JB/002/385/001

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5 Plan for the creation &c of Annuity Notes. II Eventual Extension.

19 Stock when at or above par to be paid off instead of bought in.
[19] [1] That, if by this and other means, 3 per cent Stock Annuities should
ever have risen to par, [1] the produce of the issue of Note Annuities be thereupon
applied to the paying off, instead of buying in, [2] Stock Annuities; and so
toties quoties, buying in whenever they are under par, paying off, whenever
they are at or above par. —

[20] [2] That, inasmuch as the paying off Stock Annuities, the greatest part
thereof carrying 3 per cent, will lead to a rapid and almost simultaneous conversion
of the whole amount thereof into Note Annuities + bearing nearly the same rate of interest; Conversion As many as thus forced out of the market, find a door thrown open [which leads them] into another market where they may have the same common duty in every still more advantageous. Then the to be + Note Conversion By the supposition £1000 Stock his property in the shape of Government Annuities this he can only do by taking out £1000 of Notes: but with the £1000 thereupon received Government will pay if another £1000 Stock, and is Person paid off might have the given them of receiving the money, or the value of in Stock Notes on the spot. and inasmuch as, upon the redemption of the last parcel of
redeemable stock Annuities, the emission of Note Annuities at this rate of
Interest must, (according to Article 6th) immediately cease; and inasmuch as the
quantity of Government Annuities will in the mean time will have already been much
reduced, and, by the continued operation of the continually increasing powers of
the existing Sinking Funds, the scarcity will be growing greater and greater every day, [ ]
(notwithstanding that, being continually exposed to be paid off at par, they will
be incapable of bearing any considerable premium) [1] the Offices be opened thereupon
for the emission of a fresh second issue at a reduced rate of Interest; [2] say 2 3/8 per
cent nearly: (viz by increasing raising the price of the standard Note from £12..16s
to £16): the produce of such 2<hi rend='superscript'>d</hi> issue to be appropriated to the paying off the and as fast next comes in applied
Note Annuities of the said first issue of the said first issue: the amount of such second consequently to the amount of the of the said First Issue: 2d after being there can
open from the first and open to the last to the
money as fast as it is expelled from the first issue and with the money [+] [+] so caught to expel more, and so on till the whole of the first issue is redeemed

[21] [3] That immediately upon the redemption of the last parcel of Note Annuities
of the first issue, the Offices be again opened for the emission of a 3d issue, at applied to the redempt paying off the Notes of the first issue,
a still lower rate of Interest, say 1 1/2 per cent nearly: (viz: by raising the price and the second issue to close, as soon as the redemption of the
of the standard Note from £16 to £25: 4s): the produce thereof to be appropriated Notes of the first issue shall have been compleated.
to the redemption of the Note Annuities of the second issue,
as above.
On Mr P.'s plan Note i:e: without the benefit of Note Annuities the reduction can not be effected but with long respites in different masses // pauses between mass and mass one reduction and another: whereby time much may be unnecessarily .

Identifier: | JB/002/385/001"JB/" can not be assigned to a declared number type with value 2.
Date_1		Marginal Summary Numbering	19
Box	002	Main Headings	annuity notes
Folio number	385	Info in main headings field	plan for the creation &c of annuity notes
Image	001	Titles	ii eventual extension
Category	copy/fair copy sheet	Number of Pages	2
Recto/Verso	recto	Page Numbering	f8 / f8
Penner		Watermarks	1798 a<…>
Marginals		Paper Producer	frances wright
Corrections	jeremy bentham	Paper Produced in Year	1798
Notes public		ID Number	1124
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