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<head>Annuity Notes Moral Advantages</head>< | <head>Annuity Notes Moral Advantages</head> | ||
<p>express support from Parliament. The credit of<lb/>the proposed new Government Annuities having been<lb/>previously established by sufficient experience, let a<lb/>similar investment of all trust moneys as they<lb/>come in be rendered a matter of general obligation<lb/>by an Act of the Legislature. A trust <hi rend='underline'>receipt</hi><lb/><hi rend='underline'>book</hi> to be kept with a trust <hi rend='underline'>till</hi>.In the <hi rend='underline'>book</hi>,<lb/>an entry to be made of each sum received<lb/>with the day on which it was received: the<lb/>statement of the day to be indispensable. The<lb/>money if not received in the shape of Annuity<lb/>Notes, to be sent to the Office on that day or<lb/>the next, to be changed into Annuity Notes:—<lb/>the Notes received to be entered by their N<hi rend='superscript'>os</hi>:—if<lb/>the day not to be entered, the first day of the<lb/>year to be presumed, for the purpose of charging<lb/>the Trustee with the interest. The trust paper, as<lb/>received, to be deposited in the trust <hi rend='underline'>till</hi>, to save<lb/>it from being confounded with money of his own.<lb/>This not to prevent the disposal of the amount to<lb/>superior advantage (i:e: at a higher rate of interest<lb/>than what is afforded by Annuity Notes) in as far<lb/>as the nature of the trust <sic>admitts</sic> of it. <hi rend='superscript'>(a)</hi></p> | |||
<head>Note<hi rend='superscript'>a</hi></head> | |||
<p><hi rend='superscript'>a</hi><lb/>Since the above was written a passage has been discovered<lb/>in <hi rend='underline'>Pinto</hi>, whereby it appears that at the date of his book<lb/>(1771) a law to this effect existed in Holland in respect | |||
<add>of</add> | |||
</p> | |||
<pb/> | |||
<head>Annuity Notes Moral Advantages</head> | |||
<p>What is this proposed to be rendered <hi rend='underline'>obligatory</hi><lb/>for the benefit of the principal, is no more than<lb/>what a <hi rend='underline'>careful</hi> Trustee would do <hi rend='underline'>spontaneously</hi>, either<lb/>for the benefit of the principal or for his own,<lb/>according to the texture of his conscience. Should<lb/>a precaution thus simple and unexceptionable be<lb/>neglected, the institution of Annuity Notes will be<lb/>but too apt to operate as a premium for <hi rend='underline'>vice</hi><lb/>as well as <hi rend='underline'>virtue</hi> : a premium for <hi rend='underline'>improbity</hi> in<lb/>hte one situation, as well as for <hi rend='underline'>frugality</hi> in<lb/>the other.</p> | |||
<p>II: Lastly as to <hi rend='underline'>promotion of Frugality</hi>. We<lb/>have seen the peculiar advantages which the<lb/>proposed new species of property holds out to<lb/>the acquirer. Within a trifling and unavoidable<lb/>fraction 2<hi rend='superscript'>d</hi> a day ; £3 for every £100 by the year :—<lb/>net for risk of lending but for more self denial<lb/>in not spending. Income receivable without <hi rend='underline'><sic>expense</sic></hi>,<add>and</add></p> | |||
<head>Note <hi rend='superscript'>a</hi> continued.</head> | |||
<p>of the interest bearing paper of this Country termed<lb/>obligations [<foreign>De la Calculation et du Credit</foreign> p. 81] There is a<lb/>great deal of good and a great deal of evil (he says) in the<lb/>effect of this law but the good appears to consist in the mode<lb/>of employing the money as above : the evil to the hands in<lb/>which the management is reposed or in some other such<lb/>collateral circumstance as the forced sale of property in whatever<lb/>other shape it may be in besides money for the purpose of converting<lb/>it into this.</p> | |||
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Annuity Notes Moral Advantages
express support from Parliament. The credit of
the proposed new Government Annuities having been
previously established by sufficient experience, let a
similar investment of all trust moneys as they
come in be rendered a matter of general obligation
by an Act of the Legislature. A trust receipt
book to be kept with a trust till.In the book,
an entry to be made of each sum received
with the day on which it was received: the
statement of the day to be indispensable. The
money if not received in the shape of Annuity
Notes, to be sent to the Office on that day or
the next, to be changed into Annuity Notes:—
the Notes received to be entered by their Nos:—if
the day not to be entered, the first day of the
year to be presumed, for the purpose of charging
the Trustee with the interest. The trust paper, as
received, to be deposited in the trust till, to save
it from being confounded with money of his own.
This not to prevent the disposal of the amount to
superior advantage (i:e: at a higher rate of interest
than what is afforded by Annuity Notes) in as far
as the nature of the trust admitts of it. (a)
Notea
a
Since the above was written a passage has been discovered
in Pinto, whereby it appears that at the date of his book
(1771) a law to this effect existed in Holland in respect
of
---page break---
Annuity Notes Moral Advantages
What is this proposed to be rendered obligatory
for the benefit of the principal, is no more than
what a careful Trustee would do spontaneously, either
for the benefit of the principal or for his own,
according to the texture of his conscience. Should
a precaution thus simple and unexceptionable be
neglected, the institution of Annuity Notes will be
but too apt to operate as a premium for vice
as well as virtue : a premium for improbity in
hte one situation, as well as for frugality in
the other.
II: Lastly as to promotion of Frugality. We
have seen the peculiar advantages which the
proposed new species of property holds out to
the acquirer. Within a trifling and unavoidable
fraction 2d a day ; £3 for every £100 by the year :—
net for risk of lending but for more self denial
in not spending. Income receivable without expense,and
Note a continued.
of the interest bearing paper of this Country termed
obligations [De la Calculation et du Credit p. 81] There is a
great deal of good and a great deal of evil (he says) in the
effect of this law but the good appears to consist in the mode
of employing the money as above : the evil to the hands in
which the management is reposed or in some other such
collateral circumstance as the forced sale of property in whatever
other shape it may be in besides money for the purpose of converting
it into this.
