▁the ▁banks ▁were ▁no ▁longer ▁const rained ▁by ▁the ▁gold ▁standard , ▁several ▁econom ists ▁have ▁argued ▁that ▁banks ▁remained ▁relatively ▁pr udent . ▁However , ▁record ▁exports ▁with ▁the ▁Amer icas ▁between ▁ 1 8 0 8 ▁and ▁ 1 8 1 0 ▁and ▁relatively ▁easy ▁credit ▁led ▁to ▁more ▁spec ulation ▁in ▁foreign ▁mark ets . ▁The ▁bo om ▁ended ▁with ▁a ▁crash ▁in ▁the ▁summer ▁of ▁ 1 8 1 0 , ▁bringing ▁a ▁series ▁of ▁commercial ▁fail ures ▁and ▁merchant ▁ins ol ven cies . ▁The ▁commercial ▁crisis ▁quickly ▁spread ▁to ▁the ▁financial ▁sector , ▁as ▁mer ch ants ▁drag ged ▁down ▁bank ers ▁who ▁had ▁extended ▁credit ▁to ▁them . ▁ ▁Fall ing ▁exchange ▁rates ▁Through out ▁the ▁period , ▁expansion ary ▁mon et ary ▁policy ▁and ▁easy ▁credit ▁also ▁caused ▁Britain ' s ▁currency ▁to ▁dep reci ate ▁and ▁its ▁exchange ▁rate ▁to ▁fall . ▁Conc ern ed ▁by ▁this , ▁the ▁government ▁appointed ▁a ▁committee ▁to ▁determine ▁if ▁convert ibility ▁should ▁be ▁res umed ▁soon , ▁regardless ▁of ▁whether ▁the ▁war ▁was ▁still ▁going ▁on . ▁This ▁Bull ion ▁Report ▁of ▁ 1 8 1 0 ▁became ▁influ ential ▁in ▁mon et ary ▁policy ▁for ▁its ▁analysis ▁of ▁how ▁bank ▁policy ▁influ ences ▁exchange ▁rates . ▁ ▁The ▁Bull ion ▁Report ▁of ▁ 1 8 1 0 ▁This ▁influ ential ▁report ▁argued ▁that ▁the ▁central ▁bank ' s ▁credit ▁policy ▁influenced ▁prices ▁and ▁exchange ▁rates . ▁It ▁suggested ▁that ▁the ▁central ▁bank ' s ▁dis cret