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18
Annuity Notes
Ch. Grounds
III IV V Circulation
16 continued
effectually by the case of Navy Bills, wh
when considered as standing upon that uncertain in that footing of uncertainty
ground, from out of which they have been so lately raised.
Among the purchasers of these articles of government
manufacture there are always a very
considerable number whose circumstances would
not admitt of their becoming so, but for an assurance
of being able eventually to get the money for article off
their hands in the way of circulation. In
the instance of their existing papers there is it
is time, always, a time say for example five years within which payment
of the principal, and that from the hands of government may to a
moral certainty be expected: whereas for in
the instance of the proposed paper, it being the
interest only that Government undertakes for, in
regard to the principal there is no such
assurance. But to a man to whose circumstances -
it is necessary that he should have
a certain to a certain amount should
be in his hands in the shape of cash as by the
end of six months the same sum at the
end of two years is no more an equivalent
than if it was at the end of twenty. In the
case of an Exchequer Bill, the Holder whose
wants demand for cash will come upon him
before the Bill becomes due and payable, is
as effectually perfectly dependent for it upon the faculty of
getting it off his hand, passing receiving it in the way of circulation, as
the Holder of Stock Annuities: and as in both
instances it has been proved by experience, that the
faculty of getting cash for the article from individuals
in the way of sale is a resource that may be depended
upon