★ 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
Click Here To Edit 24 Feb 1800
This may still be consulted though not employ'd
The case of Exchequer Bills is here particularly 1 Annuity Notes
Ch
Circulation
indubitable
Objection
considered.
By those to whom it may appear dubious
whether the proposed currency would if offered
to the publick be accepted as such and put
into general circulation, it may be objected - that
it will not pass in general circulation, because inasmuch as
there is no one person toin whom it is matter of obligation
to pay give cash for the for the principal sum
there is no person
that it's passing in general circulation for its denomination
at the value put upon it viz: the principal
sum demanded and taken for it by Government,
depends will depend, on there being some determinate person
to resort to of whom the principal may be claimed
who is not only is able but stands bound to pay
give cash for that sum at some determinate point
of time - that in respect of the principal, the paper in question presents no
such person - and that though in the instance
of the existing Stock Annuities this objection is gotdeficiency is not
an absolute bar to the obtainment of a principal
sum in exchange for thein the way of transfer and annuity or interest, undertaken to be paid
by government, yet this principal not obtained without
a discount and a discount so great as to [+] paid in the species
of security so circumstanced
cause the security raise the rate of interest to a pitch
It appears to be one of those points in relation
to which it seems impossible to cause a positive
and at the same time a well grounded determination,
antecedentwithout the benef to experience. That experience
time therefore appears to be the principal conclusion
declaredsuggested by sound sense.
much above that which is preposed to be allowed.
A consideration