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<!-- ENTER TRANSCRIPTION BELOW THIS LINE --><!-- the numbers 6 and 7 in brackets are written in pencil --> | <!-- ENTER TRANSCRIPTION BELOW THIS LINE --><!-- the numbers 6 and 7 in brackets are written in pencil --> | ||
<!-- large number 2 (or letter Q) in pencil written over the entire first paragraph --><p>[6] <hi rend='underline'>[<del>a</del> farthing every other day</hi>] In the existing Exchequer<lb/>Bills, the amount of daily interest is thus<lb/>specified: <del>and</del> accordingly as appears to have been<lb/>the expectation and wish upon the first issuing | <!-- large number 2 (or letter Q) in pencil written over the entire first paragraph --><p>[6] <hi rend='underline'>[<del>a</del> farthing every other day</hi>] In the existing Exchequer<lb/>Bills, the amount of daily interest is thus<lb/>specified: <del>and</del> accordingly as appears to have been<lb/>the expectation and wish upon the first issuing | ||
of that<lb/>species of Paper, <add>in the passing of them from hand to hand</add> the amount of the daily interest<lb/>that has been accrued has always been added to the price.<lb/>This addition is invariable: any variation the price<lb/>of them undergoes <del>or expresse</del> does not affect this<lb/><del>ad</del> accumulation, but exhibits itself in the form<lb/>of a discount deducted from — or a premium added<lb/>to — the principal — viz: £100.</p><pb/><!-- the following paragraph is striken out with diagonal lines --><p>[7] [<hi rend='underline'>Reckoning from the first of January last</hi>] <add><hi rend='underline'>Question</hi> -</add> Why<lb/> (it may be asked) from the first day of the year, <add>rather</add> and<lb/>not <add>than</add> from the day the Note is issued?<lb/><hi rend='underline'>Answer.</hi> - because in that case the increase in value<lb/> | of that<lb/>species of Paper, <add>in the passing of them from hand to hand</add> the amount of the daily interest<lb/>that has been accrued has always been added to the price.<lb/>This addition is invariable: any variation the price<lb/>of them undergoes <del>or expresse</del> does not affect this<lb/><del>ad</del> accumulation, but exhibits itself in the form<lb/>of a discount deducted from — or a premium added<lb/>to — the principal — viz: £100.</p><pb/><!-- the following paragraph is striken out with diagonal lines --><p>[7] [<hi rend='underline'>Reckoning from the first of January last</hi>] <add><hi rend='underline'>Question</hi> -</add> Why<lb/> (it may be asked) from the first day of the year, <add>rather</add> and<lb/>not <add>than</add> from the day the Note is issued?<lb/><hi rend='underline'>Answer.</hi> - because in that case the increase in value<lb/>acquired by the Note on each subsequent day of the<lb/>year would be matter of calculation — and that<lb/>calculation a minute and embarassing one — <del>instead</del><lb/><del>of since</del> it could not, as <del>ar</del> upon the plan here<lb/>adopted be found <add>by mere inspection and</add> <del>by</del> instantaneously, by a single<lb/>glance cast upon the Table hereinafter provided | ||
acquired by the Note on each subsequent day of the<lb/>year would be matter of calculation — and that<lb/>calculation a minute and embarassing one — <del>instead</del><lb/><del>of since</del> it could not, as <del>ar</del> upon the plan here<lb/>adopted be found <add>by mere inspection and</add> <del>by</del> instantaneously, by a single<lb/>glance cast upon the Table hereinafter provided | <lb/>for that purpose. <add>That being the case, as </add><del>The consequence is — that, as </del> <del><add>since then,</add></del> <lb/>at the end of the year, a man receives interest upon<lb/>it for the whole year, though it was not till the <lb/>middle or near the end of the year that, upon its<lb/>being issued to him, he had to pay for it — the<lb/> consequence is — that <del>whatever</del> at whatever day<lb/> in the year a man purchases such a Note from<lb/>Government, he must in addition to the principal sum<lb/>constituting the purchase money <add>be required to</add> pay the amount of the interest<lb/>up to that day: otherwise, he would lie, and not make<lb/>his purchase till the last moment, and so get the interest of a whole year for nothing.<lb/></p><pb/> | ||
<lb/>for that purpose. <add>That being the case, as </add> | |||
<del>The consequence is — that, as </del> <del><add>since then,</add></del> <lb/>at the end of the year, a man receives interest upon<lb/>it for the whole year, though it was not till the <lb/>middle or near the end of the year that, upon its<lb/>being issued to him, he had to pay for it — the<lb/> consequence is — that <del>whatever</del> at whatever day<lb/> in the year a man purchases such a Note from<lb/>Government, he must in addition to the principal sum<lb/>constituting the purchase money <add>be required to</add> pay the amount of the interest<lb/>up to that day: otherwise, he would lie, and not make<lb/>his purchase till the last moment, and so get the interest of a whole year for nothing.<lb/></p><pb/> | |||
[6] [a farthing every other day] In the existing Exchequer
Bills, the amount of daily interest is thus
specified: and accordingly as appears to have been
the expectation and wish upon the first issuing
of that
species of Paper, in the passing of them from hand to hand the amount of the daily interest
that has been accrued has always been added to the price.
This addition is invariable: any variation the price
of them undergoes or expresse does not affect this
ad accumulation, but exhibits itself in the form
of a discount deducted from — or a premium added
to — the principal — viz: £100.
---page break---
[7] [Reckoning from the first of January last] Question - Why
(it may be asked) from the first day of the year, rather and
not than from the day the Note is issued?
Answer. - because in that case the increase in value
acquired by the Note on each subsequent day of the
year would be matter of calculation — and that
calculation a minute and embarassing one — instead
of since it could not, as ar upon the plan here
adopted be found by mere inspection and by instantaneously, by a single
glance cast upon the Table hereinafter provided
for that purpose. That being the case, as The consequence is — that, as since then,
at the end of the year, a man receives interest upon
it for the whole year, though it was not till the
middle or near the end of the year that, upon its
being issued to him, he had to pay for it — the
consequence is — that whatever at whatever day
in the year a man purchases such a Note from
Government, he must in addition to the principal sum
constituting the purchase money be required to pay the amount of the interest
up to that day: otherwise, he would lie, and not make
his purchase till the last moment, and so get the interest of a whole year for nothing.
---page break---
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Identifier: | JB/002/138/001"JB/" can not be assigned to a declared number type with value 2. |
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002 |
annuity notes |
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138 |
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001 |
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text sheet |
1 |
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recto |
d3 |
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jeremy bentham |
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877 |
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