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Note 2
Annuity Notes
Ch. Grounds
III, IV, V Circulation
<note> 19
The market afforded
by private security
will be no bar to the
passing of this paper
1. Because the
quantity of money
& private security
is unsuitable or so great
2. because the
paper
will itself be as
capable of forming
the subject matter
of loan or private
security. as cash</note?
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 while higher
owing to the of government
interest
it will be seen presently how powerful an the obstacles and
the operation as the circumstances which
contribute to render the personal individual security ineligible
in comparison with government security
individual borrowers ineligible customers for
which considerations are present concur 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
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.
