A History of Prices And of the State of the Circulation From 1793 to 1837 Pre

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A History of Prices And of the State of the Circulation From 1793 to 1837 Pre
Thomas Tooke
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An important circumstance, too, may here be 140 THE CURRENCY.
noticed, as affecting the value of the precious metals m Europe during the periods under consideration, and that is, that whereas, previously to 1820, the exports of the precious metals, chiefly silver, to the East Indies and China were on a large and increas- ing scale ; insomuch that in the three years ending witii the season of 1819--0, the balance of import of treasure into India, on the Company's and pri- vate account, amounted
...to nearly nineteen millions sterling; the stream had, after 1821, reversed its course, and for some years thenceforward there was a balance of e^\io\'i from the East into Europe.
Much stress has been laid upon the circumstance of Russia, Austria, and the United States of Ame- rica, having at the same time with this country substituted a paper ibr a metallic circulation, there- by further diminishing the value of the metals during the war and the restriction. But it will be found that the flicts are erroneously assumed.


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