220

puted in this discussion at  (^) ^23,000,000. :   the sum CHAPr'Eit
remitted for the payment of  our foreign expenditure   y^^^^^^
was by   some  computed at ^(^50,000,000 , by some at
^^30,000,000., but by none at a lower sum than-(^25,000,000-
Estimating it, therefore, at this sum, the collective amount
exported for these purposes will be ^(^48,000,000,

Now though it be competent to conclude, that in 1793,
antecedently to the utterance of small notes, our specie
bore a nearer approximation to our paper than has since
subsisted, yet there can be no doubt but that the sum
exported was considerably less than the amount of the
notes, by which it was displaced. These notes may be
estimated at between six and seven millions. If, there¬
fore, at the commencement of the late war in 1793, our
national stock of coin be computed at double the present
amount, and it be said, that we then possessed from ten
to twelve milhons of specie instead of five ; yet as it is
impossible to pay jT*48,000,000. out of twelve, and leave
five, there can be no foundation for the conclusion that
such a sum was ever remitted.

Our two unfavourable seasons occurred in 1795 and
1799^ the severity of the pressure was consequently in
1796 and 1800 ; yet ^o early as in May 1795, when no
scarcity was even in prospective, an<l before a single grain
of corn  was imported to obviate the calamity (6)  the
 

(a) It has since been ascertained that the quantity of corn imported
has amounted to X3o>ooo,ooo., and it is accordingly contended that
;^30,ooo,ooo. of spece has been exported for its payment.

{bj Sec the extract from Lord King's Tables, page 196.