98 
tioned, no fuch alteration has oc- 
curred as materially to vary the fi- 
tuation of the Bank in this refpect. 
On this view of the prefent ftate 
of the important queftion referred 
to them, the Committee have a- 
greed to report it to the Houfe as 
their opinion, that it is neceffary to 
continue and confirm the meafures 
already taken, for fuch time, and 
under fuch limitations and reftric- 
tions, and with fuch power of dif- 
continuing the fame, as to the wif- 
dom of Parliament may feem expe- 
dient. 
The Committee think proper to 
conclude their report, with a fum- 
mary of the chief points which have 
occurred in their enquiry refpeting 
the caufes that produced the order 
of council of the 26th of February 
laft, as refulting from the evidence 
taken by them, and from the ac- 
counts laid before them. 
In order to render the fubfequent 
details relative to this important 
fubject more intelligible, the Com- 
mittee think it right to begin with 
taking a general view of the ftate 
of the circulation of the kingdom. 
It appears by the evidence, that 
the circulation of this kingdom, by 
which its immenfe commerce is 
carried on, confifts principally in 
the metropolis and its neighbour- 
hood, either of the notes of the 
Bank of England, or of coin chiefly 
made of gold. In the country, 
(where the notes of the Bank ‘of 
England did not circulate to an 
great amount) it confifts of the bills 
of country bankers, or of the bank- 
ing companies in Scotland, payable 
to bearer on demand; and of -coin 
of the defcription before men- 
tioned. 
Inland bills of exchange are 
thought by many to be a part of 
APP EN DIX Teo 
the circulation of the kingdom. 
They are not ftri@ly fo, in the fame 
fenfe as the two forts of paper men- 
tioned: they are rather transfers 
of debts from the drawers to the 
perfons on whom the bills . are 
drawn. They are generally made 
payable at diftant periods; and as 
they are not payable at all times on 
demand, they cannot, like the for- 
mer, anfwer all the purpofes of 
cafh. ; 
In the metropolis, the quantity of 
paper much exceeds the quantity 
of coin in circulation. The Com- 
mittee have no fufficient means be- 
fore them to judge of the propor- 
tion of cafh and i Sc in the me- 
tropolis, except as far as any infe- 
rence can be drawh from the quan- 
tity of cafh paid at the Bank, com- 
pared with the amount of the notes 
iffued by that corporate body, as 
ftated in the evidence of Mr. New- , 
land, principal cafhier of the Bank; 
and particularly from the proportion 
of cafh paid quarterly at the Bank 
in difcharge of the dividends of the 
public ftocks, a part of which only 
is received by bankers, the re- 
mainder by perfons of every de- 
{cription. ; 
But in the country, and particu- 
larly in thofe parts of it where no 
confiderable manufactures are efta- 
blifed, and no great commercial 
enterprize is carried on, there is 
reafon to-conclude, that the quan- 
tity of paper exceeds in a lefs pro- 
portion the coin in circulation 
than in the metropolis. It muft 
vary according to circumftances of 
time or place; and the Committee 
have no information which enables 
them to forma judgement on this 
fubje&. It can hardly, however, 
be doubted that there is too little 
of Britifh coin, particularly of fil- 
eel he ver, 
d 
