By this augmentation of imports the indebtedness of this country is augmented, and by this diminution of exports the proportion of that indebtedness which is paid in the usual way is decreased also.

In consequence, there is a larger balance to be paid in bullion; the store in the bank or banks keeping the reserve is diminished, and the rate of interest must be raised by them to stay the efflux.

And the tightness so produced is often greater than, and always equal to, the preceding unnatural laxity.
There is, therefore, no ground for believing, as is so common, that the value of money is settled by different causes than those which affect the value of other commodities, or that the Bank of England has any despotism in that matter.

It has the power of a large holder of money, and no more.

Even formerly, when its monetary powers were greater and its rivals weaker, it had no absolute control.