JB/003/073/001

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On this occasion it becomes necessary to the purpose
of the present proposed plan to bring to view an observation
which setting aside the proposed plan may have
its use in the existing order of things. This is, that
the mode in which the existing Sinking Funds are
constituted, involves a fiction, and that a sort of fiction
which besides the complication and confusion and obscurity
of which with which all fictions in matters of law and government are inseparably
attended, is moreover attended to with production of a mass
of unnecessary expence.

To the sums added borrowed in each year of the
war for the defraying of the charges of the war are
added in each year other sums borrowed for the purpose
of being employ'd applied to the reduction of the
aggregate mass of debt: – "borrowed" (according to the
familiar proverb) "of Peter, to pay Paul with".
Were this all the operation would be nugatory upon
the face of it. It would in fact be nugatory if upon paying
off a quantity mass of principal money – capital equal
to that which has been borrowed for that purpose, the
debt were extinguished, and the payments which otherwise
would have been to be made on the score of interest, may made to cease. This however is not the
case: the debt instead of being extinguished the debt with the interest belonging to it is transferred
to the Agents of Government, the Managers of the Sinking
Fund. What then is the simple state truth of the case? the real
result and advantage of the measure? The capital of
the debt, meaning the aggregate mass of the national debt,
experiences at the best no reduction whatsoever, at the time:
but

Identifier: | JB/003/073/001 "JB/" can not be assigned to a declared number type with value 3.
Date_1		Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	073	Info in main headings field
Image	001	Titles
Category	text sheet	Number of Pages	1
Recto/Verso	recto	Page Numbering	e1
Penner	jeremy bentham	Watermarks	<…>m 1798
Marginals		Paper Producer
Corrections		Paper Produced in Year	1798
Notes public	"superseded"	ID Number	1483
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