JB/003/359/001

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Annuity Notes

☞ These papers seem to have
been revised and put in a condition for the press

14 Novr 1820. This letter is from the late Sir Fred. Eden to
Mr Nicholas Vansittart. The cause of it was the project's interfering with a branch
of Edens Globe Insurance
project. I do not believe
this answer of mine was
ever communicated to Eden⊞
⊞not withstanding this Letter which must have been communicated to me
by Vansittart, Eden and I continued till his death opon the most friendly terms. I remember giving him
at his request a copy and I believe the only one I had of an Annuity Note
in its most perfected state. He desired it for the purpose of this rival and successful project of his.

Hampton Court Palace 20 July 1801

Dear Sir

Your ingenious correspondents new currency
though meant like Shylocks money to breed as fast as ewes & lambs
I fear would not answer any of the ends proposed by it sufficiently to
justify
so novel an experiment in finance
as the issuing a large circulating mass of paper representing capital as
well as interest. –

Of the two objects proposed by the scheme (viz. 1. to render that mass
of money, which, by existing circumstances, is either excluded from yielding
interest, or which, by means of bankers, and otherwise, yield a rate of interest
inferior, all things considered, to what Government could allow; and 2. to furnish
a new circulating medium of daily increasing value,
the first, I should apprehend, would only operate on the most numerous
and least opulent classes, whose hoards are too small to bear the charge
of investment in Stock or other interest yielding security. –
I should doubt, however, whether the aggregate of such sums is great
enough to become an object of finance.–

As to the benefit to individuals, it is not probable that the owner of
a hoard of £12..16s (the amount of the Authors Standard Note) would
feel disposed to sink it in the purchase of an Annuity (not equal to
equal to 3 days labor) of 7s/7d

Perpetual Annuities may suit great Capitalists; but they seem
to be ill calculated for furnishing an investment for the earnings of the
lower classes.

Identifier: | JB/003/359/001"JB/" can not be assigned to a declared number type with value 3.
Date_1	1801-07-20	Marginal Summary Numbering
Box	003	Main Headings	annuity notes
Folio number	359	Info in main headings field	annuity notes
Image	001	Titles
Category	correspondence	Number of Pages	1
Recto/Verso	recto	Page Numbering
Penner		Watermarks
Marginals		Paper Producer
Corrections	jeremy bentham	Paper Produced in Year
Notes public		ID Number	1769
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