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come in, be rendered a matter of general obligation
by an Act og the legislature.— A trust receipt-book to
be kept with a trust-till.— In the book, a entry to
be made of each sum received, with the day on which
it was received: the statement of the day to be indispensable.
The money, if not received in the shape of
Annuity Notes, to be sent to the office on that day or
the next, to be changed into Annuity Notes:— the Notes
received to be entered by their Nos:— if the day be not
entered, the first day of the year to be presumed, for the
purpose of charging the Trustee with the interest. The
trust-paper, as received, to be deposited in the trust-till,
to save it from being confounded with money of his own.
This not to prevent the disposal of the amount to superior
advantage (i.e.: at a higher rate of interest than
what is afforded by Annuity Notes) in as far as the
nature of the trust admitted of it. Since the above was written a passage has been discovered in Pinto, whereby it appears that at the date of his book (1771) a law to this effect created in Holland in respect of the interest bearing paper of that Country termed Obligations (Dela Circulation, et da Credit. p.81.) There is a great deal of good and a great deal of evil (he says) in the effects of this law—: but the good appears to consist in the mode of employing the money as above: the evil, in the hands in which the management is reposed, or in some other such collateral circumstance as the forced sale of property, in whatever other shape it may be in besides money for the purpose of converting it into this.—
What is thus proposed to be rendered obligatory,
for the benefit of the principal, is no more than what
a careful Trustee would do spontaneously, either for
the benefit of the principal or for his own, according to
the texture of his conscience. Should a precaution
thus simple and unexceptionable be neglected, the
institution of Annuity-Notes will be but too apt to
operate as a premium for vice as well as virtue; a premium
for improbity in the one situation, as well as
for frugality in the other.
2. Lastly
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as to promotion of frugality.— We have seen
the peculiar advantages which the proposed new species
of property holds out to the acquirer. Within a trifling
and unavoidable fraction, 2d a day; £3 for every £100;
by the year:— not for risk of lending, but for mere self-denial
in not spending. Income, receivable without
expence, and without stirring from his home. — No
attendance — no Agency fees — no Brokerage fees — no Stamp
duty, either on purchase or on sale.— No loss, on either
occasion, by fluctuation of price.— Not a day without
its profit:— profit by keeping, for the minutest as well
as for the largest portions of time:— conveyance obtainable
for it by post, in the minutest portions
as well as
to the most distant parts of the island. Severity afforded,
by division, against misadventures of all sorts:— against
accidents and against crimes:— in the house or on the
road:— by fire, water, or forgetfulness:— from theft,
robbery, burglary, or breach of trust:—:— compounded interest,
brought within the reach of individuals for the
first time.—
In proportion to the degree in which it presents
these several accommodations, in that same proportion
does it act as an incentive to frugality:— in
all classes, in a certain degree, and in as far as current
expenditure is concerned: but in a more especial
degree, in those humble, and at the same time most numerous
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Identifier: | JB/002/670/001 "JB/" can not be assigned to a declared number type with value 2.
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002 |
annuity notes |
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670 |
ch. xvi moral advantages circulating annuities |
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001 |
ch. xvi moral advantages / note |
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copy/fair copy sheet |
4 |
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recto |
d1 f1 / f2 / f3 / f4 |
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1798 am 1798 |
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frances wright |
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1798 |
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1409 |
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