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<p><note>Bankruptcy Probability.</note><!-- note in pencil --> | <p><note>Bankruptcy Probability.</note><!-- note in pencil --> | ||
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<add>Such as it is the new Sinking or <del><gap/></del> as it might be called<lb/> | <add>Such as it is the new Sinking or <del><gap/></del> as it might be called<lb/> | ||
Redemption Fund is the only instrument the nature of things affords<lb/> | Redemption Fund is the only instrument the nature of things affords<lb/> | ||
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<add><del>in the year</del></add> in the year, i:e: raised by the sale of annuities,<lb/> | <add><del>in the year</del></add> in the year, i:e: raised by the sale of annuities,<lb/> | ||
will with the addition of the produce of the sinking fund<lb/> | will with the addition of the produce of the sinking fund<lb/> | ||
of that year suffice for the services of the years | of that year suffice for the services of the years sum for<lb/> | ||
every £100,000 of Government Annuities that Government has<lb/> | every £100,000 of Government Annuities that Government has<lb/> | ||
bought in it has £100,000 worth <add><gap/>, £100,000 worth</add> of the produce of its taxes<lb/> | bought in it has £100,000 worth <add><gap/>, £100,000 worth</add> of the produce of its taxes<lb/> | ||
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in time of peace. An operation of this sort would be a<lb/> | in time of peace. An operation of this sort would be a<lb/> | ||
change of <add>plans and</add> measures, but it would not be a violation of engagements:<lb/> | change of <add>plans and</add> measures, but it would not be a violation of engagements:<lb/> | ||
it would be a | it would be a devolution, by the supposition an<lb/> | ||
unavoidable one of policy, but it would not be a trespass<lb/> | unavoidable one of policy, but it would not be a trespass<lb/> | ||
against justice.</p> | against justice.</p> | ||
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<p>The <add>force &</add> value of this security will not appear very<lb/> | <p>The <add>force &</add> value of this security will not appear very<lb/> | ||
great: the time in which it can commence <add>begin</add> to operation<lb/> | great: the time in which it can commence <add>begin</add> to operation<lb/> | ||
in that character is neither | in that character is neither near nor certain. At present<lb/> | ||
it would be but as a drop of water in a Bucket. The<lb/> | it would be but as a drop of water in a Bucket. The<lb/> | ||
amount of the income thus at command may by this time<lb/> | amount of the income thus at command may by this time<lb/> | ||
B 5 Political Prospects
Bankruptcy Probability.
Such as it is the new Sinking or as it might be called
Redemption Fund is the only instrument the nature of things affords
us for staving off Bankruptcy: and the chances it affords us of
The chance therefore which the Nation has for continuing
being able to stave it off for ever or for clear of Bankruptcy for an indefinite time seems to be this.
[x] the only instrument Bankruptcy will not or at least need not take place, even
in a time of war, so long as the money that can be borrowed raised
in the year in the year, i:e: raised by the sale of annuities,
will with the addition of the produce of the sinking fund
of that year suffice for the services of the years sum for
every £100,000 of Government Annuities that Government has
bought in it has £100,000 worth , £100,000 worth of the produce of its taxes
so far at its disposal, that it can employ them in the current service
without breach of its engagements to any individual,
without producing any reduction of income on the part of any of
its creditors. In this case So long as this continues the operation of buying with
debt will in war time be suspended in war-time: but in
time of peace it may be resumed, and with considerable effect
in time of peace. An operation of this sort would be a
change of plans and measures, but it would not be a violation of engagements:
it would be a devolution, by the supposition an
unavoidable one of policy, but it would not be a trespass
against justice.
The force & value of this security will not appear very
great: the time in which it can commence begin to operation
in that character is neither near nor certain. At present
it would be but as a drop of water in a Bucket. The
amount of the income thus at command may by this time
be about a million: 20 times that sum will hardly do
more than suffice for the extra expences of the present commencing year.
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