JB/002/243/001

Click Here To Edit

Ch. XII
4
Nothing but one
amphibious species
of paper such as
that proposed can
fully supply any
such deficiency-
Stock and other articles
that are not money, can
only shift it from
hand to hand.

While the With While there is Stock to sell,, and in such
a quantityabundance, how (it may be asked) can commercial
wealth be exposedliable to suffer in the point of
security for want of by a defalcation (which
can never be a very large one) from the amountquantity of
paper money? - when, by selling Stock, a man who
has either Stock enough or credit to borrow Stock enough, may
at any time raise get as much money as he pleases. [+] — [+]1 He will be a loser
it is true by the interest of the
Stock sold out
borrowed from the time
when sold to the time
when replined, and
so far the wealth it
suffers in point of
quantity: but there
ends the damage:
security remains. entire. —
? yes, doubtless;- so hea man may:- but on what terms?- on the terms of
taking the amount from some one else: By
getting for money that which is not money the deficiency
is shifted only, not likened. [+]2 Stock is one
thing: paperordinary<add>common</add> money (the sort at present in use) is another: Annuity note
money, and that alone, is both in one. It has two
natures: and is, at all any times, either the one thing
or the other, whichever is most wanted. (a) Note in the
next page
p. 153 [+]2 Stock may be
sold for money: and
in that figurative
sense it may be converted into
money: but in the
literal sense it can
not be converted into
money: and it is in
the literal sense that
an article must be
capable of being converted
into money, to
answer the purpose in
question here. Stock
convertible into money?-
Yes in the same figurative
Yes and
sense in which land, &
houses houses and goods are
convertible into money
- and no other.- Annuity
Note paper is convertible
into money (paper money)
in the literal senses.

End of the Chapter

By Taking from the mass of Annuities to add to
Note
the mass of money no deficiency is created.
(a) So much as is added to money in this wayby this means<add>on such an occasion</add>
by Annuity notes put into circulation so much (it is true) is taken from the mass of annuities
kept in hand for the purpose of permanent income, with
of Stock But by this defalcation no deficiency is produced
in any article in the punctual receipt of
which dep commercial wealth depends for its security
What is engaged for, when commercial debts are entrusted,
is - not annuities, but ready money: not
future money in an indefinitely lasting series of
payments: but presenta sum equivalent to such a series, and [money,] payable at once.
Note Annuities yielded income while kept in hand: but
so they do, is equal amount, in favour of as many as
choose to review it, while circulating as currency.

---page break---

Identifier: | JB/002/243/001"JB/" can not be assigned to a declared number type with value 2.
Date_1		Marginal Summary Numbering	4
Box	002	Main Headings	annuity notes
Folio number	243	Info in main headings field
Image	001	Titles
Category	text sheet	Number of Pages	1
Recto/Verso	recto	Page Numbering	f152
Penner	jeremy bentham	Watermarks	<…>m 1798
Marginals	jeremy bentham	Paper Producer	frances wright
Corrections	jeremy bentham	Paper Produced in Year	1798
Notes public		ID Number	982
Box Contents