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Updated: June 2, 2025
But the act of 1796 requires that they shall be positively sold in such numbers as shall be necessary for the punctual payment of the loans. Nine thousand dollars of interest are lately become due, $3,000 quarter yearly will continue to become due, and $50,000, an additional loan, are reimbursable on the 1st day of November next.
The artisan without work often pledges for forty sous the only covering which, during the nights of winter, defends him and his from the rigor of the cold. But," added the abbe, with enthusiasm, "a loan of thirty or forty francs without interest, and reimbursable by twelfths, when work returns-for honest workmen, it is their safety, it is hope, it is life.
The period of twenty years, as that for which the proposed loan may be contracted, in preference to a shorter period, is suggested, because all experience, both at home and abroad, has shown that loans are effected upon much better terms upon long time than when they are reimbursable at short dates.
Depositors would like to know that their deposits are safe or reimbursable. Investors would like to mitigate some of the risk by shifting it to the state. The unemployed would like to get their benefits regularly. Bankers would like to lend more daringly. Governments would like to maintain the stability of their financial systems.
The period of twenty years, as that for which the proposed loan may be contracted, in preference to a shorter period, is suggested, because all experience, both at home and abroad, has shown that loans are effected upon much better terms upon long time than when they are reimbursable at short dates.
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