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<p>p26</p> | <p>p26</p> | ||
<p><!-- Pencil note -->Exchequer | <p><!-- Pencil note -->Exchequer Notes <note>Cause of <gap/></note></p> | ||
<p>Causes. Paper Money | |||
<p>Causes. Paper Money — <hi rend="underline">why</hi> not circulated by<lb/> | |||
Government without Interest<lb/> | Government without Interest<lb/> | ||
as well as by Individuals.</p> | as well as by Individuals.</p> | ||
<p><note><!-- Marginal note in pencil -->1<lb/> | |||
Causes of their disadvantage,<lb/> | |||
what.<lb/> | what.<lb/> | ||
It can not be any<lb/> | It can not be any<lb/> | ||
inferiority of | inferiority of Government<lb/> | ||
in respect<lb/> | in respect<lb/> | ||
of credit</note><lb/> | of credit</note></p> | ||
<p>The contract between the terms on which Bank <lb/> | |||
<add>Paper is</add> Notes are received and those on which Government<lb/> | <add>Paper is</add> Notes are received and those on which Government<lb/> | ||
Paper is received has been already brought<add>noticed.</add> under<add>to</add><lb/> | Paper is received has been already brought<add>noticed.</add> under <add>to</add><lb/> | ||
view. The inferiority of the latter can never be owing<lb/> | view. The inferiority of the latter can never be owing<lb/> | ||
to any inferiority in | to any inferiority in point of credit. The credit<lb/> | ||
of the Bank of England can never be greater than<lb/> | of the Bank of England can never be greater than<lb/> | ||
that of the Government of Great Britain. One reason<lb/> | that of the Government of Great Britain. One reason<lb/> | ||
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Annuities the Bank <add>Dealers in that company</add> as to so much can never pay <add>distribute</add><lb/> | Annuities the Bank <add>Dealers in that company</add> as to so much can never pay <add>distribute</add><lb/> | ||
<add>over those annuities in the shape of</add> <del>its</del> dividends to <add>amongst</add> the Stock holders any further than as<lb/> | <add>over those annuities in the shape of</add> <del>its</del> dividends to <add>amongst</add> the Stock holders any further than as<lb/> | ||
they have received them from Government. A man | they have received them from Government. A man<lb/> | ||
too who would trust Government with his whole fortune<lb/> | |||
to the amount perhaps of £100,000, will<lb/> | |||
not <add>give more than a few shillings</add><add><del>any thing</del> above par for</add><del>take</del> an Exchequer Bill <del>without</del><add>for £100</add> for which he<lb/> | |||
will receive interest at the rate 4<add>1/2</add> per Cent<lb/> | |||
at the same time that he will give £100 for a<lb/> | |||
Bank note to that amount for which he can receive<lb/> | |||
no interest. The same man too will not<lb/> | |||
only take a promissary note <add>upon those terms of that amount</add> from <add>that great company</add> <del>the Bank of</del><lb/> | |||
<add>of whose opulence the opinion is so universal and so high <add>for the value</add></add> <del>England payable to Bearer to the amount of £100</del><lb/> | |||
<del>at par and without</del> but perhaps even the note of<lb/> | |||
some Country Banker of whom except <del>his being a</del><add>of such as has not</add><lb/> | |||
Banker he has no knowledge. The cause of the disadvantage <lb/> | |||
Government paper <add>here</add> is under in this respect in<lb/> | |||
comparison of Bank paper can never therefore count in any<lb/> | |||
inferiority in point of credit. It <del>must</del> be looked for therefore in <!-- text extends into margin -->some other circumstance.</p> | |||
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{{Metadata:{{PAGENAME}}}} | {{Metadata:{{PAGENAME}}}}{{Completed}} | ||
p26
Exchequer Notes Cause of
Causes. Paper Money — why not circulated by
Government without Interest
as well as by Individuals.
1
Causes of their disadvantage,
what.
It can not be any
inferiority of Government
in respect
of credit
The contract between the terms on which Bank
Paper is Notes are received and those on which Government
Paper is received has been already broughtnoticed. under to
view. The inferiority of the latter can never be owing
to any inferiority in point of credit. The credit
of the Bank of England can never be greater than
that of the Government of Great Britain. One reason
that may save the looking out for others is this,
that the capital of the Bank having been the greatest
part of it laid out in the purchase of Government
Annuities the Bank Dealers in that company as to so much can never pay distribute
over those annuities in the shape of its dividends to amongst the Stock holders any further than as
they have received them from Government. A man
too who would trust Government with his whole fortune
to the amount perhaps of £100,000, will
not give more than a few shillingsany thing above par fortake an Exchequer Bill withoutfor £100 for which he
will receive interest at the rate 41/2 per Cent
at the same time that he will give £100 for a
Bank note to that amount for which he can receive
no interest. The same man too will not
only take a promissary note upon those terms of that amount from that great company the Bank of
of whose opulence the opinion is so universal and so high <add>for the value</add> England payable to Bearer to the amount of £100
at par and without but perhaps even the note of
some Country Banker of whom except his being aof such as has not
Banker he has no knowledge. The cause of the disadvantage
Government paper here is under in this respect in
comparison of Bank paper can never therefore count in any
inferiority in point of credit. It must be looked for therefore in some other circumstance.
