Note 100 — PART II. CONTAINING Remarks on some Particulars in a Speech at opening the Budget in April 1776.

It should be remembered here, that tho’ Government, when its debts are at a discount, may be able, with the consent of the creditors, to redeem a given capital by paying a less sum than that capital; yet it can never be obliged to pay more.—In other words; a 100l. capital in the 3 per cents; 3½ per cents; or 4, or 5 per cents, Government is always at liberty to redeem by paying 100l. whatever the market price of it may be, and whether the creditors will consent or not.