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In the case < | <p>In the case <add>instance</add> of Exchequer Bills, it is true,<lb/> | ||
the danger of <sic>depretiation</sic> is of comparatively<lb/> | the danger of <sic>depretiation</sic> is of comparatively<lb/> | ||
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 specie 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/> | ||
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<gap/> will be <gap/> sale: but it is altogether<lb/> | <gap/> will be <gap/> sale: but it is altogether<lb/> | ||
uncertain upon what terms. Stock Annuities <lb/> | uncertain upon what terms. Stock Annuities <lb/> | ||
are subject to an | are subject to an species of <sic>depretiation</sic>,<lb/> | ||
<add>the Annuities granted by</add> Exchequer Bills, to another: <unclear>viz:</unclear> that of <lb/> | <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 obtained by the < | of interest is not to be obtained by the <add>by the money</add><lb/> | ||
money < | money <add><unclear>sums</unclear> replaced.</add>.<lb/> | ||
<note> | <note> | ||
which can never in no instance be depended upon for lasting two | which can never<lb/> in no instance be<lb/> depended upon for lasting<lb/> two years</note> | ||
</p> | |||
<p> | |||
< | |||
In time of war, <add>so long as war continues</add> true it is, that by watching<lb/> | In time of war, <add>so long as war continues</add> true it is, that by watching<lb/> | ||
the course of the market, a man whose Exchequer<lb/> | the course of the market, a man whose Exchequer<lb/> | ||
Bills have been paid off, < | Bills have been paid off, <add>run out their terms and</add> <del>will</del> may <del></del><lb/> | ||
entertain a reasonable hope of purchasing a fresh <!-- does JB mean "afresh"? --><lb/> | entertain a reasonable hope of purchasing a fresh <!-- does JB mean "afresh"? --><lb/> | ||
and a fresh batch upon equally advantageous<lb/> | and a fresh batch upon equally advantageous<lb/> | ||
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any such view is <add>in effect</add> to follow a particular <gap/><lb/> | any such view is <add>in effect</add> to follow a particular <gap/><lb/> | ||
—that of a Stock Jobber: a profession which<lb/> | —that of a Stock Jobber: a profession which<lb/> | ||
individuals | individuals at large can not in general attempt<lb/> | ||
to exercise but under disadvantages of which in<lb/> | to exercise but under disadvantages of which in<lb/> | ||
<sic>generall</sic> they are accordingly sufficiently aware.<pb/> | <sic>generall</sic> they are accordingly sufficiently aware.<pb/> | ||
<note>2<hi rend="superscript">do</hi> 13 | <note>2<hi rend="superscript">do</hi> 13<lb/> | ||
Annuity Notes | Annuity Notes<lb/> | ||
Ch. Grounds | Ch. Grounds<lb/> | ||
Rate | Rate<lb/> | ||
11 | 11<lb/> | ||
In the case of Exchequer Bills the danger of loss by depretiation is less considerable but | In the case of<lb/> Exchequer Bills<lb/> the danger of loss<lb/> by depretiation is<lb/> less considerable<lb/> but there besides that<lb/> the sum is so large<lb/> the term of investment<lb/> is extremely limited:<lb/> and though this investment may be<lb/> to be renewed, it may<lb/> be at a <del>gre</del> reduced<lb/> rate of interest: besides<lb/> the event of a <gap/><lb/> not <gap/><lb/> &c for selling and receiving<lb/> interest</note></p> | ||
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 specie 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
of Exchequer Bills is paid off, or before, another
will be sale: but it is altogether
uncertain upon what terms. Stock Annuities
are subject to an species of depretiation,
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..
which can never
in no instance be
depended upon for lasting
two years
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, run out their terms and will may
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
—that of a Stock Jobber: a profession which
individuals at large can not in general attempt
to exercise but under disadvantages of which in
generall they are accordingly sufficiently aware.
---page break---
2do 13
Annuity Notes
Ch. Grounds
Rate
11
In the case of
Exchequer Bills
the danger of loss
by depretiation is
less considerable
but there besides that
the sum is so large
the term of investment
is extremely limited:
and though this investment may be
to be renewed, it may
be at a gre reduced
rate of interest: besides
the event of a
not
&c for selling and receiving
interest
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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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