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36 Notex 36
Annuity Notes
Plan
1 Constitution
Art 1516
The least number
to be issued at
once the
imposition of that
sum points
not to be determined
before hand —
Government would
of course exercise
its decisions by
public convenience
Arts 15 16. p.8. [ | [ — Least quantity or &c ]
In the advantage derived from governance from that currency
will be in proportion to the value of it,
and its extension will be in proportion to the convenience
afforded by the use of it, Government may
be safely nough trusted with the adjustance of these
two points. The avoidance of convenience in this
respect wants no otherwise to be obtained than
by experience. Whatever course comes to be
taken in these points at the outset, if it were
fixed by an inflexible rule that rule might
would be exposed to be rendered an instrument of
vexation [+] [+] The interest by which man would be prompted to render the whole measure abortive, if possible, are as powerful as they are obvious. On the one hand, the inconvenience to
individuals — on the other hand the trouble and
thence the expence to Government might be rendered
intolerable.
If the sum is
too small, the
trouble will be
too great
If the sum is too
large
will from the door of
the market will
be shut against
so many instances
The larger greater the quan number of these notes large
or small, that came to be taken out at once,
that is by one and the same person at one and
the same application, the less the trouble upon each
note: but the greater the amount in value of
the least mass of notes allowed to be taken
out at a time, the fewer are the hands that will
be able to find money the cash requisite to pay
for it. In the case of the standard note of £12:16s
in the half or the quarter or the eighth of it, there
is not difficulty: no fear of the trouble's becoming an
object in notes of such a magnitude: but in the
case of 1s and 6 sixpenny Notes it is a very different
affair. Hence too another reason for rendering carrying the extension
downwards by smooth and insensible degrees.