“Do you think that that currency would run the risk of ever being depreciated in value,--that is to say, that inconvertible five pound notes would not exchange for five sovereigns?--I do not know, as compared with sovereigns; that, I think, is of no consequence in the world. We want it for our internal commerce, and we want it to pay Government their taxes.”[184] Two other questions and answers may be given. “You have been asked about the French assignats. Is not the difference between the currency which you recommend and the assignats just this, that the Government are bound to take back whatever they issue?--Precisely; and that makes all the difference. “And, with the French assignats, they refused to take back what they had issued?--Yes. A corrupt Government may commit such an excess as they did in France, where the amount of their assignats was, if I remember right, about £300,000,000 sterling. They could not receive them back; they could not get their taxation, on account of the revolution which was going on; therefore the assignats fell to nothing.”[185] Another witness was Mr. Edward Capps, who described himself as engaged in the surveying and building trade for thirty years, so that his attention had been directed to the influence of credit on the manner in which buildings are erected in London. He, too, testified in favor of inconvertible paper. Here are some of his answers. “Would you recommend the issue of an inconvertible paper currency, with the view of remedying the evils which you describe?--I was present and heard the examination of Mr. Twells, and he was mentioning a project, by which he thought, that, instead of the £14,000,000 of paper which the Bank issues upon securities, you might go to the extent of £20,000,000 of an inconvertible paper. I think I understood the proposition rightly, as being to that effect. Though it is not exactly the proposition which I should make, yet I cannot see any objection to that proposition myself.”[186] “Do you believe that the paper which you recommend would be, on the average, of the same value as the present bank-note, which is convertible into gold?--I think that very shortly it would be of a higher value than our present standard. If any person had to be paid £10,000 fifteen years hence, and had the option whether it should be paid in that way or in the standard of gold, I think he would exercise a wise discretion in choosing the paper.”[187] “You are not in favor of what is called inconvertible paper, in the sense of worthless paper, are you?--Not at all. “How do you distinguish between your paper and the rags which have in other cases been issued?--Unless I know the principle, I cannot say.