It's now then satisfactorily demonstrated, that the circulation in 1810, so far from being excessive, was to an virtually unimaginable degree much less in proportion to the taxes to be paid and the income circulated, than in 1790, earlier than the battle. It will be nonetheless insisted, that if taxes and levies have decreased, forex should decrease proportionably;-and if taxes and levies had been the sole criteria for the simply quantity of our currency, the conclusion cannot be resisted: however the true criterion of the quantity of a foreign money shouldn't be the mere quantity of levies and taxes, but the amount of the whole earnings of a country, and its entire exchangeable value in labour, produce, and manufacture.-The Question then is, has the nationwide income elevated or decreased for the reason that diminution of taxes and levies? The results of this argument is, that neither in 1810 nor at current, have been or are the issues of Bank Notes extreme; that their advance has originated in the great further taxation and huge levies for the reason that commencement of the battle; that this immense expenditure has produced nice additional capital, nice additional investments in agriculture, mining, manufacturing, trade, &c., &c., which make a large permanent circulation important to the upkeep of our prosperity.

I haven't any exact data for figuring out or conjecturing what was the quantity of personal bank notes in circulation before the Bank Restriction; however it is alleged to amount to upwards of 25 tens of millions at current;-so that no matter improve there is in our circulating medium, it must arise, in response to this statement, from the increased circulation of the non-public banks, and never from the elevated issues of the Bank of England. From this statement there appears a natural, if not a needed, progress in the rise of currency, in proportion because the sum raised upon the country augmented. If this reasoning is plainly unanswerable, when we're pondering of a measure or rule, for the quantity of a foreign money, we should turn our thoughts to the earnings of a rustic in its most prolonged sense,-and as we must admit that foreign money ought to be augmented proportionably with income, whatever be the quantity of debts and taxes and levies, we should additionally admit that a higher currency is important now than in 1809 or 1810, or in every other yr, if our earnings on the whole is larger.

Income is of course promoted by enhance of forex, and improve of taxes is made more simple by it; whilst a decrease of taxes usually advances revenue, and by growing income, augments the deamnd for foreign money. If our currency is diminished ten per cent, the means of paying our taxes will likely be diminished ten per cent. Is it the tendency of levies and taxes to extend or lower nationwide revenue? The brand new further everlasting capital which is made on these levies and expenditure, follows steadily till the last word revenue upon them turns into a set stable increase of capital.-Let Government spend 50 extra hundreds of thousands in a year: these 50 tens of millions are taken from the present capital, and the advance of such a sum will even require additional foreign money; but the profit made by the people concerned in advancing and spending these 50 millions, does not come into exercise until one, two, or three years' interval. And what's the course we are now to take? And as our taxes and forex are equal in amount to each other, and naturally their proportion to our earnings respectively the same; and as their tendencies are diametrically opposite, and counteractive to each other, it necessarily follows, that whatever impact is produced by a change in one, price that change will work a contrary effect in the opposite.

Till it can be recognized whether power and compulsion, as has been threatened, are actually for use in the working of Mr. Ricardo's plan, all dialogue of it's useless; and whether it is to depend for its success, not upon its intrinsic merit, but upon the accessory fulcrum of legislative violence, I worry his plan might be as finally ruinous as the assumption of excess of our forex is demonstratively false, and the surplus of our taxes is lamentably true. It was argued in 1810, that the high costs of all articles then existing, the high worth of Gold, and the low value of exchanges, have been attributable to 1 solely trigger, the excess of our paper currency. If the course of our exchanges had been depressed by a superabundant quantity of paper, it may never have turned in our favour and risen above par, by a quantity of similar paper still more superabundant. Here then is an entire irrefragable demonstration, that neither the prices of Commodities, nor the worth of Gold, nor the course of Exchanges, have been produced by excess of paper forex.