Statistics. 
31 © 
emission of bank notes, and the hoarding of coin by individuals^ 
from distrust occasioned by the two former measures. 
I do not coincide in this opinion : for I do not believe the cir- 
culating bank notes, form one-tenth of the circulating medium, by 
means whereof, the trade-operations, internal and external, of 
Great Britain, are managed. 
The Provincial Banks of that country were in 1793 280 
1797 230 
1810 796—87.^ 
1811 880 
In December, 1810, they were thus arranged* 
Country bankers in England who issue their own notes 613 
ditto Wales - - - . . 25 
ditto Scotland, including branch banks, 83 
ditto London and Westminster « . = 66 
ditto Ireland - - - - » 85 
-Isle of Man, 1 . Guernsey, 3. Jersey, 2, ^ . 6 
Total 878 
For the most part, these provincial banknotes, promise to pay 
in bank notes of the bank of England at London. 
The trade of the nation, both in Great Britain and America, is 
carried on, 1 st. In a small degree, and in all petty transactions, by 
cash ; banks have the sure and constant effect of driving out of cir- 
culation, all cash except what is necessary for current expences of 
a- minor description. 2dly. Bank of England notes. Sdly. Pro- 
vincial Bank promissory notes. 4thly. Transfer of credits on bank 
books. 5thly. Transfer of bills of exchange and promissory notes. 
6thly. Somewhat in Great Britain and largely in this country, by 
accommodation notes, or mutual loans of draughts and indorse- 
ments, not founded on any real transaction. In England these are 
greatly discouraged ; in this country, they are greatly encouraged.* 
Each of these sources of circulation, may answer the purpose 
of a medium much beyond its nominal amount. Thus, a bank 
note of ten pounds, or ten dollars, may pass through ten hands in 
the course of a day, and thus become the representative of trans- 
actions to the amount of a hundred* 
The transfer of government securities, bank stock, &c. is ra- 
ther a particular species of trade, than a mode of payment. 
* The v/h'tle Ofiper circulation of Great Britain and Ireland was calculat- 
ed (Ortohe’ 1810) at 4,500 millions of dollars ; and the whole annual income 
of the nadon at 250 millions of pounds sterling*. 
