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Updated: May 25, 2025
It was, they said, as much their duty to resist this invasion of their rights as to resist the French. Governor Morris, besides demanding that the supply of 20,000 pounds should not go into force until the King's pleasure was known, insisted that the paper money representing it should be redeemable in five years. This period the Assembly considered too short; the usual time was ten years.
Let it be also remarked that $5,500,000 of the public debt becomes redeemable in about two years and a half, which at any sacrifice must be met, while the Treasury is always liable to demands for the payment of outstanding Treasury notes.
By the same acts the bank was required to advance a sum not exceeding two millions five hundred thousand pounds, towards discharging the national debt, if wanted, on condition that they should have five pounds per cent, for as much as they might advance, redeemable by parliament.
Not being empirical, it will make no pretence of furnishing the precious metals at less than the market-rate, either for exportation or hoarding; but it will have the effect of reducing them to their true position, that of merchandise, so that they may be exchanged for the products of other countries with profit. For the same reason it will not be redeemable.
The death of the Redeemer of the human race is an image of what we have to do for ourselves, redeem our faults, redeem our errors, redeem our crimes! All is redeemable; Catholicism itself is in that word; hence its adorable sacraments, which help the triumph of grace and sustain the sinner. To weep, to moan like Magdalen in the desert, is but the beginning; the end is Action.
He declares that, being based on the pledge of public lands and convertible into them, the notes are better secured than if redeemable in specie; that the precious metals are only employed in the secondary arts, while the French paper money represents the first and most real of all property, the source of all production, the land; that while other nations have been obliged to emit paper money, none have ever been so fortunate as the French nation, for the reason that none had ever before been able to give this landed security; that whoever takes French paper money has practically a mortgage to secure it, and on landed property which can easily be sold to satisfy his claims, while other nations have been able only to give a vague claim on the entire nation.
On the whole, the provisions of this year amounted to five millions one hundred and twenty-five thousand and twenty-three pounds, eleven shillings and sevenpence, to be raised by the usual duties; the sum of one million twenty-six thousand four hundred and seventy-six pounds, four shillings and sixpence, advanced by the bank of England to pay off their own unsubscribed annuities, for which they accepted exchequer bills at three per cent, interest; by the land-tax at three shillings in the pound; a lottery and annuities, at the rate of three per cent, per annum, to be charged on the sinking-fund redeemable by parliament.
He would have a bank, indeed, but he insisted it should be established on sound financial principles, with notes redeemable in gold and silver. And he brought a great array of facts to show the certain and utter failure of a system of banking operations which disregarded the fundamental financial laws. He maintained that an inflated currency produced only temporary and illusive benefits.
The directors of the company then bid seven millions for a charter, nearly enough to pay off the whole redeemable debt of the nation; which, however, could not be redeemed, so long as there were, in addition, irredeemable annuities to the amount of eight hundred thousand pounds yearly.
At the close of the war practically all the money in circulation was paper, which passed at a depreciated value because it was not redeemable in coin. The obvious thing was to resume the exchange of specie for paper and thus restore the latter to par value, but serious obstacles stood in the way.
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