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CHAPTER    VI.

On the Amount of our Specie.

As a correct estimate of our specie would materially chapteii
tend to elucidate the general reasoning contained in this
work, I shall endeavour to form the best computation,
which the loose nature of the subject will admit, though
the most satisfactory calculation can only be said to ap¬
proximate the truth.

It has usually been the custom to calculate the amount
from the mint returns of our coinage, and Mr. Rose and
Lord Liverpool have exclusively constructed their com¬
putations upon them. The estimate of Mr. Rose amounted
to ^44,000,000. ; the estimate of Lord Liverpool, as I
have alread}' stated, to ^30,000,000.; but as the clan¬
destine exportation and melting of the coin totally disqua¬
lify these documents from furnishing a correct criterion,
I shall endeavour to construct a more accurate estimate,
by computing the proportion, which specie bears to paper
in the general circulation of the kingdom.

Previous to the present system of our currency, when
paper occupied a less considerable space in t!ie circulation
of the country, and the Bank of England maintained a
cautious silence upon the extent of their issues, it would
have been impracticable to have deduced a satisfactory