It might be expected
that to render your land-bank tolerable, every means would be
adopted that could display openness and candor in the statement of the
security- everything which could aid the recovery of the demand. To
take things in their most favorable point of view, your condition
was that of a man of a large landed estate which he wished to
dispose of for the discharge of a debt and the supply of certain
services. Not being able instantly to sell, you wished to mortgage.
What would a man of fair intentions and a commonly clear understanding
do in such circumstances? Ought he not first to ascertain the gross
value of the estate, the charges of its management and disposition,
the encumbrances perpetual and temporary of all kinds that affect
it, then, striking a net surplus, to calculate the just value of the
security? When that surplus (the only security to the creditor) had
been clearly ascertained and properly vested in the hands of trustees,
then he would indicate the parcels to be sold, and the time and
conditions of sale; after this, he would admit the public creditor, if
he chose it, to subscribe his stock into this new fund, or he might
receive proposals for an assignat from those who would advance money
to purchase this species of security.
This would be to proceed like men of business, methodically and
rationally, and on the only principles of public and private credit
that have an existence.
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