§ 18. Their description of the extraordinary debasement of the

Irish Currency .

19. Exchange with Belfast favourable to Ireland, while that with

Dublin adverse .

20. Difference of 12 per cent. between Exchange with Dublin and

with Belfast

21. The fact proved that a balance of payments was due to

Ireland, while the Exchange was so depressed

PAGE

11

13

14

14

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

16

25.

The Theory of the Directors of the Bank of Ireland as to the

regulation of the paper currency

.

The Committee report that the Directors should regulate
their issues by the price of guineas and the foreign Ex-
changes

28. Very debased state of the coinage

29. The Committee do not discuss the new theory of paper

30. They recommend an assimilation of the English and Irish

currencies

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 Ex-

changes

33. Renewal of the Bank's loan to Government

34. Circumstances which lead to the great depreciation of the

British Currency

35.

23

36.

The Berlin decree against British commerce in 1807

37. Immense speculation in 1808, and subsequent years

41. Report of 1810 identical in principal with that of 1804

42. Names of the Committee

53.

One argument to shew that there was no difference in value

35

between guineas and bank notes

54. Discussion on second point of difference between the two

56. Discussion of the third point of difference between the parties 38

57. Discussion of the fourth point of difference reserved

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

66. The same continued

67. The same continued

68. The same continued

69. The same continued

70. The same continued

71. The same continued

72. The same continued

73. The same continued

74.

The same continued

75. The same continued

76. The same continued

77. The same continued

PAGE

39

39

39

40

40

41

41

41

42

43

43

43

44

44

44

45

45

46

46

46

47

The Bullion Report is the standard by which all legislation

regarding the paper currency should be regulated

Resolutions of Mr. Horner

47

48

Historical untruth of the doctrine that the coinage never was

intended to contain any fixed quantity of bullion

86. Prevalence of a paper price and a cash price for goods

87. Examples of this given by Mr. Sharp

88. Instances given by Sir Francis Burdett

.

Theory of the opponents of the Bullion Report

52

53

53

53

90. Rejection of the Bullion Report-Mr. Peel votes with the

§ 91.

92.

Resolutions of Mr. Vansittart

Mr. Canning tries to persuade Mr. Vansittart to abstain from

pressing his resolution

93.

Great absurdity of the law regarding the sale of guineas

PAGE

54

55

55

56

59

101. Alleged injustice of making the Bank buy gold at the market

103. Great speculations and increase of country banks in 1813 60

104. Very abundant harvest of 1813, and revulsion of credit in

1815-16.

. 61

105. Great destruction of country bank paper in 1816; rise in the

foreign exchanges, aud fall in the market price of gold. 61

106. Which is an example of the truth of the principles of the

Bullion Report

107. Partial resumption of cash payments in 1816

108. Restriction prolonged till July, 1818

110. Great drain of bullion in 1818-19-appointment of Com-

mittee by both Houses of Parliament to enquire into the

expediency of resuming cash payments

111. Names of the Committee

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

114. Opinion of Mr. Pole, Deputy-Governor of the Bank

115. Opinion of Mr. Haldimand, Director of the Bank

116. Opinion of Mr. Ward, Director of the Bank

117. Opinion of Mr. Samuel Thornton, late Director of the Bank.

118. Opinion of Mr. Irving

124. Resolution of the Bank of England in opposition to the
evidence of the mercantile witnesses

125. Reports of the Committees to both Houses

126.

Ministerial resolutions

127. Speech of Lord Liverpool

128. Speeches of Lord Lauderdale and Lord King

PAGE

83

§ 129.

Speech of Lord Grenville

130.

The speeches of Lords Liverpool and Grenville deserve to be

carefully studied

131. Speech of Mr. Peel in the House of Commons

132. Speeches of various members

133. Chief provisions of the Act

134. Act to prohibit the Bank making advances to Government.
135. Enthusiastic adoption by Parliament of the principles of the
Bullion Report in 1819

136. The Bank of England resists the principles of the Bullion

Report for eight years longer, but finally adopts them in

1827 .

137. Cause of the fallacy which so long deceived the public on
this subject

.

138. The principles of the Bullion Report are not matters of

Opinion but of Demonstration.

.

Table shewing the chief variations in the market-price of

Gold Bullion from 1790 to 1819, and the real value of the

£1 Bank note during the restriction.

CHAPTER XI

FROM THE ACT FOR THE RESUMPTION OF CASH PAYMENTS

IN 1819, TO THE BANK ACT OF 1844

1. Great disturbance in the proportions of supply and demand

in several articles after 1819

2. High prices of corn in 1818

3. Market-price of gold at par with Mint-price in 1819

4. Great fall in the price of corn at the end of 1822

5. The Bank resumes cash payments 1st May, 1821

6. Corn Act of 1815 to secure price of wheat at 80s. a quarter

7. Committee on agricultural distress in 1822

Prolongation of the issues of the £1 country bank notes

9. Mr. Western's attack on the Currency Act of 1819, in June,

. 98

. 98

. 100

€ 100

10. Proposal for the "equitable adjustment" of contracts

11.

12. The Currency Act of 1819 produced no con-
traction of the Currency

13. Sir Robert Peel is entitled to neither the merit nor the blame
of the Currency Act of 1819

14. Fallacy of the supposition that the increased prices of agri-
cultural produce in 1823 were owing to increased issues
15. Second attack by Mr. Western on the Currency Act, in June,
1823

The price of agricultural produce more depressed on the Con-

tinent than in England

§ 17.

18.

The Marquis of Titchfield's description of "Currency"
Fallacy of alleging that the paper currency was depreciated
during the whole of the restriction from 1797 to 1819

19. General revival of prosperity in 1823

20. Origin of the disaster in 1825 began at the close of 1824

21. Great speculation caused by the recognition of the inde-

pendence of the South American colonies of Spain by

Great Britain in 1824

22. Great apparent prosperity at the beginning of 1825

23. Description of the speculative mania of 1825

24. Fatal conduct of the Bank of England at this period

25. Collapse of Credit in the autumn of 1825

26. Rapid efflux of Bullion from the Bank of England in 1824

27. Banking panic in the autumn and winter of 1825

28. General run upon the London and country bankers

29. Description of the great crisis of December

31. The great pressure in the money-market turns the exchanges

in favour of England

PAGE

108

109

. 110

111

32. Sudden change of policy by the Bank-profuse issue of

£5,000,000 Bank Notes in four days.

33. Issue of £1 notes by the Bank, which stays the panic in the

country

34. The crisis an example of the truth of the principles of the

Bullion Report .

. 118

35. The speculative mania not attributable to the Bank or to

the country banks

120

36. Speculative manias have occurred both before and after-

wards, not attributable to the Bank

37. The bold policy of the Bank saved it from bankruptcy
38. Determination of Government that the monopoly of the
Bank must be modified

39. Discussion in Parliament on the commercial crisis in

1826.

Abolition of £1 and £2 bank notes

121

121

121

122

45. Provisions of the Act suppressing small notes in England 127

46. Intention of the Government to suppress the small notes in
Scotland abandoned, in consequence of the recommenda-
tion of Committees of both Houses

47. Adoption by the Bank of England of the

Principles of the Bullion Report-The Reso-

lution of 1819 expunged from their books