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<del><gap/></del> current price between Government paper and<lb/> | <del><gap/></del> current price between Government paper and<lb/> | ||
Bank.</p> | Bank.</p> | ||
<p>The <unclear>depretiation</unclear> seems to be owing to the combined <note><!-- Marginal note in pencil -->5<lb/> | |||
Causes to which<lb/> | |||
it is owing<lb/> | |||
1. No small sum<lb/> | |||
2. Not payable on<lb/> | |||
demand<lb/> | |||
3. Terms not simply<lb/> | |||
expressed<lb/> | |||
4. Appearance <add>of the paper</add> not<lb/> | |||
so much in its<lb/> | |||
favour</note><lb/> | |||
influence of several causes: viz:1 the <del>large</del> | |||
of <add>Bills for</add> small sums <del>ad</del> of a size adapted to the<lb/> | |||
general run of the demand: 2<gap/> the not being made <lb/> | |||
payable to the Bearer at any time, but only after<lb/> | |||
the interval of <add>about</add> half a year after issuing: 3. the<lb/> | |||
want of that simplicity in respect of the terms made and<lb/> | |||
mode of payment which is observable in <del>the</del><add>the Paper</add> Bank<lb/> | |||
<add>of the Bank of England</add> Notes:4. to which may perhaps be added something<lb/> | |||
<add>(of which presently)</add> in the sensible properties of the instrument itself by<lb/> | |||
which the credit is convey'd.<add>engagement is expressed.</add></p> | |||
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Exchequer Notes 7 Cause
them a man makes at the rate of from 5 1/4 to 5 1/2
percent by the year:difference from 1 1/4 to 1 1/2 per Cent. But in these two cases the security
is one and the same: it is Government security in both.
Difference betweentherefore in point of security and credit
is not the differ cause of the difference in point of
current price between Government paper and
Bank.
The depretiation seems to be owing to the combined 5
Causes to which
it is owing
1. No small sum
2. Not payable on
demand
3. Terms not simply
expressed
4. Appearance of the paper not
so much in its
favour
influence of several causes: viz:1 the large
of Bills for small sums ad of a size adapted to the
general run of the demand: 2 the not being made
payable to the Bearer at any time, but only after
the interval of about half a year after issuing: 3. the
want of that simplicity in respect of the terms made and
mode of payment which is observable in thethe Paper Bank
of the Bank of England Notes:4. to which may perhaps be added something
(of which presently) in the sensible properties of the instrument itself by
which the credit is convey'd.engagement is expressed.
