JB/002/353/001

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Exchequer Notes

3 Desirable &c

3
Advantage from
the reduction at
different

The advantage is the first object in the order
of importance It is this alone that gives importance
to the rest. Call the Bank papertotal present amount
of the paper circulating without interest 40 Millions
Whereof Bank paper 3015 Millions
Paper of the country Bankers 105 Millions

whatever may be
the present amount of paper
circulating without
interest upon the
supposition of that
Government possessed the
monopoly of the issue of
such paper. Government it
would have the amount interest
upon such amounts
whatever be the rate of
interest would be
the advantage derivableaccruing
to Govern from such
monopoly.

Amount Annual of the interest at 5 per interes Cent}
of it bore interest at 5 per Cent the present} 1,000,000
rate - - - - - }

Five per cent in round numbers may for }
the present purpose be reckoned. the interest}
government pays at present for the money}
it borrows upon or rather purchases by perpetual upon the ordinary terms: viz: that of granting}
but redeemable Annuities: therefore for 20,000,000}
of ready money its pays interest in that way to}
Four per Cent the amount of - - - - - - - - -{£1,000,000

Four per cent is the interest it pays at
present upon such of its own paper currency
as it emitts and circulates under
the name of Exchequer Bills, which upon
the 20,000,000 above supposed would be £800 000
Gain upon the supposition of its possessing
the whole circulating upon the footing of
Exchequer Bills as much paper as is
at present now circulated without interest - - - - 200 000
Gain upon the supposition of its circulating} the same quantity at 3 per Cent} 400,000
Gain on the supposition at 2 per Cent - - - - - - } 600,000
Gain at 1 per Cent 800,000
Gain on the supposition of circulating without}
paying interest being the footing on} 1,000,000
which Bank Notes circulate - - - - - -)

Metadata:JB/002/353/001