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.