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B 5 Political Prospects

Bankruptcy Probability.
Such as it is the new Sinking or as it might be called
Redemption Fund is the only instrument the nature of things affords
us for staving off Bankruptcy: and the chances it affords us of

The chance therefore which the Nation has for continuing
being able to stave it off for ever or for clear of Bankruptcy for an indefinite time seems to be this.
[x] the only instrument Bankruptcy will not or at least need not take place, even
in a time of war, so long as the money that can be borrowed raised
in the year in the year, i:e: raised by the sale of annuities,
will with the addition of the produce of the sinking fund
of that year suffice for the services of the years sum for
every £100,000 of Government Annuities that Government has
bought in it has £100,000 worth , £100,000 worth of the produce of its taxes
so far at its disposal, that it can employ them in the current service
without breach of its engagements to any individual,
without producing any reduction of income on the part of any of
its creditors. In this case So long as this continues the operation of buying with
debt will in war time be suspended in war-time: but in
time of peace it may be resumed, and with considerable effect
in time of peace. An operation of this sort would be a
change of plans and measures, but it would not be a violation of engagements:
it would be a devolution, by the supposition an
unavoidable one of policy, but it would not be a trespass
against justice.

The force & value of this security will not appear very
great: the time in which it can commence begin to operation
in that character is neither near nor certain. At present
it would be but as a drop of water in a Bucket. The
amount of the income thus at command may by this time
be about a million: 20 times that sum will hardly do
more than suffice for the extra expences of the present commencing year.

Identifier: | JB/107/172/001
"JB/" can not be assigned to a declared number type with value 107.


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political prospects





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jeremy bentham



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