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

( 17 )
tinued demand for bullion, but this by no means
proves that her stock of coin and bullion is decreasing,
unless her exchange should be also
unfavourable with other countries.
She may be
importing from the north the bullion which she
is exporting to the south—she may be collecting
it from countries where it is relatively abundant,
for countries where it is relatively scarce, or
where, from some particular causes, it is in
particular demand ; but it by no means follows,
as an undeniable consequence, that her own
stock of money shall be reduced below its natural
level. Spain, for example, who is the great importer
of bullion from America,
can never have
an unfavourable exchange with her colonies ; and
as she must distribute the bullion she receives
amongst the different nations of the world, she
can seldom have a favourable exchange with the
countries with which she trades.*
Applying then these principles to the state
of our exchange with Hamburgh, in 1797 and
1798, we shall observe, that it was not in con-
Mr. Huskisson has
commented with great ability upon
the few transactions, few comparatively, which take place in
bullion,
and has observed, that those transactions are principally
confined to the distribution of the produces of the
mines to the different countries where gold and silver are in
use.
c
sequence