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Paper credit and the multi-personae Mr. Henry Thornton

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  • Antoin Murphy

Abstract

The bicentenary celebration of the publication of Henry Thornton's An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (1802) presents an appropriate time for a reconsideration of this great work on monetary economics. This paper highlights Thornton's criticisms of Adam Smith along with the importance that Thornton attached to the lender of last resort role of the Bank of England. It suggests that there are three Mr. Thorntons who appear in Paper Credit. The first is the concerned anti-inflationist of the first section. The second is the worried anti-inflationist of the second section of the book. Besides these, there may be a third Mr. Thornton. This persona was that of the practical banker who understood the new emerging financial architecture that had resulted in paper credit supplanting metallic money. Thornton understood this new transformation of the monetary system. It is conjectured that the existence of the usury laws, inter alia, may have prevented Thornton from fully investigating the possibility of the UK moving to a specie-less system.

Suggested Citation

  • Antoin Murphy, 2003. "Paper credit and the multi-personae Mr. Henry Thornton," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(3), pages 429-453.
    • Handle: RePEc:taf:eujhet:v:10:y:2003:i:3:p:429-453
    DOI: 10.1080/0967256032000106689
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    References listed on IDEAS

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    1. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239.
    2. Reisman, David A, 1971. "Henry Thornton and Classical Monetary Economics," Oxford Economic Papers, Oxford University Press, vol. 23(1), pages 70-89, March.
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    Cited by:

    1. Ghislain Deleplace, 2022. "“Storm in a Teacup? The Impact of War on the English Monetary System and Thought (1797-1821)”," Post-Print hal-04429477, HAL.
    2. repec:dau:papers:123456789/4152 is not listed on IDEAS
    3. Arie Arnon, 2007. "The Early Round Of The Bullionist Debate 1800-1802: Boyd, Baring And Thornton’S Innovative Ideas," Working Papers 0714, Ben-Gurion University of the Negev, Department of Economics.

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