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the stockholder？ The difference； and the only difference appears
to me to be this； that in the one case the interest on the money
lent would be paid to the real owner of the property； in the
other it would ultimately be paid in the shape ofincreased
dividends or bonuses to the bank proprietors； who had been
enabled unjustly to possess themselves of it。 If the creditor of
the Bank employed his loan in less profitable speculations than
the employer of the savings of the stockholders would have done；
there would result a real loss to the country； so that a
depreciation of currency may； as far as it is considered as a
stimulus to production； be beneficial or otherwise。
I see no reason why it should diminish the idle； and add to
the productive class of society。 At any rate the evil is certain。
It must be accompanied with a degree of injustice to individuals
which requires only to be understood to excite the censure and
indignation of all those who are not wholly insensible to every
honourable feeling。
With the sentiments of the remainder of the article I most
cordially agree； and trust the efforts of the Reviewers will
powerfully contribute to overturn the mass of error and prejudice
which pervades the public mind on this most important subject。
It is often objected to the recommendation of the Bullion
Committee； namely that the Bank should be required to pay their
notes in specie in twO years； that； if adopted； the Bank would be
exposed to considerable difficulty in providing themselves with
the requisite amount of bullion for such purpose； and it cannot
be denied； that before the Restriction Bill can be repealed； the
Bank would be in prudence bound to make ample provision for every
demand which might by possibility be made on them。 It is observed
by the Bullion Committee； that the average amount of Bank notes
in circulation； including Bank Post Bills； in the year 1809； was
19 millions。 During the same period the average price of gold was
4 l。 10s。 exceeding its mint price by nearly 17 per cent； and
proving a depreciation of the currency of nearly 15 per cent。 A
diminution therefore of 15 per cent in the amount of the Bank
circulation in 1809； should； on the principles of the Committee；
raise it to par； and reduce the market price of gold to 3 l。 17s。
10 1/2d。； and till such reduction take place； there would be
imminent danger to the Bank as well as to the public； that the
Restriction Bill should cease to operate。 Now； admitting （which
we are far from doing） the truth of your principles； say the
advocates for the Bank； admitting that after such a reduction in
the amount of Bank notes； the value of the reminder would be so
rised； that it would not be the interest of any person to demand
specie at the Bank in exchange for notes； because no profit could
be made by the exportation of bullion； what security would the
Bank have that caprice or ill…will might not render the practice
general of discontinuing the use of small notes altogether； and
demanding guineas of the Bank in lieu of them？ Not only then must
the Bank reduce their circulation 15 per cent。 on their issues of
19 millions； … not only must they provide bullion for 4 millions
of 1 l。 and 2 l。 notes which would remain in circulation； but
they must also furnish themselves with the means of meeting the
demands which may be made on them to pay the small notes of all
the country banks in the kingdom； … and all this within the short
period of two years。 It must be confessed； that whether these
apprehensions are likely or not likely to be realized； the Bank
could not but make some provision for the worst that might
happen； and though it is a situation in which their own
indiscretion has involved them； it would be desirable； if
possible； to protect them against the consequences of it。
If the same benefits to the public；…the same security against
the depreciation of the currency； can be obtained by more gentle
means； it is to be hoped that all parties； who agree in
principle； will concur in the expediency of adopting them。 Let
the Bank of England be required by Parliament to pay （if
demanded） all notes above 2ol。…and no other； at their option；
either in specie； in gold standard bars； or in foreign coin
（allowance being made for the difference in its purity） at the
English mint value of gold bullion； viz。 3 l。 17s。 10 1/2d。 per
oz。； such payments to commence at the period recommended by the
Committee。
This privilege of paying their notes as above described might
be extended to the Bank for three or four years after such
payments commenced； and if found advantageous； might be continued
as a permanent measure。 Under such a system the currency could
never be depreciated below its standard price； as an ounce of
gold and 3 l。 17s。 10 1/2d。 would be uniformly of the same value。
By such regulations we should effectually prevent the amount of
small notes necessary for the smaller payments from being
withdrawn from circulation； as no one who did not possess to the
amount of 20 l。 at least of such small notes could exchange them
at the Bank； and even then bullion； and not specie； could be
obtained for them。 Guineas might indeed be procured at the Mint
for such bullion； but not till after the delay of some weeks or
months； the loss of interest for which time would be considered
as an actual expence； an expence which no one would incur； whilst
the small notes could purchase as much of every commodity as the
guineas which they represented。 Another advantage attending the
establishment of this plan would be to prevent the useless
labour； which； under our system previously to 1797； was so
unprofitably expended on the coinage of guineas； which on every
occasion of an unfavourable exchange （we will not enquire by what
caused） were consigned to the melting pot； and in spite of all
prohibitions exported as bullion。 It is agreed by all parties
that such prohibitions were ineffectual； and that whatever
obstacles were opposed to the exportation of the coin they were
with facility evaded。
An unfavourable exchange can ultimately be corrected only by
an exportation of goods； … by the transmission of bullion；or by a
reduction in the amount of the paper circulaiion。 The facility
therefore with which bullion would be obtined at the Bank cannot
be urged as an objection to this plan； because an equal degree of
facility actually existed before 1797； and must exist under any
system of Bank payments。 Neither ought it to be urged； because it
is now no longer questioned by