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<p>if it is meant that the Charter shall be granted<lb/> | |||
the experiment may be fairly tried at our cost,<lb/> | |||
and means may be provided that if it is <del>constantly</del> <add>eventually</add> successful<lb/> | |||
Government may participate in the success.</p> | |||
<p>2. As to the new currency: the grounds of expectation (p. 42) appear<lb/> | |||
to be very narrow. The circulation of Bankers Paper, bearing interest is<lb/> | |||
mentioned as the principal one. Country bankers, indeed allow interest<lb/> | |||
on deposits at their banks; and some few may issue notes bearing interest<lb/> | |||
but in what part of England do such Notes circulate to any considerable<lb/> | |||
extent?</p> | |||
<p>Exchequers Bills which the Author admitts (p. 17) would rival his<lb/> | |||
Notes of £50 and upwards have never yet performed the functions of money<lb/> | |||
and I believe Sir Francis Baring in his answer to Boyd (but I<lb/> | |||
have not his pamphlet at hand) gives several very substantial reasons<lb/> | |||
why they cannot do so.</p> | |||
<p>An essential quality of money is invariability in nominal value.</p> | |||
<p>This convenience makes us readily [...?] shillings as shillings, (we<lb/> | |||
know they will go as shillings,) though they have lost a fourth of their<lb/> | |||
original size; and would make us take them as shillings still, but for<lb/> | |||
no more, though the magic of a great interest could increase them a 33d</p> | |||
<p>Standard Annuity Notes varying in 6 Months from £12.16s value to<lb/> | |||
£12.19s.9 1/2d, would not answer the purposes of circulation, which requires<lb/> | |||
quick and simple computations.</p> | |||
<p>I think your best computer under the old regime of the Custom<lb/> | |||
House, the most perfect adept in summing uo nine or ten different subsidies</p> | |||
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{{Metadata:{{PAGENAME}}}} | {{Metadata:{{PAGENAME}}}}{{Completed}} | ||
if it is meant that the Charter shall be granted
the experiment may be fairly tried at our cost,
and means may be provided that if it is constantly eventually successful
Government may participate in the success.
2. As to the new currency: the grounds of expectation (p. 42) appear
to be very narrow. The circulation of Bankers Paper, bearing interest is
mentioned as the principal one. Country bankers, indeed allow interest
on deposits at their banks; and some few may issue notes bearing interest
but in what part of England do such Notes circulate to any considerable
extent?
Exchequers Bills which the Author admitts (p. 17) would rival his
Notes of £50 and upwards have never yet performed the functions of money
and I believe Sir Francis Baring in his answer to Boyd (but I
have not his pamphlet at hand) gives several very substantial reasons
why they cannot do so.
An essential quality of money is invariability in nominal value.
This convenience makes us readily [...?] shillings as shillings, (we
know they will go as shillings,) though they have lost a fourth of their
original size; and would make us take them as shillings still, but for
no more, though the magic of a great interest could increase them a 33d
Standard Annuity Notes varying in 6 Months from £12.16s value to
£12.19s.9 1/2d, would not answer the purposes of circulation, which requires
quick and simple computations.
I think your best computer under the old regime of the Custom
House, the most perfect adept in summing uo nine or ten different subsidies
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Identifier: | JB/003/361/001"JB/" can not be assigned to a declared number type with value 3. |
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003 |
annuity notes |
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361 |
annuity notes |
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001 |
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correspondence |
1 |
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recto |
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1771 |
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