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Art 1 Notes + 2
Plan
Constitution
The case of Exchequer Bills, and that of India
Bonds, afford two other examples: not to mention
that of Navy, Transport, and Victualling Bills
and Ordnance Debentures.
In Ireland, no such thing as Stock Books
are known: the whole of the National Debt, to the
amount of 25 Millions or more rests on no other
evidence than that of a transferable instrument,
in the nature of an Exchequer Bill, called a
Debenture.
The a that form of the Irish Debt in this respect,
being the most recent case proves more
in favour of affords a proof grounded on
experience in favour of an engagement exhibited evidenced
by a transferable instrument, in contradistinction
to one engagement evidenced by a fixed
Register. The preference given in England to a
fixed Register is grounded on usage: which
image appears to have would probably be found
to have taken its rise whether in accident, or in circumstances of
and temporary occasional convenience that do not now
exist. In the early period stages of the public debt, the capital
was advanced to Government, the correspondent Annuities brought purchased
by of Government, incorporated Companies (the Bank and the South
Sea) a who were trading Companies. Being trading
Companies, a man who purchases a on purchasing a share in the trade
partnership, a mans name was entered in the books, if at the as a partner, as
would have been in the case of a private Company partnership
The contrivance of employing a transferable instrument
to serve as of evidence of the possession of such a
a right of this sort, would perhaps be found to have been a more recent invention an invention of more recent date
an improvement upon the original practice. But
to
[+] to speak correctly on
this subject would,
with reference to the
present proposal, be
require such research,
as with reference to
the present proposal
would be a ca of
more curiosity than
use. — Further advantages
which a
transferable instrument
of this kind
may be made to possess, in comparison this respect in comparison with an entry in a fixed Register, see further that passage in the next Chapter + + compared with Form p.2.& 40
in which the reasons for rendering the an Annuity Note divisible are explained.
