[146] Conf. Thomas Tooke, “History of Prices,” and James Wilson, “Capital, Currency and Banking.” (The latter work is a reprint of a series of articles which appeared in the London Economist in 1844, 1845 and 1847.) [147] James Deacon Hume: “Letters on the Corn Laws.” London, 1834, p. 29-31. [Letter by H. B. T. on the Corn Laws and on the Rights of the Working Classes. Transl.] [148] Thomas Tooke, “History of Prices,” etc. London, 1848, p. 110. [149] Conf. W. Blake’s above quoted “Observations etc.” [150] James Mill: “Elements of Political Economy.” [London, 1821, p. 95-101 passim. Transl.] [151] A few months before the outbreak of the commercial crisis of 1857, a committee of the House of Commons was in session to inquire into the effect of the bank-laws of 1844 and 1845. Lord Overstone, the theoretical father of these laws, delivered himself of this boast in his testimony before the committee: “By strict and prompt adherence to the principles of the act of 1844, everything has passed off with regularity and ease; the monetary system is safe and unshaken, the prosperity of the country is undisputed, the public confidence in the wisdom of the act of 1844 is daily gaining strength; and if the committee wish for further practical illustration of the soundness of the principles on which it rests, or of the beneficial results which it has assured, the true and sufficient answer to the committee is, look around you; look at the present state of trade of the country, look at the contentment of the people; look at the wealth and prosperity which pervades every class of the community; and then, having done so, the committee may be fairly called upon to decide whether they will interfere with the continuance of an act under which these results have been developed.” Thus did Overstone blow his own horn on the fourteenth of July, 1857; on the twelfth of November of the same year the Ministry had to suspend on its own responsibility the wonderful law of 1844. [152] Tooke was entirely ignorant of Steuart’s work, as may be seen from his “History of Prices for 1839-1847,” London, 1848. where he reviews the history of the theories of money. [153] Tooke’s most important work besides the “History of Prices” which his co-worker Newmarch published in six volumes, is “An Inquiry into the Currency Principle, the Connection of the Currency with Prices” etc., 2nd edition, London, 1844. Wilson’s book we have already quoted. Finally there is to be mentioned John Fullarton’s “On the Regulation of Currencies,” 2d edition, London, 1845.