CHAP. xxx. PAPER MONEY. 369 



currency existed in 1810, and still circulates; but 

 the whole amount, as well as the variations in those 

 countries, has been so small that they affect in a 

 very trifling degree the view here taken. The same 

 is the case with Portugal, where, in 1810, paper 

 cruzados to the amount of about two millions cir- 

 culated with a degree of depreciation varying 

 from twenty-five to thirty-one per cent, of their 

 nominal value. 



We come now to consider the amount of the 

 paper money in France at the two periods when 

 we have viewed that of the other countries. After 

 the banishment of the assignats, the mandats, and 

 the other paper which had inundated France during 

 the revolution ; in 1803, the bank of Paris was esta- 

 blished. It became involved in difficulties in 1805, 

 which were removed in 1806, when a new system 

 for its management was introduced, and a pro- 

 longation of its charter granted. In 1810, the 

 degree of confidence it had obtained enabled it to 

 circulate its notes to the amount of somewhat 

 more than two millions sterling. Notwithstanding 

 the early events of 1814, it had increased its cir- 

 culation up to July, 1830, when it is reported to 

 have amounted to about nine millions, 



If we look at the paper money which circulated 

 in the British islands between the years 1810 and 

 1830, though we shall see much variation in its 

 nominal amount, we shall find that its whole value, 



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