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Annuity Notes
Abstract
Unfavourable presumption
Prep
obviated —
The proposed currency
stands clear of whatever
has been mischievous
or impracticable in other
currencies —
Other paper currencies, (like the French Assignats & Mandats &c) have been either, engagements finances
of for money in unlimited quantity, and without the means funds for
of performance [+]
[+] or promises of
fragments pieces <add>divisions of a
species of property subject of property
Land, Houses &c
the value of which
would either could
not at all or could
not without the destruction
of the greatest part
of its value be
so divided
[+] or promises of
minute portions of
a species of property
(for example Lands
and Houses) incapable
of being reduced into
such portions:
like the French Assignats & Mandats
in or like some of the American currencies mere arbitrary substitutions of worthless scraps of paper
to pieces of valuable metal, like some of the American with which they had
currencies nothing in common but the name.
Here nothing is engaged for but to pay such
monies as there is already funds for paying, and
at such times at which there are funds for paying
at them: and this in a quantity which has its ne plus ultra by the terms
of the engagement has its ne plus ultra, and can not in no case exceed the
existing amount of the produce of those funds.
To p. 5
From p.5
The principle of this measure is the exact
counterpart of the well-imagined and successful
plan for the buying in Government Annuities with
the produce of money produced by the sale of the Land Tax. [reduced
instead of annually renewably perpetual and not
redeemable subject to redemption for that purpose] The What the Land tax Sale
plan does effects in the way of raising does the price of Government Annuities
it effects by taking out of the market a quantity of that
same commodity out of the market: what the proposed
Annuity Note plan raises the of these Annuities does in the same way contributes to the same effect, is
done by bringing the market open to quibbles bringing letting in to the market such mass
of the correlative article ready money, such masses as in those small or fugitive masses which
by reason the operation of the causes above it referred to are precluded should excluded
from it at present are shut out of it at present.
5
Favourable presumption —
The principle the
counterpart of
that of the Land-
-Tax Sale plan —
