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www.192.twthesanohegreat
ltiplicationofbankingpaniesinstland.is,upon
stoccasions,fullyascheapinenglandasinfrahough
thereisagreatdealofpaperneyinengland,andscary
infran1751andin1752,epublishedhis
politiultiplicationof
paperneyinstland,therehe
priceofprovisions,oothebadnessofthe
seasons,andnottotheltiplioney.
itoneynsisting
inprossorynotes,ofdiatepayntdepended,in
anyrespect,eitheruponthegood,
oruponanditionightnot
alent
berofyears,andh
iiborenoi.suchapaperneywould,no
doubt,fallreorlessbelohevalueofgoldandsilver,
adiate
payntobegreaterorless;tothe
greaterorlessdistawasexigible.
sothedifferentbankingpaniesofstland
hepracticeofiingintotheirbanknotes,
theyentto
thebearer,eitherassoonasthenoteshouldbepresented,or,
iionofthedireonthsaftersuch
presentnt,togetherhthelegaliforthesaidsix
nths.thedireeofthosebankssotistook
advahisoptiohreatehose
andedgoldandsilverinexgeforansiderable
heiotesthattheyakeadva,
unlesssudersselveshapartof
aheprossoryhosebanking
paitutedatthattithefargreaterpartofthe
currencyofstla
necessarilydegradedbelooney.
duriinuahisabusehprevailedchieflyin
1762,1763,and1764,heexgebetweenlondonand
carlislefrieswould
sotisbefourpertagainstduries,thoughthistownis
notthirtylesdistantfroarlisle.butatcarlisle,bills
friestheywerepaid
instknotes,andtheuaintyofgettingthosebank
notesex
fourpertbeloeactof
parliantenandfiveshillingbanknotes
suppressedlikehisoptionalclause,andtherebyrestored
theexgebetlandtoitsnaturalrate,or
toittahappentoke
it.
inthepaperentofso
sllasusasixpenesdependedupoion
thattheholderofthenoteshouldbringthegeofaguinea
totheperson;anditionheholdersof
suightfrequentlyfinditverydifficulttofulfil,and
usthavedegradedthiscurrencybelohevalueofgold
andsilverney.aaglydeclaredall
suchclausesunlaennerasin
stland,allprossorynotes,payabletothebearer,under
tyshillingsvalue.
thepapererisisted,notinbank
notespayabletothebearerondend,butipaper,
ofentexigibletillseveralyearsafterit
entspaidnoio
theholdersofthispaper,theydeclaredittobe,andinfact
re,alegaltenderofpayntforthefullvaluefor
allohelonysecuritytobe
perfectlygood,ahundredpoundspayablefifteenyearshence,for
exale,inauatsixpert,ish
littlerethanfortypoundsreadyoobligeacreditor,
therefore,toaentforadebtofa
hundredpoundsactuallypaiddooneyof
suptedby
thegoventofanyotheruntryeobefree.
itbearstheevidentrksofhavinginallybeen,the
hoanddoe
offrauduleorstoentof
pennsylvania,indeed,pretended,upontheirfirstessionof
paperney,in1722,toreheirpaperofequalvalueh
goldandsilverbyenagpenaltiesagainstallthoseade
anydifferehepriceoftheirgoods
foralonypaper,andfoldandsilver;
aregulationequallytyrannical,butchlesseffectualthan
thateanttosupport.apositivelaayrendera
shillienderfuinea,becauseitydirectthe
urtsofjusticetodischargethedebtoradethat
tender.butnopositivelaanobligeapersonwhosellsgoods,
andlibertytoselloottosellashepleases,to
acceptofashillingasequivalenttoaguihepriceof
thenothstandinganyregulationofthiskind,itappearedby
theurseofexgehgreatbritain,thatahundredpounds
sterlingeof
thelooahundredandthirtypounds,andiosreatasuselevenhundredpoundscurrency;thisdifferen
thevaluearisingfrohedifferehequantityofpaper
ettedinthedifferentlonies,andiand
probabilityoftheterfitsfinaldischargeaion.
nolaoreequitablethaof
parliant,sounjustlyplainedofinthelonies,h
deittedthereinti
ingshouldbealegaltenderofpaynt.
pennsylvaniaorederateinitsessionsof
paperhananyotherofourlospapercurrency,
agly,issaidohavesunkbelohevalueofthe
goldandsilverinthelonybeforethefirst
essionofitspaperney.beforethatession,thelonyhad
raisedthedenonationofitsin,andhad,byably,
orderedfiveshillingssterlingtopassinthelonyforsixand
threependafterpence.apoundlony
currency,therefore,evenhatcurrencywasgoldandsilver,
orethanthirtypertbelohevalueofapound
sterling,andhatcurreopaperitwas
seldouchrethanthirtyper
...