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current rate of interest, by creating a stock Chap. in. bearing an
interest of 5 per cent., which would then be called a 5 per cent,
stock, and for every 100 of which the government would be able to
obtain 100 in money. This, we say, would be the simple and obvious
mode; and, by adopting it, no more stock or debt would be created
than money received. Let us next suppose that, instead of doing
this, the Government, either because it has been accustomed to do
so, or because the wealthy people who lend money like it best,
determines to borrow the 10,000,000 required, in a 3 per cent,
stock, being a rate of interest 2 per cent, lower than the current
rate prevailing at the time. Now, what is the result? Just this:
?the parties who lend the money, or, in other words, bargain for
and purchase the stock, would naturally say, " We cannot give so
utuch for a 3 per cent, stock as we can for a 5 per cent. one. For
a 5 per cent, stock, we can give 100 for every 100 stock, but if it
is to be only a 3 per cent, stock, we can only give 60 money for
it. By adopting this mode, therefore, the Government must
necessarily create more stock or debt than the money it receives
for it; for it must create i 00 debt for every 60 money. In the
case under consideration, the Government would not be able to
obtain the 10,000,000 it wanted, without creating upwards of 16
millions of debt; the full amount of which the country would be
rendered liable to pay, should itChap. m. ever be in the position,
or have the wish, to pay off the stock thus created. i78i. As an
officially authenticated specimen of this mode Resolutions . " f of
the of borrowing money, and certainly one of the most Commons. J'
flagrant on record, we insert the resolutions of the House of
Commons of March 8th, ...
General
Imprint: |
Kessinger Publishing Co
|
Country of origin: |
United States |
Release date: |
2010 |
First published: |
2010 |
Authors: |
Edward Capps
|
Dimensions: |
229 x 152 x 12mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
220 |
ISBN-13: |
978-1-120-90733-2 |
Categories: |
Books >
Humanities >
History >
General
Books >
History >
General
|
LSN: |
1-120-90733-0 |
Barcode: |
9781120907332 |
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