468 ANNUAL REGISTER, 1810. 



]and paper. After having stated 

 the amount of Bank of England 

 paper, your committee will ex- 

 plain the reasons which induce 

 them to think that the numerical 

 amount of that paper is not alone 

 to be considered as decisive of 

 the question as to its excess : and 

 before stating the amount of coun- 

 try bank paper, so far as that can 

 be ascertained, your committee 

 will explain their reasons for think- 

 ing, that the amount of the coun- 

 try bank circulation is limited by 

 the amount of that of the Bank of 

 England. 

 I. It appears from the accounts 



laid before the committees upon 

 affairs, in 1797, that for seve- 

 ral years previous to the year 

 1796, the average amount of bank 

 notes in circulation was between 

 1 0,000,000/. and 11 ,000,000/. ; 

 hardly ever falling below 

 9,000,000/. and not often ex- 

 ceeding to any great amount 

 11,000,000/. 



The following abstract of the 

 several accounts referred to your 

 committee, or ordered by your 

 committee from the bank, will 

 shew the progressive increase of 

 the notes from the year 1798 to 

 the end of the last year. 



Average Amount nf Bank of England Notes in circulation in each of 



tkefolloiving years. 



Taking from the accounts the 

 last half of the year 1809, the 

 average will be found higher than 

 for the whole year, and amounts 

 to 19,880,310/. 



The notes of tl.e Bank of Eng- 

 land are principally issued in ad- 

 vances to government for the pub- 

 lic service, and in advances to the 



merchants upon the discount of 

 their bills. 



Yourcommittee have had an ac- 

 count laid before them, of ad- 

 vances made by the bank to go- 

 vernment on land and malt, exche- 

 quer bills, and other securities, in 

 every year since the suspension of 

 cash payments ; from which, as 



