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PRICE OF BULLION per Ounce, in the London Market, during the Six
Months en ling 31st December 1811, being the average price of each Month.-N B. Where there is no price mentioned, there has been none of that sort of Bullion in the Market.
Number of BANKRUPT
CIES as announced in the London Gazette ; during the 29 Years, ending at 31 Dec. 1811.
per Stone of
£. s. d. £. s. d. E. S. d. E. s. £. s. d. £. S. d. Portugal Gold
1790... 583 1801... 884 0 0 0 4 17 6 4 16 6 4 17 9 4 19 0 4 19 0
1791... 619 1802... 947 Standard Gold in Bars ......... 0 0 0 0 0 0 0 0 0 4 17 9 4 19 0 4 19 0
1792... 625 | 1803... 920
1793...1299 1804... 884 New Doubloons 4 12 6 4 14 444 12 6 4 14 1 4 15 6 4 15 45
1794... 824 1805... 958, İNew Dollars...... 0 5 1010 6 0 0 5 1140 6 070 6 14 0 6 11
(1795... 704 1806... 994 Standard Silver in Bars.........0 6 0310 6 2 0 6 1 0 0 0 0 0 0 0 0 0 1796... 735 1807...1067
1797... 866 | 1808...1101 N. B. The MINT PRICE, per Ounce, of the Standard Gold and Silver 1798... 794 | 1809...1110 Bullion is as follows: Standard Gold in Bars, £.3 17. 104d. Standard
1799... 557 | 1810...1992 Silver in Bars ; 5s. ed. The other sorts of Bullion, except the Portugal Gold Coia, are below Standard Value. The Prices in the above table is the Market 1800... 736 1811...2044 Price in Bank of England Notes,
Price of the QUARTERN LOAP, according to Table of the Prices of MEAT, SUGAR, SALT, and the Assize of Bread in LONDON, for the COALS, in LONDON, from July to
Six Months ending with Dec., 1811, taking December 1811, inclusive.
the average of the four Assizes in each
Month.-N. B. The Weight of the Loaf, July Aug Sept. Oct. Nov. 1 Dec.
according to Law, is 4lb. 5oz. Sdr. 5. d.
s. d. s. ds. d. 5. d. d. Beef ... 60 58 5.4 1 60 5 8 6 0
July.. Matton 60 60 5 6 6 4 6 0 64
August... Pork... 68 6 8 6 8 10 6 0 6 8
1 5 Sugar 33 94 35 3732 91 36 41 42 4143 91 Cwt.
1 55 Salt 20 20 O 120 0 20 0 120 0 20 0 Busbel
1 54 Coals ..54 6 155 6 154 3 154 6 155 0 55 0 Chalet.
s. d. Average Price during the Six Months 1 35
Number of CHRISTENINGS and BURIALS Prices of the ENGLISH FUNDS, o STOCKS,
within the Bills of Mortality, fron as shown from the Prices here given of the
26th June, to 24th Dec. 1811. Three per Cent. Consolidated Annuities, for the six Months, ending with Dec., 1811. N. B. The Prices here given are the average
Christenings. Burials. Prices for each Month.
Males Females Males Females July
To July 23
809 758 608 559
August 20 747 656 554 510 August ......
September 24 1005 1000 742 713
October 22... 743 667 606 562
930 December 24
873 819 934 872 October 637
5,497 5,191 14,521 4,146 November.
Children under two years of age ... 2,779 December .......... 634
Total Burials ..... 11,4 46 Average Prices of CORN, through all
England and Wales, and of HAY, STRAW, and best
Load. Load. Cwt. Wheat.
Barley. Oats. Beans.
Right Hou. Robert Saunders Dundas (now President of the Board of Controul for the AfLord Melville)
fairs of India.
S Vice-President of the Board of Trade, and - Right Hon. George Rose
Treasurer of the Nary. Viscount Palmerston
Secretary at War.
Joint Paymaster-General of the Forces,
Secretaries to the Treasury.
Master of the Rolls.
Attorney-General. Sir Thomas Plomer
PERSONS IN THE MINISTRY OF IRELAND.
Duke of Richmond
Right Hon. W. Wellesley Pole
VOL. XX. No. 1.] LONDON, SATURDAY, JULY:6,181:
“ Nothing is more certain than death, and nothing more uncertain thah'tite time of lying: get this
can always fix a period beyond wbich man cannot live, and within some moment of which he will * die. We are enabled to do this, not by any spirit of prophecy, but by observation of what has
happened in all cases of human or animal existence. If, then, any other subject, such, for instance,
as a system of finance, exhibits, in its progress, a series of symptoms indicating decay, its final “ dissolution is certain, and, from tho e symptoms we may calculate the period of that dissolution.”Parse. Decline and Fall of the British System of Finance, published in 1796.
[? have fallen in value, and, of course, that PAPER AGAINST GOLD:
any given sum in such notes is not vortk
so much as it formerly was. BEING AN EXAMINATION
IN A SERIES OF LETTERS
Much puzzling has, upon this subject, Report of the Bullion Committee: arisen from a very natural cause; name.
ly, that the note always netains its nominal value; that is to say,always goes by the same
name ; a pound note still is called a pound TRADESMEN AND FARMERS
note, whether it be worth as much as it
formerly was, or not. But, to this point IN AND NEAR SALISBURY.
we shall come more fully by-and-bye, after we have spoken of the way in which
a depreciation of money, or the lowering LETTER XXV.
of the value of money, takes place. The Subject of Depreciation discussed - Lord Stanhope's Bill-Lord King's Notice to
Money, of whatever sort, is, like every kis Tenants.
thing else, lowered in its value in propor
tion as it becomes abundant or plenty. As GENTLEMEN,
I said upon a former occasion, when apThe foregoing Letter we began with ples are plenty apples are cheap ; proposing to discuss the question of depre- cheap means low in price. The use of mociation, but were stopped by the desire of ney is to serve men as a sign of the amount showing how childish, and, indeed, how of the value of things that pass from man unjust it was in our government to com to man in the way of parchase and sale. plain of the endeavours said to be used It is plenty, or scarce, in proportion as its by the French for destroying our paper- quantity is great or small compared with money, seeing the endeavours which were
the quantity of things purchased and sold used here to destroy the Assignats in in the community; and, whenever it be France. We will now resume the subject comes, from any cause, plenty, it depreof depreciation, and see whether the paper. ciates, or sinks in value. Suppose, for inmonėy of England be, or be not, úctualiy stance, that there is a community of ten depreciated; and, if we find that it is, we men, who make amongst them 100 purwill inquire whether it can be restored to chases in a year, each purchase amountits former value by any of the means, ing to 1 pound. The community, in that called remedies, that have been pointed out case, would possess, we will suppose, 10 by any of those who are our rulers, or law-pounds; and no more, because, the same
money might, and naturally would, go
backwards and forwards, and because, exTo depreciate means to lower in value ; cept under peculiar circumstances, men and the word depreciation is used to signify do not hoard. Now, suppose, that the that state, in which any thing is, when it is money in possession of this community is lowered, or has fallen, from its former value. doubled in quantity, without any other alHence the term depreciation, as applied to teration taking place, the quantity of Bank Notes; and, when we thus apply goods and chattels and the quantity of it, accompanied with the affirmative of things, including services, purchased and the proposition, we say, that Bank Notes the number of purchases all continuing
Suppose this; and, we are But, when the funding system began, here speaking of money of any sort. No and paper became, in many cases, a submatter what sort..: Suppose it to be gold, stitute for gold and silver ; when the inand that its quantity is thus doubled. The crease of the quantity of money in the consequence would be, of course, that at country was no longer dependent upon the each of the hundred porchases, double the mines; when the check which nature had sum would be given that was given before; provided was removed ; then money, or because, were not the case, part of its substitute, paper, increased at a rate the money nust be kept idle, which, much greater than before, and prices took upon a general scale, can never be, there a proportionate rise, as they naturally being no motive for it. Suppose that one would. The nature of the FUNDING Sys. of the hundred purchases was that of a TEM has been fully explained before ; we horse. The purchase, which was made have also seen how it would naturally with 1 pound before the doubling of the cause the paper-money to go on increas. quantity of money, would require 2 ing. We have seen, that the government, pounds after that doubling took place; as soon as it began to make loans, was and so on through the whole; and, in compelled to establish a Bank, ot a somesuch a state of things people would say, thing, in order to get the means of paying the that prices hnd risen, that commodities had interest upon the loans. The amount of the doubled in price, that every thing was twice loans would naturally go on increasing in as dear as it used to be. But, the fact order to meet the rise in prices, and thus would be, that money was become plenty, the increase of the paper would continue and, like every thing else, cheap in pro. causing rise after rise in the prices, and portion to its abundance. It would be, the rise in the prices would continue that money had fallen, or had been depre-causing addition upon addition to the ciated, and not that things had risen ; the quantity of the paper. This was the naloaf, for instance, having a real value in tural progress, and it was that which ac. its utility in supporting man, and the tually took place. money having only an imaginary value.
Still, however, the paper passed in comPrices in England have been rising, as it pany with the gold and silver. Money is commonly called, for hundreds of years; was more plenty ; it was of less value ; and, things have been getting dearer and dearer. of course, any given quantity of it would The cause of which, until the bank note purchase less bread, for instance, than system began, was the increase of gold formerly ; but, still there was no differ. and silver in Europe, in consequence of ence in the quality of the two sorts of the discovery of South America and the money; metal and paper both notonly passed subsequent working of the mines. But at the sums that they had usually passed the increase of the quantity of gold and at; but people liked the one just as well as silver was slow. “ Nature," as Paine ob the other; and, it was a matter of perfect serves, “ gives those materials out with a indifference to any man, whether he took “ sparing hand;" they came, as they still a hundred guineas in gold, or one huncome, in regular annual quantities from dred and five pounds in paper. And, the the mines; and that portion of them which reason of this indifference was, that the found its way to this country was obtained holder of a bank_note could, at any mo. by the sale of things of real value, being ment, go to the Bank, and there demand the product of our soil or of our labour. and receive payment in guineas. This Therefore, the quantity of money in was the reason why the paper passed in creased very slowly ; it did increase, and society with the gold. But, it was imprices gradually rose, but the increase and possible that this society should long con. the rise were so slow as not to be strik- tinue after the paper increased to a very ingly perceptible... During the average great amount, and especially after the life of man the rise in prices was so small notes became so low in nominal value as as hardly to attract any thing like general 5 pounds; for, then, it was evident, that attention. Curious men observed it, and all the taxes would be paid in paper ; some of them recorded the progress of that the government would receive nothing prices; but, as there was no sensible dif-but paper; that the Bank could get 110ference in prices in the average life of thing but paper from the government; man, the rise never became an object of that whatever gold went out of the Bank general interest, as long as gold and silver would never return to it; and, of course, were the only currency of the country.