1821: Payments in Coin Restored
Baring, Ellice and other critics of Ricardian monetary policy were given renewed opportunities to launch their attacks during a series of debates touched off by a government move to hasten the Bank’s resumption of cash payments in terms of gold coin. The bill of 1819 had allowed the Bank this option only from 1 May 1822. However it was now proposed to give the Directors the same choice from 1 May 1821. As well as refining old differences these debates broadened the front of the anti-Ricardian forces by introducing a new analytical strength in the shape of the banker Mathias Attwood.
KeywordsPolitical Economy Money Supply Public Debt Commodity Price Cash Payment
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- 18.Hansard, op. cit., 134–7. Monck (1769–1834) was M.P. for Reading, 1820–30. An earlier statement of his on monetary issues was J. B. Monck, A Letter to the Right Hon. Spencer Perceval, on the present state of our currency; with hints for its gradual improvement (London, 1812).Google Scholar
- 29.Sir John Craig, The Mint: A History of the London Mint from A.D. 287 to 1948 (Cambridge University Press, 1953) 289.Google Scholar