A constant voltage was provided by the regulator dependent upon the reference voltage and the equation \(V_{ref}\left(\frac{R_2}{R_1}+1\right)+I_{adj}R_2\) where \(I_{adj}\) is small so is neglected. Resistance of the load will affect the current output by the regulator. The LM317 will regulate up to 1.5A and the LM317L will  regulate up to 100mA.

Conclussion

    Bigger is not always better, pay attention to the needs of a circuit.