To establish a current circulating credit upon any _land-bank_, under
any circumstances whatsoever, has hitherto proved difficult at the very
least. The attempt has commonly ended in bankruptcy. But when the
Assembly were led, through a contempt of moral, to a defiance of
economical principles, it might at least have been expected that nothing
would be omitted on their part to lessen this difficulty, to prevent
any aggravation of this bankruptcy. 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 incumbrances 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.
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