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great； that it can only be counteracted by locking up our money
in the bank； and absolving the directors from the obligation of
paying their notes in specie。
Mr Pearse's statement； as presented to the Bullion Committee：
Total of Bank Notes； Millions； Rate of Hambro'
Exchange
17th February； 1797； 8 1/2； 35s 6g
Rose Gradually in 1797 and 1798 to； 13； 38s 0g
March 1799； 13 1/2； 37s 7g
After this period； great commercial distress； large importation
of corn； heavy subsidies； and the Hambro' Exchange continued
falling； and on the 2d January； 1801 wasas low as； ； 29s 8g
Between the end of the year 1799 to the end of 1802； an increased
quantity of 1 l。 and 2 l。 notes were issued； swelling the sum
total to all notes to； 13 1/2 to 16 1/2； Fluctuation from 33s 3g
to 29s 8g
From January； 1803； to the end of 1807； 16 1/2 to 18； Fluctuation
from 32s 10g to 35s 10g
From January； 1808； to Christmas 1809； 17 1/2 to 18； Fall from
34s 9g to 28s 6g
The rate of the Hambro' Exchange is taken from Lloyd's list。
I have omitted as much of Mr Pearse's paper as regarded the
amount of bank notes in circulation before the restriction on
bank payments； because whilst the public possessed the power of
obtaining specie for their notes； the exchange could not put be
momentarily lowered by the amount of the bank issues。
The average amount of bank notes from the year 1797 to 1809
inclusive； in the following table； is copied from the Report of
the Bullion Committee。 The rates of exchange are extracted from a
list presented by the mint to parliament。 There have been three
returns made to parliament by the Bank； of the amount of their
notes in circulation in the year 1810； the first for the 7th and
12th of each month； the second a weekly return from the 19th
January； 1810； to 28th December； and the third also a weekly
account from the 3d March to 29th December； 1810。 The average
amount of notes above 5 l。 including bank post bills； according
to the first account is
*15；706；226 of notes under 5 l。 *6；560；674
Second。。。 16；192；110 6；758；895
Third。。。 16；358；230 6；614；721
3） 48；256；566 19；934；290
General average 16；085；522 6；644；763
In the years marked thus * the value of silver as compared
with gold exceeded the mint valuation；…this was the case
particularly in the year 1801； when less than 14 oz。 of silver
could purchase an ounce of gold； … the mint valuation is as 1 to
15。07； the present market value is as 1 to 16 nearly。
Average amount of Bank of England Notes in circulation in each of
the following years：
Notes of 5 l。 and upwards； including Bank Post Bills； Notes under
5 l。； Total； Highest rate of Exchange with Hamburgh； Lowest rate
of Exchange with Hamburgh
1798； *11；527；250； *1；807；502； *13；334；752； 38。2 Jan。； 37。4 Dec。
1799； 12；408；522； 1；653；805； 14；062；327； 37。7 Jan。； 31。6 Oct。
1800； 13；598；666； 2；243；266； 15；841；932； 32。5 May； 31。0 Feb。
1801； 13；454；367； 2；715；182； 16；169；594； 31。8 Oct。； 29。8 Jan。
1802； 13；917；977； 3；136；477； 17；054；454； 34。0 Dec。； 32。0 Feb。
1803； 12；983；477； 3；864；045； 16；847；511； 35。0 Dec。； 34。0 Jan。
1804； 12；621；348； 4；723；672； 17；345；020； 36。0 Dec。； 34。8 Feb。
1805； 12；697；352； 4；544；580； 17；241；932； 35。8 March； 32。8 Feb。
1806； 12；844；170； 4；291；230； 17；135；400； 34。8 Dec。； 33。3 Jan。
1807； 13；221；988； 4；183；013； 17；405；001； 34。1 March； 34。2
Sept。
1808； 13；402；160； 4；132；420； 17；534；580； 35。3 July； 32。4 Dec。
1809； 14；133；615； 4；868；275； 19；001；890； 31。3 Jan。； 28。6 Nov。
1810； 16；085；522； 6；644；763； 22；730；285； 31。2 June； 28。6 Dec。
1811； ； 26。6 Jan。； 24。0 March
The Bank have made a return of the amount of their notes for
eighteen days in this present year 1811。 The average amount of
notes of 5 l。 and upwards in circulation for those eighteen days；
including bank post bills； is *16；286；950
And of those under 5 l。 *7；260；575
Total *23；547；525
〃If；〃 say the Reviewers； 〃considerable portions of the
currency were taken from the idle； and those who live upon fixed
incomes； and transferred to farmers； manufacturers； and
merchants； … the proportion between capital and revenue would be
greatly altered to the advantage of capital； and in a short time
the produce of the country would be greatly augmented。〃 It is no
doubt true 〃 that it is not the quantity〃 of circulating medium
which adds to the national wealth； 〃but the different
distribution of it。〃 If； therefore； we could be fully assured
that the effects of the abundance； and the consequent
depreciation of the currency； would diminish the powers of
consumption in the idle and unproductive class； whilst it
increased the number of the industrious and productive class； the
effect would undoubtedly be to augment the national wealth； as it
would realize into capital that which was before expended as
revenue。 But the question is； will it so operate？ Will not a
thousand pounds saved by the stockholder from his income and lent
to the farmer； be equally productive as if it had been saved by
the farmer himself？ The Reviewers observe； 〃On every fresh issue
of notes； not only is the quantity of the circulating medium
increased； but the distribution of the whole mass is altered。 A
large proportion falls into the hands of those who consume and
produce； and a smaller proportion into the hands of those who
only consume。〃 But is this necessarily so？ They appear to take it
for granted； that those who live on fixed incomes must consume
the whole of their income； and that no part of it can be saved
and annually added to capital。 But this is very far from being
the true state of the case； and I would ask； Do not the
stockholders give as great a stimulus to the growth of the
national wealth by saving half their incomes and investing it in
the stocks； thereby liberating a capital which will ultimately be
employed by those who consume and produce； as would be done if
their incomes were depreciated 50 per cent by the issues of
bank…notes； and the power of saving were in consequence entirely
taken from them； although the Bank should lend to an industrious
man an amount of notes equal in value to the diminished income of
the stockholder？ The difference； and the only difference appears
to me to be this； tha