Hamish Riley-Smith

RICARDO, David Autograph letter signed, discussing the problem of small bank notes issued by country bankers, to an unidentified corrrespondent London 10 July  1822

Quarto, 18.6 x 22.5cm, leaf edges gilt, 1 page in ink in the hand of David Ricardo, preserved in a green cloth slip case.

Unpublished. David Ricardo replies to a correspondent who had written to him about the practice of country bankers in relation to small bank notes. Ricardo writes that his correspondent’s suggestions come too late, as the small note bill had been passed by the Commons but that he would pass them on to a member of the Lords who is interested in this subject. Ricardo states that no one is obliged to take notes from country banks if they object to the conditions of issue and that in this case this would lead to them being driven out of circulation and being substituted for coin.In Ricardo’s Plan for a National Bank [written in 1823 and published in 1824 after his death] in his 14th regulation he supported the idea that £1 notes should be “issued and shall be given to any one requiring them in exchange for notes of a larger amount, if the person prefer such notes to coin. This regulation to continue in force only for one year, as far as regards London, but to be a permanent one in all the country districts”. Ricardo autograph letters are rarely found for sale.

£7500

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