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19
Annuity Notes
Ch. Grounds
III, IV, V Circulation
upon, and has never been known to fail, so
will it be relied on trusted to antecedently to special
experience, in the instance of the proposed Note
Annuities. In the
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— and that of Stock
or Bank Annuities:
in which case though
the right does not
pass to a loss,
the loss is owing not
to the circulation,
but to :
viz: the unlimited
prospect of a glut.
In the case of the existing Annuities this
resource, it is true, has not been enjoyed,
but at the expence of a very considerable degree
of depretiation to a very considerable amount:
but what concerns the depretiation is another
topic which will be considered by itself.
comes presently under consideration.
but that the causes of depretiation which apply
to that case do not extend to this is a proposition
the proof of which is at hand
The depretiation there
has for its excuse the
quality of Annuities
brought that must be to market in comparison
of the money capable
of purchasing them
Here no more will can be
brought to market
than what obtains
purchasers at that price.
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When the conditional
facility of
dealing in this paper
is shared by such
numbers, the facility
becomes no
longer conditional
but absolute.
Of this surely as of any other <add> measurable commodity
In general it may be affirmed, that
where if there be ten thousand or a thousand
individuals in the instance of each whom it
is suited to his circumstances to purchase the
commodity on condition of its meeting with
a purchaser amongst the rest and this be
alike known to all the security for its
getting finding its value at market is nominally conditional
in name, but in effect unconditional and
pure.