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

( 35 )
It should be recollected that the embargo
laws were at that time most strictly enforced ;
that captains of packets were obliged, before
they were permitted to proceed on their voyage,
to swear that they had no specie on board; and
on one occasion one of these captains was
obliged to re-land the specie which he had
smuggled on board his vessel. At the same
time the rate of insurance was immoderately
high, and a premium of 8 per cent, was paid on
a few ships which broke the embargo, the underwriters
being guaranteed too from the loss
which would have*^ttended their seizure by the
American government. Now 8 per cent, insurance,
besides commission, freight, and other
expences, together with 3^ per cent., the actual
discount of the bill bought, would, perhaps, not
be much under the discount which then existed
on our paper currency ; so that our depreciated
paper was not bought at a premium for hard
dollars, but was bought at a discount, and at its
actual value.
But we are told the exchange with Sweden is
favourable to England, and that the currency of
Sweden is regulated in a manner precisely simirican
dollar is
11 grains worse than standard, and contains
no more pure silver than 4s. 2^. of English standard silver
coin.
D 2
lar