| | 1 | Author: | Brock: Webbe, John | Add | | | Title: | A discourse concerning paper money: in which its principles are laid open; and a method, plain and easy, for
introducing and continuing a plenty, without lessening the present value of it, is demonstrated. / by John Webbe  | | | | Published: | 2000 | | | | Subjects: | University of Virginia Library, Text collection | UVA-LIB-Text | | | | Description: | The value of the paper-money of Pennsylvania notwithstanding
the obvious manner of accounting for it, is attributed by many to the
land-security on which it is lent; and in support of this notion, the
following argument, whoever first broached it, has been printed; which I
shall particularly examine; for as it has been generally
adopted, it cannot with decency be condemned in the
lump. It runs thus. As those who take bills out of the
banks in Europe put in money for security, so here we engage
our Land. And as bills issued upon money security are money, so bills
issued upon land security are, in effect, coined land. Now the
Banks of Europe do actually borrow the money lodged
with them, and therefore give their notes as a security for the
repayment. But the paper-money-bank of Pennsylvania, to which
the argument is applied, does not borrow but lend money, and
therefore takes security from the borrowers for the repayment
at the times stipulated. The two cases then, instead of having the
least resemblance, being essentially opposite; it is
impossible that any conclusion drawn from the one should be applicable
to the other. Indeed the bills given by an European bank have
the same power as the silver promised by 'em; because the possessors
have a right to receive, and do also receive on demand the very
sums expressed by such bills. But those of Pennsylvania
cannot, for a like reason, nor for any reason, be considered as
land; for tho' they be lent upon land, yet the possessors have no
right to demand from any man, or any body of men, any land for
'em. | | | Similar Items: | Find |
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