he 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.

8. It appears from the evidence, that the corn from the Baltic is
often very heavily taxed, and that this tax is generally raised in
proportion to our necessities. In a scarce year in this country we
could never get any considerable quantity of corn from the Baltic,
without paying an enormous price for it.

9. By the real growing price of corn I mean the real quantity of
labour and capital which has been employed to procure the last
additions which have been made to the national produce. In every
rich and impro