Reply to Mr. Bosanquet's Practical observations ... - University Library

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of trade, there might be some foundation for
calling the principles which might be offered to
public attention wholly theoretical; because,
however clearly dictated by the experience of the
past, their practical effects would not have been
witnessed. But, when the principles of a currency,
long established, are well understood;
when the laws which regulate the variations of
the rate of exchange between countries have
been known and observed for centuries, can that
system be called wholly theoretical which appeals
to those principles, and is willing to submit
to the test of those laws ?
To such an examination the report of the
Committee is now submitted, and the public is
called upon to believe that a theory which its
adversary allows to be unassailable by reasoning
and argument, is to be battered down by an
appeal to facts. We are told, " that boldly as
the principle is asserted, and strongly as reason
appears to sanction it, that it is not generally
true, and is at variance with fact.** This is the
test to which I have long wished to see this important
question brought. I have long wished
that those who refused their assent to principles
which experience has appeared to sanction,
would either state their own theory as to the
cause of the present appearances in tlie state of
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