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<head>Art 11 <unclear> | <head>Art 11 <unclear>Prisons</unclear> 7 <!-- written over '3' --></head> | ||
<head>1</head> | <head>1</head> | ||
<note>Annuity Notes</note> | |||
<note>Principal <gap/><lb/> | |||
<unclear>Small</unclear> money</note> | |||
<p><del>A piece of</del> <add>The addition which a given <del>note</del> <add>mass</add> of</add> money whether metallic money<lb/> or paper money <del>adds</del> <add>makes</add> to the mass of national <lb/> wealth in the compass of a year is as the <lb/>number of times which in the course of that<lb/> year it is paid <del>at</del> into a pair of <add>any hand</add> hands <lb/>for productive labour performed by that hand.<lb/> If this be true, it will follow that though<lb/> <del><gap/></del> to each individual <add> <gap/></add> possessor <del>twelve</del> <add>four and</add> four & <lb/>twenty halfpence <add>twenty shillings</add> are worth no more than <lb/>one shilling, <add>one guinea</add> yet to the community at large<lb/> they are worth a good deal more — probably<lb/> several times as much. <hi rend='superscript'>+</hi><lb/> <note><!-- in faint pencil --> <hi rend='superscript'>+</hi> It does not follow that the national wealth can be increased <foreign>ad libitum</foreign> by the increase of small money — absolute or comparative</note> </p> | <p><del>A piece of</del> <add>The addition which a given <del>note</del> <add>mass</add> of</add> money whether metallic money<lb/> or paper money <del>adds</del> <add>makes</add> to the mass of national <lb/> wealth in the compass of a year is as the <lb/>number of times which in the course of that<lb/> year it is paid <del>at</del> into a pair of <add>any hand</add> hands <lb/>for productive labour performed by that hand.<lb/> If this be true, it will follow that though<lb/> <del><gap/></del> to each individual <add> <gap/></add> possessor <del>twelve</del> <add>four and</add> four & <lb/>twenty halfpence <add>twenty shillings</add> are worth no more than <lb/>one shilling, <add>one guinea</add> yet to the community at large<lb/> they are worth a good deal more — probably<lb/> several times as much. <hi rend='superscript'>+</hi><lb/> <note><!-- in faint pencil --> <hi rend='superscript'>+</hi> It does not follow that the national wealth can be increased <foreign>ad libitum</foreign> by the increase of small money — absolute or comparative</note> </p> | ||
<p>Small money will do whatever is done <lb/> by large money: but large money will not do <lb/>whatever is done by small. Ten millions <lb/>in Bank Notes from a thousand pound down <lb/>to £1 are worth ten millions: ten millions<lb/> in <add>five</add> notes of two million each would<lb/> not as between individual and individual<lb/> be worth < | <p>Small money will do whatever is done <lb/> by large money: but large money will not do <lb/>whatever is done by small. Ten millions <lb/>in Bank Notes from a thousand pound down <lb/>to £1 are worth ten millions: ten millions<lb/> in <add>five</add> notes of two million each would<lb/> not as between individual and individual<lb/> be worth 0<hi rend='superscript'>d</hi>: now <del><gap/></del> though the <lb/>Bank could pay it, no individual could find <lb/>value to give for any such note.</p> | ||
<p>Reduction of the size of the sum promised<lb/> by a piece of paper money has a natural tendency <lb/>to raise the credit of such money: since in<lb/> proportion to the reduction it opens the market to<lb/> a multitude of purchasers who | <p>Reduction of the size of the sum promised<lb/> by a piece of paper money has a natural tendency <lb/>to raise the credit of such money: since in<lb/> proportion to the reduction it opens the market to<lb/> a multitude of purchasers who either would not <lb/><unclear>resort</unclear> to it before.</p> | ||
Art 11 Prisons 7 1
Annuity Notes
Principal
Small money
A piece of The addition which a given note <add>mass of</add> money whether metallic money
or paper money adds makes to the mass of national
wealth in the compass of a year is as the
number of times which in the course of that
year it is paid at into a pair of any hand hands
for productive labour performed by that hand.
If this be true, it will follow that though
to each individual possessor twelve four and four &
twenty halfpence twenty shillings are worth no more than
one shilling, one guinea yet to the community at large
they are worth a good deal more — probably
several times as much. +
+ It does not follow that the national wealth can be increased ad libitum by the increase of small money — absolute or comparative
Small money will do whatever is done
by large money: but large money will not do
whatever is done by small. Ten millions
in Bank Notes from a thousand pound down
to £1 are worth ten millions: ten millions
in five notes of two million each would
not as between individual and individual
be worth 0d: now though the
Bank could pay it, no individual could find
value to give for any such note.
Reduction of the size of the sum promised
by a piece of paper money has a natural tendency
to raise the credit of such money: since in
proportion to the reduction it opens the market to
a multitude of purchasers who either would not
resort to it before.
