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Art. II.
27 Notes 22
22
Plan
5 Constitution
Art. 110
Reason for making
the extension
gradual
The advantages
run in proportion
Reference to the
end of the plan
Art. II. page 5 [1] [ — By degrees ....to ...impose]
The reason for giving such an extent to the proposed
currency is this — that the advantages derived resulting from it
will be in proportion to that extent .. But then a compleat view of advantages
can not be given, till the remainder of
the plan itself has been presented to view.
Reason for making
it gradual
to avoid perplexity
The reason for making use of rendering the extension gradual, is
— to avoid complication and perplexity as much
as possible: [+] [+] The ratio of 2, whether in the way of division or multiplication, being the simplest of all ratios. When the public mind has since been
familiarized with the idea of a note of a certain
magnitude, the introduction of a note of that magnitude,
i:e: of a note two of which will constitute
No public mind
with the complication
of the whole
all at once
the magnitude people are already familiarized
with, can never be attended with even the smallest
degree of perplexity. On the supposition of an entire
and unbroken gradation from the standard note down
to the proposed lowest note, but inclusive the series would be as
+
see the State of
Annuity Note Currency.
follows — £12:16:, 2. £6:8s: 3. £3:4s: 4. £1:12s.
5. 16s: 6. 8s: 7. 4s: 8. 2s: 9. 1s: 10. 6d. Were
the whole amount of the currency to be introduced exposed to issue
at once — that is were it to be determined to issue
6d Notes as well as £12:16s Notes in the first
instance it might be a question whether it would be
eligible to load the musket with such a variety of
denominations: but when it is considered that by
the making the gradations degrees as insensible as possible
requires that they should in this way be as numerous
as possible, whatever inconvenience might otherwise
have resulted from their multitude, sums to be either
prevented or more than compensated by the facility
of the gradation.
Taken
