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Annuity Notes
Abstract Unfavourable pre Prep obviated — The proposed currency stands clear of whatever has been mischievous or impracticable in other currencies —
Other paper currencies, (like the French Assignats & Mandats &c) have been either, engagements
of for money in unlimited quantity, and without the funds for
of performance [+]
[+] or promises of
fragments pieces <add>divisions of a
species of property subject of property
Land, Houses &c
the value of which
would either could
not at all or could
not without the destruction
of the greatest part
of its value be
so divided
[+] or promises of
minute portions of
a species of property
(for example Lands
and Houses) incapable
of being reduced into
such portions:
like the French Assignats & Mandats
in or like some of the American currencies mere arbitrary substitutions of worthless scraps of paper
to pieces of valuable metal, like some of the American with which they had
currencies nothing in common but the name.
Here nothing is engaged for but to pay such
monies as there is already funds for paying, and
at such times at which there are funds for paying
at them: and this in a quantity which has its ne plus ultra by the terms
of the engagement has its ne plus ultra, and can not in no case exceed the
existing amount of the produce of those funds.
The principle of this measure is the exact
counterpart of the well-imagined and successful
plan for the buying in Government Annuities with
the produce ofmoney produced by the sale of the
Land Tax. [reduced
of annually renewable and not
redeemable subject to redemption for that purpose]
The
What the Land tax Sale
plan does
in the way of raising
does the price of Government Annuities
it effects by taking out of the market a quantity of that
same commodity out of the market: what the proposed
Annuity Note plan raises the of these Annuities
does in the same way contributes to the same effect, is
done by the to such
bringing letting in to the market
of the correlative article ready
money, as
in those small or fugitive masses which
by
the operation of the causes above it referred to are precluded should
from it at present are shut out of it at present.
