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Art. 1. Notes 5
Annuity Notes
Plan 1 Constitution 6. Yearly or half Yearly , there are many cases in which the probability
is , that it would not be applied for at the Government Offices : inasmuch
as it would be receivable with a less trouble , by the individual who
passes it , from the individual to whom he passes it , as is the practise in the
case of Exchequer Bills , Navy Bills , and in other instances . — and India
Bonds.
On the other hand , were these Annuities ever to take the place of the
Stock Annuities , and so become the only redeemable Government Annuities ,
(an event which it will be seen is regarded as a probable one) the retardation
when thus become universal might perhaps be found productive of a
serious degree of inconvenience — —
The case sums to be , that if the interest were made recievable
half yearly , and the operation of recieving were
renderd as easy as it is capable of being rendered , the
disposition to forbear receiving the interest wo would
be very general , especially upon the small notes : and that
in that case , although it were made removable half
yearly it would neither be received half yearly , nor
so much as yearly : although if there were no possibility
of recieving it so frequently as half yearly , the um
unfrequency (compared with the existing practice in the case of
the exisitng Stock Annuities) woul might operate as
a considerable obstacle to the currency of the proposed
paper. The first thought that is — that the An idea that naturally presents itself in the first place , is —
way to most effectual if rendering it a common practice to forbear
receiving the interest , is to render the operation of recieving
it a troublesome one . But , upon a second thought
it will appear , not only that , this is the way to hurt the
credit currency of the paper , but that a directly opposite course
has a much stronger tendency to be productive if the same effect
