Front Page Titles (by Subject) 215.: ricardo to sinclair1 - The Works and Correspondence of David Ricardo, Vol. 7 Letters 1816-1818
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215.: ricardo to sinclair1 - 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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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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ricardo to sinclair1
Upper Brook Street, 4th May 1817.
I thank you for your pamphlet,2 which I have read with attention. I agree with you, that a part of our distress has been occasioned by the reduction of the circulation; but I consider it as a necessary price for the establishment of a better system, than that of encouraging an indefinite amount of paper circulation. I cannot think that any but a very small further reduction will be necessary, to enable the Bank to meet any demands that may be made on them for specie. The remedy, grievous as it is, is the necessary consequence of former error. I hope we shall never try an unchecked paper circulation again, though I have no objection to a paper circulation, and nothing but a paper circulation. It is obvious that, if we have forty millions, or any other given amount of taxes to pay, they will fall heavier on those who are to pay them, if money, by the diminution of its quantity, is raised in value. I have not seen Mr. Attwood’s publication.3 I am, Sir, your obedient and humble servant,
[1 ]Correspondence of Sir John Sinclair, vol. i, p. 321; Letters to Trower, XIV.
[2 ]On the Means of Arresting the Progress of the National Calamity, London, Nicol, 1817 (Preface dated 31 March 1817); reprinted in Pamphleteer, vol. x, 1817, No. XX.
[3 ]Prosperity Restored; or Reflections on the Cause of the Public Distresses and on the only Means of Relieving them, by Thomas Attwood, Esq. of Birmingham, London, Baldwin, 1817. Sinclair often quotes it in his pamphlet and, referring to it and to The Remedy, or Thoughts on our Present Distresses, by the same author, says: ‘These pamphlets should be read by every one, who wishes to be thoroughly master of those important discussions’ (p. 10).