JB/003/411/001

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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

Identifier: | JB/003/411/001"JB/" can not be assigned to a declared number type with value 3.
Date_1	1801-07-27	Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	411	Info in main headings field
Image	001	Titles
Category	text sheet	Number of Pages	1
Recto/Verso	recto	Page Numbering	e3 / f48
Penner	jeremy bentham	Watermarks
Marginals		Paper Producer
Corrections		Paper Produced in Year
Notes public		ID Number	1821
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