CHAP. xxx. GREAT BRITAIN AND UNITED STATES. 



the other circulating paper at the same amount, the 

 forty millions would have purchased ten million 

 one hundred and sixty-nine thousand two hundred 

 ounces of gold at seventy-seven shillings and ten- 

 pence halfpenny per ounce, the price of the day. 



In the United States of America the paper notes 

 of the numerous banks of that country were all 

 payable on demand in specie, in the year 1810. 

 During the war with England, which was termi- 

 nated before extensive hostilities had commenced, 

 almost all the banks of America suspended their 

 payments in metallic money. They have now, 

 however, returned to payment in specie, and 

 though their establishments have regained full 

 credit, the whole circulation cannot much exceed 

 that of 1810. From very accurate accounts, as 

 communicated in a publication of a distinguished 

 statesman of that country, Mr. Albert Gallatin, 

 it appears that the paper circulation of the United 

 States amounted at the end of 1829 to sixty-two 

 million and a half of dollars, or in sterling money 

 to somewhat more than thirteen millions. 



From this review it is seen, that there has been 

 no such alteration of the paper money in the 

 twenty years we have been considering as could 

 affect the value of commodities when measured by 

 the precious metals. The paper money has fluc- 

 tuated in its nominal value, but the whole quan- 

 tity of it has been able to exchange for nearly the 

 same weight of gold or silver, whatever those 



