Wheatley, John, An essay on the theory of money and principles of commerce

(London :  Printed for T. Cadell and W. Davies, by W. Bulmer and Co.,  1807-1822.)

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—I -., u

CHAPTER From what documents it was inferred, that the v;ar
" ■ and the scarcity had occasioned a temporary interruption
to the customary course of commerce, I have not been
able to learn ; as not only had the surplus of exports,
which had uniformly led, in the opinion of government, to
the conclusion, that the course of trade was in our favour,
greatly exceeded the amount of any prior period; but
the total value of our exported merchandize had increased
in the same unexampled ratio. No inference was there¬
fore deducible from these returns to support the assump¬
tion of the slightest interruption ; nor can I conceive that
any grounds existed for the assertion.

The whole of the argument was, however, founded on
erroneous principles; as the positions, that our foreign
expenditure and the import of corn had conduced to the
efflux or reservation of money abroad, were equally
fallacious with the position, that the balance of trade would
hereafter conduce to its influx.

If the doors of the Bank be to be closed till the cus¬
tomary course of commerce, in the natural constitution of
things, should introduce ten or twelve milhons of bullion
into this country, they will be closed for ever. A partial
compression of currency is the only pohcy, by which the
influx of money can be enforced, and unless the remedial
measures, that must hereafter be adopted, be grounded on
this principle, they will fail of success.

The sum remitted for the purchase of corn was com-
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