JB/003/002/003

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Extant Effects

So long as any
gold exists, it
can not be scarce – bear a
premium or exchange
against Annuity Notes,
because by the
Annuity notes being
by the supposition
referred to it,
every body will
rather part with
gold than with
one Annuity note.

Neither can it
lose its value
since every body
is complled to
Enter gold for a
debt, and can
not be compelled to
enter Annuity Notes.

Gold can not be
inconveniently
scarce without
bearing a premium:
nor can
it bear a premium
be given for it for
the purpose of purchasing
Annuity
notes with it:
since there is nothing
in which
the purchase of it
could be made
but Annuity Notes.
Therefore the
proportion as between
Cash & Paper
a wild object itself
be general convenient
without any scarcity
on either side.
As neither could be driven one (by the other) both would
stay.

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I. Assurance

1
It will The first if later it
will be the Petty
Hoarders who take
it with a view of
keeping it. To answer under
their purpose then to take it as persuasion
it is not necessary
on their part that any body should will
be in readiness to
take it off theirhands
unless it be with a
view of keeping it
as they do, as in
case of .

2
2 In the first instance
a man who can
keep his money
by him but a limited
, and
must then keep it
will not be disposed
to take it, for
fear of his not being
able to get it off his
hands in that time.

3
But a man who
has the money for
his own – can keep
it thus invested
as long as he pleases,
and who is prevented
from investing it in
a private loan for
want of knowing
where that
be phased
out with perfect
certainty of its being
repaid to a day and
without any scarcity
on either side.
As neither could
be driven out (by
the other) both would
stay.

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I. Assurance

and also fears
buying into the
funds for fear of
a fall to a greater
amount than he
interest, will
be disposed to
venture in the purchase
of a few
Annuity Notes – in
the following considerations
confident of being able
to pass them off at
par on the following
considerations.

1. That there is a
class of people who
will be always wanting
these Notes tho'
they were afraid of
not being able to circulate
them.

2. That those Petty
Hoarders can never
get an Annuity
Note in the way of
issue without paying
par price, with
the fees and trouble
to boot.

3. That the expence
and trouble
will be saved by
taking them in the
way of circulation
– taking them of him

4. That it is impossible
but tha
even in the way of issue before many
months durati or
even days are elapsed
there must
be a demand for such
a mass of Annuity
Notes as he means
to take out.
A fortune that
even must be

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I. Assurance

in the way of circulation.

5. That the market
for this paper will
not – can not however
be confined to
the Petty Hoards,
because there being
multitudes in the
same situation with
himself, what the
inducement that operates
on him to
take out this paper
in the way of issue
will operate as the
encreased force upon
others so as to engage
them to take
it in the way of
circulation.

When once it
becomes a fact –
a well known matter
of fact, that
this paper is received
in circulation
and received at par
the bulk of men will
not be scrutinizing
out the reason.

Ex. gr. the South Sea
Scheme) They will
acquire and presume
the persuasion that
it will continue to
be so received.

For a short time
this paper will not
be taken out by any
but those who can
afford to keep it.

But whether by experience
it is found to
be as current as cash,
it will not enter into
a man's head to consider
whether or not he
can afford to keep it.

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I. Assurance

The demand in the
way of issue & in
the way of circulation
would regulate
each other. A man
could not be deterred
from taking it in the
way of circulation
by a dread of a
glut in the way
of issue – since off-ciculation
will always
be preferable to
issue.

Fees highest at first

The fees on issue
might be higher at
first than afterward.
1. To favour the
circulation in its infancy.
2. That the rate of
payment may be
higher when the dealing
is less extensive.

Progress of issue publicised.

It can not be
that Notes should
to be refused
in circulation,
when it is
known that they
are taken out in
the way of issue.
Therefore the progress
of the issue
should be regularly
published.

The demand for it
in the case of Petty
Hoarders will be the
basis of the demand
on the part of the other classes.
Unless (what is not improbable) the currency of it should be on
by money'd men to such a degree as to induce them to take it
out in the first instance.

Identifier: | JB/003/002/003"JB/" can not be assigned to a declared number type with value 3.
Date_1	1799-11-12	Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	002	Info in main headings field	annuity notes
Image	003	Titles	extent / effects / assurance
Category	rudiments sheet (brouillon)	Number of Pages	2
Recto/Verso	recto	Page Numbering
Penner	jeremy bentham	Watermarks	tw 1794
Marginals		Paper Producer	francis hall
Corrections		Paper Produced in Year	1794
Notes public		ID Number	1412
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