houses, together with 
 practical suggestions for a local establishment for the Banks 
 in the West End of London. 
 
 The amount cleared 15th February, 1882 (a Stock 
 Exchange settling day), stood (1884) highest for any one 
 day with £70,848,000, and all this without the use of a 
 single coin or note. 
 
 The writer asks, " What amount would now " (1884) " be 
 " necessary, supposing the old plan were still in force, when 
 " our daily totals average £19,000,000?" 
 
 The following figures have been extracted from the 
 Returns in the Journal of the Institute of Bankers to show
 
 THE BANK OF ENGLAND. 107 
 
 1884 — 1885 
 
 the diiFerence between the present and the past of this great 
 institution which, in such an eminent degree, has economised 
 trouble, time and money, not only in the financial world 
 itself, but in so many other departments of commerce. 
 
 OOO's omitted, thus: 1,000 = 1,000,000. 
 
 
 
 Total 
 Cleariiiss. 
 
 Average, 
 OriUnary day. 
 
 Ciinsols 
 Settling day. 
 
 stock Exchange 
 SettUug day. 
 
 
 1839. 
 
 954,402 
 
 2,900 
 
 4,500 
 
 4,100 
 
 
 1868. 
 
 3,425.185 
 
 10,000 
 
 11,200 
 
 21.800 
 
 * 
 
 1888. 
 
 6,942,172 
 
 19,600 
 
 27,700 
 
 52,200 
 
 t 
 
 1890. 
 
 7,801,048 
 
 22,100 
 
 29,900 
 
 59,000 
 
 § 
 
 1895. 
 
 7,.592,886 
 
 21,800 
 
 28,800 
 
 54,400 
 
 
 189(;. 
 
 7,574,853 
 
 22,100 
 
 31,700 
 
 48.500 
 
 * National Debt converted this j'ear. 
 t Baring crisis in the late Autumn. 
 § Speculation in South African enterprises. 
 
 Investigations in Curkency and Finance. 
 
 W. S. Jevons, F.E.S. 1884. 
 
 Edited, with an Introduction, by H. S. Foxwell. 
 
 This volume (published posthumously) includes much 
 that touches the B. of E. It is fortunate that these 
 essays have been collected and made available for general 
 reference, instead of remaining buried in the journals of 
 several different Societies. " The frequent Autumnal 
 " pressure in the Money Market and the action of the 
 " B. of E.," 1866. and the paper on " Commercial Crises 
 " and Sun Spots,"' 1878, are both interesting. The diagram- 
 matic Charts, showing the rise and fall of prices, are most 
 useful, especially " A Diagram, showing the price of the 
 " English Funds, the price of Wheat, the mnnber of 
 " Bankruptcies, and the rate of Discount, monthly, since 1731, 
 " so for as the same have been ascertained." This was 
 originally published in 1862, but has here been brought 
 down to 1883. A list, covering 50 pages, of the titles of 
 Works on Money, &c., from 1568 to 1882, is by no means 
 the least valuable part of the work. 
 
 The Country Banker, his clients, cares and work, 
 from an experience of 40 years. 
 
 George Kae. 1885. 
 
 An excellent little book. Has a good section on 
 Eeserves and Liabilitv.
 
 108 A BIBLIOGRAPHY OF 
 
 188G — 1S87 
 
 Bimetallism. An Address delivered by Mr. II. 11. 
 Grenfell (Ex -Governor of the B. of E.) in tlie 
 Memorial Hall, Manchester, 16th Feb., IHHO. 
 
 (Published at Manchester.) 
 
 Points out that Parliament and Press are given up to 
 other matters, and that the Platform remains as the only 
 available means of obtaining the attention the question 
 deserves. 
 
 A general statement of the subject is then given. 
 
 The Principles of Banking, its Utility and 
 Economy ; with remarks on the Working 
 and Manao-ement of the B. of E. 
 
 By Thomson Hankey, Esq., a Director 
 (1835 to 1892) and formerly Governor of the 
 B. of E. 
 
 Revised, as regards the working and management 
 of the Bank, by the late Cliilbrd Wigram, Esq., 
 a Director (1862 — 1894, and at the time of his 
 death, Deputy -Governor) of the Bank. 
 
 Fourth Edition. 1887. 
 
 This book, the first edition of which appeared in 1867, 
 is an amplification of a Lecture delivered, in 1858, by 
 Mr. Hankey to his constituents at Peterborough, for which 
 city he was then Member. 
 
 It is especially interesting on account of its containing 
 the only reliable published account of the practical Avorking 
 of the Bank, and is valuable from the authenticity of the 
 information it affords, which is effectually guaranteed by 
 the position of its authors. 
 
 The first section of the work deals with " Banking 
 " in connection with the Currency and the B. of E." 
 The second consists of "A Lecture delivered at Peterborough, 
 " 29th November, 1858, on Banking, its Utility and Economy," 
 and the third gives a " Descriptive account of the B. of E.," 
 &c., &c.
 
 THE BANK OF ENGLAND. 109 
 
 1887 
 
 Mr. Ilankey " feels more firmly convinced than ever 
 " that the principles laid down for the regulation of the 
 " Bank in ISi-i are perfectly sound;" that they have heen 
 of great practical good, and that, if any change should be 
 made, it will be in the "direction of placing the whole 
 " issue of Bank Notes as a circulating medium (in part 
 " substitution for gold coinage) on the same footing as that 
 " of the B. of E." He gives a lucid account of the 
 origin of the system embodied in the Act. 
 
 In 1840, the select Committee on Banks of Issue 
 found that, in 1839 (a period of commercial distress), the 
 amount of the circulation was £ 15,532,000. Deducting 
 £800,000 for Post Bills, which this sum included, leaves 
 it at £14,732,000. As the Banking and Issue were not 
 then separated, £2,000,000 had to be added for use in the 
 till of the future distinct Banking Department, making 
 £ 16,732,000. This sum was assumed, under a departmental 
 separation of functions, to be the minimum amount beloAV 
 which the action of the foreign exchanges could not reduce 
 " the Notes out of the Issue Department." 
 
 £14,000,000 was taken as a safe limit to the amount 
 of Notes which, under all conceivable circumstances, must 
 remain in the hands of the public to fulfil their requirements 
 as regards paper currency, and was, therefore, held to be 
 issuable without a corresponding reserve of Bullion. 
 
 Mr. Ilankey quotes from Torrens " On the operation of 
 " the Bank Charter Act, 1847." (q.v.) 
 
 " The minimum amount which would be required to be 
 " issued against bullion held in deposit would be £2,732,000; 
 " and that as the reserve of bullion could not, under such 
 " circumstances, be ever reduced below £ 2,732,000, the 
 " convertibility of the circulation would be secured. The 
 " correctness of these views has been fully borne out by 
 " experience. Theory has been verified by fact. In so far 
 " as regards the perfect convertibility of the circulation, 
 " the anticipations of the framers of the Act have been 
 "realized. From the period at which the Act came into 
 " operation, up to the present time, the reserve of Bullion 
 " in the Issue Department of the Bank has never been 
 "reduced below £8,000,000."
 
 110 A BIBLIOGRAPHY OF 
 
 1887 
 
 We may say, now (1897), that the basis of circulation 
 is as firm as it has ever been. The amount of tlie 
 "fiduciary issue" {i.e., tlie part of the Note Issue based on 
 Government Securities) has increased in amount to a small 
 degree owing to the fact that the Bank is allowed, under the 
 Act, to take up a proportion of the lapsed circulation of any 
 country bank that has ceased to exist, or has given up its 
 issue ; the increase is thus accounted for. The authorised 
 Country Bank Note Issue for England and Wales, in 1844, 
 was £8,631,647; in June, 1892, it Avas £4,693,869 (the 
 actual average on 4th June, 1892, £2,209,144), and on 
 7th November, 1896, the authorised stood at £3,491,895, 
 the actual being £1,562,579. 
 
 All profit on additional fiduciary issue, after deducting 
 expenses, goes to the public. 
 
 The third section is a " Descriptive account of the 
 " various Departments of the Bank." This succinct account 
 of the manifold duties of the presiding genius of the market 
 shows, as far as is possible, how they are performed. 
 
 " The Issue Department requires no management 
 " whatever. 
 
 " As every Bank Note issued beyond the sum of 
 "£16,200,000 is represented by the Bullion in the vaults, 
 " and the 16 millions itself is invested in Government 
 " Securities, no risk can possibly occur with respect to this 
 " department until the issue of Bank Notes is reduced to 
 " that amount, which has never yet been the case." 
 
 In the, at present, inconceivable event of the circulation 
 sinking below the limit of the "fiduciary issue," the liability 
 could be met by selling the Government Securities in the 
 Issue Department. The debt of £11,015,100, due from 
 Government to the Bank, could then, with the approval 
 of Parliament, by a mere book entry in the Stock Ledgers, 
 be turned into Consols. 
 
 In case of sale, the payment for these Securities would 
 be made in the Bank's own Notes, which could then be at 
 once cancelled. 
 
 The following extract, and summarised notes, show the 
 active part taken in the control of the establishment by 
 the Governors and Directors : —
 
 THE BANK OF ENGLAND. Ill 
 
 1887 
 
 " The Governor and Deputy-Governor are in daily attend- 
 " ance at the Bank, and there is also a daily Committee, 
 "consisting of three Directors, who meet at half -past 
 " eleven o'clock to receive reports of all proceedings at 
 " the Branches, see that the whole of the Securities of the 
 " preceding day have been lodged with the proper officers, 
 " take in or deliver gold or silver from the vaults, approve 
 " or reject Bills oifered for discount, examine from time 
 " to time Securities deposited by customers, and attend 
 " generally to any work required by the Governors. 
 
 " The Chief Officers in the Bank are the Chief Accountant, 
 " taking cognizance of all Accounts, including the National 
 " Debt ; the Chief Cashier, in charge of all matters relating 
 " to money payments or receipts ; and the" Secretary, whose 
 " duties are immediately connected with the Courts and 
 " Committees. 
 
 " As a building, the Bank covers nearly four acres of 
 " ground, and bears an estimated rental of £ 70,000 a year. 
 
 "Upwards of 1,160 persons are employed, including 
 " those at the Branches, porters, mechanics, machine 
 " boys, &c., and the salaries and wages amount to nearly 
 " £ 290,000 a year, besides pensions to superannuated clerks 
 " and others of £io,000 more." 
 
 The book contains tables showing the decline of the 
 Reserve in the Autumn, and its increase in May and June ; 
 the curious monthly ebb and flow of Notes with the public, 
 always larger at the beginning, and coming back to the Bank 
 at the end, of the month (the rate of discount makes no 
 difference in this movement) ; the circulation of gold coin 
 in the United Kingdom ; and a List of Governors from 1694 
 to 1888. 
 
 The First Nine Yeaks of the B. of E. 
 
 An enqiiirj into a weekly record of the price 
 of Bank Stock from 17th August, 1694, to 
 17th September, 1703. 
 
 J. E. Thorold Rog-ers. 1887. 
 
 The book is founded principally on J. Houghton's price 
 lists, Luttrell's "Brief Relation" and contemporary tracts.
 
 112 A BIBLIOGRAPHY OF 
 
 1887 
 
 The careful collation of these original sources in the hands 
 of so competent an investigator has resulted in a most 
 graphic and interesting volume. 
 
 Five useful Tables are appended : — 
 
 1. "Weekly prices of Bank Stock, from 17tli August, 1694, 
 
 to ITtli September, 1703. 
 
 2. Rates of the Excliange on Amsterdam. 
 
 3. Discount, or premium, of Bills of Excliange between 
 
 London and Amsterdam. 
 
 4. Discount of Bank Bills. 
 
 5. Changes in the Value of Gold, Silver and Guineas. 
 
 The highest price of Bank Stock during the period, 
 according to Ploughton, was 148^^ on loth March, 1700, and the 
 lowest 51 in money, and 62^ in Notes, on 5th February, 1697. 
 The exact significance of these prices is perhaps a little 
 uncertain as the Stock was not fully paid up until 24th July, 
 1697. The following are the dates of payment, viz : — 
 
 2nd July, 1694 
 
 27th September, 1694 
 
 27th November, 1694 
 
 10th November 1696 but not completely 
 paid until 24th July, 1697 
 
 24th July, 1697 (or shortly after), out of profits 
 
 It is clear that on the 5th February, 1697, the date of 
 the lowest price, not more than 80 per cent, at the utmost 
 had been paid, but, probably, the price was made on the 
 basis of full payment as the quotations begin in August, 1694, 
 with the price of 102. 
 
 Rogers attributes the low price to over -issue of paper 
 |,by the Bank, which he considers excusable as the Govern- 
 ment were then exercising great pressure on the corpoiation. 
 
 Tlie Book has a good Index. 
 
 25 
 
 per 
 
 cent. 
 
 25 
 
 
 J) 
 
 10 
 
 
 >) 
 
 20 
 
 
 n 
 
 20 
 
 per 
 
 )) 
 
 100 
 
 cent.
 
 THE KAXK OF KXGLAXD. 113 
 
 1891 
 
 The Theory of Ceedit. Henry Dunning Macleod. 
 
 1891. 
 
 Vol. 2, part II, contains an exhaustive and interesting 
 historical account of the B. of E. from the currency point 
 of view ; also sketches of the rise and progress of Banking 
 in Scotland and in Ireland, and analyses of the commercial 
 Crises since 1764. 
 
 He lays down the principles of a "complete" theory of 
 credit, in which all facts should fall into their proper places, 
 and, by the light of which, we may be enabled to deal 
 effectually with any crisis that may occur iu the future, 
 in such a manner as to prevent it assuming disastrous 
 proportions and, in the increasing complexity of the 
 conditions of international modern commerce, becoming an 
 overwhelming panic. 
 
 Whether there may not yet arise fresh factors in the 
 creation of commercial crises, or whether the world has 
 reached a sufficiently mature age to eliminate such further 
 chances, it is, in our ignorance of the future, impossible to 
 say ; the treatment here, howevei-, of the known realm of 
 Economics is conscientiously thorough, and deserves the 
 most careful consideration. 
 
 Mr. Macleod is fair to the Bank throughout. In his 
 account of the Baring crisis of 1890, he becomes justifiably 
 enthusiastic. 
 
 The sul)joined extracts show his view of the position : — 
 
 " On the 8th November, the appalling intelligence was 
 " made known to the Governor of the Bank that this great 
 " house (Baring's) was in the extremest danger of stopping 
 " payment, with liabilities to the amount of £21,000,000 ; 
 " and that the most energetic measures must be taken 
 " without a moment's delay to avert the catastrophe. 
 
 " The magnitude of the panic which would have ensued 
 " if this house had been allowed to shut its doors may be 
 " gauged by the fact that, in 1866, the liabilities of 
 " Overend, Gurney & Co., which was up to that time the 
 " most stupendous failure in the City, were only £10,000,000, 
 " whereas those of Baring Bros. &Y"o. were £21,000,000, 
 
 I
 
 114 A BIBLIOGRAPHY OF 
 
 1891 
 
 " Moreover, Overend, Gurney & Co.'s liabilities were 
 " entirely internal, whereas the paper of Baring Bros. & Co. 
 " was held by millions in foreign conntries. It is not too 
 " much to say that if this house had been allowed to stop, 
 " it would have produced a monetary panic throughout the 
 " whole world. 
 
 " In this emergency, the Chancellor of the Exchequer 
 " was summoned in hot haste to give counsel in the City. 
 " Popular report attributes the measures taken chiefly to 
 " the wisdom of Mr. Lidderdfile, the Governor. With 
 " magnificent energy, the Bank itself being utterly unable 
 " to meet the crisis unaided, the Joint Stock Banks in 
 " London, the Provinces, and in Scotland, were summoned 
 "to combine, and a guaranteed fund of £15,000,000 was 
 " subscribed for. 
 
 " Moreover, news of the danger would, not improbably, 
 " have brought on a panic and a run for Gold. Vast 
 " quantities of stock were thrown on the market, which 
 " reduced it lower than it had been for yeai's, and far 
 " different from the halcyon days when Mr. Goschen 
 " effected his conversion. It is also said that some of the 
 " Joint Stock Banks contemplated ceasing to discount, 
 " which would have at once brought on a panic, and were 
 " only dissuaded from doing so by the peremptory and 
 " energetic remonstrances of the Governor. 
 
 O" 
 
 " But, to provide against a possible panic, it was 
 " necessary to have a provision of Notes ; and as, under 
 " the Bank Act of 1844, additional Notes could only be 
 " issued against an equal amount of gold, several millions 
 " of gold were required to be got together without a 
 " moment's delay. 
 
 " The Rate of Discount was six per cent., and the 
 " Bank did not dare to raise it higher, because, with its 
 " exceedingly restricted power of issue, raising the Rate 
 " of Discount would have been the very thing to aggraA^ate 
 " the panic, and bring on the Bank a demand for Gold 
 " and Notes. 
 
 " Accordingly, the Bank contracted a loan for 
 "£3,000,000, foi' a shoit period, with the Bank of 
 " France, and £ 1 ,.500,000 with St. Pctorsbuiif. and obtained
 
 THE BAXK OF KXCI.AXO. 115 
 
 icsyi 
 
 " £500,000 from other quarters. It had, therefore, the 
 " power to issue £ 5,000,000 iu Notes, and felt itself 
 " secure. 
 
 " By these energetic means, in such splendid contrast 
 " to the proceedings of the Bank on former occasions, 
 " it was at length announced that all the liabilities of 
 " Baring Bros. & Co. were protected, but at the cost 
 " of the liquidation of this world-renowned firm, and the 
 " frightful Mouetarj Panic was averted, which would have 
 " thrown all former ones into the shade. 
 
 " The nearest parallel to this crisis was that of 1838, 
 " Avhen the greatest American houses were in danger, and 
 " the Bank promptly and instantly advanced £6,000,000, 
 " and averted a Monetary Panic." 
 
 Mr. Macleod makes, amongst others, the following- 
 remarks : — 
 
 " That although, in ordinary times, the Eate of Discount 
 " is the true supreme power of controlling Credit and the 
 " Paper Currency, it is utterly too slow to attract millions 
 " of gold if required to be got together in a few days. 
 
 " That, while the Bank is bound to such a narrow 
 " restriction of its power of issuing Notes, raising the 
 " Rate of Discount too much will aggravate the panic and 
 " bring on a run for Notes and Gold. 
 
 " It gives the coup de grace to the Restrictive theory, 
 " and shows that, when a great Commercial Crisis is 
 " imminent, the Banks must act together instantly and 
 " promptly, and energetically support the mercantile com- 
 " munity, and not wait till half the city is in ruins, as on 
 " former occasions. 
 
 " The Bank, on this occasion, was saved by the energetic 
 " measures of Mr. Lidderdale, who is entitled to the gratitude 
 " of the whole Banking and Mercantile community in the 
 " world, for his bold, prompt and energetic measures, which 
 " were the only ones possible under the circumstances." 
 
 An authentic account of the events that marked the 
 crisis of November, 1890, will be found in the "Journal of 
 " the Iii'titnte of Bankers" for January, 1891. 
 
 I 2
 
 IIG A ElDLlnGK.VrilY oF 
 
 1891 
 
 A Money Market Primer and Key to the 
 Exchanges, with Diagrams. 
 
 George Clare. 1891. 
 
 This book, although small, is one of the most clear 
 and complete on the subject. 
 
 The chapters on the relations between the B. of E. 
 and the Money Market, and those dealing Avith the effects 
 of the Exchanges and International Bullion operations on 
 the Reserve, are excellent. 
 
 It is a great advantage that the Author describes things 
 as they are, and that he does not manipulate facts to 
 establish a preconceived conclusion. Special pleading is a 
 vice by no means rare amongst financial theorists. 
 
 Chapters on the Theory and History of 
 Banking. 
 
 C. F. Diml)ar. 189J. 
 
 "A little and good" book, with chapters on B. of E., 
 Banks of Amsterdam and France, and the Eeichsbank of 
 Gernniny. Is generally up to date. 
 
 A History of the Civil Service Rifle 
 Volunteers (including the Volunteers of the 
 B. of E.) 
 
 EdAvard Merrick, Lieut. C.S.R.V. 1891. 
 
 The B. of E. Corps Avas enrolled, originally, in 1798 and, 
 in 1801, it numbered 433, Avith a "Supplementary Corps" 
 of 122 ; their parades were held at 7 or 8 a.m. 
 
 " The most notable period in their history appears to 
 " have been in 1812, at the time of the assassination of 
 " rerceval in the House of Commons ; " when it Avas con- 
 sidered necessary for them to bo under arms to guard the 
 Bank night and dav. 
 
 A general disbandment of Volunteers (including the 
 Bank Corp?) took place, in 1814, at the peace.
 
 THE BANK OF ENGLAND. 117 
 
 1891 
 
 In 18o9, the Volunteer movement recommenced, and 
 the C. S. K. V. Corps was started. 
 
 u 
 
 " An important event occurred in the History of the 
 Corps, in 1866, in the foundation of a new company 
 " composed of members of the clerical establishment of 
 " the B. of E. 
 
 " The Bank had, as yet, taken no active part in 
 " the Volunteer movement, but, the Directors, following 
 " the traditions of tlieir predecessors of the last century, 
 " were very favourably inclined towards it. It was with 
 " little difficulty, therefore, that Mr. Kingsmill, to whose 
 " energy the foundation of the Corps was principally due, 
 " succeeded in recruiting a sufficiently large contingent to 
 " make them an acceptable acquisition to any leading 
 " Metropolitan Corps. 
 
 " An attempt was made to draw them into the ranks 
 " of the London Kifle Brigade. Although not servants of 
 " the Crown, however, it was felt that there were bonds 
 " of affinity Avhich drew them closer to the Civil Service 
 "than to any other Corps. Lord Bury's (CO.) sanction 
 " was readily obtained, and in July, 1866, they joined, 
 " 140 strong, under the command of one of the Directors 
 " of the Bank, Captain J. P. Curiie, .... and took 
 " rank, after the Admiralty, as the " K " Company. 
 
 " In 1875, a new Corps (one of the last raised in 
 "Middlesex) was formed from the porters and subordinate 
 " establishment of the B. of E. After the disbandment of 
 " the Bank Volunteers, in 181-1, the Directors still considered 
 " it advisable to train a certain number of their employes 
 " to the use of arms, to be employed, if necessary, ibr the 
 " use of the Bank. Their porters and messengers were 
 " specially selected with a view to this purpose, and arms 
 " and uniforms were provided by the Bank. The year 1875 
 " found them a rather antiquated body of men, armed Avith 
 "the 'Brown Bess' musket. At this period, efforts were 
 " successfully made to bring them within the scope of 
 " the Volunteer regulations, and they were enrolled as the 
 •• 50th Middhesex — afterwards changed to the 25th.
 
 118 A BIHLKXiKAI'llY OF 
 
 1891 — 1894 
 
 " The Corps consisted of one Company only, about 
 " 100 strong, nnder the command of Captain Gray (late 
 " Chief Accountant of the Bankj." 
 
 The uniform is dark green, -with busby, of the Kitie 
 Brigade : the Company is attached, for battalion drill 
 purposes, to the Civil Service Corps. 
 
 The Theory of the Fokeigx Excpianges. 
 Kt. Hon. (t. J. Goschen, M.P. 16tli Edition. 
 
 1894. 
 
 The earliest Edition ■vvhicli the compiler has been able 
 to examine is the Third, published in 1864, which contains 
 the preface to the Second, dated October, 1863, and an 
 Introduction (presumably to the Fiist Edition) dated 1861. 
 
 It would be superfluous to give a detailed account of 
 this well-known work, Avhich still remains the best book 
 on the subject. 
 
 A History of Banks, Bankers, and Banking, 
 IN Northumberland, Durham, and North 
 Yorkshire, illustrating the Commercial Develop- 
 ment of the North of England, from 1755 to 1894, 
 Avith numerous Portraits, Facsimiles of Notes, 
 Signatures, Documents, &c. 
 
 By Maberly Phillips, Associate of the Institute 
 of Bankers, Member of the Coimcil of the 
 Society of Antiquaries of Newcastle-upon-Tyne. 
 
 London : Effing'ham Wilson & Co., Poval 
 Exchange. 
 
 Printed by Andrew Dickson, 30 & 32, High 
 Bridge, Newcastle-upon-Tyne. J 894. 
 
 In this excellent book no possible source of information 
 seems to have been neglected by the writer, who has been 
 for many years a member of the staflT of the Newcastle 
 Branch, B. of E., of which he gives a most interesting
 
 Tin: BAXK OF KXGLAXI). 119 
 
 181)4 
 
 account. The Branch was opened on 21,st April. 1828, and 
 the Keweastle Bankers ofiered the strongest opposition to 
 its establishment. 
 
 The Town Chamber of Commerce, after a verv full 
 meeting, memorialised the Governor and Company, who 
 ansAvered that thej saw " no reason to alter the intention 
 " of establishing a Branch Bank in that town." The 
 business at first was small, the stock of Notes was injured 
 by the dampness of the premises, the agent was annoyed by 
 the dead cats, &c. thrown over the wall, and the neighbonrs' 
 children were snch a nuisance that, " for a shilling a Aveek, 
 " an old Avoman AA^as employed to driA^e them away from 
 " the doorstep." 
 
 In 1838, the Branch Avas removed to the fine premises 
 in Grey Street, the business having greatly improved and 
 the staif haA'ing been increased, and, in 1841, the new house 
 Avas enlarged. 
 
 The crises of 1847 and 1857 were severely felt in 
 Newcastle, and caused great pressure of Avork at the 
 Branch ; during scAeral months the day's Avork Avas 
 frequently not closed before midnight. 
 
 In 1872, principally through the influence of Mr. D. 
 II. Goddard, Avho Avas agent at that time, (he Newcastle 
 Bankers' Clearing-house Avas established. 
 
 A concise History of Provincial Banking in England 
 occupies 132 pages, the rest of the Avork being devoted to 
 a revicAV of the North Country Banks, Avith portraits of 
 the partners, sketches of the premises, and many tit -bits 
 of local information.
 
 NATIONAL DEBT.
 
 THE BAXIv OF ENGLAND. 123 
 
 NATIONAL DEBT. 
 
 1701 
 
 The Villainy of Stockjobbers Detected, and 
 the causes of the late run upon the Bank, aud 
 Bankers, discoA'ered and considered. 
 
 (Daniel Defoe) - 1701. 
 
 The particular " villainy " which drew down upon the 
 Stockjobbers the wrath of the versatile author of " Robinson 
 Crusoe " was the " rigging " up and down of the Stocks of 
 the two rival East India Companies, the "Old" and the 
 " New," one against the other. 
 
 " The old East India Stock, by the arts of these 
 " unaccountable people, has within ten years or thereabouts, 
 " without auv matei'ial difference in the nominal value, been 
 "sold at from £300 per cent, to £37 per cent." He 
 complains that one set of men in the old Company hoarded 
 cash which was then very scarce, and another " set in the 
 same lot " hoarded Bank Bills to the amount of the 
 £300,000. They (the Stockjobbers) started a run on the 
 Bank and spread wild rumours to gain their ends. There 
 seems to be something familiar to us in tliis statement. 
 
 He hopes, however, that all this ''hurricane may yet fall 
 "on themselves, and it were only lo be wished that the 
 *' fall of Stocks would affect none but such as have 
 ''encouraged this destructive Hydra, this new corporation 
 " of Hell, Stockjobbery." 
 
 The tract is given in the list of his works in the 
 "Life of Defoe," by C. Chalmers. Halkett and Lang in 
 their Dictionary of Anonymous Works confirm the fact of 
 Defoe's authorship of the tract, and mention Wilson's 
 "Life of Defoe" as their authority.
 
 124 A Bir.LIOGItArilY OF 
 
 1710 — 1717 
 
 An Essay on Publick Credit, being an enquiry Iioav 
 the Publick Credit comes to depend upon the 
 change of the Ministry, or tlie dissohitions of 
 Parliaments ; and whether it does so or no. With 
 an Argument proving that the Publick Credit may 
 be upheld and maintained in this nation, and 
 perhaps brought to a greater height than it ever 
 yet arrived at, though all the changes or dissolutions 
 already made, pretended to, and now discoursed of, 
 should come to })ass in the world. 1710. 
 
 McCulloch, ill tlie jjreface to the volume containing 
 the reprint of this tract, says tiiat it is supposed to be by 
 Harley, Earl of Oxford, and that it was referred to by the 
 first Marquis of Lansdowne in the debates on Pitt's vSinking 
 Fund in 1786. 
 
 The following definition is as true as ever, and has 
 certainly lost none of its significance: "Publick Credit 
 " is the consequence of honourable, just, and punctual 
 " management in the matter of funds and taxes, or loans 
 " upon them. Where this goes before, credit always follows.'" 
 
 Re-printed in the Overstone Collection, 
 
 A Letter to a Friend, in which is sheAvn the 
 inviolable nature of Publick Securities. 
 
 By a Lover of his Country. 1717. 
 
 Tlie main cause which drew forth this protest is best 
 stated in the Author's words: "Your project is to lower 
 " their interests, or, which is the same thing, to tax these 
 " Funds in order to raise money for, or lessen the debts oF, 
 " the Nation." The subject is well handled, especially 
 considering the then comparative novelty of the funding 
 system, e.g., "Money (that is. Securities or Funds) ought 
 " in common equity to bear a higher value, i.e., to produce 
 " a greater yearly increase, than land," as in the case of 
 land the principal always remains, and " that the owner can 
 " but lose his interest or rent for a year, besides the law 
 "• giving him priority over other creditors," &c. 
 
 This and the preceding ti'act, "An Essay on Publi(;k 
 " Credit," &c., serve as excellent introductions to the study 
 of that subject, of Avhich they take a good general view. 
 
 Pe-})rintcd in the Overstone Collection.
 
 THE BANK OF EXGLAXl). 12.3 
 
 1717 — 172G 
 
 A Collection of Treatises helating to the 
 National Debt and Fuxds. The first of 
 them dated April the lltli, 1717, and tlie last 
 October the 30th, 1719, and also a Collection of 
 Treatises relating to the South Sea Stock, &c. 
 
 By Archibald Hutcheson, of the Middle 
 Temple, London, Esquire, and M.P. for Hastings 
 in Sussex. 
 
 The first part (Natioual Debt) of the Collection contains 
 eight main Treatises and several sub-divisions, very precisely 
 written, giving the author's ideas on the subject, and his 
 discussions thereon with a Mr. Crookshanks. Hutcheson 
 was in favour of each one paying off his own proportion 
 of the Debt forthwith. 
 
 Hume refers to the book in his " Essay on Public Credit," 
 and exposes the weak points of the scheme. The title of 
 the seventh Treatise, viz., " A short abstract of 7 of my 
 " 8 states to which Mr, Crookshanks has olyected little," 
 sufficiently exemplifies the minutely detailed character of 
 the style. 
 
 A\ Essay ox the Publick Debts of this 
 KiXGDOM, wherein the importance of discharging 
 them is considered, the provisions for that purpose 
 by the Sinking Fund, and the progress therein 
 liitherto made, are stated and explained ; the 
 sufficiency of those provisions are demonstrated, 
 some general mistakes about the nature and 
 efficacy of this expedient examined and removed, 
 and the progress of the Sinking Fund described 
 and computed from Midsummer, 1727. To 
 which is subjoined an Enquiry into the general 
 convenience of reducmg further the interest on 
 our Public Debts beloAv £4 per cent, per annum. 
 
 In a letter to a jNIember of the House of 
 Commons. Third ]']dition. 1726. 
 
 (Attributed to Sir Xathaniel Gould, an eminent merchant 
 and Director of the B. of E.) 
 
 The virtues of the compound interest on a Sinking Fund 
 are insisted on to an absurd extent. " Suppositions about
 
 12G A BIBLIOGRAPHY OF 
 
 1726 — 17l>7 
 
 " the increase of the Publick Debt might be carried to the 
 " utmost extravagance, and still appear to be provided for 
 "by the above-mentioned Sinking Fund of £1,000,000, 
 " increasing at the rate of £ 4 per cent, compound interest, 
 " which, if it were worth while, might be shewed to be 
 " sufficient in about 105 years to pay off a debt of 
 "£1,575,000,000, allowing for the increase of the present 
 "debt of £50,000,000 by an addition of £15,000,000 in 
 " every year in which that Sinking Fund should be so 
 " applied." At the present-day, the enthusiasm of the 
 "eminent merchant" is less, and his mathematical know- 
 ledge greater than those displaved bv the writer of the 
 above quoted passage. Luckily, the Ministry did not at 
 once begin to borrow recklessly on the strength of these 
 statements, of which nothing more was heard, after a year 
 or two, for some considerable time. 
 
 Sixty vears later, however, the seed bore fruit, when 
 Dr. Price, in his " Appeal," &c., revived the idea, and 
 tempted Pitt with it. The latter, with an empty Exchequer, 
 was delighted with the notion, and asked the Doctor for 
 a definite plan, which was adopted. So faithfully was it 
 believed in, that the Acts for raising Loans during the 
 Napoleonic wars actually contained clauses to restrain the 
 growth of that increasing source of national wealth, the 
 Sinking Fund. 
 
 Re-printed in the Overstone Collection. 
 
 A State of the National Debt as it stood 
 24th December, 1716, with the payments 
 made towards the discharge of it out of the 
 Sinking Fund, &c., compared with the Debt at 
 Michaelmas, 1725. 1727. 
 
 Ascribed to Pulteney, afterwards Earl of Bath, then 
 leader of the Opposition in the House of Commons. 
 
 This is the other side of the question. It traverses the 
 statements made in the pi'eceding tract as to some of the 
 Debt having been recently paid off, and accuses the author 
 of tempting the Nation to new debts by showing such an 
 easy way, in the Sinking Fund, of paying oiF old ones. 
 
 Re-pi-inted in the Overistoiie Collection.
 
 THE BANK OF ENGLAND. 127 
 
 1727 
 
 A Defence of an "Essay on the Publick 
 " Debts of this Kingdom, &c.," in answer 
 to a pamphlet entitled "A State of the National 
 " Debt, &c." 
 
 By the Author of the "Essay." 1727. 
 
 This is a reioinder, reasserting the controverted state- 
 ments, and explaining- those found " incomprehensible " by 
 his opponent. The acuteness of the situation is shown in 
 the following extract from the " History and Proceedings 
 '' of the House of Commons," Vol. 5 : — 
 
 Febri;ary 23rd, 1727-28, the "Committee of Supply 
 "resolved to raise £1,700,000 on the coal-duty. Hereupon 
 " Mr. Pulteney observed that the shifting of funds was but 
 " perpetuating taxes, and putting off the evil day, and that, 
 " notwithstanding the great merit that some had built on 
 " the sinking fund, it appeared that the National Debt had 
 " been increased since the setting up of that pompous project. 
 " On which Sir Nathaniel Gould, an eminent merchant, said 
 " he apprehended that gentleman had his notions out of a 
 " treatise entitled ' A State of the National Debt,' supposed 
 " to be written by that very gentleman, but that if he 
 " (Sir N. Gould) understood anything, it was numbers, and 
 " he durst pawn his credit to prove that author's calculations 
 " and inferences to be false. To this Mr. Pulteney replied 
 " that he took them to be right, and that he would likewise 
 " pawn his credit to make good his assertion. Upon this, 
 " Sir Robert Walpole took up the cudgels, and said he would 
 " maintain what Sir N. Gould had advanced. Mr. Hungerford, 
 " however, in a jocular speech, restored the House to its 
 " good humour." 
 
 The matter attracted considerable public attention, l)oth 
 from the national interest in the question and the high 
 standing of the disputants. 
 
 It appears that so excessively complicated was the 
 system of State book-keeping at this time, that it was 
 really extremely difficult to determine whether the Debt 
 had increased or decreased. This curious state of affairs 
 eventually led to Sir Robert Walpole laying the following 
 report before the House. 
 
 Ke-prhited in the Overstone Collection.
 
 128 A BIBLIOGRAPHY OF 
 
 1728 — 1735 
 
 Representation of the House of Commons to 
 H. M. George II., showing the state of 
 the National Debts in 1716 and 1726. 
 
 Commons Journal, 8tli April, 1728. 
 
 It appears from this tliat there had really been a decrease 
 in the Debt of £2,698,416 95. 7^d., and "that this Sinking 
 " Fund is risen to, and may be reasonably estimated at 
 "£1,200,000 or thereabouts." 
 
 After referring to the awkward state of affairs abroad 
 and sundry disturbances at home, he winds up with, " If, 
 " notwithstanding these and many other difficulties which 
 " we laboured under, and while the Sinking Fund was yet 
 " in its infancy, and so much less than it now is, we have 
 " been able to diminish the National Debts so much already, 
 " what may we not hope for in regard to a more speedy 
 " and sensible discharge of them for the future, now the 
 " Sinking Fund is greatly increased," etc., &c. 
 
 It is difficult to know whether this was a mere ministerial 
 flourish or AA'hether Walpole really regarded the Debt as 
 Avithin, at au}' rate, a calculable period of extinction. 
 
 The Sinking Fund was soon, however, tampered Avith. 
 In 1733 it Avas charged with £500,000, in 1731 with 
 £1,200,000, and was again further heavily mortgaged, in 
 1736, in spite of a strong protest by the Peers in 1733. 
 
 Re-printed in the Overstone Collection. 
 
 An Enquiry into the Conduct of our Domestic 
 Affairs from 1721 to Cliristmas, 1733, in Avliich 
 the case of onr National Debts, tlie Sinking- 
 Fund. &c., are ])articularly considered. 1734. 
 
 Some Considerations concerning the Public 
 Funds, the Public Revenues and the 
 Annual Supplies, occasioned by a late 
 ]iamphlet, entitled, " An Enquiry, &c." 1735.
 
 THE BAXK OF ENGLAND. 129 
 
 1735 — 1750 
 
 The Case of the Sinking Fund and the 
 Right of the Public Creditors to 
 IT Considered, &c., beins; a Defence of 
 " An Enquiry, &c.," and a full reply to a late 
 pamphlet entitled " Some Considerations, &c." 
 
 1785. 
 
 An Essay on the Sinking Fund, ^vherein the 
 
 nature thereof is fiillv explained, and the Right 
 
 of the Public to that Fund asserted and 
 maintained. ] 78(). 
 
 A Sura^ey of the National Debts, the Sinking 
 Fund, the Civil List, &c. 
 
 Inscribed to Sir John Phillipps, Bart. 1745. 
 
 Considerations on the Proposal for Reducing 
 THE Interest on the National Debt. 
 
 By Sir John Barnard, :\r.P. ]750. 
 
 In favour of reduction. 
 
 An Essay on the National Debt and National 
 Capital, or the Account truly stated, Debtor 
 and Creditor, &c. 
 
 By Andrew Hooke, Esq., Bristol. 1750. 
 
 An interesting tract, protesting against the alarmist 
 AncAA's preA^iiling at the time, respecting the amount of the 
 National Debt. The work appears to have received no 
 attention from the writer's contemporaries. 
 
 He attempts an estimate of the capital and income of 
 England and Wales (Scotland?) in 1750, working from 
 the figures of Pettv and Davenaur, and puts the capital at 
 £1,000,000,000, and the income at £100,000,000. He 
 points out that according to these computations, the 
 NfitioiiMl Deht was tlien a twelfth part of the capital of 
 
 K
 
 l;U) A I'.IBLIOCiUAI'IIY Ol' 
 
 1750 — 1751 
 
 the nation, ami its interest a tliirtietli i)art of tlie national 
 income. The population he phxces at 10,000,000, "as 'tis 
 generally computed," no doubt greatly in excess of the fact. 
 
 The writer goes on to propound a plan for liquidating 
 the National Debt, by the creation of terminable annuities, 
 a plan much in favour a very few years ago. The tract 
 exhibits little original research, but shows some breadth of 
 view and acumen. 
 
 The HisToTiY of our National Debts and 
 Taxes, from the year 1G88 to the present time. 
 
 1751. 
 
 In foTU- parts ; the last published in 1753 ; about 400 pp. 
 altogether. The author explains that "a large number of 
 " authentic accounts relating to the Public Expense, Debts, 
 " and Taxes of this nation, having lately, by accident, 
 " fallen into his hands," induced him to make further 
 investigation and publish his remarks, which he hopes 
 will establish '' a maxim observed by all wise nations, but 
 " exploded bv all wicked ministers." That the Annual 
 Expense ou^ht never to exceed the Annual Revenue. He 
 computes that at the time of the Kevolution the total 
 income of the country from taxation amounted to very 
 little over £2,000,000, and yet, with this revenue, King 
 James supported his Civil List, kept a formidable Navy 
 ready to put to sea, an Army of near 30,000 men " at land," 
 and saved money yearly, if we can credit an account of 
 tiie Issues of his Revenue, given in the same Session of 
 Parliament, which amounted to no more at a medium than 
 £1,699,363 2*. 9^/., therefore it is prol>able he had large 
 sums of money lodged in private hands somewhere or 
 other. He gives full particulars of the supplies granted for 
 the service of each year, and then explains and discusses 
 the grants and the policy of the country very fully. 
 
 The book was rc-published in 1761, with the title 
 " Tlie History of our Customs, Aids, Subsidies, National 
 I)(tbts and Taxes, fioni William the Conqueror to tlie 
 present year. 1761." 
 
 The earlier edition is considered the better of the two.
 
 TIIK I'.AXK (»F I;N(;LAXD. 131 
 
 1752 — 1750 
 
 Of Public Cijedit. Jjv David Hume, E:<(|. 1752. 
 
 (From Essays, Moral, Political and Literary.) 
 
 He refers to the Ptolemies, Hezekiab, Plato, ;ind other 
 ancients as having had the foio.sight in good times to put 
 away treasure against a possihle evil coming time, and points 
 out that now the process is reversed, and that we pawn the 
 future to pay for the past, and prophesies the " eventual 
 " violent death of our public credit." 
 
 He at first felt that this might occur in half a centur}', 
 hut, remembering that former prophets had been false, "he 
 " contents himself with pointing out the event in general," 
 without assigning any precise date, so as to be more cautious 
 than "the astrologers in France, who were every year 
 '•' foretelling the death of Henry IV. ' These fellows,' said 
 "the king, 'must be rigiit at last.'" It is remarkable 
 that not even Hume foresaw the immense growth in national 
 wealth which was so soon to take place, and that to an 
 extent that rendered the interest on an enormously increasetl 
 debt not only easily ])ayal)le, but the burthen of the 
 consequent taxation easily borne. Ir is curious that; 
 McCulloch reproduces verbatim portions of this essay in his 
 "Taxation and Funding System" (1845) Avithoiit the 
 customary acknowledgment of inverted commas, though, in 
 a footnote, he refers to Hume as his authority for ceitain 
 of the statements. 
 
 Re-printed in the Overstone Collection. 
 
 Essays on the Public Debt, ox Paper Money, 
 AND ON Frugality. Edinburgh. 175:3. 
 
 By Patrick, fifth Lord Elibank. 
 V/'dc under date B. of E. section. 
 
 A Scheme for Preventing a Further Increase 
 OF THE National Debt and for Reducing 
 THE SAME, inscribed to the Earl of Chesterfield. 
 
 P)y Bourcliier Cleeve. 175(1. 
 
 K 2
 
 132 A ElELlOGliAPllY OF 
 
 17G6 — 1772 
 
 A General View of England respecting 
 Policy, &c., Debts, &c., from 1600—1762. 
 
 17G6. 
 
 Remarks on Dr. Price's " Appeal to the 
 "Public on the Subject of the National 
 Debt," addressed to the Author. 1772. 
 
 Extracts from a Tract, entitled, " The 
 " Challenge, or Patriotism put to the 
 " Test." 
 
 In a letter to the Ilev. Dr. Price. 
 
 Joseph Wimpey. 1772. 
 
 An able exposure of the fallacy of Price's Sinking Fund, 
 (see Price, ITTi). He points out that whilst the new Debt 
 must increase as the old decreases it would simply be 
 robbing Peter to pay Paul. It is strange tliat the writer's 
 argument had no effect apparently on Price's opinions, nor 
 iu preventing the pernicious legislation that followed. 
 
 He-printed in the Ovei'stone Collection. 
 
 Note on the Sinking Fund Established by 
 Mr. Pitt in 1786. 
 
 (See Overstone Tracts, 1857, XL) 
 
 In this "Note" (no doubt by McCuUoch, who edited the 
 collection of reprints) the three schemes are given that 
 Price submitted to Pitt when the latter, having succeeded in 
 getting a surplus, consulted him. Pitt, influenced probably 
 ly the very reasonable desire to avoid the imposition of 
 " new taxes, adopted the third, and least efficient, of the 
 " schemes suggested." It was carried into effect by 
 Statute 26 Geo. III. cap. 31, which provides that £250,000 
 per quarter, oi' £1,000,000 pei' annum, shall be paid over to 
 Commissioners, " who sli.nll apply tiie same to the Kcduction 
 " of the National Debt, and to no other intent or purj)ose 
 '• wimlsoovor."' 
 
 <(
 
 THE ilAXK OF ENGLAND. loS 
 
 ^ ^ o 
 
 Account of the National Debt, from Blackstone's 
 Commentaries. Book I., cap. 8. 
 
 (Edition, 1773.) 
 
 This is enjoyable reading, compared Avith the usual 
 controversial style of financial tracts, its comprehensiveness 
 and hicidity are most refreshing. The passage disposing 
 of the curious fallacy then current, and even in the present 
 day not quite extinct, that the National Debt added to the 
 national wealth by a sort of miraculous creation of credit 
 warrants quotation. 
 
 " The quantity of property in the kingdom is greatly 
 '• increased in idea, compared with former times, yet if we 
 " coolly consider it, not at all increased in reality. 
 
 " We may boast of large fortunes and quantities of money 
 " in the funds. But where does this money exist ? It exists 
 " only in name, in paper, in jiublic faith, in Parliamentary 
 " security; and that is undoubtedly sufficient for the creditors 
 " of the public to lely upon. But then, Avhat is the pledge 
 " which public faith has pawned for the security of these 
 "• debts ? Tlie land, the trade, and the personal industry 
 " of the subject ; from which the money must arise that 
 " supplies the several taxes. 
 
 " In these, therefore, and these only, the property of the 
 "• public creditors does really and intrinsically exist ; and, of 
 " course, the land, the trade, and the personal industry of 
 " individuals are diminished in their true value just so much 
 " as they are pledged to answer. If A's income amounts to 
 " £100 per annum, and he is so far indebted toB that he pays 
 " him £50 per annum for his interest, one half of the value 
 '' of A's property is transferred to B, the creditor. The 
 " creditor's property exists in the demand which he has 
 '• upon the debtor, and nowhere else, and the debtor is only 
 '• a trustee to his creditor for one half of the value of his 
 
 " In shen't, the property of a creditor of the public consists 
 "in a certain portion of the national taxes ; by how much, 
 ^' therefore, he is the richer, by so much the nation whieh 
 " pays these taxes is the poorer."
 
 l;U A BIBLIOGRAPHY OF 
 
 1773 — 3774 
 
 He describes the Sinking Fund of bis day, wbicli 
 consisted of "the surplnsses of the three great national 
 " funds, viz., tbe Aggregate, General, and South Sea Funds, 
 " over and above the Interest and Annuities charged upon 
 " them, and are directed by Statute 3 Geo. I. cap. 7, to 
 " be carried together, and to attend tbe disposition of 
 " Parliament." 
 
 Tlie nett surplus of these three funds in 1768, wilh 
 the addition of a few other smaller items, amounted to 
 £2,000,000. 
 
 Re-printed in the Overstone Collection. 
 
 Ax Appeal to the Public ox the Subject of 
 THE Katioxal DEP/r. A Xew Edition, with 
 an Appendix, 
 
 Bv Richard Price, D.D., F.R.S. 
 
 (First Edition, 1772.) 1774. 
 
 In this puldication Dr. Price ui'ged on the general attention 
 what, in his opinion, was the only remedy for the ever-growing 
 evil of the National Debt, viz., a Sinking Fund, and a 
 non-alienable one, only, would suit the case. The author 
 besides being a popular London preacher, had already 
 earned no little reputation by some useful i)apers on 
 actuarial subjects of considerable value to Insurance and 
 Benefit Societies, and the plan placed before the public with 
 ability by a known man, together with the general anxiety 
 to learn "of some scheme to avert the expected catastrophe 
 of national bankruptcy, made the desire for a solution of 
 the difficulty beget a belief that the plan contained it. 
 
 After expatiating on the enormous advantages to be 
 gained by compound interest, he assumes the adequacy of a 
 Sinking Fund formed on such a principle to redeem the 
 Debt, and ingeniously shows that a partial alienation would 
 pav it off better tban a total. 
 
 "In most years it bas been wholly alienatetl, and in 
 " some years antici])ated and mortgaged. Can we then 
 "wonder it has done so little service?" He then makes 
 this astounding statement. "From these observations the 
 " truth of tbe following assertion Avill be very evident.
 
 THE BANK OF EXGLAXD. IDo 
 
 1774 
 
 " A State may without difficulty redeem all its debts by 
 " borrowing mouey for that purpose at an equal or even 
 " any higher rate of interest than the debts bear, and 
 " without providing any other Funds than such small ones 
 " as shall from year to year become necessary to pay the 
 " interest of the sums borrowed." He next shows how it is 
 to be done, and inveighs against the Parliament, who had 
 allowed the Sinking Fund to be diverted irom its true 
 function ; he also states what was generally but erroneously 
 believed, that the population was decreasing, and this he 
 ascribes to the Debt. Price, like many iniblic deceivers, had 
 implicit belief in himself and his plan. " War while such 
 
 " a scheme was ooinoj on would increase its efficiencv 
 
 " Suppose, for instance, two wars should happen, one to 
 '' begin iive years hence, and to last ten years, and the other 
 " to begin thirty-five years hence, and to last also ten years, 
 " and both raising the interest of money in the Funds to 
 " £4 lO*. per cent. It may be easily calculated that on 
 " these suppositions 145 millions instead of 99 millions would 
 " be paid off by such a scheme. But should it be suspended 
 " during the two wars, it would, in the same time, pay off 
 " no more than 40 millions." 
 
 He either did not or would not let himself see that wars 
 do not pay their own expenses, and that an enormous new Debt 
 would be growing all the while at £4 10s. per cent. 
 
 Pitt, pressed on one side by a, nervous })ublic, and 
 attracted on the other by the specious reasonings of Price, 
 accepted his suggestions, and carried the Sinking Fund 
 scheme through Parliament. 
 
 Luckily for them both, owing to a surplus in the Revenue, 
 for the lirst year or two of its life the Sinking Fund seemed 
 to have done some good, a reduction of over ten millions 
 being effected. This was, of course, put down to the credit 
 of the scheme. 
 
 Kc-])rinted in the Overstone Collection. 
 
 AXALYSJS OF THE Se\EKAL JjAXK AxXLITIKS. 
 
 Thomas Ashman. 1774.
 
 136 A UIBLlOGUArJlY OF 
 
 1779 — 1784 
 
 Considerations on the Present State of 
 Public Affairs and the Means of Raising 
 the Necessary Supplies. 
 
 William Pvilteney. 1779. 
 
 Proposals for Paying great part of the 
 National Debt and E educing Taxes 
 immediately. 
 
 Robert Bird. 1780. 
 
 On the Debt of the Nation, compared with its 
 Revenue and the impossibility of carrying on 
 the War without Public (Economy. 1781. 
 
 Tracts by John, Earl of Stair, on the 
 Public Debts of the Kingdom. 1782. 
 
 Pessimistic. 
 
 The State of the Public Debts and Finances 
 AT Signing the Preliminary Articles of 
 Peace in January, 1783. 
 
 Richard Price, D.D., F.R.S. 1783. 
 
 Postscript to a Pamphlet by Dr. Price on 
 the State of the Public Debts and 
 Finances, &c., &c. 1784. 
 
 Plan for Reducing the Expenses of the 
 Nation and gradually' pay'ing off the 
 National Debt. 
 
 G Box. 1784.
 
 THE liAXK OF EX(iLAXl). 137 
 
 1786 — 1787 
 
 The National Debt productive of National 
 Prosperity. 1786. 
 
 The Author is apparently unable to distinguish between 
 increase of the means of subsistence and the circulation of 
 money ; he imagines that the latter must necessarily increase 
 prosperity, and that the National Debt acted as a circulating 
 engine. Thus he proves his thesis to his oavii satisfaction. 
 
 A Short Address to the Public, containing- 
 some thouglits how the National Debt may be 
 reduced, and all Home Taxes, including- Land 
 Tax, abolished. 
 
 William, Lord Newhaven. 1786. 
 
 Seems to suggest the imposition of a sort of Income 
 Tax, which might, in time, yield a surplus large enough 
 to effect the purpose in view. 
 
 Considerations on the Annual Million Bill 
 
 AND ON the EeAL AND IMAGINARY PROPERTIES 
 
 OF A Sinking Fund. 1787. 
 
 A closely argued, well-written tract, but the public had 
 no ears to hear with, and as in the case of Wimpey, fifteen 
 years before, they would not listen. Price's promise of 
 wealth was sweeter than prophetic warnings of poverty. 
 " To return to the Surplus Bill. Parliament has engaged to 
 " apply a million annually to redemption of Debts. If there 
 " is no surplus, either the plan must drop to the ground, or 
 " the million must be raised by new taxes or a new loan." 
 Again. " Should new loans increase faster than taxes can 
 " be provided to satisfy the Interests, no Sinking Fund 
 " could be of service, but the Del)t must increase as long as 
 " any one could be found to ti'ust. 
 
 '■' To reduce our de1)ts .... a clear surplus must be 
 " provided. Sucii a, surplus can only be created in two 
 " ways, .... by taxes or by savings, .... both almost 
 " equally necessary, as the produce of either singly can have 
 '' but little effect."' 
 
 Ilc-pi'inted in tlie Ovcrstonc Collection.
 
 138 A BIBLIOGRAPHY OF 
 
 1792 — 1795 
 
 A Eeview of Dk. Price's Writings ox the 
 Subject of the Fixaxces of thiA Kixgdom, 
 to which are added the three plans communicated 
 by him to ]\Ir. Pitt in 1786, for Redeeming the 
 National Debt. 
 
 By William Morgan, Esq., F.li.S. (Actuary 
 to the Ivjuitahle Insurance Company, and ne])he\v 
 to Dr. Price). ^ 179:2. 
 
 A Review of Dr. Price's Writings ox the 
 Fixaxces of Great Britaix, to Avhich are 
 added the three plans communicated to him by 
 ]\Ir. Pitt, in the year 1786, for Redeeming 
 the National Debt ; an accomit of the real 
 state of the pidjlic income and expenditvu'e from 
 the establishment of the Consolidated Fund 
 to the year 1791, and a Supplement carrying 
 tlie account u]) to 1795, and stating the present 
 amount of the Public Debt. 
 
 (Second Edition.) Win. Morgan, F.R.S. 
 
 1795. 
 
 The author, as above stated, was Price's nephew, and 
 Actuary to the Equitable lusiirance Company. Witliout 
 quotation of many of the calculations, &c., which our limits 
 of space forbid, it is difficult to give an account of this book. 
 
 A Letter to the Rt. Hox. AVilliam Pitt, 
 
 ChAXCELLOR of the ExCHE(iUER, OX THE 
 
 Natioxal Debt. 
 
 EdAvard Tatham, D. D., Rector of Lincoln 
 College, Oxford. 1795. 
 
 Readable, but of little value ; written in a rather inflated 
 style, and teeming with patriotism, fine sentiment, and half 
 truths. The Avriter considers the National Debt a public 
 benefit, and ascribes the progress of the country during the 
 cigliteenth century to its intlucnce in circidating capital — 
 collecting it as taxes on the one hand, and paying it away
 
 THE BANK OT EX(;LAXL). 139 
 
 1795 — 179G 
 
 as interest on the other. He hokls that the repayment of 
 any hirge portion of the Debt " would unhinge j^roperty, 
 '■ order, and the State itself," and looks for a gradual 
 decrease in its real burden through the tendency of money 
 to depreciate in A^alue. 
 
 As the shilling was formerly Avortli as much as twenty 
 were at the time of his writing, so the constant accumulation 
 of gold and silver must continue to reduce its value. The 
 subscribers would have no cause of complaint. What they 
 lent to the nation was money liable to a degradation iu value. 
 The quantity of money will naturally increase through the 
 operation of commerce, and its value will decline in a 
 corresponding degree. 
 
 The Sinking Fund would, he thinks, l)e much more 
 profitably employed in the enclosure and cultivation of the 
 lioyal Forests, than in the redemption of d('l)t. The author 
 expresses a loftv contempt for the views of Adam Smith 
 regarding National Debts. 
 
 "Instead of 'a ruinous system,' as the author of the 
 " 'Wealth of Nations' too often calls it, who loses large and 
 " comprehensive views in minute and nari-ow speculations, 
 " and whilst he is groping about aftei' the shadow lets the 
 " body of truth escape out of his hands, the Fimdiug System 
 " has been the great support and nourishment of the nation. 
 "Instead of 'gradually enfeebling the State,' according to 
 " his feeble comprehension, it has gradually strengthened 
 " and enriched it ; and the general cause of the prosperity 
 " of Great Britain for ages past is to be found in the 
 " Funding Svstem more than in any other resource, natural 
 " or artificial." 
 
 Facts, &c,, &c., itEsrKCTixo the Xatioxaj. Debt, 
 Second Edition. Wni, Morgan, IMv.S,, c\:c, 
 
 17J)(). 
 
 Ax EXQUIRV. Sec, IX AXSWEll TO Moi.'CAx's 
 
 " Facts, &c."' 179(i.
 
 140 A BlBLlOCiKArilY (»F 
 
 1796 — 1797 
 
 Facts Addressed to the Serious Attention of 
 THE People of Great Britain respecting 
 THE Expense of the War and the State 
 OF THE National Debt. 
 
 Second Edition. Wni. Morgan, F.R. S. 
 
 179G. 
 
 Remarks on Sinking Fund, &c. 
 
 An Enquiry into the State of the 
 Finances of Great Britain in answer 
 TO Mr. Morgan's Facts. 
 
 X. Vansittart. 1796. 
 
 Says Morgan's facts were not facts ; also that national 
 resources had increased. 
 
 A Letter, to the Kt. Hon. William Pitt, 
 Chancellor of the Exchequer, on the 
 Conduct of the Bank Directors, with 
 cursory Observations on Mr. Morgan's Pamplilets 
 respecting the Expense of the War and the 
 State of the National Debt. 
 
 By a Proprietor of Bank Stock. 1796. 
 
 Complains that the Bank reduced its discounts unnecessarily 
 and injured the Country Bankers in 1793. Looks on Morgan 
 as pessimistic, and trusts that the " heart of every good 
 " Englishman will suggest the answer that the true road to 
 " peace is by a vigorous prosecution of the war." 
 
 An Appeal to the People of Great Britain 
 ON THE Present Alarming State of the 
 Public Finances and of Public Credit. 
 
 William :\lor<'-an. F.R.S. 1797.
 
 THE BAXK OF ENGLAXl), 141 
 
 1797 — 1802 
 
 A New System of Fixaxxe, proving the 
 Defects of the Present System : that a 
 saving- may take place in the Public Income and 
 Expenditure to the amount of near Ten Millions 
 annually : Exposition of the consequences to the 
 Public through their connection with the B. of E. : 
 the baneful consequences of Stockjobbing : 
 Astonishing- hopes sustained by the Public that 
 have enabled the ^Minister to carry on the 
 Deception of Lessening the Public Debt : the 
 unparalleled advantages given by the Minister 
 to the Loan Mongers for Paper Credit in 
 order to support the present ruinous War : 
 £100 Securities in the £3 per Cents, given by 
 the ^Minister, to receive £41 : lO.v, 8d., to be 
 sent to Germany for the support of the Enijieror's 
 Loan : together with a Re])ly to ^Messrs. Morgan 
 and Vansittart on the subject of Finance : some 
 remarks on Simon : the Stockbroker's letter to 
 Mr. Alderman Curtis, late Lord Mayor of London : 
 on the Iniquity of Private Tontines : Schemes 
 for the Benefit of Age on the most reputable 
 Establishments, a reasonable Compromise betAveen 
 Debtor and Creditor : a ])erfect Establishment 
 for National Credit in future, and the People 
 i-elieved from the most ])urthensome of their 
 iaxes. 
 
 Thos. Frv (Author of tlie Guardian of Public 
 Credit). ' 17f)7. 
 
 The title-page saves the ti-oiil)I(' of any further indication 
 of the character of tlie work. 
 
 A Comparative View of the Public Fixaxces 
 
 FROM THE BEGIXXING TO THE CLOSE OF THE 
 
 LATE Administration. 
 
 Wm. :Morgan. F.P.S. LSOL 
 
 Ox the PuiiLic FuXDS. Simeon Pope. 1802.
 
 142 A r.IRLIoORArilY OF 
 
 1802 — I.SIO 
 
 Terms of all the Loans that have been 
 Raised during the last Fifty Years. 
 
 J. J. Grellier. 1802. 
 
 A useful compendium. 
 
 Substance of Lord Henry Petty's Speech 
 in the House of Com3ions proposing his 
 Neav Plan of Finance. 1807. 
 
 Ilis Lordship afterwards became Marquis of Lausdowne. 
 Tlie scheme was only tried for one year, and then dropped. 
 
 Vide Hamilton's "Enquiry, &c." 1818. 
 
 An Attempt to ascertain a TheoPvY for 
 determining the Value of Funded 
 Property. 1809. 
 
 There is more of interest in this pamphlet than the title 
 Avould indicate. 
 
 The History of the National Debt, from 
 the lievolntion in 1688 to the beginning- of the 
 year 1800. With a preliminary account of 
 the debts contracted previous to that era. 
 
 By the late J. J. Grellier (Cashier to the 
 Royal Exchange Assiu'ance Co.) 1810. 
 
 The arrangement of this work is chronological ; its 
 author, who died before its completion, must have worked 
 for many years to have accumulated the enormous mass of 
 detailed information that the book contains. It gives the 
 particulars Avith respect to any small loan with the same 
 minuteness as the most important events relating to the 
 whole Del)t. Tliis lather tends to render the book valuable 
 only to the specialist. He usually speaks well of the 
 Bank, e.g., " an institution which, being under the direction 
 " of men more intimately conversant in money transactions 
 " than public ministers usually are, and more strongly 
 " impressed with a sense of the necessity of maintaining an 
 " inviolable punctuality in such transactions, has contributed 
 " more than any other measure towards the establishment 
 " and support of public credit.'"
 
 THE IJAXK OF EXGLAXT). 143 
 
 1810 — ISIS 
 
 The following extruct couconis uuar ueighbours of the 
 B. of E. 
 
 " The Civil List was again in arrear, or, at least, was 
 " said to be so, for the House of Commons had no knowledge 
 " of such aiTcar previous to His Majesty's message of the 
 " 4th jVIay, and the motion for an account of particulars 
 " was negatived. By the message His Majesty informed 
 them of his intention to establish the two corporations of 
 the Royal Exchange and London Assui-ance Companies, 
 and hoped for their concurrence to confirm the privileges 
 intended to be granted, and to enable him to apply the 
 " money which the Companies had agreed to advance to 
 " discharge the debts of his civil government ; an Act for 
 " this purpose was accordinglv passed, and the charters were 
 " executed 22nd June, 1720."' 
 
 The Companies were to pay £300,000 each ; half of this 
 Avas, however, eventuallv remitted. 
 
 Ax ExQUIliY COXCEKXIXG THE ElSE, PeOGRESS, 
 
 IvEDEMrTiox, Presext State axd Maxage- 
 
 .AIEXT OF THE NaTIOXAL DeBT OF GrEAT 
 
 Britaix axd Irelaxd. 
 
 Robert llainilton. Third Edition, eidarged. 
 (First Edition, 1813.) 1818. 
 
 This work, which was destined to destroy the confidence 
 of the I)i-itish public in its beloved Sinking Fund, was 
 ])nblished (first edition) when the author had reached his 
 seventieth year. He was born in Edinburgh in 1743, was 
 Rector of the Academy of Perth 1769, and in 1779 was 
 Professor of Mathematics in Aberdeen University. As he 
 liad in early life been in a banking house, he to some extent 
 combined knowledge of theory with practice. He died in 
 1829, living just long enough to see his principles adopted 
 by Sir H. Parnell's Finance Committee of 1828. The 
 Act (10 Geo. IV. cap. 27), passed shortly afterwards, 
 established a Sinking Fiutd in accordance with the 
 Cominil toe's recommendations.-
 
 14-1 A niBLioor;ArnY of 
 
 1818 
 
 Hamilton begins by stating twelve first principles ; it is 
 only essential here to quote the last. 
 
 " The excess of revenue above expenditure is the only 
 •" real Sinking Fund by which public debt can be discharged. 
 " The increase of the revenue, and the diminution of 
 " expense are the only means by which this Sinking Fund 
 " can be enlarged, and its operations rendered more eftectuai ; 
 *' and all schemes for discharging the national debt by 
 " sinking funds operating by comjDound interest, or in any 
 " other manner, unless so far as thev are founded on this 
 " principle, are ilhisory." 
 
 He examines this and the preceding eleven, and exemplifies 
 them in his clear and logical way, so as to be patent to the 
 proverbial meanest capacity. 
 
 Part II. contains a History of the Public Debts of 
 Great Britain, and an account of the various Sinking Funds, 
 the first of which was Walpoles, established in 1716 ; 
 this was worked more or less on the principle afterwards 
 urged by Price, viz., that it was better always to devote 
 the Fund to its original purpose ; and if the money 
 wanted for " Supply " fell short, then a fresh loan should 
 be issued, or a new tax imposed, biit the money for the 
 Sinking Fund was still to be inviolate. 
 
 As might be expected, the temptation soon became too 
 great for a ministry short of funds, and from 1733 it was 
 so mortgaged and tampered with that its value was 
 practically 7iil. Roughly speaking, in the seventy years 
 from 1716 to 1786, there were twenty-five years of peace, 
 during which only eight and a half millions were paid out 
 of the Sinking Fund, any other discharge of the Debt 
 being effected from other sources. 
 
 Pitt's Sinking Fund on Price's plan was formed in 1786, 
 on the establishment of the Consolidated Fund, a million 
 from which was handed each year to Commissioners for the 
 K eduction of the Xational Debt. 
 
 In 1792 another Sinking Fund was established of one 
 per cent, on the nominal capital of each Loan, to which the 
 dividends on the capital redeemed by this fund were to be 
 added. From 1798 to 1802 this plan was deviated from. 
 In the latter vear the two Sinkingr Funds were united, 
 applicable to the discharge of the debts (hen existi))g.
 
 THK UAXK OF EXGLAXD. 145 
 
 18 IS 
 
 On all Loans subsequent to 1802 the system of a 
 Sinking Fund of one per cent, was revived till 1813, with 
 the exception of the Loan for 1807, when the Government 
 adopted the system of Lord Henry Petty (Chancellor of the 
 Exchequer, afterwards Marquis of Lansdowne) for that one 
 year. But the Ministry was soon out, and the plan was 
 finally dropped. It was a rather complicated system of 
 mortgaging the war taxes, and Hamilton shows that the 
 action of the compound interest was rather against the 
 public in this scheme. 
 
 Ill 1813 Vansittart's plan of finance was brought forward. 
 This was intended to relieve the public to some extent 
 from the heavy burden of taxation to which they were 
 subjected on account of the unrestrained action of the 
 Siids;ing Fund, from which they had obtained as yet no 
 benefit, and secure, if possible, the redemption of each Loan 
 at a period not exceeding 45 years from its first issue. 
 
 The author examines each of these plans seriatim, and 
 the clear light of his criticism shows up the weak points 
 that the unaided eye of the public was unable to discern. 
 It is difficult to find points which are not touched on by 
 his principles, all the work l>eing so thoroughly thought out. 
 F'or example, " Whenever a nation does not tax to the 
 " amount of its expenditure, an increase of debt to a higher 
 " amount than the sum saved in taxes is inevitable, and in 
 " the comparison of different systems, those which impose the 
 " lightest taxes must always bring on an increase of <lel)t 
 " to a still hio'her degree. 
 
 " In examining this (Vansittart's) and the other systems 
 " of finance, we have chiefly confined ourselves to a view of 
 " the effects expected from them during the first 16 years, 
 " or thereby, from their establishment. In the Tables 
 " annexed to the plan, their operation is traced for a much 
 " longer time. That of the Sinking Fund is extended as 
 " far as 1866, and we are informed that the remaining Debt 
 " will be redeemed according to the existing system in the 
 '' year 1912, and according to the new system in the year 
 
 " 1875 It is morally impossible any system can be 
 
 " adhered to so long. Sir Eobert Walpole's Sinking Fund 
 '' was never supported with efficacy. Mr. Pitt's Sinking 
 " Fund commenced in 1786, and was corroborated in 1792, 
 
 L
 
 140 A BIBLlOOItAI'lIV OF 
 
 1818 
 
 " considerably infringed on in 1798, underwent a great 
 " alteration in 1802, was laid aside for Lord H. Pettj's plan 
 " in 1807, revived in 1808, and is now superseded by 
 " Mr. Vansittart's plan in 1813, and it may be almost 
 " certainly foreseen that measures different from those now 
 " proposed will be had recourse to by succeeding financiers. 
 " This will arise not only from the different views of different 
 " men, bat from the change of circumstances which the 
 " fluctuation of human affairs always induces." 
 
 In the "General Observations on Sinking Funds" which 
 follow, Hamilton calls attention to the fallacy of maintaining 
 any sort of Sinking Fund whilst the expenditure exceeds the 
 revenue, and a constant succession of fresh loans are being 
 issued. 
 
 He also saw " That, although the National Debt has 
 " greatly increased, the means provided for its discharge 
 " have increased in a still higher degree, and therefore its 
 " present magnitude affords no cause of alarm." 
 
 He deals as well with the unfounded fears as to a heavy 
 fall in prices from too rapid a decrease in taxation owing to 
 the speedy repayment of the National Debt by the action of 
 the Sinking Funds. Although, as he says, the Sinking Fund 
 theorists claimed to have paid off £238,000,000 of Debt, or 
 all the Debt contracted prior to 1786, in the beginning of 
 1813 a new debt had been contracted of £574,000,003. 
 " Does not this amount to the same as that we had paid 
 " no debt at all, but contracted an additional debt of 
 " £ 336,000,000 ? " 
 
 In his criticism on the system of funding by increase of 
 capital, he calls up Trice as a witness against himself, and 
 quotes from the "Appeal": — "Were a person in private 
 " life to borrow £100 on condition that it should be reckoned 
 " £200 borrowed at £ 2 10^. per cent., he would, by subjecting 
 " himself to the necessity (if he ever discharged the debt) of 
 " paving double the sum received, gain somewhat of the air of 
 " borrowing at £2 10*. per cent., though he really borrowed 
 "at £5 per cent. But would such a person be thought in 
 "his senses?" (Price has said that the case of public 
 boirowings was quite diffeient.)
 
 THE BANK OF EXGLAXD. 147 
 
 1818 — 1820 
 
 Now this actually represents what had beau going on 
 for years in the £ 3 per cents. During the period from 
 1793 — 1814 the sum raised was £157,650,000, the capital 
 funded thereon being £267,804,500, the interest on which is 
 £8,034,135, making the rate paid £5 2s. per cent. In the 
 £3 per cent. Loan of 1804, £182 capital was granted for 
 every £100 raised. " On an average of all the £3 per cent. 
 "Loans since the commencement of the war about £170 
 " has been granted." He gives instances as well in the 
 £4 and £5 per cents. 
 
 The last fifty pages of the work are taken up with 
 notes explanatory of the statistics, and extracts from returns 
 confirming the various statements. The book altogether is 
 a fine piece of critical work, and the nation will always be 
 indebted to the author for placing before it so clearly the 
 important subject he deals with. 
 
 lie-printed iu the Overstone Collection. 
 
 The B. of E. and the Sinking Fund, &c. 
 J. Grenfell. 1819. 
 
 Elements of a Plan for Liquidating the 
 National Debts. 
 
 K. Heathfield. Sixth Edition. 1819. 
 
 Further Observations on Liquidating the 
 National Debt, &c. 
 
 K. Heathfield. 1820. 
 
 A Plan for Reducing the Capital and the 
 Annual Charge of the National Debt, 
 &c., &c. 
 
 Jolin Brick wood. Junior. 1820. 
 
 L 2
 
 148 A BIRJ.IOGKAPHY OF 
 
 1822 — 1824 
 
 An Address to the Members of the House 
 OF Commons upon, &c., and establisliiug an 
 efficient Sinking Fimd for the Redemption of 
 the National Debt, ^\ith the outline of a plan 
 for that purpose. 
 
 By One of themselves. 1822. 
 
 Remarks ox the Present State of the Nation, 
 
 addressed to the Public, more particularly to the 
 Members of both Houses of Parliament, pointing- 
 out an eftectual mode of Liquidating the National 
 Debt. 
 
 By a man of Kent. 1822. 
 
 luterestiug only as a sign of the times. 
 
 Faikman on the Funds. Edited by B. Cohen. 
 Second Edition. 8vo. London. 1824. 
 
 The full title stands, " An Account of the Public Funds 
 " transferable at the B. of E. and of the Stock of some 
 " of the Principal Companies in London, with tahles for 
 " ascertaining the relative value of the different Government 
 " Securities, and a History of the National Debt and 
 " Sinking Fund." 
 
 Has an excellently written chapter on the Advances 
 made at various times by the Bank to the Government, 
 and a statement giving amounts, dates, and Acts, and a 
 summary of information on the Bank and Bank Stock from 
 169-4 to date. 
 
 SupplemcJit to the above, bringing the account down to 
 1827. " with a notice of the measures adopted during the 
 late financial crisis (1826)," and accounts of the flu(;t nations 
 in the Founds. 
 
 A Further Enquiry into the Form of our 
 National Debt and into the Means and 
 Prospects of its Redeimption. 
 
 Francois Corbaux. 1824.
 
 TJIE BANK Ol- EXGJ.AXl). 149 
 
 1825 — ]8>50 
 
 Ax Essay ox the National Deut. .John liooke. 
 
 1825. 
 
 Faikmax ox the Fcxds. Supplement. 1827. 
 
 (See 1824.) 
 
 Essay ox the SurrosED Advantages of a 
 Six KING FuxD. 
 
 Third Edition. 1828. 
 
 By Lord Grenville, who herein recants his former creed 
 as to the utility of a Sinking Fund, and gives in his 
 adherence to the Hamilton School. 
 
 Observatioxs ox^ Lord Grexville's Essay on 
 the Sinking Fund. 
 
 W. Boyd. 1828. 
 
 A Letter to Lord (Irexville on the Sixkixg 
 FuxD. 
 
 T. r. Coiutenay. 1828. 
 
 Historical View of the Sixkixg Fund. 
 
 P. Pusey. 1828. 
 
 A Plain Statement of some Particulars of 
 the Financial Situation of the United 
 Kingdom, Avith brief remarks on the inutility 
 of the vSinking- Fimd in the present state of the 
 Ke venue, with an Appendix. 
 
 By C. 1S28. 
 
 Practical. 
 
 A Call to the Womlx of all Raxks ix 
 THE British Empire ox the subject 
 OF THE Xatioxal Debt. 1830. 
 
 The author suggests that the Women of England should 
 collect for a Voluntary Fund to pay oft' the National Debt ! I I
 
 '50 A HIBLIOGKAPIIY OF 
 
 1831 — 1845 
 
 The National Debt, its Evils and their 
 Remedy. 
 
 By a Land and Fund Holder. 1831. 
 
 Interestiug. Describes the financial history of the country 
 during the previous 40 years in the somewhat famih'ar 
 allegory of a rich young nobleman who comes into a fine 
 estate and spends enormously beyond his means. Suggests 
 that as the greater part of the Debt was subscribed in a 
 depreciated currency, when, through the suspension of cash 
 payments, the Bank Note was from 30 to 50 per cent, less 
 valuable than gold, and as the welfare of the community at 
 large is more important than the claims of the fnnd-holders, 
 the interest paid to the latter should be reduced one-half, 
 and that taxes should be remitted to a corresponding amount. 
 
 On the Public Debt, with a Plan for its 
 Final Extinction. 1839. 
 
 Calls attention to the pressing necessity of at once taking 
 measures to reduce the capital of the National Debt, and 
 suggests its conversion into a series of Terminable Annuities, 
 by which the whole Debt would be completely extinguished 
 in one hundred vears. 
 
 A Treatise on the Principles and Practical 
 Influence of Taxation and the Funding 
 System. 
 
 By J. R. McCiilloch. 1845. 
 
 The only portion of the Treatise with which the 
 Bibliography is concerned is the last, the Funding System. 
 The subject is treated with such lucidity and breadth of 
 knowledge that a brief synopsis may be permitted. 
 
 The problem of providing money for an emergency, and 
 in this sense an emergency generally means Avar, has been 
 variously solved by different peoples and different ages. 
 The Ancient World was in favour of hoarding the surplus 
 revenues of years of peace. It was left for modern science 
 to discover the economic objections to this system ; that it 
 diminishes the working capital and means of "employment of 
 the nation, and modern poh'ticians seem to favour, universally, 
 an increase of taxation, accompanied or not by a loan.
 
 THE BAXK OF KXGLAXI). 1.31 
 
 1845 
 
 The different merits of these methods, increase of taxation 
 and borrowing, have often been hotly discussed, but -while 
 either, or a combination of the two, may be right nnder 
 certain circumstances, where the conditions are not in favour 
 of any one, inci'ease of taxation is to be prefen-ed. This, 
 however, postulates a strong Government, and a not over- 
 burdened country. 
 
 The Borrowing or Funding System has given rise to 
 several misconceptions. In its infancy the nature of the 
 Public Debt w'as absurdly misunderstood. Bishop Berkeley 
 spoke of it as a "mine of gold," but as Blackstoue well 
 points out, the National Debt does not increase the wealth 
 of the country, but merely transfers it from one pocket to 
 another, from the tax-payer to the Stockholder. 
 
 As a matter of fact the advantages of a public debt, 
 the stimulus to invention and economy, the facilities for 
 investing the smallest savings, the important businesses of 
 banking and insurance, of whicli it is the condition, are 
 outweighed by the disadvantage of the heavy taxes necessary 
 to pay the interest, which reduce the rate of profit, cripple 
 the public energies, and encourage the transfer of capital 
 and skill to less heavily-taxed countries. 
 
 The adaptation of the Funding System to raising supplies, 
 the readiness of capitalists to lend to the State, and the 
 preference of the people to pay the interest instead of the 
 principal in taxes are indisjjutable merits, but it is nugatory 
 to suppose that the waste and profusion occasioned by a 
 Avar can be counteracted except by the industry and economy 
 of individuals. If A's shai-e of the burden be £1,000 by 
 the system of direct taxation, and £50 by the system of 
 loans, the wish to preserve his fortune luiimpaired would 
 induce him to discharge it by increased labour and diminished 
 expenditure, and in the first case he will try to save £1,000, 
 in the second only £50. Want of mental perspective prevents 
 men from seeing that a tax of one million a year is as 
 burdensome as one of twenty millions at once, and, perhaps 
 too, the idea that part of the burden in the f(trnier case 
 may fall on posterity induces them to prefer the method of 
 borrowing. The ablest defenders of the Funding System admit 
 that in regard to National Wealth, the plan of raising supplies 
 within the year is much to be preferred. It not only 
 stimulates the nation's energies, but dissuades it from indulging 
 and continuing in expensive contests without good cause.
 
 152 A BIBLIOGKAPIIY (JF 
 
 1845 — 1850 
 
 Having established the immediate taxation system on 
 this pinnacle of apparent superiority, McCulloch at once 
 proceeds to throw stones at it. One objection is the loss 
 to persons who can ill afford to part with their capital, and 
 cannot easily recoup themselves by increased energy or 
 diminished expenditure ; such are landlords and manufacturers, 
 for example. Of course these people may themselves borrow 
 in order to pay their tax, and so reduce their contribution to, 
 say, £50 per annum, instead of £1,000 down, but then the 
 Government, if it had borrowed for them, could have obtained 
 much better terms, especially when it borrowed for thousands 
 of others at the same time ; but the grand argument against it 
 is the sudden and oppressive addition to the weight of 
 taxation. There comes a point at which increased taxes 
 mean not increased energy and economy, but a decline of both ; 
 a shock sufficient to cause such a decline should be avoided, 
 but short of such a catastrophe, the conclusion is that the 
 immediate taxation system is the best. 
 
 The alarm felt by Hume and Smith at the proportions of 
 the National Debt, and their predictions of the mischief it 
 would occasion, have, McCulloch considers, been falsified 
 only by the rapid increase and perfection of new inventions 
 which he would ascribe, to a great extent, to the stimulus 
 occasioned bv increased taxation. 
 
 The increase of the National Debt in England was due 
 not so much to the unsettled state of the Government in 
 England, which made borrowing the ouly way of raising 
 money, but to the political ideas of the time. Bolingbroke, 
 Swift, and other Whigs advocated it in order to secure the 
 support of the monied interest, but, apart from this, the 
 I'cs dura et regni novitas made it the only possible way of 
 raising money. The mistake made was in not abandoning or 
 confining the practice in the time of George II., when the 
 Government was comparatively secure. 
 
 The Debt and Funds of England. 
 
 By P.O.Z. * 1850. 
 
 Says of the Fundholders — " What security have these 
 '■ people for their money ? None ! What security have 
 " they for the payment of the interest of their money ? 
 " Political opinion, and the collection of Taxes ! "
 
 THE BANK OF EXGLAXD. 153 
 
 1857 
 
 A Select Collection of Scaece and Valuable 
 Tracts and other Publications on the 
 National Debt and the Sinking Fund. 
 
 150 Copies of this volume were printed for 
 private distribution bv Lord Overstone, and 
 edited by J. R. McCulloch. 1857. 
 
 I. An Essay ox Puhlic Credit. 1710. 
 
 II. A Letter to a Friend, in which 
 IS shown thk Inviolable Nature of Public 
 Securities. 1717. 
 
 III. An Essay ox the Public Debts of this 
 Kingdom. 1726. 
 
 IV. A State of the National Debt, as it 
 stood 24th December, 1716, &c.., compared avith 
 THE Debt at Michaelmas, 1725. 1727. 
 
 V. A Defence of an Essay ox the Public 
 Debts of this Kingdom, &c., in answer to "A 
 " State," &c. (No. IV.) 1727. 
 
 VI. Representation of the House of 
 Commons to H. M. Geo. II., showing the State 
 of the National Debts in 1716 and 1726. 1728. 
 
 VII. Of Public Credit. By David Hume. 
 
 1752. 
 
 VIII. An Account of the National Debt, 
 from Blac'kstone's Commentaries. Book I. cap. 8. 
 
 1773. 
 
 IX. An Appeal to the Public ox the 
 Subject of the Natioxal Debt. New Edition. 
 
 Bv R. Price, D.D., F.R.S. 1774.
 
 irj4 A BIBLIOGKAPIIY OF 
 
 1857 — 1859 
 
 X, Extracts from the "Challenge;" or, 
 Patriotism put to the Test in a letter to tlic 
 Rev. Dr. Price. 
 
 By Jos. Winiper. 1772. 
 
 XI. KoTE ox THE Sinking Fund established 
 BY Mr. Pitt in 1786. (See under date.) 
 
 XII. Considerations on the Annual Million 
 Bill, and on the Peal and Imaginary Properties 
 OF A Sinking Fund. 1787. 
 
 XIII. An Enquiry concerning the Pise, &c., 
 OF THE National Debt of Great Britain and 
 Ireland. 
 
 By P. Hamilton. 1818. 
 
 Another volume of the Overstone Collection of Tracts 
 is referred to under "1857" in the B. of E. section. The 
 contents of these two are dealt with, individually, under 
 their respective dates. The rest of the set, although 
 valuable and^ extremely interesting, bears on subjects beyond 
 the scope of this bibliography. 
 
 The National Debt financially consiijeked. 
 Edward Capps. 1859. 
 
 This essay won the £200 prize offered through the 
 Society of Arts by Mr. H. Johnson. The first part of 
 the Avork gives a brief historical sketch of the Debt 
 and the Sinking Funds, &c. 
 
 The second section is devoted to the consideration of 
 A'arious schemes for reducing the Debt. 
 
 After commenting in a helpless sort of -way on Terminable 
 Annuities, he comes at length to a most extraordinary idea 
 of his own, viz., to pay off the Debt by selling land lots 
 in the Colonies. Whatever the Colonies may have thought 
 about this notion thirty-eight years since, they would proliably 
 now differ fiom Mr. Capps, and might prefer to discharge 
 tiieir own del)ts, if they could, Ijefore performing the 
 disinterested action he recommends.
 
 THE BANK OF ENGLAND. 155 
 
 1871 — 1889 
 
 National Debts. By K. D. Baxter. 1871. 
 
 Gives much information in a condensed form. The 
 annual charge per head of the Japanese for their Debt 
 in 1870 was one halfpenny, and that of the British, 
 fifteen shillings and ninepence, 378 times greater. 
 
 An Account of the Operations under the 
 National Debt Conversion Act, 1888, and 
 THE National Debt Kedemption Act, 1889. 
 
 Bv Edward Walter Hamilton. 1889. 
 
 A popular and attractive account of tlie greatest operation 
 of the kind in history. Prefixed are letters from the author 
 (now Sir E. W. Hamilton, and then and now Financial 
 Secretary to the Treasury), to the Cliancellor of the 
 Exchequer, and the CliaucelJor's (Mr. Goschen's) reply. 
 An extract from tlie hitter will show the official and 
 authoritative character of the book. " 1 am glad you have 
 " written an account of the recent financial operations," 
 writes Mr. Goschen, "for it will be interesting to have 
 " the story told from beginning to end, and it could only 
 '• be so told by one who was behind the scenes all the time." 
 
 The Stocks which the Chancellor proposed to deal with 
 were the Consolidated Three per Cent. Annuities, the Reduced 
 Three per Cent. Annuities, and the New Three per Cent. 
 Annuities. The two first could be redeemed on a year's notice ; 
 the last was redeemable at once, without notice. The aggre- 
 gate amount of these three Stocks was about £558,()00,00[), 
 but to this was added another £3i,000,000, representing the 
 Stock sunk in a Chancery Annuity. Mr. Hamilton sheAvs that 
 although these Stocks had stood well above par for a 
 considerable time, their market price was, nevertheless, kept 
 abnormally low by the fear of conversion or redemption. 
 In the course of 10 years, he says, three Railway Debentiu-e 
 Stocks had risen about 24 per cent., Consols barely G j)er 
 cent. ; Metropolitan 3 per cent. Stock, irredeemable until 
 1941, was standing at 103}y, Consols averaged for the 
 month of February, 1888, only 102. The prices of other 
 Stocks are examined with a similar result. "It Avas therefore 
 " eA'ident " savs Mr. Hamilton, " from the relatively large
 
 156 A BIBLIOGEAPHY OF 
 
 1889 
 
 " i"ise iu prices of other first-class securities, tliat tlie British 
 " Government was deriving no correspoiifling advantage from 
 " the vast increase of capital seeking investment. In short, 
 " British Credit was not being turned to the best account. 
 " ' The Champion Stock of the world,' " as Mr. Goschen called 
 "Consols, "was being passed in the race, . . . and iu 
 " view of all the circumstances, Her Majesty's Government 
 " were justified in making some proposals, which would not 
 " only lighten the burdens of the country, but would likewise, 
 "by terminating a period of suspense and delay, conduce to 
 " the interests of all who held or dealt in the Public Debt." 
 
 It was determined to offer holders of the 3 per cents, a 
 New Stock, bearing interest at 2^ per cent, until 1903, 
 when it would automatically become a 2^ per cent. Stock, 
 and be guaranteed against redemption or farther reduction 
 until 1923. The success of the scheme was immediate. 
 So rapidly did the conversion proceed that, within a fortnight 
 of the passing of the Act, considerably over 400 millions 
 Stock had been exchanged, and the resources of the Bank of 
 England were taxed to the very utmost in dealing with the 
 enormous mass of work, some particulars of which are given. 
 About 550 millions were converted altogether. 
 
 o 
 
 Next year the balance of £42,000,000 left unconverted 
 was dealt with, 18^ millions were paid off in cash, H^ millions 
 Redemption Money remaining unreceived on the 3rd of 
 October, 1889, became New Consols through the Automatic 
 operation of a provision in the Redemption Act, and the 
 residue, belonging mainly to public departments. Avas partly 
 exchanged for New Stock, and partly left in abeyance as a 
 Book Debt.
 
 THE BANK OF ENGLAND. 157 
 
 THE FOUNDER, WILLIAM PATERSOX. 
 
 William Paterson, the son of a smnll "Laird," was 
 born in the parish of Tinwald, Dnmfriesshire, in April, 1658. 
 His biographer, Bannister, establislies this date by reference 
 to his will, executed July, 1718, in which Paterson states 
 himself to be sixty years and three months old. As is often 
 the case with great men, he seems to have imbibed his 
 religious principles from his mother, who appears also to 
 have influenced his political Adews. It was the effect of 
 this early maternal training which afterwards separated him 
 from the Episcopalians and Jacobites, amongst whom a 
 paternal relative, the last Archbishop of Glasgow, was an 
 energetic leader. 
 
 He was also connected \vii!i Sir Hugh Paterson who, in 
 1715, was attainted of treason for his support of the Pretender. 
 
 About 1675 he came to England to avoid the persecutions 
 then going on in the North against Presbyterians, and found 
 shelter at Bristol with an aged female relative of his mother. 
 
 His hostess, on her decease, which occurred shortly after 
 his arrival, left him a legacy, with which he seems to have 
 started on his mercantile career. 
 
 Some Avriters have regarded him as a buccaneer, others 
 as a missionary; but there seems, as yet, no good evidence to 
 show he was either. There is little doubt that he was a 
 merchant, as described by Anderson in his " History of 
 Conmierce." In 1681 he was admitted by " redemption " to 
 the Merchant Taylors' Company, and was on the livery in 
 1689. This mode of becoming a freeman of the Company 
 implies a mercantile standing. 
 
 About 1685 he visited Amsterdam, and haunted the various 
 coffee-houses there, at that time much frequented by English 
 Whia;s. The citv was then one of the largest centres of 
 commerce, and the opportunity of meeting traders of all 
 nations was, no doubt, eagerly embraced by Paterson, and 
 had great influence in widening his vien's siiid IVeeing him 
 from insular prejudices.
 
 158 A BIBLIOGRAPHY OF 
 
 lu 1686 he went to Prussia, and unsuccessfully endeavoured 
 to obtain the assistance of the. Elector of Brandenburgh for 
 his Darieu scheme. 
 
 Before 1687 he had connections with New England, as 
 appears from one of his letters written from Darieu in 1699, 
 and published in Boston at the time. His first wife was the 
 widow of a Presljyterian minister in that colony, whose name 
 was Bridge. His second wife was Mrs. Hannah Kemp, 
 another widow, whom a lampoon of the period describes as 
 keeping a coffee-shop in Birchin Lane, 
 
 With the support of Sir John Trenchard he founded the 
 Hampstead waterworks for the better supply of North London 
 with pure water from reservoirs south of the Highgate and 
 Hampstead hills. There exists abundant evidence to show that 
 Paterson was by no means the unknown and vulgar adventurer 
 he has been frequently represented to be ; on the contrary, 
 although his beginnings were small, by the time he was forty 
 he seems to have had wealth, influence and culture, and, above 
 all, a reputation for strict integrity. We now come to that 
 period of his life in which he was engaged in the foundation 
 of an institution whose stabilitv has, durinor tlie two hundred 
 years of its life, become proverbial. In 1691-2 he was a 
 witness before a Committee of Parliament appointed to 
 investigate measures to meet the urgent public needs. 
 Bannister gives the following extract from the Journals, 
 Vol. X., page 621. 18th January, 1692 : " Mr. Foley reports 
 " from the Committee appointed to receive proposals for raising 
 " a sum of money towards carrying on the war against France, 
 "on a fund of 'perjietual interest, that there were several 
 " persons interested in the ' Bankers' Debts' ready to take for 
 " their debts, and a new loan of an equal amount, a perpetual 
 " yearly interest of six per cent, by Act of Parliament." 
 
 " When this Committee first met, a paper was 1)rought 
 " forward proposing that, on settling a yearly rent of £65,000, 
 " one million should be advanced. Sixty thousand would be 
 " for interest and £ .5,000 U) Trustees for management, so 
 " as the subscribers may be Trustees and their Bills of 
 " Property should be current. In this case they offer to 
 " advance £ 200,000 to he ready as a Bank, to exchange such 
 " current bills as should be of right to be exchanged, the 
 " better to give credit thereto and make the said bills the 
 " better to circulate; so as they be allowed £o per cent, for 
 '' the said £ 200,000 for the first vear onlv.
 
 THE 15A.\K OF ENGLAND. 159 
 
 " The Committee were of opinion not to receive iuiy proposal 
 " which required making the bills of" property current, so as to 
 " force them as payment on any without their consent. 
 
 " But fhey acquainted Mr. Paterson, who made this 
 " proposal, that they would receive any proposal to advance 
 " one million on a perpetual fund of interest, to be in the nature 
 " of a purchase, where they aiighl assign their interest as they 
 " pleased to any one who consented thereto. Mr. Paterson 
 " said he believed the gentlemen Avould come up to that, and 
 " not insist on having the Bills made current 
 
 " He believed himself and some others might come up to 
 " advance £oOO,000, Various other proposals were made, 
 " but nothing was proposed to the Committee on which they 
 " could rely." 
 
 Although this brings us very near the Bank, it was not 
 till three years afterwards that the seed bore fruit, and then 
 chiefly through the instrumentality of Charles Montague, 
 afterwards Earl of Halifax. Montague, ^vlio at the time 
 was one of the Commissioners of the Treasury, took up 
 Paterson's scheme as a means of strengthening the national 
 finances, and carried it successfully through Parliament. He 
 was rewarded for this service by the Chancellorship of the 
 Ex(!hequer. Montague also Avas brought into sympathy 
 with Paterson, through their mutual opposition to the Land 
 Bank and other inconvertible paper schemes which came 
 from the Tory side. 
 
 In the " Wednesday's Club Papers," series 1717, q.v., 
 (page 63), Paterson, to a certain extent, has told the tale 
 of the Bank himself : — 
 
 " 1 can but think, said Mr. Speed, how joyful men in 
 *' tliose circumstances must have been at hearing of the 
 " proposition of the Bank. 
 
 " The proposition of the Bank, said Mr. May, was first 
 " made in the mouths of July and August, 1691, and was so 
 " fur from being well received that nothing was permitted to 
 " be done in it for three years after, and then but lamely 
 " neither, and far from the extensive nature and other public 
 " advantages concerted in the proposition. What then did 
 " they say to it ? said Mr. .Speed. .Some said it was a new 
 " thing and they did not understand it, said Mr. May, besides, 
 " they expected an immediate peace, and so tlieie would be 
 " no occasion for it." After various comments, Mr. May said,
 
 160 A BIBLIOGIJAI'IIY OF 
 
 " At last (1694), with much ndo, they ventured to try the 
 " proposition of the Bank, although not so as to affect the 
 "• general credit for the better, so much as at first designed, 
 
 " but only as a lame expedient for £ 1,200,000 
 
 " Had it not been for the Queen, who insisted on the express 
 " orders from the King, then in Flanders, the Commission 
 " had not passed, consequently, notwithstanding all the former 
 " pains and expense of private men about it, there had still 
 " been no Bank. 
 
 " To the point in hand, said Mr. Jones, from the chair, 
 " How did it go with the subscription to the Bank, and what 
 " were the consequences ? Notwithstanding the still continued 
 " opposition, the subscription was completed in about ten days, 
 " said Mr. May, and the Avhole money paid into the Exchequer 
 " without deduction in so many weeks. 
 
 " After which the Bank not onlv relieved the manasfers 
 " from their processions to the city to borrow money on the 
 " best and nearest public securities at ten and twelve per cent. 
 " per annum, but likewise gave life and currency, to double 
 " or treble the amount of its capital, to other branches of the 
 ^ then public credit, and so, under God, became the principal 
 "• means of the success of the campaign in the following year, 
 " 1695, particularly in reducing the important city and fortress 
 " of Namur, the first material step to the peace concluded at 
 " Ryswick two years after. The which peace, precarious as it 
 " was, considering the then low and distracted circumstances 
 " of the nation, could not, humanly speaking, have been even 
 " so obtained without some such seasonable relief and support 
 " as that of the Bank proved to be." 
 
 Though Paterson was the ruling spirit amongst the 
 founders, he only remained on the Board of Directors about 
 a year. The exact reason for his so soon quitting it has 
 not yet been found out. Sir W. Scott and Chambers both 
 seem to think that his colleagues, having gained his 
 experience, wanted his room. It seems impossible, in the 
 first place, that so reputable a body of men should have acted 
 meanly, or, again, could have been so short-sighted as to 
 throw over a man of his high standing and ripe experience. 
 
 It is noteworthy that in the " Wednesday's Club Papers " 
 Paterson says simply '• he went away," assigning no reason. 
 The writer of this notice would suggest that chagrin or 
 disgust were most probably the reasons for his withdraAval.
 
 THE BANK OF EXGLAXD. IGl 
 
 That lie felt deeply the absence of special recognition of his 
 services in connection with the Bank is certain. On 4th 
 April, 1709, he wrote from Westminster to Lord Treasnrer 
 Godolphin, enclosing a petition to Qneen Anne, in which he 
 sets forth, " That yonr petitioner first formed and proposeel 
 " the scheme for relieving the pnblic credit by establishing 
 " the B. of E., but that, notwithstanding the signal success of 
 " that institution for the public service, and his unwearied 
 " endeavours in promoting the same through all manner of 
 "opposition, from 1691 to the full establishment thereof in 
 " 1694, never had any recompense for his great pains and 
 " expense therewith." By the death of his friend Michael 
 Godfrey, the Deputy-Governor, he lost his principal supporter 
 on the Board, and on a motion he wished to carry was 
 outvoted by his co-directors. This occurrence, coupled with 
 the neglect of his deserts, doubtless caused him no slight 
 disappointment and mortification. He had probably too much 
 self-respect to make a fuss, and the earliest convenient sale of 
 his £2,000 Bank Stock (his qualification as Director) and 
 his consequent retirement from the Board Avonld most likely 
 have been the natural course, under the circumstances, to a 
 man of Paterson's temperament. 
 
 The rapidity with which he turned to the Darien scheme 
 shows how he longed for fresh fields for his creative energy. 
 It is a pity that he so soon left the B. of E., as in the 
 re-coinage troubles that quickly came, his clear views and 
 incisive mind would have been invaluable. 
 
 This is not the place to discuss the Darien scheme ; it 
 need only be said that evidence is available to show that it 
 was well planned, and that Paterson, through his self-devotion, 
 nearly lost his life. The reason of its terrible collapse was 
 principally the scandalous way in which the Government 
 Avithdrew their support and left the wretched colonists in the 
 lurch in a thoroughly helpless state. Paterson's foresight is 
 well shown in the following anecdote. Knowing the bad 
 efiects of alcohol in tropical climates, he prevailed on many of 
 the Darien colonists to take a pledge to abstain, in con- 
 sideration of being paid the value of the saving to the 
 Company l>y their abstinence. Thus far Paterson's prevision. 
 By the lotli Article of the Treaty of Union the principal sums 
 (with £5 per cent, interest thereon) due to the proprietors 
 of the Afriraii arid Indian Ci)inpany of Scotland, llic woikers
 
 1G2 A KlBLIOGRAniY (»F 
 
 of the Darien enterprise, took precedence of all other public 
 debts of Scotland, and were payable by the Commissioners 
 of the " Equivalent Fund." Years after the collapse one of 
 the surviving colonists, who had taken the pledge, applied for 
 the amount of arrears due to him on account of the non- 
 consumption of his spirit rations while in Darien ; although 
 his nationality is not given, it is scarcely doubtful. 
 
 Paterson lost £ 10,000 in the Darien business. Oddly 
 enough, however, it was chiefly through the affair that failed, 
 and not through the great success, that he received his long 
 deferred reward. On 18th March, 1707, the first United 
 Parliament of England and Scotland resolved "that Paterson 
 " ought to be paid all the sums owing to him by the African 
 " and Indian Company." On 4th April, 1709, he still prays 
 for speedy relief, and says "that, through continued troubles 
 " and expensive proceedings, he was unable to subsist or 
 " extricate himself from the debts and difticulties" he was in. 
 In 1713 a strong Committee of the House of Commons 
 awarded him £18,2-11 10*. lOfc?. ; the Lords, however, threw 
 out the Bill, and it was not till 1715 that the award was 
 al last made. 
 
 In 1703 he endeavoured to form a public library of 
 works on commerce, and offered his own collection of books 
 on that subject to the nation. His offer and the catalogue of 
 the library is in the Ilarleian Collection, Biitish Museum, and 
 is valuable to students of commercial bibliography of the 
 17th century. In his will, executed 1st July, 1718, he leaves 
 to various relations £6,400, and £1,000 to Paul Daranda, of 
 London, merchant, an old friend, whom he made his executor. 
 He seems rather doubtful as to residuary estate, as he says: 
 "■ I give the surplus of my estate, if after payment of my 
 " debts any such shall be, to be divided among the said 
 " legatees in propoition to every person's sum which is 
 " bequeathed." Notwithstanding the money which we must 
 suppose him to have possessed when the will was made, in 
 December, 1718, we find him, only five months afterwards, 
 Avriting a begging letter to Lord Stanhope referring to the 
 " difiicult juncture of his affairs," and craving assistance. 
 The end of one of the busiest lives of the time was now 
 near, and his death took place in January, 1719. 
 
 He seems to have left his house in Queen Square, 
 Westminster, some time during the preceding year, and this
 
 THE BANK UF EXGLAXD. 163 
 
 fact, and the letter to Lord Stanhope, together with a refer- 
 ence to him in a contemporary journ:il as "a man I'amons for 
 "• his skill in calcnlation withont having greatly enriched 
 " himself," all tend to show that he was at any rate not 
 overburdened with riches. Some day, perhaps, some piece 
 of evidence may be unearthed to show how much of the 
 award he really did receive. Judging by the will, he must 
 have been paid a good part of it, and he seems to have 
 enjoyed a fair measure of public esteem, and to have had 
 a certain amount of influen(;e with important personages up 
 to the end of his career. 
 
 The subjoined list of works, known to be his, or with 
 good reason attributed to him by Bannister, places him before 
 us as a man of enormous industry and varied interests. His 
 works are most clearly written, and the insight displayed in 
 them exhibits him not only as a sort of '•'Zeitgeist" in 
 himself, but as far ahead of his time. There are few men 
 Avho deal with the deeper questions of sociology with such 
 knowledge and freshness as to keep our attention rivetted 
 to the page two centuries after the ink from their pen has 
 ceased to flow; but Tatersou is one of them. 
 
 Owino- to his keen interest in all the advanced movements 
 of his day, and his marked faculty for seeing beyond the mere 
 phenomena right into the realities, a really exhaustive biography 
 would be an important work, and would open up the rich 
 historical soil of a period when the seeds of modern thought 
 and life were developing with a growth Avhose vigour was 
 only equalled by its rapidity. 
 
 A List of Pater son's Works. 
 
 lf)f)0. Portions of a Tract on the Government of the West Indies. 
 
 1(;91. Plan of the Hampstead Water AVorks Company. 
 
 1692. Evidence before the House of Commons on Public Loans. 
 
 1694. Two Tracts on the B. of E. 
 
 1695. The Scottish Act of Parliament on Darieu. 
 
 1695. Letters on Darien. 
 
 1696. Tracts on Coin and the Stoppage of the B. of E. 
 
 1699. Report on the Disasters of Darien. 
 
 1700. Paper on the Revival of the Darien Colony. 
 
 M 2
 
 104 A BIHLIOGUArilY oF 
 
 List op Paterson's Works — conf^. 
 
 1700. Tract on the Social Progress of Scotland, or his Proposals 
 
 of a Council of Trade. (Attributed, by some, erroneously 
 to John Law.) 
 
 1701. Tract on the National Debt. 
 
 1701. Tract on Auditing- the Public Accounts. 
 
 1701. Memoir on Free Trade and on British Settlements in 
 
 Central America. 
 
 1702. Paper on Taxation. 
 
 1 70fi. Wednesday Club Dialogues on Legislative Unions of Great 
 
 States. 
 1 706. Letters on the Union. 
 170fi. Paper on the Revenue of England and Scotland. 
 
 1709. Letters to Lord Treasurer Godolphin on Taxation. 
 
 1710. Paper on Toleration. 
 
 1 716. Paper on Redeeming the National Debt. 
 
 1717. Wednesday Club Dialogues on the Results of the Union 
 
 and on Redemxition of National Debt.
 
 THE BANK OF EXGLAXI). 165 
 
 THE FIRST GOVERNOR. 
 
 Sir John Houblon belonged to a Huguenot family ; his 
 fatlier was a merchant, and an elder of tlie French 
 Protestant Church in London. The son joined the father 
 in his business, which was chieily in the Spanish trade, 
 and became what the world calls successful. 
 
 He was Sheriff and Alderman in 1689, and was knighted 
 by William III. at the Lord Mayor's feast in that year, on 
 29th October, 0. S. = 9th November, N. S. He was a 
 Whig, and, with Sir John Fleet, in 1692, was put up by his 
 party for the Mayoralty in opposition to two Tory Aldermen. 
 Fleet, who was the senior, was selected. Houblon was 
 chosen Lord Mayor on 28th September, 1695. The Grocers' 
 Company payed the expenses of his " show." 
 
 He stood high at this time, as, in 1693, he had been made 
 a Lord of the Admiralty, and held office till June, 1699; on 
 21st June, 1694, too, he had been an original subscriber for 
 £ 10,000 Bank Stock, and had been made the first Governor 
 of the Bank. Honours still fell thick upon him. Li 1696 he 
 became Master of the Grocers' Company ; and it was by his 
 influence, probably, that Grocers' Hall was selected as the 
 Bank's premises, when they removed from Mercers' Hall, 
 where one or two meetings had been held. In December, 1696, 
 he delivered a statement of the Bank's affairs to the House 
 of Commons. In 1703 the House of Lords placed him on the 
 Commission of Accounts. His Spanish agent sent him early 
 intelligence of the raising of the siege of Gibraltar by the 
 French and Spaniards. The central front of the present 
 building in Threadneedle Street was built in 1734, on the site 
 of premises formerly in his occupation. He died in January, 
 1711, and was buried in S. Benet's, Paul's Wharf 
 
 His brother, Sir James Houblon, was also a member of 
 the original Directorate. He was an Alderman, and represented 
 the City in Parliament from 1698 to 1700, and died in the 
 following year. The Houblon family were much connected 
 with the B. of E. An Abraham Iloulilon was a Director in 
 1694, and a Sir Richard Houblon in 1713.
 
 ion A i5ii;li()0ijai>iiy of 
 
 THE FIRST DEPUTY- GOVEUXOR. 
 
 Michael Godfrey was the sou of a merchant of London, 
 and nephew of Sir Edmund Beny Godfrey, whose murder, laid 
 at the door of the Papists hy the notorious Titus Gates, caused 
 a great sensation a few years before tlie Bank was founded. 
 Micliael and his brother Peter were both merchants, and, to 
 their father's lienor, of a rather speculative turn of nuud. 
 
 Godfrey seems to have been an energetic and popular man 
 of business, and was a staunch supporter of Paterson in his 
 project of the new Bank, and became its first Deputy- 
 Governor. 
 
 On loth August, 1694, he was chosen one of a Committee, 
 lo in number, for the framing of by-hiAvs for the B. of E. 
 On 16th May, 169.5, a General Court Avas held, at which Peter 
 Godfrey, his bi'other, was also elected a Dii-ector. At this 
 time it Avas proposed to establish a Branch B. of E. in 
 Antwerp, to facilitate the payment of the troops in Flanders. 
 
 M. Godfrey, in conjunction with Sir flames Houblon (the 
 Governor's brothei') and Sir William S(;awen, who afterwards 
 l)ecame Deputy-Governor, were deputed to proceed to the seat 
 of war to make the necessary arrangements with the King, 
 who was besieging JXamur, They were honoured by an 
 invitation to dinner in the King's tent. 
 
 On 17th July, 1695, Godfrey, who was standing close to 
 the King, in the trenches, was killed by a ball from the town. 
 His personal value to the Corporation was shown by a fall 
 of £2 per cent, in the price of Bank Stock at the news 
 of his death. 
 
 In 169.5 he published " A Short Account of the B. of E." 
 {q. '/;.), which has' been fi-equently reprinted, and is so well 
 and freshly written that it is stiJl interesting reading. 
 
 His favourite adage was : *' We cannot do good to 
 " oiu'selves but by doing good to others." This indicjition 
 of his character would lead us to conclude that he Avas 
 not only a brilliant commercial genius, but also a good 
 man. He stands high amongst Bank worthies. His brother 
 Peter survived him about twenty years.
 
 THE BANK OF EXGLAXD. 16" 
 
 ABRAHAM XEWLAXD. 
 
 Up to the end of this present centurv, Xewland seems 
 to be the ouly servant of the Bank whose name has been 
 handed down to posterity in that capacity. Manv of its 
 employes have achieved distinction in Literature, and in 
 the Arts and Sciences, but their names are known only as 
 writers or painters, musicians or scientists. Xewland's name 
 passed into the colloquial English of the time, a Bank 
 Kote being known in, and long after, his day as an 
 " Abraham Xewland." 
 
 During the period of the restriction of cash payments at 
 the end of the last and the beginning of this century, when a 
 piece of gold coin was scarcely ever seen, Xewland's siguature 
 on the Xotes was always before the public eye, and he became, 
 in his wav, almost a national celebrity. After the return to 
 cash pjiyments and the withdrawal of the small Notes, an 
 "Abraham Xewland" became a rarity. A year or two ago 
 a ciu-iosity-dealer sold a genuine £ 1 Xote to a friend of the 
 compiler for ten shillings, and hoped he would not think it 
 dear I Had he taken it to the Bank he would, of course, 
 have been paid twenty shillings for it. 
 
 Xewland was born 23rd April, 1730, in Castle Street, 
 Sonthwark. his father being William Xewland. a miller and 
 baker, at Grove, Bucks. 
 
 lie entered the Bank in 1748. and after a faithful 
 service of thirty-four years, rose to the position of Chief 
 Cashier in January. 1782. He seems to have been a man of 
 cheerful disposition, not over fond of publicity, but doing his 
 dutv unobtrusively, and accumulating money whilst jogging 
 alouir the even tenor of his wav. 
 
 The exposure of the " Astlett " frauds in 1803. was, 
 however, a severe blow to him. The criminal Inul unhappily 
 been a protege of Xewland, aud held a good position in the 
 Banks service, doubtless in no small measiue owing to his 
 old friend's recommendation. He showed his gratitude to 
 the Bank and his benefactor by embezzling a large numlier 
 of Exchequer Bills, and was in due course nied and convicted.
 
 lf)8 A BIBLIOGRAPHY OF 
 
 At the first half-yearly meeting of the Bank 8tock 
 proprietors after his conviction, the Governor stated that the 
 total loss to the Bank would he about £320,000. "About 
 " £78,000," he added, "have been employed in sources from 
 " which the Directors think they shall be able to recover, and 
 " they were determined to prosecute for that purpose ; that the 
 OSS amounted to nearly the entire dividends of the half yeai-, 
 ' but the affairs of the Company were in so prosperous a 
 '■ condition that they should be aljle to divide as usual." 
 
 a 
 
 This affair of Astlett seems to have affected the old man's 
 health, which from this time gradually declined. 
 
 Owing to the quiet way in which Newland lived, it is 
 difficult to get hold of any anecdotes ilhistrative of his 
 character; the following one, however, is believed to be 
 authentic. 
 
 Early one morning, as Newland, who lived in the Bank, 
 was Avalking in the garden before breakfast, one of the 
 porters came up in haste and told him that there was a 
 poor man waiting who was in a great state of mind as to 
 cashing a £ 10 Note. At so early an hour, the clerks not 
 having yet arrived, and the offices not being opened, this 
 was, of course, impossible. " Bring him to me," said 
 NcAvland. He told the man that if he wanted the ten 
 sovereigns he would have to wait for at least an hour, 
 but, under the circmustances, he would help him and let him 
 have £9 lOs. for his Note. After some hesitation, and not 
 without grumbling at the hardship, the man took the offer 
 and went his way, whilst Abraham, with a self-satisfied 
 chuckle, pocketed the Note bearing his superscription. On 
 going into his office, his first act was to hold up the Note 
 with an air of pride, saying, " See what the early bird has 
 caught," and, addressing the man nearest to him, " Be so 
 good as to cash this for me." One man after another 
 backed out of the job and left Newland still holding his 
 Note. "Hullo! what's the matter; why don't you do it?" 
 Then the answer came, "Well, sir, there is no doubt of it, it's 
 a forgery." 
 
 Until 22nd September, 1807, he had slept at the Bank 
 for five-and-twenty years Avithout being away for a single 
 night. He then moved to 38, Highbury Place, under the care 
 of his old friend Mrs. Cornthwaite, and remained with her 
 there till his death.
 
 THE BANK OF KXGLAXD. 169 
 
 When the end was evidently near, he received a, present 
 of a ham from an acquaintance to whose good offices he had 
 before owed nothing. Abraham saw the real object of the 
 ffift. and at his next meeting with the donor, raised his finirer 
 Avith a significant gesture, and said, "It won't do, mv dear 
 sir, I tell you it won't do." 
 
 His Doctor, in one of his last visits, found the old fellow 
 deeply absorbed in the newsjjaper, and gently expressed his 
 surprise at finding Newland still interested in the affairs of this 
 world. He replied with a smile, "I am only looking at the 
 paper in order to tell what I am reading to the world I am 
 going to." Shortly afterwards he died, very quietly, on the 
 21st November, 1807, and was buried in the churchyard of 
 S. Saviour's, Southwark. 
 
 He is said to have suggested the following verse for his 
 own epitaph : — 
 
 " Beneath this stone old Abraham lies, 
 Nobody laughs and nobody cries : 
 "Where he has gone, and how he fares, 
 No one knows and nobody cares." 
 
 He left behind him a large sum of money, the largest, most 
 proi)ably, that any Bank Clerk has hitherto left, or is likely 
 to leave, for the then constantly recurring issues of Govern- 
 ment Stock gave many opportunities for "a little business," 
 in those easy-going days. It seems to liaA^e been usual for 
 the employes of the Baidc both to receive a considerable 
 share of the commission paid on the issue of a Loan, and 
 to ajiply for, and be allotted, laige sums of the new Stock, 
 Avhich thcv were, ])robably, always able to dispose of at a 
 premium. The accompanying extiact from a contemporary 
 newspaper shows that he did not forget his old friends, either 
 in the Bank or out of it. 
 
 " The late 3Ir. Abraham Ncwla/id. 
 
 " The Will of Mr. Newland has not yet been registered, 
 " but we are enabled to state its principal contents, 
 
 '• Mr. Newland died worth £200,000 in Stock, besides 
 " £ 1,000 per annum arising from estates, and he disposed of it 
 " in the following manner :
 
 170 A BIBLIOGRArHY OF 
 
 " To Mr. Hemy Hase (now Chief Cashier), Mr. Rippon 
 " (Second Cashier), Mr. Attwood and Mr, Bross £500 each 
 " as executors. To Mrs. Coriithwaite, housekeeper to the 
 " deceased, the income from £ 60,000 Consols and his personal 
 " effects, a legacy of £5,000 in cash down, the house and 
 " furniture at Highbury, and his horses aud carriage. 
 
 " To Mr. Hase, £250 per annum, arising from the Bioad 
 " Street Annuity (money lent l)y Mr. Xewland to the parish, 
 " and when the annuity shall cease the principal to be repaid), 
 "and £700 Consols; Mr. Rippon, 700 guineas; Mr. Bross, 
 " 700 guineas ; Mr. Attwood, £ 10,000. To each of the family 
 " of the Goldsmids, eight in nvimber, £500 to purchase rings. 
 " To the gentlemen belonging to the Chief Cashier's Office, 
 " about twenty in number, from £30 to £ 100 each, with about 
 "• two exceptions. To the Porters at the Bank and Lodge 
 "• from £ 10 to £ 50 each, and to the domestics of the deceased's 
 " household the like sums. The residue of the property is 
 "■ left amongst the relatives of the deceased ; among tliem is a 
 " Chelsea Pensioner, who during Newland's life received £50 
 " per annum, has been left £100 per annum ; a farmer's 
 " servant at Hornsey, who had not partaken of the testator's 
 " bounty during his lifetime, has been left £300 per anrmm." 
 
 One feels curious to know what the offence of the 
 excluded iiulividuals in the Chief Cashier's office could have 
 been. If tlie whispers of the day were true, Newland and 
 the Goldsmids had many a time been serviceable to one 
 another, and had not been totally uninterested in the 
 operations of the "Bulls" and "Bears." 
 
 The above seems to be the testamentary disposition of a 
 man who, at any rate, had endeavoured to remember his 
 friends. On the whole, Abraham oS^ewland seems to have 
 been a careful, kindly, self-contained man.
 
 Tin: BANK OF ENGLAND. 171 
 
 The following stanzas, written about the year 1800, were 
 snug at a dinner of the B. of E. Company of the Civil 
 Service llifle Volunteer Corps, in February, 1879; — this 
 act of commemoratiou shows that the present generation 
 have not forgotten 
 
 ABRAHAM NEWLAND. 
 
 O, there ne'er was a name so blazon'd by fame, 
 
 Thro" the air, or thro" ocean, or thro' land. 
 As the one that is wrote upon every Bank Note, 
 And you all must know Abraham Newland. 
 0. good Abraham Newland ! 
 Not(^-able Abraham Newland ! 
 I have heard people say : "Sham Abram you may," 
 But you mustn't sham Abraham Newland. 
 
 If for fashion or arts you should seek foreign parts, 
 
 Not a jot does it matter where you land ; 
 Christian, Turk, Jew or Greek, the same language they sijeak, 
 That "s the language of Abraham Newland. 
 O, great Abraham Newland ! 
 Noter/ Abraham Newland ! 
 
 Tho' with comijliments cramm"d. you may die and be ! 
 
 If you haven't an Abraham Newland ! 
 
 All the world is inclined to think Justice is blind, — 
 
 Lawyers know very well they can view land, — 
 But lord ! what of that ? She" 11 blink like a bat 
 At the sight of an Abraham Newland. 
 0, crisp Abraham Newland ! 
 lianlt. .\'(»f/"-ified Abraham Newland ! 
 Tho" Dame Justice, "tis known, can see thro' a millstone, 
 She can nut see thro' Abraham Newland ! 
 
 Then, those patriots who bawl for the good of us all — 
 
 Worthy souls! — Here, like mushrooms, they strew land, 
 Tho' as loud as a drum, still as mice they become, 
 If attacked by stout Abraham Newland. 
 O. stout Abraham Newland ! 
 Notr-orious Abraham Newland ! 
 Not an argument "s found in the world half so sound 
 As the logic of Abraham Newland ! 
 
 In writing these Bibliographical Notes, reference has been made 
 to Bannister"s Wfitingx of Pittcr-son ; PcniKtnf's Londint ; LuitrdVs: 
 Brief Rclat'wii ; lUct'ionarij of y<itioiial Bhujntph ij ; Lfc of 
 Ahruham XeLvland ; and contemporary sources.
 
 173 
 
 CHRONOLOGICAL SUMMARY OF EVENTS 
 
 From 1694. 
 
 1707. 
 
 1708, 
 
 1 70'.). 
 
 1710, 
 
 1711. 
 
 1712. 
 
 1713, 
 
 1714. 
 
 1G94. Charter issued 27t]i July, to continue to 1st August. 170."). 
 B. of E. installed at Grocers' Hall. 
 
 ICyS. Michael Godfrey, first Deputy-Governor, died 17th July in the 
 trenches at the siege of Namur. Bank of Scotland 
 founded by J. Holland. 
 
 IG'.tG. Bank Notes at 20 per cent, discount. Suspension of payment 
 owing to recoinage difficulty. 
 
 1G'J7. Charter extended to August, 1710. Bank Stock, by law, 
 made personal, not real, property, and profit thereon 
 exempted from taxation. Exchequer Bills issued, said to 
 have been invented by Montague, Earl of Halifax, {sre 17Ut)). 
 
 IG'IS. Darien Expedition. New East India Company founded. 
 
 1G'.)9. Bank Stock, highest 111). September ; lowest 101|, January. 
 
 1700. Bank Stock, highest 148{, March; lowest 124^, December. 
 
 1701. Charles II. Debt to Goldsmiths first treated as National Debt. 
 17(J2. Amalgamation of New and Old East India Companies. 
 
 1703. Bank Stock, highest 138|, September ; lowest 129, January. 
 
 1704. £1 Notes issued by Bank of Scotland. 
 
 170."). Charitable Corporation Fund established ; sort of Savings" Bank 
 somewhat on the Scotch Cash Credit system. It only 
 lasted about three years. 
 170G. B. of E. exempted from usury laws. Old Gloucester Bank 
 opened by James Wood. 
 Renewal of Charter to August, 1732. 
 
 B. of E. Capital doubled. Act G Anne passed, prohibiting 
 the Issue of Notes in Great Britain by any body of more 
 than G persons, other than the B. of E. 
 
 A call of 1.") per cent, on Bank Stock in February. 
 
 A call of 10 per cent, on Bank Stock in December. First 
 Lottery subscription at B. of E. 
 
 South Sea Company formed. 
 Drummond's Bank established. • 
 Extension of Charter to 1742. 
 
 Legal rate of Interest lowered to .") per cent, from G per cent., at 
 which latter rate it had been fixed in lGr)l. 
 
 171."). Sukscriptions for Government Loan first received at B. of E. 
 
 (1 George I., cap. 19). Act passed '-For relieving 
 
 '■ William Paterson out of the ' E(inivalent IMoney ' for 
 
 " what is due to him.' 
 171G. Walpo]e's Sinking Fund created. Interest on South Sea Co."s 
 
 Debt reduced to .C ."i per cent.
 
 174 A BIBLIOGRAniY OF 
 
 1717. Guineas made current at 21.v., their specie value being only 
 
 20.?. 8d. 
 1718. 
 
 1719. William Paterson died in Januaiy. 
 
 1720. South Sea Bubble commenced. Issue S. S. Stock at 2000 
 
 falling to 400 in Sejitember. Bank Stock 20(i. E. India 
 Co. Stock 41.5. 
 
 1721. Unsuccessful attempt to start a National Bank in Ireland. 
 
 1722. Fii'st foiTuation of Reserve Fund "The Rest."' The jiractice 
 
 in emergencies hitherto had been to make calls on the 
 proprietors. 
 
 172.3. 
 
 1724. Interest on Debt from Government to B. of E. reduced to 
 
 d 4 per cent. 
 172.J. 
 
 1720. First £3 per cent. Loan raised. 
 
 1727. Roval Bank; of Scotland founded by Proprietors of Equivalent 
 " Fund. 
 
 1728. 
 
 1721). Cash Credits instituted by Royal Bank of Scotland. 
 
 1 730. Reduction of E. I. Co.'s Annuity and of Debt to South Sea Co. 
 
 1731. £3 per cent. Stock: highest 99, lowest 94. 
 
 1 732. One jj-m.. Thui-sday, 3rd Augu.st. foundation stone of new 
 
 building in Threadneedle Street laid by Sir Edward 
 Bellamy, Governor. G. Sampson. Architect. 
 
 1733. AYalpole's Excise Bill defeated. 
 
 1734. Thiu-sday, ."Jth June. Business first transacted at Threadneedle 
 
 Street. Act passed against Stockjobbing. 
 
 1735. Fuller. Banbury & Co. commenced business. 
 1 730. Bant of Copenhagen established. 
 
 1737. £3 per cent. Stocks at 107. Unsuccessful attempt to reduce 
 
 Interest on all Redeemable Stocks to £ 3 per cent. 
 
 1738. 14th December. B. of E. first issued Post Bills payable 7 days 
 
 after sight, to give chance of stoppage of payment in 
 case of Mails being stolen by highwaymen or others. 
 
 1739. £3 per cent. Stock: highest 106^, lowest 'J0|. 
 
 l-iQ { In England, at this time. Cheques seem to have been scarcely 
 ' < used at all. In the Acts giving Charters to various Banks 
 ^'i^- ( mention is made only of Xotes. 
 
 1742. Chai-ter renewed to August, 1704. 
 
 1743. Meyer Rothschild bom. 
 
 1744. Alexander's Bank at Ipswich founded. Pitt takes Office. 
 
 174,5. Run on the B. of E. caused by rebellion in the North. 
 B. of E. Notes paid in silver (sixpences. &c.) 1 140 Merchants 
 signed declaration that they would accept B. of E. Notes 
 in payment. 
 
 1746. Call of 10 per cent, on Bank Stock. British Linen Co. founded. 
 
 1747. £3 per cent. Stock: highest 80, lowest 81.
 
 THE BANK OF EXGLAXD. 175 
 
 ITIS. £."5 per cent. Stock: lowest 76, highest 91. 
 
 1741). Conversion £54,000,000. Pelham, Chancellor of Exchequer. 
 M, i per cents, reduced to £ 3 : lO.y. per cents. 
 
 1 7,")0. JC i per cent. Debt from Govei-nment to B. of E. reduced to 
 £3 : 10.1'. per cent. Cocks Biddulphs". Glyns', and 
 
 Becketts' (of Leeds) Banks established about this date. 
 
 17.")!. C3 per cent. Stock: highest 103, lowest 97. 
 
 17.") 2. Fonnation of £3 per cent. Consols and £3 per cent. Reduced 
 Stocks. Act 25 Geo. II. cap. 27. 
 
 1753. £3 per cent. Stock: highest lOfij. lowest 103^. 
 
 1754. „ ., .. 104;^, ,, lOU. 
 
 1 755. Fii-st Act for making Canals in England passed. 
 
 175(1. Commencement of Seven Tears' War. Reduced £3 per cent. 
 Stock : First dividend paid 5th January. 
 
 1757. £3 : lo.v. per cent, become £3 per cent., in accordance with 
 
 the terms of Pelham"s Conversion ; also £ 3^ per cent. 
 Debt from Government to B. of E. reduced to £ 3 per cent. 
 
 1758. Legally settled that those who had given value for B. of E. 
 
 Notes stolen from Mails were entitled to payment from 
 B. of E. First forgexy of £ 20 Note (smallest amoiint 
 then in circulation) by R. W. Yaughan, linen di-aper of 
 Stafford. Hanged. 
 
 759. First Issue of £15 and £ 10 Notes and Post Bills by B. of E. 
 
 rco. £3 per cent. Stock: highest 85, lowest 75^. 
 
 7(il. The "Long Annuities" created. 
 
 762. Brindley completed Canal from Worsley to Manchester. 
 
 .7(i3. Panic in Hamburg and Amsterdam extending to London. 
 B. of E. made advances amounting to £ 1.000,000. 
 Dmidee Banking Co. started. 
 r(i4. Renewal of Chai-ter till August, 1786. 
 r65. £3 ]ier cent. Stock : highest 92|. lowest 85. 
 766. Perth Banking Co. and Prescott's established. 
 .767. £3 per cent. Stock: highest 92f, lowest 87^. 
 .768. ,. ,. ., 94f, ., 87f. 
 
 .7()9. Inventions of Watts' Steam Engine and Aa-kwrighfs Spinning 
 
 Jenny made known. 
 77<i. Eastern Wing added to B. of E. 
 '71. £3 per cent. Stock: highest 89, lowest 78|. 
 
 '1'2. Black Monday, 8th June, panic. Heale & Co., of Threadneedle 
 Street, Bankers, failed. Robarts &; Co. opened. 
 
 '73. In the books of Messrs. Martin an entry appears "Quarterly 
 " charge for use of Clearing Room, ]9.v. 6<Z."' 
 
 '74. Western Wing added to B. of E. 
 
 i'75. Institution of London Clearing House Bankers prohibited 
 Irom issuing Notes of less amount than 2(i-v. 15 Geo. III. 
 caj}. 51. 
 1776. Bankers prohibited from issuing Notes of less amount than £ 5.
 
 17G A BIBLIOGRAPHY OF 
 
 1777. £ 3 per cent. Stock : highest 82|-. lowest 75^. 
 
 1778. £3 per cent. Stock: highest 75^, lowest 60f. 
 
 1779. About this date the modern Cheque came into general use. 
 
 1780. "Gordon" Riots. Repulse of attack on the B. of E., since 
 
 when the building has been protected at night by 
 military guard. 
 
 1781. Charter extended to August, 1812. Church of S. Christopher- 
 
 le-Stocks taken down. Legally decided that the B. of E. 
 is not liable to pay forged ;\otes. 
 
 1782. Commercial Crisis commenced, and culminated in the Spring 
 
 1783. of this latter year. Bank of Ireland opened 2.5th June 
 at S. Mary's Abbey, Dublin. The last nominee of the 
 Tontine of l(;'.i2 died, aged 10(i. 
 
 1784. Navy £5 per cent, created. 
 
 1785. £3 i^er cent. Stock: highest 73|, lowest a.jJ-. 
 
 178G. Pitt's Sinking Fund established, and Commissioners for the 
 Reduction of the National Debt appointed. Rate of 
 payment to B. of E. for Management of the Funded 
 Debt fixed at £ 450 per million ; prior to this the rate 
 had been £5G2 : lO-v. 
 
 1787. Consolidated Fund formed by combining the Aggregate, 
 
 General, and South Sea Funds. 27 Geo. III., cap. 13. 
 
 1788. Sir- John Soane appointed Architect to B. of E. 
 
 1789. £ 3 per cent. Stock, highest 81:^ ; lowest 71|-. 
 
 1790. Issue of Tontine Loan of 1789 ; last siu-rivor died 31st 
 
 October, 1887. 
 
 1791. A new and distinct Sinking Fund established of One i^er cent. 
 
 upon the Debt created in respect of futui-e Loans. 
 Allowance to B. of E. for management, arranged in 178(j, 
 sanctioned by Parliament. 
 
 1792. Run on the B. of E. latter end of this year and beginning 
 
 of next (*•«; 1797). 
 
 1793. £3 per cent. Stock: highest 81, lowest 70^. 
 1791. First Issue of £5 Notes. 
 
 1795. Rotunda built by Soane. « 
 
 1796. Exchequer BiUs (sec ]()97) first circulated by B. of E. 
 
 1797. 26th February (Sunday), Order in Council for Restriction of 
 
 Cash Payments, and, on 10th March, N^otes of £ 1 and £ 2 
 were issued. In March, Spanish Dollars were put into 
 circulation, a small head of Geo. III. being stamped on 
 the Spanish King's neck. Bank Restriction Act passed 
 3rd May. Mutiny at the Xore. The follo\\-ing comparison 
 shows the state of the Market. — 
 
 Si^'ora the fall hi. 1792. 
 £3 per cent. Consols 97g^ 
 
 £ I ])er cents. . . 105f 
 
 £5 „ . . 120 
 
 Bank Stock . .219 
 
 Ap, 
 
 '■n. 1797, 
 
 
 (Kif 
 
 
 >n 
 
 
 u\}
 
 rili: DAMv OF ENGLAND. 
 
 1798. Land Tax made redeemable in £ 3 per cent. Stock. Bank 
 
 Volunteer Corps formed. 
 
 1799. First English Savings Bank, '•Benevolent Institution," started 
 
 at Wendover by Rev. J. Smith. 
 
 1800. Renewal of Charter to August, 1833. Bank Notes at par. 
 
 Gold at 775. lO^fZ. per oz. 
 
 ISO I. Bank Notes at 8 per cent. Discount. Gold at 85*'. per oz. 
 Foundation Stone of present Stock Exchange laid in 
 Capel Com-t, ISth May. 
 
 1802. Consolidation of Sinking Funds. Addington, Chancellor of 
 
 the Exchequer. 
 
 1803. Astlett Frauds (see A. Newland). Bank of France instituted 
 
 by laws not approved till 1808. 
 
 ISOi. Five Shilling Dollars issued by B. of E. 
 
 1805. Gold &i per oz. Silver ox. od. 
 
 1800. Directors' fees doubled, 
 
 1807. Abraham Newland retu-ed from the Chief Cashiership of the 
 
 B. of E. in September and died 2 let November. Lord Henry 
 Petty"s Plan of Finance. 
 
 1808. Notes of Country Bankers taxed. Payment to B. of E. for 
 
 management of Funded Debt reduced to & 310 per million 
 to £600.000,000. and to £ 3U0 jjer million beyond. Pui-chase 
 of Life Annuities in connection with Government Stock 
 established by Spencer Percival. 
 
 1809. B. of E. adopted Bramah's Machine for numbering Notes. 
 
 1810. Bullion Committee. Gold £4 : 10.j. per oz. Bank Notes at 
 
 discount of 13 per cent, (or a £1 Note = 17.s. id. only). 
 Separate premises taken for Clearing House. 
 
 1811. Act passed making it a misdemeanour to take a B. of E. Note 
 
 for less than its value. 9th July, B. of E. issues Silver 
 Tokens for ds. and \s. Gd. 
 
 1812. Gold £i : 18.^. per oz. (Note = 15.s\ lid.) Average price of 
 
 Wheat in England and Wales, 155.y. per quarter (some 
 Dantzic Wheat fetched 180*'.) £3 per cent. Stock: 
 55|- to 03. 
 
 1813. Gold £5 : 10.?. per oz. (Note = lis. 2d.') Issue of £5 per cent. 
 
 Exchequer Debentures. Sinking Fund modified by 
 
 Yansittart, Chancellor of Exchequer. 
 
 1814. Gold £5 : is. per oz. (Note = 155. or 25 per cent. Discount) 
 
 July, Wheat (>8.y. Bank and other Volunteers disbanded. 
 
 1815. April, Gold £5 : 7s. per oz. June 9th, £5 : os. per oz. 
 
 June 18th, Waterloo. June :-'Oth, £5 per oz. July 7th, 
 £4 ; 14*., and October 13th, £4 : 3a\ per oz. 
 
 1816. Consolidation of English and Irish Exchequers. Act (56 Geo. 111. 
 
 cap. GO) passed to transfer Unclaimed Stock to National 
 Debt Commissioners. 
 
 1 817. Loan of £ 3,000,000 by Bank to Government. Gold £ 3 : 18^. 6d. 
 
 per oz. Temporary partial resumption of Cash payments. 
 B. of E. prosecuted in this year 142 persons in connection 
 with forgeries. 
 
 N
 
 178 A BIBLIOGRAPHY OF 
 
 1818. Transfers of Stock first authorised from England to Ireland. 
 
 B. of E. gave up the practice of detaining forged Notes, 
 simply returning them to the holders stamped with the 
 word "Forged."' Conversion of £27,OOO.OUO. Vansittart, 
 Chancellor of Exchequer. Holders of £ 100 £ 3 per cent. 
 Stock offered £ 88 in £ 3 : 10*. per cent. Stock, and on 
 payment of £11 in money, to a further sum of £12 in 
 the new Stock. £ 3 per cent. Stock : highest 82, lowest 73. 
 
 1819. Act passed -for gradual resumption of Cash payments ("Peel's 
 
 " Cui-rency Bill"). 
 
 1820. 352 Convictions in respect to forged B. of E. Xotes and Post 
 
 Bills; 77 Capital convictions, and 275 for having forged 
 Notes in possession. 
 
 1821. 1st May, complete resumption of Cash payments. Gold 
 
 77.?. lOirZ. per oz. £3 per cent. Stock: highest 78|, 
 lowest 68f. 
 
 1822. Conversion of £ 152,000,000 Navy £ 5 per cents, to £ 4 per cents. 
 
 Vansittart. Chancellor of Exchequer. £ 3 per cent. Stock : 
 highest 83, lowest 75^. Many B. of E. clerks pensioned 
 on account of the suppression of £ 1 and £ 2 Notes. 
 
 1823. Transfers of Stock from Ireland to England first authorised. 
 
 Last Lottery drawn. B. of E. purchases "Dead Weight 
 " Annuity '" running for 45 years. 
 
 1824. Conversion of £76.000.000 £4 per cent, to £ 3 : lO.v. per cent. 
 
 F. J. Eobinson, Chancellor of the Exchequer. Trial of 
 Fauntleroy. the forger ; hanged 30th November ; altogether, 
 the replacing Stock, legal expenses &c., cost B. of E. £ 300,000. 
 
 1825. £5 per cent. Loyaltv Loan of 1797 converted to £ 3 per cent. 
 
 Consols (£133 :"6.«. 8^7. Consols for each £100 Stock), or 
 paid off at par. December, panic, run on B. of E. A box 
 of £ 1 Notes accidentally found, and issued ^vith the 
 gold, had great effect in restoring confidence. Altogether. 
 70 Banks stopped payment. 
 
 1826. Up to this time, £10 was the amount of the lowest cheque 
 
 permitted to be drawn ; now, £ 5 was allowed. Branches 
 of B. of E. first established. Manchester. Swansea and 
 Gloucester Branches opened. Statute enacted making the 
 institution of Joint Stock Banks legal outside the G5 miles 
 limit. Assimilation of English and Irish Curi-encies. 
 
 1827. B. of E. opens Branches at Biimingham, Liverpool. Bristol. 
 
 Leeds and Exeter. 
 
 1828. Sinking Fund limited to a quarter of the actual surplus of 
 
 revenue. Newcastle Branch B. of E. opened. 
 
 1829. "Old Sinking Fund" established. Goulburn. Chancellor of 
 
 Exchequer. Annuities for Terms of Years, so called, 
 created. Hull and Norwich Branch Bs. of E. opened. 
 Thomas Maynard last person executed for forgeiy at the 
 Old Bailey. ' 
 
 1830. Conversion £153.000,000 New £4 per cents., optional at par, 
 
 to £ 3 : 10a-. per cents., or at 70 to £ 5 per cent. 
 Only half-a-million was converted on the latter terms. 
 £ 3 'per cent. Stock : highest 94|, loM-est 77|.
 
 THE BANK OF EXGLAXl), 179 
 
 1831. Eeform Eiots. £3 percent. Stock: higliest S4j, lowest 74f. 
 
 1832. Committee of Secrecy on B. of E. Management of Tontine 
 
 and Life Annuities transferred from B. of E. to National 
 Debt Commissioners. 
 
 1833. Renewal of B. of E. Chai-ter, in wliich was inserted Declaratory 
 
 clause permitting- Joint Stock Banks in London. 
 
 1834. Public Moneys paid direct into B. of E. instead of into 
 
 Exchequer. Branch Bs. of E. opened at Plymouth and 
 Portsmouth, and that at Exeter closed in jNLay. London 
 and Westminster Bank started. One-fourth part of Debt 
 due from Government to Bank paid ofE. 
 
 1835. £20,000,000 raised for compensation to Slave-owners, partly 
 
 in £ 3 per cent. Stock, with long annuity, and i^artly in 
 £ 3 : \0s. per cent. Stock. 
 1830. London Joint Stock Bank founded. 
 
 1837. Forgeiy reduced from a capital to a transportable offence. 
 
 1838. Stockbrokers expelled from Eotunda, which has since been 
 
 used by the B. of E. itself. 
 
 1839. Commercial Crisis. Foundation of the L'nion and of the 
 
 London and County Banks. 
 
 1840. Committee appointed on Banks of Issue. 
 
 1841. Removal of Clearing House to present premises in Post Office 
 
 Coiu-t. 
 
 1842. Reimposition of Income and Property Tax. 
 
 1843. In May, B. of E., at request of Stock Exchange Committee, 
 
 notified that no transfer would be allowed after 1 p.m., 
 and that the future days for public transfer would be 
 Tuesday, Wednesday, Thursday and Friday. 
 
 1844. Bank Charter Act i:)assed, separating Banking from Issue 
 
 Dei^artment, and enacting that the privileges of the Bank 
 were to continue till twelve months' notice, to be given 
 after 1st August, 1855, and repayment of debt due from 
 public. Conversion of £ 248.0()0"'.000 £ 3 : 10.y. per cent. 
 into £3 : o-s. per cent, for 10 years (1854), and then to 
 £3 per cent. only. £3 per cent. Stock: highest 101|, 
 lowest 96|-. Leicester Branch B. of E. opened. 
 
 1845. Railway Mania. Act 8 & 9 Vict. cap. fi2 passed to pay 
 
 Dividends Unclaimed for 10 years, and upwards, to the 
 Commissioners for the Reduction of the National Debt. 
 
 1846. Repeal of the Corn Laws. 
 
 1847. Commercial Crisis. 25th October, the Government suspend 
 
 the Bank Charter Act of 1844. £3 per cent. Stock: 
 highest 94, lowest 78^. 
 
 1848. £2,000,000 raised in £3 per cent. Stock at £114: 8.f. :>d. 
 
 l^er cent. 
 
 1849. Gloucester Branch B. of E. closed 28th February. 
 
 1850. Institution of Clerks' Library in the B. of E., and of the 
 
 Clerks' Fidelity Guarantee Fund. 
 
 1851. £3 per cent. Stock: highest 99. lowest 95^^. 
 
 X 2
 
 ISO A BIBLK^GItAPHY OF 
 
 lSo2. £ 3 per cent. Stock : Mo-hest 102, lowest 9.5|. Norwich Brancli 
 
 B. of E. closed 31st May. 
 1853. Attempted Conversion of £ 3 per cents. ; highest 101. 
 
 Exchequer Bonds and New &2 : 10*'. and £3 : 10i\ created. 
 18."4. Joint Stock Banks admitted to Clearing House. Usury Laws 
 
 abolished. 
 
 1855. New form of Bank Note adopted. Failure of Strahan, 
 
 Paul & Co. 
 
 1856. Western Branch B. of E. opened 1st October. 
 
 1857. Panic. Act of 18il suspended 12th November. 
 
 1858. Committee on Bank Charter Act. 
 
 1859. Swansea Branch B. of E. closed in February. Commercial 
 
 crisis in April. 
 
 1 860. Long Annuities expired. Payment to B. of E. for Management 
 
 of Funded Debt reduced to M, 300 per annum per million 
 up to £600,000,000, then £150 per million. 
 
 1861. Post Office Savings Banks opened. Act passed (24 Vict. cap. 3) 
 
 making Charter determinable on twelve months' notice, and 
 repayment of debt due from public. 
 
 1862. Theft of Bank Note Paper from the makers' mills. Many 
 
 forged Notes soon about. Forgers tried and convicted in 
 January, 1863. 
 
 1863. Red Sea Annuity created. 
 
 1861. B. of E. joined Clearing House in April. 
 
 1865. £3 per cent. Stock: highest 91:|-, lowest 87. 
 
 1866. Panic, 10th May, failure of Overend, Gurney <.v Co. B. of E. 
 
 rate of discount £10 per cent. £3 per cent. Stock: 
 highest 90i, lowest 85g-. 11th May, Government suspended 
 Bank Act of 184-1. Bank Volunteer Corps enrolled as 
 '•K" Company of C.S.V.R. Corps. 
 
 1867. Terminable Annuities created. Allowance to B. of E. for 
 
 Management of Unfunded Debt fixed at £ 100 per million. 
 
 1868. Dead Weight Annuity expired 31st March. 
 
 1869. National Purchase of Telegraphs. 
 
 1870. National Debt Act passed (33 & 34 Vict. cap. 71); this 
 
 consolidates and amends the Acts of 1816 and 184.5^ the 
 first enacting the payment of Stocks and Dividends 
 thereon, and the second of Unclaimed Dividends only, to 
 the National Debt Commissioners. 
 
 1871. 25th May, Sir John Lubbock's Bank Holiday Act passed. 
 
 1872. Leicester Branch B. of E. closed in February. Clearing 
 
 Houses opened at Manchester and Newcastle. 
 
 1873. Cheque Bank started. 
 
 1874. £3 per cent. Stock: highest 93|, lowest 91^. 
 
 1875. Financial crisis. A. Collie & Co.. Sanderson & Co., and 
 
 J. C. im Thurm & Co., BiU Brokers, failed. New Sinking 
 Fund Act. Purchase of Suez Canal Shares. Formation 
 of 50th (afterwards 25th) Middlesex V. R. Corps (Bank 
 Porters and Mechanics) attached to C. S. V. R,
 
 THE BANK (JF ENGLAND. 181 
 
 1876. Foundation of Imperial Bank of Germany (formerly of 
 
 Prussia ). 
 
 1877. Treasury Bills created. 
 
 1878. Financial iwessure. City of Glasgow Bank failed. 
 
 1879. Institute of Bankers founded. London and Westminster Bank 
 
 made " Limited." 
 
 1880. Great Depression in Trade. 
 
 1881. Trustee Savings Banks Deticiency Annuity created. 
 
 1882. Entrance to B. of E. in Princes Street opened. 
 
 1883. Creation of Chancery and "Rolling Annuities" in place of 
 
 £70.000,000 Stock cancelled. 
 
 1884. Attempted Conversion of £ 3 per cent. £ 19.000,000 to £ 2 : 10.5. 
 
 per cent., and £i,000,000 to £2 : lo.y. per cent., 1905. 
 Childers, Chancellor of Exchequer. £ 3 per cent. Stock : 
 highest 102f , lowest 99yV. 
 
 1885. Xew Sinking Fund and portion of Terminable Annuities 
 
 representing Capital suspended for the year. 
 
 1886. Iioyal Commission on Ciu'rency. 
 
 1887. Conversion of India £4 per cent, to £ 3 : lO.y. per cent. Local 
 
 Loans Stock created. 
 
 1888. National Debt Conversion. Goschen, Chancellor of Exchequer. 
 
 £ 3 per cent. Stock : highest 103|. Xew Law Coui'ts 
 Branch B. of E. premises oi^ened in Fleet Street. 
 
 1889. Redemption of £3 per cent. Stocks. The total amount of 
 
 £3 per cent, converted to £2 : lo.^f. per cent. Stock, under 
 the Conversion Act of 1888 and the Redemption Act of 
 1889, was £ 565,000,000. Dividends payable quarterly. 
 
 1890. November Commercial crisis (Baring Jc Co.) Panic averted 
 
 by prompt action of B. of E. taking the leading part, in 
 conjunction with other Banks, in the formation of a 
 Guarantee Fund. "Accumulative Dividends " introduced. 
 
 1891. Amalgamation of Prescott's and Dimsdale"s Banks. Vagliano 
 
 case decided by the Hoiise of Lords in favoiu" of the Bank, 
 and decisions of Judge and of the Court of Appeal overruled. 
 
 1892. Bank Act i^assed (55 & 5G Vict. cap. 48). Allowance to Bank 
 
 for management of National Debt adjusted to meet quarterly 
 payment of dividends. Interest on Permanent Debt reduced 
 from £ 3 per cent, to £2:1 56-. per cent. Amalgamation of 
 Parr's and Alliance Banks. 
 
 1893. Banking Crisis in Australia. 
 
 1894. Finance Act passed altering Death Duties. Bank Rate of 
 
 Discount £ 2 per cent, from February (till September, 1896). 
 
 1895. The Baring Liquidation completed in January. Great specula- 
 
 tion in South African enterprises. 
 
 1896. Supplemental Charter as to internal affairs of B. of E. under 
 
 Bank Act of 1892. £ 2 : 15.*. per cent. Consols : highest 1 13^. 
 Barclay & Co. Limited, formed by amalgamation of Barclay, 
 Ransom & Co., with Goslings, and thirteen country Banks.
 
 183 
 
 rxDKX OF xa:\ies. 
 
 Addiiigton. Lord, 80. 82 
 Allardyce. A., 27 
 Al thorp. Lord, 71 
 Arbuthnot, G., 87 
 Arnott. Charles, ol 
 Ashman, Thomas. Kio 
 Atkinson, J., 82. 44. tlG 
 Attwood, T., 5G 
 
 Baker. Henry, 08 
 Balbernie. A.. 39 
 BanfiU. S.. 44 
 Bannister. Saxe, 92 
 Baring, Sir F., 2(i. :50 
 Baring, Bros., 113 
 Baring. Thomas. 84 
 Barnard. Sir John, 120 
 Bath, Pnltenev. Earl of. 12(5 
 Baxter. R. D.,' 155 
 Bennison, W., To 
 Birch. J. W., 35 
 Bird, Robert, ISfi 
 Blackstone. 133 
 Blake, William. 37 
 Boase, Henry, 34. 40 
 BoUmann. E., 56 
 Bosanquet, Charles. 38. 43 
 Bosanquet. J. W.. 79 
 Boyd, W.. 30. 149 
 Box. George, 136 
 Bradltury, Henry, 85 
 Brand, Thomas, 56 
 Brickwood, John. Junior, 147 
 Brookes, Henry, 93 
 
 Campbell. D. F., 84 
 Capps, Edward, 154 
 
 Castlereagh Lord, 41 
 Cazenove, John, 71 
 Chalmers, George, 45 
 Chamberlen, Dr., 4 
 Chambers. A. H., 55 
 Chesterfield. Lord, 131 
 Chevalier. M., 84. 92 
 Clare, George, 116 
 Clay, Sir William, 80 
 Cleeve, Bourchier, 131 
 Cobbett, William, 50 
 Cobden, Richard, 92 
 Cochut. P. A., 85 
 Cohen, B., 148 
 Collins. C. M., 100 
 Comber, W. T„ 49 
 Congreve, Sir W., 58 
 Cooke, E„ 53, 56 
 Corbaux. F., 148 
 Com-tenay, T, P., 149 
 Cradocke, F., 2 
 Crauford, Lieut.-General, 49 
 Crawford. R. W., 97 
 Crump, A., 95 
 Currie, Captain J. P., 117 
 Curtis, Alderman, 141 
 
 Defoe, Daniel, 123 
 Doubleday, Thomas, 82 
 Drummond. H.. 58. 78 
 Dunbar. C. F.. 116 
 
 Egan, Pierce. 62 
 Elibank, Lord, 23. 131 
 Eliot, F. P., 40 
 Exeter, J., 63
 
 184 
 
 Fail-man. W.. 148. IJ'J 
 Fauntleroy, 62 
 Forbes. Sir William, 92 
 Fortune, T., 32 
 Francis. John, 83 
 Fry. Thomas. HI 
 FuUarton, John, 81 
 
 Galton, S. T.. 47 
 
 Georg-e II., 128 
 
 Gerbier, Sir B.. 1 
 
 Giddy, D., 44 
 
 Gilbart, J. W.. 79. 83. 104 
 
 Gilbert, D.. 53 
 
 Godfrey, M.. 5. IHfi 
 
 Goldsmid. J. L.. Ci 
 
 Gompertz, E. f.'.) 
 
 Gordon, R.. 73 
 
 Goschen, Rt. Hon. G. J., 118. 155 
 
 Gould, Sir N., 125. 127 
 
 Grant, J. P., 4(i 
 
 Grellier. J. J., 142 
 
 Grenfell, H. R., 35. 108 
 
 Grenfell, John, 47. 147 
 
 Grenfell, Pascoe. 48 
 
 Grenville, Lord. G7. 149 
 
 Hales, C., 28. 29 
 
 Hall, W., 56 
 
 Hamilton, Sir E. W.. 155 
 
 Hamilton, Robert, 143 
 
 Hankey, Thomson, 108 
 
 Hardcastle, D., Junior, 80 
 
 Hawes, B., 80 
 
 Heathfield, R., 147 
 
 Hoare, Sir R., 21 
 
 Hooke, Andi'ew. 129 
 
 Horner, F. 40 
 
 Horsley Pahner, J., see Palmer 
 
 Horton, S. Dana, 100 
 
 Houblon, Sir John, 165 
 
 Houghton, J., 14 
 
 Howarth, W.. 105 
 
 Hubbard, J. G., .vee Lord Adding- 
 
 tou 
 Hume, D., 22, 131 
 Huskisson, W., 44. 46. 52. 60. 61 
 Hutcheson, A., 125 
 
 Jevons, W. S., 98. 107 
 Johnson, Andrew, 84 
 Johnstone, Mr., 45 
 Joplin, T., 60. 61. 63. 76 
 
 King, Lord. 33. 34 
 Klaproth, J. 61 
 
 Lambe, S., 1 
 
 Langton, W., 98 
 
 Lansdovvn. Lord, 112 
 
 Lasalle, J. H., 33 
 
 Lauderdale, Lord, 57. 58 
 
 Law, John, 85 
 
 Lawson, W. J., 84 
 
 Leighton, J., 85 
 
 Lidderdale, Rt. Hon. W.. 114. 115 
 
 Liverpool. Lord, 35, 49. 53. 56. 
 
 57. 59 
 Loyd, S. Jones, see Overstone 
 Luttrell. N., 86 
 Lyne, C, 57 
 
 McCulloch, J. R., 69. 81. 88. 90. 
 
 150 
 Macleod, H. Dunning. 94. 99. 113 
 Malagrowther, Malachi. 64 
 Marniere, J. H., 31 
 Martin, F., 94 
 Melbourne. Lord. 76 
 Merrick, L. V. E., 116 • 
 Michie, A. S.. 104 
 Moore, R., 67. 73 
 Moray, R., 2 
 
 Morgan, William, 138, 141 
 Morrison, W. H.. 76 
 Mundell, A., 68. '70 
 Mushet, R., 63 
 
 Newhaven, Lord. 137 
 Newland, A., 37. 167 
 Norman, G. Warde, 77 
 
 Overstone, Lord, 74. 75. 79. 81. 
 
 87. 93. 153 
 Oxford, Harley, Earl of, 124 
 
 Pagan, AV., 94 
 
 Page, R., 80 
 
 Paget, Thomas. 60 
 
 Palmer. J. Horsley, 71. 74. 75 
 
 Parnell, Sir Hemy, 36. 66. 70 
 
 Paterson, John, 94 
 
 Paterson, W. 3. 5. 16. 92. 94. 157 
 
 Patterson, R. H., 96 
 
 Payne. D. B., 48
 
 185 
 
 Peel, Sir Robert, 55. 57. 60. 80. 81 
 
 Perkins & Fairman, 58 
 
 Petty, Lord Henry, 142 
 
 Phillipps. Sir John, 129 
 
 Phillips, Maberly, 118 
 
 Pitt. W., 28. 81. 44. 132. 138. 140 
 
 Playford, W. M., 105 
 
 Pope, Simeon. 141 
 
 PostletliwaTt,'j., 24 
 
 Postlethwayt, M., 24 
 
 Poulett Scrope, G., (57 
 
 Preston, T., 101 
 
 Pr-ice, Bonamy, 98 
 
 Price. Charles (Swindler), 33 
 
 Price, Sir Charles, 44 
 
 Price, F. G. Hilton, 98 
 
 Price. Dr. R., 132. 134. ISG. 138 
 
 Prinsep, C. R., 49 
 
 Pulteney, Sir W., 20, 136 
 
 Pusey, P., 149 
 
 Quin. M. J., 72 
 
 Rae, George, 107 
 
 Raikes, R. M., 71 
 
 Rawdon, Lord, 25 
 
 Ricardo, D., 42. 43. 47. 59. (iO. 
 
 62. 81 
 Rog-ers, J. Thorold, 111 
 Rogers, S., 61 
 Rooke, John, 149 
 Rose. George, 42 
 Rosse, Lord, 39, 43 
 Rutherford, A. W., 54 
 
 Scheer, F., 84 
 Scott, Sir Walter, 64 
 Scrope, G. P., 67 
 Senior, N. W., 68 
 
 Seyd, E., 96. 97 
 
 Sinclair, Sir J., 27. 38. 44. 67 
 
 Siordet, J. M., 44 
 
 Slater, Robert, 93 
 
 Smart, B., 52 
 
 Smith, T., 55 
 
 Stair, Lord, 136 
 
 Stanhope, Lord, 45 
 
 Tate. W., 79 
 Tatham, E., 28, 48, 138 
 Taylor, James, 66. 68 
 Taylor, John, 73 
 Thornton H., 32, 41 
 Tooke, T., 64. 67 
 Torrens. R., 76. 81 
 Turner. S., 57 
 
 Yansittart. N.. 40, 59, 140 
 
 Wallace, Dr. R., 23 
 Wai-d, J., 82 
 Ward, William, 78 
 Webster, R., 97 
 Wellington, Duke of, 68 
 Wells, S., 71. 73 
 Western, G. C. 60. 01 
 Weston, A., 50 
 Wheatley, John, 3(> 
 Wigram, Clifford, 108 
 Wilson, A. J,, 99 
 Wimpey, Joseph, 132 
 Winter, J. P.. 70 
 Wolowski. L., 94. 95. 96 
 Wood. Charles, 81. 82 
 Wray, John, 54 
 
 Young, Arthur, 46
 
 187 
 
 ixDi:\ OF snuErTS. 
 
 Ag-riculture. (^liinirdo) 
 American ]\Ioiietary Conference 
 Annual Million Bill 
 Analysis of the Money Situation 
 Assurance Company. London . 
 Royal Exchancje 
 
 PAGF. 
 99 
 
 lis; 
 
 H9 
 
 14:? 
 h:5 
 
 Bane and Antidote, (•s'. I'lujcrx') 
 
 Bank Annuities, Analysis of. {Axlniuni) 
 
 Bank of England : 
 
 Act of 1844. (y//7w/.v.y) . 
 
 (Petition against) 
 
 Api^arent Dangers of . . . 
 
 Arguments against prolonging 
 
 Bank at Paris equal to. {.'Sfdrnikri') 
 Barometer for IS.").") . . . . 
 
 Gl 
 
 i:i.-) 
 
 9:5 
 
 82 
 ].■) 
 1.". 
 
 :5i 
 
 8.") 
 
 Chancellor of Exchequer. i^Lonl Althorjj) 
 Chart. {Ji(ihn-) 
 Charter of. (1094) . 
 (1742) . 
 
 (1828) . 
 
 {Fidlavion, 1S44) 
 
 i^Hrnrcs, 1844) 
 
 (Juj)Ihi, 1822) 
 
 ((>///«. 1SS3) 
 
 {'/'(irrens. 1844) 
 
 71 
 
 98 
 2.") 
 20 
 Gl 
 81 
 80 
 CO 
 72 
 81
 
 188 
 
 Baxk of England — cuntlnut'd. 
 
 Committees on. (1819) 
 {Bullion, 1810) 
 
 {Cazenore, 1832) . 
 
 {roohe, 1819) 
 
 ( Evidence, . 1 832 ) . 
 
 {Hales, 1797) 
 
 {Lord Liverpool, 1819) 
 
 {Mundell, 1832) . 
 
 {Turner, 1819) 
 
 Conduct of 
 Constitution of 
 Contract of 
 
 Dangers and Mischiefs of 
 
 Defended 
 
 Detention of Post Bill at. {Smart} 
 Directors of . . " , 
 
 Early Days of 
 
 Engi-afting Tallies .... 
 Establishment of. {Baring') . 
 Exchequer Bills .... 
 
 Facts relative to ... . 
 First Nine Years of. {Rogers') 
 Fund for Clerks' Widows . 
 
 Govei-nment and .... 
 
 ( Gompertz) . 
 
 {Wells) . 
 
 Governors of. {Sinclair) 
 
 Historical Sketch of. {.Vc Culloch ) 
 
 Eeply to. {Parnell) 
 
 History of. (1707) .... 
 
 {Forftnir) 
 
 {Francis) 
 
 {Lawson) 
 
 PAGE 
 
 S8 
 71 
 
 5G 
 72 
 28 
 5.S 
 70 
 57 
 25 
 4 
 19. 20 
 
 15 
 
 12. 65 
 
 52 
 
 140 
 
 7. 11 
 13 
 26 
 15 
 
 61 
 
 111 
 
 36 
 
 51 
 59 
 71 
 27 
 
 69 
 70 
 27 
 32 
 83 
 84
 
 189 
 
 Bank of Exgland — continued. 
 
 Interest Tables 
 
 Issues of. (^Gllhart) 
 
 {Muslwt) 
 
 iSeyd) .... 
 
 Justified in their present coui-se. {Ward 
 
 Letters on . 
 
 Luttrell on .... 
 
 Management of. {Ilanhey) 
 Mystery of . {Cobht-ff) 
 
 Notes, an Injury 
 
 (^G(tltuii) 
 
 Depreciation of. {Blcardo 
 
 One Pound ... 
 
 ■ Seciu-ity and Manufacture of. (^Bradbury) 
 
 8uperiiuous Issue of. {liosA-e) 
 
 Vindicated. QArhufhnot) 
 
 Org-anization of Credit and 
 
 Paper System and 
 Printed at . 
 Profits of . 
 
 (Bicardo) 
 
 (Arnoff) 
 
 Proprietors. 
 
 iAlJardi/ctO 
 
 (Arnutt) 
 
 iPayne) 
 
 {liiaardo) 
 
 ( Ward) 
 
 (^Winter) 
 
 Reasons against continuance of 
 Reasons for encouraging . 
 
 ) 
 
 PAGE 
 
 5 
 83 
 63 
 97 
 
 82 
 
 73 
 
 86 
 
 108 
 50 
 
 30 
 
 47 
 
 r2 
 
 68 
 85 
 39 
 87 
 
 95 
 
 76 
 97 
 18 
 47 
 51 
 46 
 14t) 
 66 
 27 
 51 
 48 
 47 
 78 
 70 
 
 13 
 11
 
 1 90 
 
 Bank of Englaxd— r()«(';«//«Z. 
 
 Remarks on ..... . 
 
 Reply to defence of 
 
 Representation by Directors. (ISl'J) 
 Restriction Act 
 
 (^( fill (hill id) 
 
 (^LiiSfiUc) 
 
 (llVr.//) . . . 
 
 Separation of Departments. {Janets Loi/d) 
 Short Account of. ( (Judfnnj) 
 Solicitors. {Sniiirf) 
 Solidity of ... 
 
 Some Observations on. (16!)5) 
 South Sea Co. . 
 
 Stock, {liugcrx) 
 
 Stock Exchange 
 
 Subscription for 
 
 Suspension of Cash Payments. ( Mc C 'iiiloch') 
 
 PAGE 
 
 11. 14 
 12 
 54 
 50 
 04 
 33 
 54 
 
 52 
 65 
 7 
 17 
 18 
 112 
 59 
 Ifi 
 90 
 
 Table. (1844-1857) . 
 Tallies .... 
 Tokens .... 
 
 Vade Mecum 
 
 Volunteer Corps. (^Preston') 
 
 (J/rrr/r/.-) 
 
 Wolowski on . . . 
 Women of England . 
 Working- of. {TLinli'n) . 
 
 98 
 13 
 
 47 
 
 24 
 
 101 
 IKJ 
 
 95 
 149 
 
 108 
 
 Bank of Ireland, {('ullin.s) 
 
 (A''".'/) 
 
 Bank Post Bill. (Sim/rf) 
 
 Bank Stock. (.S/r Bank of England) 
 
 Bank Stock Proprietors. (AVv Bank of England) 
 
 Banker, Country. {Uar) 
 
 100 
 33 
 52 
 
 Ki:
 
 lyi 
 
 Bankers, London. Ql'rirt;') 
 Banking and Currency. {Crump) . 
 Banking:. Debate on. ( Wood) 
 
 in England and Scotland. {•TopU 
 
 in Ireland, ((r onion') . 
 
 in Northumberland. {Pliillips) 
 
 History of. (^l)unhir) 
 
 '0 
 
 {(rilhart) . 
 
 (^Lawsoii) . 
 
 {Miich-od:) 
 
 in North of England, 
 
 Houses, Memoirs of. (^Fories) 
 Princiijles of . 
 
 ( H(t n Ih'ij ) 
 
 Provincial . . . . 
 
 Reform. ( WiJwn') 
 
 Banque d'Angieterre. [^Wi'loiciki') 
 Banques. La Question des. ( ]\'oJon-xJ{i) 
 Banks and Bankers. {M(irfin) 
 {Poijc-) 
 
 Banks, Country. (^Mushct') 
 
 Joint Stock. (^Gorilon) 
 and Paper Credit. (WdUace) 
 and Paper Money. {^EVih/inlt') 
 {Hume) 
 
 Bimetallism. ( (i ran fell) 
 
 (J/orri.iim) 
 
 Bibliogi'ai)hy of 
 
 Brief Relation. (^Liiffrtl!) . 
 British Plantations, Currencies of 
 " British Press "... 
 Bullion Question. {G'uhhj) . 
 {(rilhrrt) . 
 
 {lllcdrdo') 
 
 (TJior/iton') 
 
 Bullion Report. . 
 
 (of 1810) 
 {Honier) 
 (^Ilicardo) 
 
 {i 
 
 >/NllijK) 
 
 PACK 
 
 98 
 
 95 
 
 SI 
 
 63 
 
 7:} 
 
 US 
 
 116 
 
 104 
 
 8+ 
 
 ii:j 
 lis 
 
 92 
 76 
 
 108 
 49 
 99 
 95 
 94 
 94 
 80 
 (53 
 (J.-) 
 78 
 23 
 23 
 22 
 
 108 
 
 7(; 
 
 99 
 8(5 
 19 
 51 
 44 
 53 
 59 
 41 
 4(; 
 38 
 40 
 43
 
 19l> 
 
 Challenge. (^Wimpcij') 
 
 Chancellor of Exchequer, Letter to. {Hvbhnrd) 
 Circulating Medium .... 
 
 {Crau/u}'d) 
 
 (Serojje) 
 
 Circulation, State of. 
 
 Paper. {Baring) 
 
 Bullion and. (^Chalmers) . 
 
 Chart of. ( Oalton') 
 
 IManagement of. QJones Loyd) 
 
 Improved. {Sinclair') 
 
 City, The 
 
 Civil Service Rifle Volunteer Corps. (MerricJt) 
 Civis ..... 
 
 Clearing House. {Howarth) . 
 
 {Tate) 
 
 Coins of the Realm. {Liverpool) 
 
 Collection for Improvement of Husbandly, kc. {I/ovfj/iton) 
 
 Commerce, as it was, &c. 
 
 Common Sense on Bullion Question 
 
 Conference, International Money. {Horton') 
 
 Consolidated Fund. {MargaTi) 
 
 Copper Coinage. {GrenfeW) . 
 
 Cora, Low Price of. {Bicardo) 
 
 Country Banker. {Bae) 
 
 Country Banks. {Musliet) 
 
 Course of Exchange. {Blalte) 
 
 — — {Lauderdale') 
 
 Courier, Letters to . 
 
 " Craftsman " . 
 
 Credit, Commercial. {Marniere) 
 
 Cui-rency. {Serope) . 
 
 Individual . 
 
 Public. {Oxford) 
 
 Theory of. {Maeleod) 
 
 Crisis. (1836) 
 
 Baring, (^frtrh'od) . 
 
 Crown Bank .... 
 
 PAGE 
 132 
 
 82 
 
 50 
 
 49 
 
 67 
 
 65 
 
 26 
 
 45 
 
 47 
 
 79 
 
 C7 
 
 84 
 116 
 
 45 
 105 
 
 79 
 
 35 
 
 14 
 
 41 
 
 46 
 
 99 
 138 
 
 47 
 
 47 
 107 
 
 63 
 
 65 
 
 68 
 
 37 
 
 57 
 
 62 
 
 19 
 
 31 
 
 67 
 
 46 
 124 
 113 
 
 76 
 113 
 
 II
 
 1 93 
 
 Ci;i;];i:.\('v : 
 
 Act of lS+4. i^T(irri'iis) 
 Banking' and. {fi'/lhr/rf) 
 
 (^./{ij// / /i) 
 
 (P/vVv) 
 
 Bank. (Com her) 
 Case of. (^Moorr) 
 Change of. (Sraff) . 
 Circulating Medium and 
 Country and. (/fuhhin-fl) 
 
 Depreciation of 
 
 (IJ/iot) . 
 (//w.yZ'/.w'i;//) 
 {Evt her/on?) 
 
 PAGE 
 81 
 7!) 
 7G 
 98 
 49 
 67 
 (14 
 49 
 80 
 
 :59 
 41 
 40 
 52 
 54 
 (JO 
 
 Economical and Secure. ( Jlii-ri rdn) 
 Exchange and. (^Jllnltc) 
 Fallacies. C^'"!/^'"') ■ 
 
 Increase of . . . 
 
 Investigations in. (^./rronx) 
 
 Joplin on . 
 
 Late and Future. (/A///) 
 
 Management of 
 Metallic. (^Bosanqiid) 
 
 (^f(lrrixo/>) 
 
 Overstone Tracts on . 
 Paper .... 
 
 (Eli bank) 
 (I/iaiir) 
 
 {Klit/iriifJi) 
 
 47 
 37 
 73 
 
 05 
 107 
 
 02 
 
 56 
 
 03 
 
 79 
 76 
 
 87 
 
 19 
 39 
 46 
 23 
 22 
 61 
 
 O
 
 194 
 
 C URRENCY — CO lit in )ic(l. 
 
 Pajier. {J'tirnfJI.) 
 
 (^Sriiiiir) 
 
 {Taylor) 
 
 OViillace:) . 
 
 Present State of 
 
 Principles of. (JJrM/inini/id') 
 
 Reflections on . 
 
 Reform in. {Slater') 
 
 Remarks on Reports of Committees 
 
 Scotch. QScaff) 
 Silver. {Pri/i.srji) 
 
 {Rutherford) 
 
 State of. {Jones Luyd) 
 
 {lio.K.sc') . 
 
 {Toole) 
 
 Thonghts on . . . 
 CiuTcncies, Regulation of. {Fnllartun) 
 
 PAGE 
 W> 
 C.S 
 73 
 2.H 
 4(; 
 .08 
 79 
 98 
 
 54. 
 
 64 
 49 
 54 
 75 
 43 
 ('.4 
 
 79 
 
 81 
 
 Darien 
 Debt : 
 
 Account of. {Blaehxfone) .... 
 
 Appeal on Subject of. Remarks on . 
 
 {I'riee) 
 
 Blackstone on 
 
 Comparison. (1710-1725.) {Pulteiieij) . 
 
 {Couimoiis' Joirrnnl) 
 
 Conversion and Redemption. {IlaDillton) 
 
 Enquiry in answer to " Facts,"' &c. ( Vanslttart^ 
 
 Evils of 
 
 Extinction of ...... . 
 
 1(51 
 
 133 
 
 132 
 184 
 
 133 
 
 12(1 
 128 
 155 
 
 140 
 150 
 1.50 
 
 Facts respecting. {Mor/jan^ . 
 Financially considered. {Cajij/x) 
 Funds 
 
 ( /fi/teJuxoii') 
 
 140 
 154 
 152 
 125
 
 195 
 
 Debt — cont in ucd . 
 
 (Jeneral View, ^^'c. 
 (ioverument Debt 
 
 Hamilton, Sir E. W., on . 
 Hamilton. Robert, on 
 History of . 
 
 {(irrlHer) . 
 
 Interest on. (^I'dnuirJ) . 
 
 Liquidating. {Jlcdthficlil) 
 
 Nation, of the . 
 
 National Caijital and. ( llooliv 
 
 National Prosperity . 
 
 Overstone Tracts on . 
 
 Paying off. (////v/) . 
 
 (//"■'•) • 
 
 Public .... 
 
 {Elihiiih) . 
 
 {(rllll/d) 
 
 Redeeming the. (^Morr/iin^ 
 Redemption of. {{'nrhdiix) 
 
 (^11(1 iiiilfon^ 
 
 Reducing Interest on. (^J>'i/r/u 
 Reducing .... 
 
 {liriclnvodd) 
 
 (67.y'(y0 . 
 
 QXewJuirr)i) 
 
 Remarks on Appeal, kc. . 
 
 Sinking Fund . 
 
 (Jioi/tJ) . 
 
 ' — (^('iiiiniions' Joii 
 
 (^CoiivlciKi if) 
 
 {^(lohlxmUl) 
 
 {(iinihl) . 
 
 {dvnifrn) 
 
 rd) 
 
 null) 
 
 PA UK 
 132 
 
 22 
 
 l.-j.") 
 143 
 130 
 142 
 
 129 
 
 147 
 
 13(i 
 12'.) 
 137 
 
 153 
 
 13G 
 
 13<i 
 
 18. 22 
 
 131 
 
 !.-.. 127 
 
 138 
 148 
 1.-..5 
 12!) 
 18 
 147 
 131 
 137 
 132 
 
 137 
 149 
 128 
 149 
 (!4 
 12;-) 
 147
 
 li)(i 
 
 Debt — Cunt i nii<-d. 
 
 (^Grcncillv) 
 
 {^ILniiilUni) 
 
 {McCiilluch) 
 
 {PliilVqips) 
 
 (^I/aniilfo/i} 
 
 {Price') . 
 
 (PuJtr, //■;/) 
 
 Sinking Fund. 
 
 State of the. 
 
 Tatham on 
 Taxes and , 
 
 Dictionary of Political Economy. {.Vach'ud.) 
 Discount, Rate of ..... . 
 
 Domestic Affaii-s in 1721 
 
 Dublin, Exchange iDctween London and. {McCuUocli) 
 
 PAGE 
 
 11 'J 
 114 
 132 
 121) 
 143 
 13(; 
 12*; 
 
 138 
 130 
 
 1)4 
 
 m 
 
 128 
 •Jl 
 
 East India Stock. {Defoe) .... 
 '• Economist," JopKn in . . . . - . 
 
 on Francis .... 
 
 England, Financial History. {Douhlcilaij) 
 
 Monetary History .... 
 
 Pecuniary Credit of. {Moure) 
 
 Staple Commodities of. {fr'erbicr) 
 
 Equitable Adjustment. {IIuKltisson) 
 Exchange. Foreign. {Goscluni) 
 Exchange. 17*t7-1804. State of . {McCuUveh) 
 Exchequer Bills ...... 
 
 Finance, Xew System. {Fry) 
 
 Finance, Science of. {Paficr-so/i) . 
 
 First Nine Years of Bank of England {Iiuf/crs) 
 
 Foreign Exchanges. {Goschcn) 
 
 Forgery of Fauntleroy, Trial for. {Eyan) 
 
 Freshfields. {Smart) 
 
 Funded Property, Vahie of . 
 
 Funding System. {McCnlloeli) 
 
 Funds, Debt and 
 
 Price of ...... 
 
 Public 
 
 123 
 76 
 83 
 82 
 ii3 
 73 
 1 
 
 m 
 
 118 
 91 
 15 
 
 141 
 
 9r> 
 111 
 
 118 
 62 
 
 r,2 
 
 142 
 150 
 152 
 50 
 128
 
 "Globe" ....... 
 
 Gold Coinage Coutroversy. {Crawford) 
 Dei^reciation of. {Chevalier) 
 
 Discoveries. {Sclieer') 
 
 Fall iu Value of. (Cobden) . 
 
 Lack of ..... . 
 
 Recent Suijplies of . {Johnson) 
 
 Government and the Bank 
 
 {(jomjifrtz) 
 
 {Welh) 
 
 Grocers Hall. {Luttrell) 
 
 Guineas an encumbrance 
 
 PAGE 
 -A 
 'J7 
 84 
 84 
 92 
 
 4(; 
 
 84 
 51 
 59 
 71 
 8(j 
 31 
 
 High Price of Bullion 
 
 Cooltr) 
 
 {R'lcardo') 
 
 Real Cause of . 
 
 Hints for Investors. {Playford') . 
 Husbandry and Trade. {Houghtoii) 
 
 Interest, Rate of. {Uoxc) 
 
 Interest Tables 
 
 International Monetary Conference 
 Intrinsic Self-Gauging Coin. {Co/if/rcvn) 
 Ireland, Banking in. {Collins) 
 Bank of. {Lawaon) . 
 
 Joint Stock Banks. . 
 
 (.Q"i") ■ 
 
 {•' Tinier") 
 
 * 
 
 Lack of Gold .... 
 
 Land Bank .... 
 
 Loans, Terms of. {(rreJ/irr) . 
 
 London Bankers, Handbook of. {I'rire) 
 
 Lord Protector, Observations to. {Laiiihc) 
 
 Lotteries 
 
 45 
 47 
 53 
 42 
 57 
 105 
 14 
 
 42 
 
 5 
 
 99 
 
 58 
 100 
 
 84 
 
 73 
 72 
 91 
 
 46 
 11 
 142 
 98 
 1 
 29 
 
 Mercers' Chapel, Xew Bank at. {LvftrelJ) 
 Mississippi Scheme. {Corhi/t) 
 
 86 
 85
 
 198 
 
 Monetary Conference. {/lorfon} . 
 
 Legislation. {M'chstir} . 
 
 System, Prevalent Errors. 
 
 Money Crisis. QBL-nnlxini) 
 
 Derangements. (^Wi(rd) 
 
 Market. (L'.rctn-) 
 
 (-^ 
 
 oniutn) 
 
 {•Tones LoijiT) 
 
 (Palmar) 
 
 {Turren-s') 
 
 Primer. {Clarc^ . 
 
 and the Mechanism of Exchange. 
 Mystery of . 
 Scarcity of. (^Tdthani') 
 System of England. {Ihylor') 
 Theoretic Discourse on. (GoinjM: 
 Theory of. iWJimtlc!/) . 
 
 "Morning Post" 
 
 i^Jevons 
 
 rtz) 
 
 ) 
 
 car do) 
 
 National Bank, Establishment of a. {II 
 Xational Debt. {See Debt) 
 
 Debts. {Ba.ctcr) . 
 
 Northumberland, kc, Banking in. {P/iillijjs) 
 
 Note on Currency. {Mrf'iiUoch') . 
 
 London and Dublin Coui-se of Exchange. {MeCnlloch) 91 
 
 PAGE 
 
 99 
 97 
 77 
 1~> 
 
 78 
 
 m 
 
 77) 
 
 74 
 
 7i; 
 
 98 
 93 
 48 
 06 
 59 
 3() 
 44 
 39 
 
 (;2 
 
 1.55 
 
 118 
 90 
 
 Old Lady of Threadneedle Street . 
 
 "Old Patch" 
 
 Origin of Paper Money. {Klftprotli) 
 Orj^hans' Fund .... 
 Overstone Tracts on Currency 
 National Debt 
 
 70 
 33 
 
 rii 
 
 .5 
 
 87 
 153 
 
 Paper against Gold. {Cnhhctt) . 
 
 Credit. {See Currency.) 
 
 CuiTency. ,, 
 
 Money ,, 
 
 Paterson, Works of . 
 
 Patriots in Arms. {Prexton) . 
 
 Patriotism put to the Test. {^Vimp''!/) 
 
 50 
 
 Hi3 
 101 
 132
 
 lyy 
 
 ( /(' icii r 
 
 
 Pitfs Sinking Fun;!. (.VcCulhu-h) 
 
 Political Economy, Dictionary of. {MacJcod) 
 
 Political Economy. Literature of. (^Mc Cullocli) 
 
 Poor. Number of 
 
 Preface Examined . 
 
 Preliminary Tracts . 
 
 Privy Council Order 
 
 Progressive Value of Money. ( Yom 
 
 Promissory Xotes. (.CIii)/') 
 
 Protection to Agriculture. 
 
 Provincial Banking 
 
 Public Affairs. {PuUo/ici/) 
 
 Credit .... 
 
 (^T Futile) . 
 
 Creditors 
 
 Debt. (,sVy' Debt) 
 
 Finances. {Munjan') . 
 
 Funds. (^PujJe) 
 
 Revenue. (^Poxtlrt/iinn/f^) 
 
 Securities 
 
 Question Monetaire. ( W'olnwsl-i) 
 Question re-stated (1812) 
 
 PAOE 
 
 132 
 
 94 
 
 81 
 
 40 
 
 31) 
 
 2. 3 
 
 28 
 
 4(> 
 
 80 
 
 59 
 
 49 
 
 136 
 
 124 
 
 131 
 
 129 
 
 141 
 
 141 
 
 24 
 
 124 
 
 9fi 
 40 
 
 Report of Committee on High Price Bullion. {Sci 
 Restriction of Cash Payments .... 
 
 Resumption of Cash Payments . . 32. 5.5. 5(i. 
 
 Revenue, &c. of United Kingdom. ( U'rl/s) . 
 
 Bidliou) 
 33. 34. (;4. 78 
 
 57. 58. 07 
 73 
 
 Scotland, Bank of. {Laicwii) 
 Scotland, Banking in. {Jojdiii') 
 
 ( ZV rneU) 
 
 Securities, Public 
 Seigniorage. (>'c'///'/) 
 Siderographic Plan. {Pcvkhix (iiid 
 Silver Currency. {MundcW) . 
 
 (^Pri/i-scj}') 
 
 (^Rutherford) 
 
 Silver. Price of . . . 
 
 Sinking Fund .... 
 
 Fail 
 
 iiuni) 
 
 84 
 CO. (i3 
 
 (k; 
 
 124 
 9(i 
 58 
 08 
 49 
 54 
 46 
 04
 
 200 
 
 PAGF, 
 
 South Sea Stock . 17. IS 
 
 {J/iitr/irxo/i) 125 
 
 State of Exchange between Dublin and London. {McCnlldeh) !»1 
 
 Stockjobbers, Villainy of. {Dcfuv) 123 
 
 Suspension of Ca.sh Payments. {See Bank of England) 
 
 Sword Blade Co 13 
 
 Taxation and Funding System. {MeCullocJt) . . .150 
 
 Theory of Credit. (MnehuuJ) 113 
 
 Threadneedle Street, Old Lady of 70 
 
 "Times'" Letters to 3!). 45. 72. 91 
 
 Union of Great Britain. {I'tifcr.so/i') ..... K! 
 
 Volunteers Corps, Bank. {McrrirJt) lir> 
 
 {Prr.st(>/0 1'>1 
 
 Villainy of Stockjobbers detected. (J)rfor) .... 123 
 
 Wealth and Currency, (^(irant) -46 
 
 Wednesdays' Club. (^I'//frrxi>/i) IG 
 
 Printed at tlie Bank of England, by AValter J. Cno.
 
 Los Angeles 
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 OCT 2 4, 1919 
 
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