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1
39
Till lately very lately the credit price of a Navy
Bill was so much low lower than that of an Exchequer
Bill that by buying a Bill of the former kind a man might
sometimes make as far as 9 per cent. At that time In those days
it carried no interest till half a year after it was
issued at which time it began to carry 4 per cent,
and the time of paying off the principal was altogether
uncertain: in the new plan at that time the
depretiation on it was more than twice as great as that
upon an Exchequer Bill. At present, according to the
new plan it is put exactly the interest upon the same footing
as in as well in point of immediate commencement of interest
as in point of certainty of the time of payment in respect of the
principal as an Exchequer Bill: and yet as we
have seen the depretiation is as from 1-1/4 to 1-1/2 per
cent greater, from 5-1/4 to 5-1/2 per cent being need less to be
made by Navy Bills while even scarcely 4 per Cent
is to be made by an Exchequer Bills. The two species
of paper currency being in point of credit security precisely the same
both being issued by Government, and the honour good faith of
Government being in both cases equally pledged for full
and punctual payment, the cause of the so great a difference
in point of depretiation is to be looked for solely in circumstances particular
of an accidental inessential and apparently at first view appearance
trifling nature such as those that have been just been
pointed out.
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Identifier: | JB/002/350/001 "JB/" can not be assigned to a declared number type with value 2.
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18 |
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002 |
Annuity Notes |
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350 |
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001 |
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Text sheet |
1 |
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"Recto" is not in the list (recto, verso) of allowed values for the "Rectoverso" property.
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E39 |
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Jeremy Bentham |
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1089 |
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