History of the Rise, Progress, And Present State of Banking in All Parts of the World : in Which is Developed An Entirely New Principle of Circulating Medium for the United Kingdom of Great Britain And Ireland : And to Which Are Appended All the Accounts

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. £64,500,000 96. It is probable, however, that a portion of the amount issued against gold, as well as to the Bank, would seek to be funded, say to the amount of about £14,500,000, leaving £50,000,000 for active circulation. Proceeding upon these pre- mises, let us, in the next place, see how the government and the public will then stand in relation to each other. The government will gain on behalf of the public, on one side, the interest on the Exchequer bills to the amount of about £700,000 ...per annum, and incur, on the other side, an obligatioa on the new stock to be created of £435,000 per annum, and be liable to the expense of manufacture and issue of the notes, equal probably to £200,000 per annum more ; but then the government will be in possession of from £15,000,000 to £20,000,000 value in gold, which may either be disposed of gradually, as occasion may serve, in purchase of beneficial arrangements ofintercourse with the several nations of the world, or held in whole, or in part, as a reserve for war, failure of harvests, or other contingencies : at all events an important object will be gained for all parties, by.

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