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13 Annuity Notes
Comparison between
the preferred mode
of reduction, and
Mr Pelham's
Now for the parallel comparison. 1. Profit Upon the Pelham plan
2 1/2 Millions given to purchase the advantage: upon
the proposed plan, nothing. Upon the Pelham plan
2 1/2 upon a Capital of 58 Millions. At the
same rate what would it cost to reduce the present
mass of Stock Annuities a times? including
or not including the 4 and 5 per cent, supposing
them to have been previously reduced gratis to 3 per Cents.
2 Dispatch. On the Pelham plan time employed
upon the sa in obtaining the consent six months though
supposing consent necessary, the even that time was not far from being important
for all purposes. On the proposed plan, no time
necessary for that purpose. On failure of such consent,
time of each of the moving power,
one year: on the proposed plan, half an hour.
3. Certainty of success. On the Pelham plan, the
plan success dependant on the momentary state of the public
mind: requiring the concurrence and co-operation
of an immense multitude. On the proposed plan,
success not dependant on any body: thing no co-operation
requisite. More or less down Within a given time of course, according
to the means — according to the quantity of the moving
power: but a large quantity assured, and with
the smallest, something down.
Mr Pelham, having no effective sinking Fund already established no money in hand to work
with, had nothing but borrowed money, money expected to to be borrowed
for the purpose, to pay with [+]2 [+]2 Satisfied with Contract to reduce the interest, he left the capital as he found it. Mr Pelham having by fourteen years of thrift
given provided himself with a vast mass of money to work with, reduction
of interest and redemption of principal will go on at the same
time; and will be a cause and effect to one another.
In