Making a total of........ $48,102,000

or say, of fifty millions in round numbers.  Now every one knows the immense multiplication of these institutions since 1804.  If they have only doubled, their capital will be of one hundred millions, and if trebled, as I think probable, it will be of one hundred and fifty millions, on which they are at liberty to circulate treble the amount.  I should sooner, therefore, believe two hundred millions to be far below than above the actual circulation.  In England, by a late parliamentary document, (see Virginia Argus of October the 18th, 1813, and other public papers of about that date) it appears that six years ago, the bank of England had twelve millions of pounds sterling in circulation, which had increased to forty-two millions in 1812, or to one hundred and eighty-nine millions of dollars.  What proportion all the other banks may add to this, I do not know:  if we were allowed to suppose they equal it, this would give a circulation of three hundred and seventy-eight millions, or the double of ours on a double population.  But that nation is essentially commercial, ours essentially agricultural, and needing, therefore, less circulating medium, because the produce of the husbandman comes but once a year, and is then partly consumed at home, partly exchanged by barter.  The dollar, which was of four shillings and six pence sterling, was, by the same document, stated to be then six shillings and nine pence, a depreciation of exactly fifty per cent.  The average price of wheat on the continent of Europe, at the commencement of its present war with England, was about a French crown, of one hundred and ten cents, the bushel.  With us it was one hundred cents, and consequently we could send it there in competition with their own.  That ordinary price has now doubled with us, and more than doubled in England; and although a part of this augmentation may proceed from the war demand, yet from the extraordinary nominal rise in the prices of land and labor here, both of which have nearly doubled in that period, and are still rising with every new bank, it is evident that were a general peace to take place to-morrow, and time allowed for the re-establishment of commerce, justice, and order, we could not afford to raise wheat for much less than two dollars, while the continent of Europe, having no paper circulation, and that of its specie not being augmented, would raise it at their former price of one hundred and ten cents.  It follows, then, that with our redundancy of paper, we cannot, after peace, send a bushel of wheat to Europe, unless extraordinary circumstances double its price in particular places, and that then the exporting countries of Europe could undersell us.  It is said our paper is as good as silver, because we may have silver for it at the bank where it issues.  This is not true.  One, two, or three persons might have it:  but a general application would soon exhaust their vaults, and leave a ruinous proportion