★ 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
Divid. Forbearance
9
The maxim
Crede qod habes &
habes is the priniciple
of all paper circulation.
Paper will
not serve instead of
Bullion, because preferable
serve instead
of plate. But
paper will serve instead
of coin, because
coin so long as it is
int he state of coin
is as unfit for use
as the paper is which
conveys continues a promise
of it.
10
A striking proof of
the of coin
i:e: of the actual possession
in contradistinction to
the facility of possession
is that in the
case of a Bank of
deposit such as was
at least that of Amsterdam
a man
paid a man in general
more willingly
to and did pay
– a man paid money
for the not having
his money in
his possession: paid
the Bank of Amsterdam
money for keeping
it. In Great
Britain a man does
not pay any body
in actual money for he pay his money
for him since there
are enough (Bankers
) who are ready
to keep it for him
for nothing. But
for a service of such
much trouble and
on one
shape hand
---page break---
Divid. Forbearance
10
shape hand –
of such utility on
the other, a man
must in some
shape or other be
content to pay
accordingly what
a man does pay
in this case way for
the keeping of
his money is the
risk of losing it.
The disadvantage
he submitts
to is the risk of
losing it: the
advantage the
keeper receives
for the trouble and
risk of keeping it
is the faculty of
it – of
it out for one
interest, and putting
their interest
out his own pocket.
11
The expectation
of possession – the
persuasion of having
actual possession at
command being what
a man prefers in
this case the actual
physical possession,
so far as
this expectation
can be produced
and kept up without
disturbance,
so far may the
substitution of paper
to cash be
carried, and carried
without inconvenience.
---page break---
Divid. Forbearance.
12
By the proposed plan
Government will be
a mans Banker
in respect of such
Annuity Notes of
which the dividends
remain .
Extent
13
So much hard
work as Government
thought fit
to buy up in store
instead of going
on to buy up
stock for, as to
so much it would
stop the encreasing
issue of Annuity
Notes: since it is
only in exchange
for for cash that Annuity Notes
that can be issued.
14
There is no incongruity
in the
Holders of Annuity
Notes taking
having receiving
Annuity Notes
(of a proportionate
magnitude) in
payment of their
dividends: only
they must receive
it in the regular
way at the Sub-Offices,
receiving
Cash in the first
instance, and
receiving Anny
Notes in exchange
for their cash.
---page break---
Extent
13
So much of the
Annuity Note paper
as a man
chose rather to
take the interest
of from the next
person to whom he
had to pay money make a
payment – that
is in how the
whole of the paper
in circulation (belong
accidents) so
much will be to
be deducted from
the sum which
it will be necessary
for Government
to keep in hand
an receiving.
But On this footing
the more paper is
out on issue, the
more money continue
to be issued.
But this state of
things will not
take place for
some time.
14
When 3 per Cent
Stock has been
raised to par, there
will be a time when
Government would
have it in its power
if it chose to
issue Anny Note
paper at 2 1/2
per Cent or 2
per Cent: and by
this produce of it
to pay off a part
of the 3 per Cent
Note Annuities, and
by threat of keeping
off reduce the remainder
to 2 1/2 or 2.
---page break---
Extent – Divid. Forbearance
15
Government therefore
will not pay
Anny Note Dividends
with Anny paper –
but it will pay
them with nothing
at all: i:e: it
will not be called
upon to pay them:
every Annuity Note
Holder will take
Government for
its Banker: and
the Annuity Notes
passing from hand
to hand with the
interest
on will perform
the function that
is at present performed
by Bank
Notes.
16
Guineas will not
go in exchange for
Notes but in proportion
as they
get into hands
who can keep
the Notes long enough
to make
it worth their while
to be at the trouble
of the exchange.
See IV. 16. in regard
17
This [15] will
go to the formation
of the Government
Treasure Fund.
18
But this applies
only to the Note
Annuities, not to
the Stock.
|
Identifier: | JB/003/004/003 "JB/" can not be assigned to a declared number type with value 3.
|
|||
|---|---|---|---|
|
003 |
annuity notes |
||
|
004 |
|||
|
003 |
extent / dividend forbearance / trustees / navy prize agents |
||
|
rudiments sheet (brouillon) |
1 |
||
|
recto |
|||
|
jeremy bentham |
|||
|
19210001 |
|||