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<note>Abstract<lb/> | <note><!-- FAInt marginal note in pencil -->Abstract<lb/> | ||
Ch XII Common <gap/><lb/> | Ch XII Common <gap/><lb/> | ||
7<lb/> | 7<lb/> | ||
| Line 16: | Line 16: | ||
<head>Text</head> | <head>Text</head> | ||
<p>Were <del>at</del><add>the proposed paper</add> the <hi rend="underline">only</hi> paper money , <del>paper money would</del><lb/> | <p>Were <del>at</del><add>the proposed paper</add> the <hi rend="underline">only</hi> paper money , <del>paper money would</del><lb/> | ||
not be liable to commercial<add>national</add> wealth would not be liable<lb/> | <del>not be liable to commercial</del><add>national</add> wealth would not be liable<lb/> | ||
to suffer <add>either</add> in point of <hi rend="underline">quantity</hi> or in point of <hi rend="underline">security</hi><lb/> | to suffer <add>either</add> in point of <hi rend="underline">quantity</hi> or in point of <hi rend="underline">security</hi><lb/> | ||
either from <hi rend="underline">excess</hi> <del>in the quantity of paper money</del><lb/> | either from <hi rend="underline">excess</hi> <del>in the quantity of paper money</del><lb/> | ||
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the part of each Note holder in so far as his own<lb/> | the part of each Note holder in so far as his own<lb/> | ||
particular interest - and that the interest of the <unclear>amount</unclear><lb/> | particular interest - and that the interest of the <unclear>amount</unclear><lb/> | ||
<del>is</del><add>were</add> concerned)it would <del>aj</del> adjust itself, as it were<lb/> | <del>is</del><add>were</add> concerned) it would <del>aj</del> adjust itself, as it were<lb/> | ||
of itself, as to what concern the demand for <del>ready</del><add>circulating</add><lb/> | of itself, as to what concern the demand for <del>ready</del><add>circulating</add><lb/> | ||
money, to the exact <del>quantity</del><add>quantum</add> of the demand: it would<lb/> | money, to the exact <del>quantity</del><add>quantum</add> of the demand: it would<lb/> | ||
be <hi rend="underline">Stock</hi> | be <hi rend="underline">Stock</hi> one moment and <hi rend="underline">cash</hi> the next, whichever<lb/> | ||
were most wanted.</p> | |||
<p><add>In the other case, <del>being</del><add>were it</add> <add>but one ingredient, amongst</add><del>Constituting one ingredient - in the currency of</del><lb/> | <p><add>In the other case, <del>being</del><add>were it</add> <add>but one ingredient, amongst</add><del>Constituting one ingredient - in the currency of</del><lb/> | ||
<add>others,in the composition of the currency of the country</add> <del>the counting along with other money</del>, it would, as<lb/> | <add>others,in the composition of the currency of the country</add> <del>the counting along with other money</del>, it would, as<lb/> | ||
far as it went, and to the extent of the quantity<lb/> | far as it went, and to the extent of the quantity<lb/> | ||
kept in hand | kept in hand principally with with a view to income <add>(a)</add> <note>Note (a) to p.163<lb/> | ||
It therefore would not<lb/> | It therefore would not<lb/> | ||
begin to act in this<lb/> | begin to act in this<lb/> | ||
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prodigious degree</note><lb/> | prodigious degree</note><lb/> | ||
<add><del>be a concomitant, and</del></add> | <add><del>be a concomitant, and</del></add> | ||
<del>constitute or | <del>constitute or substitute to other paper money, and</del><lb/> | ||
act as an occasional supplement to other paper money<lb/> | act as an occasional supplement to other paper money<lb/> | ||
<add>and as</add> a remedy of the | <add>and as</add> a remedy of the preventive kind to whatever inconveniences<lb/> | ||
might otherwise have arisen from a <hi rend="underline">deficiency</hi><lb/> | might otherwise have arisen from a <hi rend="underline">deficiency</hi><lb/> | ||
<del>if</del><add>of</add> that article.</p> | <del>if</del><add>of</add> that article.</p> | ||
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paper money, its <del><gap/></del><add><del>efficency</del> operation</add> would not be quite so <add>efficient</add><del>operative</del><lb/> | paper money, its <del><gap/></del><add><del>efficency</del> operation</add> would not be quite so <add>efficient</add><del>operative</del><lb/> | ||
or so <del><gap/></del><add>manifest.</add> But, but presenting to every eye<lb/> | or so <del><gap/></del><add>manifest.</add> But, but presenting to every eye<lb/> | ||
a species of paper money, unsusceptible <add> | a species of paper money, unsusceptible <add>either</add> of excess<lb/> | ||
or depretiation, it would<add>at once and <add><del>yet once</del></add></add><add>at all times</add>take the pretence of necessity<lb/> | or depretiation, it would<add>at once and <add><del>yet once</del></add></add><add>at all times</add>take the pretence of necessity<lb/> | ||
from the rashness that might otherwise be disposed to<lb/> | from the rashness that might otherwise be disposed to<lb/> | ||
<del><gap/> upon</del><add>hazard</add> an excessive issue: and it would render <note><add>[1] any amount at <lb/> | <del><gap/> upon</del><add>hazard</add> an excessive issue: and it would render <note><add>[1] any amount at <lb/> | ||
any time</add></note><lb/> | any time</add></note><lb/> | ||
the | the public in general the less disposed to accept in an<lb/> | ||
excessive quantity a paper essentially hazardous <add>seeing that a</add> <del>when it</del><lb/> | excessive quantity a paper essentially hazardous <add>seeing that a</add> <del>when it</del><lb/> | ||
<del><gap/> in their present</del><add>paper essentially exempt from hazard was at their command to <add>any [+]</add></add> <note>End of Ch. XII<lb/> | <del><gap/> in their present</del><add>paper essentially exempt from hazard was at their command to <add>any [+]</add></add> <note>End of Ch. XII<lb/> | ||
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Abstract
Ch XII Common
7
If the only paper
it would receive
these inconveniences
altogether himself a
other papers it
would lessen the
inconveniences the
proportion to its
amount
Text
Were atthe proposed paper the only paper money , paper money would
not be liable to commercialnational wealth would not be liable
to suffer either in point of quantity or in point of security
either from excess in the quantity of paper money
or from deficiency in the quantity of paper money, in
any degree: since, even without the exercise of human
reason on the part of any mone body (except on
the part of each Note holder in so far as his own
particular interest - and that the interest of the amount
iswere concerned) it would aj adjust itself, as it were
of itself, as to what concern the demand for readycirculating
money, to the exact quantityquantum of the demand: it would
be Stock one moment and cash the next, whichever
were most wanted.
In the other case, being<add>were it but one ingredient, amongstConstituting one ingredient - in the currency of
others,in the composition of the currency of the country the counting along with other money, it would, as
far as it went, and to the extent of the quantity
kept in hand principally with with a view to income (a) Note (a) to p.163
It therefore would not
begin to act in this
capacity till after Period
1: but from thenceforward
the quantity would be more
than adequate to the purpose
here in question, in a
prodigious degree
be a concomitant, and
constitute or substitute to other paper money, and
act as an occasional supplement to other paper money
and as a remedy of the preventive kind to whatever inconveniences
might otherwise have arisen from a deficiency
ifof that article.
Against an excess in the quantity of other
paper money, its efficency operation would not be quite so efficientoperative
or so manifest. But, but presenting to every eye
a species of paper money, unsusceptible either of excess
or depretiation, it wouldat once and <add>yet once</add>at all timestake the pretence of necessity
from the rashness that might otherwise be disposed to
uponhazard an excessive issue: and it would render [1] any amount at
any time
the public in general the less disposed to accept in an
excessive quantity a paper essentially hazardous seeing that a when it
in their presentpaper essentially exempt from hazard was at their command to <add>any [+]</add> End of Ch. XII
Ch. XIII Particular
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