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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 data in regard to the cost of gold production and none of any worth in regard to silver. Silver was also thought-about a very good possibility but the current crash has brought about uncertainty and choice is being given to gold. It could also be thought nonetheless that the coin, though it can't be of less, could also be, and being a manufactured article will naturally be, of larger worth 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 an alternative of being 15 per cent. If Government opened an office the place, on delivery of a given weight of yarn, it returned the same weight of cloth to anybody who requested for it, cloth would be worth no extra out there than the yarn it contained.

When examined extra closely, the following are the main points of the method. And as our taxes and currency are equal in quantity to each other, and naturally their proportion to our earnings respectively the identical; and as their tendencies are diametrically reverse, and counteractive to one another, it essentially follows, that no matter effect is produced by a change in a single, that change will work a opposite impact in the other. The new additional permanent capital which is made on these levies and expenditure, follows progressively till the final word profit upon them becomes a hard and fast solid improve of capital.-Let Government spend 50 further hundreds of thousands in a 12 months: these 50 hundreds of thousands are taken from the present capital, and the advance of such a sum may also require further forex; but the profit made by the individuals involved in advancing and spending these 50 thousands and thousands, doesn't come into activity till 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 worth of the gold coin circulating in his Majesty's dominions, at 30 hundreds of thousands; and if we allot 5 tens of millions to Ireland, the gold coin circulating in Great Britain before the Restriction Act, was 25 hundreds of thousands, and about 10 thousands and thousands of Bank Notes, which I imagine exceeds the amount of Bank Notes and Coin now in circulation or within the Bank.

Let us also recollect, that if we had been to regulate the quantity of our forex in Coin and Bank Notes, by the proportion of currency to taxes and income, which existed in 1790, our currency now, if measured by taxes, must exceed a hundred hundreds of thousands, and if measured by earnings, ninety thousands and thousands. Our taxes, together with the bills of assortment, are about 55 thousands and thousands; our circulating medium, including Country Bank Paper, is above 50 thousands and thousands additionally; in order that no matter be the amount of our earnings, the taxes on one hand, and the foreign money on the other, bear nearly the same proportion to it. We had been practically upon a degree in that respect with the states of the Continent, which were taxed almost in the identical ratio; the final state of costs was practically the same, and the worth 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 worth, no matter be the market value; as if there have been any difference in fact and reality between paying in coin and in bullion, which is weight for weight of the same value as coin.

A draws a bill on B for the amount which B owes to him: D, having an equal quantity 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 have been launched which have been to be utilized to all current banks; and it was thought fascinating to make obligatory the periodical publication of the names of all partners and directors, and of such matters as the transfer of shares, as well as the amount of the issue of notes, and to determine how long the duty for the possession of shares would attach to a party. And before they should have resolved, that Excess of Issues had been the sole cause of the rise of the value of gold, they need to have stated the totally different results of the inquiries within the above talked about factors,-and given go away to every 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 problem of Bank Notes was not one fourth of the sums levied.

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