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' | <head>23 Cause &c</head> | ||
<p><add>As to</add> The circumstance of the Exchequer Bill's not<lb/> | |||
being payable <add>on demand</add> at any time, not being payable in<lb/> | |||
fact till 1/2 a year after the time of its being issued<lb/> | |||
neither is this circumstance sufficient of itself to account<lb/> | |||
for the <sic>depretiation</sic>. <add>Taken by itself</add> It seems in fact to have<lb/> | |||
but <del>very</del> little or no influence. If this were the sole<lb/> | |||
cause of the <sic>depretiation</sic>, <del>take <gap/></del> this cause being<lb/> | |||
removed the effect would cease: <del><add><gap/></add></del> before the time when<lb/> | |||
<del><gap/></del> principal and interest became payable, <add>or at least <del>for <gap/></del> at least at the time of efficacy</add> an<lb/> | |||
Exchequer Bill would <add>indeed</add> bear no premium: but no sooner<lb/> | |||
were that period arrived than it would bear a premium<lb/> | |||
<del>equal to</del> and that equal to the interest. This<lb/> | |||
however is so far from being true, that as far as<lb/> | |||
I can learn the arrival of this period <add>in this respect</add> makes no<lb/> | |||
perceptible change. At the time of offering, an <add>the</add> Exchequer<lb/> | |||
bears a small premium equal to about 1/2 per cent<lb/> | |||
reducing the interest <add>that can be made of it</add> from about 4 1/2 to about 4: <del>but</del><lb/> | |||
at the arrival of the time of payment it continues<lb/> | |||
to bear that premium, but does not bear any more.<lb/> | |||
The case <add>truth</add> is that the inconvenience of not being payable<lb/> | |||
for half a year is foreseen and <add>as far as it is reckoned for any thing</add> allowed for from<lb/> | |||
the first: it <del>is</del> has already taken its station among<lb/> | |||
the commodities of the Alley, as a paper father to<lb/> | |||
constitute a source of income than <del><gap/></del> for general<lb/> | |||
circulation, and this station the change in its nature<lb/> | |||
operated by the arrival of the time for payment is not<lb/> | |||
able to make it quit. remove <add>raise</add> it from.</p> | |||
23 Cause &c
As to The circumstance of the Exchequer Bill's not
being payable on demand at any time, not being payable in
fact till 1/2 a year after the time of its being issued
neither is this circumstance sufficient of itself to account
for the depretiation. Taken by itself It seems in fact to have
but very little or no influence. If this were the sole
cause of the depretiation, take this cause being
removed the effect would cease: before the time when
principal and interest became payable, or at least for at least at the time of efficacy an
Exchequer Bill would indeed bear no premium: but no sooner
were that period arrived than it would bear a premium
equal to and that equal to the interest. This
however is so far from being true, that as far as
I can learn the arrival of this period in this respect makes no
perceptible change. At the time of offering, an the Exchequer
bears a small premium equal to about 1/2 per cent
reducing the interest that can be made of it from about 4 1/2 to about 4: but
at the arrival of the time of payment it continues
to bear that premium, but does not bear any more.
The case truth is that the inconvenience of not being payable
for half a year is foreseen and as far as it is reckoned for any thing allowed for from
the first: it is has already taken its station among
the commodities of the Alley, as a paper father to
constitute a source of income than for general
circulation, and this station the change in its nature
operated by the arrival of the time for payment is not
able to make it quit. remove raise it from.
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Identifier: | JB/002/342/001"JB/" can not be assigned to a declared number type with value 2. |
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002 |
annuity notes |
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342 |
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001 |
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text sheet |
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recto |
e23 |
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jeremy bentham |
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1081 |
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