JB/003/050/003

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7 Sept. 1800
Annuity Notes
II. Contents. Abstract

IV. Grounds

9
3. Advantages: of loans
compared with to Government on
this paper, compared
with loans to individuals
at large.
p. 14, 15, 16.

10
4. Advantages, as
compared with
loans to Country Bankers
by circulation of
their notes. p. 17

On the terms of the
Newcastle Bank
a note of theirs must
be held 30 years
before the interest
yielded by it is equal
to that yielded by the
Annuity Note paper.
p. 17

Though in other
Banks the terms
may be different,
they can not be far
from equivalent,
and some are less
advantageous to the
Holder. p. 17.

11
5. Advantages as
compared with the
keeping the value
in cash – p. 18.
1. Country
2. Examining (trouble & risk
3. Conveyance trouble & risk
4. Security by division

12
6. – compared with
the keeping the value
in Bank paper. p. 18.
1. Interest & daily
2. Security against Forgery
3. Divisibility greater
4. Settlement – by
yielding income
and divisibility.

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IV. Grounds

13
The smallness of
the amount of interest
will not render
it an object of contempt
even in the
instance of the smallest
sums: since
to the advantage of
yielding interest it
adds all the advantages
of Banker's paper.
p. 19.

14
The demand afforded
by private borrowers
will not interfere
with it this paper, even where
they afford better
terms, because it
may itself be lent
to individuals. p. 19.

15
The not presenting
any person as bound
to pay the principal
on demand, or at any
fixed time will
not be a bar to the
circulation of it.
p. 20, 21, 22
Instances in proof
1. Stock
2. Exchequer Bills
3. Navy &c Bills
4. India Bonds
5. American currencies
6. Even Bank of England paper.

In regard to interest
there is such an
obligation, which
is sufficient to constitute
the value.

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IV. Grounds.

16
When this paper has
once got footing,
depretiation is next
to impossible: because
the demand
for it will be continually
on the encrease
with the prosperity
of the country,
while (in pence at
least) the quantity
of the Annuities it
conveys will be
continually on the
decrease, and the
price in circulation
can not fall till
after the issue at
par has been stopped.
p. 24.

17
It has been proved
to be preferable to
cash for every purpose
but melting.
p. 24.

18
A demand for
cash for melting
could not take
place till after
the country has
been exhausted of
bullion: which
could not be till
the ballance of trade
had been long reversed.
p. 24, 25.

What should
produce a sudden
demand for cash
for melting? – Nothing,
but an equally
sudden encrease of
wealth – which in
such a degree is impossible.

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IV. Grounds

18
Were Supposing a preservative
against depretiation
to be
necessary, receipt
of the paper in the
Exchequer for taxes
&c (as per Art )
will operate as such. p. 25, 26.

The expence would
be no more than
the difference between
the two
rates of interest
at the time: and
would not amount
to a farthing nor
continue for a day
more than the
purpose required.

19
Provision should
be made for such
contingency on the
institution of this
paper. Power
to open Exchequer
Bills at all times
to the any amount
not exceeding the
Annuity Note
paper on the Exchequer:
the Bills to be cancelled
as Notes
are re-issued.
p. 26, 27.

20
A reserve in
cash would be
unnecessary, and
more expensive.
p. 27.

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IV. Grounds

21
Extreme cases affecting
the existence
of the Government
afford no objection
to the proposed paper
since they will
affect it less than
any other: interest
being easier to pay,
as well as the receipt
of it better
dispensed with,
hence principal.
p. 28.

22
In case of need,
it would be supported
as Bank
paper has been
supported. p. 28.

22(a)
That it should
stand and fall
with the Government
is not an
objection but a
recommendation.
See Ch. 12. Constitutional
Advantages.

Identifier: | JB/003/050/003 "JB/" can not be assigned to a declared number type with value 3.
Date_1	1800-09-07	Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	050	Info in main headings field	annuity notes
Image	003	Titles	grounds &c
Category	rudiments sheet (brouillon)	Number of Pages	2
Recto/Verso	recto	Page Numbering
Penner	jeremy bentham	Watermarks	1798 am
Marginals		Paper Producer
Corrections	jeremy bentham	Paper Produced in Year	1798
Notes public		ID Number	1460
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