Note C — THE PAPER CURRENCY OF ENGLAND DISPASSIONATELY CONSIDERED, &c.
Reading edition
Assuming the given circulation in the hands of the public to be thus composed:
Gold, and bullion notes issued on gold, &c., £50,000,000
Silver, 7,000,000
Bank of England unrepresented notes 11,000,000
Country notes 7,000,000
£75,000,000
a drain of £10,000,000 of gold would obviously produce a contraction of more than 13 per cent.; while, if the silver be excluded from the computation, the amount of the reduction would be within a fraction of 15 per cent.