9. "That when it was enacted by the authority of parliament, that the payment of the promissory notes of the bank of England in cash should for a time be suspended, it was not the intention of parliament that any alteration whatsoever should take place in the value of such promissory notes.

10." That it appears, that the actual value of the promissory notes of the bank of England, (measuring such value by weight of standard gold and silver as aforesaid,) has been, for a considerable period of time, and still is considerably less than what is established by the laws of the realm to be the legal tender in payment of any money contract or stipulation.

11. "That the fall which has thus taken place in the value of the promissory notes of the bank of England, and in that of the country bank paper, which is exchangeable for it, has been occasioned by too abundant issue of paper currency, both by the bank of England, and by the country banks; and that this excess has originated from the want of that check and controul on the issues of the bank of England, which existed before the suspension of cash payments.

12. "That it appears, that the exchanges with foreign parts have for a considerable period of time been unfavourable to this country, in an extraordinary degree.

13. "That, although the adverse circumstances of our trade, together with the large amount of our military expenditure abroad, may have contributed to render our exchanges with the continent of Europe unfavourable, yet the extraordinary degree in which the exchanges have been depressed for so long a period, has been, in a great measure, occasioned by the depreciation which has taken place in the relative value of the currency of this country, as compared with the money of foreign countries.

14. "That during the continuance of the suspension of cash payments, it is the duty of the directors of the bank of England to advert to the state of the foreign exchanges, as well as to the price of bullion, with a view to regulate the amount of their issues.

15. "That the only certain and adequate security to be provided, against an excess of paper currency, and for maintaining the relative value of the circulating medium of the realm, is the legal convertibility, upon demand, of all paper currency into lawful coin of the realm.

16. That in order to revert gradually to this security, and to enforce meanwhile a due limitation of the paper of the bank of England, as well as of all the other bank paper of the country, it is expedient to amend the act which suspends the cash payments of the bank, by altering the time till which the suspension shall continue, from six months after the ratification of a definitive treaty of peace, to that of two years from the present time."

Mr Vansittart's Resolutions.

1. Resolved, "That the right of establishing and regulating the legal money of this kingdom hath at all times been a royal prerogative, vested in the sovereigns thereof, who have from time to time, exercised the same as they have seen fit, in changing such legal money, or altering and varying the value, and enforcing or restraining the circulation thereof by proclama tion, or in concurrence with the estates of the realm by act of parliament: and that such legal money cannot lawfully be defaced, melted down, or exported.

2. "That the promissory notes of the governor and company of the bank of England are engagements to pay certain sums of money in the legal coin

of this kingdom; and that for more than a century past, the said governor and company were at all times ready to discharge such promissory notes in legal coin of the realm until restrained from so doing on the 25th of February, 1797, by an order of council, confirmed by act of parliament.

3." That the promissory notes of the said company have hitherto been, and are at this time, held in public estimation to be equivalent to the legal coin of the realm, and generally accept ed as such in all pecuniary transactions to which such coin is lawfully applicable.

4. "That at various periods, as well before as since the said restriction, the exchanges between Great Britain and several other countries have been unfavourable to Great Britain; and that during such periods, the prices of gold and silver bullion, especially of such gold bullion as could be legally exported, have frequently risen above the mint price; and the coinage of money at the mint has been either wholly suspended or greatly diminished in amount; and that such circumstances have usually occurred, when expensive naval and military operations have been carried on abroad; and in times of public danger or alarm; or when large importations of grain from foreign parts have taken place.

5. That such unfavourable exchanges and rise in the price of bullion occurred to a greater or less degree during the wars carried on by King William the Third and Queen Anne: and also during part of the seven years war, and of the American war; and during the war and scarcity of grain in 1795 and 1796, when the difficulty of procuring cash or bullion increased to such a degree, that on the 25th of February, 1797, the bank of England was restrained from making payments in cash by an order of council, confirm ed and continued to the present time

by divers acts of parliament, and the exchanges became still more unfavourable, and the price of bullion higher, during the scarcity which prevailed for two years previous to the peace of Amiens.

6. "That the unfavourable state of the exchanges and the high price of bullion, do not, in any of the instances above referred to, appear to have been produced by the restriction upon cash payments at the bank of England, or by any excess in the issue of bank notes; inasmuch as all the said instances, except the last, occurred previously to any restriction on such cash payments: and because, so far as appears by such information as has been procured, the price of bullion has frequently been highest, and the exchanges most unfavourable, at periods when the issues of bank-notes have been considerably diminished, and they have been afterwards restored to their ordinary rates, although those issues have been increased.

7. That during the period of nearly seventy-eight years, ending with the 1st of January, 1796, and previous to the aforesaid restriction, of which period accounts are before the house, the price of standard gold in bars has been at or under the mint price twentyeight years and five months; and above the said mint price forty-eight years and eleven months; and that the price of foreign gold coin has been at or under 37. 18s. per ounce, thirty-six years and seven months, and above the said price thirty-nine years and three months; and that during the remaining intervals no prices are stated.And that during the same period of seventy-eight years, the price of standard silver appears to have been at or under the mint price, three years and two months only.

8. "That during the latter part, and for some time after the close of the American war, during the years

1781, 1782, and 1783, the exchange with Hamburgh fell from 34. 1 to 31.5. being about eight per cent.; and the price of foreign gold rose from 3l. 17s. 6d. to 41. 2s. 3d. per ounce, and the price of dollars from 5s. 44d. per ounce, to 5s. 114d.; and that the bank-notes in circulation were reduced between March, 1782, and December, 1782, from 9,160,000l. to 5,995,000l. being a diminution of above one-third, and continued (with occasional variations) at such reduced rate until December 1784; and that the exchange with Hamburgh rose to 34.6, and the price of gold fell to 31. 17s. 6d. and dollars to 5s. 14d per ounce, be fóre the 25th of February 1787, the amount of bank-notes being then in creased to 8,688,000l.

9. "That the amount of bank-notes in February 1787, was 8,688,000l. and in February 1791, 11,699,000l.; and that during the same period the sum of 10,704,000l. was coined in gold; and that the exchange with Hamburgh rose about three per cent.

10. "That the average amount of bank-notes in the year 1795, was about 11,497,000l.; and on the 25th of Feb. 1797, was reduced to 8,640,000l. during which time the exchange with Hamburgh fell from 36 to 35, being about 3 per cent. and the said amount was increased to 11,855,000l. exclusive of 1,542,000l. in notes of 17. and 21. each, on the 1st of February 1798, during which time the exchange rose to 38.2. being about 9 per cent.

11. That the average price of wheat, per quarter, in England, in the year 1798, was 50s. 3d.; in 1799, 67s. 5dd.; in 1800, 113s. 7d; 1801, 113s. 3d.; and in 1802, 67s. 5d.

"The amount of bank-notes was At and above 51. Under. Together. in 1798, 10,920,4007. 1,786,000l. 12,706,400l. in 1799,12,480,790%. 1,1€2,1107. 13,674,9067.

in 1800, 13,421,920. 1,831,820. 15,253,740. in 1801, 13,454,370l. 2,715,1807. 16,169,550. in 1803, 16,189,980. 1,364,1704, 17,554,4501.

"That the exchange with Hamburgh was in January 1798, 38.2; January 1799, 37.7; January 1800, 32; January 1801, 29.8; being in the whole a fall of above 22 per cent.— In January 1802, 32.2; and December 1802, 34; being in the whole a rise of about 13 per cent.

12. "That during all the periods above referred to, previous to the commencement of the war with France in 1793, the principal states of Europe preserved their independence, and the trade and correspondence thereof were carried on conformably to the accustomed law of nations; and that although from the time of the invasion of Holland by the French in 1795, the trade of Great Britain with the continent was in part circumscribed and interrupted, it was carried on freely with several of the most considerable ports, and commercial correspondence was maintained at all times previous to the summer of 1807.

13. "That since the month of No.

vember 1806, and especially since the summer of 1807, a system of exclusion has been established against the Bri tish trade on the continent of Europe, under the influence and terror of the French power, and enforced with a degree of violence and rigour never before attempted: whereby all trade and correspondence between Great Bri tain and the continent of Europe has (with some occasional exceptions, chief ly in Sweden and in certain parts of Spain and Portugal) been hazardous, precarious, and expensive, the trade being loaded with excessive freights to foreign shipping, and other un usual charges: and that the trade of Great Britain with the United States of America has also been uncertain and interrupted; and that in addition to these circumstances, which have greatly effected the course of payments between this country and other nations, the naval and military expenditure of

the united kingdom in foreign parts has for three years past been very great; and the price of grain, owing to a deficiency in the crops, higher than at any time, whereof the accounts appear before parliament, except during the scarcity of 1800 and 1801; and that large quantities thereof have been imported.

14. "That the amount of currency necessary for carrying on the transactions of the country, must bear a proportion to the extent of its trade and its public revenue and expenditure;

and that the annual amount of the exports and imports of Great Britain, on an average of three years, ending 5th of January, 1797, was 48,732,6511. official value; the average amount of revenue paid into the exchequer, including monies raised by lottery, 16,759,165.3 and of loans 18,409,8421. making together 37,169,0071.; and the average amount of the total expenditure of Great Britain, 42,855,111.; and that the average amount of banknotes in circulation (all of which were for five pounds, or upwards) was about 10,782,7801.; and that 57,274,6177. had been coined in gold during his majesty's reign, of which a large sum was then in circulation:

"That the annual amount of the exports and imports of Great Britain, on an average of three years endifig 5th of January, 1811, supposing the imports from the East Indies and China, in the year ending 5th of January, 1811, to have been equal to their amount in the preceding year, was 77,971,318.; the average amount of revenue paid into the exchequer, 62,763,7461.; and of loans, 12,673,548. making together 75,437,2947.; and the average amount of the total expenditure of Great Britain, 82,205,0667.; and that the average amount of bank-notes, above 5l. was about 14,265,850l. and of notes under 57. about 5,283,3301.; and that

VOL. IV. PART II.

the amount of gold coin in circulation was greatly diminished.

15. That the situation of this kingdom, in respect of its political and commercial relations with foreign countries, as above stated, is sufficient, without any change in the internal value of its currency, to account for the unfavourable state of the foreign exchanges, and for the high price of bullion.

16. "That it is highly important that the restriction on the payments in cash of the bank of England should be removed, whenever the political and commercial relations of the country shall render it compatible with the public interest.

17. “That under the circumstances affecting the political and commercial relations of this kingdom with foreign countries, it would be highly inexpedient and dangerous, now to fix a definite period for the removal of the restriction of cash payments at the bank of England, prior to the term already fixed by the act 44 Geo. 3. c. 1. of six months after the conclusion of a definitive treaty of peace.”

Earl Stanhope's Resolutions.

1. "That an internal circulating medium, which shall be a legal mea sure of the relative value of different commodities and things, is essential for transacting the private affairs of individuals, and the public concerns of the state, and for enabling debtors to make to each of their respective creditors a legal tender in satisfaction of his or her just demands, without any unjust loss to any debtor on that account.

2. "That it is most highly expedient that such internal circulating medium and legal measure of the relative value of different commodities and things, be so contrived as not to be

unsteady, fluctuating, and variable; but to be fixed and invariable so far as the nature of things can possibly admit.

3. "That two or more circulating mediums, which, under any given circumstances whatsoever, can vary considerably in their relative value when compared to each other, cannot, under such given circumstances, exist together, so as to form together a fixed, invariable, and proper circulating medium, and a proper legal measure of the relative value of different commodities and things.

4. "That it is, therefore, highly expedient, that whenever (for the sake of more convenience) different internal circulating mediums shall be by law either established or allowed, some one only of them be made the permanent legal standard measure of the relative value of different commodities and things.

5 That it is therefore expedient that such permanent legal standard measure as aforesaid, be so contrived as to be divisible into such parts as may bear to each other any requirable proportion, in order not only that all round sums, but likewise that all frac. tional sums whatsoever, may be paid and satisfied by means thereof.

6. "That it is moreover expedient that such permanent legal standard measure, and circulating medium as aforesaid, be so contrived as to be easily, rapidly, and safely transferable, without expence, from any one person to any other person, and from any one part of the country to another, either for the use and benefit of the same individual, or of any other individual, free from any depreciation, defalcation, or discount, and free from any loss by forgery, or by wear and tear, and also free from any danger of loss that might arise from housebreakers, highway rob-, bers, mobs, insurrections, or even from foreign invasion in any particular dis

trict, and likewise free from any loss that might arise from the accidental or intentional destruction of any dwellinghouse, banking-house, or other build. ing, by fire or otherwise; and, moreover, free from any loss of interest on any quantity, however considerable, of circulating medium, which shall or may hereafter exist, and be transferable in any of the various ways abovementioned, and (above all things) free from being affected by the course of all or any of the foreign exchanges.

7. "That neither gold nor silver ever did possess, or ever can possess, the various important and requisite qualities which are above particularly specified; and that, not only each of those precious metals (technically so called,) but likewise every one of the other articles of merchandize, by means of which British debts to foreign nations can be discharged, is (from the irremediable fluctability of their value, arising from the necessary fluctability of the course of foreign exchanges) an improper and unfit legal standard to serve as a fixed, invariable, and permanent measure of the relative value of different commodities and things within the country itself, which is the grand and essential end and object of an internal circulating medium, whether the same be imperiously wanted for the use of individuals within this realm, in order for them to purchase from each other, either the objects of luxury, or even the necessaries of life, or whether such internal circulating medium be required for the indispensable services of the state.

8. "That the want of gold in circulation, in this country at present, prevents bankers and other persons, who may have large payments to make, from making, in any such case, any legal tender to the amount of the sum of money so due and payable, and in discharge thereof; and that the same is a grievance of such an immense magni