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<p> <note>Notes</note> Art 1 Notes + <note>2</note> <lb/> <note> Annuity Notes</note> </p> <p> <note>Plan<lb/> 1. Constitution<lb/> Art 1. [5]<lb/> continued<lb/> Why transferable<lb/> by simple | <p> <note>Notes</note> Art 1 Notes + <note>2</note> <lb/> <note> Annuity Notes</note> </p> <p> <note>Plan<lb/> 1. Constitution<lb/> Art 1. [5]<lb/> continued<lb/> Why transferable<lb/> by simple delivery </note> </p> <p> (6) continued<lb/> <hi rend="underline">Question —</hi><lb/> Why transferable? — <hi rend="underline">Answer</hi> To exempt this species <add> the preferred <hi rend="underline"><gap/></hi></add> <lb/> of Annuity from those <hi rend="underline">formalities, </hi> the expense and trouble<lb/>of which serve as an insuperable bar to the purchase<lb/>of <hi rend="underline">Stock Annuities,</hi> <del><gap/> </del> <add> in </add> series <hi rend="underline">under</hi> a certain magnitude,<lb/> and thereby start the <gap/> of the <sic>Stocksmarket</sic><lb/> altogether against those who would otherwise form the <lb/> <note> + reference</note> <hi rend="underline">most numerous</hi> class of <unclear>incliners.</unclear> See below §§ Ch. 4. <hi rend="superscript">+</hi> <lb/> <hi rend="underline">Objection</hi> — <del>These formali </del> If the transfer be exempted<lb/><note> Such transfers no <gap/> from <hi rend="underline">security</hi>.</note> from these formalities, the property will not be sufficiently<lb/> secure. <hi rend="underline">Answer</hi>. <del>The</del> In the case of Bank Notes<lb/>the transfer is exempt from these and all other formalities;<lb/> but this exemption does not hinder the property<lb/> in Bank Notes from being <add> universally</add> regarded as sufficiently secure.<lb/> Were the transfer of Bank Notes to be subjected<lb/> to these formalities, the value of Bank paper, <del><add> wor</add> <gap/></del><lb/> would instead of being <sic>increased</sic> by the change, be very<lb/> much diminished, not to say <sic>destroy'd.</sic> In <del>pr</del> instances<lb/> that have been reported to me, Bank Notes have<lb/> been issued in sums as large as £10,000 in one <lb/> Note. £1000 Notes are <add> not uncommon</add> <del>common</del></p> <p> <note> <del> The case of <hi rend="underline">Exchequer<lb/> Bills</hi> <del>afford</del> <add>and</add> <lb/> that of <hi rend="underline">India Bonds</hi>,<lb/> <del> another example is</del> <lb/> afford two other examples:<lb/> not to mention<lb/> that of <hi rend="underline">Navy</hi> <del><gap/></del><lb/> <hi rend="underline">Transport, Victualling<lb/> Bills, and Ordnance<lb/> Debentures.</hi> In Ireland<lb/> the whole of the <lb/> National Debt, to the <lb/> amount of about 25<lb/> millions is in this<lb/> transferable form.</note> </del></p> <p> <del> <add> <gap/> security against loss by robbery </add> For securing Bank notes from being lost by robbery<lb/> or otherwise <gap/> <gap/> <gap/> <gap/> <sic> employ'd,</sic> and <lb/> with success, in the instance of Bank notes viz: by<lb/> cutting <gap/> each note into halves, and lodging each <add> the two</add> <lb/> <add> halves</add> half in the different hands. The security afforded by <lb/> this idea might not only be applied with equal<lb/> convenience to the proposed Annuity Note paper, but<lb/> applied with <gap/>. An indefinite variety of issued<lb/> notes <add> <gap/> in the same principle</add> might be <sic>employ'd</sic> each of them more commodious<lb/> than the plan observed in the case of Stock<lb/> Annuities, which render the transaction <sic>uncommodious</sic><lb/> and expense the whole kingdom over, couple <add> at the</add> one place<lb/> in which the <gap/> <gap/> purpose is situated.</del><lb/> <add> The</add> </p> | ||
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Notes Art 1 Notes + 2
Annuity Notes
Plan
1. Constitution
Art 1. [5]
continued
Why transferable
by simple delivery
(6) continued
Question —
Why transferable? — Answer To exempt this species the preferred
of Annuity from those formalities, the expense and trouble
of which serve as an insuperable bar to the purchase
of Stock Annuities, in series under a certain magnitude,
and thereby start the of the Stocksmarket
altogether against those who would otherwise form the
+ reference most numerous class of incliners. See below §§ Ch. 4. +
Objection — These formali If the transfer be exempted
Such transfers no from security. from these formalities, the property will not be sufficiently
secure. Answer. The In the case of Bank Notes
the transfer is exempt from these and all other formalities;
but this exemption does not hinder the property
in Bank Notes from being universally regarded as sufficiently secure.
Were the transfer of Bank Notes to be subjected
to these formalities, the value of Bank paper, wor
would instead of being increased by the change, be very
much diminished, not to say destroy'd. In pr instances
that have been reported to me, Bank Notes have
been issued in sums as large as £10,000 in one
Note. £1000 Notes are not uncommon common
The case of Exchequer
Bills afford and
that of India Bonds,
another example is
afford two other examples:
not to mention
that of Navy
Transport, Victualling
Bills, and Ordnance
Debentures. In Ireland
the whole of the
National Debt, to the
amount of about 25
millions is in this
transferable form.
security against loss by robbery For securing Bank notes from being lost by robbery
or otherwise employ'd, and
with success, in the instance of Bank notes viz: by
cutting each note into halves, and lodging each the two
halves half in the different hands. The security afforded by
this idea might not only be applied with equal
convenience to the proposed Annuity Note paper, but
applied with . An indefinite variety of issued
notes in the same principle might be employ'd each of them more commodious
than the plan observed in the case of Stock
Annuities, which render the transaction uncommodious
and expense the whole kingdom over, couple at the one place
in which the purpose is situated.
The
