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 price of gold manufacturing and none of any worth in regard to silver. Silver was also thought-about a great choice but the latest crash has led to uncertainty and desire is being given to gold. It could also be thought nonetheless that the coin, though it can't be of much less, could also be, and being a manufactured article will naturally be, of greater value than the bullion contained in it, on the same precept on which linen cloth is of more worth than an equal weight of linen yarn. 1810; and the exchanges, as an alternative of being 15 per cent. If Government opened an workplace where, on delivery of a given weight of yarn, it returned the same weight of cloth to anyone who asked for it, cloth would be worth no more available in the market than the yarn it contained.
When examined extra closely, the following are the main points of the process. And as our taxes and currency are equal in amount to one another, and of course their proportion to our revenue respectively the identical; and as their tendencies are diametrically opposite, and counteractive to each other, it essentially follows, that no matter effect is produced by a change in a single, that change will work a opposite impact in the opposite. The brand new extra everlasting capital which is made on these levies and expenditure, follows steadily until the ultimate revenue upon them becomes a set strong improve of capital.-Let Government spend 50 extra millions in a yr: these 50 tens of millions are taken from the prevailing capital, and the advance of such a sum may also require additional forex; but the profit made by the individuals involved in advancing and spending these 50 hundreds of thousands, does not come into exercise till one, two, or three years' interval. In the next place, I discover 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 millions; and if we allot 5 millions to Ireland, the gold coin circulating in Great Britain before the Restriction Act, was 25 tens of millions, and about 10 millions of Bank Notes, which I consider exceeds the amount of Bank Notes and Coin now in circulation or in the Bank.
Let us also recollect, that if we have been to regulate the amount of our currency in Coin and Bank Notes, by the proportion of forex to taxes and income, which existed in 1790, our forex now, if measured by taxes, must exceed one hundred tens of millions, and if measured by earnings, ninety tens of millions. Our taxes, including the expenses of collection, are about 55 millions; our circulating medium, together with Country Bank Paper, is above 50 millions additionally; in order that whatever be the amount of our earnings, the taxes on one hand, and the forex on the other, bear practically the same proportion to it. We had been almost upon a stage in that respect with the states of the Continent, which had been taxed nearly in the same ratio; the final state of costs was nearly the identical, and the worth of gold about par. I see however, that Mr. Ricardo and others, are forming schemes for enabling, سعر الذهب اليوم في السعودية or for obliging the Bank to pay their Notes in bullion instead of coin, at mint price, no matter be the market worth; as if there have been any distinction in truth and reality between paying in coin and in bullion, which is weight for weight of the identical value as coin.
A draws a bill on B for the quantity 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, at the expiration of the number of days which the invoice has to run, presents it to B for fee. Certain restrictions had been introduced which had been to be utilized to all existing banks; and it was thought fascinating to make obligatory the periodical publication of the names of all partners and administrators, and of such issues because the switch of shares, as well as the quantity of the problem of notes, and to determine how lengthy the accountability for the possession of shares would attach to a occasion. And before they need to have resolved, that Excess of Issues have been the only cause of the rise of the worth of gold, they need to have said the different outcomes of the inquiries within the above talked about points,-and given depart to each impartial man to make his judgement accordingly. Is it solely a guess, for nobody can state with mathematical precision what the rise would be. In 1814, the difficulty of Bank Notes was not one fourth of the sums levied.
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