ABSTRACT
The Bullion Report, which advocated resumption of cash payments at the old par within two years, was prl!sented to Parliament on June 8, 1810, but was not taken up for discussion until July of the following year. In the latter part of 1810 there began a marked depression, the result largely of a collapse of the boom in the export trade which had followed the opening of Latin America to British trade. This depression continued into 18II, and was accompanied by the suspension of many country banks and by credit stringency. To relieve the situation the government, in March, 18I1, issued £6,000,000 in exchequer bills to merchants on the security of commodities, in order to provide the merchants with acceptable paper for discount at the Bank of England or at other banks.1 In the meantime the premium on bullion had been rising, and was not to reach its peak until 1813 for gold and 1814 for silver. These circumstances tended to strengthen the opposition to an early resumption of cash payments, and in the parliamentary session of I8r I the Homer resolutions embodying the conclusions of the Bullion Report were defeated by large majorities.
