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Annuity Notes
Note Annuities
can not be paid off
piece-meal, like
Stock.
Art. 21 [ | [A second issue &c ]
In the case of this second issue, the direct object of
the measure will be reduction, of interest the reduction of the rate
of interest on the whole mass of capital: no conversion
now at all, unless but it be the conversion of a mass of paper
bearing a higher rate of interest into an equal mass
of paper bearing an inferior rate.
In this case the mode plan of redemption will be
restricted in some a certain degree by the nature of the case
In the case of Stock Annuities, a rateable redemp
or proportionable redemption — the paying of 1/3 or 1/2
of each man's part portion of annuity, is practicable,
and has been practiced. In the case of the proposed
Note Annuities, Annuity Notes there can be no such thing
as paying off piece-meal: the masses
of interest afforded by the Standard Note as its
multiples and its parts could not be conveniently divided
otherwise than by two, nor in that way without
conditions limitations and restrictions as would be either troublesome
or impracticable adding a note or notes
of a lower dimension at the bottom of the series
(as we shall at large)
there is a double acceleration
power —
1. as
before
2. Demand on the
part of the customers
for temporary
Annuities.