Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1847-08-13
p17Ncu,s FINANCIAL PROPOSITION

Perhaps it is not generally known that
PINCH had had an interview with the Chan
cellor of the exchequer, for the purpose of
LAYING before the government proposition to
release the country from its present pecunlary
embarrassment. Punch was recelVed---ot
course-very graciously by the minister; and,
having been asked to take seat IN the caol-
net of the clever official, he proceeded with
the statement, of which the following is an
outline: There isl said Mr.. Punch,
understand, great pressure for money, or, as
it is technically termed tghtness though |
confess do not feel it; ] can do very well
without money, if other people would only be
satisfied, and not ask me for it. 1t is true that
my tradesmen talk to me of the difficulty they
have in getting in their accounts but say to
them, very naturally, what right have you to
embark in business at all, if you have not the
requisite capital to bear the brunt of it! Don't
talk to me of settling my little bill; go, sir,
and pay your own debts, but pray don't both
er me about matters of this kind, tor ! have
more important affairs TO occupy my atten-
tom
Mr.. Punch here explained to the Chancel-
lor of the Exchequer, that this part of his OBJ
servatons related only to the general state of
existing circumstances between debtor and
creditor, but had no direct bearing on his great
financial proposition. The minister expressed
his anxiety to come at this as speedily as pos
sibe, and the following dialogue ensued:
Mr.. Punch.-Now tell me in word what
is the evil for which you require remedy'
Chancellor of the Ercheguer.-The fact is,
that the circulating medium is all locked up or
out of the country, and we must either release
it or find substitute.
Mr. Pu,,ch.-That is exactly my point
Would an unlimited issue of paper restore the
circulation
Chancellor qfthe Erchequer.-Most assured
ly it would.
Mr.. Punch.-Then here you have it. This
paper (producing number of Punch) has al
ready an unlimited issue, and it is recognised
as circulating medium all over the world
Now, you have been talking of putting an in
terest on exchequer bills. Do what you will
with them, they will never carry half the in
terest that attaches to the paper now hold in
my hand and l propose that number OF
Punch, which is nominally valued at three
pence, should be declared legal tender for
one pound-about its real worth; and thus
you have an issue of one-pound notes at once
without the expense or risk of interfering
with the Bank of England arrangements.
Chancellor of the Eachequer.-There seems
to be something in your suggestion but wher
do you propose to make your paper circula
ton payable?
Mr. Punch.-On demand, of course, jus
like bank note. Ipropose to make every
number payable at the Office in Fleet street
on the receipt of nominal discount of three
pence, which will enttle the applicant to al
exchange-or rather a renewal of his pape
supply; and thus there will be kept up con:
drain upon the Golfers of anybody
The Chancellor of the Exchequer express
ed himself greatly pleased with the sugges
ton, and promised to give it his very earlies
attention.