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<p><!-- pencil -->27 July 1801</p> | |||
<p>1. It is not true: <add>at least</add> if the conclusion I was<lb/> | |||
led to draw from the nature of the case, and<lb/> | |||
which has been confirmed <add><del><gap/></del></add> to me by practice<lb/> | |||
evidence is a just one. Among Bankers<lb/> | |||
<add>at any rate</add> they do serve as a succedaneum to money –<lb/> | |||
<del><gap/></del> (i:e: to Bank of England Notes) – of such large<lb/> | |||
sizes – in the composition <del>of</del> <add>of what I call (as <unclear>Hicker</unclear> calls them)<hi rend="superscript">+</hi> <note><hi rend="superscript">+</hi>Admin. Fin. III p.277. Fonds de precaution –</note></add> their <hi rend="underline">Security Funds</hi>.<lb/> | |||
By means of these <add>interest-bearing</add> Bills they are enabled to<lb/> | |||
<del>open</del> <add>let go</add> out of their hoards <del>of</del> cash, and<lb/> | |||
Bank of England <add>non-interest-bearing</add> Cash-paper, <del>a porti</del> to<lb/> | |||
an amount greater than they would venture<lb/> | |||
to part with otherwise.<hi rend="superscript">⊞1</hi> <note><hi rend="superscript">⊞</hi> This I call performing the functions of money, or I know not what <hi rend="underline">is</hi>, in respect of <unclear><hi rend="underline">prices</hi></unclear> of that magnitude.</note> The price of these<lb/> | |||
securities is not altogether exempt from variation:<hi rend="superscript">⊞2</hi><lb/> | |||
<note><hi rend="superscript">⊞2</hi> from several circumstances (of which presently) it can not be: –</note><lb/> | |||
but the variation it <del><gap/> the of</del> <add>is subject to</add> is<lb/> | |||
<add>comparatively</add> so small, and the market for them, at a<lb/> | |||
trifle below the <del>current price</del> <add>price of the day,</add> so sure, that<lb/> | |||
a Banker need never fear a want of cash<lb/> | |||
for answering draughts so long as he has<lb/> | |||
these Bills to the amount: – at least no more<lb/> | |||
than he need with Bank of England Notes of the same magnitude.</p> | |||
<p>But in any case, <add>for paper of that magnitude</add> what expectations would<lb/> | |||
the learned Baronet entertain <del>of engagements<lb/> | |||
for sums to such an amount,</del> in respect of its<lb/> | |||
<del>the</del> "<hi rend="underline">performing the functions of money</hi>"? – or what<lb/> | |||
expectations did he <del><gap/> me</del> <add>conceive me</add> as entertaining?<lb/> | |||
– Did he suppose that I expected to see it swelling out<lb/> | |||
<del>thence <gap/> <add>loading stuffing up</add></del> the pockets of "<hi rend="underline">the market women, the<lb/> | |||
"turnpike-keepers, and the publicans</hi>" whom he<lb/> | |||
<add>speaks</add></p> | |||
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{{Metadata:{{PAGENAME}}}}{{ | {{Metadata:{{PAGENAME}}}}{{Completed}} | ||
27 July 1801
1. It is not true: at least if the conclusion I was
led to draw from the nature of the case, and
which has been confirmed to me by practice
evidence is a just one. Among Bankers
at any rate they do serve as a succedaneum to money –
(i:e: to Bank of England Notes) – of such large
sizes – in the composition of of what I call (as Hicker calls them)+ +Admin. Fin. III p.277. Fonds de precaution – their Security Funds.
By means of these interest-bearing Bills they are enabled to
open let go out of their hoards of cash, and
Bank of England non-interest-bearing Cash-paper, a porti to
an amount greater than they would venture
to part with otherwise.⊞1 ⊞ This I call performing the functions of money, or I know not what is, in respect of prices of that magnitude. The price of these
securities is not altogether exempt from variation:⊞2
⊞2 from several circumstances (of which presently) it can not be: –
but the variation it the of is subject to is
comparatively so small, and the market for them, at a
trifle below the current price price of the day, so sure, that
a Banker need never fear a want of cash
for answering draughts so long as he has
these Bills to the amount: – at least no more
than he need with Bank of England Notes of the same magnitude.
But in any case, for paper of that magnitude what expectations would
the learned Baronet entertain of engagements
for sums to such an amount, in respect of its
the "performing the functions of money"? – or what
expectations did he me conceive me as entertaining?
– Did he suppose that I expected to see it swelling out
thence loading stuffing up the pockets of "the market women, the
"turnpike-keepers, and the publicans" whom he
speaks
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Identifier: | JB/003/411/001"JB/" can not be assigned to a declared number type with value 3. |
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1801-07-27 |
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003 |
annuity notes |
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411 |
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001 |
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text sheet |
1 |
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recto |
e3 / f48 |
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jeremy bentham |
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1821 |
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