I have just time, after a very busy day, to tell you that I will
endeavour to get Mr. Mushet[28] to meet you at my house at breakfast on
Sunday morning. At any rate I shall expect you, and, if Mushet is
engaged, I shall be able to tell you whether he will meet us on Monday
or Tuesday in the City. He is exceedingly obliging, and would I am sure
not mind trouble if he could contribute to throw light on the subject of
exchanges, yet I think he will not be inclined to publish anything under
his own name as he gave great offence to the higher powers on a former
occasion.
You have clearly stated the point of difference now between us; I think
we never so well understood each other before. There are some causes
which operate on the exchange which are in their nature of transitory
duration; there are others which have a more permanent character. If we
agree that a change of taste in one country for the commodities of the
other,--and the transmission of a subsidy will produce certain effects
on the exchange,--the only question between us is as to their duration.
I am of opinion that they will operate for a very considerable time and
that in fact recourse is not had to bullion but as a last resort.
I cannot believe that you give a correct account of your habits of
application any more than you did of your memory when I last saw you.
From all my observations I should have been led to the very opposite
conclusions from those which you have formed; and I believe most of your
friends would be of my opinion. When you have once fairly begun, I
expect that you will advance at a giant's pace.