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Annuity Notes Ch. Plan Notes
3. Another mode that might present itself
as eligible at first sight is the taking the and as carrying with
it likewise the recommendation of precedent, is the taking
the size last opened, and paying off all of that
size. But here as in the former instance
the rule would operate as a prohibition,
preventing individuals from meddling with
notes of that size
4. Paying off Notes in the alphabetical
order would of the names of the Holders would
be impracticable for the reasons given above,
of the order as between letter and letter
were foreknown, for example the order they
stand in the alphabet, the classes would be
liable illusory to be eroded: there would be no note Holders
with names beginning with the prescribed
letter: if for argument sake evasion
could be prevented it would be still worse: all
persons whose names begin with an A would
be debarred stand excluded from the benefit of
this currency: and the currency would be the deprived
of all these customers. If the letters
and thence the classes were to be determined by lot,
nothing would be gained: it would be as well
to determine that the individuals should be determined
by lot.
Note
(a) The precedent alluded to is that of the G. 3. c.
the first instance of redemption that occurrs paying off that took place since
subsequently to the general reduction of interest
in 1750. A portion of Stock Annuities was
upon being the whole that had been created the year
before the last year in the funding of a portion
of the floating debt. This mass was at the same time
the most recently created, and the smallest that could
be found: but being still too great for the amount of
means
means in hand, no more than a fourth of it was paid off at that time, (each devit holder being doubtless paid off in that same proportion) but the remainder was paid off in the course of the next of course