ion ▁in ▁credit ▁policy ▁should ▁be ▁limited ▁by ▁a ▁gold ▁standard . ▁This ▁not ▁only ▁spark ed ▁controvers y ▁between ▁ 1 8 1 0 ▁and ▁ 1 8 1 1 ▁on ▁the ▁link ▁between ▁mon et ary ▁policy ▁and ▁exchange ▁rates , ▁but ▁also ▁brought ▁the ▁Bank ' s ▁prosper ity ▁under ▁scr ut iny ▁and ▁und erm ined ▁the ▁authority ▁of ▁Bank ▁direct ors . ▁In ▁practice , ▁though , ▁the ▁Bank ' s ▁power ▁remained ▁int act ▁so ▁long ▁as ▁the ▁government ▁still ▁re lied ▁on ▁it ▁for ▁man aging ▁rem itt ances ▁and ▁issu ing ▁deb t ▁during ▁the ▁war . ▁The ▁Tre as ury ▁def ended ▁the ▁Bank ▁by ▁arg uing ▁that ▁war ▁necess itated ▁a ▁fall ▁in ▁exchange ▁rates . ▁ ▁W art ime ▁prosper ity ▁Through ▁these ▁w art ime ▁fin ance ▁policies ▁— ▁which ▁emphas ized ▁expansion ary ▁mon et ary ▁policy ▁and ▁deb t ▁issu ances ▁rather ▁than ▁re lying ▁sole ly ▁on ▁tax ation ▁— ▁the ▁entire ▁British ▁financial ▁system ▁prosper ed ▁while ▁the ▁host ilities ▁continued . ▁ ▁The ▁Tre as ury ▁benef ited ▁from ▁increased ▁tax es , ▁the ▁income ▁tax , ▁and ▁an ▁expanded ▁market ▁for ▁deb t . ▁ ▁While ▁convert ibility ▁remained ▁susp ended , ▁the ▁Bank ▁of ▁England , ▁acting ▁as ▁a ▁public ▁bank , ▁not ▁a ▁central ▁bank , ▁prof ited ▁by ▁issu ing ▁un back ed ▁bank notes . ▁The ▁Bank ▁also ▁prof ited ▁in ▁its ▁role ▁as ▁medi ator ▁during ▁the ▁wars . ▁It