This period 1797–1810 was a time of major change and great confusion in the British banking system, and the currency crisis of 1797 led to Thornton's greatest contribution as an economist, for which he is most remembered today. In 1802 he wrote "An Enquiry into the Nature and Effects of the Paper Credit of Great Britain", in which he set out to correct the view that the increase in paper credit was the principal cause of the economic ills of the day. This was a work of great importance, and gave a detailed account of the British monetary system as well as a detailed examination of the ways in which the Bank of England should act to counteract fluctuations in the value of the pound.