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I will Suppose the measure established just
before the Christmas recess 1800: and between
that and the next Christmas 1801 & suppose
the quantity issued to amount to 10 millions. The Annuity Note Paper would not only take 13 1/3 million of Stock into the market — but pour into it 7 1/2 million of money upon the failing of cash> Whereas the Land Tax Sub only takes money out of the market without putting in cash.
At the announcement of the issue suppose 3 per Cents
to be at 65: and by the partly by this firstly by the
other cooperating causes suppose that by Christmas
day 1801 3 per Cents have been raised to 85.
Between 65 and 85 the are middle now representing
the average price is 75. At this
rate for every Am £100 worth of Annuity
Notes issued £100 £100: worth of Stock Annuities
and a third of £100 worth making together
£133:6:8 worth will have been bought in:
total of 3 per Cent Stock Annuities bought in by the whole £10 millions
£13,333,333:6s:8d.
If £10 millions worth need no more nor came to be
issued in the course of the whole year, not
near so much as 1/4 of the 10 million
2 1/2 million will hardly have been issued by the end
of the first quarter: but if suppose no more than a
single million to have been issued by that early
time it will p be enough to present such
a prospect for the whole year as to the prices
of the loan for constrasted for suppose on Lady Day
from the above supposed 65 to 70.
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annuity notes |
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jeremy bentham |
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[[notes_public::"the text is continued at p. 160. there is no page 159" [note in bentham's hand]]] |
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