JB/003/355/001

Click Here To Edit

§. 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, to whatever extent it might happen to be complied with, would
be inadequate to the purpose. Should ever the compliance be universal,
insomuch that the whole Stock of any particular class of Notes
(say the whole Stock of £10 Notes) shall thus have been sent in
and exchanged, this would indeed be known at the Bank itself,
but as it would nevertheless remain unknown to the multitude of
individuals to whom Bank Notes may come to be offered in payment,
the absorption of the whole Stock of genuine Notes of this class might still

Identifier: | JB/003/355/001"JB/" can not be assigned to a declared number type with value 3.
Date_1		Marginal Summary Numbering	1-2
Box	003	Main Headings	manual of political economy
Folio number	355	Info in main headings field
Image	001	Titles	limits to compleat success - i outstanding notes
Category	copy/fair copy sheet	Number of Pages	2
Recto/Verso	recto	Page Numbering	f27 / f28
Penner		Watermarks	1798 am
Marginals		Paper Producer
Corrections		Paper Produced in Year	1798
Notes public		ID Number	1765
Box Contents