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[Rudiments sheet]
29 June 1800
Annuity Note
Ordo
Effects
Trade of 1 […?]
2 Exchange
Conduct or Title
Separate this part from the rest, under the titled of
National Prospects. in the Field of Polit. Economy - Picture or History of Futurity.
Add?
In Appendix or Notes
Practical Inferences
Ex. gr.
1. No encouragement.
2. Pacific Resolutions
3. International […?]
Prefix?
Manual of Political Economy
I Modes of encrease
II. Tendency of encrease setting aside Wars & Taxes
II. Tendency under Wars and Taxes without Funding Systems
III. Tendency under Funding System, without Redemption System
IV. Tendency under Redemption System
V. Obstacles to Encrease War &c with its Losses Destruction Capture, & Taxation
V. Helps to Encrease real or Supposed.
1. Encouragements to particular branches of production.
2. Colonies - taxable and untaxable.
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State of things in respect of encrease of wealth and population, independently of the encrease
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i:e:
Stock and productive capital in all its branches has a a natural tendency to encrease - and is all along upon the encrease
3
Effects of this encrease upon
1. The absolute quantum of national wealth
2. The relative d o? Quere
3. The profits of Stock
4. The rate of interest
5. The income of moneyd persons not in trade
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The tendency of a Sinking Fund is to encrease the accumulation of Stock
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- and thence to encrease the amount of the several effects abovementioned
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Every penny of capital redeemed by Government, why this in the way of buying in or paying is so much added to the amount of productive capital.
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Actual distinction apart - supposing that the debt of a War to /will/ be paid off; the effect of the War, upon the whole as confined to mere[?] expenditure to and taking together the expenditure of the war which is the cause of the borrowing, and the saving accumulation by reason of the war which is the effect of the paying-off, as the making the quantity of productive capital /[…?]/ accumulated - and thence the quantum of National Wealth greater than if there had been no war
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- And even in a territory circumstanced as that of Great Britain (not having been the seat of War) after allowance made for the distinction.
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The amount of the Year’s destruction and loss by capture may be shewn by
1. The quantum of foreign trade
2. The rate of insurance
3. The rate of profit on insurance, which must be deducted from […?]
4. Deduct[?] from[?] the above the captures from the enemy.
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On the return of peace, the effects of the redemption in the encrease of productive capital will be very rapid and sensible.
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- So are they likewise, even during the war, by reason of the abatement in the quantity borrowed.
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Addition to the quantum of wealth adds to the amount of population
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- which addition[?] is pro tanto a defalcation from the amount /degree/ of relative wealth /opulence/.
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But notwithstanding this the addition to the mass of absolute wealth is accompanied by an addition to the mass /degree/ of relative wealth /opulence/, because the addition to the wealth goes on at a faster rate than that to the population.
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The proposed measure by adding so much to the currency, will add so much to the amount of productive capital - and thence of national wealth
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Efficient /Proximate/ courses by which, or Mode in which an addition is made to the mass of general wealth.
Classes prejudicial
1. Stock Annuitants unwilling to sell out or to be paid off.
2. D o
unable by reason of Settlement &c.
3. Unincreasable Incomists of all descriptions; including persons having no interest[?]. (a)
4. Bankers Country Quere.
5. Bank of England.
6 + Stock-Brokers (after Conversion) i:e after Period II.
7. Particular Classes incapable of raising the price of their labour or goods in proportion to the general rise.
8. Creditors in general for money payable at distant periods.
9. Borrowers of Country Bankers.
10. Borrowers of Bank of England - Quere?
+ No Brokerage for the Circulating part of the closed issue
(a) It would be scarce possible for all unincreasable incomists to save themselves by frugality from the depretiation: because every penny thus raised would augment the depretiation. A hoarder could not reap the benefit of his hoard, without non-hoarders.
Classes benefited.
1. Stock Annuitants desirous of selling out.
2. Landholders desirous of selling or Mortgaging to improve the rest of their Estates, or go into other businesses.
3. Landholders obliged to sell, to pay fortune of younger Brother &c, or debts incurred through extravagance.
4. Landholders charged with Annuities: if not burthened with long Leases.
5. Debtors in general, in respect of money payable at distant periods.
6. Labouring classes in general in case of a general rise of the wages of labour, the result of the encrease of productive Stock, & of competition among Employers. - viz: supposing in the instance of Labourers in Husbandry, the obstacles to the proportionable-rate in their instance to be surmounted.
Public benefited in respect of.
1. Encrease of National wealth (absolute) and thence of security against hostilities.
2. Encrease of national population and thence d o
3. Reduction of Gov. /Public/ debt annually payable by Government to Annuitants out of the produce of Taxes: thence augmentation of the amount capable of being levied by taxes for current sources[?], or interest of fresh Loans - thence further encrease of national Security as against hostility.
4. N.B. Security is more encreased by accession to relative wealth than by d o to absolute wealth.
Quantities encreased
1. Stock or productive capital in goods.
2. D o in cash &c. metallic money.
3. D o in Paper money
4. Quantity of Labour yielded by already employd hands.
5. D o by till-now unemployd hands.
6. D o by nondum - or non-amplius employ’d hands.
7. Absolute mass /amount/ of National Wealth.
8. Mass of Population
9. Relative amount of National Wealth.
Quantities diminished
1. Government Annuities purchasable.
2. D o unpurchasable in which[?] Annuities bought in have been extinguished
3. Money levied in Taxes - as taxes are abolished.
4. Rate of Refuse[?] on Stock.
5. Rate of interest of money lend out
1. In purchase of land
2. In Canal & other Joint-Stock Way[?]-improving Companies
3. In Trading Companies
4. Lent on Mortgage
5. D o to persons in trade by discount of Rates &c
6. D o to d o in Bond
7. D o to d o in Simple Contract.
Annuity Not […?] in […?]
36000
12.6
72000
6.3
Heading of […?]
Similar Items
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Title: [[Rudiments sheet] 24 July 1800]Description: [Rudiments sheet] 24 July 1800 Annuity Notes War-Enrichment Ordo & Brouillon Ordo National Prospects or a Prospective View of the aggregate amount of the influx of National Wealth that may be expected on the Return of Peace, and of its effects and consequences in respect of National Strength and Security and the conflicting interests of divers classes of individuals I. Under the redemption principle War adds to capital & privation, efflux & influx taken together 1. Expenditure of money raised by loan[?] 2. Profit and loss by destruction & capture. II. Capital has encreased notwithstanding during the efflux. What will it during the influx? III. Effects of the influx in respect of 1. Price of Stocks 2. - and rate of redemption IV. National Strength V. Interests of different classes viz: Moneyd-men, Fixed-income men, Landowners &c. VI Caution in application of past results to future Redemption fund which in the grand[?] engine[?] is entirely new and peculiar to modern times = Sham-Engine. 1 The extra-expenditure of the War has been 24 Million a year being nearly 1/ 5 of the Income of the Country according to Pells Income Table i:e: the income from Rent and Profits of Stock: and a full 1/ 10 th adding the income by Wages of Labour 125 000 000 101 250 000 226 2 This 1/ 5 th or 1/ 10 th has been a part only of the savings from income: since notwithstanding this vast annual defalcation from the produce of Stock[?] & the profits of Stock the income by Rents and profits of Stock has gone on encreasing all the while. 3 On the return of Peace the quantity of Annuities capable of meeting the demand of the quantity of Capital applicable to the purchase of Annuities will be diminished by the whole amount of the money annually raised during the war added to the difference between the average of the annual purchases by the Commissions of Redemption (viz £3000,000) and the growing amount of D o (4,500,000) 1 * Make the allowance for Foreigners purchases from the Income Table 4 The less the total annual amount of national income[?] or addition to productive stock the greater the ratio of that part which had been used to be employd in the purchase of Government Annuities to the remainder of d o But how does that apply? Answer: To end diminish the of Stock & make of Interest /profit/ so much the more. No. the force of the efficient cause of elevation will be in the ratio of this defalcation from the habitual supply of Stock combined with the addition to the demand for Stock presented by the encreasing amount of the Sinking Fund to the remainder of the money habitually employd in the purchase of Annuities from private Vendors. Effect of the application of this mass of capital thus excluded from the purchase of fresh Annuities, to 1. Existing mass of Annuities[?] 2. Productive Industry in its several branches i:e. Employment of Stock: thence to Rate of Interest So much has been in use for the 7 or 8 years to to be absorbed by fresh-created Annuities. Efflux of capital and influx taken together, War, on the redemption plan is here[?] favourable rather than unfavourable to the encrease[?] of the mass of National Capital & Wealth. As the demand for Government annuities rises even in time of war, in virtue of a diminution in the efflux, what will it do at the end of the war after the efflux has altogether ceased, while the influx (by means of the Redemption Funds) continues at an encreasing rate. {Omission} Error N.B. Interest Compound on War Expenditure Omitted in the Account of loss loss of interest upon interest in the capital diverted from peace-accumulation to War-Expenditure. True it is that this interest upon interest is to be computed per contrà on the amount of additions to National Capital by the operation of Redemption principle, and this addition will be very great, at least as soon as the mass redeemed comes to equal the mass expended. Moreover, (still per contrà) will not the loss by interest upon interest cease as soon as the mass of annuity redeemed comes to equal the accumulated mass of interest upon interest up to that time? And from the very first year the 1 per Cent stops interest upon interest.
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Title: [8 Sept. 1801 Polit. Economy]Description: 8 Sept. 1801 Polit. Economy Method Finance 110 10 The support given to this opinion is given in two ways. One is by thinking nothing of what becomes of the money taken /drawn/ in taxes and made over to the Annuitants in discharge pro tanto of the national debt, but /or/ considering it as annihilated or thrown away. The other is by considering the labour paid for by the money when spent by the proprietor as it would have been had there been no /instead of being taken from him in/ taxes as being employ'd all of it in the shape of pecuniary capital, in making a correspondent addition to real capital, just as would have really been the case with the labour paid for by that money had it been made over to annuitants in discharge of so much of the debt. That a part of it would really have been so employ'd does not admitt of doubt: the error consists in supposing /considering/ what is true only of this part as /as if it were/ true of the whole. Let us observe the difference between this part and the whole. Admitting an encrease of wealth - and that a gradual and regular one the productive capital of the country taken together with the growing mass of consumed[?] & reproduced wealth continually produced by it must be considered as encreasing at compound interest The rate of interest can scarcely be taken as so high as 2 per Cent: for at two per Cent compound upon the capital taken as it stands /whatever it may amount to/ in any year, the quantity of it would be rather more than doubled in 351/2 years.+ The most sanguine estimator will not + Smarts Annuities Table 1. p.54.
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Title: [24 Aug. 1801 {C2} Section 9.]Description: 24 Aug. 1801 {C2} Section 9. Polit. Economy Method D Non Agenda. II Narrow Measures 4 Particulars v. Encouragement 70 5 {2.} 5. Giving birth or encrease to this or that particular branch of {wealth or} productive industry {industry /labour/ productive of wealth} under the notion of giving an encrease thereby to the aggregate of the national mass of wealth. The aggregate mass of money employ'd in the shape of productive capital will in all branches of industry taken together be productive of /were[?]/ so much per Cent upon the amount of it say 15 per Cent, or more or less, according to the average rate of profit upon stock in the country in question, which is in[?] the inverse ratio of that portion of the mass of money in circulation, which is employ'd within the year in the shape of productive capital to that portion of it which is employ'd as money is employ'd by a man who is said to spend his income, {Note. each being multiplied by the number of times it has been employ'd within the year in making purchases constitutive of ultimate prices. /the purchases of which ultimate prices are composed./ If in one of those branches the rate of profit is greater than in others in the one 16 for example in the others but 15, the greater the portion of capital employ'd in this most productive branch in preference to others less productive, the greater the annual addition to the aggregate mass of natural wealth. But, so long as they do but know which of all the branches open to them is most
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