CURRENCY—BANK CIRCULATION. (Hansard, 15 February 1830)

§ Earl Stanhope
said, he rose to present a petition from the owners and occupiers of land in the neighbourhood of Chipping Norton, complaining of agricultural distress, and praying for the repeal of the duties on Malt and Boer. He would avail himself of that opportunity to put a question to the noble Duke (Wellington) on the opposite benches. It would be in the recollection of their Lordships, that on the first night of the Session the noble Duke produced a paper from which he read several extracts, purporting to be an account of the amount of the Bank of England notes, of the country bank-notes, and of the gold and silver coin, in circulation at the present and in former times. He wished to ask the noble Duke whether he had any objection to produce that paper? If he had no objection, the noble Duke would perhaps move for its production; if he had any objection, he (Earl Stanhope) would move for it, as he was convinced that the statement of the noble Duke was founded in fallacy.

§ The Duke of Wellington
.—The paper which I read to the House on the first night of the Session, was a memorandum made out by myself of information which I received in the course of conversation with some gentlemen, who were much better informed on the subject of the currency than I can be. That paper is not of such a nature as will enable me to lay it before the House; but I have no 479 objection to give my noble friend every facility in procuring any information upon this subject which he may think necessary to ascertain the facts contained in that memorandum.

§ Earl Stanhope
said, that his object was, to obtain a return of the amount of Bank of England notes, of country notes, and of the gold and silver coin, in circulation at the present, time, and in former years.

§ Viscount Goderich
said, there could be no doubt of the possibility of ascertaining the amount of Bank of England notes in circulation. As to the amount of country bank notes they could only come to an approximate conclusion, and no account could state accurately the quantity of gold and silver coin in circulation. The account which he then held in his hand, and for which he intended to move, would perhaps assist the object which the noble Earl had in view. He intended to move for a return of the quantity of gold and silver coined at the Mint since the 1st of January, 1819, clown to the present time. He should also move for a return of the quantity of British gold and silver coin exported within the same period; and also for a return of the quantity of foreign bullion and coin exported during the same period. He was well aware that there was no law which compelled an individual, who was going abroad, to give an account of the quantity of gold coin which he carried with him. It could not, however, be very considerable. But when gold, in consequence of the exchanges, was exported in large quantities as an article of merchandise, returns of the quantity so exported were made to the Customs, and therefore could be produced before their Lordships. He knew that such returns would not be conclusive; but they would all serve to show the data on which the reasons must rest of such a calculation as that which had been entered into by the noble Duke.

§ The Duke of Wellington
said, the returns for which the noble Viscount had declared his intention to move, would give the noble Earl, he thought, all the information which he required. If he (the Duke of Wellington) could discover any other information which was likely to throw light on the subject of that calculation, he could assure his noble friend that he would most willingly grant it.

§ Earl Stanhope
said, that his object in 480 requiring these returns was to show the impossibility of giving in accurate accounts of the coin in circulation. He stated it to be the opinion of the late Earl of Liverpool that it was impossible to obtain any exact account of the quantity of country bank notes in circulation. As to the amount of the gold coin, their Lordships could not learn what quantity had been exported by individuals, what quantity was in the coffers of the Bank, and what quantity was hoarded by private individuals.

§ The Duke of Wellington
stated, that his comparison had been made upon accounts, for the two periods, which, if not exactly correct, had at least corresponding errors, and thus would prevent any error of magnitude from taking place in the result; these returns were as accurate as, perhaps, any could be, and probably, the later returns were the more accurate.