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

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and necessarily so, because they have no standard
of reference. Those two sets of supposed facts,
those in the Hamburgh exchange on the one hand,
and those in the Parisian on the other, are absolutely
inconsistent, and disprove one another.
That facts such as these should be brought forward
to invalidate a theory, the reasonableness
of which is allowed, is a melancholy proof of
the power of prejudice over very enlightened
minds.
SECTION III.
Supposed Fact of a Premium on English Currency in America'^
favourable Exchange -with Sweden.
The next point on which I wish to make a
few observations, is that first mentioned by Mr.
Grefulhe, and now brought forward by Mr.
Bosanquet. I allude to the premium which it
is asserted was given in America, in hard dollars,
for the depreciated currency of England.
I have examined this fact with the greatest
attention, and to me it appears evident ; first,
that the price which was called a premium of
9 per cent, given for a bill upon England was
really a discount of 3^ per cent. -, and secondly,
that at that price it was a cheaper remittance
D
than