Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-07-02


missory notes stamped in each success
sive quarter, from the year 1910: aud as
inese accounts siios the number of netes
stamped in each OF the classes into which
ihey are divided, accortliDgsto their sevc-
raj Determinations, If the nouhiial value
Of each is assumed, Tor the sake OF cal
culati6n, 10 be the highest which such
note scoaId bear according To the stamp
affixed ,thc total amount stamped i'm each
scar would be as follows =
1874. ............. & IL, 255.84l
1915. ............... &c, 20I .96S
= 1916. q $3.50 ,92f
J0l7.- .9,OI5,25S
'siss 1913. 1876 ,6bS
these notes on an average circulate
for three wears, the highest aggregate "A.
mount TO which they can have reached is
L 2Y. 232 $40.
Your Committee are led to conclude.
from the information OF Mr.. Lloyd, that
the whole amount of notes stamped,
which still remain in such a state as TO
be circulated, can never have been at
once in circulation. He SAYS" bank
er may have 10000 notes lying by him,
bisihaving paid The duty, and having The
notes ready by no means proves that they
are IN circulation. Sometimes there NAV
be Il very large amount lotk ed up BY him.
at other times tlcy may be almost all in
circulation. In time of alarm, he takes
care TO have them as much at home as
possible : in times OF prosperlty AMI ge-
neral confidence, he has no hesitation in
issuing them on satisfactory security"
MIR. LLOYD expressed an opinion, that
the issue OF paper by the country Banks
might be from 40 TO 50 millions but YOUR
N I'M mi fpI r.afb LODI ia
the general tenor of the information be-
fore them, that the amount of this branch
OF the paper circulation. throughout Great
Britain, has never exceeded from 20 TO %
millions
Whatever may have been the amount,
itappearS undoubtedly to have been liable
Ia great fluctuations, as may indeed be
inferred from the accounts of the stamps
before alluded to, but with more Ger.
talnfy from the accounts furnished by
the three chartered Banks of Scoilau
representing the proportions which the
quarterly averages bear to each other, of
The respective circulation OF each Bank,
at three corresponding periods the scales
BY which the circulation of these Banks
is thus shown, establish the degree OF the
propOrtinnaie variations in each respec-
lively but Il Is TO he observed that those
scales, being constructed upon different
uata' ahord no means OF comparing with
one another the actual amount Of their
respective issues.
Last or. Third or. Last Or
1913. 1916 1918
British Linen Company 400. $40. 4 DIG
Bank of Scotland ......S, 773. .612O. 81 i7S
Royal Bank ..............752. 267. 4 I3I
As very large part oiibe currency of
Scotland is furnished by those Banks. if
must be inferred from the preceding
scales, that whatever was the amour, AT
the close Of 1873, not less than one ihird
had been Withdrawn from circulation i'm
1916, since which period au equal amount
has been re-issued
A tiuciuaiion, corresponding with this
III point OF time, and AT least, equal in de
gree, appears 10 have taken place in the
paper issued by the country banks la En-
gland. The number of these establish.
menis licensed in 1914 was $40; i'm 1917.
was 752.
MT. Lloyd stated, that the circulation
OF tue country banks WAS at its highest in
1913, and 1911, but was considerably re-
duced in 1878, and the beginning of 1917
aud being asked as TO The amount out
standing at the latter period, when com
pared with the former, he answered. "I
can hardly say should think il was re-
dnced nearly one-half"
Your Committee were furnished. by
Mr.. Siuckey, with the following scale Of
the circulation of d considerable country
bank, for the last four years:
March. .lSi6. 10
....lSl7. ..I2
....i8lS. ..I6
..iSl9. ......l7s
and further information on the same sub.
ject will be found in the evidence of MIR.
john Smith, Member of the House, Mr..
Samuel Quincy, and Mr.. Gilclrisi.
Whatevermay have been The diminutien
III the amount of the circulation of conn-
try banks in 1916 and 1917, il was not
III any degree caused by a dmnuiinn
of The issues of the Bank of England
The circulation of country paper is liable
to be affected by want of confidence, gem
orally brought on by extensive failures in
some of those establishments and tho