V 
 THE UNIVERSITY 
 
 OF ILLINOIS 
 
 LIBRARY 
 
 332 
 B875 
 
 1/32 
 
 «(iS9MH;S
 
 IMPORTANT NOTICES 
 
 OF 
 
 THAT WHICH CONCERNS 
 
 THE 
 
 PECUNIARY CREDIT 
 
 OF 
 
 A STATE, 
 
 AND IN PARTICULAR THAT 
 OF 
 
 lEnslanii* 
 
 BY RICHARD MOORE, E^q. 
 
 PRO REGE, PRO PATRIA. 
 
 PRINTED AND SOLD BY J. ATTFIELD, KINGSTON, SURREY; 
 
 LONGMAN & Co, PATERNOSTER ROW, 
 
 LONDON ; 
 
 And to be had of all Booksellers in Town and Country. 
 
 PRICE ONE SHILLING. 
 
 % 
 »»
 
 OBSERVATIONS. 
 
 The following pages are a summary view and 
 compression of what the writer has already said on 
 the same vital subject, with such important and new 
 matter, as appeared to him most likely to draw the 
 Reader's attention to it, and to the necessity there 
 is, with our immense amounts of Paper Money, for 
 the earliest institution of a Mint, Paper, Standard 
 of Value, together with the ground work of an act 
 of Parliament, for establishing the same. 
 
 Capital in Gross, embraces all the commodities 
 produced in the world, and including that of gold. 
 
 Capital in Fractions, is the first capital, coined 
 into money, and if of a gold material, from its 
 portability, the capital in gross is carried in our 
 pockets ; but if wanted to a greater amount than 
 there is gold bullion to be commanded, as the mate- 
 rial for our money, — paper money, representative 
 only of capital in gross, not portable, is obliged to 
 be substituted. 
 
 Privileged Capital in Gross, as here advocated for 
 general use, is such, as is proposed to be deposited 
 with the Crown — the owners still receiving its inte- 
 rest during their solvency — and like the capital in 
 gross of the Bank of England, at present, it would 
 purchase gold, by its representation on Imperial, 
 Paper, Standard, Mint coins, proposed to be allowed 
 the use of, in consequence of the deposit made, and 
 in fee simple, whilst a private staple note, as that of 
 
 A 2
 
 the Bank of England, can effect no more than a 
 temporary possession of the commodity 
 
 A Coining Banker, is one who issues his own 
 private staple notes, as money, and on depositing 
 security, as proposed, who would issue that of the 
 State also, after the institution of an Imperial, 
 Paper, Standard Mint coin ; — and the question dis- 
 cussed in the following pages is, whether hy the 
 institution of this paper Standard, and general law — 
 all Bankers possessing capital in gross to deposit*, 
 should or should not be, allowed to have it privi- 
 leged in the same way — and whether all parts of 
 His Majesty's subjects, should or should not, be 
 accommodated with the same direct supply of the 
 use of money, in their own Districts, through their 
 Coining Bankers being allowed the possession of 
 Standard 20s. Coins, as between 1797 and 1819, 
 with the Staple Paper 205. Notes;— or whether the 
 capital in gross of the Bank of England, should or 
 should not, remain and be the only capital in gross, 
 so privileged to get coined and originate standard 
 money ; — and whether this direct advantage of being 
 supplied with the use of money, should or should not 
 continue and be confined to that part of His Ma- 
 jesty's subjects, who are within the vortex of this 
 Bank's supply ; and all other Districts and parts 
 of the King's subjects be kept stinted and confined, 
 to such collateral supplies of standard money alone, 
 as the Bank of England's varying trading interests 
 can afford them ? 
 
 * Of Mint assay value and quality.
 
 IMPORTANT NOTICES, 
 
 Sfc. 
 
 CHAPTER THE FIRST. 
 
 The pecuniary national credit of this Country, 
 as with all other States, besides that of a faithful 
 attention, by her ministers, to the public accounts 
 of money, is derived from every source connected 
 with the due administration and exercise, of the 
 laws and the imperial functions and prerogatives — 
 the subjects' property — but placed in the power of 
 their parent, the State, as her high office to admi- 
 nister and distribute the advantages belonging to 
 them, in equal portions to all ; — to prevent the col- 
 lision and contest of the people for superiority, the 
 one over the other ; — and it is necessary that this 
 national credit, and the exercise and administra- 
 tion of these imperial laws, state functions and pre- 
 rogatives, should be kept from infringement, alike 
 by the law's omission, as by its unintentional dele- 
 gation, and as well for the sake of the subjects' 
 liberty and prosperity, as ii is necessary for that of 
 the preservation of the State's authority and power ; 
 and most peculiarly so, as to all prerogatives that 
 relate to the foundation of that power ; such as the 
 mode of organizing the State's standard money ; the
 
 finances of every country are alike built upon, — 
 the commodity that the finances are accounted for 
 in, — ^and that upon the legal and national supply of 
 which, the State's revenue, and her subjects' means 
 of paying it so wholly depends. 
 
 One of the oldest prerogatives and functions of 
 every State, and jealously assumed by most, as in 
 fact it is of primitive importance and priority to all 
 others, has invariably been that of coining State 
 money, and ordaining a national standard of value 
 and measure for the coin of the Realm. The teme- 
 rity of committing this trust to the agency of others 
 than the State *, as concerns the amount of money 
 to be made use of, being entirely of modern origin, 
 and as often as the bullion gold or silver from 
 mines, or other sources belonging to the State, 
 became insufficient in value and quantity, for the 
 coinage wanted the use of, for the prosperity of 
 herself and her subjects, the latter have invariably 
 been allowed for their convenience and accommo- 
 dation, in this Country, without any reference to 
 locality, but from all parts of the State's territories 
 
 * It was not meant to be so entrusted by the Act establishing 
 the Bank of England in 1694, for its paper notes were obligated 
 to be payable in standard money ; and when the inconvenience 
 arrived from its having had that effect, the Bank no longer 
 having gold standard money to pay their notes with, and there 
 being no co-current paper standard money in 1797, it was imme- 
 diately remedied by the general law of 1798, that charged the 
 State once more with originating and organizing our money.
 
 alike, so often as they had realized any capital in 
 gross, in the shape of bullion *, if they so chose, to 
 take it to the State's Mint, and have it coined into 
 money, at the State's expencef. 
 
 To have the bullion capital in gross, coined into 
 capital in fractions — money ; — and by such a 
 general law and practice, for the organization of 
 our money, was our own coinage regulated, up to 
 1694; nor was this general quality of the law and 
 practice, immediately affected by the establishment 
 of the Bank of England at that period ; allowing 
 the addition, for the first time in this Country, of 
 paper money, to be issued and added to the then 
 existing amounts of bullion money, or before pro- 
 bably, that the then existing amounts of gold bul- 
 lion money had been exported, reimported, coined, 
 and recoined, many times. — Nor until the time 
 arrived, when it had become a greater convenience 
 and more profitable to the merchant importers of 
 gold and silver, to take the bullion to the readier 
 market of the Bank of England, as is at present 
 the custom, for its immediate convertability into 
 money, than to wait the slower progress of its coin- 
 age at the Mint ; and, in this gradual way, but 
 
 * And so long as a bullion material only, was found necessary 
 to be made use of for our money. 
 
 t The inference seems conclusive, that with the necessity of 
 making use of a paper material, in addition to the gold material 
 for our money, that there should have been instituted a paper 
 standard of value also.
 
 8 
 
 owing only to the circumstance and omission, that 
 ■with the addition of auxiliary paper money, made 
 in 1694, it was omitted to institute at the same time 
 an auxiliary mint paper note coin, standard mea- 
 sure of value. But the omission occasioned that 
 which had operated as a general and equal law, up 
 to 1694, to become afterwards, in practice, an iso- 
 lated and inadequate statute, producing, as the 
 calls of industry for the use of more and more money 
 arose, the State's and her subjects' subserviency to 
 a commercial Company ; — which had not simply 
 granted to its proprietors, as to their fellow-sub- 
 jects, the law's permission to trade with the State's 
 money ; but the advantage, by the omission, of the 
 exercise of the State's credit, in this respect, as- 
 signed over, as her people's prosperity, to an abso- 
 lute dependence on this Company, for organizing 
 all the nation's standard money. Their notes being 
 made payable in the very same money, the State 
 had made herself dependent on them to originate, 
 through the medium and confined to the produce of 
 their particular capital in gross alone, according as 
 it was, and still remains, the interest in amount 
 alone, of the Bank of England Proprietors to issue 
 for circulation ! 
 
 For although the national stamp is put upon the 
 gold sovereign, the bullion material, whether in 
 coin or ingots, appears or disappears according to 
 the continental market price, and the Bank of Eng- 
 land's dealings in the commodity ; and there being
 
 9 
 
 no standard paper money instituted, wherewith the 
 rest of the public in the country might be supplied, 
 and their coining issuers of money buy the article, 
 in the same way that the Bank of England pur- 
 chase it. Under the present conjfined system and 
 monopoly, we are returned to, it is this Company's 
 trade only, through which the gold sovereigns are to 
 be commanded. Its trade that controls the perma- 
 nency or the non-existence of our standard money, 
 and not the possession of the amounts of national 
 money, as with other traders, that controls their 
 business, to the great loss of the State's credit, and 
 occasioning the deficiencies in her revenue ; — redu- 
 cing and influencing the profits, even of this Bank's 
 proprietors, as well as aflecting the prosperity of 
 the rest of their fellow subjects. 
 
 The evils of which, that were to arise afterwards 
 and exist so disastrously and with such deathlike 
 effects at present, were kept out of sight for a long 
 time, and still remain too much unheeded, by the 
 fallacy, that the notes were and are all promised to 
 be paid in standard gold coin, which indeed is a 
 check to the quantity of its notes, showing what it 
 is safe for this Bank's business to issue, but it very 
 frequently operates as a most injurious one to the 
 rest of the community ; as the amounts of standard 
 money wanted the use of, are not regulated by the 
 State's and her subjects' necessities, for raising the 
 taxes and supporting their industry and welfare; 
 but as these demands for the use of money are cir-
 
 10 
 
 cumscribed and controlled, by this Bank's interests 
 in its dealings in the gold bullion material ; and the 
 State's Mint, that was instituted for the use and 
 prosperity of herself and the whole public, being 
 thus kept at work only, at the command of that 
 small portion of the people, who are Directors of 
 this commercial Company, to the infinite discredit 
 and loss of authority by the State, as of prosperity 
 to her subjects. 
 
 The State never adverting to the circumstance, 
 that as the gold bullion coined into Mint standard 
 money, was and is all purchased with this Bank's 
 private notes, Herself being now no party to the 
 transaction, the failure of its machinery to produce 
 the gold material must, from the monopoly at pre- 
 sent allowed to it alone *, in obtaining the article 
 free of expence, and in the absence of an auxiliary 
 co-existent paper standard of measure and value, 
 and a co-current Mint paper coin, with our gold 
 standard coins, to do the same thing for other issu- 
 ing banks, absolutely put an end to the existence 
 of any national standard for our money, so often as 
 the gold material becomes higher than our standard 
 price. Under the present dependence we have 
 subjected ourselves to, it would be in vain that the 
 State should insist, whether the price of the article 
 was high, or low that the Bank of England must 
 find it, the extremity would produce its bankruptcy; 
 
 * Not by the law's sanction, but by its silence.
 
 11 
 
 and its insolvency under our present circumstances, 
 without a mint paper coin, would leave the country 
 without money, — that there is no alternative now, 
 when the price of gold is above our standard, but 
 the immediate passing of a suspension statute. 
 
 The State, however, with all these inconve- 
 niencies, had made herself quite equal to fulfil all 
 the pecuniary engagements she had entered into 
 under this system and partial law, and mode of 
 organizing our standard money, up to its failure in 
 1797, and before more extensive pecuniary engage- 
 ments were incurred under a new and more impar- 
 tial law ; but the important inconvenience, the 
 mode of 1694 was liable to, without an auxiliary 
 paper coin standard of value was actually lost sight 
 of, until it unexpectedly took place, and produced 
 the statute and a general law once more, in practice 
 as well as in theory, for the organizing of our money, 
 that of 1798 ; but with it unfortunately, for want of 
 this auxiliary paper coin standard of value, with the 
 large additional amounts of paper money it allowed 
 of, it was latterly accompanied by the inconvenience 
 of coining bankers possessing no capital in gross to 
 support their business, being set up ; and it occa- 
 sioned from this omission, whilst the law lasted, a 
 total disuse of the national Mint ; although in other 
 respects, the State's high credit fully supported the 
 utility of the new statute. 
 
 This law was the beginning of coining banks 
 originating paper 20^. notes, without the possession
 
 12 
 
 of which, or gold sovereigns, the larger paper notes 
 cannot be circulated, being established in every 
 country locality, which were not only called for by 
 the people's industry, but by the State's necessities ; 
 for the preservation of her credit, and for the neces- 
 sary increase of her revenues, in tlie country local- 
 ities, as well as in that of London, whose coining 
 Bank for producing the 205. notes, during a period 
 of almost 26 years, was no longer, during that time, 
 exclusively endowed with the privilege of origi- 
 nating and finding them ; every country coining 
 bank, for that long and important period, being 
 placed upon the exact same footing in this respect, 
 as the coining Bank of England in London, through 
 the means of establishing in England, one general 
 universal law for the whole community. 
 
 Although with it the country coining banks, as 
 well as that of London, wanted from 1797, as 
 before from 1694, what it so much concerns the 
 State's credit, and her subjects and her own pros- 
 perity to adopt, the institution of the auxiliary mint 
 paper coin, and auxiliary paper standard of value, 
 here advocated ; still the system of a general law 
 for organizing our money, unaccompanied as it was 
 by this necessary safeguard, from its renewal in 
 1798 to its first abolition in 1819, enabled the State 
 most fully to provide for all our immense pecuniary 
 engagements, incurred under its beneficial effects. 
 As its alteration and return to the individual and 
 isolated law of 1694, without reference to the con-
 
 13 
 
 nexion there is and always must be, between the 
 mode of the State's organizing and originating her 
 standard money, and the pecuniary engagements 
 incurred under it, in her ability to discharge them, 
 has from the great loss of public revenue, the imme- 
 diate effects of the two experiments of 1819 and 
 1826, shewed itself to have been the occasion, of all 
 the public and private pecuniary distresses and loss 
 of property, we at present labour under; for these 
 inconveniences subsided during the short interval 
 between these dates, when we returned again to the 
 general law, and have been immediately renewed 
 and continue still, since resuming the obsolete law 
 and practice of 1694, once more, in 1826. 
 
 The statesman, therefore, who attempts the im- 
 provement, or alteration of his country's finances, 
 under the existence of a return to an isolated, par- 
 tial, unnatural, and unequitable law; for the organi- 
 zation of our money, and different from that under 
 which our pecuniary engagements have been in- 
 curred, attended as it is, with the obligation of 
 making use of larger amounts of paper money than 
 ever; but without the leading star and help of an 
 auxiliary paper coin standard of value, to guide his 
 calculations ; must do so at the same risks, and be 
 subject to the same disappointments, as the mariner 
 who proceeds to sea, and expects to navigate his 
 ship as well without, as with a compass : or, as an 
 architect, who should attempt the embellishment of 
 the superstructure, and to add story to story to an
 
 14 
 
 edifice, before he had secured the foundation of his 
 building. 
 
 Such certainly, from our experience of their con- 
 duct when in power, would not have been attempted 
 by either of those great leaders of their parties, Mr. 
 Pitt and Mr. Fox, the first after the failure of the 
 mode and law of 1694, in 1797, at once saw its inap- 
 plicability to the exigencies of the times, and estab- 
 lished the general law of 1798 in spite of all opposi- 
 tion. Mr. Pitt, therefore, with the increased pecu- 
 niary obligations that had been afterwards entered 
 into, before the peace was concluded in 1815, would 
 never have lent himself to return to the confined 
 and isolated law of 1694, for discharging pecuniary 
 obligations, that had been incurred under the general 
 law of 1798. 
 
 The same may be argued of Mr. Fox, for al- 
 though he was opposed to the measure of 1798, 
 when it was brought forward — when in power after- 
 wards, he carried on the whole of his beneficial 
 administration, under the auspices and good effects 
 of the general law established by his rival ; and 
 would not with his master mind, contrary to his 
 practical experience, of the good effects of that 
 which had become necessary, have ever thought of 
 returning to an isolated statute, for finding the use 
 of money to discharge pecuniary engagements, that 
 were unbounded in extent, and had been incurred 
 under a general law, that was therefore and is alone 
 adapted to effect the purpose.
 
 15 
 
 Neither could the master minds of those two 
 great statesmen, either one, or the otlier, liave been 
 foiled like their unfortunate successors of both par- 
 ties — unfortunate, because they both alike, the one 
 in urging the necessity, the other in adopting the 
 insufficient remedy of 1819, and both parties acting 
 under the delusion of a depreciation of the State's 
 money, that never existed ; — committed an error, 
 that has occasioned the loss of more stupendous 
 amounts of public and private wealth, than the 
 errors of any former statesmen, ever before gave rise 
 to ; which experienced as they were, could not have 
 overwhelmed their great leaders, — how to act, as to 
 the safe and proper mode of returning to a gold 
 material for our 205. pieces, when the time arrived 
 after the peace of 1815, that it concerned the State's 
 credit so much, as her subjects' interests to do so ; 
 in order to command the continued respect of other 
 nations, as for our own welfare ; and to shew them, 
 that we were as able to support, and as deserving 
 by our just way of acting, of the high eminence and 
 prosperity Providence had raised us to, as we had 
 mercifully been made equal to attain it. 
 
 The law of the era of 1694, and the omission that 
 had occasioned what was then a general, gradually 
 to become, and long before 1797, an isolated and 
 ndividual law and mode, for obtaining the use of 
 our gold standard money, at which latter period it 
 failed altogether ; and, most important to remark, 
 whilst the market price of the material was no
 
 16 
 
 higher than our standard value for the gold ; shewed 
 that to have prevented this failure at that period,^ — 
 that with the addition of auxiliary paper money, for 
 the first time made in 1694, there should have been 
 instituted at the same time also, an auxiliary co-cur- 
 rent and co-valuable, State standard mint paper 
 coin, that would have continued the advantage of 
 the general law, and at all times have afforded state 
 standard money to have bought the gold, when it 
 was at our standard price, which had it existed, the 
 Bank of England's failure of 1797, could not have 
 taken place. 
 
 The past era also of 1798, wlien a general law 
 for the organization of our money was again estab- 
 lished, its universal beneficial effects, notwithstand- 
 ing some inconveniences occasioned by the omission 
 a second time, of instituting an auxiliary mint 
 paper standard coin, with the auxiliary paper money 
 that was to be made use of, which produced the 
 loss of the use of gold standard money, whilst the 
 material still remained at or below our standard 
 price, between 1798 and 1806*; and allowed also 
 of the opportunity of coining bankers establishing 
 themselves, without the possession of any capital in 
 gross, to support their issues of paper money ; shew- 
 ing us, that both these additional inconveniences 
 proceeded alone from the second omission in 1798, 
 
 * The price of gold bullion did not begin to rise above our 
 standard value till 1806.
 
 17 
 
 and' that if there had been instituted then, an auxi- 
 liary standard paper coin, from that period to 1806 
 the gold material could have been purchased, and 
 made use of as 20 or 21 shilling coins ; and that no 
 trader could have established himself and issued 
 paper, any more than gold money, without possess- 
 ing capital in gross to some certain amount, to 
 support it, and to deposit for the use of the standard 
 mint money, gold or paper, or both, according to 
 the price of the material, and the convenience of 
 the State and her subjects. 
 
 The conclusion of the peace of 1815, when the 
 market price of the gold had again returned to our 
 standard price, was strict evidence also, that it was 
 our own faults, that we could not devise a general 
 law, that would combine the exercise of the State's 
 credit and authority by herself, for obtaining the 
 use of gold sovereigns for her subjects, in the same 
 way, in the country localities, where her credit, by 
 the action of a single statute, had so long, from 1798 
 to 1819, and so universally supplied her subjects 
 with the use of paper 20s. notes ; and a very little 
 reflection will teach us, that the institution of a co- 
 valuable, and an auxiliary co-current paper mint 
 coin, with our gold standard money, would effect 
 our purpose, and is without complication or addi- 
 tion, the general law wanted. 
 
 For the institution must of course be attended, 
 with a minimum deposit of capital in gross, with 
 the Crown, for the use of the paper mint coins, and 
 
 B
 
 18 
 
 to make the rejjresetitative standard paper money, 
 of equal value with standard gold money'^allowing 
 to such permanent depositors of capital in gross, the 
 advantage during solvency, of a proportion of such 
 capital, to be returned to them in mint standard 
 paper or gold coins, that their customers again, 
 might command through them, on their tempo- 
 rary deposits of capital in gross, with such coining 
 banks, the use of money. 
 
 The shop of a coining banker therefore, after this 
 institution, would not get up in any locality where 
 there was no business to transact; but where there 
 was, it would be found, as with other trades, and as 
 during the interval between 1797 and 1815, with 
 the coining banks for originating paper 20^. notes, 
 that enabled them to issue their larger paper notes, 
 wanted by their respective parts of the public, de- 
 pendent on each bank to supply, to the advantage of 
 the stat« in collecting her local taxes, as for the ne- 
 cessities of the local part of the public, and after the 
 country proprietors were so put upon the same re- 
 spectable footing, as those of the Bank of England, 
 wherever the local part of the public wanted the 
 lega/1 use of more money ; more capital in gToss, as 
 a matter of course, would be subscribed and depo- 
 sited with the Crown, for its and the State's accom- 
 modation ; — nothing, therefoi-e, could concern and 
 elevate the State's credit more, than the immediate 
 adopting and instituting, this auxiliary standard 
 paper coin.
 
 10 
 
 But both Whigs and Tories, administration and 
 opposition, after the peace of 1815, joined in acting 
 under the delusion of a depreciation of the State's 
 money, that never existed; and adopting the insuf- 
 ficient act of 1819, returned to the obsolete and 
 ineffectual law and mode of 1694, for organizing and 
 originating the State's gold standard money, in 1819. 
 
 The circumstances that gave rise to the idea and 
 malaria of depreciation were, whether interested or 
 not, the sophistries of the modern political econo- 
 mists, deducing false conclusions, from the simple 
 facts, of the rise in price of the material of the State's 
 standard coin, — and that of the paper notes of a 
 commercial house, the Bank of England, not fetch- 
 ing more on the Continent, very often, during the 
 wm-, than from 50 to 75 per cent, of their represen- 
 t;ative value at home, at the same time that when 
 any English guineas, were to be met with, they 
 would fetch, instead of 21, perhaps 27 and 28 shil- 
 lings, and they argued from these premises, that 
 tiie States' standard money was depreciated. 
 
 Not taking into consideration, that the higher 
 price given for the guineas on the Continent, that 
 never represented more than twenty-one shillings 
 at home, was tlie direct opposite evidence, to that 
 of any depreciation of the State's money ; and that 
 the S<tate's credit, was as unaffected by the depre- 
 ciation of the wares of the Bank of England, out of 
 her own territories, and out of her own guarantee, 
 as she could possibly be by the falling in rvalue of 
 
 B 2
 
 20 
 
 the commodities, of any other mercantile body of 
 her subjects ; besides, there was the notoriety of the 
 Bank of England's, all but insolvency in 1797, that 
 must have made foreigners on the Continent, during 
 the war, very suspicious, of the real value of its 
 notes. 
 
 Had this depreciation extended, to an auxiliary 
 co-valuable and co-current state standard paper coin, 
 but which the notoriety of the deposit proposed, as 
 security, would have upheld, and to the amount of 
 25 or 50 per cent, spoken of; it would have been 
 good evidence, of the continental opinion of the 
 State's loss of credit, as it was, the State's gua- 
 rantee of 1798 was fully supported, where only 
 her law could have effect, at home, by the tempo- 
 rary substitute always fetching the 20 shillings, her 
 standard gold money, had it been at home, was 
 made to represent, and the State's money therefore 
 was never depreciated. 
 
 The error that was made and has been continued 
 from 1 694 to the present time, has been, that with the 
 obligation of making use of auxiliary paper repre- 
 sentative money, in addition to that of gold money, 
 our statesmen have lost sight of the necessity, of 
 instituting at the same time, an auxiliary mint stan- 
 dard paper coin, which omission has been shewn : 
 
 First, to have gradually turned the general, into 
 an isolated and individual law, throwing the State 
 and her subjects, whose interests can only be iden- 
 tified together, by one universal practical law, as
 
 21 
 
 before 1819, into an entire dependence again, on 
 four-and-twenty Directors of a commercial house, for 
 the use of all, or nearly all our state standard money. 
 
 Secondly, that at the era of 1797, the omission 
 occasioned the inability of that commercial body 
 itself, in providing the use of any standard money, 
 notwithstanding the notoriety of the large capital 
 in gross its proprietors possessed, and the low price 
 of the material gold. 
 
 Thirdly, between that period and 1806 the omis- 
 sion occasioned, the unnecessary loss to the public, 
 of the use of gold money altogether *. 
 
 Fourthly, in the latter end of the twenty-six years 
 of the circulation, of nothing but the staple paper 
 money of private bankers, before 1819, the oinission 
 gave the opportunity for coining bankers, without 
 possessing any capital in gross, to establish them- 
 selves and issue their valueless money. 
 
 Fifthly, on returning to the isolated law of 1694 
 again in 1819, and again in 1826f, the omission has 
 interfered even with the profits of this Bank's Pro- 
 prietors, by curtailing their dealings in gold bullion 
 in an unnecessary way ; and. 
 
 Sixthly, to speak of none but financial matters, 
 the omission has produced all those weighty, pecu- 
 
 * Ketween 1797 and 1806 gold was at or below our standard 
 value, and therefore could have been purchased for our gold 
 coins, if there had then existed any mint paper standard money, 
 to buy it with. 
 
 t Between 1822 and 182G a general law prevailed.
 
 22 
 
 niary difficulties and defalcations before noticed, 
 of the State and her subjects; and has broke a 
 link of that important chain, that before bound their 
 pecuniary, as their other interests together. 
 
 Establishing, the necessity without loss of time, 
 for instituting this auxiliary co-valuable and co-cur- 
 rent mint paper standard coin, with the State's 
 standard gold money, but with the consoling pros- 
 pect before given, that such institution would put 
 an end, to the pecuniary and unnatural distresses, of 
 both the State and her people ; and by a return to 
 the just mode of one general universal law, for 
 organizing state standard money, for the use of all 
 her subjects alike, would produce the means, for the 
 restoration of that credit, lost sight of so improvi- 
 dently, and of uniting the interests of the State and 
 her subjects again, more closely than ever.
 
 CHAPTER THE SECOND. 
 
 The preceding chapter, it is to be hoped, has 
 impressed the reader, as the writer, with the neces- 
 sity of returning" to one general universal law, for 
 originating- our State standard money ; which it has 
 become of so much importance to her credit and 
 authority, that the State should resume the exercise 
 of her Prerogative, and State function in organi- 
 zing ; and that as we are obliged to make use of 
 such vast additions of paper money, representative 
 of capital in gross, that is not portable, as money, as 
 well as gold bullion capital in gross money, that is 
 portable, carrying the capital in gross, it is formed 
 of, in our pockets. 
 
 It is humbly hoped, that the reader must see the 
 serious demand there is, for instituting, a co-valu- 
 able state paper standard — ^ auxiliary to the gold 
 standard ; that the paper money we cannot do 
 without, may have a similar measure of value to the 
 gold money, in order that it may become the same 
 check, to the issue of bad paper money, that the 
 other standard is, to the issue of bad gold money. 
 
 That the amounts of standard representative 
 paper money, may be regulated by the possession
 
 24 
 
 and deposit alone, of the particular capital in gross 
 of a 3 per cent, stock, which it is proposed should 
 be deemed of standard assay quality and value, at 
 the Mint, and be entitled to the certain amount, of 
 three fourths of the mininum capital in gross, at a 
 par price, of £10,000 of such 3 per cent, stock, to 
 be deposited with the Crown at the Mint, or to the 
 use of £4500 sterling * worth of standard money, 
 and to be kept during the coining banking depo- 
 sitor's solvency, together with permission to receive 
 the interest of such capital in gross, the same as 
 before deposited, at all times before bankruptcy, and 
 as at the withdrawal of the deposit. 
 
 The depositors of the minimum capital in gross, 
 to be at liberty ever afterwards, before forfeiture or 
 withdrawal, to increase their deposits by sums of not 
 less than £1000 3 per cent, stock at each time, and 
 to receive the same additional advantages and use 
 in amount, of paper standard mint coins or gold 
 money, to be given them by the officers of the Mint, 
 after every such new deposit, until its forfeiture by 
 insolvency, or its being withdrawn. 
 
 In the same way that the merchant, has the gold 
 coins returned to him, after his deposit of capital in 
 gross, in gold ingots, that are of the standard quality 
 and purity — the only difference being, that the capi- 
 tal in gross, that is not portable, must be retained as 
 security, for the representative paper money — as its 
 
 * Viz. Paper or gold standard money.
 
 25 
 
 standard value, like the gold money, can in no other 
 way, be made conveniently portable. 
 
 Thus privileg:ing' all the capital in gross, origi- 
 nated by the labour of preceding, as of the present 
 generation of the State's subjects, if turned into that 
 particular capital in gross, proposed to be deemed 
 of assay quality and value at the Mint* ; to become 
 by representation, according to the natural and 
 legal expanding and contracting calls for it — Stan- 
 dard money — as well as the gold bullion capital in 
 gross, of like origin and assay quality and value, 
 and instead only, of the small part and particular 
 sixteen millions of capital in gross, that belongs to 
 the Bank of England, being exclusively, allowed to 
 be so turned into standard money. 
 
 Endowing again by a general law, as before 
 1694, and before 1819, and before 1826, the whole 
 of the State's subjects, with the choice and ability 
 of commanding the use of money, when they pos- 
 sessed capital in gross, that was duly qualified, by 
 being of assay value and of sufficient amount, to be 
 taken to the Mint, and placed there in permanent, 
 or put in temporary deposit, with some neighbour- 
 ing banking issuers of money, who had taken advan- 
 tage of this Mint privilege, as trading coining 
 bankers, that their neighbours might command the 
 use of money through them ; instead of confining 
 
 * Regulating every other species of capital in gross, by a 
 similar rule, to that which takes place at the Mint, with the gold 
 capital in gross, and bringing them all to a similar assay value.
 
 26 
 
 this necessary and vital privilege and advantage, to 
 the prosperity of the State and all her subjects alike; 
 to the Proprietors of one commercial house, con- 
 signing the welfare of State and people, to a de- 
 pendence for the use of standard money, on the 
 management of its 24 Directors. 
 
 Which dependence, although collaterally and by 
 retail, it may still remain of some utility to every re- 
 mote district, is by the direct and wholesale amounts 
 of the use of money, now required, for levying the 
 district taxes, as for the employment of each district 
 part of the State's subjects — the means of supplying 
 the home population alone, with the use of money — 
 shewing by nearly a 26 years' * experience, that a 
 general and universal law for finding the use of 
 money, and in particular for originating the 20^. 
 coins ■\, no matter whether they are to be formed of a 
 gold, or of a paper material ; liberating and privi- 
 leging the whole or any part of our great capital in 
 gross, during that period, as applicable to be made 
 security, for the value of the money issued, and 
 allowing of it, to become of an expanding and con- 
 tracting quality, according as it was wanted, for 
 finding the use of money ; but always meaning to 
 lop off in these proposals of improvement, the ex- 
 
 * From 1797 to 1826 the interval between 1819 and 1822 
 excepted. 
 
 t The distinction here taken between paper coins, and paper 
 notes is, that the mint stamp makes the coin, — and that all other 
 paper money, can be no more than paper notes.
 
 27 
 
 crescence and nauseous superfluity of ])ad money, 
 the laxity of the law of 1798, as that of 1694, with- 
 out a mint paper standard, had latterly induced 
 coining bankers without possessing capital in gross, 
 and allowed of the opportunity for them, to issue 
 and circulate. 
 
 Shewing us that a return to a dependance, upon 
 the local sixteen millions of capital in gross only, 
 belonging to the Bank of England Proprietors, can 
 never supply the State's subjects in all the country 
 localities, with the amount of gold sovereigns, stan- 
 dard money, or mint paper 205. coins, standard 
 money, when the gold material is above our stan- 
 dard price, that have become necessary ; and teach- 
 ing us the injustice and bad policy, of placing fifteen 
 millions of people in dependence, upon the apparent 
 interests of a few hundreds of Proprietors, of a com- 
 mercial company, and on the superintendence of 
 their Directors ; instead of being protected by their 
 Parent the State, according to their own merits and 
 qualifications, as these Proprietors and Directors 
 their fellow-subjects are protected ; and shewing 
 us that under such a confined system, whatever tri- 
 fling quarterly improvements in our public revenue, 
 may sometimes appear, no permanent increase of 
 prosperity can arise to the State, or to her subjects, 
 whose interests are all thus lowered, unintentionally 
 no doubt, but the evil is, they are lowered, to meet 
 the interests of a joint stock companj^ giving the 
 exercise of imperial power in originating our gold.
 
 28 
 
 and at present our only standard money, to its 
 twenty-four Directors. 
 
 The capital in gross, that appears most eligible 
 to be deemed of assay quality and value at the 
 Mint, for the owners to be entitled to receive, on 
 their deposits of minimum securities; as afterwards 
 by any increase of such deposits, of not less than 
 £1000 3 per cent, stock at any time, for the advan- 
 tage and use of standard money, paper, or gold ; 
 that they might buy with the first, the gold mate- 
 rial for their 20*. coins, in the same way that the 
 Bank of England proprietors at present buy it, with 
 their private staple notes, gratis, or be given the 
 latter, gold sovereigns, on leaving the amounts of 
 them in standard paper money behind, and to the 
 extent limited on their deposits, — is the particular 
 stock of 3 per cent, annuities, as they embrace the 
 largest amount of capital in gross, amongst all the 
 public securities, and therefore they facilitate the 
 most, the command of the amount wanted, from 
 20 to 30 millions of such stock — but in retail quan- 
 tities, for the coining banks in the country districts 
 and localities. 
 
 It is moreover qualified by the security of all the 
 real, and of all the personal property belonging to 
 the whole realm, that is mortgaged both for the pay- 
 ment of its interest and principal ; and its duration 
 before its capital can be paid off, is beyond the 
 imagination to foresee ; but even if that could take 
 place to-morrow, the State would always have it in
 
 29 
 
 her power, to retain the particular parts and amounts 
 of this stock, that were deposited with the Crown, 
 if the owners saw no objection, or to create more 
 such stock, if necessary, for the purpose of com- 
 manding standard money, — against its utility there- 
 fore, as a deposit, there can be no objection. 
 
 It has also the requisite quality, of a par price, 
 to assimilate the paper and the gold standard to 
 become of the same value ; which no other capital 
 in gross to the same extent, upon examination, will 
 be found to possess, as regulated by the State's legal 
 interest of 5 per cent, on money, or £60 sterling for 
 every £100 of such 3 per cent, stock. Moreover, in 
 tlie case of any individual trader's insolvency, when 
 the stock by any possibility might bear a market price, 
 below the sum of £45 sterling to be allowed the use 
 of, on the deposit of every £100 3 per cent, stock, 
 a clause might be inserted in the statute, for creating 
 this mint standard paper money, that on every such 
 event, the State guaranteed to the public, the pay- 
 ment out of its revenues, of the difference between 
 the market price, the insolvent's deposits might sell 
 for, below the sum of £45 sterling on each £100 
 stock, allowed the use of by the Mint, in standard 
 paper money, and that sum, which guarantee would 
 make the security to the public perfect. 
 
 As it appears therefore from what has preceded, 
 and from the practice of this Country since the 
 foundation of the Bank of England in 1694, that
 
 30 
 
 gold money, to the amount wanted the use of, for 
 the prosperity of the State and her subjects, is only 
 to be commanded, through the delegated exercise 
 of Her credit and prerogative, the effect of omis- 
 sion, and of a particular statute, to others, or its 
 Parental exercise by herself, supplying thai omis- 
 sion, by granting a standard measure of value, for 
 the vast masses of our paper money, as well as con- 
 tinuing the gold standard of value and measure, for 
 our gold money, making the two standard>s auxili- 
 ary, the one to the other, and making the pai>er 
 standard co-valuable with the gold standard, and 
 the paper mint money co-valuable with the gold 
 mint money, through the easy mode of having a mint 
 assay quality and value, for every species of capital 
 in gross, when deposited, as well as for the parti- 
 cular species of capital in gros«, in the shape of gold 
 bullion ingots. 
 
 That the gold material for the 205. coins, may 
 always be purchased with such mint paper money, 
 when at our standard price, by those who a^re 
 granted the use of it, or otherways may possess it ; 
 and as it is in evidence that, when the Country was 
 under a general \2iW, for originating and organizing 
 our money, without a paper standai'd of value, 
 between 1798 and 1815, the omission, was tlie occa- 
 sion of considerable amounts of valueless money 
 getting into circulation, by enabling coining bankers 
 without possessing any eapital in gross, to support 
 themsel'ves in Ihe ti-ade, and putting" an unnatural
 
 31 
 
 value on all commodities, and even on money, l)y 
 its depreciation, which gi*eat inconvenience must 
 occur again, if not better provided for. 
 
 That also, since returning to the isolated mode 
 for organizing and originating our gold 205. coins, by 
 a partial delegation, through the omission of the law, 
 of the State's credit to a single commercial Com- 
 pany, for buying the material for the gold sovereigns, 
 gratis, and for want also of a paper standard mint 
 coin, which institution would have given the same 
 privilege, to all coining banking traders, possess- 
 ing the necessary amounts of capital in gross,— the 
 country local districts have all been deprived, of the 
 use of their former amounts of money, which besides 
 being attended with the severest losses of country 
 local prosperity to the inhabitants, it has occasioned 
 such a diminished quantity of lal^our, each district 
 is now able to employ, as lias so largely affected 
 the pmduce of the State's revenue. 
 
 As appears from the quarterly treasury accounts, 
 and it has taken place only since the absence, of one 
 wholesome general law for originating our money, 
 that provided from 1797 to 1819, and that wanted 
 nothing but the paper standard coin, either for the 
 prevention of the circulation of bad paper money, or 
 for the provision of gold sovereigns, in the place of 
 paper 20^. notes, from the moment the gold bullion 
 fell to our standard price, after the peace, according 
 to the extent of tlie banking traders' capital in gross, 
 for the supply of the country districts, as well as for
 
 32 
 
 the supply of the London district with them, and 
 shewing that nothing short of a general law, by the 
 institution of a mint paper standard coin, can ensure 
 the prosperity of all the districts, or that of the State 
 in future. 
 
 For the general law produced us the ability to 
 make all those large loans of money, that were neces- 
 sary to carry on the late war, and to raise a revenue, 
 not only equal to pay the interest of them, but 
 affording a large surplus, as a sinking fund, to sup- 
 port the State's credit and reduce the debt. 
 
 The isolated law we are returned to, even in 
 peace, has left us without a sinking fund, reduced 
 the produce of the public revenue, below the States' 
 necessities for money, and is gradually progressing 
 us, to insolvency and ruin. 
 
 The general law conducted us to prosperity and 
 to fame. 
 
 The isolated law" has foundered our prosperity, 
 and disabled us from fulfdling our pecuniary en- 
 gagements. 
 
 The general law of 1798, but occasioned alone 
 by the omission of instituting with the paper 20*. 
 notes, a mint paper coin standard of value * ; — al- 
 lowed of the addition of bad money, to the amount 
 perhaps of a fortieth part of the country circulation. 
 
 The isolated law of 1819 and 1826 — from the 
 
 * "Which institution would have produced 20s. paper coins, 
 in the place of 20s. paper notes.
 
 33 
 
 same omissiotiy of instituting a mint paper coin 
 standard of value — has diminished the command of 
 theuseofanymoney,in the country districts — 700 or 
 800 districts in number — to the amount of three-fifths 
 of the usual sum wanted, for its prosperity in each 
 locality, or 23 fortieth parts, below the legal amount 
 required, before 1819*. 
 
 The general law brought to our aid, the organiza- 
 tion of an expanding and contracting quality in our 
 money, according as the prosperity of the State and 
 her subjects called for it, and it maybe said to have 
 been supported, by all the capital in gross of the 
 Country; for its value and the amount wanted the 
 use of, in each locality, was guaranteed to us by 
 the State's statute of 1 798, that called for its circu- 
 lation, no matter what material in future the 20*. 
 coins were to be formed of — just the same, as the 
 State's statutes guarantees, the raising a revenue, 
 large enough to pay the interest of the public annu- 
 ities ; for the taxes cannot be raised, without the 
 money being first organized and distributed in those 
 districts, that are to pay the imposts. — And the 
 statutes, that mortgage the whole of the real and 
 personal property of the Country, for the payment 
 of the annuities, are as binding upon the State, to 
 permit and be aiding f in the organizing, in a. legal 
 
 * The country circulation before 1819 had been 27,000,000, 
 by 1822 it was reduced below 12,000,000. 
 
 t By allowing the Mint to be made use of, in the way here 
 pointed out. 
 
 C
 
 34 
 
 and moral way, of a sufficient amount of money to 
 raise those necessary taxes, as it is binding upon 
 Her to pay the annuities, after the taxes are raised. 
 And the contrary doctrine and practice, that has 
 thrown the origin of our standard money, since 
 1819 and 1826, upon others, than the State, by their 
 exercise of Her imperial prerogative and state func- 
 tion *, has produced the whole of our pecuniary dis- 
 tresses, but to proceed. 
 
 The isolated law, has thrown us into a depen- 
 dence, upon the application of the particular 16 mil- 
 lions of capital in gross only, that belongs to the Bank 
 of England Proprietors, for the organization of our 
 standard money ; — instead of qualifying the whole, 
 or any other part of a capital in gross belonging to 
 the Country, the accumulation of ages, that if it could 
 be estimated, would be found to exceed .3000 ^ mil- 
 lions in value, to be made applicable for the same pur- 
 pose — and has hound doivn the pecuniary prosperity 
 of the State and her people, reducing or increasing 
 
 * By being suffered to buy the gold material, gratis, with 
 their private paper money, instead of the State's instituting a 
 mint standard paper coin, to perform so important an operation, 
 for herself. 
 
 t There are a variety of ways of estimating the gross value 
 of the Estate of England — but the question here seems to be, 
 how much above, or below 3000 millions, an Estate, that cer- 
 tainly before 1819, bore to be mortgaged to the amount of 800 
 millions, — to pay the interest of that debt, — to produce a sinking 
 fund towards its discharge — and that still supported the Govern- 
 ment and its subjects, in a state of the greatest prosperity — how 
 much above or below 3000 millions, it can possibly be worth?
 
 35 
 
 the natural value of all commodities, and the means 
 of carrying* on a free or a restricted trade, to assi- 
 milate itself, to those amounts of standard money 
 only ; that the commercial dealings and interests of 
 a joint stock Company, is able to afford the use of 
 to the State, and to its Proprietors fellow subjects. 
 
 Under the general law, the calculations of our 
 statesmen, as to the productiveness of the revenue 
 for expenditure, and its surplus for a sinking fund, 
 approached always to correctness. 
 
 Under the isolated law, those calculations have 
 been brought to nought, — take for example, the fate 
 of the sinking fund, since 1819 and 1826, so neces- 
 sary to the State's credit, and follow up the other 
 objects of finance. 
 
 It is for these imperative reasons proposed, im- 
 mediately to pass a statute, declaratory of the neces- 
 sity, for instituting an imperial paper standard, 
 auxiliary to our gold standard, and amongst other 
 clauses, that it should contain the following : — 
 
 First, that the representation of this auxiliary 
 standard, should be a mint paper coin, to be made 
 co-valuable by the deposit of security with the 
 Crown, during its circulation, and co-current with 
 our gold money, by the State's law. 
 
 Secondly, that the particular capital in gross 
 proposed to be deemed, and alone, of assay mint 
 quality and value, to entitle the owners on their 
 deposits, to the use of so many paper standard coins, 
 
 c 2
 
 36 
 
 or gold sovereigns, should be a 3 per cent, stock, 
 for the reasons before given at large *. 
 
 Thirdly, that during the solvency of the depo- 
 sitors, or until the stock's forfeiture, they should be 
 permitted to receive the interest of it, the same as 
 before deposited — ^to put all coining bankers on the 
 same footing, in buying the gold material of the 20^7 
 coins, a privilege, the omission of the law, in not 
 before instituting a paper coin standard of value, 
 has at present confined vt^holly, to the Proprietors 
 of the one Bank of England in London. 
 
 Fourthly, that the proportion of mint standard 
 paper, or gold standard money, to be allowed the 
 depositors the use of, on their 3 per cent, stock, 
 should be three-fourths of tlie par price per £100 
 of such stock, or .£45 sterling. 
 
 Fifthly, that every coining banker, after a cer- 
 tain date, should be obliged to make the minimum 
 deposit of £10,000 3 per cent, stock, before conti- 
 nuing, or commencing the business ; and such traders 
 alone, should be allowed afterwards, during their 
 solvency, before forfeiture, or the withdrawal of such 
 minimum securities, to increase their deposits at 
 their pleasure, by sums of not less than £1000 3 per 
 cent, stock each time, and to receive the same pro- 
 portional advantages, as on their minimum secu- 
 rities, in order to provide for the increase of their 
 business, according to the legitimate wants of each 
 
 * See pages 23 — 24.
 
 37 
 
 local part of the State's subjects, and in this way to 
 provide, for the whole of the great capital in gross 
 of the Country, held in fee simple, being qualified to 
 command the use of money, as well as the parti- 
 cular part of it, proposed to be deemed of mint 
 assay quality and value ; that the country coining 
 bankers, where a shop was wanted, might always 
 command the use of standard money, for their cus- 
 tomers, through the Mint, and that the local popula- 
 tion, possessing capital in gross, might do the same 
 thing, through their own district coining bank. 
 
 Sixthly, for the better encouragement and more 
 speedy subscription of the capital in gross wanted, 
 in addition to the Proprietor's property in existing 
 joint stock, or individual companies, consisting, or 
 to be formed of more than 50* partners, it is pro- 
 posed, that they should not personally be considered 
 liable to their firms private creditors, beyond or for 
 
 * The number is put low, from the consideration that it is 
 not, an aristocracy, if the expression may be used, but rather a 
 democracy of coining Banks of England, that are everywhere 
 wanted, — much less would it serve the public interests, that any 
 more Leviathan coining banks, vvith Political power and Oligar- 
 chycal influence — in originating our standard money — left to 
 them — should be again permitted to arise, though nothing is 
 meant by this opinion, to the disparagement of the very honorable 
 Persons, who have from time to time, so ably filled the direction, 
 of the present Bank of England, for its Proprietors, and who 
 have only, conformed themselves, to the circumstances they 
 were placed under, from the State's omissio7i, and not from these 
 Gentlemen's nsurpation.
 
 38 
 
 more, than the surplus difference between what their 
 deposits may have sold for, at the market price on 
 their insolvency, and their debt to the Crown of 
 £45 sterling, on each £100 3 per cent, stock depo- 
 sited. 
 
 Seventhly, that considering the great want of 
 the use of money, throughout the country districts, 
 arising most especially, for want of the coining 
 bankers possessing the gold standard 205. coins, to 
 an amount corresponding with the demand for the 
 use of money, and for the more speedy increase of 
 the existing taxes, as so much more desirable, than 
 the levying. new ones, that it should farther be made 
 legal, for every coining banker, for the space of one 
 year, from the day of the date when their minimum 
 securities were made obligatory, to be paid up and 
 deposited at the Mint, that they should be allowed 
 to issue their own staple 205. coins, together with 
 the gold sovereigns, or mint paper 205. coins, al- 
 lowed the use of, on their minimum deposits, — in 
 order to give proper time, for the collection of a 
 sufficient capital in gross to be deposited, before 
 declaring, that none but standard 205. coins, gold 
 or paper, at the option of the Crown, and according 
 to the market price of the material, should be cir- 
 culated. 
 
 Eighthly, that the minimum and all other de- 
 posits of 3 per cent, stock, of assay qualified capital 
 in gross, at the Mint, should be entered in the office 
 books at the Bank, in the joint names, first, of the
 
 38 
 
 owner or owners, and next of the Master of the 
 Mint, the First Lord of the Treasury, the Lord 
 High Chancellor, and the particular officer in Chan- 
 cery whose business it is, to superintend the legal 
 declaration of commissions of bankruptcies, in trust, 
 that the owner or owners, or his or their agents, 
 during solvency, should alone be entitled to receive 
 the interest belonging to their deposits. 
 
 Ninthly, that the said 3 per cent, capital stock 
 so proposed to be deposited in trust, should not be 
 parted with out of the deposit in the said bank 
 books, by any authority, short of that of the whole 
 of the trustees and of the owner, or owners joint 
 directions before insolvency, in the case of with- 
 drawal, when on the giving up to the Mint, the 
 amount of standard mint coins, before allowed the 
 use of, to be cancelled, the owners should be enti- 
 tled to receive back their deposits of 3 per cent, 
 stock. 
 
 Tenthly, that it should be made compulsory on the 
 said superintending officer in Chancery, of bankrupt 
 commissions, corroborated by the Lord Chancellor's 
 signature, or by some such process, immediately on 
 the completion of a commission of bankruptcy, 
 taken out against any depositor, to inform the 
 Master of the Mint and the Treasury of the same, 
 which information should be considered the autho- 
 rity, without loss of time, to proceed to sell the 
 the said capital stock, for the best price that could 
 be obtained — without the concurrence, or participa-
 
 40 
 
 tion of the previous owner or owners ; and after 
 deducting all the expences attending the sale, or 
 otherwise lawfully incurred, out of the produce, 
 together with the full amount of the standard money, 
 before allowed the use of to the bankrupt depo- 
 sitor ; to pay the surplus difference, if any, over to 
 the assignees of the said insolvent's estate ; but if 
 the jdifference should ever prove a deficiency, from 
 the price of the 3 per cent, stock being below £45 
 sterling, for the £100 3 per cent, stock — in every 
 such case, the State to be considered, as indebted to 
 the public out of its revenues, to the full amount of 
 such difference and deficiency, and to be made liable 
 to all the expences attending the sale, of this part of 
 the bankrupt's estate *. 
 
 Eleventhly, immediately after the sale and divi- 
 sion of any bankrupt depositor's 3 per cent, stock, 
 and in both cases of difference, it should be made 
 incumbent on the Treasury and the Court of Chan- 
 cery, to appoint a proper ofiicer from each, before 
 whom and the Master of the Mint, should be can- 
 celled, the amount of standard paper coins, the 
 bankrupt depositor had before been allowed the 
 use of; and the transaction should be published in 
 the following gazette. 
 
 Twelfthly, it is proposed that this clause should 
 make mention of the additions, that might be thought 
 
 * But an exception might still be made, provided that the 
 other parts of the bankrupt's estate, did produce assets suffi- 
 cient, to pay this difference to the Crown.
 
 41 
 
 necessary by His Majesty's government, to be made 
 to the Mint and Stamp Offices, in case of adopting 
 the proposed necessary institution, of a paper coin 
 standard of value. 
 
 Thirteenthly, some small addition of stamp duty 
 on the standard paper coins, might be here added, 
 if the natural increase of these duties, should not 
 be thought likely to be sufficient, for the payment 
 of any additional expences, to be incurred in conse- 
 quence of adopting, the above suggestions. 
 
 The above clauses it is believed would afford 
 a good foundation, for the drawing up of an Act of 
 Parliament, the necessary accuracy of which, must 
 be best provided for, by the experience of official 
 persons ; and there is this recommendation of the 
 plan they disclose : — 
 
 That it embraces no interference with the re- 
 newal of the Bank of England's charter, except 
 simply a few regulations*, that must tend to its 
 Proprietors' greater profit 
 
 Nor with the State's continuing to employ that 
 Bank in its treasury business. 
 
 * Part of these regulations ought undoubtedly to be, — the 
 putting an end to the closed deposit account, — the prevention 
 of any future accumulation of their capital in gross, without 
 application being first made to Parliament — and therefore, an 
 annual division of the preceding years profits, among the Pro- 
 prietors, to be made compulsory.
 
 42 
 
 Nor need it interfere with the currency laws of 
 1819, 1826, ordaining" that all private staple notes 
 should in future, be made payable in gold standard 
 money, farther than allowing the suspension of 
 such act, or acts, for one twelvemonth *, and sub- 
 stituting the WORD standard, for the words gqld 
 standard in those statutes, afterwards. 
 
 Nor need the Act of Parliament interfere, with 
 the present Scotch and Irish currency laws, before 
 the advantages the institution of a mint paper stan- 
 dard, would assuredly give, was first asked for by 
 those parts of Ois Majesty's subjects, and 
 
 On the depositors turning their different species 
 of capital in gross, into that proposed to be made of 
 assay value at the Mint, if it was thought that the 
 purchases of the 3 per cent, stock, out of the current 
 market, would by any possibility, inconveniently di- 
 minish the large amounts of that stock for sale, still 
 left, which considering the small comparative amount 
 of the 3 per cent, stock, that would be wanted by the 
 depositors, it is difficult to believe would be the case, 
 but to meet the difficulty, if it was made one, it is 
 proposed, if thought necessary, that the 3 per cent, 
 stock, already purchased, and standing in the 
 names of the Commissioners for paying off the Na- 
 tional Debt, should be made use of, when asked for, 
 in the retail quantities wanted, by the country bank 
 coining depositors, at the market price of the day ; — 
 
 * But this provision may or might not be necessary.
 
 43 
 
 the said Commissioners being; directed to facilitate, 
 every such deposit at the Mint, in the foregoing' pro- 
 posed manner, to the extent of their power, and to 
 lay tlie retail purchase money out the same day, in 
 buying to its amount, some other Government secu- 
 rities, to be placed to the same account, that the 
 3 per cent, stock so transferred, was deducted from. 
 If also there should be a sufficient sum of such 
 3 per cent, stock, standing in the Commissioners' 
 names, the capital of the Bank of England might be 
 invested in the said capital in gross of assay mint 
 cpiality, for deposit, at the market price of the day, 
 exchanging their present Government securities, for 
 those of the same value in this 3 per cent, stock ; 
 or its capital in gross of sixteen millions, might be 
 funded into a new stock, of this description, for the 
 same purpose, in order to allow of the Proprietors, 
 being entitled to receive the use of their three- 
 fourths, of such mint assay capital in gross, in stan- 
 dard paper coins, the same as the other depositors. 
 
 In thus considering the disorganized state of 
 our standard money, that so much affects the pro- 
 duce of the public revenue, it is impossible not to 
 feel the imprudence, that must attend any attempt 
 at levying new taxes, and the same reason exists 
 for combating the repeal of any old imposts — as no 
 individual can estimate the effects of either opera-
 
 44 
 
 tion, before our standard money is established on a 
 constitutional footing *. 
 
 Supporting- the supremacy of the State, and the 
 independence of her subjects, by their Parent, ori- 
 ginating her own standard money, by one general 
 universal law, for every part of her subjects, getting 
 rid of the baneful anomaly, to herself and to her 
 people, of a great State, being indebted to a joint 
 stock Company of her subjects, for the purchase of 
 the material, for her gold standard money, — not ef- 
 fected through any exchange by this Company I, of 
 
 * It would be far preferable under our present circumstances, 
 whatever the magnitude of the sum wanted for extraordinary 
 expences was, to raise it in any other way, and to charge its 
 payment upon the growing produce of the consolidated fund, 
 that might so fairly be expected to increase, after rendering that 
 justice, due to the Country, of instituting a paper standard of 
 value, as was the case under the general law, for organizing our 
 money, in the administrations of Mr. Pitt and Mr. Fox, — the de- 
 crease in produce of the taxes, having taken place only, since the 
 return to the zsoZa/ftJlawof 1694, and 1819. It is not whether the 
 material of our money is of gold, or of paper, that our prosperity 
 is dependent upon, but whether the money itself, is originated 
 by a GENERAL, or by an isolated law — by the State, or by a 
 private Company of Merchants. 
 
 t The profits of the Bank of England after the establishment 
 of a mint paper standard coin, on its trade in gold bullion, would 
 probably consist, as with other bankers in purchases of stock, 
 India bonds, &c. for their customers ; of a small commission on 
 buying the gold for coinage, to the account of the State, and in 
 the more wholesale free trade, with a commodity without stint, 
 than can possibly take place under that Bank's present circum- 
 stances.
 
 45 
 
 commodity for commodity, value for valu e,as is the 
 case with its Proprietor's fellow coining" banking 
 subjects now, and as was so before 1694, with all 
 the State's subjects ; — but effected with its private 
 paper notes, instead of the mint paper coins of the 
 State, that when once instituted, would apply, as a 
 general \d\v, placing all coining bankers, and all 
 parts of the King's subjects, upon the same equit- 
 able footing^, in commanding the use of money. 
 
 Stamping the material at the Mint only, as it 
 suits this Company's interests to send it there, and 
 on every disappearance of the gold, from being left 
 wholly without standard money, having no other 
 alternative, but that of passing a restriction act, and 
 continuing the subjection of the State and her sub- 
 jects to a mercantile Company, and for the use of 
 the commodity, that is in every country alike, the 
 foundation of the Power of the State, and of the 
 prosperity of the people. It is impossible therefore 
 in this, otherwise so blessed a Country, to look for 
 any relief to the distresses of the people, or to the 
 increase of the revenue of the State, before passing 
 an act, instituting a mint paper standard coin ; 
 which as the unforeseen but calamitous error, com- 
 mitted in 1819 and 1826, was the act of both Whigs 
 and Tories, they will both doubtless now join, in 
 giving their undivided attention to the subject, and 
 assistance to the remedy proposed, if found effective, 
 and prevent it from being brought forward and
 
 46 
 
 established by any other party ; — to theirs and to 
 their Country's most serious disadvantage*. 
 
 In conclusion, the Bank of England, as estab- 
 lished in 1694, was one of the greatest advantages, 
 in promoting the prosperity of a Country, by the 
 addition of its representative money, to the gold 
 bullion money we before commanded the use of; 
 with the single drawback of the omission, of estab- 
 lishing with its paper money, a mint paper standard 
 coin ; — to continue the supremacy of the State, in her 
 prerogative of organizing our money ; and to con- 
 tinue the uninfluenced value and security of her 
 subject's properties, by others than the State ; for its 
 erection proved the evidence of two important events 
 — first, that we had then arrived to want the use of 
 paper in addition to gold money: — and secondly, 
 that it had become necessary, that the gold standard 
 money, or its gold material which is the same thing, 
 that was in future to support the issue of the Bank 
 of England's paper money, should itself be pur- 
 chased in future, not with commodity for commo- 
 dity, value for value, as before 1694 — but thence- 
 forward, with paper money also, gratis, and 
 
 This practice, and exercise of Political power, 
 and whether the exercise of it should still continue 
 to be left with its Directors, or reassumed by the 
 State's instituting a mint standard paper coin ; on 
 which decision, — now hangs the application of the 
 
 * It would tend to establish any party in power, that effected 
 its institution.
 
 47 
 
 only effectual remedy, — or tlie continuation of onr 
 pecuniary distresses; — commenced with the Bank's 
 establishment in 1694, and has never been discon- 
 tinued since ; nor could we command the use of 
 the amounts of money that are necessary to our 
 prosperity, if the State did not lend her credit, in 
 some way, or another to effect this advantage for 
 lis ; as we know by the distresses of the country 
 districts, and by the deficiency of gold standard 
 money there, that at this time exists, where the State 
 now gives no aid, in furnishing these coins, although 
 under the general law from 1797 to 1819, it allowed 
 of the paper 20^. notes to be circulated, ad libitum, 
 and although she continues her assistance by dele- 
 gation*, in finding gold sovereigns, gratis, for the 
 use of the home district, and 
 
 This is the proof and reason, why a paper stan- 
 dard coin should then have been instituted, to buy 
 the gold, instead of its being left to that Banking 
 Company's paper notes to effect the purchase ; to 
 prevent the Slates law and credit, that can alone 
 bring about so important and necessary an event, 
 from ever acting in future, as it does so disastrously 
 at present, to the disadvantage of herself, and to 
 the rest of that Bank's Proprietors, fellow subjects. 
 
 For it should always be kept in mind, that it is 
 the State's law and credit, and not its own, with 
 which the Bank is permitted to purchase gold free 
 
 * The effect of the law's omission.
 
 48 
 
 of expence — for dissolve the joint stock Company, 
 and what becomes of the Bank's credit and Political 
 power? — but this Political power was not in 1694, 
 nor is it now, or can it ever be necessary, to be left 
 to the exercise of its Directors, for the Proprietors' 
 profits. On the contrary, it so circumscribed their 
 trade in gold bullion, from the beginning, as it does 
 at present, that the losses of the Proprietors must 
 have been immense, from the great length of time 
 the baneful custom has continued, and by the very 
 same omission, that the State in her revenues, and 
 that their fellow subjects in their prosperity and 
 properties, now suffer so severely from. 
 
 Notwithstanding, the establishing of the Bank 
 of England was directly, of the greatest use and 
 service to the home district, and collaterally so 
 to the country districts, not then arrived to want any 
 simi\ar direct assistance, the collateral supply being, 
 as much above and in addition to the amounts of 
 money, they before commanded the use of, as was 
 for a long time wanted ; and that this direct and 
 collateral gift of the State together, laid the founda- 
 tion of our present welfare, there can be no doubt. 
 
 But there was a period to arrive, when the direct 
 supply of the use of money by a general law, would 
 become as necessary for these country districts, as it 
 was so, from the beginning, to the London one, and 
 it has been marked by the era of 1797, without the 
 chance of a mistake ; — when Mr. Pitt saw the neces- 
 sity of establishing one general universal law, for
 
 49 
 
 originating the use of money; — the same general 
 law was acted on by Mr. Fox, during his adminis- 
 tion ; and all the additions made to our public debt, 
 and those to our jiublic revenue,, were all incurred 
 and made under this general law, that subsisted 
 from 1797 to 1819. 
 
 These two statesmen, who could best have esti- 
 mated the necessity, for the continuance always of 
 the same laws, or at least such, as were not less 
 advantageous, for organizing and originating our 
 money, to discharge pecuniary engagements that 
 had been incurred under them, were too early lost 
 to us!— and the mania of depreciation hatched by 
 the political economists, so blinded their successors, 
 that no distinction was thought of, as between a 
 general and an isolated laiv, — no inquiry made, after 
 the gold had returned to our standard price, whe- 
 ther, therefore, the standard money about to be 
 made use of, could not as easily, and in the same 
 way, be commanded for the country districts and 
 population, and for the country banks there; as fo^ 
 the home district and population, and for the home 
 coining Bank here, — nor no question asked, whe- 
 ther the establishing of a mint paper coin would 
 not, by the security required to be deposited, for its 
 use, prevent the future possibility of circulating the 
 bad paper money, so properly complained of in the 
 country districts, and be the ready means also, of 
 inducing the subscription and collection, of those 
 additional local amounts of capital in gross, for de- 
 
 D
 
 50 
 
 posit, that must become necessary, after the com- 
 mand was given, to use gold standard money only, 
 instead of private paper 20*. notes, in the same 
 localities. 
 
 Not seeing however the necessity for making 
 any of these enquiries, or any respecting the implied 
 guarantee, made by the State's previous general law, 
 in 1798, and the pecuniary engagements that had 
 been made under it, — we returned a second time, in 
 1826, to be governed by the obsolete and isolated law 
 of 1694, — and with a capital in gross belonging to the 
 Country, estimated for argument in the preceding 
 pages, at only 3000* millions, — to limit the parti- 
 cular part of it, out of which we were in future to 
 originate our gold standard money, to an individual 
 sixteen millions, and no more, but belonging to the 
 Proprietors of the Bank of England. 
 
 Circumscribing and burdening the Proprietors, 
 without occasion, with great losses in their gold 
 bullion trade; occasioning as already shewn, the 
 deficiencies in the public revenue, and the present 
 poverty of the people, all which inconveniences 
 have taken place, since leaving the political power, 
 of buying gold, with the Bank of England's paper 
 notes, free of expence, again to be exercised by its 
 Directors ;— instead of the State instituting her own 
 mint paper coins, for the same important purpose ; 
 and now substracting from, instead of as before 
 
 * See note page 34.
 
 51 
 
 adding- to those amounts of money, the general law 
 had given the use of to the country districts, by all 
 the wholesale amounts and difference, between 
 what their coining- bankers are now able to com- 
 mand, — giving- commodity for commodity — value 
 for value — for every gold sovereign they make use 
 of; and the unlimited number of paper 205. notes, 
 under the general law, that had been lound neces- 
 sary to our prosperity, and had been allowed to be 
 found, gratis ; — and in the place of being continued 
 on the same footing, as their fellow subjects, and 
 their fellow coining Bankers were, in Threadneedle 
 Street and the London district, by a similar oe?ieraZ 
 and universal law, that would apply in the same 
 way, giving- to all the King's subjects alike, the use 
 of gold money, as before of paper money, when they 
 possessed capital in gross to give, as security for 
 the convenience, and thus re-establishing this parti- 
 cular commodity, our money, that is the basis of 
 the State's power, and the people's prosperity, upon 
 a secure, lasting, and constitutionixl J'ouiidation. 
 
 The reader is here left with this evidence before 
 him, to determine, whether the remedy most wanted 
 for the safety of the State, and for the protection of 
 the property of the King's subjects, is not 3. genei'al 
 law, for originating- our standard money, and an 
 Imperial, paper, mint, standard coin, to be made 
 auxiliary, as before detailed, to our gold standard 
 money ? And whether with the proof before us, of 
 the great losses of wealth sustained, by the State
 
 52 
 
 and by her subjects, since returning to the isolated 
 law of 1694, for organizing our money ; whether the 
 Political power, which it leaves to be exercised by 
 the Directors of the Bank of England, without attri- 
 buting any blame to them, but the fact being that 
 they do exercise it, the question arises, that as this 
 particular species of political power — the being able 
 to buy gold free of expence — may fairly be claimed, 
 as the property of the collective whole of the State's 
 subjects, and not as of a part only of them ; whether 
 it is not therefore an imperial prerogative, that ought 
 not to be partially delegated; but that should be 
 exercised only by one general universal law, and 
 provided for accordingly, at the same time with the 
 renewal of the Bank of England's Charter ; and in 
 the way proposed, as most influencing the re-estab- 
 lishment of the pecuniary credit, of the State of 
 Englani:-. 
 
 Hampton Court Palace, 
 Gth March 1833. 
 
 THE END. 
 
 JAMES ATTflELD, PRINTER, KINGSTON.