Reply to Mr. Bosanquet's Practical Observations on the Report of the Bullion Committee.

RICARDO, David.

Published by London: Printed for John Murray; William Blackwood, Edinburgh; and M. N. Mahon, Dublin, 1811

About this Item

First edition of the work which made Ricardo's name as an economist, bringing him to the attention of Malthus and Mill and laying the foundations for several ideas developed in the Principles of Political Economy. In the early 19th century, economists were divided over whether paper notes should be convertible into gold. After convertibility was suspended in 1797, banknotes fell below the value of coin. Ricardo was a leading bullionist, arguing that depreciation could be checked by restoring convertibility, since strict equivalence between paper and gold would prevent banks from issuing notes beyond their gold reserves. Charles Bosanquet (1769-1850), a merchant and leading anti-bullionist, argued that the needs of trade ultimately governed the issue of notes, making convertibility unnecessary. In his Reply, Ricardo instead proposed a phased return to convertibility, showing that Bosanquet's arguments were detached from the economic realities of the early 19th century. McCulloch judged it to be "perhaps the best controversial essay that has ever appeared on any disputed question of Political Economy" (p. 174). Ricardo was then little-known outside his professional circles at the London Stock Exchange. His participation in the bullion controversy and brought him to the attention of Mill, without whom he "almost certainly would not have completed his major work [Principles of Political Economy]" (ODNB). Franklin & Legman 16; Goldsmiths' 20339; Kress B.5896; Sraffa 2a; Stephens, p. 43. John Ramsay McCulloch, The Literature of Political Economy, 1845. Octavo (211 x 132 mm), pp. viii, 141, [1]; bound without terminal leaf. Recent marbled boards, spine with black morocco label, edges sprinkled red. Light foxing and offsetting, small paper repair to upper outer corner of half-title, loss to lower outer corner of c3, not touching text: a very good copy.

Seller Inventory # 188835

Bibliographic Details

• Title: Reply to Mr. Bosanquet's Practical Observations on the Report of the Bullion Committee.
• Publisher: London: Printed for John Murray; William Blackwood, Edinburgh; and M. N. Mahon, Dublin, 1811
• Edition: 1st Edition