Excerpt from Paper Against Gold, or the Mystery of the Bank of England of the Debt
This Committee, which ought to have been called the Paper-Committee, was called the Bullion-Committee, having for its Chairman one Horner, a Scotch lawyer. After immense volumes of "evidence" taken down and published at the public expense, this Committee reported to the House that the banknotes were depreciated, and that, in order to prevent future fatal consequences, a law ought to be passed to compel the Bank to pay in gold at the end of two years from that time. The Ministry contended, that the bank notes were not depreciated, and that the notes could, at any time, be paid in gold, but that, during war, the proposed measure was inexpedient.
I contended, that both sides were totally ignorant on the subject; and that the bank notes, without a great reduction of the interest of the debt, and of all other out-goings, never could be paid in gold, without plunging the country into ruin. To prove this opinion to be correct, and to show that I understood more of the matter than both sides of the House put together, I wrote and published this book, with an avowed intention, too, of having it to produce, when time should have verified its doctrines, and when the sufferings of the nation should have disposed it to listen to truth and reason.
The time is come, the doctrines have been verified, the sufferings have taken place; and, therefore, here is the book.
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