of the Bank. These increased issues I attribute chiefly to the great failures which have taken place among country banks, and the very great purchases which have been made for the continental markets, and, under these circumstances, increased issues might take place, accompanied even by a rise of value. But the currency has not yet recovered itself. The real exchange, during the last year, must have been greatly in our favour, although the nominal exchange is considerably against us. This shews, incontrovertibly, that our currency is still depreciated, in reference to the bullion currencies of the continent. A part, however, of this depreciation may still be owing to the value of bullion in Europe not having yet fallen to its former level.
5
Calculated at twenty-four livres the pound sterling.
6
It has been supposed by some, that this law cannot, and will not be executed: but I own I see no grounds for such an opinion. It is difficult to execute prohibitions against the exportation of corn, when it is in great plenty, but not when it is scarce. For ten years before 1757, we had in this country, regularly exported on an average, above 400,000 quarters of wheat, and in that year there was at once an excess of importation. With regard to the alleged impotence of governments in this respect, it appears to me that facts shew their power rather than their weakness. To be convinced of this, it is only necessary to look at the diminished importations from America during the war, and particularly from the Baltic after Bonaparte's decrees. The imports from France and the Baltic in 1810, were by special licences, granted for purposes of revenue. Such licences shewed strength rather than weakness; and might have been refused, if a greater object than revenue had at that time presented itself.
7
The average is 16 francs, 21 centimes, the Hectolitre. The Hectolitre is about 1-20th less than 3 Winchester bushels, which makes the English quarter come to about 38 shillings.
