JB/002/291/001

Click Here To Edit

25 Sept. 1800

or thereabouts of 4 and 5 per Cents is (I should suppose) the Ch. XV.
Pelham's Reduction
, as well as the first object, to which the
of Government could well would be directed, without the benefit of but for the proposedsome such assistance
assent as that which is held out by of the proposed measure some such measure as what is proposed. [+] [+] Redemption of principal being left
to operate in the remaining
mass of 3 per Centsredemption and reduction
would be thus conciliated.

In regard to reduction, on On the proposed plan, in regard to reduction success, as we have seen is independent of
all contingencies, At each given By In each year - 10
On the proposed
plan, the utmost
degree of success
possible: would
be certain
month- day - the reduction process goes on to thehas given in to the utmost extent consistent
with the state of the money-market at that time. By
the proposed subscription plan proposed - by the consequent competition for
respite from further deductions - the first reduction might indeed it might be rendered
indeed (it is true) be rendered in a manner instantaneous: and but any such and
but and a very short space of of time would be sufficient to for the
accomplishment of it, even of it without any such aid:- the £5,or £6000,000
or thereabouts, (which would, by that time, be the amount of
a year's produce of the Sinking Funds) this £5,000
(call it) 5 million) thus vibrating without ceasing, between the Stock market
and the Annuity Note market wouldbe sufficient to disputate the reduction
and with prodigious rapidity, although the subscription plan were unemployeduntried not employed<add>rejected </add>
or employedtried without effect. In the thing
put in motion, no part stopped moment for the assistance of any other suchno part is independent of any
other: and as it is at the beginning, so it is to the end. is liable to stop of itself, for want of the of any
Every Note issued butDuring the first iss issue, every note then issued [+] converts into [+] pays off and then
by the money it produces,
and thus
Note Annuities, a corresponding portion of Stock Annuities;
and contributes so far to the extinction of the 25
millions of 3 or 4 per Cents, which must be paid
off before the 5 per Cents can be begun upon. Every Note issued At During
the second issue, every note then issued pays off by the manyconverts the same way
it produces into paper bearing the reduced rate of interest of that issue second issue, a correspondent portion of the paper of the
first issue: and in a time capable of being determineda single note, thus par paid and
taken out in the way of issue, would bring about produce the reduction
upon that portion of capital, [+] although no othernot another [+] ind, in a true
capable determinable
time, upon even
upon the whole capital.
note were ever to be issued on the same terms. The The mentionOnce

---page break---