Page:Agrarian Justice facsimile.pdf/32



''The bank notes being thus got into circulation, upon the best of all possible security, that of actual property, to more than four times the amount of the bonds upon which the notes are issued, and with numeraire continually arriving at the bank to exchange or pay them off whenever they shall be presented for that purpose, they will acquire a permanent value in all parts of the republic. They can therefore be received in payment of taxes or emprunts, equal to numeraire because the government can always receive numeraire for them at the bank.''

It will be necessary that the payments of the ten per cent. ''be made in numeraire for the first year, from the establishment of the plan. But after the expiration of the first year, the inheritors of property may pay the ten'' per cent. ''either in bank notes issued upon the fund, or in numeraire. If the payments be in numeraire, it will lie as a deposit at the bank, to be exchanged for a quantity of notes equal to that amount; and if in notes issued upon the fund, it will cause a demand upon the fund equal thereto; and thus the operation of the plan will create means to carry itself into execution.''