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Updated: May 4, 2025
It was very easy for him to make an over-issue, and hard for him to be detected in his fraud, by any one who would be dangerous to him. The temptation to make this issue was one which better men than he had yielded to in a weak moment, and, to the little conscience which he possessed, the requisite excuses were ready. He did not intend that any one should lose money by these bonds.
And as the number of 'good' billsbills which sound merchants know to be gooddoes not rapidiy increase, and as the market rate of interest was often less than 5 per cent, these checks on over-issue were very effective. They failed in time, and the theory upon which they were defended was nonsense; but for a time their operation was powerful and excellent.
Depreciate the value of these shares gently, but rapidly as you can. Institute great numbers of perpetual annuities. Juggle, temporize, postpone, get for yourself all the time you can. Trade for the people's shares all you have that they will take. You can never strike a balance, and can never atone for the egregious error of this over-issue of stock which has no intrinsic value.
It should be noted that China is still on a Copper Standard basis, the people's buying and selling being conducted in multiples of copper cent-pieces of which there has been an immense over-issue, the latest figures showing that there are no less than 22,000,000,000 1-cent, ten cash pieces in circulation or 62 coins per head of population roughly twenty-five millions sterling in value, or 160,000 tons of copper!
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