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Jugs and pots of a uncertin age is doubtles vallyable property, but, like the debentures of the London, Chatham, and Dover Railway, a man doesn't want too many of them. I was debarred out of the great readin-room. A man told me I must apply by letter for admission, and that I must get somebody to testify that I was respectable. I'm a little 'fraid I shan't get in there.
Indeed, no alternative for the Land Bill of 1886 has been suggested which does not err in one of the following points: either it pledges English credit on insufficient security, or it requires the landowners to accept Irish debentures or some form of Irish paper money at par; in other words, it makes English taxes a fund for relieving Irish landlords, or else it compels the Irish landowner, if he sells at all, to sell at an inadequate price.
And you know what that spells." "It mustn't be allowed to happen yet awhile," answered Cornish. "As I just now said, we must keep on boosting." "You know where the Grain Belt debentures and other obligations are mostly held, of course?" asked Mr. Elkins. "When a bond or mortgage is sold," was the answer, "my interest in it ceases.
Balderby answered, as indifferently as if fifty thousand pounds more or less was scarcely worth speaking of; "and there's five-and-twenty in railway debentures, Great Western. Most of the remainder is floating in Exchequer bills." "Then you can realize the Exchequer bills?" Mr. Balderby winced as if some one had trodden upon one of his corns.
"But he aye reposed great confidence in me, as a friend should." "Yes." "And so I would have asked him several questions if I had known how to express myself; but bonds and debentures, and, above all, preference stock, were aye great stumbling-blocks to my understanding.
Hincks now provided that municipalities which wished money to aid railways or other local improvements might practically pool their credit and share in the credit of the province. Provincial debentures were issued against the municipal obligations pooled in the Fund, and the proceeds of their sale given to the municipalities.
He had but to say "No!" and they faded out of existence.... He had become a sort of vortex to which wealth flowed of its own accord. His possessions increased by heaps; his shares, his leaseholds and mortgages and debentures.
A fund was formed for paying an interest or annuity of six per cent, until the principal should be discharged; and with this was granted a monopoly of a projected trade in the South Sea, vested in the proprietors of navy-bills, debentures, and other public securities, which were incorporated for this purpose.
In these latter years of the War, beginning, I could guess, from 1759, all Civil expenditures, and wages of Officials, cease to be paid in money; nobody of that kind sees the color even of bad coin; but is paid only in 'Paper Assignments, in Promises to Pay 'after the Peace. These Paper Documents made no pretence to the rank of Currency: such holders of them as had money, or friends, and could wait, got punctual payment when the term did arrive; but those that could not, suffered greatly; having to negotiate their debentures on ruinous terms, sometimes at an expense of three-fourths.
The 5 per cent. debentures issued to raise the latter sum were sold at £95 15s.; but the financiers deducted £5 commission from even this, so that the State has only benefited to the extent of £90 15s. This transaction was effected at a time when the State loan known as the Transvaal Fives raised on exactly the same interest and precisely the same guarantee was quoted at over par.
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