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Notes Art 1 Notes + 2
Annuity Notes
Plan
1. Constitution
Art 1. [5]
continued
Why transferable
by simple
(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, ,del> in series under a certain magnitude,
and thereby start the of the Stocksmarket
altogether against those who would otherwise form the
most numerous class of incliners. see below §§ Ch. 4.
Objection — if the transfer be exempted
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 disinvested, 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 <add>and<add>
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.
loss by The securing Bank notes from being lost by robbery
or otherwise employ'd, and
with success, in the of Bank note 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 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
