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But though in a time of borrowing, redemption
of capital say a million's worth or any other sum is impossible, yet what is not impossible
were at that time is the taking measures for
pledging the Government engaging the Government to the paying for
any length of time definite or indefinite, an
annual sum equal to answering the interest of that
capital: it this is so far from not being possible
that it is necessary, the contrary is not possible,
if the borrowing of money at interest be possible.
This being the case, what you can do, profess undertake
to do, and nothing more. When you have
money to pay off capital with, do so pay it off
accordingly: when you have no money to pay it
off, do not pretend to pay it off, but content
yourself with appropriating a correspondent mass speciality
of perpetual redeemable Annuities under the
name of interest, to that purpose. This accordingly
is precisely what is actually done, only
in a roundabout way and with the pretence of
doing something more: viz: doing that which is
impossible.
Identifier: | JB/003/078/001 "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 |
1798 a<…> |
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1798 |
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