JB/002/072/001

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14 Aug 1800 + Art. 20
5

Under these circumstances, the opening of a
second spece will considerably (it is evident) give
an increased value to the whole remaining paper of the first spece,
which increase can never account to gent not,
at any time, nor in the instance of any class
amount to quite so much as 25 per Cent, + +(the difference between the rates of interest on the last speces) + payable during the times of respite, and
from thence will as vary, in a in a decreasing scale series, decreasing
from thence down to 0. The notes of Each class will, at all times,
be worth some thing more than the corresponding classes
as the reduction goes on, of interest keeps on its course
notes
of the same magnitudes, in an inferior class: and
as the time for the redemption of the highest or last
redeemed class + + and therefore for the reduction of the rate of interest upon each class, approaches, is seen to approach, as the redemption goes
on, the extra value of the Notes of all the classes
will sink together. At the outset, this rise in value will approach
The near prospect of this rise
the nearer to the 25 per Cent, the less quick the progress
The complication incident to this state of things
of the redemption promises to be. Suppose it to
be no more than 12-1/2 per centor even 6-1/2 per Cent, even at the very
outset, and in the case of the very highest class,
still there is the prospect of it will still hold out a very ample
retribution premium or bonus to Investors. The
subscription will be a sort of Lottery, with all prizes
and no blanks: since the worst that can happen
to a man will be to receive the - more than he ever
paid, principal and interest: nor yet so entirely
a lottery, but that diligence will increase his chance. (a)
Note in p. 26.

As between Note and Note in the same class,
the order of priority in in respect of redemption might be
determined, whether by the No of the note (as in the case
of Exchequer Bills) or by lot.
As to

Identifier: | JB/002/072/001 "JB/" can not be assigned to a declared number type with value 2.
Date_1	1800-08-14	Marginal Summary Numbering	20 continued
Box	002	Main Headings	annuity notes
Folio number	072	Info in main headings field	art. 20
Image	001	Titles
Category	text sheet	Number of Pages	1
Recto/Verso	recto	Page Numbering	e5 / f28
Penner	jeremy bentham	Watermarks	<…>m 1798
Marginals	jeremy bentham	Paper Producer	frances wright
Corrections		Paper Produced in Year	1798
Notes public		ID Number	811
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