★ 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
32
Ch. Grounds
VI. Depretiation
39 (a)
Objection — The
property of expelling
cash has been
attributed to paper
by Adam Smith
Answer
1 What he says is
assertion without
proof
2. The species of
paper he speaks
of is very different
from that proposed.
Notes
(a) For want of any precise indication of an
as that above, it may indeed be alledged in
general terms, on the authority of Adam Smith,
that the expulsion of a proportionable quantity
of hard cash may is to be regarded as a necessary
constant effect result of the an extra quantity of paper
currency to any considerable amount.
To this all the answer which The answer is — that
it seems worthwhile
to give at present, is — that the description
of this point topic would at length take up too more room
than can be afforded here —
2. That the species of paper he has in
view is — not any such paper as that
which is here proposed — but Bankers Bank paper
B paper payable with or without interest
on demand, or at least within a short and limited
time.
3. That even in af its application to this
paper what he observes advances amounts to little
more than assertion opinion without proof: and that
an assertion, taken in the extent he gives to it appears neither
to be grounded in the nature of the case,
with respect in the efficient re causes of national
wealth, nor consistent with the representation
given of them by himself in other points
of view.