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2ds 14
Annuity Notes
Ch. Grounds
II Rate
11 continued
3. The want of a market commodiously situated for the purchase
and resale of the commodity, and the concurrent
want of an office a place of resort commodiously situated
for the receipt of the interest when (speaking
always with reference to the circumstances
of the whole money of the country taken together
of which that of the metropolis is but a part)
is [+] [+] with reference to the circumstances of the whole money of the country taken by others of which the money of the metropolis is but a part another bar to the attainment of the high superior
rate in question: an obstacle the first influence of
which is how much less conspicuous source that that
of the two ones, is by no means inconsiderable.
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If both the proposed Annuity Notes, Exchequer
Bills were to be had at every s for
sums to the amount of £12:16, or the half
of £12:16s and that at every <add. Local</add> Post Office
in Town and Country that is within the reach
of a short or moderate walk to almost every individual,
and at the same time <add. that<a/dd> the payment of the interest
as it became due were to be obtained
in the same easy terms as that of putting
a letter at the post, there seems no reason to
doubt but that [+] the rate of customers would [+] notwithstanding the abovementioned picture disadvantageous <add. of disadvantage</add> particulars by which this existing species of paper distinguished from the proposed Annuity Notes I mean impermanence and the depretiation resulting from the constant necessity of forcing the market by a quantity which must be disposed of
within a certain time, ,del> with or without demand
be formed for the <gap/. species of security would be
to be had at a rate of interest very considerably
reduced.
But the reduction would not be great <add> they not being perpetual
but redeemable at any time.
11 (a)
Make Exchequer bills
for small sums, &
open Local Exchequer
Bill Offices, this would
the demand for
them & reduce the rate
of interest — though for
want of permanence
of investment, not
so or on
the proposed Annuity
Notes
