JB/002/393/001

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Art. 1. Notes 5 Annuity Notes

Plan 1 Constitution 6. Yearly or half Yearly, there are many cases in which the probability
is, that it would not be applied for at the Government Offices: inasmuch
as it would be receivable with a less trouble, by the individual who
passes it, from the individual to whom he passes it, as is the practise in the
case of Exchequer Bills, Navy Bills, and in other instances. — and India
Bonds.

On the other hand, were these Annuities ever to take the place of the
Stock Annuities, and so become the only redeemable Government Annuities,
(an event which it will be seen is regarded as a probable one) the retardation
when thus become universal might perhaps be found productive of a
serious degree of inconvenience — —

The case sums to be, that if the interest were made recievable
half yearly, and the operation of recieving were
renderd as easy as it is capable of being rendered, the
disposition to forbear receiving the interest wo would
be very general, especially upon the small notes: and that
in that case, although it were made removable half
yearly it would neither be received half yearly, nor
so much as yearly: although if there were no possibility
of recieving it so frequently as half yearly, the um
unfrequency (compared with the existing practice in the case of
the exisitng Stock Annuities) woul might operate as
a considerable obstacle to the currency of the proposed
paper. The first thought that is — that the An idea that naturally presents itself in the first place, is —
way to most effectual if rendering it a common practice to forbear
receiving the interest, is to render the operation of recieving
it a troublesome one. But, upon a second thought
it will appear, not only that, this is the way to hurt the
credit currency of the paper, but that a directly opposite course
has a much stronger tendency to be productive if the same effect

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