27th. July 1801

II +

Eden

Interest Note

1

{3}41

20. p.3

Observations continued.

II. “As to the new currency – The grounds of expectation (p.42) appear to be very

narrow. The circulation of Banker’s paper, bearing interest, is mentioned as the

principal one” (No such thing.) “Country Bankers indeed allow interest on

deposits at their Banks; and some few may issue notes bearing interest. But in

what part of England do such notes circulate to any considerable extent?”

Counter-Observations.

I know not, and I do not care – this question may be best answered by a string of

other questions. – 1 In what part of England lives there a Banker whose security

/is/ all over England is looked upon as being as good as /upon a par with/ that

of Government? 2 In how many parts of England are there Bankers, that give,

secured in the shape of interest-bearing notes, an interest which amounts in

reality to so much as 3 per Cent? 3. In how many instances do these

interest-bearing notes afford, like Exchequer Bills, even sums, or aliquot parts

of even sums, for daily interest? 4. In how many instances are they adapted, by

diversity of magnitude, to every diversity in the amount of the capacity for

taking them on the part of individuals borrowing them or taking them in

payment?