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<head>§. 6. Limits to <sic>compleat</sic> Success — 1 Outstanding Notes. —<lb/> | |||
27<lb/> | |||
§. 6. Limits to <sic>compleat</sic> success, as against Forgery of<lb/> | |||
Banks Notes &c —</head> | |||
<note>1<lb/> | |||
Circumstances by which<lb/> | |||
the <hi rend="underline">efficacy</hi> of the most<lb/> | |||
efficient Safeguards is<lb/> | |||
<hi rend="underline">reduced</hi>. —</note> | |||
<p>Unfortunately there are two circumstances that conspire<lb/> | |||
to reduce, in no inconsiderable degree, the importance of whatever<lb/> | |||
safeguards can be employed against this crime. Let us observe<lb/> | |||
what, if any thing, may be to be done towards weakening their<lb/> | |||
influence. —</p> | |||
<note>1 — Their inapplicability<lb/> | |||
to <hi rend="underline">pre-existing</hi><lb/> | |||
Notes. —</note> | |||
<p>One is — that the effect of these safeguards is confined to<lb/> | |||
such Notes as may come to be issued, at a period <hi rend="underline">subsequent</hi> to<lb/> | |||
the adoption of the safeguard in question, whatever it be: it has<lb/> | |||
no application to the <hi rend="underline">pre-existing</hi> Stock of Notes. — This pre-existing<lb/> | |||
Stock might (it is true ) be <hi rend="underline">called in</hi>: that is an <hi rend="underline">invitation</hi> might be<lb/> | |||
given to the Holders, informing them that fresh Notes will be given<lb/> | |||
in exchange for their respective Notes if they choose to be at the<lb/> | |||
trouble of conveying them to the Bank for that purpose. But, without<lb/> | |||
the power of <hi rend="underline">crying-down</hi> the old ones, that is <add>of</add> <hi rend="underline">refusing to pay</hi><lb/> | |||
<hi rend="underline">them</hi>, (a power which the Bank does not possess) an invitation of this<lb/> | |||
sort, </p> | |||
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{{Metadata:{{PAGENAME}}}}{{ | {{Metadata:{{PAGENAME}}}}{{In_Progress}} | ||
§. 6. Limits to compleat Success — 1 Outstanding Notes. —
27
§. 6. Limits to compleat success, as against Forgery of
Banks Notes &c —
1
Circumstances by which
the efficacy of the most
efficient Safeguards is
reduced. —
Unfortunately there are two circumstances that conspire
to reduce, in no inconsiderable degree, the importance of whatever
safeguards can be employed against this crime. Let us observe
what, if any thing, may be to be done towards weakening their
influence. —
1 — Their inapplicability
to pre-existing
Notes. —
One is — that the effect of these safeguards is confined to
such Notes as may come to be issued, at a period subsequent to
the adoption of the safeguard in question, whatever it be: it has
no application to the pre-existing Stock of Notes. — This pre-existing
Stock might (it is true ) be called in: that is an invitation might be
given to the Holders, informing them that fresh Notes will be given
in exchange for their respective Notes if they choose to be at the
trouble of conveying them to the Bank for that purpose. But, without
the power of crying-down the old ones, that is of refusing to pay
them, (a power which the Bank does not possess) an invitation of this
sort,
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Identifier: | JB/003/355/001"JB/" can not be assigned to a declared number type with value 3. |
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1-2 |
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003 |
manual of political economy |
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355 |
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001 |
limits to compleat success - i outstanding notes |
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copy/fair copy sheet |
2 |
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recto |
f27 / f28 |
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1798 am |
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1798 |
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1765 |
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