Mr Bosanquet's Opinion—That Years of Scarcity and Taxes Have Been the Sole Cause of the Rise of Prices, Excessive Circulation no Cause—Considered.

§ 42. Mr Bosanquet, after having shown, as he imagines, the insufficiency of the arguments of the Committee, to prove that the Bank circulation is excessive, brings forward positive arguments to prove that it is not. The ground of these arguments is, the cause of an advance of prices which arises from years of scarcity and increased taxation. He has quoted a passage from Dr Smith in support of this opinion, which I regard as in favour of the opinion which I hold on that subject.