★ 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
[16] [Interest. . . .from the
first day of the ...Year] 17
Annuity Notes
Plan Ann
I. Value &c
[16]
On issuing, interest
why to be taken
up to the day of issuing,
in addition to
the principal
The use of this provision, which will be found an
indispensible one, is- to facilitate the calculation
fixation of the value of the each Note on each day
of the year for the purpose of currency, and to
give uniformity and by that means simplicity
and dispatch to the payment of the Dividend.
If the interest due upon aeach Note were to be computed
-not from the one and the same day of
the year (viz. the first) -but from the day of issuing,
as there is scarce a day in the year except Sundays on
which such Notes would not be issued, to exhibit the
interest due on each day, and the increase in
value acquired consequently by the note on that such
day would require utmost as many Tables of Daily [+] of the Tables above
alluded to under the
name of
augmentation as there days in the year, Sundays
excepted. — In regard to payment of dividends
if the interest were to be paid at th on the day
of purchasing the note, the consequence is - that
as notes (according to Art ) would be to be
issued every day in the Year, there would be as
many different sums to make up at the Office
of for this purpose as there are days in the year:[+]2 [+]2 with Notes circulating
at all those
different prices:-
whereas, by the help of theirthe arrangement has proposed all the
sums made up for payment of Dividends, being,
all of them of one and the same magnitude, nothing can exceed
the simplicity and consequent dispatch which (as
will be seen) may thus be given to the business.