On Protection to Agriculture
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1822 edition. ... proving the proposition, adopted by the Bank, is not satisfactory; they say, in 1821 we had 23,800,000/. in circulation, and now the notes in circulation, with the sovereigns we have since issued, amount to 3,000,000/. more. But as sovereigns are circulated in Ireland, and in other districts of the United Kingdom, how can they affirm, that in the same channel in which 23,800,000/. bank-notes circulated in 1821, 26,800,000 bank-notes and sovereigns together, are now in circulation? I believe the contrary to be the fact, for I find that the amount of notes of five pounds and above, which have been in circulation for several years past, in the month of February is as £. 1815--16,394,359 1816--15,307,228 1817--17,53S,656 1818--19,077,951 1819--16,14S,098 1830--15,393,770 1821--15,766,270 1S22--15,784,770 And as the notes of five pounds and upwards have not increased 400,000/. since 1820, I find it impossible to believe that the circulation of a smaller denomination can have increased in any much larger Before I conclude this section I must observe that the complaints made against the Bank for refusing to lend money on discount at four per cent. are without any good foundation. The reason for such complaints is, that by lending at four per cent. they would lower the rate of interest generally, and the landed interest would be benefited by being able to raise money on mortgage on cheaper terms than they now pay for it. I believe, however, that no amount of loans which the Bank might make, and no degree of lowness of interest at which they might choose to lend, would alter the permanent rate of interest in the market. Interest is regulated chiefly by the profits that may be made by the use of capital, it...