UNIVERSITY OF 
 UNOIS LIBRARY 
 AT. URSANA-O JGN
 
 ST 
 
 PLAN OF FINANCE 
 
 FOR THE 
 
 Urtrortton of tfte Rational 5©tfto 
 
 AND 
 
 RELIEF OF PREVAILING DISTRESS, 
 
 IN A 
 
 METTIEIR 
 
 TO THE 
 
 DURE OF WELLINGTON, 
 
 WITH 
 
 AN APPENDIX 
 
 ADDRESSED TO THE 
 
 BRITISH PUBLIC. 
 
 BY JOHN SMITH, Esq. 
 
 SECOND EDITION. 
 
 LONDON : 
 
 PUBLISHED BY E.G.TRIQUET, 157, FENCHURCH STREET; 
 
 SOLD ALSO EY E. WILSON, ROYAL EXCHANGE; SIMTKIN AND 
 
 MARSHALL, STATIONERS' COURT; T. EC.ERTON, 30, CHARING 
 
 CROSS; AND JOHN MILLER, 23, ST. JAMES' STREET. 
 
 1830,
 
 PLUMMER, PRINTER, LITTLE EASTCHEAP.
 
 CONSIDERATIONS 
 
 FJLAM ©F FINANCE^ 
 
 COMPRISING THE 
 
 FORMATION OF A NATIONAL BANK FOR THE PAY- 
 MENT OF DIVIDENDS IN ITS OWN NOTES, AND A 
 GRADUAL REDUCTION OF THE NATIONAL DEBT, 
 IN A LETTER TO HIS GRACE THE 
 
 DUKE OF WELLINGTON. 
 
 My Lord Duke, 
 
 1 have the honor to address your 
 Grace, in consequence of having observed the 
 assurance which your Grace has been pleased 
 to give in repjy to the petitions from different 
 parts of the country, detailing the distress, 
 under which the several classes of the com- 
 munity continue to labour, " that his Majesty's 
 Ministers have determined to take the same 
 under early consideration:" And participating, 
 although an humble individual, in the same 
 heartfelt desire for the prosperity and happi- 
 ness of the nation, which so pre-eminently 
 engages the attention of our most gracious 
 Sovereign, as well as that of his Ministers, at 
 the present moment, 1 am emboldened to sub-
 
 mit, with all due deference, for your Grace's 
 consideration, (if deemed worthy of that honor) 
 the substance of frequent meditations, during 
 the last ten or twelve years, which I have oc- 
 casionally devoted to the subject of the inces- 
 sant varying scale of the country's prosperity 
 or distress ; and the conclusion which I have 
 come to in my own mind, that this constant 
 vacillation is not owing to any extraneous or 
 accidental events, such as over-trading, bad 
 or good harvests, &c. &c. to all of which it 
 has been differently attributed; but to the con- 
 flicting working of the existing system, in which 
 an artificial and a real state of things have been 
 indiscriminately blended together. 
 
 In my humble opinion, my Lord Duke, and 
 the truth of which will best appear after atten- 
 tive examination, it is to the above-mentioned, 
 more than to any other cause, that the present 
 distresses of the country are to be attributed . 
 how otherwise can the fact be reconciled to the 
 judgment of our senses, that with a capital, un- 
 equalled by any other nation of either present 
 or former times — with the immense and inhe- 
 rent resources of this country — and with an in- 
 dustrious, ingenious and enlightened popula- 
 tion, such evidence of wealth and proofs of such 
 general distress, could have co-existence. It
 
 is probably to this seeming contradiction that 
 the fact of the general pressure has been at- 
 tempted to be denied, or treated as a temporary 
 cloud obscuring the serenity of our political 
 horizon. In endeavouring therefore to bring 
 the demerits of our system under the consi- 
 deration of your Grace's Administration, 1 am 
 anxious to solicit your Grace's indulgence, 
 should I trespass too much on that time and 
 attention devoted to the public service of the 
 country, trusting that the motive by which I am 
 actuated — that of contributing to the public 
 weal — will serve as my best apology. 
 
 Itwould undoubtedly be deemed superfluous 
 to enter at length into the first causes that affect 
 the Agricultural, Commercial and Manufac- 
 turing Interests, as well as the labouring classes 
 generally, since they have become matter of 
 historical record, foreign to my subject, and 
 beyond the power of man to recall ; but in the 
 consideration of the attendant and secondary 
 evils, which at present appear to oppress all 
 classes, more than at any former period, it is 
 possible that we may discover the hidden 
 sources of the occasional perplexities of our 
 financial system, which embarrass the proceed- 
 ings of government and prevent the alleviation 
 of distress. Should I therefore in the course
 
 
 
 of the examination succeed in submitting satis- 
 factory evidence that the distresses of the 
 country may be removed as well temporarily 
 as permanently, without a breach of the faith 
 and honor of the nation — without relieving one 
 class of society at the expense of the other — 
 without even resorting to measures of a violent, 
 unjust, or doubtful tendency, 1 calculate on 
 the energy and firmness of your Grace's Ad- 
 ministration for the introduction of a new sys- 
 tem of the country's Finance, should it be 
 found to contain the elements of present relief 
 and permanent national prosperity, regardless 
 of representations which may be advanced in 
 opposition to it, by any individual or body 
 corporate, whose particular or personal in- 
 terests it may, if not unjustly, affect. 1 request 
 permission to take allusion to the political 
 adage, that " it is the study of a good govern- 
 ment to frame laws to benefit the many and not 
 the few;" and to add that such is the expec- 
 tation of the public at this moment, from the 
 known decision, already evinced during your 
 Grace's Administration, should the necessity 
 of amendment become apparent. 
 
 It is readily admitted by all parties that the 
 taxation of the country has reached its summit, 
 and it is asserted by many that it is owing to
 
 this cause, and to this solely, that the distress 
 of the country is to be ascribed. At first it 
 will therefore appear presumptuous in me when 
 I assert that the evils of which we complain 
 are not solely ascribable thereto, and that 
 even the amount of present taxation might be 
 met without appearing to oppress, were it not 
 that arbitrary innovations have been introduced 
 into the system, which have increased the amount 
 and weight of taxation in an alarming degree, 
 and at the same time decreased the means by 
 which that same taxation is to be borne, and 
 the relative ranks of society maintained. The 
 welfare of the community has been thereby 
 endangered, and as long as the cause remains, 
 no chance of any permanent improvement ex- 
 ists: already we have patiently endured the 
 experiment of several year's duration, to see 
 whether the distress of the country, supposed 
 to proceed from over-trading, would work its 
 own cure; but instead of amelioration we have 
 witnessed the sinking of one class of society 
 after the other, so that unless permanent, not 
 temporary relief, founded upon mature de- 
 liberations, be speedily afforded, we may justly 
 apprehend an approach to that dernier state of 
 affairs, when to an exhausted and impoverished 
 nation, relief will come too late, and a total 
 defalcation of revenue reduce the two remain-
 
 8 
 
 ing classes of fund and land owners to the 
 necessity of cancelling the obligations of the 
 former, and of dividing the estates of the latter 
 between them. 
 
 Considering this bearing of the question, it 
 is impossible to avoid a reference to the former 
 and present state of our currency, or to pass 
 with indifference the glaring facts, that the 
 debt of the nation was contracted in a paper 
 currency, at a time even that the same Bank 
 paper as now existing and as compared with 
 the then price of gold, was at a discount of 
 c£33J per cent, or at a depreciation of one third 
 of its nominal amount ; in proof of which it is 
 only necessary to recall to mind, that if we 
 take the average of loans during the war at the 
 rate of £60. sterling for every .£100. of Consols 
 bearing 3 per cent, interest, which, after the 
 deduction of bonuses and charges of manage- 
 ment, is an extremely favourable estimate, and 
 then calculating the guinea at 28s., the price 
 at which they were paid for, in our foreign 
 subsidies, or collected for the support of the 
 war abroad, we shall find that the nation has 
 contracted a debt of £100. 3 per cent. Consols 
 for every i"40. net money of the present day. 
 Now we are not only content to liquidate this 
 same debt through the medium of the purchases
 
 9 
 
 of theCommissioners of the Sinking Fund, at the 
 existing rate of £95., more or less for every 
 £40. received; but even virtually to pay off 
 the same at the par of £100. sterling. This, 
 my Lord Duke, is the very essence and spirit 
 of the bond due by the nation to the fund 
 owner, and more than this he ought not and 
 cannot expect the nation to pay; but when in 
 full and honorable discharge of the obligation 
 created by the contract, we go farther and com- 
 pel the nation, or the Bank of England, which 
 is but the nation's agent, to provide gold in 
 discharge of its debt, as well as payment of its 
 dividends, we outstretch the equitable and ho- 
 norable definition of the contract, and virtually 
 commit an act of injustice on the taxed part of 
 the community, by levying contributions in a 
 metallic currency of increased value and de- 
 creased circulation. When the restriction of 
 cash payments by the Bank of England ceased, 
 a new financial era naturally intervened, which 
 ought to have engaged the more serious re- 
 flection of those to whom the welfare of the 
 state was entrusted: but when in addition 
 thereto, the amount of the general circulation 
 of the Bank of England was restricted, the 
 value of money and the facility of meeting the 
 taxation, as well as the private engagements of 
 the country, no longer remained the same; but 
 
 B
 
 10 
 
 subjected every other description of property to 
 a depreciation commensurate with the scarcity 
 of the metallic currency. 
 
 It is not my intention to speak invidiously 
 of the measure introduced by a former admi- 
 nistration, to obtain so desirable an object as 
 an ample and sufficient metallic currency*; 
 the end in view was certainly beneficially in- 
 tended, though serious doubts were then en- 
 tertained of its expediency at the moment, and 
 the justice of which doubts more recent events 
 have fully demonstrated. Had the question 
 simply been, whether the Bank of England 
 should return to cash payments in liquidation 
 of its own engagements under its issues of 
 Bank paper, the measure would have been as 
 wise as sound and practicable; when, however, 
 the circulation of small Bank Notes, and those 
 of Country Banks became proscribed by law, 
 
 * In order to increase the amount of the metallic currency, if 
 requisite, a more abundant issue of silver coinage might be ad- 
 ded to the circulating medium, and the exportation of the gold 
 coin of the realm prohibited. It would also be found beneficial 
 to admit silver to the standard, and to permit our Merchants to 
 send it to the mint for coinage, subject to a seignorage, which 
 would do away with the necessity of sending silver abroad for 
 sale in foreign markets, and in search of gold, a state of things 
 which at present operates against England, as regards both these 
 precious metals.
 
 11 
 
 the nature of things assumed an aspect widely 
 different: That prudence which before natu- 
 rally enjoined the Bank to caution in its issues, 
 now rendered it an imperative duty to its indi- 
 vidual safety to curtail its own legitimate issues 
 of Bank paper by a restriction of its discounts, 
 whenever the course of events, a fall in the fo- 
 reign exchanges connected with this country, 
 or a prospect of a free importation of Corn in 
 consequence of a rise in prices, appeared to 
 render such line of conduct necessary. Had 
 a proper discrimination been made between the 
 payments of the Bank of England, as regarded 
 its issues for its own individual account, and 
 those issues for account of the nation, which 
 in its capacity of agent, it has periodically to 
 furnish on every successive payment of divi- 
 dends on the National Debt, the intentions of 
 the legislature would have been practicable, 
 and the return to cash payments secured on 
 the soundest principles of national and com- 
 mercial policy. The result has proved that the 
 Bank of England was prepared to comply with 
 the directions of Parliament to the fullest ex- 
 tent of the wants of the country; but such was 
 not the case with the several branches of the 
 community, whose interests gradually suc- 
 cumbed in the struggle and became the even- 
 tual sacrifice.
 
 n 
 
 I crave permission, my Lord Duke, to pro- 
 ceed (although I fear to incur displeasure 
 through the unavoidable length of the present 
 discussion) in pointing out sundry other causes 
 affectingthe system, prejudicially, as I imagine; 
 but on which a difference of opinion may very 
 properly and naturally be allowed to exist. 
 Such is the question of the Corn Laws, which is 
 more interwoven, than at first appears, with our 
 internal and financial affairs, regulated as they 
 now are through the restricted medium of the 
 Bank of England. Thus it was in the earlierpart 
 of the year 1825, when attentive to the course 
 of events, 1 thought to discover in the work- 
 ings of the Corn Bill, one of the secret springs 
 of action which led to the subsequent commer- 
 cial and financial crisis denominated the Panic, 
 and which caused such dreadful devastation of 
 property throughout the country. During the 
 tide of apparentprosperity, which gave occasion 
 to His Majesty through the advice of his Mi- 
 nisters, to congratulate the country on the im- 
 proved aspect of the affairs of the nation, such 
 was the abundance of the circulating medium, 
 throughout the country, that every description 
 of property participated in the general advance 
 of prices, and it should not be wondered at 
 that the produce of agriculture was similarly 
 affected. Such was the case with Corn at that
 
 13 
 
 period, and although there was no apparent 
 or apprehended scarcity, yet prices advanced 
 towards the average of free importation, and 
 the ports had actually opened for the admission 
 of Barley, that of Wheat and every other de- 
 scription of grain being expected to follow. 
 Now at that period, this was an event of such 
 vital import as to be considered an evil, not so 
 much on account of any protection required 
 by the agricultural interest at the moment, but 
 solely in consideration of its consequences on 
 the Bank of England. During 1824 and the 
 greater part of 1825, elated by the excited 
 hopes of prosperity and success, all classes of 
 the community rivalled each other in the pur- 
 suit of wealth, not so much in the encourage- 
 ment of trade at home, as by loans to foreign 
 governments, and by the formation of com- 
 panies for the prosecution of foreign mines and 
 foreign objects. Almost every state in Europe 
 and America applied for and obtained the ad- 
 vance of money as loans to an immense extent, 
 and as this was principally to be carried into 
 effect by the transmission of the capital and 
 funds of this country to the several countries 
 abroad, it followed that the Bank of England 
 would, as a matter of course, be exposed to a 
 constant demand for the precious metals, which 
 would eventually drain its coffers, and expose
 
 14 
 
 its safety by the continuation of such exports. 
 The opening of the ports for grain, was an 
 event likely to occasion an increasing demand 
 for Specie, and contemplating the result, it was 
 thought high time to stay the rise of prices, and 
 therewith the importation of Corn, as well as 
 to terminate the destructive continuation of 
 loans and foreign speculations. To effect this 
 the Bank of England deemed it expedient to 
 curtail their discounts and Bank Note issues 
 to a very considerable amount; which certainly 
 it had a right to do in respect to its own safety, 
 as well as with the view of correcting an alarm- 
 ing evil; but as this measure was resorted to at 
 a moment when the engagements of the country 
 were fourfold the extent of ordinary periods, 
 it had not only the effect of lopping the un- 
 healthy exuberances of an illusive prosperity, 
 but also produced that panic which involved 
 all property, and endangered the existence of 
 every Banking Establishment throughout the 
 country. 
 
 It is to that same period that we must go 
 back if we are really desirous of tracing the 
 causes of the present distress experienced by 
 the principal and vital interests of the country. 
 In consequence of the panic of 1825, numerous 
 Banking Establishments of real wealth and
 
 15 
 
 respectability, as well in the metropolis as in 
 the country, were compelled to suspend pay- 
 ments, an occurrence which never would have 
 happened but for the circumstances already 
 mentioned. Even those calamities, like all 
 others, would probably by this time have passed 
 into the vale of oblivion, had not the measures 
 which were adopted for the supposed safety 
 of the community, given at the same time the 
 stamp of permanency to recollection, tending 
 by its immediate and continuing effect to pre- 
 vent the resuscitation of that credit and confi- 
 dence, which is the life and soul of a commercial 
 nation, without which its respective interests 
 must languish and decay. I allude to that same 
 measure which by proscribing small Bank Notes 
 and those of Country Banks, has cancelled a 
 circulating medium which represented pro- 
 perty, probably more considerable than the 
 whole circulation of the Bank of England, 
 without providing a sufficient substitute to 
 supply the wants thereby occasioned. To 
 render the interests of society secure, was cer- 
 tainly the duty and consideration of govern- 
 ment, and the measures adopted aimed at such 
 object; the truth however appears to be, that 
 the circulating medium of the country has been 
 seriously curtailed, and that all the Branch 
 Banks of the Bank of England will not remove
 
 16 
 
 the evil, unless the amount of the circulating 
 medium, whether of Bank Paper or Gold, be 
 considerably increased, so as to render its ob- 
 tainment in exchange for property, easy to all 
 classes of society. Probably it may be averred 
 that there exists no want of money, and that 
 the capital of the country cannot find employ- 
 ment; but this, if true, is but the convincing 
 proof of the depressed state of trade which 
 languishes for the want of relief and proper 
 encouragement: It would be the same were the 
 capital of the country less. If trade were fos- 
 tered by a genial state of things, numerous 
 and beneficial means for the employment of 
 capital would present themselves, which would 
 promote the welfare of individual classes, and 
 with it that of the community. 
 
 One great source of evil, and the cause of 
 the capital of the country remaining unpro- 
 ductive and unemployed, will be found on the 
 investigation of that illegitimate branch of traffic, 
 which of late years has sprung up and taken 
 such a decided root among all classes, to the 
 annihilation and exclusion of the great resour- 
 ces of our wealth, as founded upon the base of 
 the industry of the nation, " our ships, colonies 
 and commerce !" All are alike neglected in the 
 existingmad careerof excitation, which induces
 
 17 
 
 the monied interest of the country to plunge 
 into that vortex of usury and avarice — those 
 purlieus of gambling degradation in the City, 
 the Stock Exchange, to the injury and utter neg- 
 lect of legitimate commerce; and not content 
 with one of unhealthy growth for the British 
 Funds, a second for the traffic in those of 
 Foreign Powers, must of necessity be added. 
 The greater part of the capital of the kingdom 
 js there confined in ignominious thraldom, 
 and when we consider that by the bye-laws of 
 that self-constituted body, no member is per- 
 mitted to trade out of the house, we need not 
 be surprized that no sufficiently remunerating 
 employment for the capital of the monied in- 
 terest can be found beyond those unhallowed 
 precincts. 
 
 A national debt, or public funds, preserved 
 within the compass of government finance, 
 without the tendency to impoverish the nation 
 by excessive taxation, has and will be con- 
 sidered as a public good, provided its amount 
 does not extend beyond those useful purposes 
 to which it ought principally to be devoted, 
 viz: as safe and sacred depositories of property 
 for the benefit of its proprietors, or as an in- 
 vestment for their succession. It was never 
 the intention of the legislature to create a mar-
 
 18 
 
 ket for public gambling, and which it has en- 
 deavoured to interdict by declaring most of 
 the transactions, similar to those carried on in 
 the Stock Exchange of the present day, illegal ; 
 but such is the wealth and power of its mem- 
 bers and supporters, that it appears to have 
 outgrown the law. It can, through its com- 
 binations, at its pleasure raise or depress the 
 price of the public securities, and even con- 
 trol the operations of government, if it think 
 proper. If we refer to other countries whose 
 governments have been obliged to create a 
 public debt, or issues of government paper, we 
 shall find that this same race of stock jobbers, 
 particularly in the time of war, have been 
 enabled to depreciate the value of such securi- 
 ties to the ebb of national bankruptcy, and to 
 the ruin of its people. This illegitimate traffic 
 in the funds ought therefore to be repressed; 
 but if at present this body, denominated the 
 monied interest, has become too powerful, it 
 will at least be advisable to render their tran- 
 sactions in some trifling degree contributable 
 to the Public Revenue. It ought also to be 
 discountenanced by government, and deemed 
 disreputable in the nobility, gentry, leading 
 merchants and bankers of this country, to be- 
 come traffickers or gamblers therein, as it tends 
 to withdraw that capital required by the wants
 
 19 
 
 and commerce of the country — is detrimental to 
 its honor and integrity, — injurious to its in- 
 dustry — employing no part of our increasing 
 population — improving none of its leading in- 
 terests — and finally, producing no benefit to the 
 Public Revenue. 
 
 Throughout the consideration of these sub- 
 jects, I have endeavoured to prove, that there 
 is more a want of a circulating capital, than 
 a want of sources for the profitable employ- 
 ment of capital. The fact is, the agricultural, 
 manufacturing and commercial classes, cannot 
 go in search of capital, as their securities are 
 not such as to value generally with the monied 
 interests, and the superabundant capital of the 
 country is confined, as has been shown, to the 
 market and exchange of the public securities. 
 That the amount of the circulating medium is 
 insufficient is proved by this calculation, that 
 the circulation of the Bank of England does 
 not exceed twenty-five millions in paper;* in 
 
 * The statemeuts submitted to both Houses of Parliament 
 representing the amount of the circulating medium at sixty-five 
 millions, appears to rest upon calculations extremely doubtful, 
 sitjee no estimate can be formed of the amount of specie which 
 has left the country. Besides, the circulating capital of the Hank 
 of England is taken in its double capacity If it had 20 millions 
 of paper in circulation and 15 millions of specie in its Treasury, 
 the circulation could not exceed 25 millions, as both the amount 
 of specie and paper could not be in circulation at the same time !
 
 20 
 
 addition to its stores of metallic currency, one 
 large portion of which must always be held in 
 deposit to meet that of paper. Now the interest 
 of the National Debt receivable in Bank paper, 
 is equal to about 30 millions per annum; the 
 payments to the revenue, in customs, excise, 
 assessed taxes, &c. &c. equal to 50 millions ; 
 our export and import trades, as per official re- 
 turns, equal to 60 or 70 millions more; our home 
 trades, the proceeds of our agricultural, ma- 
 nufacturing;, mining and commercial interests, 
 almost beyond an estimate — exclusive of the 
 vast rental of the country — and yet all these 
 immense items of money operations are made 
 subject to the restricted circulation of some 
 few millions, only equal to the interest of the 
 debt, but far below the interest on the capital 
 of the nation. It really appears a paradox 
 that such vast payments could possibly be 
 managed by such limited means, and the pos- 
 sibility can only be discovered in the establish- 
 ed system of our commercial banking, which 
 reduces the actual payments, to that of the 
 balances of transactions between thousands of 
 individuals. No particular objection can there- 
 fore be taken to our banking system, since it 
 affords so much facility to the public, and since 
 without it, the circulating medium would of 
 necessity require a tenfold increase, which
 
 21 
 
 would be proved by a reference to other coun- 
 tries, particularly to France, where the com- 
 merce of the country is probably not equal to 
 one-fourth that of England, and yet where a 
 circulating medium of 90 to 100 millions ster- 
 ling is stated to exist. 
 
 In order to mitigate distress, which the col- 
 lectionof a revenue of 50 millions mnstnaturally 
 produce, whenever money becomes scarce, it 
 would appear desirable that the value of money 
 should be reduced by a more abundant cir- 
 culation, or that (which amounts to the same 
 thing) the price of every* other description of 
 property should be suffered to find a corres- 
 ponding increase in relative value. As how- 
 ever a larger circulation of the Bank of England 
 — liable as it now is, to find gold for the amount 
 of its issues — might be inexpedient, and even 
 endanger the safety of that institution, and with 
 it the finance of the country, by exposing it to 
 the machinations of foreign governments, who, 
 with the combination of a few powerful indi- 
 viduals of overgrown wealth and funding in- 
 fluence, might, at any time, in the course of a 
 few months operation, under the prior intro- 
 duction of some extensive loans to foreign 
 powers, subscribed for by the monied interest 
 of this country, in addition to large sales of the
 
 22 
 
 « 
 
 public securities, and with the adventitious 
 aid of a bad harvest, so drain the Bank and the 
 country of its specie, as to render an application 
 to government for a restriction of cash pay- 
 ments, a matter of imperious and unavoidable 
 necessity. I do not accuse any foreign power 
 of the intention, or any circle of individuals 
 with the desire to participate in any such ne- 
 farious operation, whereby the government of 
 this country, the Bank of England, and the 
 nation in general might be embarrassed; but 
 as such an occurrence is within the reach of 
 practicability, even such possibility, however 
 faint or remote, ought no longer to be suffered 
 to exist. Constituted as the Bank of England 
 now is, and subject to provide gold for all its 
 issues, whether discounts or dividends on the 
 National Debt, as well as for its own circulation, 
 I do not consider it beyond the reach of foreign 
 powers, whose public credit might stand high 
 at the moment, and who could create Bank 
 issues of their own at pleasure. 
 
 With the view therefore of providing the 
 country with a sufficient circulating medium 
 without danger to the Bank of England, or 
 injustice to any class of society, 1 come to the 
 suggestion, for which my preceding observa- 
 tions were destined to prepare the way, for the
 
 23 
 
 formation of a National Bank, under Act of 
 Parliament, for the exclusive purpose of the 
 payment of the dividends of the national funds 
 in its own notes; which notes being issued for 
 the internal wants of the country, and notfound- 
 ed on foreign commerce, need not be subject 
 to payments in cash, not having reference to, 
 or connexion with, the course of foreign ex- 
 changes. The Bank of England Notes, how- 
 ever grounded on the real trade and represent- 
 ing the commerce of the country, connected 
 with foreign parts, ought, as at present, to be 
 payable in cash, as being the representative of 
 property purchased with specie. This dis- 
 tinction once established, the Bank of England 
 would be fully competent to the commercial 
 wants of the community, and under its judicious 
 and liberal system of commercial discounts, it 
 never could be inconvenienced by demands 
 for gold, proceeding from regular and legitimate 
 commercial dealings. 
 
 Besides the utility of the measure, a con- 
 siderable saving and profit to the nation would 
 be its next recommendation. In consequence 
 of the issue of such national Bank Notes in 
 payment of the dividends, the necessity of 
 borrowing from the Bank, or on Exchequer 
 Bills, would be superseded, and the interest
 
 24 
 
 now payable on such loans or issues, saved to 
 the public. On a circulation of 30 millions, 
 thus to be issued in periodical payments of the 
 dividends, the profit and saving of interest may 
 be fairly estimated at one million per annum. 
 In respect to an over-issue of paper, every ap- 
 prehension would subside on the consideration 
 that the payment of customs, excise, taxes, &c. 
 &c. would as readily absorb this circulation and 
 return the same into the Exchequer. The 
 other circulating medium of the Bank of Eng- 
 land, representing metallic currency, would 
 be equally as uniform, and its issues would be 
 regulated by, and commensurate with the real 
 commercial demand of the country. Both 
 would circulate together with equal value and 
 security to the public, and with manifest ad- 
 vantage to the nation. 
 
 Supposing that in the privileges granted by 
 Charter to the Bank of England, or that by 
 other law enactments there exists no insur- 
 mountable obstacle to the payment of the 
 dividends in such manner as government might 
 direct, it would be proper forthwith, or at latest 
 on the expiration of the Bank Charter, to es- 
 tablish a separate Bank to be denominated 
 " National Bank of Great Britain," the notes 
 of which to be issued exclusively as payments
 
 '25 
 
 of dividends, and liquidation of such portion 
 of debt as might be paid off, in virtue of 
 powers vesting in government; or, if it were 
 deemed more advisable to entrust the Directors 
 of the Bank of England, with the management 
 of the debt of the nation, subject to the con- 
 trol of government, the Commissioners of the 
 Sinking- Fund might pay over to the Bank of 
 England the amount required in Notes of the 
 National Bank of Great Britain, to meet the 
 quarterly or half-yearly payment of dividends, 
 as they might become due; the receipts of 
 which, together with the amount of unclaimed 
 dividends, to be returned to the said Commis- 
 sioners. 
 
 For the purpose of reducing the debt of the 
 nation, by which a diminution of taxation would 
 be rendered practicable, power might be given 
 to the Commissioners of the National Debt, to 
 purchase stock either at the market price of 
 the day, or at the par of .£100. for every ,^100. 
 of stock (to the extent of any given number of 
 millions) paying for the same in the national 
 securities of the Bank of Great Britain, which 
 said slock being thus paid of) , is then to cease to 
 bear interest, and to be cancelled for ever. Pro- 
 prietors of stock having payments of £1000., 
 £10,000., or £50,000., to make to the receivers 
 
 i)
 
 26 
 
 of customs, excise, or assessed taxes of the 
 country, would naturally prefer cancelling so 
 much stock through the medium of the Com- 
 missioners for the liquidation of the National 
 Debt, and taking the Notes of the Bank of Great 
 Britain to the receivers of customs, or excise 
 aforesaid, according to payments they might 
 have to make into those several departments. 
 Without even the inducement of a bonus, by 
 receiving payment of 3 per cent. Consols at par, 
 the proprietors of stock would prefer effecting 
 a sale to the Commissioners appointed, rather 
 than subject their property to the merciless 
 rapacity of a junto in the Stock Exchange, 
 over whose legerdemain dealings they possess 
 neither insight nor control. 
 
 Again, I beg leave to submit, that it would be 
 more profitable to the nation, to confine the 
 future creation of debt whenever necessary, to 
 fixed and terminable annuities. The price of 
 the existing 5 per cent. Long Annuities, which 
 will cease and expire altogether in the year 
 1860, is as high as £19J to £20. for every £\. 
 annuity, which is but 5 per cent, interest per 
 annum, without any repayment of capital. Now 
 according to the same rate, money might be 
 received on condition of an annuity, of 5 per 
 cent, for 30 or even a less number of years, by
 
 27 
 
 which means debt might be liquidated, which 
 at present hears 3 per cent, interest for ever, 
 or until repayment of the capital at the par of 
 .£100. 
 
 In case the relief of the country should fur- 
 ther require it, measures might be adopted to 
 pay off an annual small proportion of the 
 National Debt, (terminable annuities excepted) 
 which might be fixed at 5 per cent., or the one 
 twentieth part of each stock, to be paid to- 
 gether with the dividends, at such yearly pay- 
 ment after the 5th of April of each year, as 
 might be directed. 
 
 '»' 
 
 I have taken no allusion to the amount of 
 stock now vested in the names of the Commis 
 sioners of the Sinking Fund ; — that fund being 
 already under the cognizance of Ministers. 
 Were however the payment of interest on that 
 portion of the debt to be suffered to cease, the 
 nation might be relieved by a corresponding re- 
 mission of assessed taxes, which, in my humble 
 opinion, would do more towards effecting an 
 immediate as well as permanent relief to the 
 country than any other remission of indirect 
 taxation however considerable. There are, no 
 doubt, other sources of taxation wjiich affect 
 (he agricultural anjd labouring classes indivi-
 
 28 
 
 dually ; but the assessed taxes operate univer- 
 sally . Should however the state of the country 
 require it, a change in the sources of taxation 
 might undoubtedly be attempted without any 
 apparent act of injustice to any particular class 
 of his Majesty's subjects; and in this case 
 real property, whether in lands, tenements, or 
 the funds, would then form the objects of re- 
 search, unless indeed taxation could be suf- 
 ficiently diminished by the sundry methods 
 devised or alluded to, so as to render such 
 change unnecessary. 
 
 For the encouragement of foreign commerce 
 and the internal trade of the country, much 
 benefit would accrue were government to dis- 
 countenance the monopoly denominated the 
 monied interest, as far as that exclusive de- 
 votion to stock jobbing, foreign loans, and 
 public companies for foreign speculations, may 
 justly be deemed a part of that body. If how- 
 ever, any interference with private property, 
 although affecting public interests, be deemed 
 inquisitorial, it might at least subject it to 
 some wholesome restraint, and at the same time 
 render it productive of some benefit, however 
 trifling, to the revenue. For this purpose I 
 beg leave to propose, that government subject 
 all contracts for the purchase, sale, or the
 
 29 
 
 transfer of stocks, funds, bonds or public se- 
 curities, domestic or foreign, and all bargains, 
 and engagements in such bonds, funds or pub- 
 lie securities, to a stamp duty of Is. for every 
 £100. stock, bonds or securities, &c, or frac- 
 tional parts of each successive £100. stock: 
 And that all contracts, memorandums, or en- 
 gagements for the purchase, sale, or transfer 
 of stock, &c. &c. as aforesaid, not being regis- 
 tered on stamps, subject the parties so evading 
 the duty, to a penalty of £5. per cent, on the 
 amount of every such evasion or omission, one 
 half of the said penalty to go to the King, the 
 other to the informer, on conviction. 
 
 The duty is trifling in itself, but as the trans- 
 actions in the Stock Exchange are immense, 
 possibly in real transactions as well as time 
 bargains, exceeding one or more millions per 
 diem, it follows that this regulation, would 
 either prove a salutary check on gambling trans- 
 actions, or produce a considerable increase in 
 the department of stamps to the revenue. The 
 requisite stamped forms might be lodged (as at 
 present) in the respective transfer offices of the 
 Bank of England. 
 
 Connected with this subject, a partial griev- 
 ance will be found to exist, which requires
 
 30 
 
 only to be noticed to obtain alteration. At 
 present powers of attorney for the sale of stock 
 or the receipt of dividends, is the same for 
 large sums as for small amounts ; thus £10,000 
 or <£100. stock pay the same duty, about 30s. 
 to 40s., which is an injustice on the poorer 
 proprietor. 1 request therefore permission to 
 submit, that all powers of attorney for sale of 
 stock, or receipt of dividends, be made equally 
 subject to the duty of Is. for every <£100. of 
 capital stock — an alteration which will also 
 prove beneficial to the revenue. 
 
 By these measures, most respectfully sub- 
 mitted for your Grace's consideration, it is 
 hoped to produce some amelioration in the 
 present languid state of our commercial system, 
 calculating that the prevailing mania for job- 
 bing in the public securities, being either pro- 
 perly taxed or discountenanced, a portion of 
 the public capital of the country would soon 
 return to its more honourable and legitimate 
 channels, viz. the internal and foreign com- 
 merce of the country, by which means alone 
 the Agricultural, Commercial, Manufacturing 
 and Shipping Interests of the kingdom would 
 be jointly and permanently benefitted — the 
 industrious and labouring classes of society 
 orofitablv employed — and the weight of taxa-
 
 31 
 
 tion sensibly diminished. The consumption 
 of the country would advance in proportion to 
 the rate of improvement experienced by its 
 population, and an increasing revenue prove 
 to our own government and to the world that 
 we still possess within ourselves immense re- 
 sources, equal to any emergency whenever re- 
 quired, if but properly applied. 
 
 With this review of the funding system, I 
 might conclude my voluntary labours; but as 
 an individual devoted to commercial pursuits, 
 and living in a commercial country, I cannot 
 omit the opportunity of introducing one or 
 two other considerations of a commercial ten- 
 dency, particularly as it is the first and probably 
 the last time, I shall have the honor of ad- 
 dressing your Grace, or the Ministers of his 
 Majesty's Government on public affairs. 
 
 1 am desirous of devoting some little, though 
 partial attention, to the subject of the Corn 
 Laws, which will admit of alteration, as soon 
 as the Bank of England shall cease to be ex- 
 posed to the demand for specie, which a decline 
 in the foreign exchanges, on the importation 
 of grain, would naturally occasion; and further, 
 at that period of time, when the prosperity of 
 the country shall be so far re-established, as
 
 32 
 
 to divest the Agricultural Interest of appre- 
 hension in respect to a regulated trade in Corn, 
 subject to an equitable and proper protecting 
 duty. According to my opinion, the decline 
 of the landed interest and agricultural produce 
 is more affected by the distress and pressure, 
 of the country generally, than by the conse- 
 quences of foreign imports. During the tide 
 of national prosperity, which furnishes regular 
 employment to all classes, the price of Corn is 
 comparatively of little importance, but when 
 want of employment and distress ensue, con- 
 sumption to a certain extent ceases, and the 
 necessary food of life, however low in price, 
 becomes unobtainable. It is also as true, that 
 the trade in foreign grain conduces to give 
 profitable employment to our manufacturing 
 and shipping interests, by which means the 
 general weal is promoted : it remains therefore 
 solely requisite to protect the landed interest 
 to a certain extent, and which object 1 trust 
 will be found secured by a regular and fixed 
 duty of 15s. per quarter on Wheat, and 7s. 6d. 
 for Barley, Oats, and other foreign grain im- 
 ported into this country ; the duty on Flour to 
 be the same as on Wheat, viz. 15s. per barrel 
 of 2801b. as equal to the quarter. With re- 
 spect to imports from the British Colonies and 
 even Ireland (as not subject to the same scale
 
 33 
 
 of taxation as England) a lower rate of duty 
 might be imposed as Parliament in its wisdom 
 may deem proper. This scale of duty of 15s., 
 with the addition of an average charge of 6s. 
 per quarter, for freight and primage, and 4s. 
 per quarter more for insurance to, and landing 
 and sale charges in this country, would in reality 
 amount to a protection of 25s. per quarter on 
 Wheat, exclusive of a further difference of 5s. 
 per quarter, which may be expected to be pro- 
 duced by the advance of prices in foreign 
 markets, whenever a regular trade in Corn 
 shall become established. 
 
 J3y this amendment in our Corn Laws, our 
 Revenue would be very considerably increased 
 and employment afforded to many classes of 
 society; and by rendering the duty of a fixed 
 nature, this advantage would be obtained, that 
 we should be favouring nations with whom 
 our commercial connexion is of a more friendly 
 description, to the partial exclusion of corn of 
 inferior quality (which could not bear the duty 
 and charges) from other countries less disposed 
 to admit our manufactures, or to cultivate a 
 reciprocally liberal intercourse with this coun- 
 try. Or, if deemed preferable, it might be fur 
 ther enacted that the import of grain into this 
 country, should only be allowed under certain 
 
 E
 
 34 
 
 duties, in foreign bottoms, under the condi- 
 tion secured by bond at the Custom-house, that 
 the same vessels should export an equal amount 
 of value, in the manufactures, the products of 
 this country, according to the certificates of 
 sales effected in our markets. 
 
 In addition to the preceding topic, which 
 •appears more particularly of a commercial 
 nature, I am desirous of soliciting the attention 
 of your Grace to one more subject of a mixed 
 character, the importance of which is impressed 
 on my mind by the issue of the late war be- 
 tween Turkey and Russia. From the great 
 anxiety evinced by the latter power, of late 
 years, to extend its frontiers towards our East- 
 ern possessions, by alternately waging war 
 against unprepared and defenceless nations, 
 such as Persia and Turkey, and compelling 
 the cession of Asiatic fortresses and provinces 
 as the hard condition of a hollow truce or in- 
 sincere peace, I am led to apprehend that this 
 extension of the Russian frontiers will lead to 
 future misunderstandings between that power, 
 and those states of Europe and Asia, whose 
 undisturbed peace it is the interest of this coun- 
 try to maintain. Besides, this Arrondissement 
 of territory is in violation of that pledge made 
 to France and England at the commencement
 
 35 
 
 of the Turkey War, disclaiming motives of am- 
 bition and conquest. At present she appears 
 extremely active in promoting her political and 
 commercial intercourse with Georgia and those 
 newly acquired Asiatic provinces, which ren- 
 ders it incumbent on this country to cultivate 
 its trade and commerce with Turkey, Asia 
 Minor and Egypt. It is with these countries 
 that the exports of British Manufactures are 
 the least impeded and the most extensive. In 
 order therefore to contribute to the resource? 
 of Turkey at this most important period, it 
 might be advisable to promote its trade, and 
 that of the Levant and Mediterranean gene- 
 rally, by a considerable reduction of duty on 
 all its products, as fruits and oils from those 
 parts, which, on the former, at present exceeds 
 100 to 200 per cent, on the first cost. At a 
 very considerable reduction of these duties it 
 is calculated that no diminution of revenue 
 would ensue, as the consumption would be 
 greatly increased, and the trade and comforts 
 of the people proportionably extended. 
 
 I have now approached to the conclusion of 
 the subject of my address, having purposely 
 abstained from entering into the detail of 
 figures and statements, more correctly obtained 
 through the medium of official returns. I shall
 
 36 
 
 however be at all times proud of the honor of 
 giving minute details, or further opinions, when- 
 ever honored with your Grace's commands to 
 that effect; meanwhile, I flatter myself, that 
 the basis of my arguments is founded on truth, 
 and, that the plan itself will be found produc- 
 tive of an improving revenue to the extent of 
 some millions. 
 
 The first wish of my heart is for the coun- 
 try's prosperity; and in addition to the bles- 
 sings already conferred by Providence on this 
 nation, I trust it still destines, that the re- 
 maining great political questions shall be satis- 
 factorily disposed of, to the welfare of the 
 state and the happiness of the people, during 
 your Grace's Administration, and during the 
 reign of his present most gracious Majesty. 
 
 I have the honor to be, 
 My Lord Duke, 
 
 Your Grace's very obedient 
 And most humble Servant, 
 THE AUTHOR. 
 
 London, 29th January, 1830.
 
 APPENDIX 
 
 TO THE 
 
 BRITISH PUBLIC. 
 
 MY FELLOW COUNTRYMEN, 
 
 On the Anniversary of His Majesty's Accession 
 to the throne of these realms, and the commencement of 
 the eleventh year of his reign, I thought I could not 
 prove more perfectly my duty and attachment as a loyal 
 subject, and my allegiance to his Government, than by 
 submitting the preceding letter on the finance of the 
 country, for the consideration of the Ministry. I was 
 impelled to this measure by the most unfeigned and 
 heartfelt anxiety for the prosperity of the country ; but 
 more immediately prompted at the moment, by the reply 
 which his Grace the Duke of Wellington made to the 
 representations of the Grand Juries for the counties of 
 Kent and Sussex, describing the distress of those parts 
 of the country. If my memory fail me not, the reply of 
 his Grace the Duke of Wellington, stated, that His 
 Majesty's Servants would take the distresses of the 
 country into their earliest consideration! When there- 
 fore the noble Duke gave publicity to this assurance, 
 no doubt can exist that he was sincere in his intention, 
 and our surprize must naturally be excited, that instead 
 of the expected enquiry into the causes of distress, its 
 existence in the speech from the throne whs but partially 
 admitted. What circumstance could have induced the
 
 38 
 
 Noble Duke to alter his former resolution can scarcely 
 be imagined, unless indeed we attribute such change to 
 the apprehensions of the Cabinet in respect to an over- 
 whelming conviction of general distress, proceeding from 
 such enquiry. To abandon every idea of investigation, 
 appears therefore to annihilate the assurance given, 
 " that his Majesty's Ministers would take the distress of 
 the country into their earliest consideration ;" but if en- 
 quiry is thus to be sacrificed at the shrine of political 
 expediency, and the nation once more doomed to be 
 consigned to the chapter of accidents, and the people to 
 a longer duration of suffering and bitter patience, it is 
 but a sorry consolation to be dismissed with an assurance 
 that the distress is but partial, or that, without a previous 
 enquiry, it should be declared, that no remedy has ex- 
 istence or can be discovered. What should we say of 
 the state of that patient whose physician, in language 
 similar to the present, should give him over and take his 
 leave? Why, we should despair of his recovery, and 
 either leaving him to his fate, endeavour to render his 
 latter days comfortable, or, if dissatisfied with this 
 seeming hasty opinion of the physician, proceed to call 
 in additional advice. The conclusion which we must 
 come to is obvious. If we have arrived at that climax 
 of disease or distress, that our case is hopeless, in God's 
 name, let us indulge in the objects of our fancy, (though 
 it should be paper and prosperity) rather than languish 
 under the excruciating torment of the last sovereign 
 convulsions. But I am not so easily satisfied ; and as 
 I do not yet despair of the patient's recovery, I call 
 upon you, my fellow countrymen, for your virtuous co- 
 operation and assistance, and still more I call upon you 
 in this eventful crisis, in the last words and emphatic
 
 39 
 
 bequest of our revered and gallant countryman, the 
 great, immortal Nelson, that " England expects every 
 man will do his duty !" 
 
 At the moment I was first induced to submit the pre- 
 ceding: considerations, for an amendment of our financial 
 system, to the consideration of the first Lord of his 
 Majesty's Treasury, no idea of subsequent publication 
 existed. I considered it sufficient to have contributed 
 in intention, my humble mite towards the support of 
 his Grace's Administration, although I was perfectly 
 aware, that some of the topics, were uncongenial to the 
 views of other members of the cabinet. Since that 
 period however, similar propositions have found their 
 way to the public papers, and moreover have already 
 been brought under discussion in Parliament, I feel it 
 therefore, incumbent on myself, to present my lucubra- 
 tions, entire and ungarbled, to the British Public, with 
 all the merits, demerits or imperfections which hasty con- 
 ceptions have cast around them. 
 
 From the present aspect of our domestic affairs, it 
 does not require the spirit of prophecy to predict, that 
 this state of things cannot long continue, as we are fast 
 approaching that period, when a change in the manage- 
 ment of our state and national concerns will be forced 
 upon us. It is futile to contemplate the possibility of 
 an improvement as long as distress is left to ivork its 
 own cure; for every year's delay, will but tend to 
 destroy some of the still remaining resources of the coun- 
 try's industry, and render our artificial state the more 
 embarrassing. The vessel of the shite may still be 
 steered safely into port, but if left to herself she will
 
 40 
 
 flounder from difficulty to difficulty, and at last ground 
 in shallows. 
 
 The first causes of the national distress are too well 
 known to require comment. That it should be felt more 
 at this period than at any other, is owing to those law 
 enactments which have accelerated the progress of cir- 
 cumstances and shackled the trade and industry of the 
 country, by an alteration in the currency, which has 
 doubled the value of the rich man's property at the 
 expense of the poor man's labour. The benefit that 
 has resulted from those measures is all on one side, as 
 it enables the rich man to uphold his establishment and 
 to roll in his carriage at half the expense he was for- 
 merly subjected to, whereas the poor man must be 
 content to take for his labour, instead of 20s. per week, 
 as formerly, 10s. or even 5s., and be degraded to pau- 
 perism against his will, if he cannot contrive to linger 
 out a miserable existence on such miserable pittance. 
 To preach up public economy and retrenchment under 
 such circumstances, is but to mock at suffering, and to 
 aggravate the evil. For what would it avail the public 
 welfare, to disband the army or navy altogether? — It 
 would but increase competition for labour, and pauperism 
 among the poor, and place the resources of our national 
 greatness at the mercy of foreign rivals. On the con- 
 trary, let us preserve the sinews of defence unrelaxed, 
 though without profusion or extravagance, and call for 
 the encouragement of the arts and sciences, and of trade, 
 rather than for economy ; for economy will never yield 
 the revenue required to meet the taxation caused by 
 war and profusion.
 
 41 
 
 The preceding- pages will show that I am not an 
 advocate for an improper or unsafe paper currency. On 
 the contrary, my propositions go to establish the safety 
 of the Bank of England from the only state which could 
 by possibility endanger it — that of a mix'd, circulation 
 for itself and for government, the latter being too 
 unmanageable for its restricted capital. Subject to 
 payments in gold at a time when the nation's currency 
 can be legally sent out of the k ngdom, its circulation 
 cannot be regular, nor depended upon. Money becomes 
 plentiful or scarce in the course of a few days, without 
 any apparent cause or reason, and this incertitude tends 
 to destroy commercial confidence. This no doubt pro- 
 ceeds from the conflicting workings of a mix'd real and 
 artificial state of things, which may be compared to the 
 growth of a tree experimentally engrafted : our National 
 Debt, or the Public Funds, present a trunk of paper, 
 having the Bank of England for its top, with branches 
 bearing a golden fruit and paper foliage. We must not 
 therefore be surprized that the base should prove too weak 
 to support the head, or that the latter should not be able 
 to produce a golden fruit for every leaf of paper. It is but 
 natural to expect that as soon as the trunk is touched by 
 the canker-worm of time, and shows symptoms of decay 
 or that when sudden gusts and storms arise, this tree 
 should prove top-heavy, and be levelled with the ground . 
 To effect a salutary good it is requisite to separate the 
 real from the artificial thing, and both may then do well : 
 This is the principle I am desirous of recommending 
 to your attentive and patriotic exertions, convinced that 
 it will give health and strength to both parties. Should 
 we not be as fully satisfied to receive the paper cir- 
 circulation of a National Bank, secured on the faith of 
 
 P
 
 42 
 
 government and the nation, as we are at present to hold 
 the same paper security under different denominations, 
 such as funds, Exchequer, Navy or Treasury Bills? 
 To argue the contrary, is to infer a conflict of interest, 
 or perversion of intellect. 
 
 I hazard the above assertion in opposition to the dogma 
 of a leading paper, which, from some unknown secret cause, 
 has ventured to declare that it would not give one shil- 
 ling for a cart load of these securities, and which then 
 treated the contribution of one of its subscribers on this 
 currency question, with the uncourteous comparison of 
 the " Pons Asinorum." My only hope is, that it may not 
 be tempted with that load in those securities, or to the 
 extent of the amount which public rumour ascribes to 
 its having received last year from certain quarters, as a 
 remuneration for its services. This rumour however I 
 will readily disbelieve, as it is my favourite journal, in 
 which I should be sorry to imagine the possibility of 
 venality. A free press is the country's pride and 
 blessing; but still I must agree with his Majesty's pre- 
 sent Attorney- General, (though I should risk the enmity 
 of the power in question) that the abuses of the press 
 ought to be restrained. It has occurred but too often, 
 that the press has lent itself, either from impure motives 
 or personal interest, to advocate principles opposed to 
 truth and justice, and further, to affect the price of the 
 public funds by flattering or alarming paragraphs on the 
 state of the country, as best suited the result of secret 
 operations in the money market. An undue power 
 and influence of the press, over pecuniary matters and 
 private affairs ought to be guarded against, as it sub- 
 jects the property of individuals to the rapacity of pri-
 
 43 
 
 vate speculators. For this reason also it appears de- 
 sirable that the information in the City Articles, having 
 reference, to the prices of the funds, or mercantile pro- 
 perty, should be confined to plain matters of fact, rather 
 than of speculation. A moment's consideration will 
 shew the propriety of this remark. Let the press be 
 as free as air ; but at the same time be it pure and 
 unsuspected ! 
 
 It is not my intention to travel again over the same 
 ground ; but I may be allowed to make a few observa- 
 tions in support of the arguments already advanced, and 
 now submitted for the attentive consideration of the 
 public. I may, I trust, be permitted to enquire what 
 absolute need we have, of a more extended metallic 
 currency, and that in gold, provided there is a sufficiency 
 in circulation to meet the foreign wants of the country. 
 Is not a paper circulation, founded upon the security of 
 government and the nation, more suitable to our com- 
 mercial and internal wants than gold, and has it not 
 during the last 30 years become part of our natural 
 system' Indeed it presents to the commercial world a 
 far greater security than gold, since in case of loss by 
 accident, or by the defection of intermediate agents, or 
 of robbery of Banks, it admits of a chance of stoppage 
 and recovery, which gold does not. If however govern- 
 ment prefer giving a gold circulation to the nation, let 
 us not contemn the measure; but let us then require of 
 it to provide 30 millions per annum in gold, as pay- 
 ments of the national dividends, without interference 
 with the Bank of England — without borrowing of that 
 body against government issues of paper in Exchequer 
 Bills as at present; thereby intercepting the regular
 
 44 
 
 wants of the country, and creating the greater part of 
 the perplexity and distress of which the nation so gene- 
 rally complains. Having brought the argument to this 
 complexion, let us call upon the doctors of currency to 
 solve the problem, and to inform us whence they will 
 derive their gold. At any rate I should have to con- 
 gratulate the nation on the obtainment of that which it 
 requires — namely, a sufficient circulation, whether of 
 paper or of gold, as the public might then calculate on the 
 unvarying and equal circulation of its capital — estimated 
 at 20 millions from the Bank of England, and 30 millions 
 from Government Dividends, making together a steady 
 and secure circulation of 50 millions without interference 
 with Country Banks or private property. 
 
 As my object is not to inveigh against existing in- 
 stitutions, but rather to add to their security, and to 
 promote the general welfare, I shall proceed to submit 
 a suggestion by which a circulation of Bank paper may 
 be rendered more secure, and obtain an additional pre- 
 ference over gold. It will be assented to by all parties, that 
 the Bank paper, or government securities of any nation, 
 are exclusively destined to circulate in that nation — and 
 not to be sent into foreign countries — consequently it 
 follows that all paper money sent out of the country for 
 the personal convenience of the proprietor, becomes, in 
 transitu, denationalized. When therefore it comes back 
 to the parent state, it should return subject to this law 
 and equity, that if it has been negotiated abroad by a 
 just proprietor it retain its validity, otherwise that it 
 be considered merely as a foreign Bill of Exchange, 
 on which the holder would have to look to the party 
 from whom he received it, and of whose integrity he
 
 45 
 
 ought to have been previously satisfied. This, 011 in- 
 vestigation, will be found to be a just definition of na- 
 tional law, and greatly conduce to prevent robberies of 
 Banks, since it will cut off the possibility of transfer or 
 negotiation of stolen Bank Notes in foreign states, by 
 means of which, parties in this country have been re- 
 peatedly defrauded. 
 
 To return however to the subject more immediately 
 before us — the distress of the country — I perfectly co- 
 incide with his Grace the Duke of Wellington, in 
 opinion that much is ascribable to the general introduc- 
 tion of steam and mechanical power, into almost every 
 branch of manufacture. In fine, we may almost appre- 
 hend that the two great discoveries of modern times, 
 vaccination, and the perfection of steam power, which 
 ought to be considered as blessings to society, will prove 
 its greatest enemies. The one conduces to a pro- 
 gressively increasing population, whilst the other throws 
 that population out of employment. If we cannot return 
 to first principles, machinery in manufactories might very 
 properly be taxed for the support of that poor which it 
 creates. An impost of £100. per annum for every steam 
 engine used in manufactories, or works not of a public 
 nature, (such as mines, canals, bridges, &c.) would pro- 
 duce some considerable revenue in relief of the poor of 
 their respective townships. 
 
 To particularize all the separate grievances or dis- 
 tresses of the different classes of society would prove a 
 painful and a tedious task. Suffice it to say, that the 
 land owner, can with difficulty obtain payment of his 
 rents, whilst, on the oilier hand, the agriculturist
 
 4(7 
 
 and farmers complain of high rents, tithes, taxes and 
 poor's rates. 
 
 The Mining Interest has to complain, that the terror of 
 our law proceedings prevents the working of mines at 
 home, and induces our capitalists to form mining com- 
 panies for distant foreign countries, rather than subject 
 their persons and properties to the jurisdiction of courts, 
 whose decisions are at variance with the stannary laws 
 of the country, framed expressly for that interest, and 
 according to which, each shareholder is only responsible 
 in proportion to his share. It is only, I believe, in this 
 country where the law of partnership subjects the whole 
 property of either an acting or dormant partner to 
 claims beyond the amount of individual proportion. 
 
 The Shipping Interest complains of want of remu- 
 nerating employment; and the merchant, that whatever 
 adventure is undertaken either to or from foreign parts, 
 leaves no profit. Free Trade, without reciprocity in 
 liberal measures on the part of foreign powers, and without 
 freedom of trade in the first article of our physical 
 wants, appears to present no advantage in our favour. 
 
 When we reflect on all these great and intricate 
 questions, we must readily admit, that the country at 
 this important crisis stands in need of great assistance. 
 Much shall we be indebted to that Premier — to that 
 Chancellor of the Exchequer — to that Board of Trade — 
 or conjointly to that ministry, which shall restore the nation 
 to its wonted prosperity. Never yet however has more 
 useful knowledge been elicited in Parliament during so 
 short a sitting, nor more important and valuable infor-
 
 47 
 
 niation than that recently obtained from some of its 
 members attending on parliamentary committees.* We 
 appear to regard things at present in their true light, 
 and to possess wisdom enough to devise salutary mea- 
 sures ; but, infatuated to old habits, we appear as a nation 
 to lack financial decision. My humble endeavours have 
 been directed to restore confidence and profit to com- 
 merce by restricting illegitimate traffic, and forcing 
 capital towards useful purposes for employment. I have 
 also been emboldened to prescribe measures for the good 
 old lady of Threadneedle Street, which would soon re- 
 store her to her wonted cheerfulness, and dispel from her 
 sons that gloom of brow, depicted on countenances ex- 
 pressive of " the fate of Caesar and of Rome," whenever 
 they attend her councils. The remedies proposed are also 
 natural and simple; viz. to throw open the doors of the 
 Stock Exchange, or to shut them up for ever; and to 
 remove the national branches of our banking system, 
 to their separate establishment, for which purpose a 
 most appropriate and elegant structure opposite the 
 Horse Guards, or in the vicinity of the Treasury, might 
 be selected. 
 
 We may safely pause to enquire what well founded 
 objection can be made to the proposed measure of a cir- 
 culating medium grounded on the security of Parlia- 
 ment — of Government — and of the Nation { And which 
 security, the NQtes of the Bank of Great Britain would 
 present to the United Kingdom. If any objection exist, 
 let it be fairly stated, that we may be able to ascertain 
 whether it will equally with these proposals bear the test 
 
 • Vide Minutes of Evidence on the Currency Question.
 
 48 
 
 of investigation ; but if, as I assert, no reasonable argu- 
 ment can be advanced against the formation of a National 
 Bank for the payment of the Interest or Dividends of 
 the National Debt, in its own circulation of Bank Notes, 
 it is high time that we should pass to a more natural 
 system of national currency and finance, in lieu of con- 
 tinuing in the same exposed and crooked path of our 
 present mystified Banking, and which of necessity must 
 bring the nation back to periods of general distress, as 
 regularly as the operation of the artificial causes remain 
 to embarrass our progress. Eclipses of the solar system 
 may be calculated with greater precision as to time, but 
 they are no t more certain, than the return of gloom to 
 the financial banking of the country, so long as it is 
 suffered to retain its present form and texture. We 
 have it is true, got over one period of panic ; but at what 
 immense cost in property, prosperity and honor, need not 
 be mentioned, as we are still smarting but too deeply 
 under its inflictions. Let us however be aware of a 
 second, as that may even prove more sinister in its ef- 
 fects than the first ; for then the Bank may not have the 
 good fortune, as in the last panic, to be the receivers of 
 the retired deposits from the private Bankers, a circum- 
 stance which, with the re-issuing of Bank Notes, pro- 
 bably enabled it to weather the storm. Should any such 
 unfortunate period return, (and which no one can say is 
 impossible) we may rest assured that its effect will be 
 still more general, and such as none but a°National Bank 
 will be able to withstand. 
 
 The remedy against a recurrence of these evils, is 
 either at the moment within the practicability of govern- 
 ment, or fast approaching within its reach, through the
 
 49 
 
 expiration of the Bank Charter; and an event of so 
 much national importance should not escape the vigilance 
 and attention of the British Public. 
 
 We must already prepare to meet the application of 
 the Bank of England for a renewal of its charter, fore- 
 seeing as we may now do, that it will advance the fact 
 of its having created Branch Banks throughout the 
 country, in opposition to private Banks, and at the in- 
 stigation of government, as a right of claim on a renewed 
 monopoly. This application the public should also be 
 prepared to oppose, in as far as the management of the 
 public* debt should be incorporated with it on the same 
 artificial base and delusive principle as at present 
 existing. 
 
 By the formation of a National Bank of Great Britain, 
 it must not for a single moment be supposed that an 
 opposition establishment to the Bank of England is 
 intended, or that it can enter into the contemplation oi 
 any rational being to convert the ministers, or the ser- 
 vants of His Majesty's government, into privileged Ban- 
 kers or Traders, or even to arm them with undue power, 
 or an extension of influential patronage. All that will 
 be required of such Bank is, a faithful discharge of its 
 duties prescribed by Act of Parliament, and confined to 
 the gradual reduction of the National Debt, by the ex- 
 tinction of stock, regularly purchased of bona fide and 
 voluntary sellers; — and further the payment of the Na- 
 tional Dividends in its National Bank Notes. In such 
 case the present Sinking Fund might either merge into 
 the ideal capital of the Bank of Great Britain, or be 
 confined to its natural increase through compound in- 
 
 (i
 
 •30 
 
 terest alone, as originally devised, without further opera- 
 tion in the stock market. 
 
 Let us imagine that this proposed Bank of Great 
 Britain be once formed, and that every requisite ar- 
 rangement is made for the periodical payment of the 
 dividends, — is the idea beyond the reach of possibility, 
 that that portion of the public who may require the 
 realization of a part of their funded capital for the pay- 
 ment of customs, excise, or assessed taxes, will hasten 
 to sell their stock for the National Bank Notes of Great 
 Britain, rather than entrust their property to interested 
 and not very scrupulous agents, in an enclosed market? 
 May it not rather rationally be expected that from five 
 to ten millions of stock a year will by these means be 
 extinguished and cease to bear interest, and at the same 
 time afford the nation the so long required desideratum 
 of an increasing circulating medium secured on the 
 soundest principles of national policy, and national pros- 
 perity. These measures will liberate part of the capital 
 of the country and restore it to a healthy circulation, 
 and further, render the encouragement of trade and 
 commerce, as well as permanent employment of the 
 manufacturing or labouring classes of society, as much 
 the means of increasing wealth, as it is now the object 
 of general research. Besides, with what comparative 
 facility would not the collection of our revenue of 50 
 millions per annum, be collected from the public, and 
 rents, taxes, &c. paid by the community? Placed in 
 comparison with these promising and permanent im- 
 provements, how must that trifling "promise to our ear" 
 of a reduction of three half -pence per quart on beer, or 
 per pair of boots, shrink into utter insignificance? 1
 
 51 
 
 must confess that 1 had expected greater things from 
 the determined energy, if not from the collective wisdom 
 of our present rulers ; but it appears that whether in the 
 pursuit of objects of political ambition, or in the search 
 of truth and justice, man is continually doomed to dis- 
 appointment. 
 
 We have no doubt all of us observed during recent 
 discussions in parliament, ' how the galled jade winced ' 
 under the infliction of the currency question, and how 
 anxiously every advocate of those erroneous measures 
 from the Minister to the Philo-Peel Paper, exerted him- 
 self to get rid of the question, and to sophisticate the 
 stubborn truth, that the distress of the country is owing 
 to the restriction of the currency, in consequence of the 
 indiscriminate return to cash payments, those of govern- 
 ment, which ought to have been the first, alone excepted. 
 How pitiful was the hope, expressed, " after the present 
 evening to hear no more of the currency subject." If 
 this currency question is not intimately connected with 
 the source of the national distress, why apprehend its 
 fullest investigation, in a committee of enquiry on the 
 state of the nation I Until therefore, more satisfactory 
 and more permanent measures are resorted to, to restore 
 prosperity to the country, we may safely assure the 
 minister, that however the tale of suffering may be stilled 
 and got rid of until another session, yet that it will in- 
 cessantly return, until the cause ceases. Let him not 
 therefore, 
 
 " Lay that flattering unction to his soul," 
 That acts likethese can pass and be forgotten ! 
 
 but rather admit the propriety of introducing further 
 measures of relief for His Majesty's distressed people,
 
 52 
 
 or prepare for many succeeding contests, from the an- 
 noyance of random shots and bush firing, down to the 
 regular volleys of more organized campaigners : We 
 live at present under a tolerable military-civil-govern- 
 ment, and a few allusions or reminiscences of former 
 days, may be pardoned as digressions not wholly irre- 
 levant to the subject. 
 
 But then we have the Currency Bill of 1819 before 
 us, and because this hasty and erroneous measure was 
 introduced probably as much to falsify the prophecy of 
 that forcible writer Mr. Cobbett, on the subject of cash 
 payments, as to gratify personal ambition, we must con- 
 tinue in the same course whether good or bad, and at 
 whatever individual sacrifice ! I have ventured to de- 
 nominate the measure, with respect to its time and effect, 
 erroneous, because it was general not partial, and be- 
 cause government itself did not make the commencement 
 with paying its debt to the Bank of England, nor even 
 the dividends of the national debt to the public, in Gold. 
 It may here very naturally be suggested, that if the 
 dividends are paid in paper, still that the Bank is liable 
 to a payment of its notes in gold ; but this is the very 
 front and spirit of the evil, for so long as the Bank of 
 England remains subject to pay not only its own engage- 
 ments, but also those of the government, in gold, so sure 
 we may rely on periodical scarcity of money and conse- 
 quent national distress, whenever events or circumstances 
 having reference to the currency, shall induce the Bank 
 of England to lessen its circulation.* Without therefore 
 absolutely repealing the Bill of 1819, which enforces 
 cash payments on the Bank of England, and yet for the 
 
 * Vide page 60.
 
 63 
 
 express purpose of rendering a circulating medium more 
 abundant, the only safe, honorable and just method 
 which offers itself to our notice, is the introduction of 
 some distinct government payment for the dividends of 
 the national debt, which the formation of a National 
 Bank of Great Britain would afford, and the notes of 
 which Bank, government might or might not pay in gold, 
 at its pleasure, or rather as its capacity would admit. 
 
 If the act for the relief of circulation of small Bank 
 Notes was proper, generally, it ought to have been ex- 
 tended to all. Scotch Banks were excepted, because 
 from the union of that part of the nation, sufficient 
 power of retaliation on the Bank of England existed, 
 which from the amount of its capital and portion of the 
 funds of the country, would have enabled them to de- 
 mand 10 to 20 milllions of specie from the Bank, which 
 woiild have upset the whole of the plans, as well as the 
 Bill of 1819 for resumption of cash payments, and either 
 have dictated a general financial amnesty, or a return to 
 former arrangements. It would still be the same if the 
 600 Country Banks of England were similarly to consult 
 their interest, and through an union of their power, and 
 with a view of benefitting the public, no longer submit to 
 the degradation of being described as a body of needy 
 adventurers, without capital, common integrity, or honor. 
 The cause of the panic rested not in them, but in the 
 acts and measures of their superiors — theirs was the 
 sacrifice and disgrace, verifying the German proverb, 
 "Wer den Schaden hat, hat den Spott." 
 
 To remove the present distress of the country, it is 
 requisite mainly , if not solely, to restore confidence be-
 
 54 
 
 tween man and man, but which end cannot be ob- 
 tained, unless the circulating medium be kept free and 
 
 abundant. Now we must also admit, that confidence in 
 the means of individuals cannot possibly exist, so long 
 as capitalists are aware that the possibility of meeting 
 private engagements, depends more on those secret 
 springs effecting the circulation of the currency, than 
 on the disposition, or even the property of individuals, 
 not reducible in the crucible, or convertible into Bank 
 Notes in the Stock Exchange. The first study should 
 therefore be to render the circulation healthy and abun- 
 dant; but, at the same time steady and certain, not 
 subject to sudden restrictions as at present. 
 
 During former periods of distress, it has been found 
 of great avail, and at the same time beneficial to the 
 community, to aid and support private bodies and indi- 
 viduals engaged in the prosecution of works either of a 
 public nature, or, though private, of undoubted public 
 utility. Hitherto that has been effected through the 
 medium of government loans, by commissioners appoint- 
 ed for such purpose ; and as the result of former experi- 
 ments has proved very satisfactory to the public, and 
 without loss or insecurity to government, the same 
 method should now be resumed to relieve the temporary 
 and partial causes of distress as in former instances ; and 
 if the funds appropriated by parliament are momentarily 
 exhausted, the vote or grant of Exchequer Bills for 
 such purposes, should be renewed. 
 
 It would be a source of prosperity to this country if 
 government could become Lenders of Money, instead of 
 Borrowers ; or that it were permitted to borrow in times
 
 55 
 
 of peace, any surplus or unemployed capital at a low 
 rate of interest, and either repay in times of war, or 
 with such accumulating capital to acquit the obligation 
 of the public creditor, by paying off the funds of a higher 
 rate of interest at par. This would obviate also, the 
 forced measure of reducing the interest of the annuitants 
 from 5 to 4 and the 4 to 3g or 3 per cent, as at present, 
 thereby increasing, not diminishing the capital debt of 
 the country, as these 3 per cents must eventually be paid 
 off at the par of £100. 
 
 When I permit myself to assume the honor of ad- 
 dressing the British Public, I feel as an individual 
 belonging to a nation of freemen, whose duty it should 
 be to support the cause of truth, against partial interests 
 backed by sophistry and fiction. It is therefore the mea- 
 sures proposed, and not the power or influence, or the 
 absence of these unessentials in the individual, that 
 should claim the merit of your attention. With this 
 impression I shall recommend the following observations 
 to your unbiassed notice. 
 
 The evils which the people of this country are now 
 subject to, may be considered as more immediately 
 aggravated by the effect of arbitrary introductions which 
 have obtruded upon the public, and which by tacit ac- 
 quiescence have at length obtained root, as if they formed 
 a just and natural part of our system. Of this nature 
 are principally three distinct branches of monopoly, 
 which I have endeavoured to lay before you in their 
 several defects and deformities. 
 
 The first monopoly is the Bank of England, which 
 has the power of increasing or reducing the value of
 
 86 
 
 of personal property, according to the state of political 
 circumstances and its connexion with the payments for 
 the account of government. 
 
 The second monopoly is that over the value of the 
 puhlic funds, possessed by the Monied Interest in a 
 closed Stock Exchange, whose operations are uncon- 
 trolled by government, and beyond the possibility of 
 public scrutiny. 
 
 The third and last monopoly is that granted by the 
 legislative body (formed chiefly of the great landowners 
 and agriculturists of the country) to themselves; that 
 of indirectly taxing the community in the consumption 
 of Corn and provisions of life, to the extent probably of 
 fifty millions per annum, by precluding the admission 
 of foreign grain, &c. when under an average price of 
 73s. per quarter for Wheat : Now the market price of the 
 day being about 63s. per quarter, it follows that the pre- 
 sent duty of 25s. per quarter would amount to upwards 
 of 100 per cent, not on the first cost of produce, but on 
 the prices of grain free on board of ship in the ports of 
 the continent. 
 
 It is in these all-overpowering monopolies that we 
 must endeavour to discover the causes of national dis- 
 tress, and it is in their removal alone that we may hope 
 to establish a remunerating value for the ingenuity of 
 our manufacturers, or the industry of our labouring 
 classes. Remove every obstacle to the country's circu- 
 lating medium, and encourage by every act the employ- 
 ment of our artisans, mechanics or labourers, and the 
 Emigration Committee will be spared infinite trouble
 
 57 
 
 and expense, and the nation retain its surest sinews of 
 strength, namely, an increasing industrious population, 
 by means of which the trade and revenue of the country 
 would advance, without even the aid of foreign com- 
 merce. 
 
 The injustice of the last monopoly however defeats its 
 own intended purpose, for at the same time that it would 
 keep up the price of Corn and every other necessary of 
 life, it undermines the commercial, manufacturing, ship- 
 ping, and all the other vital interests of the empire, and 
 by entailing distress on the population of the country, 
 generates pauperism, which again impoverishes the corn 
 grower, and renders the obtainment of rent by the land 
 owner difficult or impracticable. It is from this reason 
 that may be adduced the truth of the assertion made 
 by the first minister of the country, that it has gene- 
 rally happened that prices of grain have ruled high- 
 est during the periods of free importation ; which is so 
 far true, though not the inference which was endea- 
 voured to be drawn from those premises. This anomaly 
 is the result of the higher prices proceeding from gene- 
 ral prosperity, and the lower prices from prevailing- 
 poverty or distress ; — and as the effect of importation has 
 been described as beneficial to the agricultural interest, 
 it would be desirable that both that interest and the 
 public should jointly continue to be benefitted by a per- 
 manent introduction of free importation, grounded upon 
 defined principles and upon an equitable, regulated, and 
 fixed duty. 
 
 England was once a generous and hospitable nation — 
 and its people of a liberal, unsuspecting disposition — 
 
 H
 
 58 
 
 open handed, open hearted, ready to feel for the dis- 
 tresses of mankind and to relieve them. At present 
 those virtues appear to have been driven from the 
 heart, through ambition and avarice in the richer, and 
 through distress in the middling and lower classes of so- 
 ciety. One fell swoop appears to have changed the 
 nature of individuals as well as the aspect of their affairs, 
 and for which no doubt some cause exists. I cannot 
 help imagining that the Savings Bank system instead of 
 improving the moral worth of society has destroyed the 
 finer feelings of philanthropy which formerly induced 
 the owner of a little money to assist his neighbour in the 
 time of need, to avoid a distress for rent, or to obviate 
 similar calamities of private life. Conduct such as this 
 begets gratitude and commands universal admiration; 
 but at present it is much to be feared that the Savings 
 Bank and self interest absorb every little hoard, and 
 consign the practice of benevolence to the strangers 
 of the desert. 
 
 In order not to appear too prolix, or to exhaust that 
 indulgent patience, which I am anxious you should de- 
 vote to the examination of the measures, I have at 
 present the honor of submitting for your consideration, 
 I shall conclude with the assurance, that in practice, I 
 yield to no man in the love I bear our country, and in 
 the veneration I have for its constitution ' as it should 
 be.' In my professions to serve my country at the sa- 
 crifice of personal prospects or property, I also yield to 
 none but to a Camden, and a few other such unnamed 
 patriots, who have proved by deeds, not professions their 
 infinite superiority. The constitution is like a beautiful 
 flower or fragrant fruit, lovely and good when sound;
 
 59 
 
 but if blighted in the bud, or tainted at the core, cease 
 to excite our admiration. That government and that 
 constitution is the best which diffuses the greatest por- 
 tion of happiness to mankind with the least alloy, and at 
 the least possible expence. 
 
 I shall be most happy if these observations tend to 
 advance the interests of the country, 
 
 And have the honor to be with great respect, 
 My Fellow Countrymen, 
 
 Your most devoted Servant, 
 
 THE AUTHOR. 
 
 London, April 30tb, 1830.
 
 60 
 
 Note referred to at Page 52. 
 
 The subjoined copy of an official document, submitted to 
 Parliament, will prove the extent of the influence which the 
 connexion of the Bank of England with the Payments of the 
 Government, must have upon the Currency of the Country. 
 
 BANK OF ENGLAND. 
 
 An Account of the Amount of Advances made by the Bank of England to 
 Government, on Exchequer Bills, and all other Securities, including 
 Exchequer Bills, Deficiency Bills, Navy Bills, Victualling Bills, &c. at 
 the undermentioned periods. 
 
 
 
 <2 a 
 
 TIT! 
 3 > 
 
 S Q 
 
 i| 
 
 a £ 
 
 Si 
 
 = 2* 
 
 5 
 
 .a — 
 a 
 
 M 
 
 M 
 
 Exchequer Bills 
 purchased. 
 
 £ 
 
 ~T3 
 
 *■ a 
 
 a°> 
 
 Commissioners of His J 
 Majesty's Woods and 
 
 Forests ; 
 New Street Account. | 
 
 Advanced towards the 
 purcba-e of an Annuity of : 
 £585,740. for 44 years, 
 per Act 4 O. 4. c.22. 1 
 
 Total. 
 
 1819. 
 
 Feb. 26 
 Aug. 20 
 
 £• £• 
 
 1,098,820 6.598JO00 
 1,017,330 8,498,000 
 
 £ 
 
 13,080,900 
 13,080,900 
 
 £. 
 
 2,650,000 
 2,650,000 
 
 £■ 
 300,000 
 300,000 
 
 
 £. 
 
 £. 
 
 23,727,720 
 25,546,230 
 
 1820. 
 
 Feb. 26 
 Aug. 26 
 
 1,074,304 6,591,000 
 1,110,547 5,276,000 
 
 12,939,900 
 12,039,900 
 
 2,100,000 
 2,100,000 
 
 300,000 
 300,000 
 
 
 
 23,005,204 
 20,826,447 
 
 1821. 
 
 Feb. 26 
 Aug. 25 
 
 1,066,720 3,435,000 
 1,121,425 6,653,000 
 
 11,839,900 
 9,139,900 
 
 
 
 300,000 
 300,000 
 
 
 • 
 
 16,641,620 
 17,214,325 
 
 1822. 
 
 Feb. 26 
 Aug. 26 
 
 1,150,300 3,593.000 
 1,089,258 4,921,800 
 
 | 
 
 9,189,900 
 9,139,900 
 
 
 
 300,000 
 300,000 
 
 
 
 14,188,200 
 15,450,958 
 
 1823. 
 
 Feb. 26 
 Aug. 26 
 
 1,151,754 3,106,800 
 1,120,797|1,376,800 
 
 10,411,000 
 10,411,000 
 
 
 
 300,000 
 300,000 
 
 2,110,719 
 
 14,969,554 
 15,319,316 
 
 1824. 
 
 Feb. 26 
 Aug. 26 
 
 1, 101,581 696,800 
 1,063,949 16,800 
 
 10,411,000 
 10,411,000 
 
 
 
 300,000 
 300,000 
 
 3,091 ,399 
 4,092,719 
 
 15,600,780 
 
 15,884,468 
 
 1825. 
 
 Feb. 26 
 Aug. 26 
 
 1,047,942 4,185,758 
 1,005,612 3,852 922 
 
 9,411,000 
 7,411,000 
 
 
 
 
 5,034,588 
 5,991,566 
 
 19,679,288 
 18,261,100 
 
 1826. 
 
 Feb. 25 1,001,897 2,487,488 
 
 8,327,000 
 
 
 
 6,907,861 
 
 18,724,246 
 
 Bank of 
 
 H. HAS E, Chief Cashier. 
 
 PLUMMEK, PRINTER, LITTLE EASTCHEAP.