a Deposites in hanks (at least one-third or half of which, in sea-ports, should probably be deemed circulation, and the fluctuations in which affect banks very

deeply) are not generally computed as currency, and are, therefore, to prevent confusion, omitted in this comparative statement, as well as any portion of ordinary drafts and bills of exchange which enter into real circulation. Inland bills, current in the United Kingdom, in 1840, estimated by Latham at $650,000,000. It is apprehended that the specie in Europe, in banks, is, in some cases quoted above, computed as in active circulation; and that no deduction is made from active circulation, in consequence of notes or bills on hand. Hence, the 11th, 12th, and 13th columns are not filled up, as regards Europe.

Humboldt thinks, that in rich and commercial countries, if circulation be specie, there is needed over $12 per head, e. g. in France; over $10 in England and Holland, and about 85 in less commercial and rich countries. In Asia, the amount of currency is very small per head. (Jacob, p. 347.) But McCulloch thinks England would need $960,000,000, if all specie, or over $60 per head; and Blodget (page 146) says, in 1804, at $50 per head. But they must include bills of exchange, and all kinds of legitimate commercial paper.

All denominations of money are, in the above table, reduced to dollars, without attention to small fractions; the pound sterling at $4.80 (except, see note g); and where the kind of paper or specie was unknown, the sums are entered across the dividing line. Some of those entered as estimates are compiled, in part, from actual returns; and some of those considered anonymous are from writers of authority, but the names have not been recollected with certainty. The sums stated, it will be seen, are in millions and large fractions, which were considered near enough for the purposes of comparison.

See amount of notes of Bank of England and country banks, from 1814 to 1831, annually (Marshall's Statistics, 1838, pages 262, 263, 254, and 255). The circulation fluctuated much, at times, in different parts of the same year, being in Bank of England notes, in 1825, eight millions of pounds, or near forty millions of dollars, more at some times than at others. Specie in circulation, in England, in 1833, is estimated by McCulloch at only one hundred and fifty millions. (Dictionary, p. 317.)

e See circulation every year, from 1834 to 1840, inclusive, in the Treasury bank reports for each year. These are on or near the first of January in each year.

The whole circulation in coin is supposed to have diminished, from 1809 to 1829, quite one-sixth, or 163 per cent. (Tucker on Money, 382; Jacob's Eng., ch. 26; McCulloch's Com. Dic., 946.) But some compute the reduction at only 5 per cent., and others at 10 per cent. Silver is computed to have fallen in value, since 1492, quite four to one, and gold three to one. (Tucker on Money, page 112.) Whole precious metals, in Europe and America, in 1830, estimated at $4,500,000,000. (Gallatin on Currency, &c.) Some make them $5,320,000,000. (Tucker on Money, p. 387.) Others make them only $3,422,000,000. (Jacob's Enq.). Silver sent to Europe, from America, has been in ratio of fifty-five to one of gold. In Asia, the produce is eleven to one. (See American Almanac, pp. 96 and 97, for 1840.) whole precious metals in Europe, America, and Asia, would seem to be computed at not over $5,750,000,000. (See Jacob.) About one-third of them is estimated to be in coin, by some writers.

The

These are computed from pounds sterling, at 4s. 2d. per dollar, by Tucker (on Money, p. 378). Increase in weight of all gold and silver in Europe and America, since the discovery of the latter, is nearly fifteen-fold. (Gallatin's Essay.)

The proportion of silver in the United States, in circulation in 1838, is computed by Professor Tucker at three-fourths of the whole; gold one-fifth; and the rest probably copper. (Page 59.) In England, gold at three-fourths, and silver at one-fourth. (Page 57.)

Mr. Crawford estimated the bank-note circulation, in 1815, at $110,000,000; and in one instance, that of 1819, at only $45,000,000.

These returns, in 1835, 1836, and 1837, are at different periods in the year. It was not practicable to get them all at one date. They differ in different parts of the year. (See note d.) The specie in banks, in England, is only the bullion in the Bank of England. The returns do not show what is held by other banks, if any, since they can redeem their notes by law with the notes of the Bank of England.

Some have estimated the whole specie in the country, in 1840, at $91,000,000, of which $35,000,000 is in banks. Others have estimated it, in 1833, at $29,000,000; in 1834, at $39,000,000; and in 1835, $60,000,000. (See American Almanac, p. 131, for 1838.)

In France, some portions of 1839, the circulation and specie appear to be less in both the Bank of France and in the banks in the departments. About $3,000,000 of the specie was in the latter banks.

m This is considered a mere guess by Neckar, according to Low on the State of England, page 97.