[517] These blessed effects the Land Bank was to produce simply by issuing enormous quantities of notes on landed security.

The doctrine of the projectors was that every person who had real property ought to have, besides that property, paper money to the full value of that property.
Thus, if his estate was worth two thousand pounds, he ought to have his estate and two thousand pounds in paper money.

[518] Both Briscoe and Chamberlayne treated with the greatest contempt the notion that there could be an overissue of paper as long as there was, for every ten pound note, a piece of land in the country worth ten pounds.

Nobody, they said, would accuse a goldsmith of overissuing as long as his vaults contained guineas and crowns to the full value of all the notes which bore his signature.

Indeed no goldsmith had in his vaults guineas and crowns to the full value of all his paper.