Note 104 — BOOK THE SECOND 1810 TO JUNE, 1812

[“The general tenour of his speech (that of Mr. Horner on May 6) was to show that the paper currency of the country had undergone an actual depreciation, and that the only remedy was to provide for the resumption of cash payments at the bank as speedily as possible.”—Annual Register, 1811.

The report of the Parliamentary Committee on bullion, of which Mr. Horner was president and Mr. (afterwards Sir Robert) Peel was a member, was to the same effect, i.e. that paper issues were always liable to depreciation unless they were at any time convertible into gold.]