Page:The Real Cause of the High Price of Gold Bullion.djvu/9

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which the present population annually expends. Supposing the income of Great Britain was equal in 1790 to 10 l. per annum per head, the income of Great Britain computed in a population of 10,242,000, was 102,420,000 l., but as prices were doubled in 1810, the income must have nominally doubled also; and the annual income of Great Britain in 1810 as well as at present (as the prices have not since increased) must be 204,840,000 l.; to which must be added, an income at 20 l. per head, for our increased population of 3,000,000, so that our present annual income should be, upon these data, 264,840,000 l.

Let us advert again to the state of our taxes. The produce of these in 1790, before the war, amounted annually to about 17,000,000 l.; in 1810, they amounted to 64,000,000 l. Is it possible that such an immense increase could have been possibly raised without an increase of income, increase of prices, and increase of circulating medium?

Let us further recollect, that the whole sum levied in 1790, amounted to a little more than 19,000,000 l.; whereas the whole amount raised in 1810, exceeded 97,000,000 l.—How was it possible that such a sum could have been levied on such a national income as 102,000,000 l., the computed amount in 1790? It might have been absolutely impossible to have raised any thing like such a sum on so narrow a basis.

Nor do I think that we can refuse to reflect, that if in the course of 21 years, from 1794 to 1815, the incredible sum of 1,684,740,000 l. was raised on the nation, it must have necessarily demanded a very abundant circulation to have afforded a possibility for such enormous levies.

It will also he brought forward into view, that our Exports and Imports amounted, in 1797, as follows: