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I had a letter from Mr. Leech when he was Director of the Mint, saying that the federal government is in possession of no information in regard to the cost of gold production and none of any value in regard to silver. Silver was additionally thought of an excellent choice but the current crash has brought about uncertainty and preference is being given to gold. It may be thought however that the coin, although it cannot be of less, could also be, and being a manufactured article will naturally be, of greater value than the bullion contained in it, on the same principle on which linen cloth is of extra value than an equal weight of linen yarn. 1810; and the exchanges, as a substitute of being 15 per cent. If Government opened an workplace the place, on delivery of a given weight of yarn, it returned the identical weight of cloth to any one who requested for it, cloth would be price no more out there than the yarn it contained.

When examined more intently, the following are the small print of the process. And as our taxes and currency are equal in quantity to one another, and of course their proportion to our earnings respectively the same; and as their tendencies are diametrically reverse, and counteractive to each other, it necessarily follows, that whatever impact is produced by a change in one, that change will work a contrary impact in the opposite. The new additional everlasting capital which is made on these levies and expenditure, follows step by step till the final word revenue upon them becomes a set strong increase of capital.-Let Government spend 50 additional thousands and thousands in a 12 months: these 50 millions are taken from the existing capital, and the advance of such a sum can even require extra forex; but the revenue made by the individuals involved in advancing and spending these 50 thousands and thousands, does not come into exercise until one, two, or three years' interval. In the next place, I find from the late Lord Liverpool's Treatise upon Coins, that his Lordship estimates the value of the gold coin circulating in his Majesty's dominions, at 30 tens of millions; and if we allot 5 thousands and thousands to Ireland, the gold coin circulating in Great Britain earlier than the Restriction Act, was 25 hundreds of thousands, and about 10 hundreds of thousands of Bank Notes, which I believe exceeds the amount of Bank Notes and Coin now in circulation or in the Bank.

Allow us to additionally recollect, that if we have been to regulate the quantity of our foreign money in Coin and Bank Notes, by the proportion of currency to taxes and revenue, which existed in 1790, our forex now, if measured by taxes, should exceed one hundred hundreds of thousands, and if measured by income, 90 tens of millions. Our taxes, together with the expenses of collection, are about fifty five thousands and thousands; our circulating medium, including Country Bank Paper, is above 50 hundreds of thousands additionally; in order that no matter be the amount of our revenue, the taxes on one hand, and the foreign money on the other, bear almost the same proportion to it. We have been nearly upon a stage in that respect with the states of the Continent, which were taxed almost in the identical ratio; the general state of prices was almost the identical, and the value of gold about par. I see nevertheless, that Mr. Ricardo and others, are forming schemes for enabling, or for obliging the Bank to pay their Notes in bullion as a substitute of coin, at mint value, no matter be the market price; as if there have been any distinction in truth and actuality between paying in coin and in bullion, which is weight for weight of the same worth as coin.

A attracts a invoice on B for the quantity which B owes to him: D, having an equal amount to pay in France, buys this invoice from A, and sends it to C, who, on the expiration of the variety of days which the bill has to run, presents it to B for fee. Certain restrictions had been introduced which have been to be utilized to all current banks; and it was thought desirable to make obligatory the periodical publication of the names of all companions and directors, and of such matters as the switch of shares, as well as the quantity of the problem of notes, and to determine how lengthy the responsibility for the possession of shares would attach to a occasion. And earlier than they need to have resolved, that Excess of Issues were the only cause of the rise of the value of gold, they should have acknowledged the totally different outcomes of the inquiries within the above talked about factors,-and given depart to each impartial man to make his judgement accordingly. Is it only a guess, for no one can state with mathematical precision what the rise would be. In 1814, the issue of Bank Notes was not one fourth of the sums levied.

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