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Considerations on Commerce, Bullion and Coin, Circulation and Exchanges
Considerations on Commerce Bullion and Coin Circulation and Exchanges Author:George Chalmers Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: 65 coNs-rbiHATrosr. exr Commerce ; '.- complain, that their informations are not so statedy as to comprehend the whole question: And, they insist, from the ris... more »e of the Hamburgh exchange, early, in. 1810,- from ii| in 1809, to 8 per cent, favourably in April, and May 1810, that had theif whole gootlsr and credits, reached their destined ports, the exchange vvouW have become so advantageous, as perhaps, to have reached that point above par, which would have turned the current of bullion, from Hamburgh to London, as it undoubtedly did in 1798. The merchants complain, that their credit is injured, by not representing the whole truthr with all its accompanying circumstances:- The bankers complain, that they are wronged, in their affairs, by representing a .(kpreciation of our own currency, while the real disorder arises, abroad, from, the fraudulence,. and force, of the Continental system. And those merchants, bankers, and brokers, consider such representations, when unsupported by facts, and nnillustrated, by circumstances, as misrepresentations, which, it must be allowed, arc. equally injurious' to private, and public credit, that every one, who wishes well to himself, or the state, has an interest to s-upport. 7. Accurate enquiry will probably find, that the traders are more founded, in their before-mentioned complaints, than might be supposed, from the obscure views of an interesting subject, which the Committee Committee has given: And, this truth will appear, whether we consider the balance oi payments, or the balance of trade, during the five years, ending with 1809, without again adverting to the apocryphal par of exchange, which the Committee re-assumes, In opposition to those great assayists, Newton, Magens, and Harris f. " Our debt to foreigners, " says the last, ...« less