★ 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
31
Ch. Grounds
VI. Depretiation
34
Objection — an
extra demand for the
pretious metals is
probable, because
the tendency of this
paper is to expect
them
It may still be supposed, A supposition that may still be made, isthat among the effects of
the proposed paper will be the expulsion of
a great part — say by far the greater part
— of the existing quantity of hard cash: and in
that event a demand for bullion, such as
in the present state of the metallic part of the
currency would not reach affect the proposed paper
currency, to such a degree as to operate a produce a
depretiation discrease in the circulation price, might be productive
of that effect.
35
Answer — hopeless
for
1. It can not be
shewn here it possesses
that tendency
In this is may be answered —
1. That it does not appear in what precise
way, or by what means in particular a
any such expulsion is ever likely to be produced.
2 E contra it
supposes and necessitates
a certain
quantity of coin
Which private Bankers
paper does not
2. That on the contrary a demand for a
certain quantity of hard cash is necessarily
kept up by the cause here supposed to lessen
the quantity: since no Annuity Note is ever
to be issued but in exchange for cash, or
in exchange for a Note or Notes to equal
amount that have been purchased by hard
cash.
3. Were the such expectation
to be produced
by the paper, it
could not be till
after a great profit
had been reaped
from it.
3. That supposing any such expulsion to have
taken place it can not have taken place till
after a profit said that to a produc has been
made by the emission, and that to so great
amount as to afford an ample fund for supporting
the price of it in such way as hath
been already hinted, against any such casual
and temporary causes of depretiation: for others than
casual or temporary such cases can never
be.