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

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( 4 ) our currency, or that they would point out those facts which they considered at variance with that which, from the firmest conviction, I have espoused. To Mr. Bosanquet, then, I feel considerably obliged. If, as I trust, I shall be able to obviate his objections ; to prove them wholly untenable ; to convince him that his statements are at variance with fact ; that for his supposed proofs he is indebted to the wrong application of a principle, and not to any deficiency in the principle itself:—I shall confidently expect that he will abjure his errors, and become the foremost of our defenders. Mr. Bosanquet has thus stated the principal positions of the Committee, to which he is induced to object: 1st, " That the variations of the exchange with foreign countries can never, for any considerable time, exceed the expense of transporting and insuring the precious metals from one country to the other. 2d, " That the price of Gold Bullion can never exceed the mint price, unless the currency in which it is paid, is depreciated below the value of gold. 3d, " That, so far as any inference is to be drawn from Custom-house returns of exports and
( 5 ) and imports, the state of the exchanges ought to be peculiarly favourable. 4th, " That the Bank, during the restriction, possesses exclusively the power of limiting the circulation of Bank notes. 5th, " That the circulation of country banknotes depends upon, and is proportionate to, the issues from the Bank. Lastly, " That the paper currency is now excessive, and depreciated in comparison with gold, and that the high price of Bullion and low rates of exchange are the consequences as well as the sign of such depreciation." These principles being in all essential points the same as those which I have avowed, and on which Mr. Bosanquet has attacked me, to avoid the necessity of speaking at one time of the opinion of the Bullion Committee, and at another of my own, I shall, in the future pages of this work, consider them as the principles of the Bullion Committee only, and shall take occasion to mention any shade of difference that nray occur between theirs and mine. CHAP.
Page 2 and 3: ' ^ff .? Hiaa THE UNIVERSITY OF ILL
Page 5: LIBRARY OF THE UNIVERSITY OF ILLINO
Page 9: j REPLY
Page 12 and 13: vi CONTENTS. Bullion above the Mint
Page 15 and 16: REPLY, ^(7. CHAPTER I. Prelminary O
Page 17: ( 3 ) of trade, there might be some
Page 21 and 22: — ( 7 ) Mr. A. Goldsmid *' never
Page 23 and 24: ( 9 ) conveying gold from one count
Page 25 and 26: ; ( II ) case, their accuracy is di
Page 27 and 28: ( 13 ) true par must vary with ever
Page 29 and 30: ( 15 ) learns that it was in the me
Page 31 and 32: ( 17 ) tinued demand for bullion, b
Page 33 and 34: ( 19 ) for silver bullion in conseq
Page 35 and 36: ( 21 ) from Hamburgh for some other
Page 37 and 38: ( 23 ) gold can be made productive
Page 39 and 40: ( 25 ) The difficulty proceeds from
Page 41 and 42: ( 27 ) Whichever metal is the stand
Page 43 and 44: ( 29 ) to the Mint, an ounce of coi
Page 45 and 46: — ( 31 ) either be coined into mo
Page 47 and 48: ( 33 ) and necessarily so, because
Page 49 and 50: ( 35 ) It should be recollected tha
Page 51 and 52: ( 37 ) SECTION IV. ^ Statement, con
Page 53 and 54: ( 39 ) fully admitted, and most cor
Page 55 and 56: ( 41 ) CHAPTER III. Mr, Bosanquefs
Page 57 and 58: ( 43 ) ounce, after acquainting Mr.
Page 59 and 60: : { 45 ) than the Mint price; and u
Page 61 and 62: ( 47 ) " that there is no point of
Page 63 and 64: ( *9 ) cies of all countries, excep
Page 65 and 66: ; ( 51 ) our circulation consisted
Page 67 and 68: ( 53 ) SECTION III. The trifling Ri
Page 69 and 70:
( 55 ) that it is not gold which ha
Page 71 and 72:
( 57 ) dilation furnished by Mr. Gr
Page 73 and 74:
( «9 ) proportion as the English c
Page 75 and 76:
( 61 ) on the evidence of the incre
Page 77 and 78:
( 65 ) because he could not be conv
Page 79 and 80:
( 65 ) in 1696, is of a very differ
Page 81 and 82:
( 67 ) the Committee have not only
Page 83 and 84:
( 69 ) accept nothing but gold) mig
Page 85 and 86:
( 71 ) land for more gold than lie
Page 87 and 88:
( 7J ) expences of the transit of b
Page 89 and 90:
( 75 ) after the increase of paper,
Page 91 and 92:
( 77 ) by those who evade the law,
Page 93 and 94:
any other way. arguments." Now, as
Page 95 and 96:
C 81 ) place although Government we
Page 97 and 98:
( 83 ) stated what is essential to
Page 99 and 100:
: ( 85 ) of 10,000/. would now want
Page 101 and 102:
( 87 ) would follow; but in no case
Page 103 and 104:
( «9 ) their rule, might discount
Page 105 and 106:
( 91 ) CHAPTER VI. Observations on
Page 107 and 108:
( 93 ) too great increase of such n
Page 109 and 110:
( 95 ) half of ounces of coined gol
Page 111 and 112:
( 97 ) ; fail more below it than th
Page 113 and 114:
( 99 ) though the balance might be
Page 115 and 116:
( 101 ) appears, and Mr. Bosanqnet
Page 117 and 118:
( 103 ) on a coniparrison with coun
Page 119 and 120:
( 105 ) became abundant from the di
Page 121 and 122:
{ 107 ) deposit, which he thinks it
Page 123 and 124:
( 109 ) exchequer bills, &c. the fo
Page 125 and 126:
( 111 ) with the amount of two or t
Page 127 and 128:
i 113 ) tore, on Air. Bosanquet's p
Page 129 and 130:
( 11.-5 ) increased scarcit}^ of th
Page 131 and 132:
( 117 ) To me, however, it appears
Page 133 and 134:
{ 119 ) moditiesto compensate the i
Page 135 and 136:
( l^^l ) t^or would any additional
Page 137 and 138:
( 123 ) cash payments, and he canno
Page 139:
( 125 ) sources, and the inconvenie
Page 142 and 143:
— ( un ) founded on the fact of t
Page 144 and 145:
( 130 ) from 1790 to 1795, to 3 per
Page 146 and 147:
( 132 ) I am not disposed to conten
Page 148 and 149:
( 1'34 ) ciples are plausible, and
Page 150 and 151:
( 1^^^ ) weight and fineness. If by
Page 152 and 153:
; ( '38 ) next point brought forwar
Page 154 and 155:
! ; ( 140 ) says : " If a pound not
Page 161:
Mmi^i^:: m
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