66 



It is also objected by the same Reviewer, notwith- 

 standing the particular explanation of the Authou upon 

 that part of the subject, that great inconvenience would 

 arise from the liquidation of the Public Debt, to many 

 descriptions of persons now entitled to an annuity from the 

 public. 



Some care and attention on the part of the annuitant 

 would, of course, become necessary ; because in lieu of an 

 annuity derived from the whole of the labor and exertion 

 of the country and guaranteed by the State, he would find 

 it necessary to invest his capital in property, to be let to 

 a tenant upon whom he would have to depend for rent, or 

 he would himself employ the capital, or he would advance 

 his capital on the security of a mortgage ; or upon the sup- 

 position of a Bank of Deposit being established, he would 

 advance it on loan to such Bank ; in either of which cases 

 his situation would assimilate to his present situation, but 

 with this material difference — that he would lend, not 

 sink his capital. The money which he would advance 

 to the Bank of Deposit, the Bank would again lend, and the 

 borrower, having the use of the capital, would be justly 

 called upon to pay the interest. The original lender 

 would be secure under the engagement of the Bank, and 

 the borrower would enjoy the use of the money. The 

 contract would be of advantage to all die parties concerned 

 in it ; and no disadvantage to the public, in respect of the 

 money price of commodities, or in any other respect, 

 dould be justly apprehended. As the liquidation of the 

 Public Debt would not create, or in any manner add to, 

 capital, but would powerfully tend to create demand for it, 

 it does not appear reasonable to doubt that security for 

 such capital as the proprietor might not himself choose to 

 employ, would be presented in some one of the recog- 



