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3 Remedies
Bills not a penny can now be laid out in that species
of security any longer. It must therefore betake itself
to some other employment: and a part at least, if
not the whole, it can not but be supposed will
apply itself to the additional mass of Exchequer Bills.
It may be said, the whole since and that notwithstanding
the high superior price of Exchequer Bills: some Exchequer
Bill bearingyielding only 4 per Cent are notwithstanding
worth as much as appears by the course of the
market as Navy Bill bearingyielding 1 1/4 per Cent more.
The argument however will probably be found not to
be universally conclusive: for the funds market of and private
security are equally open, and many of those who
at present prefer Navy Bill to these two species of
security as well as to Exchequer Bills will betake themselves
to one or other of these other species of security rather
than to Exchequer Bills, if Exchequer Bills retain
the same lowinferior price at as at present. Their object is
to make as good interest for their money as they can.
at present they accept of Navy Bills because they can
make 1/4 per cent more by them than by discounting
the paper of individuals for example: but when
they can not make their 5 1/4 per cent upon Navy
Bills, they will rather make their 5 per cent upon
private securitypaper than put up with 4 per cent from
Exchequer Bills. It may occurr on the other hand
that this conflux of new money upon private paper
will throw a an equal proportionable part of that the old money which would otherwise