2 MAY 1840, Page 11


TO THE Eneroa m"rin: SPECTATOR. is singular (hat, whilst upon this subject there is in Englanul so much difference of opinion amongst able men, all the recent writers upon Cur- rency in Prance and America, (as CoNov, Racumr, CAREY, LE MAITRE, &e.) should be agreed that deposits in the Bank of England are money or currency, to the same extent as the circulation of the Bank. It strikes me that the disagreement arises, sometimes, from mixing up with the stub- Th.fnk fmt ra.: et at all times a call for ' s idea to much of her embarrass- . 'if. the curn twe it• 18;16-7 and 1839

!..• ste". r:.%1 by the commercial

mime of the question? Bank, it win, 1

I, • ' . le in bank-notee s.... 's :d for convenient • : it yields no

„1.. ti it, it' it v • e. n co i t n profit- ti sic st tratio. it would be its- . , "..nter,st. TS it hy the :,Ce- or le9B 'fli,■- i•• filic-ti1111, so far •• tee %. , s to the Bank Of ! ieg as much*, ;; I. •- s tout Gibraltar I' ZtIllt hi', own chest) -s-Is- t VI' an i.• , lint to be I;M,fmtg. a Ne:Ir. haVP, 1115011 a4 'I 151 his eil-11-Ciox /55 ,o• ,1 (t555 a mount upon. .:ett to lie currency. Let is next suppose that 11. and that b.' takes his teonev for custody to 'men att ae.••■,:z • t,,t.rth te tom .1 tl.),(Mot a year jut IL.' I it ti r • currency ; and 1:1 t 110t -/,' ,s ,Its',//1,..1,!, IL !/' (IC?

'[•• It ink of F:ngland as

. t returns 'cive about . lb • T1 oh.. But I ' .; 1•••. ,;:tud for an hour

' , I SoC with what

„ , it • lid diminished at the ; • • with', f....re.ater veto- 1.1.,nk. Mr. CE01(011 ' the Conunittee, that to he the Sallie thing circulate more rapidly

••-• his •

ht "I' • •'..

: mel "here does eent than through t a banker's dr.l, 1 Shall not p of tIc. to !:er equal lia-

bility to he C:1!).eit sits t '-'5 ' '.•i t.5 ; 'It dePOSitS: bit% lloitsLEy PAL,111:: ,,: : ,-,, far as concerns the

Bank. But in estimmIe.: •Ions th 5 ' of the currency,

which affect prices. mei • I t• tIs• 11.tt t`15 '5' of trade, I tun of opinion that Iii,' ;• •!110,,,f ,!

11111St be tal:eit as the t••st. t • dm', nations is In• of the currency tInt delioSit s. nient (Ton N to atu net i0:1 •-•' • world Butt Instead of 1%. think, simplif:. 1'. or specie.

redistribution. 1, i• interest; mud ti • able employ t vested in 1: not then t. cct,t t!.1 nuerchants acci amount a'r:.•et !1 as the tradinr •••

England, for t Is possible the tp;• (where everv ne.:1 is I.: • ..t. to London, M.ti det 119 OM II l':uleer, l 1. I•,•••1 neerdee, a thous:1w! ee,"I •

That 1,1.M01. ; whee, ' his eouniiiig-lini.,e the Bank, where upon. Is not lti ui, 10 I, :en currency in ra,..bl ...! We are apt tit!! v a hued amount of

the same tinnier' .5f %I% s •

in the drawitn...-%mlie, /II • rapidity the dep, it .. • other. In Col, city than whil,t1,•:. GLYN, tile 1 7 .

he considered wee:- :h.: • . 89 money in Iti, ouvo

administered by the ate's. it lAltatcArost.