★ Keep up to date with the latest news - subscribe to the Transcribe Bentham newsletter; Find a new page to transcribe in our list of Untranscribed Manuscripts
Click Here To Edit
25 Sept. 1800
Ch.XV.
Pelham's
8
III Previous assurance
if success
On Pelham's plan
it was very doubtful
for a long time
III. Previous assurance of success. On Mr Pelham's
plan the effect of each man's Stockholders submission
depended on the co-operation of the rest. On the proposed
plan, no co-operation - not a single assent is necessary.
By the proposed subscription and competition for respite the reduction
may certainly be much facilitated in a high degree and accelerated: but
the essential features of the plan are independent of any
stock .
That Mr Pelham's plan was practicable, was proved is shewn
by the event . But for a long time it "was likely to
have failed: and had it failed, it would have failed
in toto: since, had if the reduction had not been submitted
to in respect of nearly the whole mass, it could not
have taken place as to any part. Had not the quantity
of uninscribed Stock (about 3 1/4 millions) been
small enough to admitt of its being paid off, the submission,
testified in respect of the subscribed Stock, could
hardly have been accepted: nor could the plan have
taken place, in any degree, without a joint and
simultaneous operation on the part of one or other of
two numerous sets of parties; viz: the Stockholders
who were called upon to submitt to the reduction, or
the mourn'd men, whofrom whom, as far as the expected submission
failed of taking place , were to lead the money
was to come, for paying off the repayments.
But though the practicable then in respect of 57 millionthat 57 or 58 9
At present, without
the aid of the proposed
plan, the
reduction of interest
would probably stop
with
at the 5 and 4
per Cents.
the 57 or 58 million then in question, then the amount of the it does not
follow that it would be practicable Quere in regard to the
present £444 millionin question now: not even, although by the time
of the arrival of Stock at par some such sum as the odd £444,000,000
were to have been redeemed andstruck off. ReducingThe reduction of the 73 millions, ofor