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Since the days of Locke there has never been
altogether wanting a set of men who and to be named
philosophers, but for whom since the word has been
rendered synonymous to cutthroat, robber and anarchist, there is no name.
..... Had the Minister happened on that occasion to have had any
such person nameless sort of philosopher at his elbow, the person might have
addressed him on some such terms as these.

The extinction of the capital of the public
debt is an operation at all times desirable
enough: but there are times when it is possible
and there are times when it is impossible. The
times in which it is possible are those which when
their form appropriated funds such as the produce of taxes, is is from contingencies
afford a disposable surplus without borrowing. The times
in which it is impracticable, are the times in
which money is borrowed in which the Minister
with nothing but the future Annuities faculty of creating Annuities pays
finds himself under the necessity of raising or borrowing
money that is of buying present money, with nothing in his hand but
engagements to pay for future money payable
periodically payable to pay for it. Even at those times
he may
To lessen reduce the capital of the debt is
what at those times is plainly impossible: the
very idea of borrowing or raising money is
grounded bottomed on the impossibility of it. What is
not impossible is to put on a the semblance of
lessening the capital of the debt, viz. by borrowing
money for the purpose of paying off
debt: augmenting it for the purpose of lessening it,
augmenting it in the first place to lessen it
as soon afterwards as can conveniently
in the same degree and as augmenting it by the exact amount of that
which it is thereby to be defined.

Identifier: | JB/003/075/001
"JB/" can not be assigned to a declared number type with value 3.


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annuity notes

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jeremy bentham


<…>m 1798


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