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

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learns that it was in the memorable year of
1797, just after the suspension of cash payments
at the Bank. At this period the currency of
this country was reduced particularly low ; the
amount of bank notes in circulation being less
than it had been for ten years preceding.
That,
under such circumstances, the exchange should
have become favourable to England, and, consequently,
that there should have been large
importations of bullion, is entirely conformable
with the principle of the Bullion Committee,
and confirms the efficacy of the remedy which
they have proposed. A great circulation of
paper, and a too abundant currency, are stated
by them to be the causes of the present nominally
low exchange, and they confidently predict,
that a reduction of its quantity will, as in the
year 1797, raise the exchange, and by that means
renderthe importation of bullion profitable. That
this favourable exchange did, in the year 1797,
produce an immense importation of gold can,
by indirect evidence, be amply proved. The
amount of foreign gold coined in his Majesty^
mint was.
fn the year 1795