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Front Page arrow Titles (by Subject) arrow BANK BALANCES 18 February 1823 - The Works and Correspondence of David Ricardo, Vol. 5 Speeches and Evidence

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BANK BALANCES 18 February 1823 - David Ricardo, The Works and Correspondence of David Ricardo, Vol. 5 Speeches and Evidence [1819]

Edition used:

The Works and Correspondence of David Ricardo, ed. Piero Sraffa with the Collaboration of M.H. Dobb (Indianapolis: Liberty Fund, 2005). Vol. 5 Speeches and Evidence 1815-1823.

Part of: The Works and Correspondence of David Ricardo, 11 vols (Sraffa ed.)

About Liberty Fund:

Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals.


BANK BALANCES
18 February 1823

Mr. Grenfell, in moving for a return of the balances of public money in the hands of the Bank of England, observed that the services rendered by the Bank to the public were overpaid. The new Chancellor of the Exchequer (Mr. Robinson) declined entering at present into the subject. Mr. Baring said that the advantage of holding the public balances ‘had been estimated and paid for by the Bank on the renewal of their charter.’

Mr. Ricardo said, it was true the Bank had made a compensation for the grant of the charter; but it was not sufficiently great for the advantages they had so long possessed. If, during his continuance in office, the Bank of England should apply for a renewal of the charter, he hoped the chancellor of the exchequer would be particularly careful that they did not overreach him. Before any such bargain should be made, it would be the duty of the right hon. gentleman to consult the House as to the terms of it. If it should be open to public competition, much more would be given for it than had ever yet been offered. From the advantages which the Bank had derived, it was impossible not to see, that the terms had been very much in their favour.