partly to this want of reciprocity, and partly to our having 

 generally to draw our supplies of food in too large, or 

 disproportionate quantities, from some one country, are 

 turned suddenly against Great Britain. In order to 

 prevent the consequent drain upon our Gold, the Banks 

 immediately raise their rate of interest or discount — 

 or, in other words, they put on what is very appropriately 

 called " The Screiv." This brings, as an addition to the 

 miseries and wants of the country, a monetary crisis, which 

 adds to the store of the rich man in somewhat of the 

 same proportion in which it drives the poor to misery and 

 destitution ; and its effect in this, and all countries, is to 

 clog the wheels of trade in no ordinary degree. The 

 following statement will in some measure tend to show 

 what effect the raising of the rates of interest or discount by 

 the Bank, is likely to have upon trade and employment. 

 The means of all large manufacturing or commercial trans- 

 actions are supplied principally by the medium of Bills 

 of Exchange; and it is to those Bills that such extra 

 charge or rate is to be considered applicable. The amount 

 of these transactions can, perhaps, never be known with any 

 exactness ; but some information derived as to the sums 

 passed at the Bankers' Clearing House, in London, in 1840, 

 has led to the conclusion, that it may be moderatelv esti- 

 mated at 1,600,000,000 per annum. The following list 

 is a copy of one published by the British and Foreign 

 Review, in 1844, in connexion with an article on Coin and 

 Currency,* and it shews the amount passed bv the Banks 

 named therein, to have been £978,496,800. As this does 



" A very curious coincidence of ideas has happened with respect to this 

 calculation. A friend, who I have reason to believe is the author of the 

 pamphlet entitled " Why Trade is at a Stand-stilt," which is, howeyer, pub- 

 lished under an assumed name, took the same account from the British and 

 Foreiyn Review, and for the same calculation. We happened, accidentally, 

 to introduce the subject one day in conversation, prior to the pamphlet being 

 published, and upon comparing our written calculation there and then we found 

 that we had both adopted the same figures and results, 



