The circulating medium of England consisted of the precious metals, and of bank notes, convertible at plea sure into the precious metals, until the year 1797, when, in consequence of a great run on the Bank of England, (the only chartered bank in the country,) an act of par liament was passed, freeing the bank from the obliga tion of paying coin for their notes.
The money coined in the reign of Charles II. amount ed to 7,524,1051. ; in that of James to 2,737,6371. ; by William to 10,511,9631.; by Anne to 2,691,6261. ; by George I. to 8,725,9211. ; by George II. to 11,966,5761. ; and by George 11I. down to the year 1800, to 62,945,8631. Since the year 1800, very little has been coined ; and, at present, the circulating medium consists almost entirely of thenotcs of the Bank of England, and of the provincial banks.
The amount of the value of the Bank of England notes in circulation, in the year 1718, was 1,829,9301. ; in the year 1761, 5,863,2901, besides post bills to the value of 138,520/. ; in the year 1791, they had reached the sum of '11,699,0001.; but, in February 1797, they were re duced to 8,640,0001. ; in 1802, they were 17,054,4501. ; and, at present, they arc upwards of 29,000,0001.
The natural and obvious consequence of the with drawing of the metallic currency of the kingdom, was not only an increase in the amount of Bank of England notes, but also an increase in the number of provincial banks, and in the amount of the value of their notes. In the year 1797, the number of country banks, issuing note!: in England, did not reach•200; in 1808, they were near ly 600 ; in 1811, 649; in 1812, 625; in 1813, 643 ; and in 1814, 689. The average circulation of each of which cannot possibly be rated at less than 30,0001., which will make the total amount of the circulation of the provin cial notes upwards of 20,000,0001. ; but it is probably much greater.
Even this circulating medium, great as it is, would he totally inadequate of itself to carry on the immense trade of this kingdom. In London, the great scat of mercantile transactions, exchanges to a very large amount are effected, without the intervention of any cir culating medium, by means of brokers, who buy and sell for different merchants, and set olf the various articles against each other. As a proof how small a sum of cir culating medium is employed to transact business to a very large amount in the metropolis, it may be men tioned, that in the cleating house, in Lombard Street, where the clerks of the different banking houses meet for the purpose of exchanging drafts, drafts to the amount of upwards of 4,000,0001. are frequently pre sented in the course of the day, while bank notes only to the amount of about 200,0001. are required to pay the
balance.
The principal sources of the revenue of England arc the duties of customs and excise ; the stamp-duties ; the land-tax, and assessed taxes; the post-office duties ; and the income tax. The revenue is divided into the permanent taxes, and the war taxes; the latter, laid on during the revolutionary wars with France, consist of . the income-tax, and of additional duties of customs and excise.
About the commencement of the 17th century, the produce of the customs amounted to nearly 150,0001., of which upwards of 100,0001, was collected in the port of London. In the act of union, the customs of Scot land are reckoned at 30,0001., ant those of England at 1,341,5591. In the year 1800, the gross produce of the customs of England was 3,551,6681.; in the year 1804, 10,189,2381.; in the year 1810, the permanent revenue of the customs was 9,952,8351. ; and the temporary, or war custom duties, amounted to 3,599,2151. ; making a total of and in the year 1813, the gross pro duce of the permanent duties of customs was 9,367,5421.; and the war duties, 3,523,2051.; making a total of 12,890,7471. The revenue of the customs is collect ed in England at the rate of 51. Is. 2d. on the gross amount.• The Excise, which consists of inland duties, or taxes on articles manufactured or consumed, originated in the year 1626 ; but was not actually established till the year 1643. In the reign of George I. the excise duties were rendered perpetual. In the year 1800, the gross produce of this branch of the revenue amounted to 11,994099/. ; in the year 1804, to 20,985,6441.; in the year 1810, the permanent duties of excise amounted to 18,925,9541. ; and the war duties to 6,488,8701.; making a total of 25,414,8241. For the year 1813, the following Table ex hibits the particulars of the excise duties: The expence of collecting the excise duties is at the rate of 21.:l 10d. per cent on the gross amount. The gross produce of the stamp duties, in the year 1800, amounted to 2,698,3651.; in 1804, to 3,429,697t and, in 1810, to 5,311,2691. The following Table exhi bits the particulars of the Stamp Duties for 1813: The land-tax, which at first was an annual tax, was made perpetual in the year 1799, and offered for sale to the proprietors of the land, or to any other persons who chose to purchase it. In the course of the first year after this act, upwards of 13,000.0001. was pur chased ; and on the 23d of February 1813, rather more than one-third was redeemed. In 1813, the gross pro duce of the land-tax was 1,272,236/.: the net produce 1,127,078/.