Notes on the Circulating Medium of Philadelphia and Great Britain, 11 November 1792

Notes on the Circulating Medium of Philadelphia and Great Britain

Nov. 11. 1792. Blodget’s calculation of the circulating medium of Philadelphia.

the Bank of U.S. their whole stock		10. Millions.

¼ of this payable in gold & silver		2½ M.
of which ¾ only are paid	say	1½
double this amount issued in paper		3.
only ⅓ of it here		1.

the bank of N.A. has issued		2
amount of circulating paper of both banks		3 millions
add the specie in circulation	–	–

this amounts to 60 D. each (of paper) for every inhabitant.

and the bank of the U.S. draws 10. pr. Cent per ann. profit from that.


the circulating cash of Gr. Br. is	about	20. millns. £ sterl.
the circulating paper	about	30
		50 = 225,000,000 Doll.

which is about 28. Doll. a head on the populn of Gr. Britn.

MS (DLC); entirely in TJ’s hand; written on the same sheet as TJ’s first 11 Nov. 1792 “Anas” entry, the verso of which contains “Anas” entries for [18–19] and 19 Nov. 1792; recorded in SJPL. Included in the “Anas.”

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Source Project: Jefferson Papers
Title: Notes on the Circulating Medium of Philadelphia and Great Britain, 11 November 1792
Author: Jefferson, Thomas
Date: 11 November 1792

Reference

Cite as: “Notes on the Circulating Medium of Philadelphia and Great Britain, 11 November 1792,” Founders Online, National Archives, https://founders.archives.gov/documents/Jefferson/01-24-02-0575. [Original source: The Papers of Thomas Jefferson, vol. 24, 1 June–31 December 1792, ed. John Catanzariti. Princeton: Princeton University Press, 1990, pp. 607–608.]