He represented to the emperor "the low condition of his treasury; that he was forced to take up money at a great discount; that exchequer bills
would not circulate under nine per cent.
In the first three years of the accounts (from June 27 1804 to April 20 1807), Malthus's investments in government securities were mainly in the form of Exchequer Bills. On June 27 1804, he made two purchases, paying 206 [pounds sterling].18.4 for bills with a face value of 200 [pounds sterling] and 104.4.11 [pounds sterling] for bills with a face value of 100 [pounds sterling].
Taking into consideration all Malthus's purchases and sales of government securities (other than exchequer bills) during the period 1807-34, and adding the securities he appears to have held in 1806 before any purchases are indicated in these accounts, his total holdings appear to have reached a maximum face value of 17,156.16.11 [pounds sterling] on March 29 1826.
"We lent...by every possible means and in modes we had never adopted before; we took in stock on security, we purchased exchequer bills
, we made advances on exchequer bills
, we not only discounted outright, but we made advances on the deposit of bills of exchange to an immense amount, in short, by every possible means consistent with the safety of the Bank, and we were not on some cases over-nice.
He struck counterfeit guineas crowns and half-crowns, and developed a liquid that removed the denominations on Exchequer bills
and then added his own amounts over the top.
200 YEARS AGO: The West Indies merchants held a meeting on Tuesday and came to two resolutions on the present very serious state of the Sugar Trade - the one was to apply to the Minister for an aid of five millions of Exchequer Bills
; and the second to apply for the repeal of the late act for withholding the drawback on the re-export of sugar.