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6
the lowness of the proposed rate of interest proposed to be
hoard another imposed with the now current rate at present
current, (concerning which see ) the exercise of such a power is an event
that presents itself as neither probable nor desirable.
F
[11][AT the above office [May be received Yearly] Whether
the dividends shall be receivable Yearly only, as here
proposed, or half yearly, is a question to be decided
upon by the proper Judges. — The advantages attending
the less frequent period of payment, supposing
it practicable, are so obvious enough: 1 the
trouble and thence the expence of payment not above
half as good as in the other case: 2. In the other
case, the plan for exhibiting the daily value for the
purpose of a prompt and commodious currency
would [+]
[+] instead of being simple to a degree that will presently be perceived,
be a deal complicated — more much more so
than might at first glance be supposed. If therefore
the public would accept of the yearly mode
instead of the half yearly mode which the usage
in regard to the Stocks has rendered the correct customary
ones, it would be a considerable advantage.
Reasons for expecting this acquiescence are not
wanting. 1. The minuteness of the sum would
operate as an inducement: and the in
the instance of Exchequer Bills affords a precedent
in point or very nearly so. From the year day of
opening to the day of payment is frequently a
tweil twelvemonth or very little short of it.