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JB/002/333/001

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5 Cause &c

An Exchequer Bill (I speak of those issued in 3
Exchequer Bill.
not received without
making 4 per Cent
interest

virtue of the Statute of last year) bears interest to
the amount of upwards of 4 1/2 per Cent: the interest
upon a Bill of £100 being 3d a day: which by
the year makes £4-11-3d and is made payable to Bearer. Upon hearing thus
much of it what one should suppose is that it
should bear a premium to the amount of the interest:
since a Bank note for that sum payable
to Bearer and bearingcarrying no interest bears no discount
but is received at par. Upon being informed that
though an Exchequer Bill does indeed bear a premium,
that premium is very far from short of being
equal to the interest, the naturala natural inference conclusion would
be that the difference was owing to the difference
between the credit of the Government, and the credit
of that print opulent though asbut in comparison with compared to Government
private body

That no such difference in point of credit 4
The difference doesCause of which by
that cause from anydepretiation is not
inferiority in point
of credit - because
Navy
issued in the same
credit loses 5 1/4

is the cause of such difference in price of current price<add>market price</add> is however
evident beyond doubt perfectly evident, and that from this one circumstance
While the depretiation of Exchquer Bills in comparison
of Bank notes is to such an amount and such an amount
only that by purchasing them a man makes
almost but not quite 4 per Cent, the depretiation upon
Navy Bills upon the new Establishment (called New
Navy in the Alley New Navy) is such that buying them


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Metadata:JB/002/333/001

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