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<p> <note>32</note></p> <p> <note> Ch. Grounds</note></p> <p> <note> VI. <sic>Depretiation</sic> <lb/> 39 <hi rend="superscript">(a)</hi><lb/> Objection — The <lb/> property of expelling<lb/> cash has been<lb/> attributed to paper<lb/> By Adam Smith</note> </p> <p> <note>Answer<lb/> 1 What he says is<lb/> assertion without<lb/> proof</note> <lb/> 2. The species of <lb/> paper he speaks<lb/> of is very different<lb/> from that proposed.</note></p> <p>Notes<lb/> (a) For want of any precise indication <del> of an</del> <lb/> as that above, it may indeed be <sic>alledged</sic> in <lb/> general terms, on the authority of Adam Smith,<lb/> that the expulsion of a <sic>proportionable</sic> quantity <lb/> of hard cash may <add> is to</add> be regarded as a <add> necessary <lb/> constant effect <add> result</add> of <del>the</del> an extra quantity of paper<lb/> currency to any considerable amount.</p> <p> To this all the answer which <add>The answer is — that</add><lb/> it seems worthwhile<lb/> to give at present, is — that the description<lb/> of this point <add> topic</add> would <add> at length</add> take up <del>too</del> more room<lb/> than can be afforded here —</p> <p> 2. that the species of paper he has in <lb/>view is — not any such paper as that<lb/> which is here proposed — but Bankers <add> Bank</add> paper<lb/> <del>B</del> paper payable with or without interest<lb/> on demand, or at least within a short and limited<lb/> time.</p> <p> 3. That even in <del>af</del> its application to this<lb/> paper what he observes <add> advances</add> amounts to little <lb/> more than assertion <add> opinion</add> without proof: and that<lb/> in the extent he gives to it <add> an assertion, <gap/> </add> appears neither<lb/> to be grounded in the nature of the case,<lb/> with respect in the efficient <del>re</del> causes of national<lb/> wealth, nor consistent wit the representation<lb/> given of them by himself in other points<lb/> of view.</p> | |||
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32
Ch. Grounds
VI. Depretiation
39 (a)
Objection — The
property of expelling
cash has been
attributed to paper
By Adam Smith
Answer
1 What he says is
assertion without
proof
2. The species of
paper he speaks
of is very different
from that proposed.</note>
Notes
(a) For want of any precise indication of an
as that above, it may indeed be alledged in
general terms, on the authority of Adam Smith,
that the expulsion of a proportionable quantity
of hard cash may is to be regarded as a necessary
constant effect <add> result of the an extra quantity of paper
currency to any considerable amount.
To this all the answer which The answer is — that
it seems worthwhile
to give at present, is — that the description
of this point topic would at length take up too more room
than can be afforded here —
2. that the species of paper he has in
view is — not any such paper as that
which is here proposed — but Bankers Bank paper
B paper payable with or without interest
on demand, or at least within a short and limited
time.
3. That even in af its application to this
paper what he observes advances amounts to little
more than assertion opinion without proof: and that
in the extent he gives to it an assertion, appears neither
to be grounded in the nature of the case,
with respect in the efficient re causes of national
wealth, nor consistent wit the representation
given of them by himself in other points
of view.
