JB/003/081/004

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On the Form of the Supply to the Sinking Funds
This then, being what is done at present, but in a round-about, indirect,
fictitious, and obscure way, what is proposed, is_that in future the
same thing should be done, but in a direct, true, and perspicuous way; as is actually done in the other case_ in the case of that portion of the Grant of a
War-Year, which is made for the redemption of the Debt created in that
same War-Year.—

In a year of Peace (it being supposed a Year actually affording a surplus
to the amount in question) the mode suited to the Season might, & naturally
would be, resumed: and then, to the effect produced (as above) by the appropriation
of so much perpetual Annuity as above, (rate of Interest, for
simplicity of calculation merely, being supposed the same as in the above
supposed War-Year) would be added the further results following viz:

1. Neat quantity struck off from the mass of National Debt
due to individuals} 2,000,000.
2. Neat defalcation from the quantity of marketable stock capable
of contributing to the load on the Market &c. as before} 2,000,000.

In a Year of War, if a single million be but borrowed for the War,
neither of the above effect can, in the nature of things be produced: because,
by the supposition, the very sum you pay with one hand, you
either have borrowed already, or immediately after will have to borrow, on
that account, with the other: which, to the amount of that sum, comes to
exactly the same thing; as if you had neither paid nor borrowed.

One supposition there is—and but one—on which, in a War—
Year or other Year of deficiency, to an amount equal to or exceeding the
million, it is possible in the nature of things to make a real defalcation to
the same amount from the mass of National Debt; and that is, if the whole amount of the
extra demand for that Year, after reservation made of the Million, be raised within the Year
viz. by taxes, with or without other resources, but without borrowing.

Identifier: | JB/003/081/004 "JB/" can not be assigned to a declared number type with value 3.
Date_1	1800-07-23	Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	081	Info in main headings field
Image	004	Titles
Category	copy/fair copy sheet	Number of Pages	4
Recto/Verso	recto	Page Numbering	f1 / f2 / f3 / f4
Penner		Watermarks	1798 am
Marginals		Paper Producer
Corrections	jeremy bentham	Paper Produced in Year	1798
Notes public		ID Number	1491
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