THE UNIVERSITY 
 
 OF ILLINOIS 
 
 LIBRARY 
 
 33'2 
 3675

 
 THE 
 
 SPEECH 
 
 OF 
 
 MR. JOHNSTONE, 
 
 THE THIRD READING OF THE BILL 
 
 PREVENTING THE GOLD COIN OF THE REALM FROM BEING 
 
 PAID OR ACCEPTED FOR A GREATER VALUE THAN 
 
 THE CURRENT VALUE OF SUCH COIN; 
 
 COMMONLY CALLED 
 
 LORD STANHOPE'S BILL. 
 
 Friday, the 19'" of July, 181 1» 
 
 LONDON: 
 PRINTED FOR J. BOOKER, 61, NEW BOND-STREET, 
 
 By yV. Clowes, Northumberland-Court, Strand. 
 
 1811.
 
 THE 
 
 SPEECH, 
 
 I HOPE my Hon. Friends will do 
 me the justice to believe, that I have felt 
 very great pain when compelled to differ 
 from them in every stage of this proceed- 
 ing; but still entertaining the opinions w^iich 
 I had occasion to deliver when the Bank- 
 Restriction Bill was passed, and on the dis- 
 cussion of the Bullion Report, it was impos- 
 sible for me to have acted otherwise without a 
 dereliction of character and consistency. When 
 the Bank-Restriction Bill was enacted I was 
 a very young Member of the House, and I did 
 not venture to oppose a measure which seemed 
 
 B
 
 2 
 
 to meet with general concurrence ; but I took 
 the liberty of stating my very great apprehen- 
 sions, lest it should be followed by all the 
 calamities which in every country have resulted 
 from giving to paper a compulsory circulation ; 
 and since the depreciation, which I then fore^ 
 saw, has become manifest, I consider it an 
 imperative duty to use my endeavours, how- 
 ever feeble, to persuade the House to retrace 
 its steps. 
 
 This Bill has been supported, first, as con- 
 formable to certain dicta of Mr. Pitt: se- 
 condly, as a necessary consequence of the re- 
 striction itself: and, thirdly, as indispensable 
 to protect the tenant against the oppression of 
 his landlord, and the stockholder against the 
 manifest injustice of receiving his dividend in 
 paper, while the private creditor compels a 
 metallic payment from his debtor. 
 
 As to the first point, I must be excused, if, 
 after a lapse of fourteen years, I am disposed 
 to place no great faith in such an authority,
 
 tvhen opposed to Mr. Pitt's public measures 
 and Parliamentary declarations. 
 
 Secondly, if it be considered to have been 
 the purpose of the Restriction Act to force a 
 paper circulation upon the country, whatever 
 might be its depreciation, this Bill is the ne- 
 cessary consequence of the measure : but if 
 the intention of that Bill was to give a cur- 
 rency to Bank-notes so long, only, as they bore 
 a value equal or nearly equal to specie ; and, 
 by giving to every individual a power to de- 
 mand payment from his debtor in metallic 
 value, to take a security against the deprecia- 
 tion of the Bank-note beyond a certain point ; 
 then is this Bill by no means a necessary con- 
 sequence of the Restriction Act. 
 
 On the third point I shall have occasion to 
 dwell at greater length hereafter : I shall only 
 here observe that the argument supposes an 
 actual depreciation of the Bank-note ; and 
 as it is admitted by all sides to be an act of 
 fraud, to pay a debt contracted in good and 
 B 2
 
 4 
 lawful money with a depreciated paper cur- 
 rency, so it becomes the duty of every man to 
 resist it by all the legal means in his power. 
 
 But there is another consideration, which 
 leads me to approach the decision of this 
 question with considerable apprehension: — ^I 
 mean our financial situation. Gentlemen who 
 have turned their attention to this subject are 
 well aware that our unfunded debt in Navy 
 and Exchequer Bills amounts to no less a sum 
 than forty-five millions, the largest part of 
 which is returnable into the Exchequer, in 
 payment of the existing taxes, four months 
 after it has been issued. If, in consequence 
 of the proceedings now adopted by Lord King, 
 there shall be any considerable demand on the 
 private bankers, they must endeavour to re- 
 alize their funds, which are chiefly placed in 
 these securities; and if from ibis or from any 
 other cause there shall ensue a considerable 
 fall in the value of public securities, no part of 
 the current revenue will be received at the 
 Exchequer, but the whole will be paid in the
 
 5 
 
 Exchequer-bills now outstanding. What maj 
 be the consequence of a failure in the ordinary 
 receipt of revenue it is not easy to foresee, 
 and therefore, if the Chancellor of the Ex- 
 chequer had proposed this measure as of a 
 temporary nature, avowing the disorder pre- 
 vailing in our currency, professing an intention 
 to take the subject under consideration in a 
 future Session of Parliament, and precluding 
 the further progress of depreciation by limiting 
 the issues of the Bank to the amount at which 
 they at present stand, I should not have 
 refused my concurrence, in order to pre- 
 vent the possibility of alarm. But his senti- 
 ments are of a very opposite nature : — he 
 maintains that the present sj^stem stands in no 
 need of amendment; on the contrary-, that it 
 is connected with the national greatness : and 
 he has distinctly stated, that if this Bill shall 
 be found ineffectual to support the credit of 
 Bank-notes, it is his intention to make them a 
 legal tender. I am compelled therefore to re- 
 fuse my assent to the Bill, because no dis- 
 order in our finances, no disappointment in our 
 plans of external warfare, is equal in danger
 
 6 
 
 to the evils of a violation of the sacred law of 
 property, uniformly consequent, in all ages and 
 all countries, on measures like the present. 
 
 With a view to understand, how far this Bill 
 is calculated to answer its professed purpose, 
 it is material to consider, how the law actually 
 stands, and what is the purpose of Lord King 
 in the appeal he has made to it. In this House, 
 it is sufficiently known, though not fully un- 
 derstood in other places, that the effect of the 
 Restriction Act in 1797> and the other mea- 
 sures connected with it, is to make payments 
 in Bank-notes obligatory on the public creditor 
 alone, by placing him in such a situation, that 
 if he refuses Bank-notes, when tendered to him 
 at the Bank, in payment of his dividend, he can 
 get nothing else. In the acquittal of all obliga- 
 tions between individuals, the wise and salu- 
 tary maxims of the law are unimpaired, and 
 it is yet the privilege of Englishmen, that in the 
 payment of a debt of twenty shillings, they may 
 refuse all the paper of the Bank of England. 
 Not only is this the wording of the statute, 
 but the (jase has been solemnly considered
 
 7 
 
 and ruled by llie unanimous opinion of the 
 four Judges of the Court of Common Pleas, in 
 the instance of Grigby v. Oakes. Under 
 these circumstances. Lord King has formally 
 announced to the world, that he will no longer 
 receive a currency, manifestly depreciated, 
 in discharge of obligations, contracted when 
 tl)e nominal and the real value were the same ; 
 and that he will assert his right and seek his 
 remedy in a Court of Justice, Such is the 
 portentous evil against which we are required 
 to provide by legislative measures, and now, 
 for ths first time, have we heard censure, nay 
 criminality, attached to an appeal to the law, 
 which has hitherto been regarded as our only 
 safeguard and protection. 
 
 There are some Gentlemen, who, disap- 
 proving of the Bill generally, do not object 
 to that part of it, by which all process by dis- 
 tress is suspended, on tender being made in 
 Bank-notes ; they deem it expedient that all 
 summary process shall be suspended, by which 
 men may be induced to submit to the demands 
 of Lord King ; and consider it essential, that
 
 8 
 
 Parliament be actually sitting, when the final 
 judgment of the law is pronounced. An Ho- 
 nourable Friend did put some very pointed 
 questions to the Chancellor of the Exchequer, 
 as to the actual state of the law, but had not 
 the good fortune to receive explanations equally 
 distinct; yet he must be well aware, that al- 
 though the process of distress is prompt and 
 efficacious, with a view to secure the landlord 
 from ultimate loss, it does not accelerate the 
 decision of any point of contention, more than 
 the other remedies reserved to Lord King, — 
 an action on the case, or by ejectment. In 
 every instance of distress, the tenant may re- 
 plevy, and, on giving security to the Sheriff, 
 the cause cannot be decided, and judgment 
 obtained, in Itss than two terms : if, therefore, 
 Parliament shall refrain from interference, and 
 Lord King remain at liberty to exercise all 
 the powers of distress, the cause cannot be 
 tried in Westminster Hall until the next As- 
 sizes, nor judgment obtained until Hilary Term, 
 in January 1812, or if the cause shall be tried 
 before the Judge of the Assize, as is probable, a 
 final decision will not be had before the month
 
 9 
 of May. This will equally be the result of an 
 action on the case, and therefore no power of 
 deferring a decision is granted to the tenant by 
 this Bill, which he did not actually enjoy by the 
 law of the land. AVith a view to delay, with a 
 view to the purposes for which this Bill has 
 been chiefly approved, it is altogether unne- 
 cessary. 
 
 But I am reminded by the looks of my Ho- 
 nourable Friends, that this Act has a far more 
 important operation, and that, by the words 
 in the Bill, " or other person liable to such 
 distress,'" it is intended to exempt Bankers and 
 other persons, who have issued one and two 
 pound notes, under the 37tii of the King, 
 c. 32, from the compulsive obligation to pay 
 in money, contained in that law. 1 cannot 
 believe this Act will be so construed. 
 
 By the Act of the loth George III. the Le- 
 gislature, with a view to pievent a paptr cur- 
 rency from intermixing in all the rttail trans- 
 actions of life, had inhibited the circulation of 
 Bank-notes under five pounds. Its wisdom was
 
 10 
 
 praised by eminent political writers at the time, 
 and became manifest upon experience. Upon 
 the stoppage of the Bank it was, however, re- 
 pealed, and private Bankers obtained the ad- 
 vantage of circulating one and two pound notes. 
 But the aame law provided against excess and 
 consequent depreciation^ by giving to every 
 hokler of such notes the power to demand pay- 
 ment in money; and, in case of refusal for a pe- 
 riod of seven days, any Magistrate is empo\yered 
 to levy the amount, by distress and sale of tl]e 
 goods of the party. We foresaw the possibi- 
 lity of excess and consequent depreciation, 
 and did take security against it, by putting it 
 iip the power of every holder of such notes to 
 compel a payment in money, by thi^ summary 
 process, as often as he felt the mischievous con- 
 sequences of a redundant circulation. Upon 
 what principle is it that private bankers are, 
 in this insidious manner, now to be relieved 
 from their own obligation ? Were they ignorant 
 of the nature of the rcsponsibihty they in- 
 curred, when they issued their notes ? Was the 
 fulfilment of their obligation in any degree de- 
 pendent on the resumption of cash payment? ?
 
 11 
 
 Was it not incurred when casli {)ayments at 
 the Bank had ceased, and when they knew 
 that cash for the fiilfihiient of iheir contracts 
 must be obtained fioiii other quaiters? Having 
 accepted this benefit, with the burthen an* 
 nexed, will the House absolve them froii) 
 their engagements after a period of fourteen 
 years ; after tlie enjoyment of a privilege so 
 beneficial as to have increastd tlie number of 
 bankers from 275 to 7/0? Even if a demand 
 for gold compelled them to fulfil their engage- 
 ments on the terais specified by Lord King ; 
 if they were subjected to a loss of seventeen 
 per cent, on each guinea; is it unfair or un- 
 just, or is it more than the advantages they 
 have already derived from the beneficial traffic 
 in which they have been engaged ? 
 
 It is most remarkable, that, throughout the 
 discussion of the Bill in another place, this 
 intention was never avowed, and that the 
 Chancellor of the Exchequer, in the speech 
 by which he first recommended it to the fa- 
 vour of the House, never touched on this point. 
 They who introduced this clause in another
 
 12 
 
 place, could not be ignorant of its operation ; 
 and if they actually meant to effect so im- 
 portant a, change, under cover of protection 
 to the tenant, they were not only guilty of a 
 want of fairness towards that Assembly, but 
 acted most insidiously. I cannot suppose them 
 guilty of a conduct so unworthy ; nor will it 
 be believed by the Judges of the land, when this 
 question shall be argued in Westminster Hall, 
 that the guardians of property in another As- 
 sembly, — that we, whose regard to its sacred 
 principles is such, that we suffer not the mi- 
 nutest right of common, founded on the oc- 
 cupancy of the lowliest cottage, to be af- 
 fected, but after due notice,— that the Parlia- 
 ment of Great Britain, tacitly, and insidiously, 
 repealed the contract by which currency was 
 given to 12 millions, in the notes of private 
 Bankers;— a contract solemnly and delibe- 
 rately prescribed by Parliament, as affording 
 the only remedy against a misuse of the privi- 
 lege it granted. 
 
 As to the other clauses of the Bill by which 
 it is attempted to make things unequal in
 
 13 
 
 value, reciprocally exchangeable, I will not he- 
 sitate to say that it is a violation of natural 
 right. Upon what principle are we now to 
 prohibit the possessors of paper and gold from 
 interchanging their several properties, on any 
 terms which are mutually beneficial ? Is it just 
 to pervert the law to such a purpose ? or, evea 
 if it were just, is our authority competent to ac- 
 complish our object? What has been the 
 experience derived from all legal interference 
 with the interchange of property? AVhat is 
 the result of the existing law for prohibiting 
 the exportation of specie, and other laws of 
 the same description? Plave they proved effec- 
 tual in any one instance? 
 
 So many cases have been put by different 
 Gentlemen in the course of the debate ; and 
 the experience of all ages, on this subject, has 
 been so uniform, that even the authors of the 
 law cannot indulge a hope, that it will be 
 effectual. If circumstances render it advan- 
 tageous or necessary, that parties should ex-
 
 u 
 
 change their several properties, exchanges must 
 and will take place in spite of all our efforts j 
 and the only consequence will be, to add to the 
 cost of the exchange, resulting from the se- 
 veral values of the commodities exchanged, 
 the additional expense, which is to com- 
 pensate for the danger of being engaged in. 
 a violation of the law. I entreat my Honojur- 
 able Friends to consider the case stated on 
 ihe last discussion, in respect of silver. To 
 supply the want of silver currency, issues of 
 dollars have been made, first at 5s., and lately 
 at 5s. 6d; they have vanished from circulation, 
 in proportion as Bank-notes have depreciated. 
 By the progress of the disease, the silver 
 Tokens, lately coined, will become more va- 
 luable in their metallic state, than in the 
 shape of coin, and, like the rest, will speedily 
 disappear. The same scarcity of silver^ aa 
 has lately existed, will recur ; and, as the bu- 
 siness of a Banker cannot be conducted with- 
 out silver change, he must give a premium 
 for it, correspondent to its advance in value 
 compared with notes, and an increased com-
 
 15 
 
 pfensation to those who incur the legal dangers 
 of conductino; the barter. 
 
 " I cannot suppose, that my Honourable Friends 
 Seriously hope, that this Bill will support the 
 value of the paper currency; but it is expected, 
 Chat by giving a Parliamentary discountenance 
 to the measure now adopted by Lord King, of 
 demanding payment in specie, the general 
 adoption of the practice will be prevented. — 
 Vain and delusive hope! much as I condemn 
 the abuse which has been heaped upon that 
 Nobleman, I should be disposed to add to it 
 in an aggravated degree, if, after deliberately 
 engaging in a question of such importance, he 
 should meanly shrink from bringing it to a 
 final issue. But even if he were to be so want- 
 ing in consistency, there are others who would 
 undertake the duty. The depreciation of 
 paper is become manifest to the whole world; 
 the loss is no longer inconsiderable ; it now 
 amounts to twenty j^cr cent, nearly ; and as 
 the Law has not yet rendered it compulsory 
 in the acquittal of obligations, i\Ien owe 
 it to themselves. Men owe it to their country
 
 16 
 
 to appeal to those laws which are still in ex- 
 istence for the protection of individuals, and 
 for a fair and just fulfihnent of contracts. 
 This therefore is no other than a prefatory mea- 
 sure, to render Bank-notes a legal tender. The 
 Chancellor of the Exchequer, with that fairness^ 
 and I will add with that courage, which be- 
 longs to him, has distinctly stated his purpose. 
 He has distinctly announced, that unless we 
 are content to receive Bank-notes in all pay- 
 ments, unless we are content to forego the 
 rights we derive from the Law, he v^iil propose 
 to Parliament, to render them a legal tender. 
 I now therefore implore the House gravely to 
 consider what in every country has been the 
 effect of such a measure. Has it not universallj 
 been attended with the ruin of the public cre- 
 ditor, and with the subversion of private pro- 
 perty? And by what delusion, by what infatua- 
 tion is it supposed, that to us alone belongs an 
 exemption from calamities, which have ensued 
 among all other nations ? 
 
 Great offence is taken by Gentlemen, when, 
 tracing the progress of this measure, among
 
 17 
 
 other nations, it is said : you will proceed from 
 legal tender to a maximum, and by a maximum 
 cause a total stoppage of all pursuits of trade 
 and agriculture. 1 am willing to allow, that in 
 the present state ofmen's minds, it seems impos- 
 sible w^e should ever be brought to enact Laws 
 of this nature; but how gradually do the ne- 
 cessities resulting from our own improvidence, 
 and the difficulty of tracing back our steps, alter 
 our opinions, and induceour assent to measures 
 formt rly regarded with the utmost reprobation ! 
 In fact is not this very Law, a Law of maximum 
 in respect of gold and paper currency, which 
 must aggravate the evil it is designed to remedy, 
 by banishing from the market an article no 
 longer permitted -to find its own value? and is 
 it not supported by a Minister, who first recom- 
 mended himself to public favour, by minutely 
 tracing the progress of similar measures among 
 our Enemy? Before we give sanction to the 
 most oppressive Laws evtr adopted in any 
 country, to support a depreciated currency, it 
 is not necessary for us to depart further from 
 our present opinions, than we have already 
 c
 
 18 
 departed from the maxims of our ancestors, 
 when we listen with complacency to the Chan- 
 cellor of the Exchequer, suggesting the future 
 necessity of paper currency becoming legal 
 tender, and a Director of the Bank proposing 
 the immediate adoption of such a resolution. 
 How little are we now conscious of the pride 
 and exultation with which we once repeated 
 to ourselves the well-known words of Mr. Burke, 
 " our paper has a value in commerce, because 
 in Law it has none — it is powerful on 'Change, 
 because in Westminster Hall it is impotent'/ 
 Then it was the just boast of an Englishman, 
 that a creditor might refuse all the paper of 
 the Bank of England in payment of a debt 
 of twenty shillings. Now ^^^e overwhelm with 
 reproach the individual who has been found to 
 exercise the right. 
 
 I am not disposed to exaggerate the gloom 
 which such changes of opinion, and such mea- 
 sures, inspire ; and since it is offensive to so 
 many Gentlemen to designate Bank-notes by 
 the term of assignats, I will refrari) from
 
 IP 
 
 it. But when Gentlemen state that a hundred 
 and thirty millions of assignats were issued in 
 one year, and, in a confident tone, ask, would 
 you compare such a currency with Bank-notes, 
 of which the whole issue is twenty-three mil- 
 lions, I must be permitted to remind them, 
 that this issue was in the last stage of the dis- 
 ease; that we are now only commencing our 
 career; that when Mr. Burke was writing some 
 of the reflections I have quoted, the issue of 
 assignats had not exceeded sixteen millions, 
 which were less depreciated than the present 
 currency in Bank-notes. I have undoubtedly 
 the utmost confidence in the wisdom and ho- 
 nesty of Parliament. I believe, that even if we 
 do noi return to a metallic circulation, we shall 
 proceed in the career of depreciation with less 
 rapidity, and with more regard to the principles 
 of justice, than any other nation: but I cannot 
 indulge the hope, that we shall escape mischiefs 
 from which none have been exempted. There 
 is no such radical difFerence in our situation, 
 as will warrant such a hope. Other nations, 
 like ourselves, have used the agency of Banks; 
 c 2
 
 50 
 
 several times has France defrauded her cre- 
 ditors through the agency of the Caisse 
 D'Escompte, and other Banks. A very large 
 part of the depreciated paper now current 
 in so many of the States of Europe has also 
 been issued through banks and companies. 
 But we are told, with that complacent smile, 
 which too often marks an Englishman, when 
 he speaks of the institutions of his own country, 
 the Bank of England is founded upon princi- 
 ples different from all other banks ; it advances 
 its notes only for values actually deposited in 
 its coffers. I know not, that the principles of 
 the Bank of England are in this respect dif- 
 ferent from the principles of any other bank. 
 No establishment of this kind ever professed to 
 make advances of its notes, but for securities 
 of adequate value, and I am not aware of any 
 great bank, (the Ayr Bank excepted,) that 
 failed by a departure from its principles, except 
 through its accommodation to Government. I 
 cannot perceive the difference between the 
 Bank of England making advances on an 
 Exchequer-bill and the Caisse D'Escompte
 
 21 
 
 issuing its notes on the acceptance of a Farmer- 
 General of the revenue in former times ; except 
 in as far as the Government of England is 
 more likely to maintain its faith than the Go- 
 vernment of France. Too close a connexion, 
 too liberal an advance to Government, has 
 uniformly first discredited, and ultimately 
 ruined, every bank. Governments, in their 
 dealings with banks, resemble a class of cus- 
 tomers not unusual, who, in order to pay one 
 bill, demand permission to discount another; 
 so, in the next year. Government will faith- 
 fully discharge its obligations ; yet we shall 
 probably find, that the claims of ihe Bank on 
 the revenue of the approaching year are some- 
 what greater than at present. Therefore the 
 true matter for our consideration is not con- 
 cerning the principles on which the Bank is 
 constituted ; but is it now an independent 
 body, in the same degree as in former years ? 
 and has it not increased its advances, and drawn 
 closer its alliance with Government ? It has 
 been said the progress of depreciation was rapid 
 in France, because papet* was issued for the
 
 capital of the debt created in supporting war; 
 it i$ slow in England, because we issue paper 
 for the interest only of the capital. Il was 
 properly answered, by the Chancellor of the 
 Eixchequer, that we provided for the interest 
 of our debt by annual taxes ; but are not the 
 accommodations of the Bank progressively 
 increasing, either in the shape of advances, or 
 by purchases of Exchequer-bills in the market? 
 
 I disagree with those who profess themselves 
 unsatisfied, unless the Bank possesses a 
 guinea in its hoards, for every note that 
 is put into circulation. Such is not the 
 principle on which paper currency in these 
 Islands has been established. But I may be 
 allowed to ask, is the Bank of England actually 
 solvent, except in as far as Government shall 
 discharge its obligations ? I voted for a Com- 
 mittee to inquire into the affairs of the Bank, 
 in order to ascertain what proportion its other 
 assets bore to its demands on Government. The 
 Peputy Governor of the Bank of England has 
 since enumerated demands of this description to
 
 23 
 
 the extent of nineteen millions, to which is to be 
 added ^£800,000, advanced to the East-India 
 Company, on the security of 1,200,000 three 
 per cents, and the whole amount of Exche- 
 quer-bills purchased by the Bank in the market, 
 making no less than 26,000,000. Under such cir- 
 cumstances, the Bank is little else than amachine 
 of Government, and cannot control its own 
 progress. Who now denies that the stoppage of 
 cash payments was the result of measures which 
 the Bank was compelled to adopt by Mr. Pitt.^ 
 At that time the Bank Direction was com- 
 posed of persons, (Mr. AYinthrop and others,) 
 brought up in the sober school of mercantile 
 economy ; they entertained no wild notions of 
 extending trade, or carrying on war, by paper 
 credit; and, foreseeing the dangerous conse- 
 quences of the propositions to which they were 
 urged, they forcibly and solemnly protested 
 against them. Did their opposition prevail.? 
 did not the importunity and influence of Go- 
 vernment compel them to yield assent to mea- 
 sures which ended in stoppage ? If such was the 
 influence of Goveraineiit at that period, who
 
 24 
 shall entertain a hope that the Directors can 
 now refuse to accede to the requests of Govern- 
 ment, now that Government protects the 
 Bank against its own creditors, with a de- 
 gree of zeal proportioned to the pecuniary ac- 
 commodations it has itself received ? Let us 
 only consider what occurred last year after 
 the examination of the Bullion Committee, 
 after it became the deliberate opinion of all 
 candid and impartial men, that it was expe- 
 dient to try the effect of a decreased issue with 
 a view to remedy the exchanges. It is impos- 
 sible to suppose that the Bank Directors were 
 not willing to have made the experiment, and 
 the opportunity was afforded them. After 
 having ex(Mcised the utmost liberahty in sup- 
 porting commercial credit, the demand for dis- 
 count fell greatly short of its usual extent, and 
 a diminution of the circulation might have 
 taken place without affecting the commerce of 
 the country, which had been urged as the great 
 motive for sustaining it on so enlarged a scale. 
 But did the Directorsof the Bankfind themselves 
 at liberty to make this salutary experiment, by
 
 25 
 
 diminishing their circulation in the same proper* 
 tion as the demands for conin^crrial discounts 
 had diminished? was not the influence of Go- 
 vernment exercised to induce the Bank to make 
 advances to Mr. Goldsmid and others, and to 
 purchase Exchequer-bills in the market, to 
 such an extent, as involved an increase of Bank- 
 notes to the amount of iwenty-three roilhons, 
 being three nuUions more, than in the former 
 year, when tiie issue had been de-emed exces- 
 sive? In this, I blame neither the Govern- 
 ment, nor the Bank; great mischief might 
 have followed, if they had not done so ; 
 public securities might have fallen very con- 
 siderably; and if they had fallen, the Revenue 
 would have been paid in Exchequer-bills, and 
 the resources of Government have entirely 
 failed. 1 state it, only to shew the impos- 
 sibility of the Bank diminishing its issues in 
 the present state of things ; to prove, that 
 we must go on in the same course in which 
 we are proceeding : and thus to demon- 
 strate, that the depreciation of Bank-notes, 
 which now amounts to twenty percent, has no
 
 26 
 
 other limit, than the wants and necessities of 
 Government. 
 
 If the House will not take warning from 
 what has happened in other nations, at least 
 let us derive instruction from our own lesis- 
 lalive proceedings. On a former night an 
 Honourable Gentleman stated the course of 
 the American Legislatures, even when acting 
 under the control and supervision of the British 
 House of Commons. After a paper currency 
 was substituted for the precious metals in each 
 State of North America, its depreciation 
 speedily followed, and gradually proceeded 
 in its course, during a period of sixty years-, 
 in times of prosperous trade, and in periods 
 of adversity; until Parliament, disregarding 
 the arguments, which now meet with so favour- 
 able a reception in this House, consulting the 
 principles of justice, and impressed with a 
 strong sense of the manifold evils resulting 
 from such a system, proceeded to put an end 
 to it by a legislative enactment. I refer to 
 the Act of the 4th of Geo. III. cap. 54, 
 the preamble of which never ought to be ab-
 
 97 
 
 sent from our minds : " Whereas great quan- 
 tities of paper Bills of credit have been created 
 and issued in His Majesty's Colonies, or j^lan- 
 tations in America, by virtue of Acts, Orders, 
 Resolutions, or Votes of Assembly, making 
 and declaring such Bills of credit to be legal 
 tender in payment of money ; and whereas such 
 Bills have been greatly depreciated in their 
 value, by means whereof debts have been dis- 
 charged with a much less value than was con- 
 tracted for, to the great discouragement and 
 prejudice of the Trade and Commerce of His 
 Majesty's subjects, by occasioning confusion in 
 dealings, and lessening credit in the said Co- 
 lonies." — I humbly beseech the House to direct 
 its attention most carefully to tliis instructive 
 case ; because it affords an example appli- 
 cable to our present situation in every part. 
 First it shows, that whenever a paper cir* 
 culation has been substituted for a metallic 
 currency, no prudence in the issue of it ; no 
 attachment to the principles of justice; not 
 even the supervision of Parliament legislating 
 as Judges, and not as Parties, can preserve it 
 from depreciation. Can the representative of
 
 28 
 
 money be as valuable as the thing represented, 
 unless convertible into money at pleasure? 
 -Can a promise to pay, at a period indefinite, 
 be as valuable as an actual payment ? In 
 every State throughout the Colonies, deprecia- 
 tion varied only in proportion to the modera- 
 tion observed in the issues of paper. In some 
 States it amounted to eleven hundred currency 
 for 100 pounds sterling, while it was only one 
 hundred and thirty per cent, in the wise, 
 moral, and religious state of Pennsylvania, 
 
 Secondly, it proves, that in such a state of 
 things, the evil has no tendency to correct itself, 
 and is no way influenced by what is called a 
 favourable or unfavourable balance of trade. 
 During 6"0years, our American Colonies carried 
 on the most favourable commerce; yet they de- 
 rived no accession of the precious metals suffi- 
 cient to supersede the use of paper currency, 
 though in the immediate vicinity of the mines 
 which supplied the world. 
 
 Thirdly, the proceeding is said by Adam 
 Smith to bear resemblance to a scheme of
 
 29 
 
 fraudulent debtors to cheat their creditors^ 
 and its injustice and impohcy are forcibly 
 set forth in the emphatical words which I have 
 quoted from the Act. But the Americans them- 
 selves were totally unconscious either of the 
 cause or the result of the system. Like ourselves 
 they attributed the fall of exchange to the de- 
 ranged state of commerce, and being for the 
 most part debtors to the Mother Country, 
 loudly complained of the injustice of Par- 
 liament, when it enacted that paper should 
 no longer be deemed legal tender. 
 
 Lastly, we may hence learn how vain is the 
 apprehension, generally entertained, that, by a 
 recurrence to cash payments, we shall want a 
 measure of exchange in all the ordinary trans- 
 actions of human life ; since we find, that a 
 currency which had existed during half a cen- 
 tury, and extended to the minutest fractional 
 payments, was decried after a period of fourteen 
 months ; and that the precious metals imme- 
 diately assumed the place of the former depre- 
 ciated paper, without occasioning the least 
 embarrassment to individuals, or to the State,
 
 30 
 
 and with incalculable benefit to the com- 
 munity. 
 
 Having said so much, with immediate refe- 
 rence to the Bill, I hope I may be allowed to 
 trouble the House with a few words concern- 
 ing the effect of a depreciation of currency, 
 as the subject appears to me much mis- 
 understood. It has been conceived, that 
 the present is a question which chiefly cou- 
 cerns the landed interest : but, in point of 
 fact, it relates, ahnost exclusively, to the 
 public creditor, and all others who have 
 fixed incomes ; and touches the landed pro- 
 prietor no otherwise, than during the period 
 for which his leases are granted. It must be 
 sufficiently evident to every one who has re- 
 flected upon the subject, that, as the value of 
 all articles depends upon their relative plenty 
 or scarcity, whenever the currency of any 
 community is increased, whether consisting 
 of the precious metals, or of paper, it must 
 represent a smaller quantity of all other ar- 
 ticles. When this change takes place, each 
 party naturally endeavours to shift the burthea
 
 31 
 
 from himself; the landlord demands a higher 
 rent, and obtains it, because the value of land 
 is measured by the quantity of labour which 
 it can command, and by no other scale : the 
 price of labour is in no degree affected, the 
 value of labour being in all cases proportioned 
 to the demand for it, and paid for, in a cer- 
 tain proportion of the necessaries and conve- 
 niencies of life, whatever may be the nominal 
 values which represent that proportion. Nei- 
 ther are merchants and traders, who buy to 
 sell again, in any way injured ; they only pay 
 a greater nominal value for each commodity 
 they purchase, which they sell again for a pro^ 
 portionate increase :— nay, in every instance, 
 where they trade upon a borrowed capital, 
 ihey are benefitted, as they are enabled to 
 acquit the original debt contracted, with a 
 less quantity of real value. The only per- 
 sons who are substantially affected and in- 
 jured, are the public creditors, and all other 
 classes of men who have fixed incomes, or 
 are under contracts, the measure of which is 
 regulated by a monicd price ; they have no 
 means of casting the burthen fruni their own
 
 S2 
 
 shoulders ; the amount of their receipt is fixed^ 
 and limited by the engagement itself, and 
 in reality daily decreases by becoming ex- 
 changeable for a less quantity of every other 
 article. At first view, it might be thought 
 that the State stands in the same relation with 
 this class of persons, its revenue being fixed, 
 and its expenditure dependent on the value of 
 the labour and other articles which it has oc- 
 casion to purchase : but it will be found that 
 so much of the revenue as consists of ad 
 valorem duties, such as the Stamps, Property 
 Tax, and many others, rises with the deprecia- 
 tion of the currency; and, above all, the State 
 Las the power of compensating ilself for a de- 
 preciation in the value of its revenue, hy an in- 
 crease of Imposts. The State, therefore, re- 
 mains a gainer, on all payments made to its cre- 
 ditors, of the difference between the value of 
 money at the time when it pays, and the value 
 of money at the time the loan was contracted ; 
 and ultimately Nations have generally availed 
 themselves of such a contingency to expunge 
 their public debt. The wealth, the industry, 
 the commerce, ihq agriculture of the nation,
 
 35 
 
 are neither advanced nor impeded. To sup. 
 pose that the State acquires a power of main- 
 taining foreign wars, and adds greatly to its 
 pecuniaiy resources, by means of the depre- 
 ciation of currency, is an absurdity reserved 
 for present times : — foreign wars can be sup- 
 ported only by the surplus of our agriculture 
 and commerce, beyond what is necessary for 
 our own consumption ; and the means of 
 the State are always proportioned to the 
 extent of that surplus, whether represented 
 by a greater or smaller quantity of nominal 
 value. 
 
 When therefore the first symptoms of depre- 
 ciation become apparent, the public creditor, 
 and every class of persons enjoying fixed in- 
 comes, are peculiarly entitled to the care and 
 protection of the Legislature, because their 
 condition depends wholly on the faith and 
 honour of the State. By various natural 
 causes, their incomes are liable to gradual 
 de'erioration ; but, if to this be added a de- 
 terioration arising from the depreciation of
 
 34 
 
 the currency itself, the State is then guilty o( 
 the utmost degree of injustice and oppression. 
 When the stoppage of the Bank took place, in 
 1797, our necessities compelled us to be guilty 
 of this injustice, by paying the public creditor 
 in paper, instead of metallic currency, leaving 
 othercl asses of creditors to exact a metallic pay- 
 ment from their debtors, whenever they thought 
 fit But this, so far from being an undue prefer- 
 ence of the private creditor, seemed to the pub- 
 lic creditor, an important security against an 
 indefinite extension of injustice. It kept alive a 
 memory of the true measure of value, and of 
 his contract with the State. It w^as calculated 
 to retain more metallic currency in circulation, 
 than would otherwise have remained. It 
 seemed a guarantee for moderation in the issue 
 of notes, since none were bound to accept them 
 but while they were judged of equal value with 
 cash, and the guarantee would have been effec- 
 tual, if we had been individually vigilant, hen 
 the early symptoms of depreciation became 
 apparent. 1 fr m unsus^?ecting confidence de- 
 pieciation siiould ensue, and men should insist
 
 55 
 
 on metallic payments, as Lord King is now 
 doing, confidence in the justice of the British 
 Parliament forbade the apprehension, that 
 when every individual was enabled to obtain 
 payment of his debt in the good and law- 
 ful money in Avhich it was contracted, the 
 Stale would persevere to pay ils creditors in 
 depreciated paper. Now the argument of 
 the Noble Lord (Lord Castlereagh) is a little 
 curious. His sensibility is extremely acute 
 on this subject. " Would you,'' says he, 
 " commit the monstrous injustice of paying 
 the pubhc creditor in paper, while the pri- 
 vate creditor is paid in metallic money?'* 
 an argument in itself a confession that paper 
 js less valuable than coin. The just re- 
 medy would be to pay the public creditor 
 according to the terms of his contract. 
 " But," says the Noble Lord, " Take from the 
 private creditor the right of demanding pay- 
 ment according to the terms of his contract, 
 and deal out the same measure of injustice to 
 both parties, by compelling them to accept 
 payment in depreciated paper." On behalf of 
 P 2
 
 36 
 
 the public cre<3itors, 1 do most earnestly pro* 
 test against the remedy proposed by the Noble 
 Lord. If the necessities of the State do not 
 enable it to fulfil its engagements with us, our 
 lot will not be alleviated by an infraction of 
 justice extended to other descriptions of men: 
 let them enjoy their rights in their fullest ex« 
 tent; the wrong we sustain must be so manifest 
 to all mankind, that in process of time, relief 
 may be granted to us ; but if a common mea- 
 sure of injustice be extended to all other mcm» 
 bers of the community, then we shall be en- 
 tirely forgotten, and finally afford to mankind 
 another example of the fate that awaits those 
 who enter into engagements, in which right is 
 on one side, and power on the other. 
 
 But let me now examine the conduct of 
 Lord King, which has been as much condemned 
 by the public in general, as wilhin the walls of 
 the House. After the most deliberate and sober 
 reflection, I solemnly declare, that in my judg- 
 ment, he merits the thanks of the public, 
 rather than its censure. I do not hesitate ta
 
 97 
 
 avow, that for the last three years, during 
 which depreciation has been going on, I have 
 very often dehberated on demanding payment 
 of debts in metalhc money ; and if I have been 
 deterred from doing so, it has not been from 
 any doubt of the justice of the measure: but 
 being totally unconnected with parly, and fully 
 sensible of my own insignificance, I did not 
 find in myself courage to brave the clamour 
 which I foresaw would be raised by the many 
 persons interested in the continuance of the 
 present system of things. By this declaration, 
 I trust, I shall not be deemed to brave public 
 opinion. He who affects to place himself above 
 the opinion of mankind, is more or less than 
 Man ; but entertaining these sentiments, 1 wili 
 not, while I am conscious of their rectitude, 
 shrink from the avowal of them, because they 
 piay be unpopular. AVhat is the spirit of the 
 contract between a Landlord and his Tenant? 
 — ^lliat the landlord shall receive a monied 
 rent equal to a certain proportion of the pro- 
 duce of the soil ; — and if a monied rent paid in 
 notti, actually depreciated, no longer rtpre*
 
 38 
 
 Sents that proportion of the produce, is it un- 
 just or unfair to require payment in metallic 
 Currency, which more nearly represents that pro- 
 portion ? Suppose the Noble Lord to have let, 
 in 1780, a field capable of producing four 
 quarters of wheat, worth on an average of the 
 last 15 years 180 shillings ; and to have allowed 
 135 shillings for the labour and stock of the 
 tenant, and reserved to himself a rent of 45 
 shillings of metallic money, or one quarter of 
 the produce. Suppose the same field still to pro- 
 duce four quarters, which, on an average of five 
 3^ears,sells for 85shillings per quarter, or340 shil- 
 lings, in paper currency. The sum necessary to 
 compensate the labour and replace the stock of 
 the tenant will be 225 or I of the produce, every 
 article necessary to cultivation having advanced 
 in cost in the same proportion ; but if he can 
 acquit himself of his rent by 45 shillings of the 
 same currency, he will be a gainer of 40 shil- 
 lings; the share of the landlord, which, in the 
 contemplation of the parties when the contract 
 was made, amounted to ^^, will be reduced to | ; 
 and the farmer, who looked to U, will receive t.
 
 39 
 
 Kepayment is not demanded of the k or 40s. thus 
 lost by the landlord, and gained unexpectedly 
 by the tenant. Lord King was aware of the 
 natural depreciation of money in a rich and 
 flourishing country, and is content that his te- 
 nant shall enjoy a very large portion of the gain. 
 He requires only that his contract shall be 
 executed in the terms in which it is con- 
 ceived ; — 45 shilhngs formerly contained about 
 9 ounct s of standard silver, and were repre- 
 sented by 18 pieces, called half-crowns. The 
 mystic word " Bank'' has been imprinted on 
 their face, and he is required to receive these 
 same pieces as of the value of three shillings, 
 though no individual in the community will 
 give in exchange for them, a particle more of 
 his property, than when they passed by their 
 old name. Our tone and manner of thinking 
 may have altered, since the case is no longer 
 viewed in the abstract ; such transactions, how- 
 ever, in other countries, and among ourselves in 
 other times, have been stigmatized as gross 
 and barefaced frauds. But the currency of the 
 Bank, though it may have lost of its value on 
 'Change, is not yet omnipotent in Westminster
 
 40 
 
 Hall ; and Lord King has appealed to the law 
 of his country, to enforce the rights which still 
 remain to him. 
 
 But it is urged that landlords may exercise 
 a grievous oppression over tenants. These 
 names, whenever they are used, we consider 
 to be descriptive of parties between whom, 
 respect and attachment, kindness and pro- 
 tection, mutuaily exist, And, happily for 
 this country, so rare is the character of a 
 harsh landlord, that I believe much of the 
 odium attached to Lord King has proceeded 
 from an idea, that some severity to the tenant 
 was in contempJation. The calculation with 
 which I have troubled the "House will show, 
 that even if rents were paid in the manner de- 
 manded by Lord King, the gain of the tenant, 
 which is now 40s. upon a payment of 85s., will 
 only be reduced to 31s., an advantage accruing 
 to the tenant from the increased abundance of 
 the precious metals, and other circumstances. 
 But, even laying these circumstances out of our 
 view, the tenant, whose currency consists for 
 the iflost part of private bankers' notes, will be
 
 41 
 
 no sufferer. Neither the public, nor Lord King» 
 seem to have been aware of the 37tli Geo. 111. 
 cap. 32, I was not till lately conscious of 
 the powers it granted to enforce payment, 
 in money, of one and two pound notes from 
 the private bankers, who have issued them. 
 By means of that Act the tenant who holds 
 such paper will be entirely relieved. When- 
 ever the landlord demands a metallic pay- 
 ment, it will only be necessary to cany the 
 very notes, with which the tenant has usually 
 paid his rent, to the private bank, and demand 
 their value m specie. The law has provided 
 efficacious means for enforcing the (demand ; 
 and if any hardship or inconvenience or loss 
 is sustained, it will fall, where it ought to 
 fall, on those who, during fourteen years, 
 have reaped large gains from the circula- 
 tion of notes ; who, by the extent to which 
 they have pushed their issues, have rendered 
 manifest and intolerable the depreciation 
 inseparable from paper currency. I hope no 
 man will judge me to speak invidiously t 
 I consider all private banks as institu- 
 tions arising out of the wants of the com*
 
 42 
 
 munity, and eminently useful. So far from 
 concurring with those who would sacrifice 
 them at the shrine of the Bank of England, I 
 would rather forfeit all the benefits resulting 
 from that establishment, than disturb one in- 
 dividual in his honest calling, whether founded 
 on the accumulated capital of several gene- 
 rations, or upon a bare confidence in the 
 probity and industry of the individual. But 
 I will not, I dare not, release him from the 
 performance of one tittle of his engagement. 
 If it be demanded, as in the case of the tenant, 
 " Did the parties look to the fulfilment of the 
 contract in any other manner than in Bank- 
 notes.^" I answer. They did so look. Not only 
 Ls the private banker bound to pay one and two 
 pound notes in money, by the general law of 
 the land, from whose obligations no man is 
 exempt by reason of ignorance ; but, by the 
 37th Geo. III. cap. 32, a distinct and special 
 contract was created ; private bankers were 
 allowed to press their circulation into the re- 
 tail transactions of life : but this great source 
 of emolument was permitted to them only on 
 the special condition of converting their notes
 
 4» 
 
 into money at the option of the holder, under 
 pain of specified penalties. The boon was 
 accepted, with all the obligations attendant on 
 it; each village soon produced a banking shop; 
 for fourteen years the country has been sa- 
 turated with paper currency, and profits have 
 been enjoyed beyond the wildest expectation. 
 Auer such a lapse of time, when at length it is 
 perceived, that the easy confidence of the 
 country has been abused ; when our circulation 
 is manifestly depreciated ; when each indivi- 
 dual has been injured in his fortune by a 
 departure from the only true and just mea- 
 sure of vdlue; shall we stigmatize the individual 
 who refuses to receive a oepreciated currency, 
 and exercises the option granted to him by the 
 Law, for the very purpose of preventing that 
 depreciation which the Legislature foresaw? 
 
 I ask the Noble Lord, if, when the Assignats 
 were first sent forth into circulation ; if, when 
 the American Congress, in the year 1775, first 
 issued their currency ; if, when our own Co- 
 lonies first emitted that compulsory paper
 
 4^ 
 wh\eh Patliament has described as pregnant 
 with so many evils ; if, in those countries, there 
 had been found a person, who, disdaining pub- 
 lic clamour, and appealing to the Jaws of his 
 country, (and thpse lavvs could have been en-? 
 forced,) had refused to submit to the aggra^ 
 rated injustice of receiving such paper in 
 discharge of an obligatioii contracted in good 
 and lawful money ; 1 ask the Nobie Lord, if 
 sttch a pei*son, rousing the nation from its 
 slumbers, had rendered it sensible of the evils 
 of all compulsory paper, and restored the use 
 pf metallic currency; would such a man havp 
 tepn stigmatized as regardless of the obiiga^ 
 tions of conscience, and insjensible to the pro* 
 $perity of his country? 
 
 But It is said that the public mind has been 
 jdisturbed, and its confidence in the notes of 
 the Bank of England abated. 1 believe th^t a 
 confidence jn the note§ of the Bank of England 
 is very little influenced by our resolutions. If 
 our opinions could attach estimation to them, 
 we have already declared them equal in value
 
 45 
 to the precious metals : but on such subjects 
 mankind are influenced by the evidence of 
 tlieir own senses, and estimate all articles by 
 their value in exchange. The little importance 
 attached to our opinions in the market cannot 
 be better illustrated, than by the fact stated 
 by an Honourable Director of the Bank, that, 
 ^vlnle this Bill has bfcn under discussion, ex- 
 chano^es and tli-* price of bullion have btcume 
 more favourable. 
 
 The Noble Lord is likewise of opinion, that 
 a sense of nmiul duty should have deterred 
 Lord King from the course which he has taken. 
 I can very well admit, thai if the depreciation 
 was very inconsiderable, as in the f rst year 
 after the res»triction, when the precious metals 
 and paper were readily exchangeable for each 
 other, at a small premium, it would have been 
 improper to have disturbed an order of things 
 with which the country was generally satisfied. 
 But I wish to know to what extent this for- 
 bearance is to be carried : if a sense of moral 
 duty may induce our submission to a depre-
 
 ciation of five per cent., are we bound td 
 submit to a depreciation of ten ? or, if to ten', 
 to fifteen or twenty ? Under such circum- 
 stances, if Government, from temporary mo- 
 tives, refuses to remedy a disease so fatally 
 progressive in its nature, and avows its deter- 
 mination to persevere, — is it unbecoming a 
 man of high rank and irreproachable cha- 
 racter, raised above the suspicion of mercenary 
 motives, to proclaim the wrong he feels, and 
 to appeal to the laws of his country to 
 remedy an evil which can be resisted only 
 in its incipient stages? For be it always 
 remembered, that, if we shall persevere in 
 this system, and depreciation shall increase, it 
 will be impossible to retrace our steps ; the 
 hardship of compelling the fulfilment, in me- 
 tallic value, of contracts which have been 
 formed at periods of depreciation, being no 
 less apparent, than to suffer a debtor to dis- 
 charge, by depreciated paper, an obligation 
 contracted when the real was correspondent 
 with the nominal value of money. Let us 
 not deceive ourselves : let us not fortify each
 
 4/7 
 
 other in error, by reviling the man who recalls 
 us to a dispassionate consideration of this sub- 
 ject by an appeal to the Judges of the land, 
 to that tribunal which is exempt from passion 
 and prejudice. Does or does not depreciation 
 exist? is the true test by which the conduct 
 of Lord King must be judged. If depre- 
 ciation does not exist, he has erred greatly : 
 but if depreciation does exist, and to a con- 
 siderable extent, then is he the defender of 
 the rights of the public creditor, and all other 
 persons enjoying fixed incomes, as payment 
 to them in a depreciated currency has ever 
 been acknowledged to be a most manifest 
 injustice. 
 
 And now to the question of depreciation, to 
 which I should have addressed myself in an 
 earlier stage, had I conceived that it would still 
 have been denied. I despair however of con- 
 vincing any man who is not already satisfied. 
 Have not two years now elapsed, since the 
 exchanges with all foreign countries have been 
 depressed, below their usual level, to the amount
 
 48 
 
 tifiO per cent. ? Do not the precious metalsj 
 Compared with Bank-notes, bear the same re- 
 lative irtcrease of value? Has it not been stated, 
 that, in Jersey, the guinea exchanged for twenty- 
 five livres, and the Louis d'or for twenty-four 
 livres ; that the Jersey Bank-note for k Louisj 
 payable in specie, exchanged for twentj^-foUr 
 livres, and that the English Bank-note ex- 
 changed only for twenty livres? Is it not ac* 
 knowledged, even by the Chancellor of the 
 Exchequer, that the precious metals are more 
 valuable than paper under certain circum- 
 stances? and if more valuable for any supposed 
 purpose, must not that alone give them a value 
 in the general estimation beyond paper, which 
 is not so applicable ? But will the evidence, re- 
 sulting from the late issue of Bank-tokens, like* 
 wise be denied ? The whole cannot be greater 
 or more valuable than the parts of which it 
 is composed; three notes of one pound each 
 cannot be more valuable than twenty Three- 
 shijling pieces of the new currency ; and these 
 twenty Three-shilling pieces actually contain 
 something less than the same quantity of
 
 49 
 
 standard silver, as was contained in twenty half* 
 crowns. Suppose the Bank-notrs for twenty- 
 three milhons, nuw in circulation, annihilated, 
 and the same represented by a proportionate 
 number of three-shilling pieces, would Gentle- 
 men then assert that our currency was net de- 
 preciated ? The same quantity of silver as was 
 contained in fifty shillings would represent 
 sixty shillings, and would any one deny that the 
 denomination of our standard was raised, which 
 is precisely the same thing ? But really, in dis- 
 cussing this question, Gentlemen of the gravest 
 character^ and enjoying the highest authority 
 in the House, for accuracy^ and acquaintance 
 with subjects of this nature, seem to feel them- 
 selves at liberty to indulge in the most extra- 
 vagant perversions or omissions. Would it be 
 believed, that the Treasurer of the Navy had 
 twice entered into a discussion of the amount 
 of our currency, and had each time omitted an 
 item of thirty millions in his calculations ? 
 Would it be believed that he had totally left 
 out of consideration the circulation of the 
 private bank-notes previous to the restriction, 
 
 K
 
 50 
 
 and in the present times? He has stated that 
 the amount of our circulation in former times 
 was thirty millions of specie and eleven millions 
 of Bank-notes, and asked how it was possible 
 to conceive a redundancy in our present cir- 
 culation, when it consisted of twenty-three 
 millions of Bank-notes, and when our gold was 
 reduced to a sum not exceeding five millions ; 
 making in the whole twenty-eight millions, 
 instead of forty-one, of which it formerly 
 consisted? 
 
 I believe this estimate of our specie to be con- 
 siderably exaggerated ; but, proceeding upon 
 the Right Hon. Gentleman's own data, his cal- 
 culation is manifestly defective. Private bank- 
 notes formed a material part of our circulation 
 before the restriction, and now exceed our 
 Bank currency and specie united. Conformably 
 to the Right Honourable Gentleman's own 
 view, our currency was 
 
 30,000,000 Specie 
 11,000,000 Bank-notes 
 7,000,000 Country notes ;
 
 51 
 
 Its present amount is 
 
 5,000,000 Specie 
 23,000,000 Bank-notes 
 32,000,000 Country notes, 
 
 Making sixty millions in the whole ; and 
 constituting an addition to our currency of 
 12 millions instead of a diminution of 13 ; or 
 an error in the Right Honourable Gentleman's 
 statement ib the extent of 25 millions. 
 
 I hope I shall not be deemed presumptuous, 
 when I most earnestly implore the House to 
 attend to the facts that regard the circulation 
 of private banks, because very little attention 
 has been bestowed on the subject, and it has 
 been thought impossible to ascertain the amount 
 of their circulation. 
 
 It is sufficiently known, that, by various 
 acts, a stamp duty is imposed on all promissory 
 notes re-issuable, progressive according to the 
 value expressed on the face of the notes. 
 From October, 1804, to October, 1808, the 
 £2
 
 5% 
 duty by the 44th Geo. III. was Sd, for every 
 note, the value expressed on which did not ex- 
 ceed • • • • c£i 1 
 
 6<7. ior every note not exceeding 2 2 
 Qd. lor every note not exceeding 5 5 
 Is. for every note not exceeding 20 
 
 These duties, since October, 1808, have been 
 increased by the 48th Geo. III. on a scale 
 with which it is not necessary to- «jrouble the 
 House. It is greatly to be lamented, that ac- 
 counts of the produce of the duties on pro- 
 missory notes re-issuable, cannot be had from 
 an earlier period than October, 1804, they 
 having been confounded with the duties on 
 bills of exchange. Had they been in existence, 
 we rniiiht have traced the progressive increase 
 of private bank circulation from its origin. 
 But the accounts since October, 1804, have 
 been kept with the utmost regularity, and show 
 the amount of stamps of each class which have 
 been issued. Notes for ^.5 and upward^ 
 may be re-issued as often as they return upon 
 their issuers, during three years after their first
 
 55 
 
 emission, when the law requires th<» issuers to 
 cincel them. Notes of one and two guiueijs 
 may be re-issued for a period unlimi'cd, it 
 having been assumed, that, in the course of (Lree 
 years' circulation, they generally become so 
 rubbed and worn as to be defaced, and inca- 
 pable of further circulation. This statement 
 was furni'^hed to the Treasury by tfie pri\.ite 
 bankers, and therefore the average circufatif)n 
 of these notes may be presumed lo last so long 
 at the least. It is evident that no banker will 
 incur the expense of issuing a note with a new 
 stamp, as long as he has in his possession any 
 notes which have been returned upon him, and 
 are circulable; neither will he keep by him 
 any large quantity of stamps ready to be filh d 
 up, when communication with the metropolis 
 is so easy and expeditious. The number of 
 stamps issued in three years antecedent to any 
 given period will therefoie show the number 
 in actual circulation. The only deduction to 
 which the gross amount seems liable, is, for 
 the banks which have failed, or declined busi- 
 ness duritig the interval, which Gentlemen 
 may estimate in any manner they pkase, but-
 
 54 
 
 which can scarcely be equal to the number of 
 stamps which remain in circulation beyond 
 the period fixed by the law. 
 
 Proceeding upon these data, we have there- 
 fore the means of ascertaining the issues of 
 private bankers with considerable accuracy, by 
 calculating ihe sums issued on the several 
 classes of stamps. I assume that for every 
 3d. stamp on which the private banker is com- 
 petent by law to issue a promissory note for 
 one guinea, there shall have been issued a 
 promissory note for one pound only ; 
 For every del. or two-guineas' stamp,£2 
 
 For every Qd. or five-guineas' 5 
 
 And for every is. or^£20 and upwards, 10 only. 
 The actual issues cannot have been less; ihey 
 probably have been more. Applying this cal- 
 culation to the stamps in the year ending 
 October 1805> the result will be as follows : 
 
 2,905,600 £ i Is. stamps at £ 1 only ^2,905,600 
 
 32,000 2 2 2 ,.., 64,000 
 
 823,466 5 5 5.... 4,117,330 
 
 502,600 20 10 .... 3,026,000 
 
 iS-^i'^Koba^GfiG 4jip,ii2,9aj9
 
 55 
 
 Pursuing the same method in the following 
 years, we have 
 Forl806- -stamps 4,032,155 £10,337,905 
 
 1807 2,834,072 6,123,620 
 
 1808 2,901,051 8,011,659 
 
 1809 7,574,663 15,332,429 
 
 1810 4,405,054 9,617,081 
 
 Hence it appears, that the number of stamps 
 in circulation, at the end of three years, in 
 October, 1807, was 10,929,893, and the cor- 
 respondent value of the notes issued by private 
 
 bankers was £26,574,455 
 
 In 1808 9,767,278 24,473,184 
 
 1809 13,309,786 .. • 29,467,708 
 
 1810 14,880,768 .... 32,961,169 
 
 The issues of the Bank of England have been 
 progressive in like n]anner : — 
 
 In 1807 17,500,000 
 
 1808 17,500,000 
 
 1809 20,000,000 
 
 1810 23,000,000 
 Combining the issues of private bankers with 
 the issues of the Bank of England, the whole
 
 56 
 
 paper circulation of the kingdom will have 
 been :— 
 
 1807 44,000,000 
 
 1808 42,000,000 
 
 1809 49,400,000 
 
 1810 56,000,000 
 
 I entreat the Treasurer of the Navy will do 
 me the honour to bestow his attention on tliese 
 facts. They are founded on documents which 
 cannot be controverted. In each calculation I 
 have assumed that the actual issue of the private 
 banker is the smallest sum for which the stamp 
 is available, and not the largest, as I might 
 have been justified in doing. The result would 
 have given an increased circulation of several 
 millions. But, if I am not in error, all doubt 
 as to depreciation must cease. Here is an end 
 of the argument, that our circulation has been 
 gradually extended with the increase of our 
 commerce and our revenue, during a lapse of 
 fourteen years. I am willing to allow, that, 
 until the year 1808, our paper currency may 
 have extended itself with some relation to these
 
 ^7 
 
 circumstances, though with much more rapid 
 progression. But what has been the state of 
 our revenue, or our commerce, during the two 
 last years? Our revenue lias advanced a little; 
 but our commerce Ijas declined, as my Ho- 
 nourable Friends tell me, and its decline is the 
 cause of the evils we suffer. To what thea 
 has this enormous increase of paper circu- 
 lation been owing? — ^To the facility of the 
 Bank in granting accommodation to Govern- 
 ment, and to the activity of private Bank- 
 ers to push the circulation of their notes in 
 proportion to the increased issues in the me- 
 tropolis. The depreciation of paper in former 
 years was chiefly a tiubject of private discus- 
 sion among speculative men. But, when seven 
 millions were added to our currency in one 
 year, can we doubt the cause of the fall of our 
 exchanges ? and when an addition of a like 
 sum ensued in the succeeding year, shall we 
 be surprised if the depreciation of paper is 
 now universally manifest? That prices ad- 
 vanced more than one half during the latter
 
 58- 
 
 part of the l6th century is universally known; 
 and the importation of the precious metals 
 from America, which in no year exceeded 
 six millions, diffused throughout the world, 
 is acknowledged to have been the cause. 
 Will then the sturdiest believer of the immu- 
 table value of Bank paper now maintain 
 that fourteen millions can be added to the 
 paper circulation of Great Britain in two 
 years, without producing some effect of the 
 same nature? Even the Noble Lord may hesi- 
 tate in longer asserting that our disease is the 
 scarcity of gold compared with paper, rather 
 than the redundancy of paper compared with 
 the precious metals. In my mind the diffi- 
 culty is, how so great an increase of currency 
 has produced so little advance of prices; and 
 I might thence doubt the accuracy of my own 
 statement, if I did not call to mind tht many 
 historical facts, which prove, that prices do not 
 instantly follow an increase of the circulating 
 medium, and do not find their true level until 
 it has been fully diffused throughout the com*
 
 59 
 munity, and intermixed in every transaction of 
 life. 
 
 But there is another view on which I am 
 content to rest this question. In a former de- 
 bate, a Right Honourable Gentleman of the 
 most extensive information, and tlie utmost 
 candour of mind, called upon a laie Secretary 
 of the Treasury, who had greatly dislingui^^hed 
 himself on such subjects, to state, wheiher he 
 contended, that the currency was depreciated 
 on a general view of prices ? I then accepted 
 the challenge, and declared that the argument 
 for depreciation was at an end, unless it could 
 be shown that the currency was depreciated on 
 a comparison with all those articles, which po- 
 litical writers, in considering this question, have 
 adverted to as tests of depreciation. 
 
 As to the price of wheat, which is deemed 
 by Adam Smith a more accurate criterion of 
 the value of money than any other commodity 
 or set of commodities, I can only repeat what
 
 60 
 
 has been better expressed by Lord King birn. 
 self. It will be found that tlie price oK wlu-at 
 on an average of fifteen years, from 1771 to 
 3 785, was 4-66, a quarter; from 1786 to 17?)7 it 
 was 5'2s. a quarter; and i'roni 1798 to 1810, 
 (omitting 1800 and 1801 as /ears of dearth,) 
 wheat has been 71*'. a quarter. It will turtKer 
 appear, that in the year 1797, wheat b« iug at 
 52s. a quarter, a p^und Troy of gold, viz, 
 44j guineas, or £-16 : 14 : Gd. sterling, repre- 
 sented 13 quarters of wheat. From 180^2 to 
 1806, when wheat was 70.v. a quarter, one pound 
 of gold at the Mint price of £3 : 17 : lOid, 
 per ounce, represented ISn quarters of wheat : 
 but at the real price of gold in tlie market at 
 £4 : 2s. per ounce, it represented Hf^ quarters. 
 From 1806 to 1810, the average price of wheat 
 lias been 85s. a quarter. One pound of gold 
 at the Mint price represented 11 quarters; and 
 at the mean price of gold in the market, which 
 may be stated at £4 : 7^*. per ounce, one pound 
 of gold represented 12| quarters. 
 
 But if the price of wheat be objected to as
 
 61 
 
 the tpst of value, shall this queslion be tried by 
 reference to the tables ot Sir George Shuck- 
 buFih Evelyn ? They were constructed to as- 
 certain the vahie of money from the Norman 
 conquest, and have been highly celebrated for 
 accuracy. They are founded on a comparison 
 of the pi ice of wheat, of twelve different 
 articles of hubbandry, of day-labour, and of 
 butcher's meat, and an average is taken of the 
 whole as the true measure of depreciation. 
 This calculation gives a depreciation greater 
 by about a fifth, than if calculated by llie price 
 of wlieat only. Assuming 100 as the integer 
 in the year 1550, the depreci:ition in the year 
 1700 was 238. In 1795 the depreciation was 
 426 by the price of wheat, and 531 on a mean 
 of the four articles. The same calculation 
 continued to the present time will give a de- 
 preciation of 696 by the price of wheat, and 
 820 on a mean of the four articles. 
 
 A Pamphlet has been published, not wanting 
 in ingenuity, in which the depreciation of our 
 currency is controverted, because the monicd
 
 62 
 
 prices of cotton, sugar, coffee, tea, tobacco, 
 currants, and nutmegs, are not advanced be- 
 yond the prices in the year 1800. But did 
 any writer ever deem these to be articles by 
 which an estimate was to be formed of the 
 comparative value of money ? If coffee is to 
 be used as the standard of value, the result will 
 be, that, instead of any depreciation in the 
 course of the last century, the currency has 
 advanced in value, coffee being now five times 
 cheaper than it was in the beginning of the 
 last century. But, taking as a test the table 
 adduced by the Author of the Pamphlet him- 
 self, it will be found, that every article of 
 agricultural produce, and every other com- 
 modity not susceptible of indefinite increase 
 by machinery or other improvements in manu- 
 facture, is really advanced in price nearl}^ in 
 the same proportions. A few exceptions have 
 been quoted, such as iron and wool : but the 
 first is to be accounted for by the improvement 
 of our home manufactures, and the second by 
 the large importation from Spain. If these 
 facts be correct, they will effectually confute
 
 05 
 
 the doctrine, that " it is not paper which is 
 " depreciated from abundance, but gold which 
 " is become scarce/' The House will re- 
 collect what reprobation this doctrine, when 
 first started, incurred from Mr. Fox, and 
 with how little favour it was viewed by 
 Mr. Pitt, though now the doctrine of the 
 day, applauded and followed by Merchants, 
 and Bankers, and Ministers. We have 
 never been told by what scale Gentlemen, 
 when they so argue, measure the value of 
 gold ; but are they prepared to deny, that 
 the prices of the precious metals must be 
 measured, like other commodities which by 
 an unrestrained sale have found their level, 
 by the labour and capital necessarily employed 
 to bring them to market? Are not the pre- 
 cious metals dear or cheap, in proportion as 
 they exchange for more or less of other arti- 
 cles, on which certain portions of labour and 
 capital have been expended ? — If, as stated by 
 Lord King, one pound Troy of gold now re- 
 presents in its real value 13 quarters of wheat 
 instead of 18 quarters, which it represented
 
 64 
 
 formerly; and if all prices bear something of 
 the same proporiion to gold ; it cannot be 
 doubted that gold is cheaper, or, in other 
 words, that gold represents less value than 
 formerly. We likewise know by the testimony 
 of Humboldt, and every other w^riter who has 
 visited Spanish America, that the metals raised 
 from the mines exceed in the proporiion of 
 3 to 2 the quantity raised in former periods. 
 Theexportation of silver to India and China has 
 also ceased of late years. Indeed ^ve now hear 
 of reimportations from these countries. But, 
 •what I deem of no less importance is, that very 
 large quantities of the precious metals, hitherto 
 used as coin in the several countries of Europe, 
 are no longer employed for that purpose, and 
 are returned into the bullion market to be ap- 
 plied to their metallic purposes alone. What 
 is become of the twenty-five millions supposed 
 to have circulated as coin in this island? Has 
 not a large part returned to its other metallic 
 uses? and could such an addition be made to 
 the quantity of precious metals in the market 
 of Europe without producing a sensible reduc- 
 t'on of their price ? Does not an increased
 
 65^. 
 
 quantity of gold and silver plate, and other 
 ornaments, every where strike our senses ? 
 which is not accounted for by the increased 
 wealth of the community alone, but must like- 
 wise be traced to an increase of the metals them- 
 selves. Facts of the same nature have been 
 equally remarked in countries, which have not 
 advanced in opulence like this nation. Through- 
 out France a great increase in the nominal 
 prices of labour and other things has been 
 noticed by the Statistical Reports of all the 
 Prefects. This increase has extended itself to 
 Poland, and other parts the least accessiblq 
 to commerce. It has been estimated at 25 
 per cent., which will correspond with the de- 
 preciation of 45 per cent, observable amon^ 
 ourselves, being 25 per cent, for the decrease 
 in the value of the metals, and 20 per cent, 
 for a decrease in the value of Bank-paper, 
 when compared with the metals. Yet it had 
 been imagined by many Gentlemen, when 
 these dTscussions commenced, that the price 
 of gold had risen on the Continent for no other 
 reason than because gold passed out of this 
 r
 
 66 
 
 country. I entreat they will reconsidtr the 
 facts, and I venture to assert, that there are 
 only two articles in existence of which gold now 
 represents a larger proportion than it used to 
 do: Silver, from the increased fecundity of the 
 nnnes, and an improved mode of working; 
 and Bank-notes, from the redundancy of the 
 manufacture. 
 
 A Right Honourable Gentleman (Mr. Van- 
 sittart) who brought forward resolutions, which, 
 it was contended by their advocates, would set 
 at rest this question, admitted Irish Bank-notes 
 to have been depreciated in 1804, because two 
 prices existed, and one exchanged for a larger 
 portion of commodities than the other; which 
 he denied then to have been the case in Eng- 
 land. He was answered : " Wait the decision of 
 De Yonge's case, now under the consideration 
 of the Judges, and you will here also see two 
 prices generally established.'' The case has 
 been decided conformably to truth and^justice, 
 hy which alone the Judges of the land have 
 ever been actuated. Two prices do now exist
 
 67 
 
 publicly, as in fact the}' did exist privately, 
 and will exist after our Bill. Not a street in 
 London where more value in exchange cannot 
 be obtained for one hundred guineas in gold, 
 than for one hundred and five pounds in notes. 
 Will the Right Honourable Gentleman still 
 deny the fact? or will he argue that the pre- 
 cious metals have acquired an artificial value? 
 Such cant is unworthy of the candour and 
 knowledgeand talents of that Right Honourable 
 Gentleman. He knows full well, that the Law 
 may give an artificial value to a paper cur- 
 rency, because it may cause it to be received 
 in payment of revenue, and enable a debtor to 
 acquit a debt of one pound with a shilling : 
 but the value of guineas, like other articles, is 
 regulated by the labour and capital necessary 
 to bring them to market ; and they never can 
 possess any other value. After all these proofs, 
 and the many more which may be adduced 
 from our own daily expenditure, he who still 
 continues to deny the depreciation of Bank- 
 paper, can only be classed with the Ministers 
 of Austria, who still complain of the machi- 
 p2
 
 6h 
 
 nations of merchants to keep down the Ex- 
 change, when the price of Government paper 
 compared with specie is as 4 to 1. 
 
 But there is a considerable class of persons^ 
 who, admitting the dangerous consequences of 
 a further perseverance in the use of paper cur- 
 rency, still ask, How shall we get back to a metal- 
 lic circulation ? Where shall we find the pre- 
 cious iifietals in sufficient quantity to supply the 
 place of so much paper? And when a Learned 
 Gentleman had argued, " Leave them to find 
 their way hither; they wiN come as claret docs ;*' 
 a great advantage in point of argument was sup- 
 posed to have been obtained by the supporters of 
 the Bill. But I still do not hesitate to say on this^ 
 as in so many points of our case. Look to your 
 own legislative proceedings. Notwithstanding 
 this and many other arguments of the same na- 
 turcvyoiadid decry the paper currency of North 
 America, after a period of 14 months ; and 
 though no means were adapted by the State 
 to procure an importation of the precious 
 snetals, they were found in sufficient quantity
 
 69 
 to supply all the purposes of a circulating 
 medium. But if an example of a more siiikmg 
 nature be necessar}', it is afforvlcd by France. 
 Withoijit warning, without preparation, the 
 paper circulation ceased, and the country re- 
 turned to a metallic circulation. Nor has 
 history recorded a single complaint of the 
 inconvenience derived from the inadequacy 
 of the circulating medium. Louis d'ors returned 
 into the market the moment mankind were 
 sure of obtaining for them their real va- 
 lue; and though the circumstances, \yhich 
 caused them to preserve their coined form, are 
 not equally cogent in respect of guineas, yet 
 jnany more guineas wili speedily appt ar among 
 ourselves than are suspt'cted to exist, as soon as 
 >ve shall follow the same course. Can a great 
 and rich community, which draws to itsrif 
 whatever is most rare and valuable in nature 
 by the market it affords, alone want its due 
 proportion of the precious metals? Did any 
 nation ever tajke direct me.ins to draw to ii5>elf 
 the precious inetal^, or have they not diflusecj
 
 70 
 
 themselves throughout the world in search of a 
 market? All nations, by a singular fatuity, 
 have enacted laws to preserve more than a 
 due proportion of the precious metals ; but 
 has any nation been successful ? Whatever be 
 the purposes to which they are destined, whe- 
 ther to be used as coin, or as plate and orna- 
 ments, or for any other imaginable purpose, 
 each nation possesses its due proportion, and 
 no more than its due proportion, on a com- 
 parison with the amount in existence through- 
 out the world. When a nation substitutes a 
 paper for a metallic currency, the coin dis- 
 appears ; and happy it is that such is the 
 case; nor will that portion of the precious 
 metals which formerly existed in the shape 
 of coin ever come back, whatever may be 
 the state of trade, because it is not wanted 
 for coin; and for all purposes of metallic use 
 a due proportion already exists in the market. 
 Or, if the precious metals did come back, they 
 would again quit the country, from the same 
 reason as first caused them to disappear. On
 
 71 
 
 the other hand, as long as a country persists 
 in the use of metallic money, no circumstances 
 in the conduct of its neighbours can draw away 
 the proportion it requ-res. The first fact is 
 sufficiently proved by the history of our Colo- 
 nies already stated ; and the last is strikingly 
 illustrated by the situation of the four northern 
 counties of Ireland, which still retain all the pre- 
 cious metals in the shape of coin formerly pos- 
 sessed by them, though they have vanished from 
 Great Britain and all the neighlx)uring parts of 
 Ireland. But if ever there was a moment when 
 this apprehension, at all times groundless, must 
 be absurd, it is now, when, by political events, 
 this country, which formerly drew the precious 
 metals from the markets of Europe, has itself 
 become the emporium, from whence all the 
 other nations of Europe draw their supplies. 
 Where, but to this country, must the produce 
 of the American mines be brought? and yet it 
 is supposed, that we alone shall want an arti- 
 cle of which we are the distributers to the 
 whole world. If it were not the present
 
 fashion to disregard ihe authority of all great 
 writers on Political Economy, ^vhose oj:)inions 
 for half a century have be^n regarded as 
 axioms, I would remind the House of the 
 words of Mr. Hume : " A Government has 
 great reason to preserve with care its people 
 and its manufactures ; its money it may safely 
 trust to the course of human affairs, without 
 fear or jealousy." 
 
 But on all these occasions a short answer is 
 given : — " Your doctrine is good in the ordinary 
 state of human afl^airs, but does not apply to a 
 crisis, when all commercial intercourse is at an 
 end, and we have to contend with an enemy, 
 who is pursuing a course of measures of which 
 no example is afforded." This has been so 
 often repeated, that many an Englishman, 
 many Gentlemen in this House, in general 
 "well informed, and devoting a sufficient portion 
 of attention to the public documents, consider 
 Prance and the Continent of Europe her- 
 metically sealed against British commodi- 
 ties, and our commerce reduced very greatly
 
 below its extent at any antecedent periodu 
 To all such I take the liberty to state, that at 
 no period since the beginning of the present 
 war, have our exports both of British produce 
 and of colonial articles been so great as during 
 the last two years, as the returns in official 
 value will show : — 
 
 British. Colonial Produce. 
 
 Exports in 1802 26,990,000 14,400,000 
 
 1805 25,004,000 9,950,000 
 
 1806 27,403,000 9,124,000 
 
 1807 25,190,000 9,395,000 
 
 1808 26,691,000 7,862,000 
 
 1809 35,104,000 15,182,000 
 
 1810 34,940,000 10,945,000 
 
 But although Gentlemen cannot deny the 
 figures I have quoted, being the result of the 
 Custom-House documents, and presented to 
 our view with the accounts annually laid upoa 
 the table, they will answer, that this export has 
 been to America chiej6[y,from which returnshave 
 not been had, whilst our exchanges are chiefly 
 affected by an intercourse wjth Europe itself.
 
 74 
 
 Here likewise I am happy to be able to satisfy 
 them; for it will appear, that, confining our 
 view to the Continent of Europe, our exports 
 during the last six years have increased in a 
 greater progression than to all other parts of 
 the world. 
 
 Exports to and Imports from tjie Continent 
 of Europe in official value : — 
 
 Exports. Imports. 
 
 1805 15,465,430 10,008,649 
 
 1806 13,216,386 8,197,256 
 
 1807 12,689,590 7,973,510 
 
 1808 11,280,490 4,210,671 
 
 1809 25,722,615 9,551,857 
 J810 19,606,706 12,476,140 
 
 Again will this fact be met with an assertion, 
 that though our commodities have undoubtedly 
 been exported from hence,yet, owing to various 
 confiscations and checks and impediments, no 
 adequate return has been obtained, and the 
 -greater part of our goods still remains in dep6t 
 at Heligoland, at Gibraltar, and other places
 
 7S 
 
 to which they were carried with a view to their 
 ultimate introduction to the Continent. 
 
 To what extent a deduction must be made 
 for these circumstances, I am unable to esti- 
 mate. I am wilhng to admit that it may have 
 been considerable, though far less considerable 
 than merchants in general would have us be- 
 lieve. During the year 1809, our enemy was 
 engaged in the Austrian war; his attention was 
 wholly occupied with that important object, 
 and his armies being drawn to the Danube, an 
 opportunity was afforded for the introduction 
 of our manufactures into Holland and other 
 parts, with little or no restraint. Various se- 
 vere decrees were promulgated towards the 
 end of the year; but the measures for their 
 enforcement could scarcely be adopted before 
 the commencement of 1810, when his armies 
 were spread over the North of Germany. Ac- 
 cordingly we were expressly told in the Speech 
 from the Throne, in the month of January 
 1810, with reference to our commerce and 
 revenue during the year 1809, that, " What-
 
 76 
 
 *' ever temporary and partial inconvenience 
 " may h4ve resulted from the mcysures, which 
 '* were directed by France against those great 
 " sources of our prosperity and strength, those 
 ** measures have wholly failed of producing 
 '' ^^y pernfjanenl; or general efFect/'-r--Jivcn for 
 the first six months of 1810, as long as King 
 Louis ruled in Holland, the decrees of th,e 
 frnemy do not seem to have been rigorously 
 enforced ; nor do our merchants seem io have 
 taken much alarm until October. These are 
 reasons, which induce me to believe, that the 
 losses from all these causes have been much less 
 than the public generally imagine. But what 
 chiefly influences my mind, is the continuation 
 ^©f ithe increased export during two years. Had 
 lt been for a single year, the enterprise of our 
 inanufacturers, aided by the unlimited exten- 
 sion of credit, resulting from the creation of 
 paper circulation in the year 1^09, and tlje 
 impatience of our merchanj^s tp rid tliemselves. 
 ^f Colonial produce, ^vith which the market is 
 glutted, might have tempted them to send 
 abroad their commodities, Avithout due consi-
 
 77 
 
 deration of the difficulty of obtaining returns. 
 But when our exports in the year 1810 have 
 proved nearly as great, it is impossible for me 
 to beheve, that no adequate consideration has 
 been received for our exports in 1809. I sub- 
 mit to the plain sense of mankind, whether it is 
 possible that our exports to the Continent, 
 which in the year 1803 were no more than 
 11,300,000, having in 1809 increased to 
 23,700,000, should have continued in 1810 
 at 19,600,000, unless a tolerably fair return 
 had been obtained. I am strengthened in this 
 conviction, because I find that an export of 
 coffee having taken place in 1809 far beyond 
 what could be sold, the export, which had 
 been in that year 5,845,000, sunk in 1810 to 
 1,454,000. In other articles there is no such 
 fluctuation. Our woollens and hardware, sugar 
 raw and refined, indigo, and even piece goods, 
 the produce of India, are nearly in their rela- 
 tive proportions during each year; and what is 
 most remarkable is the export of our cottons, 
 which has advanced progressively : —
 
 78 
 
 Cotton manufactured Goods* 
 
 Twist. 
 
 1805. 
 1806- 
 1807- 
 1808' 
 1809- 
 1810. 
 
 8,771,000 1,086,000 
 
 9,896,000 854,000 
 
 9,867,000 669,000 
 
 12,835,000 575,000 
 
 18,634,000 1,097,000 
 
 18,041,000 1,075,000 
 
 But to put an end to the averments that no 
 adequate value has been received for our ex- 
 ports to the Continent, I refer to the account 
 of exports and imports in real values, which 
 shows that for an export of £27,190,337, we 
 actually received in 1809 an importation of 
 £19,821,601. The account for the year 1810 
 in real values has not yet been made up. But 
 as there has been a diminution of exports of 
 four millions, and an increase of imports of 
 three millions in official values in the year 1810 
 compared with 1809, it is probable, that the 
 exports and imports for 1810 in real values will 
 nearly balance each other. Allowing therefore 
 seven millions to have been applied to defray
 
 7a 
 
 our military and naval expenditure abroad in 
 two years, we have received a full value for 
 every article of export. 
 
 Account of Exports and Imports in real 
 values ;— 
 
 1805 20,435,940 21,744,762 
 
 18C6 17,547,243 17,855,524 
 
 1807 15,420,514 17,442,755 
 
 1808 13,983,123 8,905,099 
 
 1809 27,190,337 19,821,601 
 
 Even British shipping has increased in spite 
 of the frequent intervention of neutrals to con- 
 vey abroad our commodities ; and the number 
 of our merchant seamen has advanced, not- 
 withstanding ihe increase of men in His Ma- 
 jesty's Navy. I therefore undertake to say, that 
 no material diminution will be found to exist in 
 the exportation of any one considerable article 
 of British manufacture, or even of colonial pro- 
 duce, whilst in several, and particularly in our
 
 80 
 
 cottons, there will be found the enormous in* 
 crease I liave stated. Nor need we be sur- 
 prised at the fact. During the first years that 
 followed the renewal of war, France had given 
 great encouragement to the establishment of 
 cotton manufactories, and had succeeded to a 
 considerable extent. After the Milan Decrees, 
 our Orders in Council prevented the impor- 
 tation of the raw material, and such a de- 
 mand was thus created for cotton goods as, 
 in its effect, far more than counterbalanced all 
 the impediments opposed by the enemy to their 
 sale and use throughout the Continent. I also 
 think, that a careful examination of the ex- 
 ports and imports will tend to show, that up to 
 the end of the year 1810, (of what has since 
 happened I do not pretend to speak, no docu- 
 ments having been submitted to the House,) 
 the commercial embarrassments, so loudly com- 
 plained of, have chiefly resulted from the excess 
 of our colonial imports, and the superabundant, 
 increase of our manufactures, and not from a 
 diminution of our communication with the
 
 81 
 
 Continent, on a comparison of the last eight 
 years. Nor is it difficult to account for the 
 niisapprehension that prevails. Merchants 
 were unwilling to confess a state of tnings in 
 which much of the evil seemed chargeable to 
 themselves. Opposition was willing to believe 
 that the trade was totally stagnant, with a view 
 to state it as the result of the Orders in Council. 
 And Government tacitly acquiesced in the 
 statement, in order to place the fall of tlie ex- 
 changes to the account of a diminished com- 
 merce, rather than to its true cause, a redun- 
 dant paper circulation. 
 
 I have dwelt too long, and perhaps too mi- 
 nutely, on these statemeirts : but I am most 
 desirous to fix on them the attention of the 
 House, because they may serve to show, how 
 little availing are the efforts of Power to in- 
 terrupt the communications of Countries which 
 have a surplus produce to interchange. Since 
 it appears, that after eight 3'ears of relentless 
 warfare, the unrosmitting vigilance and un- 
 controlled authority of the Lhemy, sometime*
 
 82 
 
 seconded by our own efforts*, are wholly in- 
 competent to interrupt the commerce of Na- 
 tions, or even to disturb, in any material de- 
 gree, the level that existed in a year of peace 
 and unrestrained communication. 
 
 * What I here allude to is the fluctuation of our conduct in 
 granting licences. In former wars the ports in Holland, and the 
 mouths of the Elbe and Weser, were the places to which the 
 Belligerents resorted for the interchange of the produce of their 
 respective countries. When these countries were involved in war, 
 and the violence of the Belligerents no longer permitted neutrals to 
 navigate the seas, each nation was compelled to trade directly 
 with the enemy by licence. But, instead of leaving the market 
 to find its own level, a discrimination has been exercised, a sort 
 of effort has been made to regulate the supply, in almost every 
 article of traffic, as the Board of Trade judged the market to be 
 over or understocked. No one so unjust as to suspect the motive; 
 but the effect has been to preclude all regularity of supply, to 
 induce great fluctuation in prices, and encourage speculations of 
 every description. It has also given a great and unfair advantage 
 to the commerce of the metropolis over the out-ports, whose 
 merchants cannot so speedily become acquainted with the varying 
 resolutions of the Board. When they have applied for licences, 
 they have sometimes been informed that as many licences had 
 already been granted as were deemed sufficient to supply the 
 demand of the market ; or when they have obtained licences and 
 conveyed instructions to their correspondents abroad, they have 
 uniformly found themselves anticipated by the London mer- 
 chants, whose orders had been received several days anterior. 
 Merchants have likewise been induced to expect profit from the 
 varying views of Government rather than from a nice adjustment 
 of supply to demand. No sooner has a large importation takea 
 place from the Baltic or other parts, than all the power of the
 
 83 
 It only remains to state, in a few words, what 
 
 mercantile interest is employed to obtain the withholding of 
 further licences for similar goods, in order to raise the price on 
 the consumer, and benefit the importer at the expense of the 
 whole people of England. 
 
 But what appears to me an absolute co-operation with the 
 views of the enemy, is the late refusal to grant licences for the 
 importation of goods from France and some other parts. The 
 enemy grants no licences for colonial or British produce, and 
 therefore, with a blind spirit of retaliation we say, neither will 
 >ve admit wines and other articles the growth of France. Soto 
 act is consistent with the views of the French Government, which 
 seeks to repress commerce ; but cannot be consistent with our 
 policy, who seek to cherish and extend commerce. For every 
 article imported from the Continent there must be taken from 
 hence some article of correspondent value. Mo Englishman will 
 become a purchaser, but by an article of less value in his estima- 
 tion than the article to be sold ; each individual buyer is therefore 
 a gainer, and the gain of individuals is the gain of the nation. It 
 is answered. True ; but goods are not admitted into France, and 
 the importer of foreign goods will carry away guineas. How long 
 are we to be haunted by this most absurd apprehension ? If guineas 
 are wanted in this country, they will not quit it to go to France, 
 where they are in sufficient abundance ; and if guineas are not 
 wanted in this country, the sooner they quit it the better. If 
 they cannot find their real value in the market, from whatever 
 cause, they will not appear in it ; they will be hoarded, or they 
 will pass to other countries to seek a higher value. If hoarded, 
 they are absolutely unproductive ; if they go abroad, it is 
 either to return with a profit in some other shiipe, or to 
 pay for objects deemed of grfnter value. But what is the 
 situation of the country which is paid for its commodities in 
 guineas ? The individual who carries them away is remunerated 
 by the sale: but the nation to winch he carries tiiem is very 
 little b(;nefitted. By an importation of sugar or cotton, the 
 
 G 2
 
 84 
 
 in my judgment is the remedy adapted to our 
 situation. For the reasons I have adduced, I do 
 not dread the effects of a law directing a re- 
 turn to cash payments at the Bank, after any 
 reasonable interval of time. But 1 do not wish 
 
 people would have been better fed or better clothed ; but by a 
 return in guineas, unless again sent away to purchase consumable 
 articles, no other effect is produced, than a depreciation in the 
 value of money, and an advance in the prices of commodities 
 similar to what is experienced among ourselves from an increase 
 in the issue of paper. Our guineas, however, are now near an 
 end, as is argued. We have only five millions left, and they cannot 
 last long. In future foreign goods brought hither must therefore 
 be given to us for nothing, or ours must be taken away in exchange. 
 Hence it is evident that the best mode of disposing of our own 
 goods is, to encourage all other nations to bring theirs to our 
 market. The commerce of nations is barter ; they who sell must 
 buy. But, to pursue this system, it is above all things ne- 
 cessary to leave the market to find its own level, by granting 
 Jicences either for exportation or for importation, without any 
 limit or distinction. In times of peace the interference of Go- 
 vernment in the details of commerce is acknowledged to be 
 prejudicial. In times of war, Government has also abstained 
 from interfering as long as the Belligerents have carried on their 
 exchanges circuitously through neutrals. And now when a 
 direct intercourse is allowed under licences, there can be no 
 good reason why Government should assume to itself a more ex- 
 tended interference in the details. Its proper ofBce now as ia 
 peace is to consider what are fit articles of import and export, and, 
 having made known its resolution to the public, it may safely 
 leave to individuals to regulate their commerce by the wants of 
 the community.
 
 85 
 
 to urge a remedy which many persons consider 
 as extremely hazardous in its operation. Pro- 
 vided we abstain from all interference with 
 the prices of things ; provided we suffer paper 
 and metallic currencies to find their level in the 
 market, 1 am content to leave the law as it 
 actually stands. I am convinced that it w ill 
 be found sufficient to remedy the existing evils, 
 which have chiefly arisen from our own unsus- 
 pecting confidence. Depreciation is now sen- 
 sibly ftlt. Lord King has afforded an example 
 of resistance to payments made in depreciated 
 currency, and the result of the cases to be 
 judged in Westminster Hall will fully proclaim 
 the old and sacred maxim of our law, that 
 contracts can only be acquitted in the coins of 
 the realm. Men, therefore, will gradually re- 
 quire payment in metallic money, which will 
 bring it back to circulation. A knowledge of 
 the salutary law of the 37th of Geo. III. c. 32, 
 will be disseminated throughout the country. 
 It will be known universally that every private 
 banker is bound to pay his notes of one and 
 two pounds ill money ; and demands will be
 
 86 
 
 gradually made upon the issuers of private 
 Bank-notes for the fulfilment of their contracts. 
 Though the amount now in circulation be not 
 less than twelve millions, it would be absurd 
 to suppose that an immediate demand will be 
 made to the same extent. Many notes will be 
 withdrawn from circulation as they return on 
 their issuers. Arrangements and compromises 
 will take place between the issuers and holders 
 of notes in various ways which cannot be enu- 
 merated. Bank of England one and two 
 pound notes will be substituted for a large 
 amount of them. Some may be paid in stand- 
 ard silver, at 5s. 2d. per ounce, conformably to 
 law. A few only will need to be paid in guineas, 
 and a large quantity will actually remain in 
 circulation, whenever it is universally known 
 that a guinea, or its real value, may be had for 
 each note on demand. The whole may thus 
 be brought within due limits, with a less 
 loss to the issuers than the profit derived from 
 these very notes during the last two years. 
 This once effected, our course is smooth and 
 easy. The exchanges will esxperience a very
 
 87 
 considerable advance ; for depreciation is not 
 only influenced by the amount, but also by the 
 velocity of the circulation. A note for one 
 pound passing rapidly from one individual to 
 another, and becoming the instrument of many 
 payments, influences prices much more than a 
 note for ten pounds, which less frequently 
 changes its possessor. And so far from ne- 
 glecting the consideration of the one and two 
 pound notes, as some have done, when the 
 subject has been examined, I believe them to 
 have conduced more to depreciation than the 
 issue of all other notes. As the exchanges shall be 
 found to mend, the Bank may gradually with- 
 draw from circulation its own one and two 
 pound notes, and subsequently its five-pound 
 notes ; when after a due interval, and the ex- 
 changes being brought to par, and the Mint 
 price and the market price of bullion being 
 equal, the Bank may again resume its cash 
 payments. Nor will it be difficult to take ef- 
 fectual security against the recurrence of si- 
 milar difficulties, by adopting measures to 
 Umit the circulation of paper currency to the
 
 payment of great and wholesale transactions, 
 in which alone it is useful. By restraining the 
 issue of Bank-notes for sums under fifteen 
 pounds, and private bankers' notes under ten 
 pounds, metallic money will be the instrument 
 of exchange in all the ordinary retail transac- 
 tions of life. It will therefore bear a due pro-^ 
 portion to the paper currency, and preclude 
 much of the danger that was experienced in 
 1793 and 1797 fiom alarm. Not oidy will the 
 bankers find much less difficulty in procuring 
 money to discharge their obligations, but tiie 
 demand will be much narrowed by the paper 
 circulation being chiefly in the possession of 
 the higher orders, on whom the influence of 
 panic will operate with much less force than 
 when paper is spread among the lower classes 
 of society. Unless precautions such as these 
 be adopted, my anxiety to return to cash pay- 
 ments will be much abated ; being convinced 
 that if the Bank of England is to be the sole 
 source of cash supply to 700 private banks 
 issuing notes without limitation, it will scarcely 
 be found adequate to furnish their ordinary
 
 89 
 
 w^nts, and the first season of adversity and 
 distrust will draw from it all the metal con- 
 tained in its coffers. 
 
 I confess I see no difficulty in tliis course of 
 measures but what arises from the Exchequer- 
 bills now in the market. It must be the first 
 duty of Parliament, on its meeting to fund a 
 very large part of tiiem, and at the same time 
 pay off fhe last loan of three millions obtained 
 from the Bank, in order to enable the latter to 
 contract its issues, without diminution of com- 
 mercial di counts. The Public will be indem- 
 nified for this payment by the proper use of 
 its own balances. I never could comprehend 
 the policy of maintaining so large a floating 
 debt, liable to return into the Exchequer in 
 payment of revenue at the end of four months, 
 whenever by any untoward event, the interest 
 of money in the market should be higher than 
 that yielded by Exchequer-billh. The object 
 appears to have been to avoid pro\idmg for 
 the interest by taxation, as would have become 
 necessary, had we funded the debt in the 5 p«r
 
 90 
 
 cents, which once might have been done nearly 
 at par. Perhaps it would have been more worthy 
 of the wisdom of ParUament to have repealed 
 the letter, than to have evaded the spirit of the 
 law. But our situation no longer admits of 
 alternative, and we must free ourselves, what- 
 ever be the cost, from this imminent danger. 
 In other respects, I think it will be acknow- 
 ledged, that the course I have suggested in- 
 volves neither hazard nor injustice. We shall 
 return to a wholesome state of things by 
 the same steps as we have advanced to our 
 present diseased condition ; and nothing will 
 be demanded of any man, except in conformity 
 with his original contract, the benefit of which 
 has long been enjoyed. Concerning the equity 
 of the holder of a note demanding pay- 
 ment of the issuer in metallic money, there can 
 be no question. But, confining our view to the 
 situation of the Bank and private Bankers, 
 some persons may be of opinion, that the 
 Bank should first resume its cash payments, 
 before private Bankers can be expected to 
 fulfil their engagements. I agree with this
 
 91 
 opinion as far as regards all notes of £5 and 
 upwards. They were issued when the Bank 
 paid in cash, and private Bankers had a right 
 to demand cash for a Bank of England note as 
 often as cash was demanded from them for one 
 of their own. But it is not so with one and 
 two pound notes ; the private Bankers ac- 
 quired the profitable right to issue them after 
 the stoppage of the Bank, and undertook to 
 pay them in money without reference to any 
 aid derivable from the Bank of England. Be- 
 sides, therefore, the difficulty, nay, the im- 
 possibility of the Bank, immediately on its 
 opening, furnishing cash to all private Bankeris 
 sufficient to pay the enormous amount of the 
 notes emitted, it would not be just to impose 
 on the Bank the burthen of discharging obli- 
 gations contracted when cash payments had 
 ceased. It would be leaving all the benefit 
 with one party, and imposing all the loss on 
 the other. Nor can there exist a doubt, that 
 to leave the Act of the the 37th of Geo. III. 
 c. 32, to its undisturbed operation, which will 
 reduce within due limits the circulation of the
 
 92 
 one-pound and two-pound notes of private 
 Bankers, is equally conformable to justice 
 and policy. 
 
 To conclude, I protest against this Bill, be- 
 cause it has a tendency to encourage the cir- 
 culation " of paper-bills of credit, by means 
 " whereof debts will be dischar2:ed with a 
 " much less value than was contracted for, to 
 " the great discouragement and prejudice of 
 " the trade and commerce of His Majesty's 
 " subjects, by occasioning confusion in deal- 
 " ings, and lessening credit in the realm ;" and 
 because the existing laws, duly understood 
 and enforced, are sufficient in themselves to 
 restrain the further progress of the existing 
 evil, and to bring us back to the only just 
 measure of value — a metallic circulation.
 
 APPENDIX. 
 
 9 July, 1811. 
 
 A BILL, intituled. An Act for making more effectual 
 Provision for preventing the current Gold Coin of 
 the Realm from being paid or accepted for a greater 
 Value than the current Value of such Coin ; far 
 preventing any Note or Notes of the Gavernor and 
 Company of the Bank of England from being re- 
 ceived for any smaller Sum than the Sum therein 
 specified ; and for staying Proceedings upon any 
 Distress by Tender of such Notes, 
 
 WHEREAS it is expedient to enact, as is hereinafter pro- 
 vided : 
 
 Be it enacted by the King's Most Excellent Majesty, by 
 and with the Advice and Consent of the Lords Spiritual and 
 Temporal, and Commons, in this present Parliament aisembled, 
 and by the Authority of the same, That, from and after the 
 passing of this Act, no Person shall receive or pay for any Gold 
 Coin lawfully current within the Realm, any more in Value, 
 Benefit, Profit or Advantage than the true lawful Value of such 
 Coin, whether such Value, Ben«'fit, Profit or Advantage be paid, 
 made, or taken in lawful Money, or in any Note or Notes, Bill 
 or Bills of the Governor and Company of the Bank of Englandt 
 or in any Silver Token orTokens issued by the said Governor and 
 Company, or by any or all of the stiid means wholly or partly, or 
 by any other means, device, shift or contrivance whatsoever. 
 
 And be it further enacted by the Authority albre^aid, That 
 no Person shall bv anv means, device, sliift or contrivance what-
 
 94 APPENDIX. 
 
 soever, receive or pay any Note or Notes, Bill or Bills of the 
 Governor and Company of the Bank of England, as of less 
 Value in Money, except lawful Discount, than the Sum ex- 
 pressed therein, to be thereby made so payable. 
 
 And be it enacted by the Authority aforesaid. That in case 
 any Person shall proceed by Distress to recover from any 
 Tenant or other Person liable to such Distress, any Rent or 
 Sum of Money due from such Tenant or other Person, it shall 
 be lawful for such Tenant or other Person, in every such case, to 
 tender Notes of the Governor and Company of the Bank of 
 £ng/and, expressed to be payable on demand, to the Amount of 
 such Rent or Sum so due, either alone or together with a 
 sufficient Sum of lawful Money, to the Person on whose behalf 
 such Distress is made, or to the Officer or Persou making such 
 Distress on his behalf ; and in case such Tender shall be ac- 
 cepted, or in case such Tender shall be made and refused, the 
 Goods taken in such Distress shall be forthwith returned to the 
 Party distrained upon, unless the Party distraining and re- 
 fusing to accept such Tender, shall insist that a greater Sum is 
 due than the Sum so tendered, and in such case the Parties shall 
 proceed as usual in such cases ; but if it shall appear that no 
 more was due than the Sum so tendered, then the Party who 
 tendered such Sum shall be entitled to the Costs of all sub- 
 sequent Proceedings ; Provided always, that the Pei'son to whom 
 such Rent or Sum of Money is due, shall have and be entitled 
 to all such other Remedies for the Recovery thereof, exclusive 
 of Distress, as such Person had or was entitled to at the time of 
 making such Distress, if such Person shall not think proper to 
 accept such Tender so made as aforesaid : Provided also, that 
 nothing herein contained shall affect the Right of any Tenant, 
 or other such Person as aforesaid having Right, to replevy the 
 Goods so taken in Distress, in case, without making such Tender 
 as aforesaid, he shall so think fit. 
 
 Provided always, That nothing in this Act contained shall ex- 
 tend to Ireland. 
 
 Provided always, and be it further Enacted, That this Act 
 shall continue and be in force to and until the Twenty-fifth day 
 of March one thousand eight hundred and twelve, and no longer.
 
 APPENDIX. 95 
 
 Aimo quarto Georgii III. Regis. 
 
 CAP. XXXIV. 
 
 An Act to prevent Paper Bills of Credit^ hereafter to 
 be issued in any of His Majesty^ s Colonies or Plan- 
 tations in America^ from being declared to be a 
 legal Tender in Payments of Money; and to pre- 
 vent the legal Tender of such Bills as are now 
 subsisting, from being prolonged beyond the Periods 
 limited for calling in and sinking the same. 
 
 WHEREAS great Quantities of Paper Bills of Credit have 
 been created and issued in His Majesty's Colonies or Plantations 
 in America, by virtue of Acts, Orders, Resolutions, or Notes of 
 Assembly, making and declaring such Bills of Credit to be 
 legal Tender in Payments of Money : And whereas such Bills of 
 Credit have greatly depreciated in their Value, by Means whereof 
 Debts have been discharged with a much less Value than was 
 contracted for, to the great Discouragement and Prejudice of 
 the Trade and Commerce of His Majesty's Subjects, by occa- 
 sioning Confusion in Dealings, and lessening Credit in the said 
 Colonies or Plantations : For Remedy whereof. May it please 
 your most Excellent Majesty, that it may be enacted; and be it 
 enacted by the King's most Excellent Majesty, by and with the 
 Advice and Consent of the Lords Spiritual and Temporal, and 
 Commons, in this present Parliament assembled, and by the 
 Authority of the same. That from and after the first Day of 
 September, one thousand seven hundred and sixty four, no Act, 
 Order, Resolution, or Note of Assembly, in any of His Majesty's 
 Colonies or Plantations in America, shall be made, for creating 
 or issuing any Paper Bills, or Bills of Credit of any Kind or 
 Denomination whatsoever, declaring such Paper Bills, or BiJls 
 of Credit, lo be legal Tender in Payment of any Bargains, 
 Contracts, Debts, Dues, or Demands whatsoever ; and every 
 Clause or Provision which shall hereafter be inserted in any Act, 
 Order, Resolution, or Note of Assembly, contrary to this Act, 
 •hall be null and void.
 
 2)i APPENDIX. 
 
 And Whereas the great Quantities of Paper Bills, or Bills of 
 Credit, which are now actually in Cii< iiialion and Currency in 
 several Colonies or Plantations in /i;7Jt;i''a. tnitted in pursuance 
 ot Acts of Assenibi) declarinj^ such Bit: a legal 1 ender, make 
 it highly expedient that the Coi ditiosji. and Term>>, upon which 
 such Bills have been emitted, should not he varied or prolonged, 
 so as to continue the legal Tender thereof beyoud the Terms 
 respectively fixed by such Acts for calling in and discharging 
 such Bill ; be it therefore enacted by the Authority aforesaid. 
 That every Act, Order, Resolution, or Note of Assembly, in 
 any of the said Colonies or Plantations, which shall be made to 
 prolong the legal Tender of any Paper Bills, or Bills of Credit,, 
 which are now vubsisting and current in any of the said Colonies 
 or Plantations in America, beyond the Times fixed for the 
 calling in, ttinking, and discharging of such Paper Bills, or 
 Bills of Credit, shall be null and void. 
 
 And be it further enacted by the Authority aforesaid. That 
 if any Governor or Commander in Chief for the time being, in 
 all or any of the said Colonies or Plantations, shall, from and 
 after the said first Day of September, one thousand seven hun- 
 dred and sixty-four, give his Assent to any Act or Order of 
 Assembly contrary to the true Intent and Meaning of this Act, 
 every such Governor or Commander in Chief shall, for every 
 *uch Offence, forfeit and pay the Sum of one thousand Pounds, 
 and shall be immediately dismissed from his Government, and 
 for ever after rendered incapable of any public Office or Place 
 of Trust. 
 
 Provided always. That nothing in this Act shall extend to 
 alter or repeal an Act passed in the Twenty-fourth Year of the 
 Reign of his late Majesty King George the Second, intituled, 
 ** An Act to regulate and restrain Paper Bills of Credit in His 
 Majesty's Coloniesor Plantations o( Rhode Island and Providence 
 Plantations, Connecticut, and Massachuaets Bay, and Nex» 
 Hampshire, in America, and to prevent the same being legal 
 Tenders in Payments of Money." 
 
 Provided also, That nothing herein contained shall extend, 
 or be construed to exteiid, to make any of the Bills now sub- 
 sisting in any ©f the said Colonies a legal Tender,
 
 APPENDTX. 97 
 
 CAP. XXXII. 
 
 An Act to suspend, fur a limited TimCy the Operation 
 of Two Acts of the Fifteenth and Seventeenth 
 Years of the Reign of His present jMaJesti/i for re- 
 strainif/g the Negociation of Promissory Notes, and 
 Inland Bills of Exchange, under a limited Sum, 
 within that Part of Great Britain called England. 
 [lOtk March, 1797> and prolonged by subsequent Statutes.] 
 
 WHEREAS an Act of Parliament was passed in the Fifteenth 
 Year of the Reign of his present Majesty, intituled, " An Act to 
 restrain the Negociation of Promissory Notes, and Inland Bills 
 of Exchange, under a limited Sum, within that Part of Great 
 Britain called England:^' And whereas anqtfi^r Act w^s passed 
 in the Seventeenth Year of the Reign of his present Majesty, 
 intituled, " An Act for further restraining the Negociation of 
 Promissory Notes, and Inland Bills of Exchange, under a 
 limited Sum, >vithin that part of Great Britain called 
 England:'''' And >vbereas it is expedient that the said Acts 
 should be suspended for a certain Time, so far as the same may 
 i-elate to any Notes, Draughts, or Undertakings, made payable 
 on Demand ; Be it therefore enacted by the King's most Ex- 
 cellent Majesty, by and with the Advice ^nd Consent of the 
 I^ords Spiritual and Temporal, and Commons, in t^is present 
 Parliament assembled, and by the Authority of the same. That 
 the said recited Acts, so far as the same relate to the making 
 yoid of Promissory Notes, or Draughts, qr Undertakings in 
 Writing, payable on Demand tp the Bearer thereof, for any 
 Sum of Money less than the Sum of Five Pounds in the Whole; 
 and also to restrain the publishing or uttering and negociating 
 of any such Notes, Draughts, or Undertakings as aforesaid* 
 shall, from and after the Second Day of March, One thousand 
 seven hundred and ninety-seven, be, and the same is hereby 
 declared to be, to all Intents and Purposes, suspended until 
 tjhe First Day of May next. 
 
 II. Provided always, and be it further enacted, Tha^ this Acl 
 
 H
 
 98 APPENDIX. 
 
 maybe altered, varied, or repealed, by any Act or Acts to be 
 made in this present Session of Parliament. 
 
 III. And be it further enacted by the Authority aforesaid, 
 That if any Person liable to the Payment of any of such Notes, 
 Draughts, or Undertakings in Writing, as may be issued in 
 pursuance of this Act, shall neglect or fail to make full Pay- 
 ment in Money of the Sum or Sums for which such Notes, 
 Draughts, or Undertakings in Writing, shall be respectively 
 given or issued, or so much thereof as shall be or remain due 
 thereon respectively, by the Space of Seven Days after Demand 
 thereof made by the Holder or Holders of such Notes, Draughts, 
 or Undertakings in Writing, it shall and may be lawful for any 
 One or more of His Majesty's Justices of the Peace for the 
 County, Riding, City, Division, or Place, where the Person or 
 Persons respecively so refusing to pay any of such Notes, 
 Draughts, or Undertakings in Writing, as last aforesaid, shall 
 or may happen to be or reside ; and such Justice or Justices 
 is or are hereby required, upon Complaint made by the Holder 
 or Holders thereof, to summon the Person or Persons against 
 whom such Complaint shall be made, and after his, her, or their 
 Appearance, or in Default thereof, upon due Proof upon Oath 
 (and which Oath such Justice or Justices is or are hereby em- 
 powered to administer) of such Summons or Warning having 
 been given, such Justice or Justices shall proceed to hear and 
 determine the said Complaint, and award such Sum to be 
 paid by the Person or Persons respectively liable to the Pay- 
 ment of every such Note, Draught, or Undertaking in Writing, 
 to the Holder or Holders thereof, as shall appear to such Justice 
 or Justices to be due thereon, together with such a Sum for 
 "Costs, not exceeding the Sum of Twenty Shillings, as to such 
 Justice or Justices shall seem meet ; and if any Person or 
 Persons shall refuse or neglect to pay or satisfy such Sum of 
 Money as upon such Complaint as aforesaid ^hall be adjudged, 
 upon the same being demanded, such Justice or Justices shall, 
 by Warrant under his or their Hand and Seal, or Hands and 
 Seals, cause the same to be levied by Distress and Sale of the 
 Goods of the Party so neglecting or refusing as aforesaid, to- 
 gether with all Costs and Charges attending such Distress and 
 Sdle, returning the Overplus, if any, to the Owner.
 
 APPENDIX. 9^ 
 
 AN ACCOUNT of the VALUE of all IMPORTS into, and 
 of all EXPORTS from, Great Britain, for Three Years, 
 ending the 5th January, 1811 ; distmguishin'j; each Year; and 
 distinguishing the Value of imports tVoui the East In dies and 
 CiiiNA, from the Value of all other Itnpo ts : — Al>o, dis- 
 tinguishing the Value of British Produce and Maii«it'actures 
 Exported, from th(; Value of Foreign "Articles Exported; to- 
 gether with theDitference between the Official Value and the 
 Declared Value of British Produce and Manufactures, ex- 
 ported in the Year ending the 5th January, 1811. 
 
 Year ending 5th ) 
 January, 1806' \ 
 
 1807.. 
 
 1808.. 
 
 1809.- 
 
 1810.. 
 
 , 1811.. 
 
 OFFICIAL VALUE Ol 
 IMPORTS. 
 
 From 
 
 Europe, A- 
 
 tVica, and 
 
 America. 
 
 24,272,468 
 
 25,089,136 
 25,406,330 
 23,780,704 
 30,409,384 
 36,422,142 
 
 From 
 
 East Indies 
 
 and 
 
 China. 
 
 6,072,160 
 3,746,771 
 
 5,848,649 
 3,363,025 
 
 OFFICIAL VALUE OF 
 EXPORTS. 
 
 Foreign 
 
 aud 
 
 Colonial 
 
 -Meribandis*^ 
 
 £. 
 
 9,950,508 
 
 9,124,499 
 9,395,283 
 7,862,305 
 15,182,768 
 10,945,309 
 
 ^ 
 
 British 
 
 Produce and 
 
 Manu- 
 
 factiires. 
 
 -25,004,337 
 
 27,402,685 
 25,190,762 
 26,691,962 
 35,104,132 
 34,940,550 
 
 Xote.—The Value of British Produce and Manu- J 
 
 factures Exported, computed at theave-f z,^- x7ftorc 
 rage Market Prices, was, in ihe Vear^ •'*'*"'*'^^^ 
 eadiiig ith January, 1808 - - - - ) 
 
 Ditto ditto intheYear ending 5th Jan. 1811 49,975,614 
 H2
 
 100 APPENDIX. 
 
 OFFICIAL VALUE of IMPORTS into GREAT BRITAIN, 
 from Europe, Africa, and America. 
 
 Annotto 
 
 Almonds 
 
 Ashes, Pearl and Pot.. 
 
 Barilla 
 
 Bark, Oak 
 
 Berries, Juniper 
 
 Brimstone 
 
 Bristles, Undvest 
 
 Butter & Cheese (Foreign) 
 
 C«rhii)«al 
 
 Cocoa 
 
 Coffee 
 
 Copper, Unwrought . . . 
 
 Cork 
 
 Corn, Grain and Meal . 
 
 Cortex Peruvianus 
 
 Currants 
 
 Elephants' Teeth 
 
 Fea(hers for Beds 
 
 Figs 
 
 Fish, Cod and Herrings . 
 
 Flax, Rough 
 
 Gum Arabic and Senegal 
 HatSf Chip and Straw . 
 
 Hemp, Rough 
 
 Hides, ^aw and Tanned . 
 
 Jalap.. 
 
 Indigo 
 
 Iron, Bar 
 
 Isinglass 
 
 Lace, Thread, and Silk . 
 Lemons and Oranges . . . 
 
 Linens ( Foreign) 
 
 Cambricks 
 
 I I Canva«, Hesseiit, & Spruce 
 
 Germany, plain 
 Russia, plain ., 
 
 Madder and Madder Root)- 
 
 Oil, Olive, Ordinary . 
 
 —————Salad 
 
 - ' Train 
 
 Pimento . . ; 
 
 Pitch and Tar 
 
 Quicksilver 
 
 Raisins 
 
 Salt 
 
 YEARS ending 5th January, 
 
 1806. 
 
 8,694 
 
 8,329 
 
 112,480 
 
 75,508 
 
 34,164 
 
 86,660 
 
 26,24 
 
 24,795 
 
 258,-220 
 
 82,326 
 
 94,169 
 
 2,322,952 
 
 50,125 
 
 32,400 
 
 1,694,453 
 
 64,362 
 
 135,349 
 
 10,900 
 
 18,389 
 
 5,325 
 
 48,904 
 
 913,304 
 
 26,233 
 
 10,058 
 
 513,365 
 
 369,764 
 
 1 00,6s 
 
 266,519 
 
 15,33ll 
 66,929 
 32,697 
 
 30,982 
 
 57,362 
 »73,731 
 104,840 
 251,091* 
 
 52,164 
 
 4,783 
 
 347,002 
 
 14,394 
 142,433 
 107,334 
 I "4,8/ 7 
 
 £. 
 
 48,49» 
 
 19,196 
 
 460,433 
 
 175,50a 
 
 8,93S 
 
 30 178 
 
 44,229 
 
 20,998 
 
 138,608 
 
 189,828 
 
 61,496 
 
 5,307,113 
 
 92,129 
 
 78,788 
 
 2,701,228 
 
 93,70s 
 
 130,831 
 
 19,336 
 
 17,735 
 
 5,834 
 
 126,878 
 
 945,223 
 
 59,729 
 
 20,576 
 
 45,31 
 
 132,940 
 
 117,512 
 
 97,621 
 
 81,087 
 
 2,9/8 
 
 330,828 
 
 54,878 
 
 150,820 
 
 110,061 
 
 72,838
 
 APPENDIX, 
 
 I*t 
 
 OFFICIAL VALUE of IMPORTS into GREAT BRITAIN, 
 from Europe, Africa, and America. 
 
 YEARS ending stb January, 
 
 ^eeds. Clover 
 
 — — — Fbx and Linseed 
 
 Shuuiack 
 
 Silk, Raw and Thrown 
 
 Skins and Furs 
 
 Smelts 
 
 Spirit;^, Bidndy 
 
 — — Geneva , 
 
 Rum 
 
 Succus Liquoritise 
 
 Sujrar 
 
 Tallow 
 
 Tobacco 
 
 Turpentine 
 
 Wax, Bees 
 
 XVhalefins 
 
 Wines 
 
 I . Canary 
 
 — — Fnnch 
 
 . Madeira 
 
 ■ Portugal 
 
 — . Spanish 
 
 ^ Balks and Ufers . . . 
 j Deals and Deal Ends 
 
 I Fir Timber 
 
 . 1 Fustic 
 
 "© / Logwood 
 
 •2. \ Mahofijanv 
 
 " \ Masts' . .". 
 
 I Oak Plank & Timber 
 
 I Redwood 
 
 v. Staves 
 
 Wool, Cotton 
 
 » ■ Sheep's 
 
 Yarn, Linen, Raw 
 
 Other Articles 
 
 Foreign and Colonial > ^ 
 Produce "• • • > 
 
 IRISH Produce 
 Manufactures . 
 
 and 
 
 Total, exclusive of I 
 portatiuns from East 
 Indies and China 
 
 [mO 
 
 last >
 
 102 
 
 APPENDIX. 
 
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 164 
 
 a!>pendix. 
 
 OFFICIAL VALUE of Foreign and Colonial Merchandibe exported. 
 
 Annotto 
 
 Ashes 
 
 Barilla 
 
 Brimstone 
 
 Cassia Ligiiea 
 
 Cinnamon 
 
 Cloves 
 
 Cochineal 
 
 Cocoa < 
 
 Cod-fisli 
 
 Coffee .......; 
 
 Corn, Grain, Flour & Rice 
 
 Cortex Peruvianus 
 
 Currants and Raisins . . . . 
 Fish, Cod and Herrings . . 
 
 Gum Shellac 
 
 Hemp and Flax. 
 
 Hides, raw and tanned 
 
 Jalap 
 
 Indigo 
 
 Iron, Bar 
 
 Linens, foreign ; . . 
 
 Mace ; 
 
 Nutmegs ...........;.. 
 
 Pepper 
 
 Piece Goods of India .... 
 
 Pimento 
 
 Quirksilver 
 
 Raisins 
 
 Salt 
 
 Saltpetre . . . , 
 
 Silk, Raw and Thrown. . . . 
 Skins and Furs, .....;... 
 
 Spices ......; 
 
 Spirits, Brandy & Geneva 
 
 Rikm . . ; . . i . . . I . . 
 
 Sugar ; ■ 
 
 Tea 
 
 Tobacco i .. 
 
 Wines 
 
 French 
 
 . . Portugal 
 
 — — . — Spanish, &c 
 
 Wood, Logwood 
 
 Mahogany 
 
 Wo«)ds for Dying 
 
 Wool, Cotton 
 
 Other Articles 
 
 Foreign and Colonial ] 
 Produce.... . . , 
 
 Irish Produce & Manu- ', 
 factures i 
 
 total . 
 
 Years ending the 5!h January, 
 
 £. 
 10,227 
 
 20,620 
 74,650 
 
 36,772 
 
 30,394 
 
 108,344 
 
 44,5S1 
 
 9,471,608 
 
 33,07& 
 
 24,r.91 
 19,232 
 47,777 
 
 373,860 
 
 55,101 
 
 99,965 
 
 7,922 
 
 8,080 
 
 83,630 
 
 i,8.'5 1,025 
 
 24,201 
 
 70,402 
 
 9,203 
 
 64,27 
 
 100,426 
 85,80/ 
 
 112,104 
 253,979 
 1,060,409 
 599,926 
 194,545 
 
 77,009 
 
 36,25 
 
 30,090 
 
 54,660 
 
 13, 
 
 41.376 
 1,302,72. 
 
 9,552,483 
 398,08 
 
 9,950,508 
 
 jL. 
 9,031 
 
 13,97'-' 
 7>,7t>l 
 
 24.295 
 51,765 
 
 39,482 
 
 63,257 
 
 3,027,259 
 
 12,797 
 
 16,570 
 03,560 
 34,745 
 
 574,1130 
 61,724 
 n9,'95 
 
 2,145 
 
 1,2^8 
 
 103,7/1 
 
 J, 21 6,65 H 
 
 46,592 
 
 190,051 
 
 18,72- 
 
 36,383 
 90,732 
 59,141 
 
 188,175 
 293,404 
 688,40:J 
 514,842 
 162,105 
 
 276,982 
 4 4,640 
 77,762 
 39,954 
 18,905 
 
 26,482 
 548,6,3' 
 
 ,789,368 
 335,131 
 
 9,124,499 
 
 1808. 
 
 £. 
 2,939 
 
 14,976 
 
 8)«,43.i 
 28,155 
 57,45i!. 
 79,582 
 117,563 
 3,143,116 
 
 52,8 
 
 5,434 
 24,686 
 20,458 
 
 411,639 
 
 85,41 
 142,47 
 728 
 1,748 
 57,18 
 742,389 
 39,996 
 55,174 
 4,024 
 
 36,374 
 107,724 
 34,535 
 
 204,963 
 210,575 
 1,538,735 
 609,771 
 175,961 
 
 2/8,133 
 29,067 
 85,035 
 
 31,166 
 9,59 
 
 77,559 
 500,394 
 
 9.105,961 
 289,322 
 
 9,395,283 
 
 I8O9. 
 
 £. 
 3,671 
 
 17.127 
 8,951 
 4,065 
 4,068 
 
 147,^30 
 57.377 
 
 1,847,920 
 
 51,397 
 
 44,780 
 
 1,581 
 
 320,144 
 
 9991 
 
 15 256 
 
 2,469 
 
 32:3,107 
 
 86231 
 
 118,578 
 
 55,201 
 
 822,345 
 
 15,926 
 
 17,819 
 
 31,263 
 
 33,673 
 
 55,264 
 
 5,261 
 
 128,5/9 
 
 252,630 
 
 334,339 
 
 783,963 
 
 714,939 
 
 123,999 
 455,265 
 
 48,840 
 
 60,283 
 
 382,6/0 
 
 7,397.901 
 464,404 
 
 7,862,305 
 
 1810. 
 
 £■ 
 
 7,931 
 21,003 
 
 3,c65 
 
 I,84(: 
 
 13,741 
 
 73,341 
 244,254 
 
 5,845, 160 
 35,911 
 92,377 
 35,217 
 198,870 
 
 60,035 
 109,1 
 
 5,319 
 636,807 
 112,551 
 604,424 
 
 190,131 
 1,179,728 
 50,119 
 11,75 
 
 39,555 
 
 13,200 
 
 85,960 
 
 48,646 
 
 192,620 
 
 271,647 
 
 606,174 
 
 1,713,130 
 
 703,724 
 
 202,430 
 
 626,649 
 
 139,752 
 156,215 
 448,096 
 
 14,680,524 
 502,244 
 
 15,182,768 
 
 10,470,966 
 474,343 
 
 10,945,309
 
 APPENDIX. 
 
 105 
 
 t)FFICIAL VALUE of British Produce and Manufactures exporter: 
 from Grkat Britain. 
 
 Apparel 
 
 Baik, Tanners 
 
 Bet.- 
 
 Brass, wrought 
 
 Brass and Copper 
 
 Cuhinet & Uphor>'. Wares 
 Coils 
 
 Colours for Painters . . . . 
 
 Copp* r, wrought 
 
 Cordage 
 
 Corn a«d Flour 
 
 Cotton ^Manufactures . . . . 
 
 Twist and Yarn .. 
 
 Fish 
 
 Cilass and Eitrtheiiware . . 
 
 Ciunpowder 
 
 Guns 
 
 Haberdas-hery ..v 
 
 Hats 
 
 Hops 
 
 Iron and Steel 
 
 Lead and Shot 
 
 Leather 
 
 Linens 
 
 ^lelasses . • • 
 
 Musical Instruments — • 
 
 Oil, Train 
 
 Plate, Plated VVare,&c. .. 
 
 Piovlsitms 
 
 Salt 
 
 Silks 
 
 Soap and Candles 
 
 Stationary 
 
 Sujjar, refined 
 
 Till and Pewter 
 
 Woollens 
 
 Other Articles 
 
 Yeai-s ending .0th January, 
 
 1306. 
 
 143,609 
 44,226 
 63,941 
 
 94,CU6 
 
 52->,014 
 111,707 
 319,094 
 
 s,77i,27l 
 
 1,086,176 
 
 163,872 
 
 20O,09H 
 
 64,300 
 240,016 
 
 86,496 
 1,253,490 
 
 9".2,17'i 
 
 145,375 
 
 056,943 
 
 76,700 
 
 Total 
 
 ioa,039 
 
 122,681 
 
 27^,599 
 auo.Uit* 
 69,406 
 
 100,908 
 
 l,U4,79 
 347,689 
 
 6,005,540 
 2,520,713 
 
 1307 
 
 £. 
 199,0 a; 
 
 42,447 
 66,186 
 71,144 
 
 557,515 
 
 160,332 
 
 249,054 
 
 9,896,616 
 854,429 
 136,124 
 231,938 
 
 81,986 
 315,516 
 
 75,477 
 1,532,793 
 105,36s 
 210,163 
 800,493 
 
 7tt,787 
 
 60,266 
 133,540 
 
 248,59(1 
 218,423 
 113,835 
 144,9-,4 
 
 1.199774 
 270, 04S 
 
 6,247,72; 
 
 3,107,624 
 
 27,402,6135 
 
 £. 
 
 215,752 
 46,94] 
 6,3, 44S 
 53,160 
 
 494,227 
 146,433 
 358,239 
 
 9,867,448 
 669,928 
 125,614 
 212,23/ 
 
 64,6;o 
 
 247,086 
 
 97,8y-« 
 
 1,394,966 
 
 97.tJ-it* 
 l79.'-26(i 
 765,999 
 
 13,13( 
 
 34,573 
 101,421 
 
 277,883 
 
 202,248 
 78,010 
 
 11937V 
 1,203,66J 
 
 306,338 
 5,372,OB9 
 2.380,067 
 
 ,190,76: 
 
 I8O9. 
 
 £. 
 
 250,559 
 
 50,735 
 
 65,001 
 
 354,607 
 64,122 
 526,84 
 129,265 
 
 32.621 
 
 134,055 
 
 12,835,803 
 
 575,0 
 
 118,843 
 
 183,643 
 
 33,428 
 
 49.6B9 
 
 51.436 
 
 261,112 
 
 124,346 
 
 1,176,524 
 
 81,801 
 
 191.47 
 
 874,460 
 
 33,556 
 26,025 
 122,066 
 154,294 
 201,669 
 ias,775 
 
 89,528 
 
 145,824 
 
 948,304 
 
 C:44,142 
 
 4,853.999 
 
 1,576,324 
 
 26,691,962 
 
 £ 
 
 259,835 
 
 45,151 
 
 65,727 
 
 403.429 
 
 78,9 
 405,634 
 196,913 
 
 46,335 
 70,541 
 
 IS. 634 614 
 
 1,097,536 
 
 142„593 
 
 240,123 
 
 32,417 
 
 30,480 
 
 55,9 »6 
 
 335,941 
 
 97,1 &6 
 
 1,391,76 
 
 63,27 s 
 
 179.94 
 
 1,157,030 
 
 *>,97) 
 52,499 
 
 140,73 
 
 139,132 
 
 268,258 
 
 190,17; 
 
 129,70s 
 
 169 36< 
 
 l.3i6 76f, 
 
 232, 83;- 
 
 5,4l6,14C 
 
 1,9-25,091 
 
 35,104,13. 
 
 £. 
 
 ?39,86s 
 4i,99( 
 72,493 
 
 356577 
 93 l6.i 
 
 51)9 991 
 
 187047 
 
 63,052 
 
 44,152 
 
 13,041,633 
 
 1,075,137 
 
 134,296 
 
 036,314 
 
 31,300 
 
 49,604 
 
 64,797 
 
 327,884 
 
 52,452 
 
 1,577.462 
 
 101,993 
 
 186,573 
 
 1,015,240 
 
 51. 558 
 
 54,779 
 
 164.16c 
 
 125.249 
 
 296,759 
 
 188.023 
 
 120,353 
 
 213,176 
 
 l,220,49g 
 
 256 581 
 
 5.773.214 
 
 1.9:4.127 
 
 14,9tO,5S«
 
 106 
 
 APPENDIX. 
 
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 APPENDIX. 
 
 
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 Continent of Europe 
 West India Islands.. 
 Continent of America 
 
 Africa 
 
 Asia 
 
 1
 
 APPENDIX. 
 
 lOf) 
 
 AN ACCOUNT of ihe Official and Real Value of the EX- 
 PORTS from Great Britain to the Continent of Europe, m 
 each of the last five Years. 
 
 Exports from Great Britain to 
 the Continent of Europe. 
 
 Official Value. 
 
 Heal Value. 
 
 15,465,430 
 13,216,386 
 12,639,390 
 11,280,490 
 23,722.^15 
 19,606,70-0 
 
 £. 
 20,435,940 
 
 17,547,243 
 
 15,420,514 
 
 13,983,123 
 
 27,190,337 
 
 AN ACCOUNT of the Official and Real Value of the IM. 
 PORTS .nto Great Britain from the Continent of Europe, m 
 each of the last five Years. 
 
 1805 
 I8O6 
 1807 
 1808 
 1309 
 1810 
 
 Imports into Great Britain from 
 the Continent of Europe. 
 
 Official Val 
 
 £. 
 10,008,649 
 
 8,197,256 
 
 7,973,510 
 
 4,210,671 
 
 9,551,857 
 
 12,476,140 
 
 Real Value. 
 
 £. 
 21,744,762 
 
 17.855,524 
 
 17,442,755 
 
 8,905.099 
 
 19,821,601
 
 no 
 
 APPENDIX. 
 
 AN ACCOUNT of the Number of Re-issuable r-'>»ni8S0ry 
 
 Notes stamped in England during the YeJvs ending 
 lO"' October, 1805, 180(>, 1807, 1808, 1809, and 1810. 
 
 Number of 
 Stamps. 
 
 Du 
 
 ty. 
 
 Sum for 
 which each 
 Promissory 
 Note is issu- 
 able, not 
 exceeding 
 
 Amount in Circu- 
 lation, supposing 
 each Note to have 
 been issued for the 
 argestSum allow- 
 ed by the Law. 
 
 Amount su pposed 
 to be in actual 
 Circulation. 
 
 
 
 
 1805. 
 2,905,600 
 32,000 
 
 s. 
 
 
 
 
 d. 
 
 3 
 6 
 9 
 
 
 1 
 2 
 
 s. 
 1 
 2 
 5 
 
 
 3,050,880 
 
 67,200 
 
 4,323,196 
 
 6,052,000 
 
 2,905,600 
 64,000 
 
 823,466 
 302,600 
 
 5 
 
 20 
 
 4,117,330 
 3,026,000 
 
 4,063,666 
 
 13,493,276 
 
 10,112,930 
 
 1806. 
 
 2,810,000 
 
 66,120 
 
 832,935 
 
 323,100 
 
 s. 
 
 
 
 
 I 
 
 d. 
 3 
 6 
 9 
 
 
 £. 
 1 
 2 
 
 5 
 20 
 
 s. 
 1 
 2 
 5 
 
 
 2,950,500 
 
 138,352 
 
 4,372,908 
 
 6,462,000 
 
 2,810,000 
 
 132,240 
 
 4,164,665 
 
 3,231,000 
 
 4,032,155 
 
 13,923,760 
 
 10,337,905 
 
 1807. 
 
 2,146,142 
 
 60,789 
 
 483,102 
 
 144,039 
 
 s. 
 
 
 
 
 1 
 
 d. 
 
 i 
 6 
 9 
 
 
 £. 
 1 
 
 2 
 5 
 
 20 
 
 s. 
 1 
 2 
 5 
 
 
 2.253,449 
 
 127,656 
 
 2,536,285 
 
 2,880,780 
 
 2,146,142 
 
 121,578 
 
 2,415,510 
 
 1,440,390 
 
 2,834,072 
 
 7,798,170 
 
 6,123,620 
 
 18 .8. 
 
 1,892.928 
 
 78,393 
 
 667,0/1 
 
 262,' 5;) 
 
 s. 
 
 
 
 
 1 
 
 (/. 
 3 
 6 
 9 
 
 
 £. 
 
 2 
 5 
 
 20 
 
 s. 
 
 2 
 5 
 
 
 1,987,574 
 
 164,625 
 
 3,502,122 
 
 5,253,180 
 
 1,892,928 
 
 156,786 
 
 3,335,355 
 
 2,626,590 
 
 2 901,051 
 
 10,907,501 
 
 8,011,659 
 
 1809. 
 
 5,982.031 
 
 208,844 
 
 980,974 
 
 402,784 
 
 s- 
 
 
 
 1 
 1 
 
 d. 
 4 
 8 
 
 6 
 
 £. 
 1 
 2 
 5 
 
 20 
 
 5. 
 
 2 
 5 
 
 
 6,281,132 
 
 433,572 
 
 5,150.113 
 
 8 055,6l>0 
 
 5,982,031 
 
 417,688 
 
 4,904,870 
 
 4,027,840 
 
 7 574. (33 
 
 19,925,497 
 
 15,332,429 
 
 IbiO. 
 
 ,. 3,318.874 
 
 115 336 
 
 728J«1 
 
 24 -,663 
 
 A'. 
 
 
 
 
 1 
 1 
 
 d. 
 4 
 8 
 
 6 
 
 £. 
 1 
 2 
 
 5 
 
 20 
 
 A' 
 
 1 
 
 2 
 5 
 
 
 3,484,817 
 
 242.205 
 
 3 822,950 
 
 4,853,200 
 
 3,318,874 
 
 230,672 
 
 3,640,905 
 
 2,426,630 
 
 4,405,054 
 
 12,403,232 
 
 9,617,081
 
 APPENDIX. 
 
 Hi 
 
 ABSTRACT of Sir George Shuckburgh Evelyn's 
 Tables, showing the Valae of i>luney iroiu the 
 Norman Conquest. 
 
 The prices for the year 1550 are taken for the integer, viz. 100. 
 
 Year of 
 our Lord. 
 
 Depreciation of Money, according 
 to the Price of 
 
 
 Mean Appre- 
 ciation by 
 Interpolation. 
 
 Wheat 
 
 12 
 Miscel- 
 laneous 
 Arti- 
 cles. 
 
 Meat. 
 
 Day 
 
 Labour 
 
 Mean 
 of all. 
 
 A. D. 
 
 
 1050 
 1100 
 1150 
 12(;0 
 1250 
 1300 
 1350 
 1 400 
 1450 
 1500 
 1550 
 1600 
 1650 
 .675 
 1700 
 1720 
 1740 
 1/50 
 1760 
 17/0 
 1780 
 i790 
 17L5 
 1800/ 
 
 26 
 
 34 
 
 43 - 
 
 51 
 
 60 
 
 68 
 
 77 
 
 83 
 
 88 
 
 94 
 100 
 144 
 188 
 210 
 238 
 .57 
 287 
 314 
 342 
 ^)84 
 427 
 496 
 531 
 
 562 
 
 1050 
 
 10 
 
 42 
 
 
 
 26 
 
 1150 
 
 
 
 
 
 
 1250 
 
 
 
 
 
 
 1350 
 
 100 
 
 56 
 
 
 75 
 
 77 
 
 1450 
 
 
 
 
 
 
 1550 
 
 100 
 
 100 
 
 100 
 
 100 
 
 100 
 
 1600 
 
 
 
 
 
 
 1625 
 
 
 
 
 
 
 1650 
 
 
 
 
 
 
 1675 
 
 246 
 
 239 
 
 I6G 
 
 188 
 
 210 
 
 1700 
 
 
 
 
 
 
 1720 
 
 
 
 
 
 
 1740 
 
 197 434 
 
 266 230 
 
 287 
 
 1760 
 
 203 
 
 1 49: 
 
 400 
 
 275 
 
 342 
 
 1780 
 
 
 
 
 
 
 1795 
 
 426 
 
 752 
 
 511 
 
 436 
 
 531 
 
 
 1 earl) 1
 
 EnRA TA 
 
 Page 8, Line 21, and 22, for Assizes read Term. 
 
 23, .... 1, put in the beginning the the which is at the 
 end of the line; this mistake has occurred only in s^ 
 small part of the impression. 
 
 I^rinted byW CtOTTM, 
 Nwthumberlancl-cgurt) Straud, Loudvn.
 
 mmm 
 
 «ii
 
 I^M l.PrS