Perhaps you will be so good as to write a few lines directed to the Stock Exchange a few days previously to the 19th as I shall certainly be in town at that time. I am obliged to you for the interest you take in the price of Omnium. It appears to be in a very thriving condition. Mr. Goldsmid[50] informs me that at the period of the improvement in the exchange about Christmas last there were no importations, as far as he knows, of gold from France. A small quantity was imported from Lisbon. I have consulted Wetenhall's list[51], and the following appear to be the variations in the exchange and the price of gold about Christmas last.
| Exchange with Hamburg. | Doubloons, per oz. | Portuguese gold, [per. oz.] | |
|---|---|---|---|
| 1811. | £ s. d. | £ s. d. | |
| Nov. 29 | 24 | 4 15 0 | |
| Dec. 3 | 24·6 | 4 18 6 | |
| " 6 | 24·6 | 4 14 6 | 4 18 6 |
| " 13 | 25 | 4 15 6 | |
| " 20 | 25 | 4 19 0 | |
| " 31 | 27·6 | ||
| 1812. | |||
| Jan. 3 | 27·6 | 4 14 0 | 4 18 6 |
| " 31 | 27·6 | 4 18 6 | |
| Feb. 21 | 28 | 4 17 0 | |
| Mar. 20 | 29 | 4 15 6 | |
| " 31 | 29·4 | 4 14 6 | 4 13 6 |
| April 21 | 29·4 | 4 17 6 | 4 17 6 |
| June 5 | 28·6 | 4 18 6 | |
| July 31 | 28·9 | 4 19 0 | 5 0 0 |
| Aug. 28 | 28·9 | 5 0 0 |
The price of dollars yesterday was 6/3½ per oz., higher by one penny than any price ever yet quoted. I should think that a very trifling rise more will send the tokens out of circulation. We will speak on our old subject when we meet. I am now in great haste and must therefore conclude. Pray make my kind compliments to Mrs. Malthus,
And believe me, my dear Sir,
Yours very truly,
David Ricardo.
[At the end is written in pencil in Malthus's handwriting, 'Was any bullion imported from Hamburg in March?']
XII.
London, 17 Dec., 1812.
My dear Sir,
I have written to Mr. Thornton[52] to request him to meet you at dinner, at my house, on any day most convenient to him, after Saturday and before Thursday, but I have not had his answer in time for this day's post. I will send you a line at the King of Clubs. I shall only ask Mr. Sharp to meet us. Will you not stay with us whilst you are in town? I assure you it would be quite convenient, and it would afford me great pleasure. If Mrs. Malthus accompany you it will be still more agreeable, and I am desired by Mrs. Ricardo to add her solicitations to my own.
On many points connected with our old question we are I believe agreed,—though there is yet some difference between us. I have not lately given it so much consideration as you have,—and I always regret that I do not put down in writing, for I have a very treacherous memory, the chief points of difference that occur in our discussions. I cannot help thinking that there is no unfavourable exchange which may not be corrected by a diminution in the amount of the currency, and I consider this to afford a proof that the currency must be redundant for a time at least. Whilst the exchange is unfavourable it is always accompanied, though not always caused, by an excess of currency. With best respects to Mrs. Malthus,