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[Copyist’s hand]
nd [wm CW 1799]
Annuity Notes
Eden contin
[marginal heading:] §.17. p.75. 106
Rivalling Consols
{ that a 3 per cent Note will rival a 3 per cent consol: }
[marginal heading:] §.18. p.77. 109
No benefit.
{ When they are at par the public will derive no benefit from this scheme, unless they can issue Annuity Notes yielding only 23/8 per cent interest. }
[marginal heading:] §.19. p.83. 118
Trusts
( The extension of the plan to paying off public Annuitants would, in no case, be practicable.
A great part of the funds belongs to trustees. How could my Trustees convert Consols into Annuity Notes, and give me authority to receive the annual Interest, without, at the same time, giving me the Annuity Notes, which being payable to bearer would enable me to spend the principal? }
[marginal heading:] §.20 p.90. 128
Trustees
Settlements
{ I do not comprehend how (p.46) “settlements of money could be made by this scheme without trouble or expence.” }
[marginal heading:] §.21 p.92. 130
Forgery.
{ I don’t think the Author’s plan of types, twice as large as those on the wall facing the Treasury would prevent Forgery. }
[marginal heading:] §.22. p.93. 132
Premium & Discount
{ He supposes possible cases, in which his notes would bear a premium (p.32)
Other possible cases may be supposed, in which, like Exchequer Bills they would bear a discount.
“As to the probability of any state of things so extraordinary as to produce a Discount” he refers to a Chapter not printed. }
[marginal heading:] §.23. p.98. 139
Doctor.
{ I shall therefore close the discussion; with a hope if public credit wants medicine it will not be permitted (to use Hume’s expression) to die of the Doctor”. }
I am Dr Sir
Yrs very faithfully
F.M. Eden
Nicholas Vansittart Esqr.
Similar Items
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Title: [[Plan sheet] nd [wm CW 1799]]Description: [Plan sheet] nd [wm CW 1799] §.1. p.1 to 8 Ewes and Lambs Novel. – §.2. p.8-9 Largeness Smallness Probable demand inconsiderable §.3. p.9-15 Sunk – Small Circulation hopeless – Interest influx[?] §.4. p15-16 Sunk (again) Circulation hopeless §.5. p.16-20 Lost &c. – Exposed to Losses. §.6. p.20-23 Legacy Tax. Representatives Instrumental to Legacy Tax – to Representatives §.7. p.23-29 Globe not wanted Trifling. Globe forger[?] notes[?] §.8. p.29-33 Interest Notes. Interest inadequate. Circulation hopeless §.9. p.33-41 Exchequer Bills - proved[?] of Exchequer Bills §.10. p.41-48 Invariability Value varied §.11. p.48-53 Simple computations Computations complex §.12. p.53-62 Complication – Complications complex §.13. p.62-63 No silver paper – Silver Paper impossible §.14. p.63-65 No Silver Paper. Wear & Tear §.15. p.65-74 circulating medium (Note) alarm contents. Circulating medium – how much wanted? §.16. p.74-75 Bank & Bankers Detriment to[?] Bankers §.17. p.75-77 Rivalling Consols. Would list rival Consols §.18. p.77-83 No benefit. - No benefit at par. §.19. p.83-90 Trusts. – Inapplicable to Trusts - §.20. p.90-92 Trustees.- Settlements.- Inapplicable to Settlements §.21. p.92-93 Exposed to Forgery §.22. p.93-98 Premium and Discount. – Exposed to Fluctuations §.23. p.98-100 Doctor – Dangerous to Public credit
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Title: [[Copyist’s hand] nd [wm CM 1799]]Description: [Copyist’s hand] nd [wm CM 1799] Annuity Notes Eden contin [marginal heading:] §.12. p.53. 79 Complication subsidies and imposts, would be puzzled if he were to attempt to give change, for a £100 Bank Note, from a mass of Annuity Notes (part bearing nearly 3 per cent and part 23/8 per cent interest p.33) consisting of Standard Notes, Halves, and Quarters with a few odd years, months, and days, interest due on each, even with the assistance of small change: i:e: notes of 5d/34 bearing an interest of 1/512 part of a farthing per diem. } [marginal heading:] §.13. p.62. 91 No Silver Paper { Paper money, never can answer as a substitute for copper money, till copper is as valuable as gold. } [marginal heading:] §.14. p.63. 92 No Silver Paper { The wear and tear would ruin the paper money mint. A months circulation, among market women, turnpike-keepers, and publicans, would obliterate every clause of these portable contracts, every receipt for interest every table of computation. } [marginal heading:] §.15 p.65. 95 Circulating medium (Note) Alarm Contents { Of £400,000,000 of Annuity Notes Supposing them all as good as Bankers Notes how much would be wanted as a circulating medium? } Would the remainder be any thing more than a mere security for an Annuity? Its imperfections, in this office, I have already noticed. [marginal heading:] §.16. p.74. 104 Bank & Bankers { If hoarders should prefer Annuity Notes to Bankers paper & Bankers bills, will not the 4 or 500 Bankers in G. Britain be injured and intitled to compensation? If circulators should prefer Annuity Notes to B of England Paper will not that public body be a sufferer? } { Till, however, the stocks are near par, there seems little probability that }
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Title: [[Copyist’s hand] nd [wm 1799]]Description: [Copyist’s hand] nd [wm 1799] Annuity Notes Eden cont [marginal heading:] §.5. p.16. 21 Lost &c. { and of perpetual annuities that sort strikes me as the very worst which will require no form of assignment, but what a man may carry about him as cash in his pocket, the worst of all banks as Mr. Bentham, in his treatise on pauper systems justly observes and which (supposing these Annuity Notes would pass as money) might be stolen in a crowd, lost at a gaming table, or spent at an alehouse. } [marginal heading:] §.6. p.20. 27 Legacy Tax Representatives { If this project for making money breed in a drawer could be realized, the legacy tax would not produce much, and a mans children living with him at his death would, probably, often, be the only children who would share his fortune. { I however admitt (for I have long ago made the remark) that a market for yielding a reduced rate of interest to small hoards (now lying unproductive, exposed to temptations of the worst kind, and not forming, like Stock, a cement of attachment to the state) is a grand desideratum. } [marginal heading:] §.7. p.23. 31 Globe not wanted Trifling { With a view to remedy this inconvenience in some degree in the metropolis, or rather to ascertain whether the lower classes would deem 3 per cent good interest for their hoards deposited on good security, and likewise to induce them to form funds for the purchase of widowhood, and other, Annuities, more peculiarly suited to their exigencies, I inserted a clause in the Globe act to authorize the proposed Establishment to receive deposits, not payable at a less period than six months and to allow interest on them: }
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