JB/002/459/001

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434 Notes Art. 20 58

Plan II Eventual Extension Art. 18 20
Whether sudden simultaneous or not, the the accomplishment of the
process were sudden or no, the progress of it could not
be very tardy. For as fast as a Stockholder to the amount of (Say of £1000) was
paid off against his inclination, [+] [+] whether by the produce of the existing Sinking Funds, or by the produce of this new fund, being by the supposition
desirous of retaining his mass of Government
Annuities, and having no other resource he would
betaken himself to, Stock it the market for Note Annuities.
But by the purchase of this £1000 worth
of Note Annuities another £1000 would be thrown
into the hands of Government, which would be employd
in the paying off another £1000 worth of Stock,
and so on ad infinitum.

Government would by this means very speedily make its way to the 4 & 5 per Cents
So great would be the rapidity of the operation, so
indeed as it would be all the while by the produce
of the existing Sinking Funds, and by the enormous surpluses of
taxes (supposing it to be a time of peace) that within
a very short period Government would have made
its way to the 4 and 5 per Cents by paying off
the 25 millions of 3 per Cents which by the
terms of their creation stand have been constituted
as it were a barrier for their defence.

The discontinuance of the issue at this period would be a necessary result
Art 18 <add>20</add> page. 7. [2] [Issue . . . . discontinued] Such discontinuance
will be a necessary result of a fundamental point in the institution
of the currency. The object sina qua non of the sale of Note
Annuities is to yield money for the extinction of Stock Annuities.
Stock Annuities being by the supposition extinguished, the object is
attained. Were the sale to continue beyond this mark mark, the security
against depretiation would be taken away, and the public faith
violated. —

Identifier: | JB/002/459/001 "JB/" can not be assigned to a declared number type with value 2.
Date_1		Marginal Summary Numbering	not numbered
Box	002	Main Headings	annuity notes
Folio number	459	Info in main headings field	art. 20
Image	001	Titles
Category	text sheet	Number of Pages	1
Recto/Verso	recto	Page Numbering	a44 / f58
Penner	jeremy bentham	Watermarks
Marginals	jeremy bentham	Paper Producer
Corrections		Paper Produced in Year
Notes public		ID Number	1198
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