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the terms conditions and time of payment is the same, and what
is no small matter, the appearance of the instrument
is exactly the same, the variation in respect
of the sum excepted, a sort of variation which he is already
accustomed to by the smaller notes. A man who
has a £100 Bank note need not fear therefore the
getting smaller Bank notes to the same amount
from any one who has them and has is in no immediate
want of such lesser sums in the way of exchange:
whereas a man who has only an £100 Exchequer
Bill of for a £100 may see very good grounds for
doubting whether he shall be able with equal facility
to get such change for such Exchequer Bill: since among
twenty people to whom he may tender offer it there may
not be a single one who is every one may perhaps
be altogether unacquainted with it, and if not absolutely
decided in regarding it as a species of paper of less
value may still be unwilling to give himself the trouble
of satisfying himself whether it be of equal value or not.
The want of sufficient assurance of getting putting off this species
of paper with as much facility as a Bank note to
the same amount gives this species of paper a disadvantage
or at least it may be reckoned among the causes which contribute
to give this species of paper a disadvantage
on point of prompt circulation in comparison of a Bank note. So far as this disadvantage
goes instead of operating as current cash it
has the effect only of so much capital in the funds, operating
in the shape of principal money as carrying interest and serving
as a source of income. In this quality the price will therefore it