JB/002/368/001

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qualities which though the Bank it will be thought cannot,
yet individuals may without scruple be debarred
by law from giving to their notes: but of this afterwards.

The expence of the experiment might however it should seem be
without difficulty reduced to nothing, nor nor by the simple
expedient of empowering the Treasury to offer to the
same amount in Exchequer Bills. In as far as
the Exchequer Notes are taken and not returned, the
power of offering the Exchequer Bills remains unexercised:
so far as the Notes are either refused or returned,
the power is exercised. The Notes are A note is tendered
in payment to creditors the <add>a creditor</add> of the Navy Board instead
of they a Navy Bill. If accepted of, the Government
instead of losing, ga is a gainer to the amount of from
1-1/4 to 1-1/2 per Cent, although the Notes should immediately
be offered for payment and thereby the Government
obliged per tanto to make use of its power offering borrowing
upon Exchequer Bills. The interest upon the born by <add>paid upon </add>
the Navy Exchequer Bill is indeed it is true 1/2 per Cent more than born paid
by the Navy Bill. But upon the Exchequer Bill
there is a premium of about 3/4 per Cent, while upon
the Navy Bill there is a discount of about 1-3/4 per
Cent which though not born paid directly by Government
is indirectly, in effect since whatever the discount is a man
who deals with government is obliged to add so much
to the price at which he offers his goods to Government.
That this is the case Government is well persuaded, or it
would not for the sake of ruining diminishing this such discount
have been made the new arrangement for the fixing and th the payment of these Bills the new arrangement which it has so lately made.

Identifier: | JB/002/368/001 "JB/" can not be assigned to a declared number type with value 2.
Date_1		Marginal Summary Numbering
Box	002	Main Headings	annuity notes
Folio number	368	Info in main headings field
Image	001	Titles
Category	text sheet	Number of Pages	1
Recto/Verso	recto	Page Numbering	e15
Penner	jeremy bentham	Watermarks
Marginals		Paper Producer
Corrections		Paper Produced in Year
Notes public		ID Number	1107
Box Contents