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Updated: May 6, 2025
It, in many cases, falls altogether upon the interest of money. Money is frequently sunk in France, upon what are called contracts for the constitution of a rent; that is, perpetual annuities, redeemable at any time by the debtor, upon payment of the sum originally advanced, but of which this redemption is not exigible by the creditor except in particular cases.
For as long before they had held Achnagart on the tenure of a bunch of heather exigible annually and their fighting services as good clansmen. Two hundred years ago an annual rental of L5 was substituted for the heather "corve"; the clansmen's service continuing and being rendered up till the '45.
One goodly old man, named Michael Agelastes, big, burly, and dressed like an ancient Cynic philosopher, was distinguished by assuming, in a great measure, the ragged garb and mad bearing of that sect, and by his inflexible practice of the strictest ceremonies exigible by the Imperial family.
The paper currencies of North America consisted, not in bank notes payable to the bearer on demand, but in a government paper, of which the payment was not exigible till several years after it was issued; and though the colony governments paid no interest to the holders of this paper, they declared it to be, and in fact rendered it, a legal tender of payment for the full value for which it was issued.
"There is not, I trust, a subject in the empire who knows better the ten thousand punctilios exigible from those of different ranks, and clue to different authorities. The man is yet to be born who has seen me take advantage of any more commodious posture than that of standing in presence of the royal family.
It would be otherwise, indeed, with a paper money, consisting in promissory notes, of which the immediate payment depended, in any respect, either upon the good will of those who issued them, or upon a condition which the holder of the notes might not always have it in his power to fulfil, or of which the payment was not exigible till after a certain number of years, and which, in the mean time, bore no interest.
Such a paper money would, no doubt, fall more or less below the value of gold and silver, according as the difficulty or uncertainty of obtaining immediate payment was supposed to be greater or less, or according to the greater or less distance of time at which payment was exigible.
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