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TWO UNPUBLISHED LETTERS BY DAVID RICARDO ON A MONETARY PAMPHLET BY SAMUEL TERTIUS GALTON

Published online by Cambridge University Press:  11 August 2015

Christophe Depoortère
Christophe Depoortère*
Affiliation:
University of Paris 8 Vincennes Saint Denis, LED, Saint Denis, France, christophe.depoortere@univ-paris8.fr.
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Abstract

This article transcripts and analyzes two hitherto unpublished letters by David Ricardo. The first one (6 December 1812), was addressed to Leonard Horner. In the second one (3 March 1813), Ricardo thanked Samuel Tertius Galton for having sent him the pamphlet on monetary questions Galton had just published. This second letter was very useful to identify the work discussed by Ricardo in the first letter. Indeed, in his writing to Horner, Ricardo commented extensively on Galton’s manuscript. He dealt with important monetary issues such as the distinction between a deteriorated and a depreciated currency, the determination of the par of exchange between countries admitting two different monetary standards, and the distinction between an increased issue of notes by the Bank of England and an increased quantity of money in circulation.

Type
Articles
Information
Journal of the History of Economic Thought , Volume 37 , Issue 3 , September 2015 , pp. 341 - 361
Copyright
Copyright © The History of Economics Society 2015 

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References

REFERENCES

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Davis, Timothy. 2002. “David Ricardo, Financier and Empirical Economist.” The European Journal of the History of Economic Thought 9: 1–16.CrossRefGoogle Scholar
Deleplace, Ghislain, Depoortère, Christophe, and Rieucau, Nicolas. 2013. “An Unpublished Letter of David Ricardo on the Double Standard of Money.” The European Journal of the History of Economic Thought 20: 1–28.CrossRefGoogle Scholar
Depoortère, Christophe. 2008. “On Ricardo’s Method: The Scottish Connection Considered.” History of Political Economy 40: 73–110.CrossRefGoogle Scholar
Depoortère, Christophe. 2013. “William Nassau Senior and David Ricardo on the Method of Political Economy.” Journal of the History of Economic Thought 35: 19–42.CrossRefGoogle Scholar
Dixon, William. 2008. “Ricardo: Economic Thought and Social Order.” Journal of the History of Economic Thought 30: 235–253.CrossRefGoogle Scholar
Galton, Samuel Tertius. 1813. A Chart, exhibiting the Relation between the Amount of Bank of England Notes in Circulation, the Rate of Foreign Exchanges, and the Prices of Gold and Silver Bullion and of Wheat; Accompanied with Explanatory Observations. London: J. Johnson & Co.Google Scholar
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Heertje, Arnold. 2004. “The Dutch and Portuguese-Jewish Background of David Ricardo.” The European Journal of the History of Economic Thought 11: 281–294.CrossRefGoogle Scholar
Heertje, Arnold. 2007. “An Unpublished Letter by David Ricardo.” History of Political Economy 39: 545–550.CrossRefGoogle Scholar
Heertje, Arnold, and Weatherall, David. 1978. “An Unpublished Letter of David Ricardo: To Thomas Smith of Easton Grey, 27 April 1819.” The Economic Journal 88: 569–571.CrossRefGoogle Scholar
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King, John E. 2013. David Ricardo. Basingstoke: Palgrave MacMillan.CrossRefGoogle Scholar
Marcuzzo, Maria Cristina, and Rosselli, Annalisa. 1991. Ricardo and the Gold Standard. The Foundation of the International Monetary Order. London: Macmillan.Google Scholar
Malthus, Thomas Robert. 1811. “Depreciation of Paper Currency.” Edinburgh Review 17: 339–372.Google Scholar
Marx, Karl. 1990–1992. Capital: A Critique of Political Economy. Three volumes. London: Penguin Classics.Google Scholar
Milonakis, Dimitris, and Fine, Ben. 2009. From Political Economy to Economics. London and New York: Routledge.CrossRefGoogle Scholar
Munby, Alan Noel Latimer. 1951–1960. Phillipps Studies. Cambridge: Cambridge University Press.Google Scholar
Mushet, Robert. 1810. An Enquiry into the Effects Produced on the National Currency and Rates of Exchange, by the Bank Restriction Bill; Explaining the Cause of the High Price of Bullion; with Plans for Maintaining the National Coins in a State of Uniformity and Perfection. London: C. and R. Baldwin.Google Scholar
Ricardo, David. 1951–1973. The Works and Correspondence of David Ricardo. Eleven volumes. Edited by Sraffa, Piero, with the collaboration of Maurice Herbert Dobb. Cambridge: Cambridge University Press.Google Scholar
Smith, Adam. 1976. An Inquiry into the Nature and Causes of the Wealth of Nations. Two volumes. Edited by Harold Campbell, Roy and Skinner, Andrew S.. Oxford: Oxford University Press.Google Scholar
Thornton, Henry. 1962. An Enquiry into the Nature and Effects of the Paper Credit of Great Britain. Edited by August von Hayeck, Friedrich. London: Frank Cass & Co Ltd.Google Scholar
Blair, Alexander. 1812, 5 December. Letter to Galton (Photocopy of an autograph, signed and dated). London: British Library, R.P. 4978/8, f. 1.Google Scholar
Horner, Francis. 1812, 30 November. Letter to Leonard Horner (Photocopy of an autograph, signed and dated). London: British Library, R.P. 4978/6, 2f.Google Scholar
Horner, Leonard. 1812, 17 December. Letter to Galton (Photocopy of an autograph, signed and dated). London: British Library, R.P. 4978/4, 2f.Google Scholar
Mushet, Robert. 1812, 16 December. Letter to Leonard Horner (Photocopy of an autograph, signed and dated). London: British Library, R.P. 4978/3, f. 1-2.Google Scholar
Mushet, Robert. 1813, 27 February. Letter to Galton (Photocopy of an autograph, signed and dated). London: British Library, R.P. 4978/3, f. 3-5.Google Scholar
Ricardo, David. 1812, 6 December. Letter to Leonard Horner (Photocopy of an autograph, signed and dated). London: British Library, R.P. 4978/2, f. 1-5.Google Scholar
Ricardo, David. 1813, 3 March. Letter to Galton (Photocopy of an autograph, dated). London: British Library, R.P. 4978/2, f. 6.Google Scholar
Boyer-Xambeu, Marie-Thérèse, Deleplace, Ghislain, and Gillard, Lucien. 2010. Taux de change et prix de l’or et de l’argent à Paris, Londres et Hambourg, 1800–1873: le Système Bimétallique Européen. http://www.banque-france.fr/la-banque-de-france/histoire/annuaire-historique/taux-de-change-et-prix-de-lor-et-de-largent.html. Accessed 1 June 2015.Google Scholar
Anonymous. 1813. “A Chart, exhibiting the Relation between the Amount of Bank-of-England-notes in Circulation, the Rate of Foreign Exchanges, and the Prices of Gold and Silver Bullion and of Wheat; accompanied with Explanatory Observations. By S. Tertius Galton.” Monthly Review 71: 217–218.Google Scholar
Arnon, Arie. 2011. Monetary Theory and Policy from Hume and Swift to Wicksell: Money, Credit, and the Economy. Cambridge: Cambridge University Press.Google Scholar
Cannan, Edwin, ed. 1969. The Paper Pound of 1797–1821. Second edition. New York: A.M. Kelley.Google Scholar
Davis, Timothy. 2002. “David Ricardo, Financier and Empirical Economist.” The European Journal of the History of Economic Thought 9: 1–16.CrossRefGoogle Scholar
Deleplace, Ghislain, Depoortère, Christophe, and Rieucau, Nicolas. 2013. “An Unpublished Letter of David Ricardo on the Double Standard of Money.” The European Journal of the History of Economic Thought 20: 1–28.CrossRefGoogle Scholar
Depoortère, Christophe. 2008. “On Ricardo’s Method: The Scottish Connection Considered.” History of Political Economy 40: 73–110.CrossRefGoogle Scholar
Depoortère, Christophe. 2013. “William Nassau Senior and David Ricardo on the Method of Political Economy.” Journal of the History of Economic Thought 35: 19–42.CrossRefGoogle Scholar
Dixon, William. 2008. “Ricardo: Economic Thought and Social Order.” Journal of the History of Economic Thought 30: 235–253.CrossRefGoogle Scholar
Galton, Samuel Tertius. 1813. A Chart, exhibiting the Relation between the Amount of Bank of England Notes in Circulation, the Rate of Foreign Exchanges, and the Prices of Gold and Silver Bullion and of Wheat; Accompanied with Explanatory Observations. London: J. Johnson & Co.Google Scholar
Heertje, Arnold. 1991. “Three Unpublished Letters by David Ricardo.” History of Political Economy 23: 519–526.CrossRefGoogle Scholar
Heertje, Arnold. 2004. “The Dutch and Portuguese-Jewish Background of David Ricardo.” The European Journal of the History of Economic Thought 11: 281–294.CrossRefGoogle Scholar
Heertje, Arnold. 2007. “An Unpublished Letter by David Ricardo.” History of Political Economy 39: 545–550.CrossRefGoogle Scholar
Heertje, Arnold, and Weatherall, David. 1978. “An Unpublished Letter of David Ricardo: To Thomas Smith of Easton Grey, 27 April 1819.” The Economic Journal 88: 569–571.CrossRefGoogle Scholar
Heertje, Arnold, Weatherall, David, and Polak, R. W.. 1985. “An Unpublished Letter of David Ricardo to Francis Finch, 24 February 1823.” The Economic Journal 95: 1091–1092.CrossRefGoogle Scholar
Horner, Francis. 1957. The Economic Writings of Francis Horner in the Edinburgh Review 1802–6. Edited by Whitson Fetter, Frank. London: The London School of Economic and Political Science.Google Scholar
Horner, Francis. 1994. The Horner Papers. Selections from the Letters and Miscellaneous Writings of Francis Horner, M.P., 1795–1817. Edited by Bourne, Kenneth and Taylor, William Banks. Edinburgh: Edinburgh University Press.Google Scholar
Horner, Leonard. 2011. Memoir of Leonard Horner. Edited by Lyell, Katharine M.. Two volumes. Cambridge: Cambridge University Press.Google Scholar
House of Lords. 1819. Reports by the Lords Committees appointed a Secret Committee to inquire into the State of the Bank of England, with Reference to the Expediency of the Resumption of Cash Payments; with Minutes of Evidence and an Appendix. In The Sessional Papers printed by Order of The House of Lords (1844), 8, pp. 1–468.Google Scholar
Kelly, Patrick. 1811. The Universal Cambist, and Commercial Instructor; being a General Treatise on Exchange; including the Monies, Coins, Weights, and Measures, of all Trading Nations and Colonies: with an Account of their Banks and Paper Currencies. Two volumes. London: James Whiting.Google Scholar
King, John E. 2013. David Ricardo. Basingstoke: Palgrave MacMillan.CrossRefGoogle Scholar
Marcuzzo, Maria Cristina, and Rosselli, Annalisa. 1991. Ricardo and the Gold Standard. The Foundation of the International Monetary Order. London: Macmillan.Google Scholar
Malthus, Thomas Robert. 1811. “Depreciation of Paper Currency.” Edinburgh Review 17: 339–372.Google Scholar
Marx, Karl. 1990–1992. Capital: A Critique of Political Economy. Three volumes. London: Penguin Classics.Google Scholar
Milonakis, Dimitris, and Fine, Ben. 2009. From Political Economy to Economics. London and New York: Routledge.CrossRefGoogle Scholar
Munby, Alan Noel Latimer. 1951–1960. Phillipps Studies. Cambridge: Cambridge University Press.Google Scholar
Mushet, Robert. 1810. An Enquiry into the Effects Produced on the National Currency and Rates of Exchange, by the Bank Restriction Bill; Explaining the Cause of the High Price of Bullion; with Plans for Maintaining the National Coins in a State of Uniformity and Perfection. London: C. and R. Baldwin.Google Scholar
Ricardo, David. 1951–1973. The Works and Correspondence of David Ricardo. Eleven volumes. Edited by Sraffa, Piero, with the collaboration of Maurice Herbert Dobb. Cambridge: Cambridge University Press.Google Scholar
Smith, Adam. 1976. An Inquiry into the Nature and Causes of the Wealth of Nations. Two volumes. Edited by Harold Campbell, Roy and Skinner, Andrew S.. Oxford: Oxford University Press.Google Scholar
Thornton, Henry. 1962. An Enquiry into the Nature and Effects of the Paper Credit of Great Britain. Edited by August von Hayeck, Friedrich. London: Frank Cass & Co Ltd.Google Scholar