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1 Sept. 1800 18 Aug. 1800. + Note 2
Annuity Notes

Note (a) to p. 1. continued Ch. XVI of Abstract

2 (a)
/ House in Yorkshire
built by sixpence

Suppose a house built in Yorkshire At the
time that Yorkshire had a paper currency as low
as sixpences; materials and a house was built that cost £100, labour as well as
materials paid for entirely by this paper: as soon in these sixpences: - the
as the House was finished, house built, the issuers of this paper
absconded, not paying a farthing in the pound. The
paper thus lost the whole of its value: but the house
did not tumble down, nor was it did it become of less value than
if it had been paid for in gold and silver. The
difference is - that had it been paid for in gold and
silver, the gold and silver, so long as there was any of it left in the country, would have remained
ready to have built be paid as long as any of it lasted, towards for
the building of other houses: whereas, tho' in the case of
the paper. so soon as it had built that one house,
there was an end of it.

2. Bank with
its stock of cash

For twenty years together, a certain Bank having
a for capital of £100,000 worth of gold, kept circulating that
gold and by the help of it another £100,000 of its
paper, promising on demand, to the Bearer, so much
gold. At the end of the twenty years, gold to the amount of this £100,000
of was shipped by the Bank and lost: the Bank thereupon
broke ground, as paying nothing in the pound,
its paper lost all its value would not go for any thing. — The addition
made in the 20 years to the mass of national wealth by the paper,
was here, it is evident equal to the addition made by the gold.

The only advantage the possession of the gold possessed
in all that time over the paper, was — that, if gold plate
had been wanted during that time, and had not been obtainable
by any other means, with equal advantage, carried gold would have
been capable of being melted and thereby converted into plate:
which is what the paper would not have been capable of. .
This might amount to a real advantage, in a measurable state of things [+]
[+] things: — but
what does it amount
to in the actual state
of things?

Identifier: | JB/001/013/001
"JB/" can not be assigned to a declared number type with value 1.



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annuity notes

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note (a) to p. 1


text sheet

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jeremy bentham


m<…> 1798


jeremy bentham

Paper Producer


jeremy bentham

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