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Art. 1. 6
Annuity notes
Plan
1 Constitution
same effect effect desired. When a note has a long arrear of
interest outstanding upon it, a man will be the better
disposed to take this note, and pay for it in the paying for it as upon
upon the expected and customary footing, according in proportion
to the quantum of the interest, the better assured he is of being able
upon occasion to get it off his hands upon the
same terms: but his chance of doing so will
(it is evident) be increased — not diminished —
by whatever degree of facility has been given
to the operation in the plan contrived adopted for
course prescribed for obtaining payment at the
Government Offices. If this mode of obtaining payment
receiving the interest is not cleared of every
difficulty of which it is possible to divest it, the consequence
will may be — not that men will purchase the
paper, and submitt to the difficulty — but that, they
in consideration of the difficulty they will forbear to
purchase.
The truth is that in preparing As to the question
between half yearly and yearly payment, the truth
is, that at a time when the yearly plan presented
itself to me as the as most eligible one the example of Exchequer Bills
was before my eyes, and my expectation in point of under the hand of
extent went little beyond that instance. Under that a
with this limited, view the extra inter additional degree of
bulk and complication which it would be necessary to
give to the Table not proposed for the back of the Note, formed
of itself a conclusive objection against the half-yearly
plan. It is accordingly to the Yearly plan that the
proposed Notes have been adapted. On the first introduction