1819: Evidence and Report on Cash Payments
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
KeywordsMoney Supply Commodity Price Cash Payment Note Issue Bank Note
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- 8.Cf. Lord Lauderdale, Further Considerations on the State of the Currency (1813), esp. 96–7.Google Scholar
- 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
- 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
- A general study is George Kitson Clark, Peel and the Conservative Party (London: Cass, 1964).Google Scholar