1819: Evidence and Report on Cash Payments

  • Barry Gordon


The Lords committee on the resumption of cash payments heard evidence from 8 February to 30 April and the Commons committee from 11 February to 1 May.1 David Ricardo appeared as a witness before both bodies and his plan for resumption emerged as the major focus for discussion. Its chief features were the adoption of a system of payments of notes in bullion rather than in coin, and a graduated return to convertibility by means of a reduction of the price of gold in terms of notes according to a scale fixed over time. Eventually the mint price of gold would be established as its permanent price.2


Money Supply Commodity Price Cash Payment Note Issue Bank Note 
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  1. 8.
    Cf. Lord Lauderdale, Further Considerations on the State of the Currency (1813), esp. 96–7.Google Scholar
  2. 10.
    The effect had been remarked on some years before in Henry Thornton, An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (1802), 263.Google Scholar
  3. 35.
    On this phase of Peel’s career see Norman Gash, Mr Secretary Peel: the Life of Sir Robert Peel to 1830 (London: 1961).Google Scholar
  4. A general study is George Kitson Clark, Peel and the Conservative Party (London: Cass, 1964).Google Scholar
  5. 43.
    and J. Bonar, ‘Ricardo’s Ingot Plan’, Economic Journal, XXXIII (September 1923) 281–304.CrossRefGoogle Scholar

Copyright information

© Barry Gordon 1976

Authors and Affiliations

  • Barry Gordon
    • 1
  1. 1.University of NewcastleAustralia

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