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163
Ch XII
Were it the proposed paper the only paper money , paper money would
not be liable to commercial national wealth would not be liable
to suffer either in point of quantity or in point of security
either from excess in the quantity of paper money
or from deficiency in the quantity of paper money, in
any degree: since, even without the exercise of human
reason on the part of any mone body (except on
the part of each Note holder in so far as his own
particular interest – and that the interest of the moment
is were concerned) it would aj adjust itself, as it were
of itself, as to what concern the demand for ready circulating
money, to the exact quantity quantum of the demand: it would
be Stock one moment and cash the next, whichever
were most wanted.
Constituting one ingredient - in the currency of In the other case, being were it but one ingredient, amongst
the counting along with other money others, in the composition of the currency of the country, it would, as
far as it went, and to the extent of the quantity
kept in hand principally with with a view to income(a) Note (a) to p.163
It therefore would not
begin to act in this
capacity till after Period
1: but from thence forward
the quantity would be more
than adequate to the purpose
here in question, in a
prodigious degree
constitute or substitute to other paper money, and be a concomitant, and
act as an occasional supplement to other paper money
and as a remedy of the preventive kind to whatever inconveniences
might otherwise have arisen from a deficiency
if of that article.
Against an excess in the quantity of other
paper money, its efficancy operation would not be quite so operative efficient
or so clear manifest. But, but presenting to every eye
a species of paper money, unsusceptible either of excess
or depretiation, it would at once and yet once at all times take the pretence of necessity
from the rashness that might otherwise be disposed to
violence upon hazard an excessive issue: and it would render
the public in general the less disposed to accept in an
excessive quantity a paper essentially hazardous when it seeing that a
in their present paper essentially exempt from hazard was at their command to⊞ ⊞ any amount at any time
End of Ch. XII
Ch. XIII Particular