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 1 2 3 
 
 32X 
 
 1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
SL 
 
 RB 
 
 1% ^ 
 
S'^ 
 
 REMARKS 
 
 ON THE 
 
 SUPPOSED DEPRECIATIOIS 
 
 OF 
 
 PAPER CURRENCY 
 
 IN 
 
 ENGLAND. 
 
 I 
 
 BY A MERCHANT. 
 
 LONDON: 
 
 £.AINTEI> FOB J. M. RICHARDSON, 23, CORMHILL^ 
 OPPOSITE THE BOYAI. EXCHANGE. 
 
 1811. 
 
 ! t^: ^ 
 
i2 
 
 n 
 
 Oafabih anA Marchant, Printen, 
 lP|ram-Court, London. 
 
 -<*/J?y 
 
REMARKS, ^c. 
 
 The price of gold having very much 
 risen of late years, and the exchanges 
 between England and other parts of 
 Europe having at the same time turned 
 very much against us, Mr. Iluskisson* has 
 attempted to prove, that both those un- 
 favourable circumstances have been pro- 
 duced by the same cause, and that they 
 are a sure mark of a depreciation in our 
 paper currency. Besides the arduous 
 task of establishing this proof, he takes 
 upon him to make it appear, that what* 
 
 A 2 
 
 * Vide The Question concerning the Depreciation of 
 our Currency stated and examined, by VV.Huskissonj 
 Esq. 
 
ever rise is experienced in the price of 
 gold must draw after it a proportionate 
 rise in the prices of all the property in 
 the country. He seems aware that gold 
 does not amount to one hundredth part 
 of that property, and yet most bitterly 
 laments that merchants are held, by their 
 contracted views and bad old habits, from 
 imitingwith him in acknowledging that the 
 price of bullion-gold must ever regulate 
 the price of every other article ; — that they 
 ivjll not admit with him the real causes 
 whir ave now so much advanced the 
 prict * gold ; — that they will not confess 
 •with him that its present high price in 
 this country and the state of our ex« 
 changes are sure proofs of the deprecia- 
 tion of our paper currency, produced, as 
 he supposes, by an injudicious manage- 
 ment of the affairs of the Bank ; — and, 
 lastly, that they will not join with him 
 in opinion on the cause that has brought 
 our exchanges to their present state. 
 
 Though Mr. Huskisson seems to be 
 himself perfectly satisfied with his own 
 opinion on these points, and has amused 
 
 <r 
 
price of 
 
 ortionate 
 
 perty in 
 
 that gold 
 
 dth part 
 
 bitterly 
 
 , by their 
 
 bits, from 
 
 ig that the 
 
 • reguh\te 
 
 -that they 
 
 eal causes 
 
 meed the 
 
 ot confess 
 
 h price in 
 
 f our ex- 
 
 deprecia- 
 
 duced, as 
 
 i manage- 
 
 nk ; — and, 
 
 with him 
 
 IS brought 
 
 itate. 
 
 ms to be 
 i his own 
 IS amused 
 
 j§' 
 
 himself through a great part of his pam- 
 phlet with drawing conclusions from his 
 own suppositions, which he mistakes for 
 facts, it certainly ought to plead with 
 him, in some abatement of the obstinacy 
 of our merchants, that they have good 
 ground for knowing, that gold does not 
 possess the extensive influence he has given to 
 it; — that the causes he assigns for the present 
 advance in its price are not those which have 
 produced that advance ; — that no such depre- 
 ciation as he discovers in our paper currencif 
 has really taken place; — and, lastly, that his 
 new doctrine on exchanges merely furnishes 
 some partial rules, excellent indeed in them" 
 selves, but often dependant on others, of which 
 he appears to he totally ignorant. 
 
 Before we proceed to the facts which 
 go to confirm the better understanding of 
 merchants on these subjects, it may be 
 well to take some notice of what Mr. 
 liuskisson says of the persons subsisting 
 upon fixed incomes, who are, he affirms, 
 the greatest sufferers from the present 
 unexampled state of our affairs. In the 
 former part of his pamphlet he violently 
 
9 
 
 i 
 
 i 
 
 W 
 
 sounds tlic iilarm for people of this des- 
 cription ; and tlion, in page 129, he tells 
 us that he pur|)oscly forbears to bring 
 forward their suilcrings again. This se- 
 cond thought, \vc may hope, was dic- 
 tated by a sense of the mischievous ten- 
 dency of what he had before advanced 
 on that subject, and any feeling of this 
 sort will be sharpened for him to a most 
 poignant degree, when better information 
 ^hall have brouaht to the conviction of 
 Mr. Iluskisson that the violent alarm he 
 fu'st sounded for those people was not 
 only injudicious, but false, lie was aware, 
 probably, that among sutfcrers of this 
 description there are very few to be found 
 at all likely to comprehend the subtle 
 and fallacious manner in which he en- 
 deavours to establish the fact of a depre- 
 ciation in our paper currcnc}" ; but when 
 tiiey find that a sensible man, who in his 
 pamphlet touches in a masterly manner 
 some general points, more open to the 
 understanding of all, tells them likewise, 
 on that point, that they may be sure the 
 country has been going on, and still con- 
 
lis (Jes- 
 
 I'lo tails 
 
 bring 
 
 ii'is se- 
 |as die- 
 US ten- 
 vaneed 
 of Urn 
 
 a most 
 mation 
 tion of 
 nn he 
 
 'as not 
 aware, 
 f this 
 
 ' found 
 
 subtle 
 
 lie en- 
 
 depj-e- 
 
 wliea 
 in his 
 
 anner 
 the 
 ;wise, 
 J the 
 con- 
 
 tinues, cheating them, by bad manage-* 
 njent, of 15 per cent, of their income, 
 Mr. IJuskisson can hardly be go blind as 
 not to see that a great majority of that 
 class may, perhaps, coincide with him 
 in opinion, and more especially if he i:^ 
 correct in his assumption, that they are 
 the people on whom the desire of Buona- 
 parte to annihilate this country has borne 
 harder than on any other class. 
 
 There is not a subject on which a man 
 ought to be more cautious in giving his 
 opinion to the public, before having most 
 critically examined all its principal bear- 
 ings, than the present, on the dopreciatiou 
 ofour paper currency; and it is, therefore, 
 the more extraordinary that a gentleman of 
 Mr. Huskisson's attainments should have 
 sliewn himself to the public on such a 
 subject, before, if we may judge from 
 his pamphlet, he had taken at all into 
 consideration some of its leading features. 
 One point, however, he has clearly esta- 
 blished, and that is, his determination 
 to stand by the Report of the Jiullion- 
 Committec, of which, unfortunately fov 
 
a 
 
 \- 
 
 himself, lie ^¥as a leader. The whole na- 
 tion knows that the return of cash-pay- 
 ments at the Bank is essentially connected 
 with our prosperity, and must be effected 
 as soon as the cause which produced tho 
 suspension shall cease. We know too, 
 that, on the return of our commerce to 
 a more natural state, when we shall 
 begin again to pay, in a great measure, 
 for our imports by our exports, and, 
 consequently, without the assistance 
 of exported bullion, we shall again 
 ]iave plenty of gold in this country ; but 
 the knowledge of these facts will not 
 induce us to join with Mr. Iluskisson and 
 the Bullion-Committee in adopting wild 
 measures for the hopeless purpose of se- 
 curing these advantages prematurely. 
 
 The present remarks are intended prin- 
 cipally for such as, not being in the habit 
 nor having the means of deciding on the 
 merits of productions like that of Mr. 
 Iluskisson, may have been led to con- 
 clude that he mnst be right because his 
 sentiments are introduceu with all the 
 charms of composition, but who may still 
 
 w isl 
 suq 
 
$ 
 
 ')]e na- 
 
 
 li-pay- 
 
 <i 
 
 lected 
 
 ■.'■* 
 
 1 
 
 Tec ted 
 
 cl tho 
 
 
 7 too, 
 
 
 rco to 
 
 ^ 
 
 siiall 
 
 . ^ 
 
 usiire, 
 
 
 and, 
 
 '.. 1 
 
 tance 
 
 % 
 
 figain 
 
 
 ; but 
 not 
 
 1 
 
 I and 
 
 1 
 
 wild 
 
 
 f se- 
 
 
 ■ 
 
 )rin- 
 
 ^A^ 
 
 abit 
 
 1 
 
 the 
 
 
 Mr. 
 
 
 'on- 
 
 
 his 
 
 # 
 
 tho 
 
 1 
 
 till 
 
 M 
 
 wish to sec a few phi in facts slated on the 
 subject, though in less pleasing language. 
 
 Mr. Huskisson may be indebted for 
 some of his subscijuent mistakes to tha'. 
 into which he has fallen at his outset : 
 he has been misinformed as to the 
 false relative value which he says some 
 people liere attach to gold, and to bank- 
 paper. In proof of the truth of his 
 opinion on the prevalence of this ])ublic 
 error, he gives us some extracts from the 
 evidence of an intelligent merchant, TVTr. 
 Chandlers, on liis exan)i nation before the 
 Bullion-Connnittec ; but if Mr. Huskis- 
 son had well understood the bearinos of 
 that evidence, he would have seen that 
 it goes in the teeth of the very persuasion 
 which he thinks it niay luOp to establish 
 on our minds. Mr. Ihiskisson's own 
 words arc these : — 
 
 " There are people who reason as if 
 " they had persuaded themselves that 
 ** bank-paper is the real and fixed measure 
 " of all commodities, and that oohl is only 
 " one of the articles of which, in common 
 " with others, the value is to be asccr- 
 

 i i 
 I: 
 
 f 
 ) '. 
 
 I r 
 
 I I 
 
 10 
 
 " taiiiLd, bv a reference to this invariable 
 •' standard and universal equivalent, banlv- 
 " paper." Then Mr.Huskisson brings the 
 evidence of Mr. Chambers, which, in his 
 opinion, proves, that what he has stated 
 is really the opinion of many. Now, it 
 seems almost inipossible not to see that 
 his evidence goes to contradict what Mr. 
 Hiiskisson thinks it proves, and sets the 
 value of bank-paper in a properlight. From 
 Mr. liuskisson's account we are naturally 
 led to suppose, too, that many others be- 
 sides Mr. Chaiiibcrs were to be found 
 with the same absurd persuasion on their 
 minds, but it may safely be aliirmed, 
 that not a man of them has yet appeared. 
 We have heard, indeed, from Mr. llus- 
 kisson hinjself of one who thinks gold to 
 be that invariable standard and universal 
 equivalent, and who wishes to ])revail oa 
 the public t(5 thiidv the same, though it 
 would be impossible for the merchants of 
 this country to ground their operations 
 on a more ruinous basis than the be- 
 lief that the price of gold must in so 
 great a degree govern the price ol* every 
 
11 
 
 Hvariahie 
 it, banJv- 
 rings tlui 
 h, in I) is 
 us stated 
 Now, it 
 see thiit 
 vhat Mr. 
 sets the 
 ht. From 
 lalurally 
 thers be- 
 )e found 
 oil their 
 affirmed, 
 ppeared. 
 Jr. Uus- 
 3 gold to 
 universal 
 •evail oil 
 hoii"h it 
 hants oi* 
 lerations 
 the be- 
 t in so 
 )!' every 
 
 i 
 
 % 
 
 '4 
 
 other article. It is fraught with so much 
 absurdity that one might hope to make 
 a convert of Mr. liuskisson himself, if he 
 had not a bias to support the doctrine 
 by which the Committee was prevailed on 
 to make their erroneous report on bul- 
 lion. Unprejudiced people, however, 
 must see lliat the price of gold, though 
 in a less degree, is subject to change in 
 common with ever^*^ other article of our 
 commerce; and, whilst their own expe- 
 rience and the faithful reports of their 
 predecessors furnish them with so many 
 proofs that none of the necessaries, and 
 i'cw of the luxuries, of life are or ever 
 have been so affected in price by the 
 fluctuating value of gold, Mr. Huskisson's 
 endeavours to alarm the country on this 
 score will not, we may reasonably hope, 
 produce the mischief which they vvoukl 
 be well calculated to effect, if addressed 
 to a people among whom lione were to be 
 found more experienced in the subject 
 than himself. . 
 
 Air. Huskisson is very incorrect in the 
 conclusions he (h'aws iVom tlic evidence 
 
1^ 
 
 of Mr. Chambers before the Bullion- 
 Committee, when he s;ave that Committee 
 a short but comprehensive hint to prevent 
 their falling into the mistakes which he 
 saw Mr. Huskisson was preparing for 
 them. Not a|)pearing to understand 
 the tendency of that evidence,* Mr. 
 Huskisson exclaims, " These answers^ to 
 " my understanding at least, completely 
 " give up the ti'hole case." But, to the 
 understanding of others, they will still 
 go to establish the case he wants to sec 
 given up. As bank-paper, when tendered 
 for payment, bears the value of our gold 
 currency, and as this gold coin, when 
 melted down, could never be offered as a 
 lawful payment for bank-paper, whether 
 the price of gold were high or low, Mr. 
 Chambers was perfectly correct in telling 
 the gentlemen of the Bullion-Committee, 
 that therefore the standard value of bank- 
 paper might as well be calculated from 
 the value of any other article as from that 
 of the metal, considered as a commodity, 
 on which our coins are stamped. But this 
 
 * ride i\|>pcndix for Mr. Chambers's evidence. 
 
 I 
 
13 
 
 le Bullionl 
 t Committee 
 t to prevent 
 es which he 
 cparing foi" 
 understand 
 cnce,* Mr. 
 (mswerSf to 
 complete I jj 
 J3ut, to the 
 3y will still 
 vants to see 
 len tendered 
 of our gold 
 coin, when 
 offered as a 
 )er, whether 
 or low, Mr. 
 JCt in telling 
 -Committee, 
 lue of bank- 
 lulated from 
 as from that 
 commodity, 
 ?d. But this 
 
 » evidence. 
 
 sensible reply, instead of assisting Mr. 
 linskisson, led him to suppose, that, as 
 Mr. Chanvbers would not admit his mon- 
 strous conclusion, that gold wan the in- 
 lariable standard and universal equivalent 
 for every other article^ he must therefore 
 be one of those who thought that bank- 
 paper was that invariable standard and 
 universal cqinvalent for every other article: 
 —that is to say, because Mr. Chambers 
 disclaimed one absurd proposition, Mr. 
 Iluskisson insists that he must approve 
 another still more absurd, and of the same 
 tendency. Mr. Huskisson often affects to 
 give strength to his problems, by talking 
 to us in a mathematical tone; but ap- 
 parently forgets that the peculiar charac- 
 ter of mathematical reasoning is to make 
 .every step display connection between the 
 data and the conclusions. 
 
 Mr. Huskisson scarcely notices the first 
 and principal cause of the tempprary 
 check to issues of cash from the Bank in 
 discharge of their notes ; nor does he make 
 account of it either in his proposal to let 
 loose for exportation what cash still re- 
 
14 
 
 
 mtiins in the Bank. That first and prin- 
 cipal cause for sending no more gold into 
 circulation was the extraordinary impulse 
 our cash received to find its way abroad. 
 This circumstance determined us to hold 
 Avhat remained of our cash, until the ex- 
 changes should return with our commerce 
 to their natural state, and till the former, 
 compared with the prices of gold both here 
 and abroad, should no longer so encourage 
 the exportation of any additional gold we 
 might put in circulation as to make the ex- 
 portation unavoidable. ButMr.Huskisson 
 thinks it a folly to suppose, that, when we 
 saw our gold going abroad so fast, we were 
 providing some remedy for the evil, by 
 ceasing to send more gold into circulation. 
 He thinks, on the contrary, though our 
 incrchants m ill not allow it, that, if orders 
 Avere at once given to the Bank to resume 
 their "ash-payments, without waiting for 
 such a change of circumstances as may 
 render a change of system expedient or 
 practicable, we should have a greater 
 plenty of gold in this country; though the 
 Uierchants think otherwise. He cannot 
 
15 
 
 1(1 prin- 
 
 old into 
 
 impulse 
 
 ibroad. 
 
 o hold 
 
 the cx- 
 
 nmcrce 
 
 rornicr, 
 
 til here 
 
 ourage 
 
 old we 
 
 the ex- « 
 
 ikisson 
 
 len we 
 
 e wcvxi 
 
 'il, by 
 
 iation. 
 
 h our r^i 
 
 orders 
 
 psume 
 
 ig for 
 
 5 may | 
 
 nt or 
 
 'eater ^ 
 
 h the ^ 1 
 
 mnot m 
 
 bear they should bring forward against his 
 new mercantile code of laws any arguments 
 drawn from their deceitful old balance 
 of trade, or from any other balances to 
 which they have hitherto been errone- 
 ously looking for instruction in making 
 their calculations. He wants them to look 
 a little to his new mode of striking ba- 
 lances, whence they will see, that the 
 move we lessen our stock of gold by ex- 
 portation, the larger will be our remaining 
 stock on hand. But he thinks them so 
 blinded by their prejudices that they will 
 not even consent to avail themselves of 
 this famous receipt of his for drawing 
 plenty out of scarcity itself, nor give up 
 their old-fashioned persuasion, that, if we 
 send all our gold abroad, we shall have 
 none of it left at home. Mr. Iluskiason 
 seems to suppose, that the Bank might 
 directly begin coining gold enough, not 
 only for our home-circulation, but like- 
 %vise for the purpose of bringing down the 
 price of gold itself, and of supplying us 
 with that metal besides, in order to pay 
 with it our large balances due to the con- 
 
16 
 
 tiiient, and thus bring our exchanges to 
 their natural state. Ho is so thoroughly 
 persuaded of the strength and correctness 
 of his reasoning on this point, that he 
 even advises us, in pages 96 and 97 of his 
 pamphlet, to set aside our prejudices 
 about the exportation of guineas, and let 
 what we have remaining go after the rest 
 to the continent, to be exchanged for 
 articles there which we more want, and 
 at once resume our coinage. There can 
 be no doubt that all the gold we can let 
 loose for exportation would find its way 
 abroad, whilst our commerce remains in 
 its present unnatural state ; but it is 
 equally evident, that, though the Bank 
 should have, as Mr. Huskisson suspects, a 
 more than ordinary stock of uncoined 
 gold in their possession, and were to assist 
 the smugglers by sending it all into cir- 
 culation in coin, still there would not be 
 a supply equal to a fourth of the demand 
 for exportation alone. With respect to 
 our receiving more gold from abroad, he 
 does not seem to be aware that we must 
 pay for any we import, and, therefore, that 
 
I 
 
 ir 
 
 iiigcs to 
 )roughly 
 rcctness 
 
 that lie 
 57 of his 
 ejiidiccs 
 
 and let 
 the rest 
 iged for 
 iiU, and 
 lere can 
 i can let 
 
 ils way 
 nains in 
 Lit it is 
 16 Bank 
 pects, a 
 ncoined 
 to assist 
 into cir- 
 l not be 
 demand 
 ipect to 
 oad, he 
 we must 
 Mf, that 
 
 none of what we receive in future can pos- 
 bibly have the effect he supposes on our eX' 
 changes ; still, with a single stroke of the 
 pen, Mr. Huskisson provides plenty of 
 I uold for our home-circulation, evenimme- 
 diately after the want of it shall have been 
 cncrcased by his proposed limitation of our 
 paper currency ; raises, at the same time, 
 a much larger supply of gold for expor- 
 tation, and for the purpose of bringing 
 our exchanges to their regular course, (an 
 effect which could not nearly be produced, 
 however, by all the gold we can now find 
 for exportation) ; and then, as if these 
 promised advantagei* were not of them-* 
 selvct sufficient to make us follow his 
 advice, he flatters us with another equally 
 whimsical. In consequence of our creat- 
 ing thus, as he recommends, a greater 
 demand for gold in this country than wa» 
 ever known before, he tells us that we- 
 shall bring down the price of it here. 
 This is one of liis boasted new discoveries;, 
 and we shall presently have to notice some^ 
 others of them that are of still more con*, 
 sequence. ^ -^y \ ; j .^ 
 
13 
 
 it h well known thiit the sjrcat rise wc 
 have seen here in the price of gold has^ 
 been principally produced by the present 
 state of our exchanges, which has made 
 it for the purpose of those who are in- 
 debted to the continent to lay their 
 hands on, and export all the gold they 
 can pick up to pay those debts, rather 
 than pay them by purchasing bills oft 
 the continent, which, at the present rate 
 of our exchanges, now cost so dear. Mr. 
 Iluskisson through the whole of his 
 pamphlet has lost sight of this principal- 
 caus^ of the present rise of gold, and 
 therefore it is that his conclusions are as 
 defective as were ever drawn from false 
 premises. It appears, however, that he 
 has prevailed on the Bullion-Committee 
 to believe M'ith him that this rise in the 
 price of gold, as well as the unfavourable 
 state of our exchanges, has been princi- 
 pally produced by an excess of our paper 
 currency, and by the suspension of cash- 
 payments at the Bunk. He might a» 
 easily prevail on a man welJ versed in 
 those matters to believe that our paper 
 
t rise vrc 
 gold has- 
 B present 
 las made 
 o are in- 
 ay their 
 rold they 
 s, ratlier 
 
 bills Oft 
 sent rate 
 ar. Mr. 
 
 of his 
 principal 
 old, and 
 ns are as 
 "om false 
 
 that he 
 )mmittee 
 e in the 
 vourable 
 n princi- 
 ur paper 
 of cash- 
 nright a» 
 /ersed in 
 ir paper 
 
 I 
 
 19 
 
 i!;iirrency had likewise produced a great 
 effect on the tides. It is obvious that, 
 by the suspension of those payments, the 
 price of gold has actually been prevented 
 from rising still higher, and that neither 
 what he calls the excess, iior the suspen- 
 sion alluded to, have hitherto had any, 
 nor could possibly iiave had the violent 
 effect he supposes on our- exchanges.* 
 The substitution of paper currency for 
 cash was occasioned by the scarcity of 
 bullion, and not the scarcity by the sub- 
 stitution : Mr. Huskisson has evidently 
 mistaken effect for cause. Mr. Cham- 
 bers could have given, if it had been 
 necessary, a thousand other articles be- 
 sides indigo and cloth, which offer as fair 
 a standard for the value of Bank-of- Eng- 
 land notes as uncoined gold; but, if this 
 be the case, says Mr. Huskisson, I could 
 
 ■ ni" 
 
 ■(•■?.■■ 
 
 bS! 
 
 * Mr. Huskisson makes the supposed depteciation of 
 bank-paper amount to 15 per cent. The actual loss on 
 the exchanges is nearly 30 p^r cent. If this loss be a 
 consequence of the depreciation, whence the excess ot* 
 the loss, and why has th« consequence been so tardy 
 in following the cause? 
 
m 
 
 wish to learn what is the real standard 
 for bank-{)apcM'. Oni' sterling coins arc 
 the real stanr^ for it, not melted gold, 
 of which tht price is constantly on the 
 change ; our coins and bank-paper keep 
 regularly to one standard, and arc the 
 measure by which we find the worth of 
 all other property, which will, according 
 to circumstances, be represented by more 
 or less of that measure, without any 
 reference to (ihc intrinsic value of the 
 measure itself. Thougli the pirice of that 
 metal has noAV risen so high, we can< 
 many of us remembeF that, thirty years 
 since, when the gold in a guinea melted 
 was worth only twenty-one shillings, that 
 guinea was still worth twice as much as it 
 is now for the purchase of other articles. 
 The price of gold, therefore, instead of 
 governing the price of all other articles, 
 happens, unfortunately for Mr. Iluskis- 
 son, to be much more governed by them. 
 It would have been well if, in his vaia 
 search for the standard of bank-paper, 
 he had taken a little into consideration 
 wliat in so eminent a degree affects its- 
 
 d 
 
eal standard 
 ig coins arc 
 melted gold, 
 intly on the 
 -paper keep 
 and arc the 
 le worth of 
 , according: 
 Jed by more 
 ithout any 
 line of the 
 f'lce of that 
 h, we ca» 
 hirty years 
 nea melted 
 
 I 
 
 lings, that 
 much as it 
 er articles, 
 instead of 
 er articles, 
 r. Iluskis- 
 by them, 
 n his vain 
 nk-paper, 
 sidcration 
 affects ita 
 
 I 
 
 21 
 
 value, — Credit; but he talks of the worth 
 ^)f bank-notes, as if that credit which is 
 deservedly given to any bill of exchange, 
 iind without which such bill would not 
 be current, were not to be at all consi- 
 dered in the value of a Bank-of-Englantl 
 note, to which he will allow none of the 
 properties of a bill .of exchange, nor ^^f- 
 fer the standard value of it to be settled 
 hy any other consideration than the 
 price of uncoined gold. This is the 
 great point on which he invites us to 
 throw off our p^x^judicc:s and take him for 
 our guide : our merchants may soon ex- 
 pect to see him appear on the exc lange, 
 ■with a new standaixl for what paper they 
 may most safely take, and there can be 
 no doubt of his being well received 
 there ; but he will liave asjain the morti- 
 fication to find tliat some of those ob- 
 stinate fellows will still be guided by 
 their own opinion. 
 
 Is it not obvious that, as the value of 
 our bank-paper always keeps pace with 
 that of our gold coin here, and as this coin, 
 when melted, cannot be offered as a law- 
 
!1 
 
 98 
 
 ful payment for it, whothrr the price of 
 gold be liigli or low, that, therefore, the 
 standard value of bank-paper may as well 
 be collected from the value of any other 
 article as from that of uncoined gold ? 
 The current fixt value of our coins, there- 
 fore, cannot be expected always to agree 
 in relative value with any article, the 
 price uf which is found to be constantly 
 on the change. It is thence evident, 
 from the fluctuating value of the metal 
 contained in the coins of this country, 
 that it must be worth sometimes more 
 and sometimes less, as a merchandize, 
 than those coins represent in our cur/ency. 
 It is certainly much to be wished that 
 the metal contained in our different coins 
 should be worth neither more nor less 
 than the sums they represent ; but that is 
 a desideratum evidently unattainable for 
 a long period in any commercial country. 
 On the export of bullion the following 
 points may claim attention. — We have 
 been under the necessity of sending 
 abroad a great quantity of it for our 
 armies, and for other public services ; amj 
 
 1 
 

 price of 
 fore, the 
 y as well 
 ny other 
 jcl gold ? 
 s, there- 
 to agree 
 icie, the 
 instantly 
 evident, 
 he metal 
 country, 
 les more 
 ;handize, 
 •unency. 
 led that 
 cnt coins 
 nor less 
 it that is 
 lable for 
 country, 
 allowing 
 i'e have 
 sending 
 for our 
 es; ani| 
 
 
 It is therefoic of some consequence that 
 we should not deceive ourselves as to the 
 tiffect produced by bullion so exported. 
 We may rest assured that though we had 
 not exported bullion for those services, 
 still a'! the cash that has been destined 
 for tiiein must, if sent into circulation, 
 whilst our exchanges were on their prcv 
 •sent footing, have been exported by 
 others for other purposes ; the whole 
 profit on such exportation of it would 
 ihen have gone to the individual ex- 
 porters ; whereas, nozo our government 
 has secured a considerable portion of 
 that profit, and has thus saved for the 
 country at large the loss that would 
 otherwise have been incurred on what 
 they have so sent off in bullion, and which 
 must, if not so sent, have been supplied 
 in the expensive way in which we see 
 cash provided for our armies, through our 
 government-agents at Lisbon and Cadiz, 
 where, in consequence of the supplies 
 they are still obliged to raise, the ex- 
 changes must remain very considerably 
 against us, and would have bcei> «tiU 
 
24 
 
 more unfavourable if our bullion, thus 
 exported, had not lessened the amount 
 of supplies to be furnished by tliosc 
 agents. ... . . .. 
 
 It is not here necessary to enter into 
 the causes which constitue gold the most 
 convenient article by which to measure 
 the worth of every other; but we may safe- 
 ly say, that it would be nearly as absurd 
 to affirm, if unfortunately we were to lose 
 all our old measures for quantity in the 
 country, that therefore a large share of 
 all the property of our merchants and 
 shopkeepers would thence become no- 
 thing worth, as it is in Mr. Huskisson to 
 contend, that, if our gold coin should 
 disappear, the rest of our property would 
 also be nothing worth : for, though the 
 value of our gold is in itself much greater 
 than that of our measures for quantity, 
 still the worth of both together is trifling, 
 when compared with the rest of our 
 riches, and does not amount to 1 per cent, 
 on the value of our whole stock of pro- 
 perty. Mr. Huskisson does not scruple 
 to tell us, however, that the whole of this 
 
 c| 
 
 s^ 
 si 
 t( 
 
25 
 
 ion, tlius 
 ! amount 
 by tliosQ 
 
 ntcr into 
 the most 
 measure 
 may safe- 
 is absurd 
 re to lose 
 ty in the 
 share of 
 ants and 
 ome no- 
 dsson to 
 should 
 y would 
 ugh the 
 ij^reater 
 uiuitity, 
 trifling, 
 of our 
 )er cent, 
 of pro- 
 scruple 
 J of this^ 
 
 ytock will become of no value, when \vq 
 can no longer take measure of it by gold. 
 This man of gold has not even conde- 
 scended to admit bis poorer relations, 
 silver and copper, as partners, to the ex- 
 tent of their capital, in the famous esta- 
 blishment he wishes to mount. 
 
 To take a comprehensive and accurate 
 view of our exchanges requires much at- 
 tention, combination, and ^ experience ; 
 but little of either is necessary to disco- 
 ver that Mr. Iluskisson has overlooked 
 some of the first principles of the inquiry. 
 In the able and very interesting letters of 
 Mr. Hill to Mr. Thompson, one of the 
 gentlemen of the Bullion-Committee, he 
 might have found a masterly sketch of 
 the general question ; and may find, too, 
 some valuable hints in a short pamphlet 
 of Mr. Charles Lyne, a vei'y experienced 
 merchant, who unites, it is said, much 
 knowledge on the questions of exchange 
 and bullion with much practice in both. 
 Mr. Lyne, indeed, like the writer of these 
 Kemarks, little understands, and still less 
 jitfects, the arts of composition, and i 
 
 j> 
 
26 
 
 on that account, find no favour with those 
 who look only for literary skill in the 
 publications they review. Mr. Lyne did 
 not profess either, nor does the writer ol' 
 these Remarks, to take a general view of 
 the subject, but in his brief touches 
 on a few points, particularly those of 
 exchange and bullion, he evinced, that, 
 though Mr. Huskisson and the Committee 
 had so decidedly made up their minds on 
 the business before them, they had yet 
 to learn some of its principal bearings. 
 
 The workings of our old balance of 
 trade have turned out so perplexing for 
 Mr. Huskisson, and have appeared to him 
 so subversive of the conclusions which we 
 suppose may be drawn from that balance, 
 as to lead him to the beiief that such 
 principles of reasoning will now have had 
 sentence passed on them, and that no one 
 will ever presume to adopt them again. 
 The introduction of bullion into the list 
 of our exports, to an extent formerly un- 
 known, has doubtless so influenced the 
 3'elative amount of our exports and im- 
 ports as to give the appearance of h 
 
^ill in the 
 Lyne did 
 writer of 
 al view of 
 f touches 
 those of 
 ced, that, 
 'ommittee 
 minds on 
 I had yet 
 tarings, 
 cilance of 
 lexinij for 
 ed to him 
 which wc 
 : balance, 
 hat such 
 have had 
 it no one 
 m again, 
 the list 
 lerly un- 
 iced the 
 and im- 
 ce of 4 
 
 M 
 
 change in its results ; but, when it is con- 
 sidered that, in our present situation, we 
 have been driven to immense exports, 
 from which neither cash, nor bill nor 
 barter payments, could be expected in 
 return, the errors of which Mr. lluskisson 
 complains, in the principles so generally 
 acknowledged by others, must appear to 
 be all of his own creation ; whilst those 
 principles of which he hopes to hear 
 no more, have gone on, and must con- 
 tinue working, as true as time, to the 
 balance of all our mercantile exports and 
 imports, in return for which we make or 
 receive payments in barter, bills, or cash. 
 If there be any point to which Mr. Hill 
 has not done justice in his letters to Mr. 
 Thompson, it may perhaps be tliis. It 
 would be an idle task here to examine, if 
 it were in our power, whether the exports 
 referred to were all necessary ; but it is 
 very certain that large exports of the same 
 kind must be necessary in future, and 
 that we must make our arrangements for 
 meeting their natural effects. The asser- 
 tion in Mr. IlilTs first letter, that we are 
 
28 
 
 now placed in the most unfavourable of 
 the three situations, in one of which he 
 describes us as being at all times placed, 
 with respect to the effects of our com- 
 mercial concerns, must be admitted by 
 every one ; and it may fairly be presumed 
 besides, that, whenever the moment shall 
 arrive for the return of our commerce to 
 its natural state, which, sooner or later, 
 must take place, our situation will be- 
 come incomparably the best in those 
 respects that was ever provided for any 
 people. ' . 
 
 Mr. Huskisson, after going through the 
 principal points of the new order of 
 things he wants to establish, proceeds to 
 examine the effects that would probably 
 be produced by it on different descriptions 
 of men. But, when speaking of the mer- 
 chants, page 141, he unfortunately omits 
 to notice the principal objections to his 
 system, so far as they are concerned. He 
 is perfectly right, however, in declaring, 
 that the business of a merchant is to buy 
 cheap and sell dc-ir : and we are bound 
 to thank him for this piece of information, 
 
 1( 
 
29 
 
 arable of 
 which he 
 s placed, 
 >ur com- 
 litted by 
 )resumed 
 leut shall 
 merce to 
 or later, 
 
 will be- 
 in those 
 
 for any 
 
 ough the 
 order of 
 ceeds to 
 irobably 
 :riptions 
 he mer- 
 oniits 
 to his 
 ed. Pie 
 claring, 
 to buy 
 bound 
 mation, 
 
 iliouoh several of us had found out the 
 secret before ; but we can send him no 
 thanks for the advice he gives us in a very 
 fine flourish at the end of the same sen- 
 tence, because, however strange it may 
 appear to him, it will be difficult to find 
 people in this country who have ever 
 looked for any of the sort of profit against 
 which he has the goodness so feelingly to 
 caution us. That profit could only arise 
 from an issue in this country of govern- 
 ment-paper on the fatal principle we 
 have seen adopted on the continent ; and 
 if Mr. Huskisson will but send his book 
 to Spain or Portugal, where much trick 
 of the sort against which he cautions us 
 has been practised, he will find many 
 there who might b? improved by his ad- 
 vice, and would return him, no doubt, 
 the merited thanksi < s ■ — - " ' 
 Last of all, Mr. Huskisson proceeds to 
 examine the eftects which he thinks his new 
 arrangements would produce on the affairs 
 of our government. He seems confident 
 that, neither in the raising of our taxes, nor 
 in the pegotiation of our loans, nor in the 
 
30 
 
 general state of our finances, slionld w^ 
 be at all inconvenienced by following 
 the course lie so strongly recommends. 
 Though these assertions appear to bu 
 equally contradictory with some of his 
 mercantile conclusions, the writer does 
 not pretend to follow Mr. lluskisson in 
 this inquiry, lest he should be drawn on 
 to offer opinions where he has not the 
 means of sufficient information : the po^ 
 litical part of the (juestion he accord- 
 ingly leaves for those who arc competent 
 to the discussion. 
 
 Mr, Huskisson informs us, in his Pre- 
 face, that men of ingenuity, well ac- 
 quainted with the point he undertakes to 
 discuss, will be able to supply illustra- 
 tions more apt than any he has been able 
 to furnish, and that the constant atten- 
 tion given by him to the multiplied 
 duties of the public situations it has 
 been his lot to fill was not compatible 
 with his following up, in all its possi- 
 ble bearings, this other subject of so 
 much extent and intricacy, without a 
 more than ordinary degree of applica^. 
 
 I 
 
lioiikl WG 
 ibilowiiio; 
 mmcnds. 
 ir to bu 
 c of his 
 iter does 
 visson in 
 .1 raw II oil 
 
 not the 
 : the po- 
 
 accord- 
 )mpetent 
 
 his Pre- 
 well ac- 
 rtakes to 
 
 illustra- 
 een able 
 it atten- 
 ultiplied 
 $ it has 
 npatible 
 ;s possi- 
 ;t of so 
 
 thout a 
 applica-r. 
 
 f 
 
 31 
 
 tion. That application no doubt ha«> 
 been given, and more, it appears, was 
 still desirable before he undertook to 
 advise men, whose lives have been 
 passed in studying the question he has 
 taken up so recently, to make no ac- 
 count of their own experience as to the 
 best grounds for future operations in this 
 department of commercial concerns, but 
 follow him on those subjects, though his 
 other avocations have not allowed him 
 sufficient time to examine them tho- 
 roughly. In his Preface IMr. Iluskisson 
 talks loudly, too, of the principles he 
 recommends ; but in his pamphlet one 
 finds him chiefly employed in contradict- 
 ing, without any proof in his favour, 
 the principles of other men, founded 
 on the experience of former times, and, 
 supported by the experience, as well as 
 practice, of the present day. Mr. Hus- 
 kisson expresses great astonishment that 
 the governors of the Bank of England 
 should have made no account of his con- 
 clusions, as to the extent and consequent 
 value of their notes ; but it should be 
 
32 
 
 considered that those gentlemen had a 
 duty of their own to perform, and that 
 they would have been unworthy the 
 place they held if they had taken his 
 conclusions for their guide, instead of 
 attending to all the bearings of the sub- 
 ject. Al^ impartial man, on reading 
 Mr. liuskisson's pamphlet, can hardly 
 fail to see, though Mr. Huskisson him- 
 self seems unconscious of it, that his 
 mind, at the time of writing it, was in- 
 disposed to admit any information on the 
 depreciation of our paper currency, but 
 such as Avent to favour the Report of the 
 BulUon-Committeu. On a closer investi- 
 gation he might, perhaps, be surprised to 
 find his conclusions so much at variance 
 •with some of the leading principles of the 
 question. The total amount of what 
 may be fairly collected frou) Mr. Huskis- 
 son's attempt to establish the deprecia- 
 tion of our paper currency is shortly 
 this : — that whenever, by whatever cause, 
 our uncoined gold becomes much scarcer 
 than it was at the time of settling our 
 mint-price for gold, it must likewise be- 
 
 4 
 
S3 
 
 ?n had a 
 and that 
 ^rthy the 
 taken his 
 n stead of 
 ■' the sub- 
 heading 
 n hardly 
 5Son him- 
 that his 
 t, was in- 
 on on the 
 ^ncy, but 
 )rt of the 
 r investi- 
 prised to 
 variance 
 les of the 
 of what 
 . Huskis- 
 leprecia* 
 shortly 
 er cause, 
 1 scarcer 
 ling oiir 
 wise be- 
 
 come much dearer, and that on all such 
 occasions Bank-of-£ngland notes must 
 represent much less weight of gold un- 
 coined than they represented when the 
 price for our standard gold was lower : 
 whilst all our gold coins must at the 
 same epochs, and for the same reasons, 
 contain more value when such value is 
 soldi/ measured hy the actual price of ««- 
 coined goldy than tliey stand for in our 
 currency. These are conclusions in 
 which all the world will agree; but it 
 does not thence at all follow that the 
 value of our paper currency must, or can, 
 or ought, at all to fluctuate with the 
 price of uncoined, gold. If the exchanges 
 had not, from obvious causes, been so 
 much against us, and so niucli gold had 
 not, on that account, been sent oft' to 
 pay our debts to the continent, we should 
 not have seen a light guinea when melted 
 worth more than twenty-one shillings, or 
 nK)ve than a heavy guinea that could not 
 be melted : nor, because ve see it now 
 worth more, can we conclude with Mr, 
 IJuskisson, that the rise of price in gold 
 
 c 
 
34 
 
 does not proceed in a great measure from 
 what eould not fail to produce it, the ex- 
 cess of our mercantile imports beyond 
 our exports ; or that it (hcs proceed from 
 a cause which can have but little effect 
 on it. No man can deny, however, that 
 Mr. lluskisson has. lately given himself 
 much trouble on this subject, and, as his 
 talents are acknowledged by all, it is the 
 more to be lamented, that^from his having 
 spurned at some leading points, which 
 condcnm the ileport of the BuUion-Com- 
 mitlee, his labours should have ended so 
 unsatisfactorily. AVhen the current value 
 of our gold coins was established by law, 
 it was settled witli reference to what, at 
 that time, was the value of gold at our 
 mint, and not with reference to what 
 it miglit be worth at any future time. 
 It appears to some people, whenever the 
 price of gold become.'^ higher or lower 
 than our mint-price, that it should not be 
 left to fmd its own way back to that stand- 
 ard, as nearly as the change of times will 
 iidmit, without legislative interference ; 
 whilst others, conceiving that we had 
 
 At 
 
 
 (( 
 
 ^'■% 
 
0^ 
 
 ure from 
 , the ex- 
 beyoncl 
 eed from 
 ;le effect 
 i^cr, that 
 himself 
 d, as his 
 it is the 
 is having 
 :s, which 
 on-Com- 
 ended so 
 3iit value 
 i by law, 
 what, at 
 i at our 
 to what 
 re time, 
 tjver tlie 
 )r h)wer 
 d not be 
 it stand- 
 lies wiJl 
 'erence ; 
 wc had 
 
 heitor'not iriterftre at all, because it is 
 dirticult to ascertairv and uttach the proper 
 rehitive importjlincfc to the diHerent springs 
 by which the article has hitherto §0 well 
 regulated itself, are thcriilbre of opinion, 
 that we should take very particular care 
 not to atfect any of those springs by 
 extraneous pressure. ^Vc need not now 
 endeavour to shew which of thesb two 
 opinions is best founded ; but all of 
 both will • agree in reprobating the 
 opinion advanced by ^Ir. lluskisson and 
 the members of the l^ullion-Cominittec, 
 " That zchen too much of am/ article haa 
 been exported from auy coimtri/, it is then 
 ii'ise to ^ive additional encouragement to 
 further exportation." 
 
 Mr. Huskisson's reputation for financial 
 and litererary knowledge is too well esta- 
 blished to be aided by our suffrage , utKJ, 
 though we have attempted to expose wliat 
 we consider to be the fallacy of his ar- 
 guments on a subject less within the scope 
 of his habitual attention, we do iu>t pre- 
 sume to question the purity of his motives. 
 Should a closer inquiry into that subject 
 
 ^-v>.. 
 
36 
 
 lead his mind to a different conclusion, 
 Mr. Huskissoa will doubtless, from the 
 influence of the same motives, atlbrd his 
 countrymen the satisfaction of knowing 
 that a proposal respecting our currency, 
 which, if adopted under the present cir- 
 cumstances, might essentially promote the 
 views of our enemies, has no longer the 
 sanction of his high authority. 
 
 i'.' , »i;i . .1 ; .1 
 
 A MERCHANT. 
 
 
 ^ 
 
 
 
 
 ... . ' ' ' i . li '■ 
 
 ■f ' i' ' 'in. >'■ i 
 
 *» 
 
 ' :•» 
 
 • ...'.'ii't.'i 'ft , 
 
 I 
 
[icUision, 
 from the 
 iflbrd his 
 knowing 
 currency, 
 esent cir- 
 )mote the 
 onger the 
 
 lANT. 
 
 I 
 
 4 
 
 i^fi 
 
 '.;»{;.:•»«)•' t,i«r|^fjiiv #' .if Ki 
 
 ►<•!• Vf I r\jt: 
 
 .11,' )ij- s .M^^Miipyix K\m a. is^^'sfiTl" 
 
 APPENDIX. 
 
 » • . ' , » I \ , I 
 
 -"■' .n 
 
 ..rs 
 
 Evidence of Mr. Chambers before the BulMon- 
 Committee, (p. 102 of the Report.) 
 
 
 .;■, . ■.\^v.v 
 
 y'.. 
 
 * • ' il 
 
 1. Question. — At the mint-price of standard gold 
 in this country, how much gold does a 
 Bank-of-England note for one pound re- 
 present ? 
 Answer. — 5 dwts. 3 grains. 
 
 S. Question. — At the present market-price of 
 £4i : 12 per. oz. ho'r much gold do you 
 get for a bank-note of one pound ? 
 Answer. — 4 dwts, 8 pr. 
 
38 
 
 3. Question. — Do you consider a Bank-of-EngUincl 
 
 note for one pound, under these circum- 
 stances, as exchangeable in gold for what 
 it repres^ents of tJiat metal ? 
 .Ansxver. — I do not conceive gold to be a fairer 
 standard for Bank-of- England notes than 
 indigo or broad-cloth. 
 
 4. Question 3 repeated. 
 
 - Answer. — If it represents twenty shillings of 
 that metal, at the coinage price, it is not. 
 
 f . 
 
 I " ' •) 
 
 Ji.i It. •-— . . .M) ■ i'. .'jj ,1 
 
 THE END. 
 
 j..-v::*';cl 
 
 I 
 
 id, ./uf 
 
 .:.i- ,. ^ .'.:.. .J 
 
 ' .'\ y iii>',.v^ 
 
 f -1 rf 
 
 I •, 
 
 111./! 
 
 !?!« 
 
 ft'y. ; 
 
 
 1 ••*^» 
 
 Galabin mid Mjirchant, PrThter», ' '^•' 
 
 lajjum-Court London. 
 
 
3f-£nolantl 
 se circum- 
 [(I for what 
 
 be a fairer 
 notes tlian 
 
 hillings of 
 , it is not. 
 
 ■A 
 
 iay,^ 
 
 
 C 
 
 
 
 a,. 
 
 '' 
 
 
 y;l' 
 
 
 .■-