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LONDON:
PRINTED BY A. P. BLUNDELL, 78, CHURCH STREET, S.E.
CONTENTS
OF
THE
SECOND VOLUME.
CHAPTER IX.
.
FROM THE RENEWAL OF THE BANK CHARTER IN 1800,
TO THE ACT FOR THE RESUMPTION OF CASH PAY.
MENTS IN 1819.
PAGE
§ 1. Great failure of the harvest in 1800
1
2. Opinions held in 1696, respecting the depreciation of paper
2
3. Opinion of Adam Smith respecting the market price of
Bullion
4. After the restriction prices estimated in Bank paper
3
5. Sudden rise in the market price of Gold in 1801
6. Discovery of the truth that a rise in the market price of gold
Bullion was a proof of the depreciation of the paper cur-
rency
7. This discovery due to Mr. Boyd, Lord King, and Mr. Thorn-
ton
4
8. Peace of Amiens-continuation of the restriction
9. Mr. Fox first declares the cause of the adverse exchange in
the House of Commons
5
10. Declaration of War in 1803–Lord King's principles of a
paper currency
7
11. The issues of country banks based upon Bank paper
8
12. Par of Exchange between England and Ireland
13. The Bank of Ireland directed to suspend payments in cash . 8
14. Extraordinary depression of the Exchange between London
and Dublin
15. Appointment of a Committee to inquire into the state of the
Irish Currency.
9
16. First investigation into the theory of the paper currency by
Parliament
17. Opinions of the Directors of the Bank of Ireland
18. Their description of the extraordinary debasement of the Irish
Currency
11
§ 19. Exchange with Belfast favourable to Ireland, while that with
Dublin adverse .
12
20. Difference of 12 per cent. between Exchange with Dublin and
with Belfast
13
21. The fact proved that a balance of payments was due to Ire-
land, while the Exchange was so depressed
22. First declaration of the opinion that gold had risen, and paper
had not fallen
14
23. Opinion of Mr. Marshall that Irish Bank notes were depre-
ciated
15
24. His evidence on the subject
16
25. The Theory of the Directors of the Bank of Ireland as to the
regulation of the paper currency
26. Report of the Committee
17
27. The Committee report that the Directors should regulate
their issues by the price of guineas and the foreign Ex-
changes
18
28. Very debased state of the coinage
19
29. The Committee do not discuss the new theory of paper
currency
30. They recommend an assimilation of the English and Irish
currencies
20
31.' Mr. Fox declares it to be a fantastical opinion that paper was
not depreciated, and that gold had risen
32.' First declaration by a Parliamentary Committee that the
paper currency should be regulated by the Foreign
Exchanges,
21
33. Renewal of the Bank's loan to Government
34. Circumstances which lead to the great depreciation of the
British Currency
35. Perfidious conduct of Prussia in 1805
22
36. The Berlin decree against British commerce in 1807
23
37. Immense speculation in 1808, and subsequent years
24
38. Great multiplication of country banks in 1809
25
39. Great rise in the market price of gold
40. Appointment of the Bullion COMMITTEE
41. Report of 1810 identical in principle with that of 1804 26
42. Names of the Committee
26
43. Identity in sentiment between the witnesses examined before
both Committees
27
44. Remarks upon some of the evidence
45. State of facts agreed upon
28
46. Issues maintained by one party
47. Issues maintained by the other party
29
48. Discussion of the points of difference
30
49. Evidence of Mr. Chambers
31
50. Remark of Mr. Huskisson
33
51. Fallacy of Mr. Chambers's opinions
39
40
$ 52. Another illustration
. 34
53. One argument to shew that there was no difference in value
between guineas and Bank notes
34
54. Discussion on second point of difference between the two
parties
35
55. Opinion of a foreign merchant
36
56. Discussion of the third point of difference between the parties 37
57. Discussion of the fourth point of difference reserved
38
58. ANALYSIS OF THE BULLION REPORT
59. The same continued
60. The same continued
61. The same continued
62. The same continued
63. The same continued
64. The same continued
65. The same continued
41
66. The same continued
67. The same continued
42
68. The same continued
69. The same continued
43
70. The same continued
71. The same continued
72. The same continued
44
73. The same continued
74. The same continued
75. The same continued
45
76. The same continued
77. The same continued
78. The same continued
46
79. The same continued
80. The Bullion Report is the standard by which all legislation
regarding the paper currency should be regulated
81. . Resolutions of Mr. Horner
47
82. Mr. Rose's reply to Mr. Horner
83. Speech of Mr. Thornton
48
84. Mr. Vansittart's resolutions
49
85. Historical untruth of the doctrine that the coinage never was
intended to contain any fixed quantity of bullion
50
86. Prevalence of a paper price and a cash price for goods
51
87. Examples of this given by Mr. Sharp
88. Instances given by Sir Francis Burdett .
52
89. Theory of the opponents of the Bullion Report
90. Rejection of the Bullion Report-Mr. Peel votes with the
majority
91. Resolutions of Mr. Vansittart
53
92. Mr. Canning tries to persuade Mr. Vansittart to abstain from
pressing his resolution
93. Great absurdity of the law regarding the sale of guineas 54
54
55
56
58
61
14. Letter of Lord King
95. Lord Stanhope's Act in 1811
96. Opposed by Lord Grenville.
97. Observations of Lord Stanhope
98. Absurdity of these opinions .
57
39. Lord Stanhope's Bill passed .
100. Remarks upon overtrading of 1809 reserved .
101. Alleged injustice of making the Bank buy gold at the market
price.
102. High price of corn in 1812 .
103. Great speculations and increase of country banks in 1813 59
104. Very abundant harvest of 1813, and revulsion of credit in 1815-16
59
105. Great destruction of country bank paper in 1816; rise in the
foreign exchanges, and fall in the market price of gold . 60
106. Which is an example of the truth of the principles of the
Bullion Report
60
107. Partial resumption of cash payments in 1816
108. Restriction prolonged till July, 1818
109. Mismanagement of the Bank in 1818
110. Great drain of Bullion in 1818-19—appointment of Committee
by both Houses of Parliament to inquire into the ex-
pediency of resuming cash payments
62
111. Names of the Committee
63
112. Great change in the opinions of the mercantile world regard.
ing the principles of the Bullion Report
113. Opinion of Mr. Dorrein, Governor of the Bank
64
114. Opinion of Mr. Pole, Deputy-Governor of tne Bank
115. Opinion of Mr. Haldimand, Director of the Bank
65
116. Opinion of Mr. Ward, Director of the Bank
69
117. Opinion of Mr. Samuel Thornton, late Director of the Bank. 70
118. Opinion of Mr. Irving
70
119. Opinion of Mr. Holland
71
120. Opinion of Mr. Thomas Tooke
72
121. Opinion of Mr. Ricardo .
73
122. Opinion of Mr. Baring
75
123. Opinion of Mr. John Ward
77
121. Resolution of the Bank of England in opposition to the evi-
dence of the mercantile witnesses
78
125. Reports of the Committees to both Houses
126. Ministeral Resolutions.
79
127. Speech of Lord Liverpool
128. Speeches of Lord Lauderdale and Lord King
81
129. Speech of Lord Grenville
82
130. The speeches of Lords Liverpool and Grenville deserve to be
carefully studied
84
181. Speech of Mr. Peel in the House of Conimons
132. Speeches of various members
87
80