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CONTENTS






PART I ON THE PRICES OF CORN FROM 1840 TO 1847
SECTION 1 Character of the season of 1839��1840��
Prices and estimated produce of wheat4
SECTION 2 Character of the season of 1840��1841��
Prices and estimated produce of wheat8
SECTION 3 Character of the season of 1841��1842��
Prices and estimated produce of wheat12
SECTION 4 Character of the season of 1842��1843��
Prices and estimated produce of wheat16
SECTION 5 Character of the season of 1843��1844��
Prices and estimated produce of wheat18
SECTION 6 Character of the season of 1844��1845��
Prices and estimated produce of wheat20
SECTION 7 Character of the season of 1845��1846��
Prices and estimated produce of wheat26
SECTION 8 Character of the season of 1846��1847��
Prices and estimated produce of wheat31
SECTION 9 On the variation of the supplies of
wheat from Ireland37
SECTION 10 On the probable future course of the
prices of wheat in the United Kingdom40
PART IION THE PRICES OF PRODUCE OTHER THAN CORN
SECTION 1 On the concurrent variations of prices��
the circulation�� and the rate of interest�� from the
close of 1839 to the autumn of 184448
SECTION 2 On the same phenomena�� from the
autumn of 1844 to the close of 184768
PART IIIA GENERAL REVIEW OF THE CURRENCY
QUESTION IN ITS VARIOUS PHASES FROM 1797
TO THE CLOSE OF 1809
INTRODUCTION89
CHAPTER I THE PERIOD FROM 1797 TO 181992
SECTION 1 On the progress of the discussion from 1797 to 180992
SECTION 2 On the steadiness of the exchanges�� and
on the variations in the prices of commodities��
during the first twelve years of the restriction102
SECTION 3 On the comparative magnitude of the
advances by the bank to the government during
the same period����1797��1809��104
SECTION 4 On the progress of the discussion from
1809 to 1811108
SECTION 5 On the opinions of the bullion committee on the
phenomena of the circulation in 1809��1811111
SECTION 6 On the policy of the government in rejecting the
recommendation of the bullion committee for a
speedy resumption of cash payments128
SECTION 7 On Lord King��s requisition to his
tenants to pay in gold130
SECTION 8 On the possibility of the bank counteracting
the fall of the exchanges in 1809��1811133
SECTION 9 On the alleged excessive issues by the
bank�� 1808��1814; and on the distinction between
small and large notes139
SECTION 10 On the re��adjustment of the relative values of
gold and paper between 1814 and 1819145
SECTION 11 On the uniform coincidence of the periods of
improved exchanges and diminished
foreign expenditure152
CHAPTER II THE PERIOD FROM 1819 TO THE CLOSE OF 1847
SECTION 1 On Sir Robert Peel��s speeches of May 1844��
The rationale of a fixed metallic standard159
SECTION 2 On Sir Robert Peel��s definition of ��money��171
SECTION 3 On the currency principle184
SECTION 4 On the error of confounding paper credit with
paper money190
SECTION 5 On the circumstances which determine the outstanding
amount�� and the effect on prices�� of a currency of
convertible and of inconvertible paper204
SECTION 6 On the effects of different modes of
issue of a convertible and of an inconvertible
paper�� Mr�� Ricardo��s hypothesis of a gold
mine in the bank221
SECTION 7 On the effects of an influx of gold��caused by a
favourable exchange�� as distinguished from an influx
caused by increased productiveness of the mines229
SECTION 8 Digression concerning Russian paper money234
SECTION 9 On a metallic circulation�� as the
type of a perfect currency243
SECTION 10 On the distinction between currency
and capital; and on the actual and imputed
functions of country bank notes252
SECTION 11 On the alleged insufficiency of convertibility
to prevent excessive issues of bank notes�� as asserted
to be proved by the history of the American banks281
SECTION 12 Summary of the argument against the theory
of the measure of 1844290
SECTION 13 On the former monetary crises�� asserted
by Sir Robert Peel to prove the danger of
over��issue of convertible notes293
SECTION 14 On Sir Robert Peel��s statement relative to
bankrupt banks306
SECTION 15 On the anticipations respecting the success of the
act of 1844�� as expressed by its advocates and opponents312
SECTION 16 On the operation of the act of 1844�� from September��
1844 to January�� 1847328
SECTION 17 On the operation of the act of 1844
in the year 1847338
SECTION 18 Comparison of the crises of 1825 and 1847368
SECTION 19 On the defence of the act of 1844�� by Sir R�� Peel��
in his speech of the 3rd of December�� 1847392
SECTION 20 On the arguments advanced to prove that
the act of 1844 has already averted or diminished
the risk of a suspension of cash payments413
SECTION 21 The conclusion of the argument on
the act of 1844443
APPENDIX
SUPPLEMENT TO PART ��453
Average prices of corn in England and Wales454
Home supplies of wheat�� in harvest years�� as indicated by the
offi returns for England and Wales�� 1839��1847463
Prices and foreign supplies of wheat�� in harvest
years�� since 1828464
SUPPLEMENT TO PART ��467
Tables of prices of produce other than corn479
The accounts of the bank of England�� from 1840 to
1847 inclusive484
Correspondence between the government and the bank of England��
25th Oct�� 1847508
Statement of the quantity of gold produced in Russia during
the 28 years�� 1819��1846510
Imperial manifesto513
Extracts from the evidence of Mr�� Tooke before the select committee
of the house of commons�� on banks of issue�� in 1840523
Extract from the report of the select committee on the state of
commer credit�� April 25th�� 1793567