★ Keep up to date with the latest news - subscribe to the Transcribe Bentham newsletter; Find a new page to transcribe in our list of Untranscribed Manuscripts
it bears well rather approach to that of stock to that
of a government annuity given in exchange for so much
money rather than to the price of so much money
receivable at any time It will however have the advantage in point of price
of such an annuity in point of price, and
that on several accounts on more accounts than one:
it is transferable with so much less trouble and expence
and the value of it rises by keeping day
by day according to a visible and certain law in a visible and
certain proportion and that day by day; whereas
the price of as much stock though it may rise is
much the same degree upon the whole as the term period
of payment approaches, yet as it can rise by
no less intervals than 1/8 percent amounting in 5 percents
to 1/40 of the whole it can rise by no shorter
steps than a one of at least 9 days, and even
then the rise is so liable to be disturbed by fluctuation
as to be in the character of a rise proportioned
to lapse of term and the consequent accrual of interest
rises in a manner imperceptible.
But And since accordingly the Exchequer Bill is not like the
Bank note every man's money in . the consequence
is that in order to find out whose a person money it is, it must
be sent to the great market for money in different shape.
the : it must go into the hands of a Broker: and
the expence but much more the term for the expence is
but 1/2000 per cent places it thus on a ground of considerable
disadvantage in comparison of the Bank note.