Front Page Titles (by Subject) 118.: grenfell to ricardo1 - The Works and Correspondence of David Ricardo, Vol. 6 Letters 1810-1815
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118.: grenfell to ricardo1 - David Ricardo, The Works and Correspondence of David Ricardo, Vol. 6 Letters 1810-1815 
The Works and Correspondence of David Ricardo, ed. Piero Sraffa with the Collaboration of M.H. Dobb (Indianapolis: Liberty Fund, 2005). Vol. 6 Letters 1810-1815.
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First published by Cambridge University Press in 1951. Copyright 1951, 1952, 1955, 1973 by the Royal Economic Society. This edition of The Works and Correspondence of David Ricardo is published by Liberty Fund, Inc., under license from the Royal Economic Society.
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grenfell to ricardo1
Spring Garden 20 Sept 1815
My dear Sir
I have your Letter of the 17th. —I cannot now reply to your Calculations—Where is the calculation of Mr. Morgan,2 as to the Cash and Bullion of the Bank in 1793 &c.?—No doubt the Bank must have lost a large Sum, prior to their Suspension of Cash payments in 1797, in the purchase of Bullion, above the Mint price; but that loss had been incurred, when Parliament examined into their affairs in and when they reported a Surplus Capital of £3,826,890: we are to consider therefore, what additions may have been made to this Surplus, since the 25 February 1797, to which period the Accounts laid before Parliament were made up.— I do not believe there is any parliamentary account, that shews in one view, what the Bank has received for managing the public Debt in each Year, but you are no doubt aware of the rate per Million charged on the existing Debt of each Year, and the rate of allowance for each Loan and Lottery.— The amount of Bank Notes in circulation since 1810, may be found in any Collection of parliamentary documents.
I do not recollect to have seen any return of public deposits for each Year between 1800 and 1807.
The Income Tax was raised to 10 Cent in Mr. Fox’s Administration in 1806, before which I think it was 6¼.— I believe with you, that the “Old Proprietor”1 has estimated the Expences of the Bank upon the whole, much too high, but Mr Thornton stated in the House of Commons that the number of their Clerks has increased to one thousand.2 The £4000 for House Allowance has not been discontinued, and £1898 continues to be paid for the management of the South Sea Capital; at least Mr Mellish did not deny this, when I stated it in the House of Commons.3 —The General Court “for considering a Dividend” is to be held to morrow.— Not having seen it advertised, I knew nothing of it till yesterday, when I heard it accidentally mentioned.—It is not my intention to be present, unless I should be called into the City upon other Business—I hear much discussion, however, is expected on the Subject of the Dividend.—Your Letter of Sunday4 reached me this Morning from Taplow, as I have been in Town since Monday. I can only add by this post, that I am,
My dear Sir, very truly Yours.
As I think it would be unadviseable for me to take any part in any discussion tomorrow on the subject of Dividend, it appears to me that I may as well not be there.
David Ricardo Esqr.
[1 ]MS in R.P.—Dictated; only the signature and the postscript are in Grenfell’s hand.
[2 ]On William Morgan and his calculations see above, IV, 416.
[1 ]A series of letters over this signature was appearing in the press; they were afterwards collected in a pamphlet with the title Letters addressed to the Proprietors of Bank Stock. By an Old Proprietor, London, 1816. In one of his letters, which is dated 7 Sept. 1815, the Old Proprietor estimates the expenses of the Bank of England as follows: ‘Salaries to 1000 Clerks £200,000, Property Duty, suppose £150,000, In Buildings, Salaries of Directors, Stationary, Porters, Coals, and all other expences of the establishment £150,000’.
[2 ]See Samuel Thornton’s speech on Grenfell’s Motion respecting the profits of the Bank of England, 13 June 1815, in Hansard, XXXI, 770.
[3 ]See Grenfell’s speech on his own Motion respecting Balances in the hands of the Bank of England, 26 April 1815, in Hansard, XXX, 873 and cp. 875.
[4 ]17 September.