ABSTRACT
The notes of the Bank of England were spoken of as forming exclusively the whole circulating medium of the district which surrounds the metropolis, and as having no circulation beyond the boundaries of that district. In many distant parts of the country a very small quantity of Bank of England notes circulate, and also much other paper, as well as a certain quantity of coin. The average amount of Bank of England notes in circulation during three years ending in December 1795, appears to have been 11,975,573l. The total quantity, therefore, of the Bank of England notes in circulation in one part of the spring of 1801, if the two millions be deducted, almost exactly agrees with their average amount during the three years ending December 1795. The substitute principally demanded will be gold; but some Bank of England paper is not unlikely to be also employed in filling the void.
