An Inquiry [ and C]

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1807 edition. Excerpt: ... CHAPTER VI. Error of imagining that Gold can be provided at the Time of actual Distress. Reasons for not admitting the Presumption that the Directors of the Bank must have been to blame for not making beforehand a more adequate Provision. THE impracticability of increasing the fund of gold in the Bank of England, when an alarm at home has already taken place, or even during the period of a very unfavourable balance of trade, has been manifested in the preceding pages. There is a peculiar inconsistency in the supposition that a country ought, at such a season, to take its measures for increasing the quantity of its gold. The argument for such an attempt would run thus: "The ** stock of gold has been in past time too low, as ap"pears by the experience of the present period; for "it is not now sufficient to supply what is neeessary "for our own circulation, and to enable us also to pay "our unfavourable balance. We ought, therefore, to "take due care that, in time to come, there shall "be a larger provision of gold in the country." So far, undoubtedly, there may be some general justice in the reasoning. But if the further inference is added, that we must, therefore, now begin to make the provision, this is to propose to take measures to provide against a want, which is future and contingent, at a time when that very want which we would prevent is actually pressing upon us. With as fair an appearance of justice it might have been argued in respect to the stock of corn in hand in the country-- "The stock of corn has been, as now appears, for "some time too low; for it is, at the present season, "insufficient for the due supply of the country. We "ought, therefore, to take care that, in time to come, "there shall be a better provision for such...