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<p> | <p> /<note>11 Annuity Notes</note></p> <p> <note> Ch. Grounds<lb/><del> <gap/> <unclear>Press</unclear></del> </note> </p> | ||
<p> slackened.</p> | |||
<p> <note>16<lb/> No such cause can<lb/> be stated as probable<lb/>To be <hi rend="underline">as</hi> secure as<lb/> Bank Paper would<lb/> be sufficient — but<lb/> it is <hi rend="underline">more</hi> so.</note></p> | |||
<p> I have started the supposition of an accident<lb/> of this sort, for supposition <add> argument </add> <add>for the sake of illustration</add> sake: but <del>upon</del><lb/> if any one such cause be enquired after, <add> looked out for</add><lb/> it will <del>not</del> be rather difficult to find.</p> | |||
<p> If in this respect the proposed paper<lb/> were on no higher a footing than Bank paper, <lb/> the <add> probable</add> stability of it might well enough be<lb/> allowed <add>admitted</add> to be sufficient for practice. Twice only<lb/> since the era of its installation — twice only <lb/> in the compass of about a century — has<lb/> the paper of this great but private Company<lb/> been found to experience so much as a momentary<lb/> shock. But at both these periods what<lb/> produced the crisis and the difficulty was an<lb/> <hi rend="underline">extraordinary run</hi>: an extraordinary call upon<lb/> the issuers of that paper to do what <add>by</add> that paper<lb/> they undertake to do in favour of as many as<lb/> call upon them so to do <hi rend="superscript">[+]</hi> <add> subject all the while to the</add> under a physical<lb/> impossibility of doing it in favour of <del> all, should<lb/>it be called upon</del> more than a certain number<lb/> <add> and value</add> of note-holders should it be called upon by <lb/> more than that number and value.</p> | |||
<p <note> [+] (viz: deliver <del>gold or d</del> in exchange for every note, gold or silver to the value <del><gap/></del> which it imports)</note> | |||
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/11 Annuity Notes
Ch. Grounds
Press
slackened.
16
No such cause can
be stated as probable
To be as secure as
Bank Paper would
be sufficient — but
it is more so.
I have started the supposition of an accident
of this sort, for supposition argument for the sake of illustration sake: but upon
if any one such cause be enquired after, looked out for
it will not be rather difficult to find.
If in this respect the proposed paper
were on no higher a footing than Bank paper,
the probable stability of it might well enough be
allowed admitted to be sufficient for practice. Twice only
since the era of its installation — twice only
in the compass of about a century — has
the paper of this great but private Company
been found to experience so much as a momentary
shock. But at both these periods what
produced the crisis and the difficulty was an
extraordinary run: an extraordinary call upon
the issuers of that paper to do what by that paper
they undertake to do in favour of as many as
call upon them so to do [+] subject all the while to the under a physical
impossibility of doing it in favour of all, should
it be called upon more than a certain number
and value of note-holders should it be called upon by
more than that number and value.
<p [+] (viz: deliver gold or d in exchange for every note, gold or silver to the value which it imports)
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Identifier: | JB/002/596/001"JB/" can not be assigned to a declared number type with value 2. |
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002 |
annuity notes |
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596 |
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001 |
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text sheet |
1 |
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recto |
e11 |
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jeremy bentham |
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1335 |
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