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Exchequer Notes 3 Cause &c
3 Causes which cooperate in producing the credit possessed by Bank notes . 1. Payable on demand. 2. — to Borrow. 3 — without trouble of indorsement 4 — in small sums — Plan 5 - on paper of & for circulation 6 — by a company in & possession of the public confidence There are several circumstances which cooperate
towards giving to the Bank paper the extraordinary perfect
aptitude it possesses with respect to circulation . The
want of any of these properties or the possession of it
in an inferior degree will account pro lunto for
the inferiority of the terms upon which the Government
paper obtains possesses the degree of circulation it possesses has obtained.
So Bank Notes are made payable to Bearer on
demand.
These properties seem to be — 1. the being payable
[to the Bearer] on demand , and tra 2. the being transferable
without like coin from hand to hand without indorsement or
any other formality.
