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The investment was fixed at 900,000_l._
But now another alarming system appeared. These new bonds overloaded
the market. Those which had been formerly issued were at a discount; the
Board of Trade was obliged to advance, therefore, a fourth more than
usual to the contractors. This seemed to satisfy that description of
dealers. But as those who bought on agency were limited to no terms of
mutual advantage, and the bonds on the new issue falling from three to
eight, nine, and ten per cent discount, the agents were unable to
furnish at the usual prices. Accordingly a discount was settled on such
terms as could be made: the lowest discount, and that at two places
only, was at four per cent; which, with the interest on the bonds, made
(besides the earlier advance) at the least twelve per cent additional
charge upon all goods. It was evident, that, as the investment, instead
of being supported by the revenues, was sunk by the fall of their
credit, so the net revenues were diminished by the daily accumulation of
an interest accruing on account of the investment.


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