JB/002/246/002

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Superseded by Bronillton? Ch.8 Advantages
Financial
Fresh Loans
during the 2d & 3d
period should be
by creation of Stock
Annuities, not by
emission Note
Annuities in unbespoken
masses

If in the course of the 2d or 3d Period an
occasion should occurr for raising money, shall
it be done by the creation of Stock Annuities redeemable
of course afterwards by the produce of the Sale
of Note Annuities, or by the if inimmediate emission
of a quan mass of Note Annuities corresponding
to the capital wanted? — I answer
by the creation of Stock Annuities.

Were it to be done by the creation
of Note Annuities - i:e: by forming into the market
a quantity of Note Annuities unbespoke and
for which there was no previous demand, the price
a glut would be produced affecting the whole mass
the price current of the whole mass would be suchsubjected<add>depressed</add>
to a discount: and this depression would be productive ofintricacy in the computation: of value in convenience
in the correlation of the proposed paper, and
would be an infraction of the- inconsistent with terms of the

If the quantity
of fresh Annuities
to be
it drawn
at Year the
circulation would
carry off the overtaking
let it account
to what
it would
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