Front Page Titles (by Subject) 123.: grenfell to ricardo1 - The Works and Correspondence of David Ricardo, Vol. 6 Letters 1810-1815
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123.: 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
Taplow 28 Sep. 1815
My dear Sir
After I had sent off my Letter to you yesterday, I received by Coach from Spring Garden, your Manuscript2 — of which I read in the Evening about 60 pages with much Avidity and Satisfaction—I shall finish it—and read it a second time before I return from Town—which will be on Sunday—in the mean time I cannot refrain from telling you, that so far as I am a Judge, what I have read is excellent— Your Idea of making Paper convertible into Bullion and not into Coin is quite new to me, and as it now presents itself to me, is admirable—You had before if you recollect, stated to me your Expedient for economizing Currency at the Eve of each Quarter by an Issue of the Dividend Warrants some days previous to the Dividends being due—but payable as now when due—I am aware of no practical objection to this —and it seems calculated to secure the object for which you intend it1 —
You say more of my Exertions in Parliament than they deserve2 —You under rate the Sum gained by the Bank and lost by the Public in Stamp Duties on the Bank Circulation from 1799—to 18153 —which upon a Calculation accurately made by me—exceeded £534,183—I say exceeded—because in my Calculation I suppressed the fractional parts of 100,000 —in order to simplify the Calculation—feeling too that after giving this advantage to the Bank, the Result would exhibit a Sum of Loss to the Public under this head sufficiently large for my Purpose—That you may be satisfied that I advanced nothing without Calculation, I enclose my original Papers 3 in Number containing the Bases of my Calculations which were made (I mean the mere mechanical parts by Rule of 3) by a very accurate person in my Employ and checked by another—So that I am confident of their arithmetical accuracy—I doubt whether you will understand my Basis of Calculation—but I am particularly desirous you should see the Paper which I have marked X because it shews a regular Series of Bank Circulation in each year from 1799 to 1815— the first Column being the amount of Notes of £1—and £2 —and the second—of Notes and Bank Post Bills of all Denominations including £1 and £2—Suppressing the fractional parts in most instances of £100000—Another Paper accompanies these three—When you have done with, return them to me. I am just starting and can only add
My dear Sir Yours very truly
D. Ricardo Esq
[1 ]MS in R.P.
[2 ]Economical and Secure Currency.
[1 ]See above, IV, 74.
[2 ]See above, IV, 54.
[3 ]‘A sum little less than 500,000 l.’; see above, IV, 95.