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Exchequer Notes 7 Cause
them a man makes at the rate of from 5 1/4 to 5 1/2
per cent by the year:difference from 1 1/4 to 1 1/2 per Cent. But in these two cases the security
is one and the same: it is Government security in both.
Difference betweentherefore in point of security and credit
is not the differ cause of the difference in point of
current price between Government paper and
Bank.
The depretiation seems to be owing to the combined 5
Causes to which
it is owing
1. No small sum
2. Not payable a
demand
3. Terms not simply
expressed
4. Appearance of the paper not
so much in its
favour
influence of several causes: viz:1 the large
-want of Bills for small sums ad of a size adapted to the
general run of the demand: 2.
the not being made
payable to the Bearer at any time, but only after
the interval of about half a year after issuing: 3. the
want of that simplicity in respect of the terms made and
mode of payment which is observable in thethe paper Bank
of the Bank of England Notes:4. to which may perhaps be added something
(of which presently) in the sensible properties of the instrument itself by
which the credit is convey'd.engagement is expressed.
That the want of sufficient division has a 6
1. Not being a sum
smaller than £100
very considerable share in the the production of thisthe effect
can scarcely be a matter of doubt. Exchequer
Bills are all to an amount, viz: £100: they are
never issued for any less sum. Bank notes are
issued for £100, for £50, for £20, for £15, for
£10, and within this year twelvemonth or thereabouts
for £5. In the instance of the Exchequer Bills the
magnitude of the sum is of itself sufficient to render this