159.: trower to ricardo2[Reply to 156.—Answered by 161] - David Ricardo, The Works and Correspondence of David Ricardo, Vol. 7 Letters 1816-1818 
The Works and Correspondence of David Ricardo, ed. Piero Sraffa with the Collaboration of M.H. Dobb (Indianapolis: Liberty Fund, 2005). Vol. 7 Letters 1816-1818.
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trower to ricardo
[Reply to 156.—Answered by 161]
Unsted Wood. Febry 20—1816.
I am much obliged to you for your Pamphlet, which I have read with great interest, and the opinions of which I entirely approve. I do not flatter myself however, that the subject is yet sufficiently understood by those in authority to induce them to adopt the simple, yet important expedients you suggest. The adopting Silver as the measure of value instead of Gold, although carrying with it the advantages you state, is so entirely opposed to the plan proposed by the late Earl of Liverpool that that circumstance of itself is sufficient to indispose Ministers to it. The regulation making it obligatory on the banks to receive Bullion, under the circumstances you propose, would, I am persuaded, completely keep our circulating medium at its proper level; and prevent the occasional mischievous drains upon the Bank for specie; which no other expedient can prevent. It carries on the face of it however so great an innovation as no doubt to startle those who have not well weighed its effects. The arrangement with respect to the delivery of the dividend warrants is at once simple and efficacious for the removal of what certainly is a very serious inconvenience; but which I believe is neither felt nor understood by those whose avocations have not given them an opportunity of observing its practical effects. It would however commit the Bank to the payment of the Dividends before they actually receive the money from Government, which is contrary to the general rule followed by them. This however forms no objection of consequence and might be obviated—Your case against the Bank is most triumphant, and I admire much the ingenuity and dexterity with which you have so compleatly established it. In the debate, which has taken place in the House of Commons on Mr. Grenfell’s motion , not a single attempt has been made to answer any one of your positions—And, I have no doubt, that the arrangement between Government and the Bank has been hurried up expressly to prevent the effect, which must otherwise have been produced on the discussion of Grenfells motion. But, let not the Bank imagine, that the Public will be satisfied with this arrangement as an adequate compensation for the claims we have upon them. Our hands must be thrust constantly into their pockets till we have taken therefrom what is honestly our due. This mode of proceeding I should deem preferable to taking the public money out of their hands, and disposing of it in the manner you suggest, which might expose us to dangers in the management from which we are at present undoubtedly protected—I see no fault to be found in the style of your pamphlet. The case is clearly and forcibly stated, and must carry conviction to those acquainted with the subject. Some parts perhaps might have been more dilated, and some alterations in the few first pages might have improved the construction of your sentences. Excuse the freedom with which I thus express my sentiments on your performance, and consider it I beseech you as a proof of the interest which I feel in what is of so much importance to yourself.
I am very busy arranging the plan of a Provident Fund in this neighbourhood, which I have submitted to our Lord Lieutenant Lord Midleton. I have taken the Bath Institution for my model, but have made what I consider some important alterations. I propose investing the Deposits in 3 p C. in the names of Trustees making the Depositors proportional proprietors, and deducting ⅕ of dividend to pay necessary expences. As it is essential to the success of these institutions that they should support themselves—
I have scarcely left room to give our united kind remembrances to Mrs. R. and family and to say I am
Ys very sincerely