WHEATLEY, John. 17493



Autograph Letter Signed, to “My dear General”, about a dispute with Huskisson, referring to “my system”, discussing the value of the pound, hoping to have a conversation about Wheatley’s own pamphlet, thanking him for sending letters in the government bag. 3 pp. 9 x 7 inches, in good condition. George’s Halfway House, Saturday [August 1828]. Rare. “I think I secure the good will of government by my bringing my guns to bear upon Huskisson.” John Wheatley (1772-1830), political economist. Wheatley linked the the supply of money strictly to inflation and denied monetary expansion had any stimulative effects on industry. Wheatley blamed the turn-of-the-century inflation on the excessive issue of banknotes by Bank of England. Wheatley is sometimes identified for developing the idea of an “optimum” quantity of money. He is also credited for recognising the international equalisation of goods prices through trade and an early form of purchasing power parity theory. Wheatley’s principal treatise, the Remarks on Currency and Commerce, was published in 1803. His ideas were expanded in his later Essay (published in two volumes, the first in 1807, the second in 1822). He also wrote A Letter to the Duke of Devonshire on the State of Ireland and the general effects of Colonization, 1824.