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]

315.

ricardo to m^cculloch3
[Reply to 314]

London 22 June 1819

My dear Sir

I have too long neglected answering your kind letter, but I have been much engaged; and indeed my energy has been a little impaired by the late hours which the business of the House has compelled me to keep for the last 2 or 3 weeks.

I hope that you have received the Lords Report on Bank Affairs, which I sent you by the Mail. That Report contains an account of the yearly average of Bank notes in circulation for more than 20 years, and is I think precisely the document which you wished to see.4

I thank you for your endeavors to inspire me with confidence on occasions of my addressing the House. Their indulgent reception of me has in some degree made the task of speaking more easy to me, but there are yet so many formidable obstacles to my success, and some, I fear, of a nature nearly insurmountable that I apprehend it will be wisdom and sound discretion in me to content myself with giving silent votes.

There is a disposition among many of the best informed of the two committees to adopt my plan of currency as a permanent regulation, but they think that it will have more chance of finding supporters, after it has been tried for a few years. I am of the same opinion, and only object to the Bill just passed, because it will impose on the Bank the obligation of buying gold, and preparing for coin payments, in 1821, although such payments may never be necessary.

I fear I cannot obtain the account of the expence of the Mint Establishment for so long a period as you mention. I am sure that Ministers would object to give it, and I am too young a member to move for it without previously knowing that it would be granted.

Bills are bought and sold on the exchange by brokers, who make themselves acquainted with the state of demand and supply. There is a difference in the price of bills, accordingly as they are drawn on persons, and by persons, of undoubted credit. There are also middlemen, who speculate largely on the rise or fall of the exchange and either buy or sell bills, without being entitled to do so from any previous transaction, on the expectation of the future supply and demand of bills. The practice I believe is this. The brokers go round to the different merchants, and ascertain whether they are buyers or sellers of bills. The man of most influence amongst them judging of the relation between the buyers and sellers, suggests a price at which all the transactions of the day are settled, with such deviations as particular bills, on account of their being in very high, or very low credit, may be subject to. In the evidence before the committee you will see that merchants in the best credit generally negociate their bills on better terms than the quoted price.—

I hope, Mr., or I believe, Sir W. Scott is recovered from his indisposition. His last novel is just published, but there is so great a demand for the work at present in my house that I have not yet seen it—I shall consent to wave my claim to its perusal till I get in the country. Then also I shall read Sismondi’s last work, which I am prepared to find exactly of the description which you give of it—viz a work not less extraordinary than that of Dr. Purves, if there be really any such person in existence.—

You have probably heard that Mr. Mill has got a highly respectable situation in the East India House. Considering the opinions which he has so freely given of the Government of India this appointment reflects great credit on the Directors.1

Mr. Malthus with whom I am very intimate speaks confidently of publishing his work on Political economy next Spring. When we meet we carry on a most active contest but with the best disposition towards each other possible. Every opinion of his is subjected to the ordeal of a vigorous discussion between us—I tell him that he has in this respect very greatly the advantage over me—the truth is he is too timid and I am too rash.—

I shall probably quit London for Gatcomb Park in the middle of July. Whether there or in London I shall be always happy to hear from you.—Believe me to be with great esteem

Y^rs. very truly

David Ricardo

[3 ]MS in British Museum.—Letters to McCulloch, VIII.

[4 ]Appendix, B. 2.

[1 ]In a letter of 13 Dec. 1819 to Dumont, Mill gives some details of the appointment; after saying that the first ed. of his History of British India ‘is now wholly sold, and we are actively printing a second’, Mill goes on: ‘What will more surprise you is, that said book has been the principal cause of placing me in the service of the East India Company. You probably know that what is called the Examiner’s Office in the East India House, is the office in which the whole of the correspondence with India, in all the departments of government, except the military, is carried on. I am placed at the head of one of the principal departments in that office. The salary with which I began is £800 a year; but as the Directors proceed in the way of gradual encrease with the salaries of the principal officers in this House I have the prospect of considerable augmentation at no very distant period. The time of attendance is from 10 till 4, six hours; and the business, though laborious enough, is to me highly interesting. It is the very essence of the internal government of 60 millions of people with which I have to deal; and as you know that the government of India is carried on by correspondence; and that I am the only man whose business it is, or who has the time, to make himself master of the facts scattered in a most voluminous correspondence, on which a just decision must rest, you will conceive to what an extent the real decision on matters belonging to my department rests with the man who is in my situation.’ (Unpublished, MS in Bibliothèque publique et universitaire de Genève, Ms. Dumont 33. 111, p. 41.)