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<note>Ch. XII</note> | <note>Ch. XII</note> | ||
<p> | |||
The defalcation <del>tha</del> made from commercial security,<lb/> | The defalcation <del>tha</del> made from commercial security,<lb/> | ||
by the defalcation of a given mass of <hi rend="underline">money</hi> (<hi rend="underline">cash</hi><lb/> | by the defalcation of a given mass of <hi rend="underline">money</hi> (<hi rend="underline">cash</hi><lb/> | ||
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of the country <add>on the score of income and capital taken together</add> may <del>be</del> (without any error capable of<lb/> | of the country <add>on the score of income and capital taken together</add> may <del>be</del> (without any error capable of<lb/> | ||
affecting the argument) be stated as <add>not much over or under</add> three times the amount<lb/> | affecting the argument) be stated as <add>not much over or under</add> three times the amount<lb/> | ||
of the money of the country, cash and paper<lb/> | |||
taken together <add>(+}</add> <del>Suppose</del><add>Call then the</add> The <del><gap/></del> <hi rend="underline">quan</hi>tity of Bank of<lb/> | |||
England paper <hi rend="underline">habitually</hi> <add>issued and kept <del>out</del></add> in circulation, £10 millions,<lb/> | |||
and of that <del>habitually habitu</del> habitual £10 millions<lb/> | |||
<add>suppose</add> at a <hi rend="underline">particular</hi> time, one million cancelled or kept<lb/> | |||
back: for instance by <del>reducing the usual discounts to</del><add>a defalcation in</add><lb/> | |||
to that amount <add>from the usual discounts</add> Here then is produced <add>already</add> by the defalcation<lb/> | |||
of this single million from the quantity of money<lb/> | |||
in circulation, a defalcation to the amount of money of 3 millions<lb/> | |||
from the mass <add><del>amount in receipts</del></add> of <add>money that should have been received in the course of the year:</add> <del>income</del> and this without any allowance <lb/> | |||
made <del>from the</del> for the proportion of the money<lb/> | |||
<add>of both sorts (cash & paper</add> that <add>will</add><del>must</del> always be hoarded <add>and kept out of circulation</add> in the shape of <hi rend="underline">capital</hi><lb/> | |||
<hi rend="underline">waiting for employment</hi>, or <add>the <hi rend="underline">cash</hi> that must <add>always</add></add><add>be kept up in the same way</add> <del>serving</del> as a <hi rend="underline">find</hi> f<del>or answering</del><lb/> | |||
<add><hi rend="underline">of reserve</hi> for answering</add> the engagements, contracted by that <del>paper</del> part of <lb/> | |||
the currency which is in <hi rend="underline">paper</hi></p> | |||
Call the amount of money kept up <del>as above in</del><add>on both this</add><lb/> | |||
<add>accounts in</add> the shape of capital one fourth of the whole, then will<lb/> | |||
a defalcation <add>as above</add> from the <del>quantity</del><add>mass</add> of money by a defalcation<lb/> | |||
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3o Note
Abstract
Ch.
5
The defalcation from
wealth in point of
quantity and security
will be several times
the amount of the
money defalcated.
Ch. XII
The defalcation tha made from commercial security,
by the defalcation of a given mass of money (cash
or paper makes to this purpose no difference) would upon examination be found greater than
may bemight have been supposed. The quantity
amount of the annual receipts year's income
of the country on the score of income and capital taken together may be (without any error capable of
affecting the argument) be stated as not much over or under three times the amount
of the money of the country, cash and paper
taken together (+} SupposeCall then the The quantity of Bank of
England paper habitually issued and kept out in circulation, £10 millions,
and of that habitually habitu habitual £10 millions
suppose at a particular time, one million cancelled or kept
back: for instance by reducing the usual discounts toa defalcation in
to that amount from the usual discounts Here then is produced already by the defalcation
of this single million from the quantity of money
in circulation, a defalcation to the amount of money of 3 millions
from the mass amount in receipts of money that should have been received in the course of the year: income and this without any allowance
made from the for the proportion of the money
of both sorts (cash & paper that willmust always be hoarded and kept out of circulation in the shape of capital
waiting for employment, or the cash that must <add>always</add>be kept up in the same way serving as a find for answering
of reserve for answering the engagements, contracted by that paper part of
the currency which is in paper
Call the amount of money kept up as above inon both this
accounts in the shape of capital one fourth of the whole, then will
a defalcation as above from the quantitymass of money by a defalcation
