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[Page 15]
inducd the house of Commons to Refer to a Commee [Committee] the State of our Circulating medium, appears to me to have no Concern whatever with the Situation of our Paper Credit, our Bank paper Stands on a most Firm & Satisfactory Basis, Those who have attemptd to prove that it has Sufferd a Depreciation, have brought forward no argument except the Fact, that a Bank note will not purchase the value of the Precious metal makes it Represents, but this in Truth is a weak argument, for as Long as a Bank note will Purchase as much as Every other Commodity as the Quantity of metallic Coin it represents will do, it is obvious there Can be no doubt that it is the Precious metals that have risen in Price value as well as, that & also not the Bank notes that have not Fallen
The Absence of our Guineas is Easily accounted for by the State at which the Exchange was at the time they disappeard, when the Exchange is materialy unfavorable the interest of the merchants to Pay in Bullion becomes so Powerfull, that Law Can no Longer restrain it