+BE GQHERONTC BE. 
ver, current in the kingdom, from 
a caufe which will be hereafter 
ftated- 
The Bank of England is at the 
head of all circulation. It is the 
great repofitory of the {pare cath of 
the nation, and alone carries bul- 
lion to the mint to be coined. It 
is fubjeét, on that account, to be 
called on for cafh, directly or indi- 
rectly, by thofe who are in want of 
it, and is neceffarily fenfible of every 
material failure or diftrefs which a- 
rifes from any deficiency or want of 
coin, in every part of this king- 
dom or Ireland. | 
It appears that the circulation of 
paper was carried to its greateft 
height a fhort time previous to the 
beginning of the year 1793. 
But early in that year a great di- 
minution took place in the circula- 
tion of country bank bills, from the 
fudden failure of many of the 
country banks. Mr. Ellifon ftates, 
that previous to this period there 
were about two hundred and eighty 
country banks in England and 
Wales, and that he does not believe 
they exceed at prefent two hund- 
red and thirty; the bufinefs of 
which has by no means increafed in 
proportion to the reduction of the 
number, and that the iffue of 
country bank bills has confiderably 
diminifhed—that the quantity of 
fpecie actually kept by the prefent 
eountry bankers, is at this time 
larger than it was before the year 
1793, and that they have leffened 
their balances with the London 
bankers. 
Mr. Thornton’s evidence con- 
firms the account given by Mr. El- 
lifon of the failure of the country 
banks in 1793, and of the confe- 
quent diminution of the circulation 
of country bank bills at that time. 
99 
Subfequent to this event thefe 
country bank bills increafed again 
in fome degree, but never to their 
former extent. Both Mr. Thorn- 
ton and Mr. Ellifon are of opinion 
that confiderable quantities of cafh 
muft have been drawn from the 
metropolis into the country, in or- 
der to fupply the deficiency of thefe 
country bank bills. 
In the beginning of the year 
1793, when, from the caufes before 
mentioned, the circulation of this 
kingdom began to be fo much di- 
minifhed, the prefent war com- 
menced. A ftate-of war always re- 
quires a more ample circulation, 
even within the kingdom: — the 
public loans, which in all wars are 
neceflary, and in the prefent war 
have been particularly great, em- 
ploy a confiderable tee of 
the circulating capital. The pre- - 
fent increafed value of money, 
which is fufficiently proved by the 
high rate of intereft, clearly fhews 
what muft be the demand for it, 
and confequently the fcarcity of it. 
But during the prefent war, it is 
worthy of remark, that expenfive 
enterprifes of a private nature have 
not diminifhed, as in all former 
wars, but even augmented. It ap- 
pears by an account inferted in this 
report, that the number of bills of 
inclofure which paffed in the four 
years preceding the prefent war, 
was one hundred and thirty-eight, 
and that the number which have 
paffed during the four years of the 
war was two hundred and eighty- 
three. That the number of bills 
for navigations and canals, which 
pafled in the four years preceding 
the prefent war, was thirty, and 
that the number which have pailed 
during the four years of the war was 
fixty-nine, And farther, that the 
G 2 furn 
