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small account. But the annuity afforded by<lb/> | small account. But the annuity afforded by<lb/> | ||
an Exchequer Bill is not the sort of annuity<lb/> | an Exchequer Bill is not the sort of annuity<lb/> | ||
which is afforded by the | which is afforded by the <unclear>issues</unclear> of paper<lb/> | ||
proposed. It is an annuity if such it may<lb/> | proposed. It is an annuity if such it may<lb/> | ||
be termed for a term never exceeding two years,<lb/> | be termed for a term never exceeding two years,<lb/> | ||
| Line 20: | Line 20: | ||
tiation, <add>the Annuities granted by</add> Exchequer Bills, to another: <unclear>viz:</unclear> that of <lb/> | tiation, <add>the Annuities granted by</add> Exchequer Bills, to another: <unclear>viz:</unclear> that of <lb/> | ||
being paid off at a time when an equal rate<lb/> | being paid off at a time when an equal rate<lb/> | ||
of interest is not to be | of interest is not to be obtained by the <hi rend="superscript">by the money</hi><lb/> | ||
< | money <hi rend="superscript"><unclear>sums</unclear> replaced.</hi>.<lb/> | ||
<p>paragraph</p> | <p>paragraph</p> | ||
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terms. But to watch the course of the market in<lb/> | terms. But to watch the course of the market in<lb/> | ||
any such view is <add>in effect</add> to follow a particular <gap/>000-<lb/> | any such view is <add>in effect</add> to follow a particular <gap/>000-<lb/> | ||
—that of a Stock | —that of a Stock Jobber: a profession which<lb/> | ||
individuals <unclear>at large</unclear> can not in general attempt<lb/> | individuals <unclear>at large</unclear> can not in general attempt<lb/> | ||
to <gap/> but under disadvantages of which in<lb/> | to <gap/> but under disadvantages of which in<lb/> | ||
In the case instance of Exchequer Bills, it is true,
the danger of depretiation is of comparatively
small account. But the annuity afforded by
an Exchequer Bill is not the sort of annuity
which is afforded by the issues of paper
proposed. It is an annuity if such it may
be termed for a term never exceeding two years,
and which may fall short of that term to any
amount. It is therefor altogether unsuited to the
demand afforded by a permanent sum
The probability is indeed that when our batch 000
of Exchequer Bills is paid off, or before, another
000 will be 000 sale: but it is altogether
uncertain upon what terms. Stock Annuities
are subject to an 000 of depre-
tiation, the Annuities granted by Exchequer Bills, to another: viz: that of
being paid off at a time when an equal rate
of interest is not to be obtained by the by the money
money sums replaced..
paragraph
In time of war, so long as war continues true it is, that by watching
the course of the market, a man whose Exchequer
Bills have been paid off,will may 000
entertain a reasonable hope of purchasing a fresh
and a fresh batch upon equally advantageous
terms. But to watch the course of the market in
any such view is in effect to follow a particular 000-
—that of a Stock Jobber: a profession which
individuals at large can not in general attempt
to but under disadvantages of which in
generall they are accordingly sufficiently aware.
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Identifier: | JB/002/553/001"JB/" can not be assigned to a declared number type with value 2. |
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11 |
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002 |
Annuity Notes |
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553 |
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001 |
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Text sheet |
1 |
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Recto"Recto" is not in the list (recto, verso) of allowed values for the "Rectoverso" property. |
F13 |
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Jeremy Bentham |
<…>M 1798 |
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Frances Wright |
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1798 |
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1292 |
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