The Online Library of Liberty

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• Abbreviations
• 300.: Ricardo to Mcculloch1[reply to 290 & 299]
• 301.: Ricardo to Murray1
• 302.: Ricardo to Mill1[answered By 303]
• 303.: Mill to Ricardo2[reply to 298 & 302]
• 304.: Trower to Ricardo1[reply to 295.—ANSWERED By 307]
• 305.: Ricardo to Place2
• 306.: Sharp to Ricardo2
• 307.: Ricardo to Trower2[reply to 304]
• 308.: Ricardo to Mcculloch1[answered By 309]
• 309.: Mcculloch to Ricardo1[reply to 308.—ANSWERED By 310]
• 310.: Ricardo to Mcculloch1[reply to 309.—ANSWERED By 314]
• 311.: Trower to Ricardo1[answered By 312]
• 312.: Ricardo to Trower1[reply to 311]
• 313.: Ricardo to Trower2
• 314.: Mcculloch to Ricardo4[reply to 310.—ANSWERED By 315]
• 315.: Ricardo to Mcculloch3[reply to 314]
• 316.: Trower to Ricardo1[answered By 317]
• 317.: Ricardo to Trower1[reply to 316]
• 318.: Ricardo to Mill2[answered By 319]
• 319.: Mill to Ricardo1[reply to 318]
• 320.: Mill to Ricardo1
• 321.: Ricardo to Mill4[answered By 322]
• 322.: Mill to Ricardo3[reply to 321.—ANSWERED By 323]
• 323.: Ricardo to Mill1[reply to 322.—ANSWERED By 325]
• 324.: Malthus to Ricardo2[answered By 328]
• 325.: Mill to Ricardo4[reply to 323.—ANSWERED By 329]
• 326.: Ricardo to Place1
• 327.: Trower to Ricardo3[answered By 330]
• 328.: Ricardo to Malthus1[reply to 324.—ANSWERED By 338]
• 329.: Ricardo to Mill2[reply to 325.—ANSWERED By 332 & 337]
• 330.: Ricardo to Trower1[reply to 327.—ANSWERED By 339]
• 331.: Mcculloch to Ricardo1[answered By 333]
• 332.: Mill to Ricardo2[reply to 329]
• 333.: Ricardo to Mcculloch1[reply to 331.—ANSWERED By 344]
• 334.: Brown to Ricardo1[answered By 336]
• 335.: Brown to Ricardo1[answered By 336]
• 336.: Ricardo to Brown1[reply to 334 & 335]
• 337.: Mill to Ricardo1[reply to 329]
• 338.: Malthus to Ricardo1[reply to 328.—ANSWERED By 345]
• 339.: Trower to Ricardo3[reply to 330.—ANSWERED By 346]
• 340.: Bentham to Ricardo1
• 341.: Ricardo to Place2
• 342.: Place to Ricardo1[answered By 343]
• 343.: Ricardo to Place1[reply to 342]
• 344.: Mcculloch to Ricardo2[reply to 333.—ANSWERED By 349]
• 345.: Ricardo to Malthus2[reply to 338]
• 346.: Ricardo to Trower2[reply to 339]
• 347.: Say to Ricardo1[answered By 352]
• 348.: Mcculloch to Ricardo1[answered By 349]
• 349.: Ricardo to Mcculloch1[reply to 344 & 348]
• 350.: Ricardo to Heathfield1
• 351.: Ricardo to Trower1
• 352.: Ricardo to Say1[reply to 347.—ANSWERED By 356]
• 353.: Lord Grenville to Ricardo2
• 354.: Ricardo to Trower1
• 355.: Ricardo to Mcculloch1[answered By 358]
• 356.: Say to Ricardo1[reply to 352]
• 357.: Ricardo to Trower1
• 358.: Mcculloch to Ricardo1[reply to 355.—ANSWERED By 359]
• 359.: Ricardo to Mcculloch1[reply to 358.—ANSWERED By 360]
• 360.: Mcculloch to Ricardo1[reply to 359.—ANSWERED By 361]
• 361.: Ricardo to Mcculloch1[reply to 360—answered By 366]
• 362.: Ricardo to Mcculloch2[answered By 366]
• 363.: Ricardo to Malthus2
• 364.: Ricardo to Sinclair1
• 365.: Ricardo to Napier1
• 366.: Mcculloch to Ricardo3[reply to 361 & 362.—ANSWERED By 368]
• 367.: Ricardo to Bentham2
• 368.: Ricardo to Mcculloch3[reply to 366.—ANSWERED By 372]
• 369.: Bentham to Ricardo5
• 370.: Ricardo to Mill3
• 371.: Trower to Ricardo3[answered By 373]
• 372.: Mcculloch to Ricardo1[reply to 368.—ANSWERED By 375]
• 373.: Ricardo to Trower1[reply to 371.—ANSWERED By 376]
• 374.: Ricardo to Mill2
• 375.: Ricardo to Mcculloch2[reply to 372.—ANSWERED By 377]
• 376.: Trower to Ricardo1[reply to 373—answered By 380]
• 377.: Mcculloch to Ricardo1[reply to 375.—ANSWERED By 381]
• 378.: Malthus to Ricardo1[answered By 379]
• 379.: Ricardo to Malthus2[reply to 378.—ANSWERED By 388]
• 380.: Ricardo to Trower2[reply to 376.—ANSWERED By 384]
• 381.: Ricardo to Mcculloch1[reply to 377]
• 382.: Mill to Ricardo1[answered By 383]
• 383.: Ricardo to Mill1[reply to 382]
• 384.: Trower to Ricardo1[reply to 380.—ANSWERED By 387]
• 385.: Mill to Ricardo2[answered By 386]
• 386.: Ricardo to Mill1[reply to 385.—ANSWERED By 389]
• 387.: Ricardo to Trower1[reply to 384.—ANSWERED By 390]
• 388.: Malthus to Ricardo1[reply to 379.—ANSWERED By 392]
• 389.: Mill to Ricardo1[reply to 386.—ANSWERED By 394]
• 390.: Trower to Ricardo1[reply to 387.—ANSWERED By 391]
• 391.: Ricardo to Trower1[reply to 390.—ANSWERED By 397]
• 392.: Ricardo to Malthus1[reply to 388.—ANSWERED By 395]
• 393.: Say to Ricardo1[answered By 430]
• 394.: Ricardo to Mill1[reply to 389.—ANSWERED By 398]
• 395.: Malthus to Ricardo1[reply to 392.—ANSWERED By 402]
• 396.: Grenfell to Ricardo1
• 397.: Trower to Ricardo4[reply to 391.—ANSWERED By 403]
• 398.: Mill to Ricardo2[reply to 394.—ANSWERED By 400]
• 399.: Mill to Ricardo2[answered By 400]
• 400.: Ricardo to Mill3[reply to 398 & 399]
• 401.: Ricardo to Mccullochcculloch3[answered By 406]
• 402.: Ricardo to Malthus1[reply to 395.—ANSWERED By 404]
• 403.: Ricardo to Trower1[reply to 397.—ANSWERED By 410]
• 404.: Malthus to Ricardo1[reply to 402.—ANSWERED By 405]
• 405.: Ricardo to Malthus1[reply to 404.—ANSWERED By 408]
• 406.: Mcculloch to Ricardo1[reply to 401.—ANSWERED By 407]
• 407.: Ricardo to Mccullochcculloch1[reply to 406.—ANSWERED By 412]
• 408.: Malthus to Ricardo1[reply to 405]
• 409.: Ricardo to Mcculloch3[answered By 412]
• 410.: Trower to Ricardo2[reply to 403.—ANSWERED By 415]
• 411.: Malthus to Ricardo2
• 412.: Mcculloch to Ricardo1[reply to 407 & 409.—ANSWERED By 416]
• 413.: Mill to Ricardo3[answered By 414]
• 414.: Ricardo to Mill2[reply to 413]
• 415.: Ricardo to Trower1[reply to 410.—ANSWERED By 419]
• 416.: Ricardo to Mcculloch2[reply to 412.—ANSWERED By 417]
• 417.: Mcculloch to Ricardo2[reply to 416.—ANSWERED By 418]
• 418.: Ricardo to Mcculloch1[reply to 417.—ANSWERED By 421]
• 419.: Trower to Ricardo1[reply to 415.—ANSWERED By 420]
• 420.: Ricardo to Trower1[reply to 419]
• 421.: Mcculloch to Ricardo1[reply to 418.—ANSWERED By 422]
• 422.: Ricardo to Mcculloch1[reply to 421.—ANSWERED By 424]
• 423.: Trower to Ricardo3[answered By 426]
• 424.: Mcculloch to Ricardo1[reply to 422.—ANSWERED By 428]
• 425.: Tooke to Ricardo3
• 426.: Ricardo to Trower1[reply to 423]
• 427.: Tooke to Ricardo2
• 428.: Ricardo to Mcculloch1[reply to 424.—ANSWERED By 431]
• Malthus to Sismondi1
• 429.: Mcculloch to Ricardo1
• 430.: Ricardo to Say2[reply to 393.—ANSWERED By 446]
• 431.: Mcculloch to Ricardo2[reply to 428.—ANSWERED By 433]
• 432.: Ricardo to Sinclair1
• 433.: Ricardo to Mcculloch2[reply to 431.—ANSWERED By 434]
• 434.: Mcculloch to Ricardo1[reply to 433.—ANSWERED By 436]
• 435.: Trower to Ricardo1[answered By 437]
• 436.: Ricardo to Mcculloch1[reply to 434.—ANSWERED By 474]

309.

m^cculloch to ricardo1
[Reply to 308.—Answered by 310]

Edinburgh 18^th April 1819

My Dear Sir

The kind and flattering manner in which you have been pleased to notice, in your letter of the 7^th inst, my efforts to contribute to the improvement of that science of which you are so great a master, is peculiarly gratifying to me, and far outweighs every other testimony that I could possibly receive. I was also much pleased to learn that the Committees had been occupied in discussing the merits of your plan for rendering bank notes exchangeable for bullion—However ignorant the Bank Directors may be, they cannot surely be so blind to their own interests as not to perceive what an immense advantage the adoption of your scheme would be to them, compared with being obliged to resume specie payments—The adoption of your plan will be the greatest triumph ever obtained by the science of Political Economy: And you will have the undoubted merit of having been the means of conferring a greater direct benefit on the country, than was ever conferred by any other private individual—

In writing the article in the Review2 I found myself at a great loss to give any proper account of the expence of the coinage; and I am convinced that if any impression has been made by that article it would have been rendered much stronger, had I been able to state the precise sum which had been expended on the gold and silver currency since the great recoinage in the reign of William III—Perhaps you could make a motion in Parliament for the production of an account of all the expences incurred on account of the mint establishment from 1695 to the present era, distinguishing of course the expence on account of the gold coin from that of silver, &c—Such a motion would I presume be readily assented to; and it would by helping to shew the enormous expence of a gold currency, not only assist in recommending your scheme, but would also be extremely useful in other enquiries—Since I have taken the liberty to suggest one motion to you, I think I may as well trespass on your patience with another—I observe that an account of the issues of the Bank of Ireland from 1797 down to 1819 has been laid on the table of the House; but by way of completing this account, it is necessary that an account of the course of exchange between London and Dublin, London and Belfast, and Dublin and Belfast should also be presented—You know the effect produced by the great relative issue of Irish bank paper in depressing the exchange of Dublin on London, and you are also aware how, after the Bank of Ireland ceased extending its issues, the exchange became favourable to Ireland according as Bank of England paper was increased—All this however would be better made out from an official return, which I presume could be procured without difficulty—

I have seen the work of Sismondis to which you refer, and I confess that I feel astonished that a person of his acknowledged talents should have published such a work—He adopts all those parts of Dr. Smiths theory which your great work has shewn to be erroneous, and he attempts to subvert his conclusions in cases where they are universally acknowledged to be correct—Sismondi is too much of a sentimentalist to make a good political economist—It is really not a little farcical to have a grave philosopher recommending all classes to marry, and at the same time telling them that it is their duty after having got two or three children to live in a state of celibacy!—I do not know whether this doctrine will conciliate Sismondi the favour of the dames of London, but I feel confident it will have no such tendency here—1

I was particularly delighted with your observations on Mr Sturges Bournes pauper education bill2 —They completely exposed the pernicious tendency of that measure; and if the House had been able properly to appreciate what you so ably stated, they would no longer have encouraged so absurd a scheme—

I beg you will offer my congratulations to your brother on the auspicious event of his marriage—You may say to him that I understand there is a work in the press in which some of his friends will appear rather ridiculous—The publication will, I daresay, be clever—It is by the Editor of Blackwoods Magazine and will be a compound of quizzing, ribaldry, and toryism3 —

I regret exceedingly that it is not in my power to visit London, or rather I should say to visit you, for to me the one would be infinitely more attractive than the other, this season—that is a pleasure which however reluctantly I must keep in reserve for another opportunity—I hope you will have the goodness to let me hear from you as soon as any thing decisive has transpired relative to the Bank—I trust the success of your efforts to improve and perfect our monetary system will be as complete as it deserves to be; and I am sure that none of your friends will more cordially and sincerely sympathise with your triumph on this occasion than I shall do—

I am With great respect My Dear Sir Yours faithfully

J. R. M^cCulloch

[1 ]MS in R.P.

[2 ]The article on money in the Edinburgh Review, Dec. 1818.

[1 ]The following day (19 April 1819) Sismondi married in London Jessie Allen, sister-in-law of Mackintosh.

[2 ]See above, V, 1.

[3 ]Peter’s Letters to his Kinsfolk, 2nd ed., 3 vols., Edinburgh, Blackwood, 1819 (by J. G. Lockhart, under the assumed name of ‘Dr. Morris’). A review in the Scotsman, 17 July 1819, describes it as ‘little else than a republication of the dullest, most prosing, and malignant articles in Blackwood’s Magazine.’