JB/003/010/002

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21 Jan. 1800

Period III 2d

1
The speedy proposal
of being paid off
being in view, Annuity
Note paper
can experience but
a trifling rise, notwithstanding
the encreasing
scarcity.

2.
This need not
hinder the opening
a new issue,
as the very commencement
of the
period.

3
The fixation of the
price will admitt then
be matter of deliberation of considerable latitude:
the lower
the price, the less
the advantage: the
higher the less
speedy the accrual
of it.+
+ Addenda. The
price will ought be
determined by in a certain
degree by the divination of
calculation – in
respect of the multiples
and Submultiples
of the Standard
Acts.

4. At the During this
period, the quantity influence
of money, i:e: cash
poured into the circulation
in the shape
of capital by the
paying off of the
debt, being very
debt and rapid, the
difficulty of employing in that shape
will be proportionably
great and encreasing,
and consequently
the interest of money
and income of therefrom
in a state of rapid
decline.

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5
The opening a
fresh issue will
afford a degree of
relief to the expelled
Note Holders
and retard to depretiation
of their
property: but will
not arrest it altogether,
as the
operation of the
Sinking Fund
will be continuing
and acting with
accumulating force
every day.

6
The expelled
Annuitants will
thus obtain a new
lease as it were of
their advantage for
a period which will
thus be open to
each calculation,
and which will remain
open to indefinite
removals
by continuing or
successive wars.

7.
The mode of paying
off will now
come in contemplation. No. This must
have been in the
IId Period.
Or in Plan or
Notes to do.

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Causes – Security

1
A defalcation from
Bank paper operates
a rateable defalcation
from income.

2
So of Bankers
paper.

3
How as to Exchequer
Bills.

4
Stock affords no
remedy to this any
scarcity of Bank
or Bankers' paper.
The capacity of
changing cash of
two things for the
other does not make
the two change the
service.

5.
It is in money
and circulating
paper and together
that rents are paid
and small purchases
mad of all magnitudes
made.
I can not pay my
weekly Butchers Bill
or Bakery Bill with
Stock. Annuity
Notes being settled in
the circulation.
I could and should
in Annuity Notes.

Supposing 5
millions of the
Banks 10 millions
taken out of circulation.
5 millions of Stock
could not supply
the deficiency, but
5 millions of Annuity
Notes would

Stock answers
the purpose of the
proper so far &
no

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Commerce, Security

no farther, that
supposing the quantity
of paper the
same the Stock
holder by parting
with his Stock to
get the paper
money in exchange
for it.
does not add anything
to the quantity
of the money:
nor can A. with
his £100 of Stock obtain
the £100 in money
from B. but B.
must be remain
without it.

A half penny
roll is to be had
in ordinary times
for a half penny.
Pouring a quantity
of Stock into the
market would no
more than supply
a deficiency of currency
than
doubling the quantity
of half pence in
a country would
make half a
crop yield the
same circumstance.
as a what

For a thing to
answer the purpose or
pass as money,
it is necessary that
the transfer of it
should be attended
with as little trouble
as that of money.

For a thing to answer
compleatly every purpose
of money, it is necessary
that it exist
in portions as small
as those of money into which money is divided.

Identifier: | JB/003/010/002 "JB/" can not be assigned to a declared number type with value 3.
Date_1	1800-01-21	Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	010	Info in main headings field	annuity notes
Image	002	Titles	period iii 2d
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	jeremy bentham	Paper Produced in Year	1794
Notes public		ID Number	1420
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