A. D.I 797- 4^5 



of London, had of late fluchiated, fometimes againft, and fometimes in 

 favour of, this country ; but for the lafl; three years it had generally 

 been againfl this country. Hamburgh was now the only other place 

 on the continent of Europe, befides Lifbon, with which we had any 

 regular exchange : and from the evidence of gentlemen acquainted 

 with the trade, it appeared that in March 1796 the exchange with Ham- 

 burgh had ceafed to be unfavourable to this country, and had ever lince 

 continued favourable. 



In a few days after the ftoppage of iffuing cafh from the bank, the 

 diredors, in order to fill up the void occafioned by fuddenly withdraw- 

 ing the gold money from the circulation, began to iflue notes for one 

 pound and two pounds, which have continued ever fmce to be almoil; 

 the only currency for making fmall payments in London and the neigh- 

 bouring country. As a further fubftitute for Britifh guineas, they alfo 

 introduced into the circulation of this country a great quantity of Spanilh 

 dollars, which, with a miniature impreflion of his Britannic Majefly's 

 head flamped upon them, they ifTued at the price of 4/9. They con- 

 tinued in circulation till the 31" of Odaber 1797, during which time 

 prodigious numbers of dollars were imported into the country, and 

 flamped fo Hke thofe ftamped for the bank at the mint, that they 

 could fcarcely ever be diftinguifhed. At the time of calling them in, 

 the directors of the bank found it neceflary, after their clerks had done 

 all in their power to diilinguifli the counterfeit ftamps from their own, 

 to fubrait to the lofs, and receive all flamped dollars indifcriminately ac 

 4/9 ; whereby, it was laid, confiderable iums were made by fome un- 

 principled people, who had made a bufinefs of dealing in dollars. 



Soon after a new coinage of penny and twopenny pieces in copper 

 took place. They were executed by Meflieurs Boulton and Watt of, 

 Soho near Birmingham, and have been admired for the elegance of the 

 figure of Britannia, who has the olive branch (the emblem of peace) in 

 her right hand, as before, and in her left, inflead of the hafta (orfpear), 

 fhe now wields Neptune's trident, a fliip under fail appearing at lea in 

 the diflance. The letters of the legend (or infcription) are not raifed, 

 as ufual, but funk into the furface of a border, which riles above that of 

 the coin in order to proted the figures from being worn away. 



March 3* — The parliament loft no time in giving a fanftion to the 

 circulation of the bank's fmall notes. The preamble of the ad lets 

 forth, that it is thought expedient for the public fervice, and for the 

 convenience of commercial circulation, that the bank of England fliould 

 iifue promilTory notes payable to the bearer for fums under five pounds ; 

 and therefor the illue of fuch notes was now authorized by ad: of par- 

 liament. [37 Geo. in, c. 28] 



March 10"' — The ad of 15 Geo. Ill, c. 51, for fuppreffing the circul- 

 ation of notes under twenty (hillings, and that of 17 Geo. Ill, c. 30, for. 



