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13
Ch. Advantages
Financial
Period I
12
2. Interest forborne 12 The amount of this branch of profit will be as the length of Period I.
As to the quantum of this branch of profit, the
principal part — that which may be regarded as
certain — will depend upon the quantity of that the
paper remaining in circulation paper thus employ'd , and upon the time
during which the each parcel of that quantity thus employd issued remains in circulation .
It will depend consequently b on the length duration of
this first period .
Reference onwards. 13 This branch of profit can not come without bringing in others to much greater amount .
Should this period prove a short one — the
probable length of it (according to a supposition that will be stated a little further on) , not exceeding two other
years , this a branch of profit will be proportionably
inconsiderable : but whenever it vanishes , it vanishes
as (will be seen) only to make way for a branch
of much superior importance - So long as Stock
Annuities are to be purchased under par , none
of those customers for whose circumstances it suits to borrow Stock Annuities will in
respect of that portion of their money become customers
for Note Annuities , which will not be to
be had but at par price . But no sooner are
Stock Annuities arrived at par price , than by
they these Note Annuities will be at least as well suited to the circumstances
of the customers for Stock Annuities : and
in as much as the quan mass of Stock Annuities will
be lessened every day by the operation of the sinking
fund ; while the mass of Note Annuities can not be
increased reducing to diminishing by at least an equal amount
the mass of Stock Annuities , the [-] [+] owners of the continually increasing mass of money to be employd in the purchase customers for government
Annuities as to serve a source of permanent income
will have no other resource to be in want for
Annuity Notes as they pass from hand to hand , and so impound
them and take them out of the circulation .