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Updated: May 11, 2025
He carried on a correspondence with all manner of people, including Washington, Eldon, Catholic bishops in Ireland, financiers and agriculturists on the Continent, and the most active economists in England. He suggested a subject for a poem to Scott. He wrote pamphlets about cash-payments, Catholic Emancipation, and the Reform Bill, always disagreeing with all parties.
It is no other than that of issuing base money; mixing your gold and silver coin with copper, this, one grieves to say, is the Second and extreme resource. A rude method would we had a better of suspending Cash-payments, and paying by bank-notes instead! thinks Friedrich, I suppose. This, so long as it would last, is more and more a copious fountain of supply.
The last resolution, while it recognised the wisdom of restoring cash-payments as soon as it could safely be done, affirmed it to be "highly inexpedient and dangerous to fix a definite period for the removal of the restriction on cash-payments prior to the conclusion of a definitive treaty of peace". These counsels prevailed, and the restriction was not actually removed until Peel's act was passed in July, 1819.
They attributed that excess to "the want of a sufficient check and control in the issues of paper from the Bank of England, and originally to the suspension of cash-payments, which removed the natural and true control". While allowing that paper could not be rendered suddenly convertible into specie without dislocating the entire business of the country, they recommended that an early provision should be made by parliament for terminating the suspension of cash-payments at the end of two years.
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