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s 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 .

22. First declaration of the opinion that gold had risen, and paper

had not fallen

23. Opinion of Mr. Marshall that Irish Bank notes were depre-

ciated

24. His evidence on the subject

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

regulation of the paper currency

26. Report of the Committee

27. 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

currency

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. Perfidious conduct of Prussia in 1805

36. The Berlin decree against British commerce in 1807

37. Immense speculation in 1808, and subsequent years

38. Great multiplication of country banks in 1809

39. Great rise in the market price of gold

40. Appointment of the Bullion Committee

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

42. Names of the Committee

43. Identity in sentiment between the witnesses examined before

both Committees

44. Remarks upon some of the evidence

45. State of facts agreed upon

46. Issues maintained by one party

47. Issues maintained by the other party

48. Discussion of the points of difference

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PAGE

§ 49. Evidence of Mr. Chambers

32

50. Remark of Mr. Huskisson

34

51. Fallacy of Mr. Chambers's opinions

34

52. Another illustration

35

53. One argument to shew that there was no difference in value

between guineas and bank notes

35

54. Discussion on second point of difference between the two

parties

36

55. Opinion of a foreign merchant

37

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

57. Discussion of the fourth point of difference reserved

39

58. Analysis of the Bullion Report

39

59. The same continued

39

60. The same continued

40

61. The same continued

40

62. The same continued

41

63. The same continued

41

64. The same continued

41

65. The same continued

42

66. The same continued

43

67. The same continued

43

68. The same continued

43

69. The same continued

44

70. The same continued

44

71. The same continued

44

72. The same continued

45

73. The same continued

45

74. The same continued

46

75. The same continued

46

76. The same continued

46

77. The same continued

78. The same continued

47

79. The same continued

47

80. The Bullion Report is the standard by which all legislation

regarding the paper currency should be regulated

47

81. Resolutions of Mr. Horner

48

82. Mr. Rose's reply to Mr. Horner

49

83. Speech of Mr. Thornton

49

84. Mr. Vansittart's resolutions

50

85. Historical untruth of the doctrine that the coinage never was

intended to contain any fixed quantity of bullion

52

86. Prevalence of a paper price and a cash price for goods 52

87. Examples of this given by Mr. Sharp

53

88. Instances given by Sir Francis Burdett

53

89. Theory of the opponents of the Bullion Report

53

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

majority

54

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§ 91. Regolutions of Mr. Vansittart

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

pressing his resolution

55

93. Great absurdity of the law regarding the sale of guineas 55

94. Letter of Lord King

56

95. Lord Stanhope's Act in 1811

56

96. Opposed by Lord Grenville

57

97. Observations of Lord Stanhope

58

98. Absurdity of these opinions .

99. Lord Stanhope's Bill passed

58

100. Remarks upon overtrading of 1809 reserved

58

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

price.

59

102. High price of corn in 1812

59

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, and fall in the market price of gold 61

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

Bullion Report

62

107. Partial resumption of cash payments in 1816

62

108. Restriction prolonged till July, 1818

63

109. Mismanagement of the Bank in 1818

63

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

64

111. Names of the Committee

64

112. Great change in the opinions of the mercantile world regard-

ing the principles of the Bullion Report

65

113. Opinion of Mr. Dorrein, Governor of the Bank

65

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

66

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

67

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

71

117. Opinion of Mr. Samuel Thornton, lato Director of the Bank. 72

118. Opinion of Mr. Irving .

72

119. Opinion of Mr. Holland

72

120. Opinion of Mr. Thomas Tooke

74

121. Opinion of Mr. Ricardo

75

122. Opinion of Mr. Baring.

77

123. Opinion of Mr. John Ward .

79

124. Resolution of the Bank of England in opposition to the

evidence of the mercantile witnesses .

79

125. Reports of the Committees to both Houses

80

126. Ministerial resolutions

81

127. Speech of Lord Liverpool

81

128. Speeches of Lord Lauderdalo and Lord King

83

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PAGE

$ 17. The Marquis of Titchfield's description of “ Currency" 108

18. Fallacy of alleging that the paper currency was depreciated

during the whole of the restriction from 1797 to 1819 . 109

19. General revival of prosperity in 1823

. 110

20. Origin of the disaster in 1825 began at the close of 1824 111

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

pendence of the South American colonies of Spain by

Great Britain in 1824

111

22. Great apparent prosperity at the beginning of 1825

111

23. Description of the speculative mania of 1825

112

24. Fatal conduct of the Bank of England at this period 113

25. Collapse of Credit in the autumn of 1825

113

26.

eftlux of Bullion from the Bank of England in 1824

and 1825

114

27. Banking panic in the autumn and winter of 1825

. 115

28. General run upon the London and country bankers . 116

29. Description of the great crisis of December

. 116

30. Policy of the Bank

116

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

in favour of England

117

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

£5,000,000 Bank Notes in four days .

117

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

country

118

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

120

37. The bold policy of the Bank saved it from bankruptcy 121

38. Determination of Government that the monopoly of the

Bank must be modified

. 121

39. Discussion in Parliament on the commercial crisis in

1826.

121

40. Abolition of £1 and £2 bank notes

. 122

41. Mr. Baring's condemnation of the small notes

. 123

42. Speech of Mr. Huskisson

123

43. Opinion of Sir John Newport

· 125

44. Speech of Sir Robert Peel

126

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

128

Adoption by the Bank of England of the

Principles of the Bullion Report—The Reso-

lution of 1819 expunged from their books 128

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