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Abstract
4(b)
Incapacity of Stock
to answer the purpose
of paper money-
Note (a) to p. 152
[ ] It is a fact no less curious than true, that by a mere collateral,
circumstance, such as the mode of transfer appreciated, and the nature Ch. XII
of the evidence required in proof of note, the nature of the species of
() property in itself the same in both cases, should undergo so much
a change. Without a degree of expence, destructive of a
part or the whole, or even more that the whole of the value,
Stock, as we have seen, can not be divided broken
down into portionsmasses<add>those <add>small and variable into which
<add>diversified portions into money is, and must be divided: nor can it, be
trans at any expence, be either bought or sold, on
any time occasion<add>all times</add> without loss of time, and the obligating personal attendance at one
certain place, the same in the all casesfor the whole island wheresoever
-soever the residence of the parties happens to be in each instance [+] the parties have their residence [+] Annuity [+] It can not be
carried about by
a man in his pocket
and so, like so much cash distributed
among any number
of hands, at the very
momentinstant the occasion
for each disbursement
Note paper, like cash and BAnk of England paper
but still more ductiledivisible, is already broken down into
a multitude of portions still more various and commensurate
to all purposes: and like cash is to be had at all
times and in all places.
I have a weekly Bill of £1.12s to pay to my
Baker. - I The £1 of it which should
have come to me in Bank paper has, in consequence
of the million of supposed deficiency of that paper,
Bank, and I will transfer to you £1.12 worth of so much Stock
The answer would be -True £1:12s is the worth
of your the Stock you will give me today, of it today, but what will it be the worth of it tomorrow?
I have my batch of bread to <add> every day</add>attend, and and Or you think I can afford him to go to the Bank my journey man
to , and any
customers to wait upon?
Can I find time (do you thin) to go with you to the Bankwith you
to day to receive your, Stockanother day to receive
the interest, and another day to sell the principal?
and what will the produce of the principal amount to
when I have paid Brokerage is paid ot of it?- No:
it would be cheaper to me to give up the debt, than
to obtain payment for it on such terms. Such
Such would be the would it be with the £1.12s
of Government Annuities in the shape of Stock. but with
the sort of and quantity of in the shape of
Annuity Note paper, it would be the same as with so
much cash.
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