Currency fallacies refuted, and paper money ... - University Library

52 PAPER MONEY VINDICATED.rity of their subscribed capital, as a guaranteefor the safety of his loan. It is not likely thatunder these circumstances he will refuse thenotes, preferring a single toa double security.But I may wish to pay them to a tradesmanto whom I owe a bill. Will he refuse them,when he knows that they are taken as moneyby all the subscribers to the company, even ifhe does not happen to be one himself? Will heprefer my personal assurance that I will pay him,as soon as 1 am able, to the notes of a company,who have got for every 100/. a security on myestate for 300/., that the notes shall be paid,besides the security of their advanced capital ?He will, of course, take them gladly, as givinghim greater security than he had before, andeither send them to the bank to be placed tohis credit, permanently, like the capitalist, — oremploy them, as he may see fit, in making hisown payments. But suppose I want to makeimprovements on my estate, I pay the notes toall kinds of labourers and artisans. They buywhat they want with them, and the tradesmentake them and pay them away, or send them tothe bank to make interest.If I am a manufacturer, and want a bill discounted,the notes of such a company are atleast as good to me as the bill. I pay theworkmen I employ with them — and they thetradesmen, of whom they purchase the necessariesof life, who either circulate them further