102:, the first of which appeared on 29 August. The public attention aroused by these letters and subsequent pamphlets led Parliament to appoint a select Committee to “Inquire into the cause of the high price of bullion, and to take into consideration the state of the circulating medium, and of the exchanges between Great Britain and foreign parts.” This "Bullion Committee", along with Ricardo, took the "Bullionist" position, stating that inflation had resulted from over-issue of currency, primarily by the Bank of England but also by country banks; and that as a means of preventing over-issue, the Bank of England should resume convertibility of the pound into gold. In
110:
discounts and advances on government securities." This latter principle became known as the "Law of the Reflux". Ricardo likened the issues of the Bank of
England to a gold mine, insofar as an increased issue of paper money would have the same effect on prices as increased production of gold. Bosanquet countered that the Bank of England issued paper money only on loan, and that since loans must ultimately be repaid, the newly issued paper money would not cause inflation. Newly mined gold, in contrast, did not have to be repaid, and therefore would cause inflation. On these grounds Bosanquet denied the analogy between gold and paper money.
129:(1952) observed that "poor Bosanquet is left cutting a very sorry figure." But Ricardo's victory over Bosanquet was in fact far from complete. His arguments concerning money issued on loan were resurrected during the Currency School/Banking School debates of the 1840s. The issue has remained unsettled, and featured prominently in the Monetarist/Keynesian debates of the 1960s and 1970s. Beginning in the 1980s, the real-bills viewpoint has seen a small revival of interest (e.g., Sargent (1982), Sproul (1998)).
122:
the Bank is willing to lend, borrowers will always exist, so that there is no practical limit to the over-issue of money, unless the Bank either maintains convertibility, or otherwise acts to maintain the quantity of money within reasonable bounds. Ricardo argued that the simple fact of the pound's depreciation was proof of its over-issue—a circular argument that nevertheless carried the day.
106:, Bosanquet criticised its report as being "altogether at variance with (the opinions) of the persons selected for examination," of relying on propositions that "are not generally true, and do not therefore form a solid foundation for the abstract reasoning of the Report," and of relying upon facts that "are erroneously stated; and, when corrected, lead to opposite conclusions."
121:
in 1845 as "perhaps the best controversial essay that has ever appeared on any disputed question of
Political Economy." In response to Bosanquet's statement that the supply of currency was adequately limited by the Bank's policy of making loans only for "solid paper", Ricardo answered that as long as
109:
The Ant-Bullionist position was that over-issue would be avoided if banks issued paper money only in exchange for "solid paper, given, as far as we can judge, for real transactions." Any over-issue of paper money, in the words of the Bank directors, "would revert to us by a diminished application for
150:(2nd edition 1807). In this work Bosanquet blamed the depreciation on ill-considered taxes and other restrictions placed on the colony. He proposed that British breweries should use colonial sugar and that the British navy should use colonial rum. An answer from
432:
347:
64:
from 1808–38, and governor from 1838–50. From 1823–36 he was chairman of the exchequer bill office. He served as
Justice of the Peace and Deputy Lieutenant for the county of Northumberland, and was
125:
Bosanquet published no reply to
Ricardo. Keith Horsefield (1941) wrote of "the lamentable decline from the counsels of Samuel Bosanquet in 1783 to the apologia of Charles Bosanquet in 1810," while
68:
in 1828. In 1819 he was lieutenant-colonel of light horse volunteers, later rising to colonel. He maintained a London residence at the Firs, Hampstead, and spent his later years at his estate of
564:
549:
228:, The Burlington Magazine Vol. 144, No. 1193 (Aug. 2002), pp. 485–496, at p. 486. Published by: The Burlington Magazine Publications Ltd. Stable URL:
544:
426:
341:
57:
554:
189:
Robert
William Bosanquet (1800–1880), cleric, married firstly in 1834 Frances Pulleine (died 1835), daughter of Henry Percy Pulleine of
539:
390:
285:
252:
507:
194:
65:
425:
151:
340:
20:
421:
336:
569:
69:
506:
Sproul, Michael F. (1998) ‘Backed Money, Fiat Money, and the Real Bills
Doctrine’, UCLA Working Paper #774B,
559:
126:
118:
53:
142:
Letter on the
Proposition submitted to the Government for taking the Duty on Muscavado Sugar ad valorem
170:
Thoughts on the Value to Great
Britain of Commerce in general, and of the Colonial Trade in particular
534:
529:
492:
Sargent, Thomas J. (1982) "The Real Bills
Doctrine versus the Quantity Theory: A Reconsideration",
85:
46:
204:(1839). He married in 1850 Louisa Dashwood, daughter of William Bateman Dashwood and Louisa Bode.
499:
Sayers *R.S.; (1953) "Ricardo’s Views on
Monetary Questions", Reprinted in Ashton and Sayers,
372:
320:
98:
61:
508:
https://web.archive.org/web/20041112131942/http://econpapers.hhs.se/paper/clauclawp/774b.htm
395:
290:
257:
42:
374:
A Genealogical and Heraldic History of the Landed Gentry of Great Britain & Ireland
471:
Horsefield J. K.; (1941) "The Duties of a Banker." I, Reprinted in Ashton and Sayers,
523:
182:
93:
485:
Samuelson, Paul. A. (1971) "Reflections on the Merits and Demerits of Monetarism",
487:
Issues in Fiscal and Monetary Policy: The Eclectic Economist Views the Controversy
407:
302:
269:
148:
A Letter to W. Manning, Esq., M.P., on the Depreciation of the West India Property
452:
399:
294:
76:
in Northumberland. He died there on 20 June 1850, and is buried in its church.
437:
352:
261:
159:
172:(1807), in which he pointed out the benefits yielded by the West India trade.
190:
137:
In 1806 and 1807 Bosanquet produced three short works on commercial themes:
29:(23 July 1769 – 20 June 1850) was an English colonial official and writer.
193:, and secondly in 1838 Caroline Macdowall, daughter of Day Hort McDowall.
185:, on 1 June 1796. He fathered seven children, three of whom survived him:
156:
Radical Cause of the Present Distresses of West India Planters Pointed out
84:
Bosanquet held to the "Anti-Bullionist" position, now identified with the
73:
322:
The Parishes of Embleton, Ellingham, Howick, Long Houghton and Lesbury
229:
433:
Alumni Oxonienses: the Members of the University of Oxford, 1715–1886
348:
Alumni Oxonienses: the Members of the University of Oxford, 1715–1886
158:(1807) provoked further controversy, in many publications including
60:. He left the partnership in 1810. He served as sub-governor of the
52:
Bosanquet went into trade as a West Indies merchant, initially with
38:
512:
Tobin, James (1963) ‘Commercial Banks as Creators of Money’,
90:
Practical Observations on the Report of the Bullion-Committee
250:
O'Shaughnessy, Andrew J. "Bosanquet, Charles (1769–1850)".
207:
Mary Anne (died 1867), married 1836 the Rev. Edward Feilde.
283:
Clark, J. F. M. "Spence, William (bap. 1782, d. 1860)".
200:
George Henry Bosanquet (1801–1800), cleric, author of
181:
Bosanquet married Charlotte Anne Holford, daughter of
516:, edited by Deane Carson. Homewood: Richard D. Irwin.
19:
For the Vice-Chancellor of Newcastle University, see
482:, London: Printed for Longman, Green, and Longmans.
489:, edited by James J. Diamond (Depaul University).
388:McBriar, A. M. "Bosanquet, Bernard (1848–1923)".
226:The Picture Collecting of Lord Northwick: Part I
503:, London: Oxford at the Clarendon Press, 1953.
475:, London: Oxford at the Clarendon Press, 1953.
92:. Inflationary pressure in 1809 had prompted
8:
394:(online ed.). Oxford University Press.
289:(online ed.). Oxford University Press.
256:(online ed.). Oxford University Press.
314:
312:
496:, volume 90, number 6, pp. 1212–36.
391:Oxford Dictionary of National Biography
366:
364:
362:
286:Oxford Dictionary of National Biography
253:Oxford Dictionary of National Biography
217:
88:. In 1810 he published his major work,
45:and Eleanor Hunter. He was educated at
245:
243:
241:
239:
237:
7:
550:Deputy lieutenants of Northumberland
436:. Oxford: Parker and Co – via
427:"Bosanquet, Rev. George Henry"
351:. Oxford: Parker and Co – via
224:Oliver Bradbury and Nicholas Penny,
565:People educated at Newcome's School
480:The Literature of Political Economy
230:https://www.jstor.org/stable/889635
501:Papers in English monetary History
473:Papers in English monetary History
14:
342:"Bosanquet, Robert William"
494:The Journal of Political Economy
451:Bosanquet, George Henry (1839).
545:High sheriffs of Northumberland
325:. A. Reid & C. p. 146.
96:to write three letters to the
66:High Sheriff of Northumberland
1:
37:He was born at Forest House,
514:Banking and Monetary Studies
408:UK public library membership
303:UK public library membership
270:UK public library membership
21:Charles Bosanquet (academic)
16:English official and writer
586:
555:British business theorists
478:McCulloch, John R. (1845)
18:
49:and then in Switzerland.
377:. Harrison. p. 164.
319:Bateson, Edward (1895).
117:(1811) was described by
540:People from Forest Gate
457:. Saunders & Otley.
454:The Sorrows of Deafness
371:Burke, Bernard (1879).
202:The Sorrows of Deafness
400:10.1093/ref:odnb/31974
295:10.1093/ref:odnb/26113
115:Reply to Mr. Bosanquet
104:Practical Observations
56:. They were joined by
262:10.1093/ref:odnb/2927
197:was his youngest son.
127:Richard Sidney Sayers
119:John Ramsay McCulloch
54:John Proctor Anderdon
41:, the second son of
86:real bills doctrine
406:(Subscription or
301:(Subscription or
268:(Subscription or
195:Bernard Bosanquet
164:Commerce Defended
99:Morning Chronicle
62:South Sea Company
27:Charles Bosanquet
577:
570:Bosanquet family
459:
458:
448:
442:
441:
429:
418:
412:
411:
403:
385:
379:
378:
368:
357:
356:
344:
333:
327:
326:
316:
307:
306:
298:
280:
274:
273:
265:
247:
232:
222:
47:Newcome's School
43:Samuel Bosanquet
585:
584:
580:
579:
578:
576:
575:
574:
520:
519:
468:
466:Further reading
463:
462:
450:
449:
445:
420:
419:
415:
405:
387:
386:
382:
370:
369:
360:
335:
334:
330:
318:
317:
310:
300:
282:
281:
277:
267:
249:
248:
235:
223:
219:
214:
179:
135:
82:
58:William Manning
35:
24:
17:
12:
11:
5:
583:
581:
573:
572:
567:
562:
560:Morden College
557:
552:
547:
542:
537:
532:
522:
521:
518:
517:
510:
504:
497:
490:
483:
476:
467:
464:
461:
460:
443:
422:Foster, Joseph
413:
380:
358:
337:Foster, Joseph
328:
308:
275:
233:
216:
215:
213:
210:
209:
208:
205:
198:
178:
175:
174:
173:
167:
152:William Spence
145:
134:
131:
81:
80:Economic works
78:
34:
31:
15:
13:
10:
9:
6:
4:
3:
2:
582:
571:
568:
566:
563:
561:
558:
556:
553:
551:
548:
546:
543:
541:
538:
536:
533:
531:
528:
527:
525:
515:
511:
509:
505:
502:
498:
495:
491:
488:
484:
481:
477:
474:
470:
469:
465:
456:
455:
447:
444:
439:
435:
434:
428:
424:(1888–1892).
423:
417:
414:
409:
401:
397:
393:
392:
384:
381:
376:
375:
367:
365:
363:
359:
354:
350:
349:
343:
339:(1888–1892).
338:
332:
329:
324:
323:
315:
313:
309:
304:
296:
292:
288:
287:
279:
276:
271:
263:
259:
255:
254:
246:
244:
242:
240:
238:
234:
231:
227:
221:
218:
211:
206:
203:
199:
196:
192:
188:
187:
186:
184:
183:Peter Holford
176:
171:
168:
165:
161:
157:
153:
149:
146:
143:
140:
139:
138:
132:
130:
128:
123:
120:
116:
111:
107:
105:
101:
100:
95:
94:David Ricardo
91:
87:
79:
77:
75:
71:
67:
63:
59:
55:
50:
48:
44:
40:
32:
30:
28:
22:
513:
500:
493:
486:
479:
472:
453:
446:
431:
416:
389:
383:
373:
346:
331:
321:
284:
278:
251:
225:
220:
201:
180:
169:
163:
155:
147:
141:
136:
124:
114:
112:
108:
103:
97:
89:
83:
51:
36:
26:
25:
535:1850 deaths
530:1769 births
133:Other works
524:Categories
438:Wikisource
410:required.)
353:Wikisource
305:required.)
272:required.)
160:James Mill
113:Ricardo's
191:Crakehall
70:Rock Hall
166:(1808).
144:(1806).
74:Alnwick
404:
299:
266:
177:Family
212:Notes
72:near
39:Essex
33:Life
396:doi
291:doi
258:doi
526::
430:.
361:^
345:.
311:^
236:^
162:,
154:,
440:.
402:.
398::
355:.
297:.
293::
264:.
260::
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.