1819: The Debates on Resumption
The Ricardo Plan for resumption, as recommended by the Secret Committees, was debated in the Lords on 21 May. However before the debate proper, Lauderdale introduced a petition from the merchants of London requesting retention of the restriction on cash payments.l The Earl was most sympathetic to the viewpoint of the petitioners inasmuch as ‘they objected to the plan of the Bank committees, as tending to produce a forced diminution of the circulating medium, and thereby to cause the greatest distress …’
KeywordsPolitical Economy Monetary Policy Prime Minister Foreign Exchange Money Supply
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