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25 Sept. 1800</head><lb/> | 25 Sept. 1800</head><lb/> | ||
<note>Ch.XV.<lb/> | <note>Ch.XV.<lb/> | ||
Pelham's <gap/><lb/> | <!-- Pencil note from this point -->Pelham's <gap/><lb/> | ||
8<lb/> | 8<lb/> | ||
III Previous < | III Previous <unclear>assurance</unclear><lb/> | ||
if success<lb/> | if success<lb/> | ||
On Pelham's plan<lb/> | On Pelham's plan<lb/> | ||
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<p> | <p> | ||
III. <hi rend="underline">Previous assurance of success</hi>. <del>On M<hi rend="superscript">r Pelham's</hi></del><lb/> | III. <hi rend="underline">Previous assurance of success</hi>. <del>On M<hi rend="superscript">r Pelham's</hi></del><lb/> | ||
plan the effect of each man's Stockholders submission<lb/> | <del>plan the effect of each man's Stockholders submission</del><lb/> | ||
<del>depended on the co-operation of the rest. On the proposed</del><lb/> | <del>depended on the co-operation of the rest. On the proposed</del><lb/> | ||
<del>plan, no co-operation - not a single assent is necessary</del><lb/> | <del>plan, no co-operation - not a single assent is necessary</del>.<lb/> | ||
<del>By <add>the proposed</add> subscription and < | <del>By <add>the proposed</add> subscription and <unclear>competition</unclear> for respite the reduction</del><lb/> | ||
<del>may certainly be much facilitated <add>in a high degree</add> and accelerated: but</del><lb/> | <del>may certainly be much facilitated <add>in a high degree</add> and accelerated: but</del><lb/> | ||
<del>the essential features of the plan are independent of any<lb/> | <del>the essential features of the plan are independent of any<lb/> | ||
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<hi rend="underline">have failed:</hi> and had it failed, it would have failed<lb/> | <hi rend="underline">have failed:</hi> and had it failed, it would have failed<lb/> | ||
<hi rend="underline">in toto</hi>: since, <del>had</del> if the reduction had not been submitted<lb/> | <hi rend="underline">in toto</hi>: since, <del>had</del> if the reduction had not been submitted<lb/> | ||
to in respect of <add>nearly</add> | to in respect of <add>nearly</add> the <hi rend="underline">whole</hi> mass, it could not<lb/> | ||
have taken place as to any <hi rend="underline">part</hi>. Had not the quantity<lb/> | have taken place as to any <hi rend="underline">part</hi>. Had not the quantity<lb/> | ||
of <hi rend="underline">uninscribed</hi> Stock (about 3 1/4 millions) been<lb/> | of <hi rend="underline">uninscribed</hi> Stock (about 3 1/4 millions) been<lb/> | ||
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testified in respect of the <hi rend="underline">subscribed</hi> Stock, could<lb/> | testified in respect of the <hi rend="underline">subscribed</hi> Stock, could<lb/> | ||
hardly have been accepted: nor could the plan have<lb/> | hardly have been accepted: nor could the plan have<lb/> | ||
taken place, in any degree, without a joint and<lb/> | taken place, <!-- underscore crossed out -->in any degree, without a joint and<lb/> | ||
simultaneous operation on the part of one or other of<lb/> | simultaneous operation on the part of one or other of<lb/> | ||
two numerous sets of parties; viz: the <hi rend="underline">Stockholders</hi><lb/> | two numerous sets of parties; viz: the <hi rend="underline">Stockholders</hi><lb/> | ||
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the <unclear>mourn'd</unclear> men, <del>who</del><add>from whom</add>, as far as the expected submission<lb/> | the <unclear>mourn'd</unclear> men, <del>who</del><add>from whom</add>, as far as the expected submission<lb/> | ||
failed of taking place , <del>were to lead</del> the money<lb/> | failed of taking place , <del>were to lead</del> the money<lb/> | ||
was to come, for paying off the repayments.</p> | was to come, for paying off the <hi rend="underline">repayments.</hi></p> | ||
<p>But though <add><del>the</del></add> practicable <add><hi rend="underline">then</hi></add> in respect of <del>57 million</del><add>that <del>57 or</del> 58</add> <note>9<lb/> | <p>But though <add><del>the</del></add> practicable <add><hi rend="underline">then</hi></add> in respect of <del>57 million</del><add>that <del>57 or</del> 58</add> <note>9<lb/> | ||
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per Cents. | per Cents. | ||
</note><lb/> | </note><lb/> | ||
<add>the 57 or 58 million then in question, then</add> <del>the <gap/> amount of < | <add>the 57 or 58 million then in question, then</add> <del>the <gap/> amount of the <gap/> <gap/></del> it does not<lb/> | ||
follow that it would <hi rend="underline"><gap/></hi> be practicable <add><hi rend="underline">Quere</hi></add> in regard to the<lb/> | follow that it would <del><hi rend="underline"><gap/></hi></del> be practicable <add><hi rend="underline">Quere</hi></add> in regard to the<lb/> | ||
<del>present</del> £444 million<add>in question now:</add> not even, although by the time<lb/> | <del>present</del> £444 million<add>in question now:</add> not even, although by the time<lb/> | ||
of the arrival of Stock at par <add>some such sum as </add> the odd £444,000,000<lb/> | of the arrival of Stock at par <add>some such sum as </add> the odd £444,000,000<lb/> | ||
were to have been <add>redeemed and</add>struck off. <del> | were to have been <add>redeemed and</add>struck off. <del>Reducing</del><add>The reduction</add> of the 73 millions, <add><del>of</del>or</add></p><pb/> | ||
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25 Sept. 1800
Ch.XV.
Pelham's
8
III Previous assurance
if success
On Pelham's plan
it was very doubtful
for a long time
III. Previous assurance of success. On Mr Pelham's
plan the effect of each man's Stockholders submission
depended on the co-operation of the rest. On the proposed
plan, no co-operation - not a single assent is necessary.
By the proposed subscription and competition for respite the reduction
may certainly be much facilitated in a high degree and accelerated: but
the essential features of the plan are independent of any
stock .
That Mr Pelham's plan was practicable, was proved is shewn
by the event . But for a long time it "was likely to
have failed: and had it failed, it would have failed
in toto: since, had if the reduction had not been submitted
to in respect of nearly the whole mass, it could not
have taken place as to any part. Had not the quantity
of uninscribed Stock (about 3 1/4 millions) been
small enough to admitt of its being paid off, the submission,
testified in respect of the subscribed Stock, could
hardly have been accepted: nor could the plan have
taken place, in any degree, without a joint and
simultaneous operation on the part of one or other of
two numerous sets of parties; viz: the Stockholders
who were called upon to submitt to the reduction, or
the mourn'd men, whofrom whom, as far as the expected submission
failed of taking place , were to lead the money
was to come, for paying off the repayments.
But though the practicable then in respect of 57 millionthat 57 or 58 9
At present, without
the aid of the proposed
plan, the
reduction of interest
would probably stop
with
at the 5 and 4
per Cents.
the 57 or 58 million then in question, then the amount of the it does not
follow that it would be practicable Quere in regard to the
present £444 millionin question now: not even, although by the time
of the arrival of Stock at par some such sum as the odd £444,000,000
were to have been redeemed andstruck off. ReducingThe reduction of the 73 millions, ofor
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