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Note 29

Ch Grounds
VI. Depretiation

32(a)
Illustration
Suppose a sudden
demand for Bullion
to the amount of
£4,000,000

Suppose the amount of the extra demand for Bullion in
the compass

Note
(a) Suppose Call the amount of the Annuity Note paper
that would have been purchased in the way of
issue in the course of the year had it not been for the supposed extra demand
for Bullion, £4,000,000: or in the course of
if the amount of the demand does not exceed
the £4,000,000 it can not have the effect
of depressing the price of the paper in the way
of circulation, in the smallest degree: and if the
extra- demand amounts to more, for example £5,000,000
its effect in the way of depretiation will be not
in proportion to the whole £5,000,000, but in proportion
only to to no more than the difference between that and
the £4,000,000, viz: £1,000,000.

The case would certainly be different, if
the £4,000,000 extra demand in question were supposed to be confined
to a space of three months, or one month, while
the amount of the issue £4 four or five millions
worth of Annuity Note paper that would otherwise
have been taken out of positioned in the way of issue is supposed
to be spread over the whole year: but of
suppositions this gratuitous there would be no end.

It would be found to make little difference to this
purpose, whether [+] [+] at the period in question total quantity of Annuity Note paper issued
over smaller or gratis, and the row of progress more
or less the expence

According to the authorities above referred to, it
appears that supplies to foreign powers have been furnished defrayed
partly by goods, of British export partly by foreign coin purchased with such
goods: and that there is reason to believe that the aggregate [+] [+] notwithstanding the demand for bullion for exportation that has subsisted of late years
of the aggregate of the defalcation made produced
by that even from the quantity of British coin, has not amounted
in a course of years to more than between so much as £75,000.


Metadata:JB/002/570/001

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