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<p> <note>Note</note> <note>2</note><lb/> <note>Annuity Notes</note> <lb/> <note>Ch. Grounds<lb/> III, IV, V Circulation</note></p> <p><note> 19<lb/> The market afforded<lb/> by private security<lb/> will be no bar to the<lb/> passing of this paper<lb/> 1. Because the<lb/> quantity of money<lb/> | <p> <note>Note</note> <note>2</note><lb/> <note>Annuity Notes</note> <lb/> <note>Ch. Grounds<lb/> III, IV, V Circulation</note></p> <p><note> 19<lb/> The market afforded<lb/> by private security<lb/> will be no bar to the<lb/> passing of this paper<lb/> 1. Because the<lb/> quantity of money<lb/> to which private security<lb/> is unsuitable<lb/> is so great</note></p> <p> <note>2. because the <lb/> proposed paper <lb/> will itself be as<lb/> capable of forming<lb/> the subject matter<lb/> of loan or private<lb/> security as <hi rend="underline">cash</hi> </note> </p><p>The resource afforded by private security may<lb/> seem for a moment to have been forgotten:<lb/> But, in the first place <del>so long as the money<lb/> market continues in a <add>its present</add> state in which higher<lb/> owing to the <gap/> of government</del><lb/>interest<lb/> it will be seen presently how powerful <del>in <add> the obstacles and</add> <lb/> <add>the management is</add> their operation are the circumstances which<lb/> contribute to render the personal <add> individual</add> security ineligible<lb/> in comparison with government security<lb/> individual borrowers ineligible customers for</del> <lb/> <add> considerations are</add> which <del>present</del> <sic>concurr</sic> in preventing private<lb/>security from constituting a resource <add><del>market<add>commodity</del></add> capable<lb/> of entering into competition with <add> that which will be afforded by</add> the proposed<lb/>Government <del>market,</del> <add>security <add><del>manufacture </del> </add> in the next place, no <lb/> such competition <del>exists</del> between the <unclear>third</unclear> <lb/> <del>markets exists</del> <add> species of security</add> will take place: for <del> <gap/> a demand<lb/> whi</del> the proposed currency being more<lb/> established a demand for money in the way<lb/> of loan or otherwise will be as effectively supplied<lb/> by this species of money as by bank<lb/> money or hard cash.</p> | ||
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Note 2
Annuity Notes
Ch. Grounds
III, IV, V Circulation
19
The market afforded
by private security
will be no bar to the
passing of this paper
1. Because the
quantity of money
to which private security
is unsuitable
is so great
2. because the
proposed paper
will itself be as
capable of forming
the subject matter
of loan or private
security as cash
The resource afforded by private security may
seem for a moment to have been forgotten:
But, in the first place so long as the money
market continues in a its present state in which higher
owing to the of government
interest
it will be seen presently how powerful in the obstacles and
the management is their operation are the circumstances which
contribute to render the personal individual security ineligible
in comparison with government security
individual borrowers ineligible customers for
considerations are which present concurr in preventing private
security from constituting a resource market<add>commodity capable
of entering into competition with that which will be afforded by the proposed
Government market, security <add>manufacture in the next place, no
such competition exists between the third
markets exists species of security will take place: for a demand
whi the proposed currency being more
established a demand for money in the way
of loan or otherwise will be as effectively supplied
by this species of money as by bank
money or hard cash.
