★ Find a new page to transcribe in our list of Untranscribed Manuscripts
No edit summary |
No edit summary |
||
| Line 3: | Line 3: | ||
<head>Art. 9.</head><lb/> | <head>Art. 9.</head><lb/> | ||
<unclear>such</unclear> papers at any given period <gap/> in the<lb/> character of currency, and is not kept in the<lb/> same hands <add>in the character of a permanent <unclear>sort</unclear> of<lb/></add> for the purpose of yielding permanent<lb/> income, <del>is but</del> does not go to satisfy the demand<lb/> for Stock. But (as will be seen presently) whatever<lb/> portion of Annuity Note paper is sold at par<lb/> while stock is below par and therefore yielding<lb/> a <add>higher</add> greater rate of interest, is <del>sold</del> given in exchange<lb/> for money that would not otherwise have found<lb/> its way <del>to</del> into the Stock market, not being capable<lb/> of being invested in the purchase of <add>a</add> permanent<lb/> <add>source of income</add> <unclear> | <unclear>such</unclear> papers at any given period <gap/> in the<lb/> character of currency, and is not kept in the<lb/> same hands <add>in the character of a permanent <unclear>sort</unclear> of<lb/></add> for the purpose of yielding permanent<lb/> income, <del>is but</del> does not go to satisfy the demand<lb/> for Stock. But (as will be seen presently) whatever<lb/> portion of Annuity Note paper is sold at par<lb/> while stock is below par and therefore yielding<lb/> a <add>higher</add> greater rate of interest, is <del>sold</del> given in exchange<lb/> for money that would not otherwise have found<lb/> its way <del>to</del> into the Stock market, not being capable<lb/> of being invested in the purchase of <add>a</add> permanent<lb/> <add>source of income</add> Annuities in the time on which <add>they are</add> it is afforded<lb/> by Stock Annuities. And this is the reason why<lb/> though in respect of the lightening of the <add>mass</add> <del><unclear>tofth</unclear></del> of<lb/> Annuities the supposed 40 millions will go no<lb/> further than the 8 millions above spoken of, yet in<lb/> respect to the lightening of the Stock market of the<lb/> | ||
mass of saleable securities, and thence <add>effecting a <sic>proportionable</sic></add> raising the<lb/> <add><unclear>risen</unclear> </add> price of those Annuities compared with ready<lb/> money, it will operate with the certain effect of the<lb/> whole 40 millions. It will operate with that effect<lb/> exactly in the same manner as the Stock <del>to</del> purchased<lb/> and extinguished with the produce of the<lb/> | |||
Art. 9.
such papers at any given period in the
character of currency, and is not kept in the
same hands in the character of a permanent sort of
for the purpose of yielding permanent
income, is but does not go to satisfy the demand
for Stock. But (as will be seen presently) whatever
portion of Annuity Note paper is sold at par
while stock is below par and therefore yielding
a higher greater rate of interest, is sold given in exchange
for money that would not otherwise have found
its way to into the Stock market, not being capable
of being invested in the purchase of a permanent
source of income Annuities in the time on which they are it is afforded
by Stock Annuities. And this is the reason why
though in respect of the lightening of the mass tofth of
Annuities the supposed 40 millions will go no
further than the 8 millions above spoken of, yet in
respect to the lightening of the Stock market of the
mass of saleable securities, and thence effecting a proportionable raising the
risen price of those Annuities compared with ready
money, it will operate with the certain effect of the
whole 40 millions. It will operate with that effect
exactly in the same manner as the Stock to purchased
and extinguished with the produce of the
