by Thomas Paine
To preserve the benefits of what is called civilized life, and to remedy
at the same time the evil which it has produced, ought to considered as
one of the first objects of reformed legislation.
Whether that state that is proudly, perhaps erroneously, called civilization,
has most promoted or most injured the general happiness of man is a question
that may be strongly contested. On one side, the spectator is dazzled by
splendid appearances; on the other, he is shocked by extremes of wretchedness;
both of which it has erected. The most affluent and the most miserable of
the human race are to be found in the countries that are called civilized.
To understand what the state of society ought to be, it is necessary to
have some idea of the natural and primitive state of man; such as it is
at this day among the Indians of North America. There is not, in
that state, any of those spectacles of human misery which poverty and want
present to our eyes in all the towns and streets in Europe.
Poverty, therefore, is a thing created by that which is called civilized
life. It exists not in the natural state. On the other hand, the natural
state is without those advantages which flow from agriculture, arts, science
The life of an Indian is a continual holiday, compared with the poor of
Europe; and, on the other hand it appears to be abject when compared to
Civilization, therefore, or that which is so-called, has operated two ways:
to make one part of society more affluent, and the other more wretched,
than would have been the lot of either in a natural state.
It is always possible to go from the natural to the civilized state, but
it is never possible to go from the civilized to the natural state. The
reason is that man in a natural state, subsisting by hunting, requires ten
times the quantity of land to range over to procure himself sustenance,
than would support him in a civilized state, where the earth is cultivated.
When, therefore, a country becomes populous by the additional aids of cultivation,
art and science, there is a necessity of preserving things in that state;
because without it there cannot be sustenance for more, perhaps, than a
tenth part of its inhabitants. The thing, therefore, now to be done is to
remedy the evils and preserve the benefits that have arisen to society by
passing from the natural to that which is called the civilized state.
In taking the matter upon this ground, the first principle of civilization
ought to have been, and ought still to be, that the condition of every person
born into the world, after a state of civilization commences, ought not
to be worse than if he had been born before that period.
But the fact is that the condition of millions, in every country in Europe,
is far worse than if they had been born before civilization begin, had been
born among the Indians of North America at the present. I will show how
this fact has happened.
It is a position not to be controverted that the earth, in its natural,
cultivated state was, and ever would have continued to be, the common
property of the human race. In that state every man
would have been born to property. He would have been a joint life proprietor
with rest in the property of the soil, and in all its natural productions,
vegetable and animal.
But the earth in its natural state, as before said, is capable of supporting
but a small number of inhabitants compared with what it is capable of doing
in a cultivated state. And as it is impossible to separate
the improvement made by cultivation from the earth itself, upon which that
improvement is made, the idea of landed property arose
from that parable connection; but it is nevertheless true, that it is the
value of the improvement, only, and not the earth itself, that is individual
Every proprietor, therefore, of cultivated lands, owes to the community
ground-rent (for I know of no better term to express the
idea) for the land which he holds; and it is from this ground-rent that
the fund prod in this plan is to issue.
It is deducible, as well from the nature of the thing as from all the stories
transmitted to us, that the idea of landed property commenced with cultivation,
and that there was no such thing, as landed property before that time. It
could not exist in the first state of man, that of hunters. It did not exist
in the second state, that of shepherds: neither Abraham, Isaac, Jacob, nor
Job, so far as the history of the Bible may credited in probable
things, were owners of land.
Their property consisted, as is always enumerated in flocks
and herds, they traveled with them from place to place. The frequent
contentions at that time about the use of a well in the dry country of Arabia,
where those people lived, also show that there was no landed property. It
was not admitted that land could be claimed as property.
There could be no such thing as landed property originally. Man did not
make the earth, and, though he had a natural right to occupy it,
he had no right to locate as his property in perpetuity
any part of it; neither did the Creator of the earth open a land-office,
from whence the first title-deeds should issue. Whence then, arose the idea
of landed property? I answer as before, that when cultivation began the
idea of landed property began with it, from the impossibility of separating
the improvement made by cultivation from the earth itself, upon which that
improvement was made.
The value of the improvement so far exceeded the value of the natural earth,
at that time, as to absorb it; till, in the end, the common right of all
became confounded into the cultivated right of the individual. But there
are, nevertheless, distinct species of rights, and will continue to be,
so long as the earth endures.
It is only by tracing things to their origin that we can gain rightful ideas
of them, and it is by gaining such ideas that we, discover the boundary
that divides right from wrong, and teaches every man to know his own. I
have entitled this tract "Agrarian Justice" to distinguish it
from "Agrarian Law."
Nothing could be more unjust than agrarian law in a country improved by
cultivation; for though every man, as an inhabitant of the earth, is a joint
proprietor of it in its natural state, it does not follow that he is a joint
proprietor of cultivated earth. The additional value made by cultivation,
after the system was admitted, became the property of those who did it,
or who inherited it from them, or who purchased it. It had originally no
owner. While, therefore, I advocate the right, and interest myself in the
hard case of all those who have been thrown out of their natural inheritance
by the introduction of the system of landed property, I equally defend the
right of the possessor to the part which is his.
Cultivation is at least one of the greatest natural improvements ever made
by human invention. It has given to created earth a tenfold value. But the
landed monopoly that began with it has produced the greatest evil. It has
dispossessed more than half the inhabitants of every nation of their natural
inheritance, without providing for them, as ought to have been done, an
indemnification for that loss, and has thereby created a species of poverty
and wretchedness that did not exist before.
In advocating the case of the persons thus dispossessed, it is a right,
and not a charity, that I am pleading for. But it is that kind of right
which, being neglected at first, could not be brought forward afterwards
till heaven had opened the way by a revolution in the system of government.
Let us then do honor to revolutions by justice, and give currency to their
principles by blessings.
Having thus in a few words, opened the merits of the case, I shall now proceed
to the plan I have to propose, which is,
To create a national fund, out of which there shall be paid to every person,
when arrived at the age of twenty-one years, the sum of fifteen pounds sterling,
as a compensation in part, for the loss of his or her natural inheritance,
by the introduction of the system of landed property:
And also, the sum of ten pounds per annum, during life, to every person
now living, of the age of fifty years, and to all others as they shall arrive
at that age.
MEANS BY WHICH THE FUND IS TO BE CREATED
I have already established the principle, namely, that the earth, in its
natural uncultivated state was, and ever would have continued to be, the
common property of the human race; that in that state, every person
would have been born to property; and that the system of landed property,
by its inseparable connection with cultivation, and with what is called
civilized life, has absorbed the property of all those whom it dispossessed,
without providing, as ought to have been done, an indemnification for that
The fault, however, is not in the present possessors. No complaint is tended,
or ought to be alleged against them, unless they adopt the crime by opposing
justice. The fault is in the system, and it has stolen perceptibly upon
the world, aided afterwards by the agrarian law of the sword. But the fault
can be made to reform itself by successive generations; and without diminishing
or deranging the property of any of present possessors, the operation of
the fund can yet commence, and in full activity, the first year of its establishment,
or soon after, as I shall show.
It is proposed that the payments, as already stated, be made to every person,
rich or poor. It is best to make it so, to prevent invidious distinctions.
It is also right it should be so, because it is in lieu of the natural inheritance,
which, as a right, belongs to every man, over and above property he may
have created, or inherited from those who did. Such persons as do not choose
to receive it can throw it into the common fund.
Taking it then for granted that no person ought to be in a worse condition
when born under what is called a state of civilization, than he would have
been had he been born in a state of nature, and that civilization ought
to have made, and ought still to make, provision for that purpose, it can
only be done by subtracting from property a portion equal in value to the
natural inheritance it has absorbed.
Various methods may be proposed for this purpose, but that which appears
to be the best (not only because it will operate without deranging any present
possessors, or without interfering with the collection of taxes or emprunts
necessary for the purposes of government and the Revolution, but because
it will be the least troublesome and the most effectual,
and also because the subtraction will be made at a time that best admits
it) is at the moment that property is passing by the death of one person
to the possession of another. In this case, the bequeather gives nothing:
the receiver pays nothing. The only matter to him is that the monopoly of
natural inheritance, to which there never was a right, begins to cease in
his person. A generous man would not wish it to continue, and a just man
will rejoice to see it abolished.
My state of health prevents my making sufficient inquiries with respect
to the doctrine of probabilities, whereon to found calculations with such
degrees of certainty as they are capable of. What, therefore, I offer on
this head is more the result of observation and reflection than of received
information; but I believe it will be found to agree sufficiently with fact.
In the first place, taking twenty-one years as the epoch of maturity, all
the property of a nation, real and personal, is always in the possession
of persons above that age. It is then necessary to know, as a datum of calculation,
the average of years which persons above that age will live. I take this
average to be about thirty years, for though many persons will live forty,
fifty, or sixty years, after the age of twenty-one years, others will die
much sooner, and some in every year of that time.
Taking, then, thirty years as the average of time, it will give, without
any material variation one way or other, the average of time in which the
whole property or capital of a nation, or a sum equal thereto, will have
passed through one entire revolution in descent, that is, will have gone
by deaths to new possessors; for though, in many instances, some parts of
this capital will remain forty, fifty, or sixty years in the possession
of one person, other parts will have revolved two or three times before
those thirty years expire, which will bring it to that average; for were
one-half the capital of a nation to revolve twice in thirty years, it would
produce the same fund as if the whole revolved once.
Taking, then, thirty years as the average of time in which the whole capital
of a nation, or a -sum equal thereto, will revolve once, the thirtieth part
thereof will be the sum that will revolve every year, that is, will go by
deaths to new possessors; and this last sum being thus known, and the ratio
per cent to be subtracted from It determined, it will give the annual amount
or income of the proposed fund, to be applied as already mentioned.
In looking over the discourse of the English Minister, Pitt, in his opening
of what is called in England the budget (the scheme of finance for the year
1796), I find an estimate of the national capital of that unity. As this
estimate of a national capital is prepared ready to my hand, I take it as
a datum to act upon. When a calculation is made upon the known capital of
any nation, combined with its population, it will serve as a scale for any
other nation, in proportion as its capital and population be more or less.
I am the more disposed to take this estimate of Mr. Pitt, for the purpose
of showing to that minister, upon his own calculation, how much better money
may be employed than in wasting it, as he has done, on the wild project
of setting up Bourbon kings. What, in the name of heaven, re Bourbon kings
to the people of England? It is better that the people have bread.
Mr. Pitt states the national capital of England, real and personal, to one
thousand three hundred millions sterling, which is about one-fourth part
of the national capital of France, including Belgia. The event of the last
harvest in each country proves that the soil of France more productive than
that of England, and that it can better support twenty-four or twenty-five
millions of inhabitants than that of England n seven or seven and a half
The thirtieth part of this capital of 1,300,000,000 is L
43,333,333 which the part that will revolve every year by deaths in that
country to new possessors; and the sum that will annually revolve in France
in the proportion of four to one, will be about one hundred and seventy-three
millions sterling. From this sum of 43,333,333 annually
revolving, is be subtracted the value of the natural inheritance absorbed
in it, which, perhaps, in fair justice, cannot be taken at less, and ought
not be taken for more, than a tenth part.
It will always happen that of the property thus revolving by deaths every
year a part will descend in a direct line to sons and daughters, and other
part collaterally, and the proportion will be found to be about three to
one; that is, about thirty millions of the above sum will descend to direct
heirs, and the remaining sum of 413,333,333 to more distant
relations, and in part to strangers.
Considering, then, that man is always related to society, that relationship
will become comparatively greater in proportion as the next of kin is more
distant; it is therefore consistent with civilization to say that where
there are no direct heirs society shall be heir to a part over and above
the tenth part due to society.
If this additional part be from five to ten or twelve per cent, in proportion
as the next of kin be nearer or more remote, so as to average with the escheats
that may fall, which ought always to go to society and not to the government
(an addition of ten per cent more), the produce from the annual sum of L
43,333,333 will be:
From 30,000,000 at ten per cent.................................................3,000,000
From 13,333,333 at ten per cent with the addition of ten per cent more.... 2,666,666
Having thus arrived at the annual amount of the proposed fund, I come, in
the next place, to speak of the population proportioned to this fund and
to compare it with the uses to which the fund is to be applied.
The population (I mean that of England) does not exceed seven millions and
a half, and the number of persons above the age of fifty will in that case
be about four hundred thousand. There would not, however, be more than that
number that would accept the proposed ten pounds sterling per annum, though
they would be entitledentitledI have no idea it would be accepted by many
persons who had a yearly income of two or three hundred pounds sterling.
But as we often see instances of rich people falling into sudden poverty,
even at the age of sixty, they would always have the right of drawing all
the arrears clue to them. Four millions, therefore, of the above annual
sum of 5,666,666 will be required for four hundred thousand
aged persons, at ten pounds sterling each.
I come now to speak of the persons annually arriving at twenty-one years
of age. If all the persons who died were above the age of twenty-one years,
the number of persons annually arriving at that age must be equal to the
annual number of deaths, to keep the population stationary. But the greater
part die under the age of twenty-one, and therefore the number of persons
annually arriving at twenty-ope will be less than half the number of deaths.
The whole number of deaths upon a population of seven millions and an half
will be about 220,000 annually. The number arriving at twenty-one years
of age will be about 100,000. The whole number of these will not receive
the proposed fifteen pounds, for the reasons already mentioned, though,
as in the former case, they would be entitled to it. Admitting then that
a tenth part declined receiving it, the amount would stand thus:
To 400,000 aged persons at 10 each ....................... 4,000,000
To 90,000 persons of 21 yrs. 15 each....................... 1,350,000
There are, in every country, a number of blind and lame person totally incapable
of earning a livelihood. But as it will always happen that the greater number
of blind persons will be among those who are above the age of fifty years,
they will be provided for in that class. Th remaining sum of
316,666 will provide for the lame and blind under that age, at the same
rate of 10 annually for each person.
Having now gone through all the necessary calculations, and stated the
particulars of the plan, I shall conclude with some observations.
It is not charity but a right, not bounty but justice, that I am pleading
for. The present state of civilization is as odious as it is unjust. It
is absolutely the opposite of what it should be, and it is necessary that
a revolution should be made in it. The contrast of affluence and wretchedness
continually meeting and offending the eye, is like dead and living bodies
chained together. Though I care as little about riches as any man, I am
a friend to riches because they are capable of good.
I care not how affluent some may be, provided that none be miserable in
consequence of it. But it is impossible to enjoy affluence with the felicity
it is capable of being enjoyed, while so much misery is mingled in the scene.
The sight of the misery, and the unpleasant sensations it suggests, which,
though they may be suffocated cannot be extinguished, are a greater drawback
upon the felicity of affluence than the proposed ten per
cent upon property is worth. He that would not give the one to get rid of
the other has no charity, even for himself.
There are, in every country, some magnificent charities established by individuals.
It is, however, but little that any individual can do, when the whole extent
of the misery to be relieved is considered. He may satisfy his conscience,
but not his heart. He may give all that he has, and that all will relieve
but little. It is only by organizing civilization upon such principles as
to act like a system of pulleys, that the whole weight of misery can be
The plan here proposed will reach the whole. It will immediately relieve
and take out of view three classes of wretchedness-the blind, the lame,
and the aged poor; and it will furnish the rising generation with means
to prevent their becoming poor; and it will do this without deranging or
interfering with any national measures.
To show that this will be the case, it is sufficient to observe that the
operation and effect of the plan will, in all cases, be the same as if every
individual were voluntarily to make his will and dispose of his
property in the manner here proposed.
But it is justice, and not charity, that is the principle of the plan. In
all great cases it is necessary to have a principle more
universally active than charity; and, with respect to justice, it ought
not to be left to the choice of detached individuals whether they will do
justice or not. Considering, then, the plan on the ground of justice, it
ought to be the act of the whole growing spontaneously out of the principles
of the revolution, and the reputation of it ought to be national and not
A plan upon this principle would benefit the revolution by the energy that
springs from the consciousness of justice. It would multiply also the national
resources; for property, like vegetation, increases by offsets. When a young
couple begin the world, the difference is exceedingly great whether they
begin with nothing or with fifteen pounds apiece. With this aid they could
buy a cow, and implements to cultivate a few acres of land; and instead
of becoming burdens upon society, which is always the case where children
are produced faster than they can be fed, would be put in the way of becoming
useful and profitable citizens. The national domains also would sell the
better if pecuniary aids were provided to cultivate them in small lots.
It is the practice of what has unjustly obtained the name of civilization
(and the practice merits not to be called either charity or policy) to make
some provision for persons becoming poor and wretched only at the time they
become so. Would it not, even as a matter of economy, be
far better to adopt means to prevent their becoming poor? This can best
be done by making every person when arrived at the age of twenty-one years
an inheritor of something to begin with.
The rugged face of society, checkered with the extremes of affluence and
want, proves that some extraordinary violence has been committed upon it,
and calls on justice for redress. The great mass of the poor in countries
are become an hereditary race, and it is next to impossible them to get
out of that state of themselves. It ought also to be observed that this
mass increases in all countries that are called civilized. re persons fall
annually into it than get out of it.
Though in a plan of which justice and humanity are the foundation principles,
interest ought not to be admitted into the calculation, yet it is always
of advantage to the establishment of any plan to show that it beneficial
as a matter of interest. The success of any proposed plan submitted to public
consideration must finally depend on the numbers interested in supporting
it, united with the justice of its principles.
The plan here proposed will benefit all, without injuring any. It will consolidate
the interest of the republic with that of the individual. To the numerous
class dispossessed of their natural inheritance by the system of landed
property it will be an act of national justice. To persons dying possessed
of moderate fortunes it will operate as a tontine to their children, more
beneficial than the sum of money paid into the fund: and it will give to
the accumulation of riches a degree of security that none of old governments
of Europe, now tottering on their foundations, can give.
I do not suppose that more than one family in ten, in any of the countries
of Europe, has, when the head of the family dies, a clear property of five
hundred pounds sterling. To all such the plan is advantageous. That property
would pay fifty pounds into the fund, and if there were only two children
under age they would receive fifteen pounds each (thirty pounds), on coming
of age, and be entitled to ten pounds a year after fifty.
It is from the overgrown acquisition of property that the fund will support
itself; and I know that the possessors of such property in England, though
they would eventually be benefitted by the protection of nine-tenths of
it, will exclaim against the plan. But without entering any inquiry how
they came by that property, let them recollect that they have been the advocates
of this war, and that Mr. Pitt has already laid on more new taxes to be
raised annually upon the people of England, and that for supporting the
despotism of Austria and the Bourbons against the liberties of France, than
would pay annually all the sums proposed in this plan.
I have made the calculations stated in this plan, upon what is called personal,
as well as upon landed property. The reason for making it upon land is already
explained; and the reason for taking personal property into the calculation
is equally well founded though on a different principle. Land, as before
said, is the free gift of the Creator in common to the human race. Personal
property is the effect of society; and it is as impossible for
an individual to acquire personal property without the aid of society, as
it is for him to make land originally.
Separate an individual from society, and give him an island or a continent
to possess, and he cannot acquire personal property. He cannot be rich.
So inseparably are the means connected with the end, in all cases, that
where the former do not exist the latter cannot be obtained. All accumulation,
therefore, of personal property, beyond what a man's own hands produce,
is derived to him by living in society; and he owes on every principle of
justice, of gratitude, and of civilization, a part of that accumulation
back again to society from whence the whole came.
This is putting the matter on a general principle, and perhaps it is best
to do so; for if we examine the case minutely it will be found that the
accumulation of personal property is, in many instances, the effect of paying
too little for the labor that produced it; the consequence of which is that
the working hand perishes in old age, and the employer abounds in affluence.
It is, perhaps, impossible to proportion exactly the price of labor to the
profits it produces; and it will also be said, as an apology for the injustice,
that were a workman to receive an increase of wages daily he would not save
it against old age, nor be much better for it in the interim. Make, then,
society the treasurer to guard it for him in a common fund; for it is no
reason that, because he might not make a good use of it for himself, another
should take it.
The state of civilization that has prevailed throughout Europe, is as unjust
in its principle, as it is horrid in its effects; and it is the consciousness
of this, and the apprehension that such a state cannot continue when once
investigation begins in any country, that makes the possessors of property
dread every idea of a revolution. It is the hazard and not the principle
of revolutions that retards their progress. This being the case, it is necessary
as well for the protection of property as for the sake of justice and humanity,
to form a system that, while it preserves one part of society from wretchedness,
shall secure the other from depreciation.
The superstitious awe, the enslaving reverence, that formerly Surrounded
affluence, is passing away in all countries, and leaving the possessor of
property to the convulsion of accidents. When wealth and splendor, instead
of fascinating the multitude, excite emotions of disgust; n, instead of
drawing forth admiration, it is beheld as an insult on wretchedness; when
the ostentatious appearance it makes serves call the right of it in question,
the case of property becomes critical, and it is only in
a system of justice that the possessor can contemplate security.
To remove the danger, it is necessary to remove the antipathies, and this
can only be done by making property productive of a national bless, extending
to every individual. When the riches of one man above other shall increase
the national fund in the same proportion; when it shall be seen that the
prosperity of that fund depends on the prosperity of individuals; when the
more riches a man acquires, the better it shall for the general mass; it
is then that antipathies will cease, and property be placed on the permanent
basis of national interest and protection.
I have no property in France to become subject to the plan I prose. What
I have, which is not much, is in the United States of America. But I will
pay one hundred pounds sterling toward this fund in France, the instant
it shall be established; and I will pay the same sum England, whenever a
similar establishment shall take place in that country.
A revolution in the state of civilization is the necessary companion of
revolutions in the system of government. If a revolution in any country
be from bad to good, or from good to bad, the state of what is called civilization
in that country, must be made conformable thereto, to giveth
at revolution effect.
Despotic government supports itself by abject civilization, in which debasement
of the human mind, and wretchedness in the mass of the people, are the chief
criterions. Such governments consider man merely as an animal; that the
exercise of intellectual faculty is not his privilege; that he has nothing
to do with the laws but to obey them; and they politically depend more
upon breaking the spirit of the people by poverty, than they fear enraging
it by desperation.
It is a revolution in the state of civilization that will give perfection
to Revolution of France. Already the conviction that government by representation
is the true system of government is spreading itself fast
in the world. The reasonableness of it can be seen by all. The justness
of it makes itself felt even by its opposers. But when a system of civilization,
(growing out of that system of government) shall be so organized that not
a man or woman born in the Republic but shall inherit some means
of beginning the world, and see before them the certainty of escaping the
miseries that under other governments accompany old age, the Revolution
of France will have an advocate and an ally in the heart
of all nations.
An army of principles will penetrate where an army of soldiers cannot; it
will succeed where diplomatic management would fall: it is neither the Rhine,
the Channel, nor the ocean that can arrest its progress: it will march on
the horizon of the world, and it will conquer.
MEANS FOR CARRYING THE PROPOSED PLAN INTO EXECUTION, AND TO RENDER IT AT THE
SAME TIME CONDUCIVE TO THE PUBLIC INTEREST
Each canton shall elect in its primary assemblies, three persons, as commissioners
for that canton, who shall take cognizance, and keep a register of all matters
happening in that canton, conformable to the charter that shall be established
by law for carrying this plan into execution.
II. The law shall fix the manner in which the property of deceased persons
shall be ascertained.
III. When the amount of the property of any deceased persons shall be ascertained,
the principal heir to that property, or the eldest of the co-heirs, if of
lawful age, or if under age, the person authorized by the ill of
the deceased to represent him or them, shall give bond to the commissioners
of the canton to pay the said tenth part thereof in four equal quarterly
payments, within the space of one year or sooner, at the choice of the payers.
One-half of the whole property shall remain as a security until the bond
be paid off.
IV. The bond shall be registered in the office of the commissioners of the
canton, and the original bonds shall be deposited in the national bank at
Paris. The bank shall publish every quarter of a year the amount of the
bonds in its possession, and also the bonds that shall have been paid off,
or what parts thereof, since the last quarterly publication.
The national bank shall issue bank notes upon the security of the bonds
in its possession. The notes so issued, shall be applied to pay the pensions
of aged persons, and the compensations to persons arriving at twenty-one
years of age. It is both reasonable and generous to suppose, that persons
not under immediate necessity, will suspend their right of drawing on the
fund, until it acquire, as it will do, a greater degree
of ability. In this case, it is proposed, that an honorary register be kept,
in each canton, of the names of the persons thus suspending that right,
at least during the present war.
VI. As the inheritors of property must always take up their bonds in four
quarterly payments, or sooner if they choose, there will always be numeraire
arriving at the bank after the expiration of the first quarter, to exchange
for the bank notes that shall be brought in.
VII. The bank notes being thus put in circulation, upon the best of all
possible security, that of actual property, to more than four times the
a mount 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.
VIII. 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 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, 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.