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<head>Annuity Notes<lb/> | |||
Broullion. III 22 Nov<hi rend="superscript">r</hi> 1799</head> | |||
<p>Extent</p> | |||
<p>1<lb/> | |||
What will be the case where 3<lb/> | |||
per Cent Stock is raised at par?<lb/> | |||
People will not <lb/> | |||
thus take note<lb/> | |||
Annuities at 2<lb/> | |||
per Cent altogether<lb/> | |||
the issue of <add>the</add> 3 per<lb/> | |||
Cent<lb/> | |||
Annuities should be stopped. The 2<lb/> | |||
per Cent will if<lb/> | |||
taken out at part would<lb/> | |||
be at a proportionable<lb/> | |||
discernment.<lb/> | |||
Therefore they would <lb/> | |||
not be taken out.<lb/> | |||
But the 3 per<lb/> | |||
Cent Note Annuities<lb/> | |||
of the issue<lb/> | |||
were stopped would<lb/> | |||
bear a premium<lb/> | |||
continually rising.<lb/> | |||
At most a <gap/><lb/> | |||
government would<lb/> | |||
be able to pay <lb/> | |||
off these 3 per<lb/> | |||
Cent note Annuities: and<lb/> | |||
by threatening so <lb/> | |||
to do might force<lb/> | |||
them to yield the<lb/> | |||
up and accept<lb/> | |||
of a lower rate<lb/> | |||
of interest—<lb/> | |||
Ought it so to do?</p> | |||
<pb/> | |||
<p>Extent<lb/> | |||
2.<lb/> | |||
War & Peace<lb/> | |||
Better to be<lb/> | |||
adopted now in <lb/> | |||
War, than in Peace<lb/> | |||
it will<lb/> | |||
alleviate the inconveniences<lb/> | |||
of War.</p> | |||
<p>Extent<lb/> | |||
3.<lb/> | |||
There is a point<lb/> | |||
beyond which any<lb/> | |||
addition to the<lb/> | |||
circulating cash<lb/> | |||
or to burthen the</lb> | |||
material of circulating<lb/> | |||
cash would come to be in<lb/> | |||
attention to the<lb/> | |||
mass of national<lb/> | |||
wealth; because<lb/> | |||
it would take<lb/> | |||
away form other<lb/> | |||
commodities as<lb/> | |||
much value as it added in the<lb/> | |||
shape of plate.<lb/> | |||
Plate would be<lb/> | |||
cheaper, but all<lb/> | |||
other commodities<lb/> | |||
would be as much<lb/> | |||
dearer as Plate<lb/> | |||
was cheaper.</p> | |||
<p>The influx of<lb/> | |||
money produced<lb/> | |||
by the Annuity<lb/> | |||
Note paper will<lb/> | |||
have the same <lb/> | |||
effect, as if it<lb/> | |||
were in so much cash.</p> | |||
<pb/> | |||
<p>Objections<lb/> | |||
Exist. Cash<lb/> | |||
Borrowing Fund<lb/> | |||
Suceedaneum to<lb/> | |||
the Bank.<lb/> | |||
It is only in War time that<lb/> | |||
any such need for<lb/> | |||
sudden borrowing<lb/> | |||
can exist.<lb/> | |||
In addition to the<lb/> | |||
<hi rend="underline">Treasurer</hi>, power <lb/> | |||
to stop <add>take out</add> the Sinking<lb/> | |||
Fund: i.e. to <lb/> | |||
apply to this purpose<lb/> | |||
if Annuity, Under<lb/> | |||
Sale.</p> | |||
<p>But, for known<lb/> | |||
payments Annuity<lb/> | |||
Note Paper will<lb/> | |||
serve—and<lb/> | |||
for foreign payments there<lb/> | |||
can be no sudden<lb/> | |||
demand to <add>such an</add><lb/> | |||
amount above the <lb/> | |||
Treasure<lb/> | |||
without consent<lb/> | |||
of Parliament</p> | |||
<pb/><p>Extent<lb/> | |||
5<lb/> | |||
It would bring up<lb/> | |||
3 per Cent to par<lb/> | |||
sooner than would<lb/> | |||
be supposed—and<lb/> | |||
by that means not retard the <lb/> | |||
operation of the <lb/> | |||
Buying up plan<lb/> | |||
but change it into<lb/> | |||
a Paying off <lb/> | |||
plan: and so reduce the<lb/> | |||
rate of interest.</p> | |||
<p>3 continued<lb/> | |||
At that pointing<lb/> | |||
dictating a <hi rend="underline">treasure</hi><lb/> | |||
would be no<lb/> | |||
national loss<lb/> | |||
since the money<lb/> | |||
if created<lb/> | |||
would only<lb/> | |||
raise the price of butter &c.<lb/> | |||
without adding<lb/> | |||
to national wealth.<lb/> | |||
Yet it would—<lb/> | |||
it would augment<lb/> | |||
the mass of natural<lb/> | |||
wealth by the<lb/> | |||
amount of the <lb/> | |||
bullion introduced<lb/> | |||
—there<lb/> | |||
would be so much<lb/> | |||
more burthen—<lb/> | |||
and though not<lb/> | |||
so much the <lb/> | |||
<hi rend="underline">rise</hi> of other<lb/> | |||
commodities<lb/> | |||
not yet so much as the <hi rend="superscript">loss</hi>.</p> | |||
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{{Metadata:{{PAGENAME}}}} | {{Metadata:{{PAGENAME}}}}{{Completed}} | ||
Annuity Notes
Broullion. III 22 Novr 1799
Extent
1
What will be the case where 3
per Cent Stock is raised at par?
People will not
thus take note
Annuities at 2
per Cent altogether
the issue of the 3 per
Cent
Annuities should be stopped. The 2
per Cent will if
taken out at part would
be at a proportionable
discernment.
Therefore they would
not be taken out.
But the 3 per
Cent Note Annuities
of the issue
were stopped would
bear a premium
continually rising.
At most a
government would
be able to pay
off these 3 per
Cent note Annuities: and
by threatening so
to do might force
them to yield the
up and accept
of a lower rate
of interest—
Ought it so to do?
---page break---
Extent
2.
War & Peace
Better to be
adopted now in
War, than in Peace
it will
alleviate the inconveniences
of War.
Extent
3.
There is a point
beyond which any
addition to the
circulating cash
or to burthen the</lb>
material of circulating
cash would come to be in
attention to the
mass of national
wealth; because
it would take
away form other
commodities as
much value as it added in the
shape of plate.
Plate would be
cheaper, but all
other commodities
would be as much
dearer as Plate
was cheaper.
The influx of
money produced
by the Annuity
Note paper will
have the same
effect, as if it
were in so much cash.
---page break---
Objections
Exist. Cash
Borrowing Fund
Suceedaneum to
the Bank.
It is only in War time that
any such need for
sudden borrowing
can exist.
In addition to the
Treasurer, power
to stop take out the Sinking
Fund: i.e. to
apply to this purpose
if Annuity, Under
Sale.
But, for known
payments Annuity
Note Paper will
serve—and
for foreign payments there
can be no sudden
demand to such an
amount above the
Treasure
without consent
of Parliament
---page break---
Extent
5
It would bring up
3 per Cent to par
sooner than would
be supposed—and
by that means not retard the
operation of the
Buying up plan
but change it into
a Paying off
plan: and so reduce the
rate of interest.
3 continued
At that pointing
dictating a treasure
would be no
national loss
since the money
if created
would only
raise the price of butter &c.
without adding
to national wealth.
Yet it would—
it would augment
the mass of natural
wealth by the
amount of the
bullion introduced
—there
would be so much
more burthen—
and though not
so much the
rise of other
commodities
not yet so much as the loss.
|
Identifier: | JB/003/003/002"JB/" can not be assigned to a declared number type with value 3. |
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|---|---|---|---|
|
1799-11-22 |
|||
|
003 |
annuity notes |
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|
003 |
annuity notes |
||
|
002 |
extent / war & peace / objections / effects |
||
|
rudiments sheet (brouillon) |
2 |
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|
recto |
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|
jeremy bentham |
tw 1794 |
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|
francis hall |
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|
1794 |
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|
1413 |
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