Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Account Of The Stocks Or Public Funds Of This Kingdom.
as they maybe turned into it whenever the possessor pleases . From hence , as notes are a kind of money , the counterfeiting them is punished with death , as well as coining . The method of depositing money in the Bank , and exchanging it for notes ( though they bear no interest ) , is attended with many conveniencies ; as they are not only safer than money in the hands of the owner himself ; but as the notes are more portableand capable of a
, much more easy conveyance : since a bank note , for a very large sum , maybe sent by the post , and to prevent the designs of robbers , may , without damage , be cut in two , and sent at two several times . Or bills , called bank-post bills , may be had by application at the Bank , which are particularly calculated to prevent losses by robberies , they being made payable to the order of the person who takes them out
, at a certain number of days after sight ; which gives an opportunity to stop bills at the Bank , if they should be lost , and prevents their being so easil y negotiated by strangers as common bank notes are : and whoever considers the hazard , the expence and trouble , there would be in sending large sums of gold and silver to and from distant placesmust also corisider this as a very singular advantage . Beside
, which , another benefit attends them ; for if they are destroyed by time , or other accident , the Bank will , on oath being made of such accident , and security being given , pay the money to the person whrjj , was in the possession of them . Bank notes differ from all kinds of Stock in these three particulars ; ist . They are always of the same value . 2 d . They are paid off
without being transferred ; and , 3 d . they bear no interest ; while Stocks are a share in a Company ' s funds , bought without any condition of having the principal returned . India bonds indeed ( though by some ; persons erroneously called Stock ) are to be excepted , they being made payable at six months notice , either on the side of the Company , or of the possessor . By the word Stock was originally meant a particular sum of money
contributed to the establishing a Fund to enable a Company to cany on a certain trade , by means of which the person became a partner in that trade , and received a share of the profit made thereby , in proportion to the money employed . But this term has been extended farther , though improperly , to signify any sum of money which has been lent to the government , on condition of receiving certain
interest till the money is repaid , and which makes a part of the national , debt . As the security both of the government and of the public companies is esteemed , preferable to that . of any private person , as the Stocks are negociable , and may be sold at any time , and as the , interest is always punctually paid when due , so they are thereby enabled to borrow money on a lower interest than what miht be .
g obtained from lending it to private persons where there must be always some danger of losing both principal and interest . But as every capital Stock or Fund of a Company is raised for a particular purpose , and limited by Parliament to a certain sum , it necessarily follows , that when that fund is completed , no Stock can be VOL . V . " ' 3 D '
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Account Of The Stocks Or Public Funds Of This Kingdom.
as they maybe turned into it whenever the possessor pleases . From hence , as notes are a kind of money , the counterfeiting them is punished with death , as well as coining . The method of depositing money in the Bank , and exchanging it for notes ( though they bear no interest ) , is attended with many conveniencies ; as they are not only safer than money in the hands of the owner himself ; but as the notes are more portableand capable of a
, much more easy conveyance : since a bank note , for a very large sum , maybe sent by the post , and to prevent the designs of robbers , may , without damage , be cut in two , and sent at two several times . Or bills , called bank-post bills , may be had by application at the Bank , which are particularly calculated to prevent losses by robberies , they being made payable to the order of the person who takes them out
, at a certain number of days after sight ; which gives an opportunity to stop bills at the Bank , if they should be lost , and prevents their being so easil y negotiated by strangers as common bank notes are : and whoever considers the hazard , the expence and trouble , there would be in sending large sums of gold and silver to and from distant placesmust also corisider this as a very singular advantage . Beside
, which , another benefit attends them ; for if they are destroyed by time , or other accident , the Bank will , on oath being made of such accident , and security being given , pay the money to the person whrjj , was in the possession of them . Bank notes differ from all kinds of Stock in these three particulars ; ist . They are always of the same value . 2 d . They are paid off
without being transferred ; and , 3 d . they bear no interest ; while Stocks are a share in a Company ' s funds , bought without any condition of having the principal returned . India bonds indeed ( though by some ; persons erroneously called Stock ) are to be excepted , they being made payable at six months notice , either on the side of the Company , or of the possessor . By the word Stock was originally meant a particular sum of money
contributed to the establishing a Fund to enable a Company to cany on a certain trade , by means of which the person became a partner in that trade , and received a share of the profit made thereby , in proportion to the money employed . But this term has been extended farther , though improperly , to signify any sum of money which has been lent to the government , on condition of receiving certain
interest till the money is repaid , and which makes a part of the national , debt . As the security both of the government and of the public companies is esteemed , preferable to that . of any private person , as the Stocks are negociable , and may be sold at any time , and as the , interest is always punctually paid when due , so they are thereby enabled to borrow money on a lower interest than what miht be .
g obtained from lending it to private persons where there must be always some danger of losing both principal and interest . But as every capital Stock or Fund of a Company is raised for a particular purpose , and limited by Parliament to a certain sum , it necessarily follows , that when that fund is completed , no Stock can be VOL . V . " ' 3 D '