Ratio of Bullion to Notes in Ciculation plus Drawing Accounts (%)

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0

Volume (pounds)

50,000

5,000

500

50

Table I
VOLUME OF BILLS AND NOTES ON DISCOUNT WITH THE BANK OF ENGLAND
1729-1827
Year
1729
1730
1731
1732
1733
1734
1735
1736
1737
1738
1739
1740
1741
1742
1743
1744
1745
1746
1747
1748
1749
1750
1751
1752
1753
1754
1755
1756
1757
1758
1759
1760
1761
1762
1763
1764
1765
1765
1766
1767
1768

Volume
(pounds)
264,500
319,840
249,660
164,980
156,900
253,000
138,300
131,240
124,660
157,740
131,900
81,000
81,480
114,620
69,500
63,500
64,640
58,680
91,300
224,280
212,460
127,420
163,060
99,880
169,400
300,320
227,000
169,280
124,380
244,480
354,940
298,840
606,380
1,221,800
1,583,320
2,034,920
1,226,160
1,320,560
1,608,420
1,757,540
1,607,940

1769
1770
1771
1772
1773
1774
1775
1776
1777
1778
1779
1780
1781
1782
1783
1784
1785
1786
1787
1788
1789
1790
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815

1,955,360
2,378,360
1,906,060
2,485,860
1,150,920
591,400
721,320
812,420
1,167,720
2,054,580
1,034,800
1,108,280
1,687,800
2,122,000
2,531,900
2,793,220
3,352,140
2,609,620
2,593,700
2,821,400
1,163,540
701,800
530,400
1,374,420
3,876,460
2,477,400
2,682,660
2,948,020
4,676,300
4,592,120
4,620,000
6,280,000
7,360,000
7,100,000
9,560,000
9,980,000
10,260,000
11,520,000
12,660,000
12,300,000
14,160,000
18,280,000
14,600,000
13,200,000
11,740,000
12,800,000
14,080,000

1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827

12,920,000
5,000,000
3,040,000
6,720,000
4,300,000
3,000,000
2,840,000
2,700,000
1,840,000
2,800,000
6,060,000
1,420,000

Table II
THE RESERVE POSITION OF THE BANK OF ENGLAND IN THE 18TH CENTURY
Note in Circulation
Year
Bullion
Drawing Accounts
(thousands of
(A)
(B)
(C)

Reserve Ratio
A/B
Ratio of Bullion to
Notes in Circulation
(%)

1720
1721
1722
1723
1724
1725
1726
1727
1728
1729
1730
1731
1732
1733
1734
1735
1736
1737
1738
1739
1740
1741
1742
1743
1744
1745
1746
1747
1748
1749
1750
1751
1752
1753
1754
1755

1,001
1,048
1,246
1,658
1,918
1,178
1,763
2,961
2,444
2,324
2,201
2,691
2,537
3,356
3,714
3,736
3,968
3,317
2,980
4,087
4,801
4,075
3,424
2,613
1,732
808
2,335
1,938
2,179
2,062
1,959
2,970
2,730
2,289
2,829
3,789

2,480
1,925
2,762
3,323
3,758
4,470
2,966
4,465
4,281
4,200
4,416
5,250
4,592
4,543
4,573
4,739
5,078
4,415
4,609
4,062
4,444
4,084
5,011
4,250
4,270
3,465
3,845
3,652
3,790
4,183
4,318
5,195
4,750
4,420
4,081
4,115

1,568
1,108
1,198
791
1,479
1,233
1,703
2,129
2,256
1,919
1,888
1,805
2,459
2,038
2,825
2,917
2,599
2,607
2,549
2,671
2,845
3,203
2,732
2,745
2,868
2,172
1,978
2,441
1,683
1,880
1,914
1,933
2,135
1,723
1,675
2,259

40.4
54.4
45.1
49.9
51.0
26.4
59.4
66.3
57.1
55.3
49.8
51.3
55.2
73.9
81.2
78.8
78.1
75.1
64.7
100.6
108.0
99.8
68.3
61.5
40.6
23.3
60.7
53.1
57.5
49.3
45.4
57.2
57.5
51.8
69.3
92.1

1756
1757
1758
1759
1760
1761
1762
1763
1764
1766
1767
1768
1769
1770
1771
1772
1773
1775
1775
1776
1776
1777
1777
1778
1778
1779
1779
1780
1780
1781
1781
1782
1782
1783
1783
1784
1784
1785
1785
1786
1786
1787
1787
1788
1788
1789
1789

4,034
3,727
2,241
2,208
2,628
2,020
3,053
367
1,873
1,871
818
1,564
1,379
2,873
2,278
1,504
1,192
7,142
6,515
5,373
4,909
3,905
2,653
2,011
3,128
3,711
3,983
3,581
4,179
3,280
2,863
2,158
1,957
1,321
590
656
1,540
2,741
5,487
5,979
6,311
5,627
6,293
5,743
6,899
7,229
8,646

4,516
5,150
4,864
4,800
4,936
5,247
5,887
5,315
6,211
5,846
5,511
5,779
5,707
5,237
6,823
5,962
6,037
9,125
8,398
8,701
8,551
8,712
7,354
7,440
6,758
9,013
7,277
8,411
6,342
7,092
6,309
8,029
6,759
7,675
6,307
6,203
5,593
5,923
6,571
7,582
8,184
8,330
9,686
9,561
10,003
9,807
11,122

2,815
3,052
2,328
1,620
1,913
1,814
2,121
1,550
1,504
1,497
1,568
1,797
1,810
1,820
1,716
1,553
1,784
2,131
2,140
1,820
2,395
1,924
1,792
2,355
2,008
2,333
2,149
2,547
2,065
2,969
2,159
2,882
2,157
1,959
1,862
1,898
2,041
2,447
2,053
2,576
2,435
2,393
2,145
2,419
2,379
2,660
2,970

89.3
72.4
46.1
46.0
53.2
38.5
51.9
6.9
30.2
32.0
14.8
27.1
24.2
54.9
33.4
25.2
19.7
78.3
77.6
61.8
57.4
44.8
36.1
27.0
46.3
41.2
54.7
42.6
65.9
46.2
45.4
26.9
29.0
17.2
9.4
10.6
27.5
46.3
83.5
78.9
77.1
67.6
65.0
60.1
69.0
73.7
77.7

1790
1790
1791
1791
1792
1792
1793
1793
1794
1794
1795
1795
1796
1796
1797
1797

8,633
8,386
7,869
8,056
6,468
5,357
4,011
5,322
6,987
6,770
6,128
5,136
2,540
2,123
1,086
4,090

10,041
11,433
11,440
11,672
11,307
11,006
11,889
10,865
10,744
10,287
14,018
10,862
10,730
9,247
9,675
11,114

2,858
3,056
3,483
3,044
2,843
2,285
2,850
3,169
2,852
2,699
3,466
3,965
2,727
2,316
2,554
2,733

86.0
73.3
68.8
69.0
57.2
48.7
33.7
49.0
65.0
65.8
43.7
47.3
23.7
23.0
11.2
36.8

Reserve Ratio
A/(B+C)
Ratio of Bullion to
Notes in Ciculation
plus Drawing
Accounts (%)
24.7
34.6
31.5
40.3
36.6
20.7
37.8
44.9
37.4
38.0
34.9
38.1
36.0
51.0
50.2
48.8
51.7
47.2
41.6
60.7
65.9
55.9
44.2
37.4
24.3
14.3
40.1
31.8
39.8
34.0
31.4
41.7
39.7
37.3
49.1
59.4

55.0
45.4
31.2
34.4
38.4
28.6
38.1
5.3
24.3
25.5
11.6
20.6
18.3
40.7
26.7
20.0
15.2
63.5
61.8
51.1
44.8
36.7
29.0
20.5
35.7
32.7
42.3
32.7
49.7
32.6
33.8
19.8
22.0
13.7
7.2
8.1
20.2
32.7
63.6
58.9
59.4
52.5
53.2
47.9
55.7
58.0
61.4

66.9
57.9
52.7
54.7
45.7
40.3
27.2
37.9
51.4
52.1
35.0
34.6
18.9
18.4
8.9
29.5