JB/002/051/001

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Annuity Notes

Abstract

14 Novr 1820 MS. useless — Printed Copies extant

Should Supposing Bank Notes to be driven out of the circulation,(a)Note(a) which This (it should seem) would depend upon Government: since, if Government on the issue of Annuity Notes refused to take Bank notes in payment for them, the unwillingness to take barren paper, when interest-bearing paper was to be had, would soon become general, if not universal. <note>As to the propriety of this or any further measures in the same view, see Ch. XIV.</note>
could be the same sort of necessity, for as it is called
Note paper or supposed necessity, which gives employment to Bank paper
at in the transaction of Government,(b)Note (b) "Guineas can not be used in any considerable dealings", says Mr H. Thornton in his Evidence to the Committee of the House of Lords on the Stoppage of the Bank, Report p. 72. (Reprinted in Mr Allardyce's Address on the affairs of the Bank Append. p. 54.) By Mr Abraham Newland's evidence in the above Report (p. 62) it appears that the payments of each into and from the Exchequer are small in comparison of the payments in Bank Notes: not above £50,00 or £60,000 a day, upon an average of the sale remaining in the Exchequer in the shape of cash". Noting a Daily total of money (cash & paper together) about £151,095. See Ch. 5. And out of £14,000,000 paid on the score of Dividends, at the Bank not above £1,300,000 or £1,400,000 is paid otherwise than in Bank Notes. and other transactions
upon a large scale, in preference to each, to save counting,
examining, keepingand luggage, would create
an equal demand for the Annuity Note paper on that
score. But this could last no longer than till Stock
3 per Cent were up at par: for then Annuity Notes
Note Annuities, yielding as high an interest as Stock
Annuities, would come be equally suitable to the purpose of the
customer for Stock Annuities, and being in the same
way kept in hand or as a source of permanent increase,
would be taken up out of the circulation, and would only
appear in the market now and then, (and that only for a single transfer)
in the same small proportion that Stock Annuities
do at present: and then Bank Paper, if before
kept under, would regain its former amount.</del>

Upon a second issue issued at a reduced rate,
a part of such second emission would probably indeed, remain
for a time in the circulation for a time: because upon
the reduction a custom same the holders would, many of them, not be
able to afford to keep it up as in hand as a source
of income, but would throw it into trade: i:e: employ
it as money to make their payments with in the course
of trade. But, inasmuch as, by the redemption of principal
that would go on with, and be forwarded by, the
reduction of the rate of interest, Note Annuities became (now by
the conversion of Stock Annuities became the only Government
Annuities) will have become scarcer and scarcer, which
the

Identifier: | JB/002/051/001 "JB/" can not be assigned to a declared number type with value 2.
Date_1	1820-11-14	Marginal Summary Numbering
Box	002	Main Headings	annuity notes
Folio number	051	Info in main headings field	abstract art 12
Image	001	Titles	note (a) / (b)
Category	text sheet	Number of Pages	1
Recto/Verso	recto	Page Numbering	f7
Penner	jeremy bentham	Watermarks	1798 a<…>
Marginals		Paper Producer	frances wright
Corrections	jeremy bentham	Paper Produced in Year	1798
Notes public	[[notes_public::"14 novr 1820 ms useless - printed - copies extant" [note in bentham's hand]]]	ID Number	790
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