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<note>5 Cause &c</note><lb/> | <note>5 Cause &c</note><lb/> | ||
An Exchequer Bill (I speak of those issued in <note>3<lb/> | <p>An Exchequer Bill (I speak of those issued in <note>3<lb/> | ||
Exchequer Bill.<lb/> | Exchequer Bill.<lb/> | ||
not received without <lb/> | not received without <lb/> | ||
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but is received at par. Upon being informed that<lb/> | but is received at par. Upon being informed that<lb/> | ||
though an Exchequer Bill does indeed bear a premium,<lb/> | though an Exchequer Bill does indeed bear a premium,<lb/> | ||
that premium is very far from short of being<lb/> | |||
equal to the interest, the natural<add>a natural inference</add> conclusion would<lb/> | |||
be that the difference was owing to the difference<lb/> | |||
between the credit of <del>the</del> Government, and the credit<lb/> | |||
of that <del>print</del> opulent though as<add>but in comparison with</add> compared to Government<lb/> | |||
private body</p> | |||
<p> | |||
That no such difference in point of credit <note><!-- Marginal note in pencil -->4<lb/> | |||
<del>The difference does</del><add>Cause of which by</add><lb/> | |||
<del>that cause from any</del><add><unclear>depretiation</unclear> is not <gap/></add><lb/> | |||
inferiority <del><gap/></del><add>in</add> point<lb/> | |||
of credit - because<lb/> | |||
Navy <gap/> <gap/><lb/> | |||
issued in the same<lb/> | |||
credit loses 5 1/4 | |||
</note><lb/> | |||
is the cause of such difference in price <add>of current price<add>market price</add></add> is however<lb/> | |||
<add>evident beyond doubt</add> perfectly evident, and that from this one circumstance<lb/> | |||
While the depredation of Exchquer Bills in comparison<lb/> | |||
of Bank notes is to such an amount and such an amount<lb/> | |||
only that by purchasing them a man makes<lb/> | |||
almost but not quite 4 per Cent, the <sic>depretiation</sic> upon<lb/> | |||
Navy Bills upon the new Establishment (called New | |||
Navy in the <gap/> <hi rend="underline">New Navy</hi>) is such that buying <add>them</add></p><pb/> | |||
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5 Cause &c
An Exchequer Bill (I speak of those issued in 3
Exchequer Bill.
not received without
making 4 per Cent
interest
virtue of the Statute of last year) bears interest to
the amount of upwards of 4 1/2 per Cent: the interest
upon a Bill of £100 being 3d a day: which by
the year makes £4-11-3d and is made payable upon hearing thus
much of it what one should suppose is that it
should bear a premium to the amount of the interest:
since a Bank note for that sum payable
to Bearer and bearingcarrying no interest bears no discount
but is received at par. Upon being informed that
though an Exchequer Bill does indeed bear a premium,
that premium is very far from short of being
equal to the interest, the naturala natural inference conclusion would
be that the difference was owing to the difference
between the credit of the Government, and the credit
of that print opulent though asbut in comparison with compared to Government
private body
That no such difference in point of credit 4
The difference doesCause of which by
that cause from anydepretiation is not
inferiority in point
of credit - because
Navy
issued in the same
credit loses 5 1/4
is the cause of such difference in price of current price<add>market price</add> is however
evident beyond doubt perfectly evident, and that from this one circumstance
While the depredation of Exchquer Bills in comparison
of Bank notes is to such an amount and such an amount
only that by purchasing them a man makes
almost but not quite 4 per Cent, the depretiation upon
Navy Bills upon the new Establishment (called New
Navy in the New Navy) is such that buying them
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