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17 Mar. 1801
Alarm
1. Encrease of the means of purchase – encrease of money money (pecuniary credit
included has hitherto been productive of good: viz: of encrease
of other wealth: – from whence results of course encrease of population.
2 3, – But Encrease of pecuniary credit has at the same time, been productive of two evils: viz of encrease of prices
and encreasing danger of General Bankruptcy.
3 2. If uncontrouled left to itself without controul, a period would however arrive,
at which it would cease to be productive of encrease
of wealth.
4. Yet from thenceforward, After encrease of wealth had ceased, to be encease of prices would
continue.
5. Encreased Danger of Bankruptcy would also continue
if not already realized.
5. Encreasing credit in Which are adds to the proportion, as it encreases 6. Encreased prices, and encreased danger of Bankruptcy,
being effects of the same cause of the former may be re-
amount of the former may be considered as measure
prices encreases, danger of Bankruptcy and index of the latter.
7 9. Country Bank paper is to such a degree appears to be the only modification
of pecuniary credit chargeable with excess:
cause of both evils, and that to such a degree that without it neither
of the two evils to <add>in any such amount magnitude,</add> would exist in such degree as to require a
legislative remedy.
12 10. Negotiable paper not – +Put this after Suppression
8 11 11. Bank of England paper does not contribute to the
evils in question in any such degree as to require
of itself any additional legislative remedy. Here
state the modes of expenditure of a Banker which apply not to the Bank
9 11 11 12. The entire suppression of either Bank or Country paper
would, instead of acting as a remedy, be productive of
General Bankruptcy.
10 11 From By The suppression of any quantity of paper money
10 12 A sudden Quantity for quantity, diminution
or production of more mischief is produced than by than the addition of
of paper money is, if sudden, productive of more
mischief than the same quantity encreases.
11 13. Quantity of paper being given, smallness of the component
prices operates not in augmentation but in
diminution of both evils, and in particular of the danger.
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Identifier: | JB/003/492/001"JB/" can not be assigned to a declared number type with value 3. |
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003 |
manual of political economy |
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492 |
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001 |
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text sheet |
1 |
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verso |
d5 |
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jeremy bentham |
i taylor |
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evan nepean |
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1921000030 |
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