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+ Art. 20 32 31
5
Conversion
20 continued
them both out of the at once.
What I As to the clause restricting Government
from paying otherwise than in such large masses
as the £500,000, and £1,000,000 abovementioned [+] I what but one object for
can have been the reason for it, unless it be to prevent guard
prevail it, which is the guarding against personal preferences — and this a reason seems
a sufficient one. Without some such restriction individuals
might have been paid off one after another,
and by that means favoured or detrimented put in a better or worse condition according
to the circumstances of the term. Supposing this
to have been the reason, and the only reason, any
other arrangement which afforded equal security against
such , might be substituted without breach of faith or injury
Lot for instance; an expedient already in use in French Finance
be this or whatever other view, under the old
[+] Supposing the
object above conjectured
(viz: the extension
of personal
preferences) to have
been the real one,
the expedient
proposed (viz. the
determination by
lot — will be equally
crass an expedient
employ'd in similar
instances under the
old French Government)
will be equally
competent to
the attainment of it.
Be that as it may In all events, the difficulty would not
extend beyond the conversion effected by the first issue.
The papers would be if accepted, would stand clear of this and
any other such class.
Were it otherwise, a stipulation of this sort could might
be attended with some inconvenience and expence.
As, by the nature of the process of reduction the charge
precedes the exoneration, (since it is by the charge, and that alone, that
the money for the exoneration is to be furnished) the
consequence might be, that, to the extent of a
certain quartile amount of paper, a half year's charge, on
the score of the interest, might be incurred, upon so
much paper of the open issue, before and this were
in the sum were collected that would be necessary to
effect an the exoneration to that amount by the discharge redemption
of a correspondent quantity of paper of the closed
issue. Besides that the of a charge to any such
considerable amount would moreover be inconsistent with the letter at
least
[+] least of a fundamental
as well as the proposed
of measure, Art.8 unless reconciled
to it by words
advised inserted in that