JB/003/003/002

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Annuity Notes
Broullion. III 22 Novr 1799

Extent

1
What will be the case where 3
per Cent Stock is raised at par?
People will not
thus take note
Annuities at 2
per Cent altogether
the issue of the 3 per
Cent
Annuities should be stopped. The 2
per Cent will if
taken out at part would
be at a proportionable
discernment.
Therefore they would
not be taken out.
But the 3 per
Cent Note Annuities
of the issue
were stopped would
bear a premium
continually rising.
At most a
government would
be able to pay
off these 3 per
Cent note Annuities: and
by threatening so
to do might force
them to yield the
up and accept
of a lower rate
of interest—
Ought it so to do?

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Extent
2.
War & Peace
Better to be
adopted now in
War, than in Peace
it will
alleviate the inconveniences
of War.

Extent
3.
There is a point
beyond which any
addition to the
circulating cash
or to burthen the</lb> material of circulating
cash would come to be in
attention to the
mass of national
wealth; because
it would take
away form other
commodities as
much value as it added in the
shape of plate.
Plate would be
cheaper, but all
other commodities
would be as much
dearer as Plate
was cheaper.

The influx of
money produced
by the Annuity
Note paper will
have the same
effect, as if it
were in so much cash.

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Objections
Exist. Cash
Borrowing Fund
Suceedaneum to
the Bank.
It is only in War time that
any such need for
sudden borrowing
can exist.
In addition to the
Treasurer, power
to stop take out the Sinking
Fund: i.e. to
apply to this purpose
if Annuity, Under
Sale.

But, for known
payments Annuity
Note Paper will
serve—and
for foreign payments there
can be no sudden
demand to such an
amount above the
Treasure
without consent
of Parliament

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Extent
5
It would bring up
3 per Cent to par
sooner than would
be supposed—and
by that means not retard the
operation of the
Buying up plan
but change it into
a Paying off
plan: and so reduce the
rate of interest.

3 continued
At that pointing
dictating a treasure
would be no
national loss
since the money
if created
would only
raise the price of butter &c.
without adding
to national wealth.
Yet it would—
it would augment
the mass of natural
wealth by the
amount of the
bullion introduced
—there
would be so much
more burthen—
and though not
so much the
rise of other
commodities
not yet so much as the loss.

Identifier: | JB/003/003/002 "JB/" can not be assigned to a declared number type with value 3.
Date_1	1799-11-22	Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	003	Info in main headings field	annuity notes
Image	002	Titles	extent / war & peace / objections / effects
Category	rudiments sheet (brouillon)	Number of Pages	2
Recto/Verso	recto	Page Numbering
Penner	jeremy bentham	Watermarks	tw 1794
Marginals		Paper Producer	francis hall
Corrections		Paper Produced in Year	1794
Notes public		ID Number	1413
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