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The fitness capacity of any species of paper currency
with regard to its answering the purpose of a
circulating medium, its goodness, in a word,
depends upon its solidity, apparent as well as
real, upon the certainty of fact or real which exists
as well as upon and of that which appears to exist, that the promise
it. Government paper excepted No paper – now existing – now paper which there is and which there appears to be
that ever has existed, or can exist ever has
approached; no paper that can exist can ever
approach to the solidity possessed by of the assurance promise
conveyed by the proposed Annuity Noes. No mercantile paper
of the mercantile kind – no paper of any private Banker, how opulent soever – no paper not even
the paper
even of the Bank of England. In the case Of all Bankers
paper without exception the capacity of failing possible insolidity
the certainty of failing in a case of a ra that
may vary will happen – the certainty of failing
in the case of a run to a certain extent
– in a word the certainty of failure failing
as often as the fulfilment of the promises conveyed by the whole
mass of paper payment or even of considerably less than the whole mas of paper shall come to be
called for within a certain space of time – is
of the very essence of the business. If the whole
quantity of hard cash gold and silver money promised by
the Bank to be paid on demand – that is, to be
paid or so applied for all of it the same day, and all fit on any
day