The Question Concerning the Depreciation of Our Currency Stated And Examined
The Question Concerning the Depreciation of Our Currency Stated And Examined
W William Huskisson
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To talk of postponing the remedy until this symptom shall cease, is, in fact, to perpetuate the disease. In King William's time, the same disease (a depreciation of our currency) was accompanied, as it is now, with a corresponding depression of the foreign exchange. Then, as noxv, there were not wanting those who wished to invert the relation which these two evils really bear to each other ; who maintained that the high price 76 of bullion, as measured in our currency, was produced by the unfav...ourable course of the foreign exchange; and who would fain have recommended to Parliament, rather to wait, in helpless expectation, for the disappearance of the evil over which they had no controul, than to apply themselves to the grievance which it was in their power to redress. But Parliament, at that time, felt, that, whatever might be the depression of the foreign exchange, it was their first duty to deal with the manifest evil in the state of our currency, from a conviction that it was, not only a question of policy, but strictly of good faith.
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