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Annuity Notes
SS. Circulation
indubitable —
17 continued
plan. Notes are issued from different Banking Houses
on different terms, but the above may serve for
illustration, and they all agree a circumstance in which they all agree, is this in this view that
they reduce the rate from the nominal
3 per cent or 2 1/2 per cent or whatever it may be
to a real rate more or less inferior to that rate.
Another circumstance in which they all equally agree is
that of not affording any such facility as is proposed
to be affored by the proposed Annuity Note
paper for the cabin finding the amount ofinterest due uponfractional
sums placed out produced by fractional portions
of time: a circumstance which of itself would
be sufficient to keep any species of currency out
of perhaps the by much the greater number of hands who
with the assistance by this help of the such a facility as that in question would be
open to receive it.
Another circumstance common to all the Bankers
paper is the uncertainty whether the individual 18
2. in regard to
certainty of
payment
by whom the promise is made to compr
able to fulfill the whole mass amount taken
together of the promises he has made: nor or
to speak more shortly the degree of brittleness
which is inseparably interwoven with the very
existence of all such paper: whereas the promise
made by the proposed Government paper, is that
sort of promise which in the whole course of the century
during which it has continued to be issued,
has never yet been known to fail.