JB/003/001/003

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13

Exchequer Bills
though promises
not of money in a series
of payments like
Government Annuities
— but of
money in a
mass sum

Bank notes
are exempted
from the causes
of failure that
prevail in the
case of Bank
notes, by the
remoteness and
fixity of the term,
and by the certainty
which the Government
has always experienced
of making
provision for
the payment
at the time.

14

In this respect
the proposed Annuities
cannot
possess be made any advantage
over
the existing
Exchequer Bills.

Persons, who wish
for permanent income
to a large
amount, will not
buy Annuity
notes upon terms
affording much profit
to Government
— not if they yield
much less interested
than Stock does

15

Payment in the
Country, through
the Postmasters.
A months Notice to be given
by the Bill Holder
at what Post
Office he will
receive it. Se. Col. 9

16

Rejected
The Annuity
Notes might be
received at the
Government Offices
at any time (on
forfeiture of the
Interest) if promises
were made
authorizing the Exchequer
to reissue
any that
were received
Col. 9.

17

Security Expedients against
a Run.

1. Time of payment
Wanted — say to
a month each
half year
[But does this apply
to principal
or Interest or both?

Time of the
Year the most convenient
— i.e.:
when money is most
plenty

3. The quantum
of possible demand
not to exceed the
quantum of possible
postponement without
prejudice to
credit i.e.: without
breach of fixed &
positive engagement

With regard to the
influence of the
plan upon Banker's
Notes it will a
great difference probably,
whether
the principal
be demandable
upon any terms
or not

If not demandable
it without
interference so much
— at least will
not be exposed to
the complaint of
its interference

In this case too,
all anxiety about
Runs is at an
end — and all
the complication
that might be
necessitated by
such anxiety
avoided.

They must be
perpetual unless
redeemable redeemed — not
limited to 5 years
as at first proposed
— For this
would afford no
provision for a
family - nor for
old Age. —

only to
call in the old
Notes, on offering
new notes on the
same terms.

Collateral Topics

Best proportion
between the quantity
of coined money
and the general
mass of property
in the country —
moveable and
endmoveable
consumable and
unconsumable?

Effect of an addition
to the coinage?

Does it afford a
permanent addition
to the stock
of present money
as contrasted
with future.
Or (the state of
paper tender
remaining the
same) does it
cause exportation
of the encrase?

Annuity Notes
will not encrease
the possible quantity
of future
money — since they
will add nothing
to the facility of
raising that money
as the periods of
payment arrive.

also to the
to buy
them up: since
this would prejudice
but
Holders

Advantages

They would add
to the security of
property national — as against
Insolvency.

They would contribute
to correct
the depretiation of
money in the shape
of interest as compared
with money
in the shape of
principal: i.e.
the scarcity of
ready money to
Government.

They would not
add to the quantity of wealth
of the country
as (at the expence
of its security)
Bankers Notes do
— Because the
quantity of them
will always be
limited — and
will come on time
of an equal quantity
of Stock: i.e:
Government Annuities
on the common
terms.

Therefore, they
would not interfere
with the Bank nor
other Bankers Notes

Such only would
come to market (and
interfere with Bankers
Notes as were
over and above
what were retained
as a proportion for
futurity like other
Stock.

Identifier: | JB/003/001/003"JB/" can not be assigned to a declared number type with value 3.
Date_1	1799	Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	001	Info in main headings field	annuity notes
Image	003	Titles
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	1411
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