date

3 Aug. 1801 Eden Simple Computation
3 Aug. 1801

Eden

Simple Computation

8

78

five half pence to it. Without the note, the very simplest possible mode of

making up the sum would be by twelve guineas and eight shillings: and in

proportion as guineas and shillings were deficient, the computation would

increase in intricacy. How much greater the advantage in point of simplicity, if

the sum requisite to be paid happens to be the exact amount of the Annuity Note?

a supposition that will as frequently be verified, as that of any other given

sum approaching to the mark – such as, in the case of the £12:16s Annuity Note,

the above supposed sum of £13.
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  • Title: [3 Aug. 1801 Eden Simple Computation]
    Description: 3 Aug. 1801

    Eden

    Simple Computation

    6

    76

    In France, besides silver money more various than ours, (viz. Crowns, Half

    Crowns, Shillings, sixpences, and threepences) I remember having, in inferior

    money, five different pieces in my pocket at the same time: Penny pieces,

    three-farthing-pieces, halfpenny pieces, farthing pieces and half-farthing

    pieces. These were embarassments – not mounted upon a great mass attended with

    no embarassment (as in the case of the shillings pence and farthings for

    interest mounted upon a principal of 12:16ss) but composing frequently the whole

    of the sum to be transferred on each occasion from hand to hand – transferred –

    and made up out of such elements by computation – among the poorest and most

    illiterate of the people.

    In America, the silver paper monies, circulating under a continually varying

    discount, as compared with silver metal monies of the same denominations, must

    in their mixture with these undepretiated monies, have given rise, to

    computations, attended I should think with every degree of intricacy that can be

    ascribed to the proposed Annuity Notes.
  • Title: [3 Aug. 1801 Eden Simple Computation]
    Description: 3 Aug. 1801

    Eden

    Simple Computation

    1

    71[?]

    Observations continued

    25, 26. p.3

    Standard Annuity Notes, varying in 6 months from £12.16s value to £12.19s 9½

    would not answer the purposes of circulation, which requires quick and simple

    computations.”

    Counter-Observations.

    Computations? – yes – where computation is necessary, as in the case of an

    Exchequer Bill, or an India Bond: there indeed the quicker and more simple they

    are, certainly the better. The Exchequer Bill is in that respect better than the

    India Bond, because in the Bill the daily interest is an exact aliquot or

    commensurable part of the yearly interest, which in the instance of the Bond is

    not the case. But in the case of the Annuity Note no computation at all is

    necessary: inspection takes the place of it. Is not that better still? -

    Opposite the day of the month, you see the value.

    Oh but (it may be said) there are people that can’t read at all – and

    what
  • Title: [3 Aug. 1801 Eden Simple Computation]
    Description: 3 Aug. 1801

    Eden

    Simple Computation

    4

    74

    Meantime let this be understood – {and it may be understood without experiment} –

    that the obstruction afforded in the case in question (the case of the proposed

    12:16s Annuity Notes) would be much less than in those other cases, in which it

    does not appear to have operated even as a restriction – much less as a bar.

    This superiority it would derive from several circumstances: - The occasions for

    passing off the note, and consequently of its being exposed to the obstruction

    would by reason of the inferior magnitude of it, be so much the less numerous:

    the chances against its finding itself on each occasion in illiterate hands –

    hands in whose instance the complication in question would be a cause of

    obstruction would also be the more numerous: and the trouble of obtaining the

    requisite literary assistance would be the less grudged, the greater the amount

    of the value at stake.

    When two such Annuity Notes come to be added together, there indeed simple

    inspection (I must confess) is no longer sufficient: there indeed computation is

    required. But then in this case the three elements just mentioned – infrequency

    of the occasion for circulation – improbability of the want of sufficient

    learning – and ratio of the value at stake to the trouble of enquiry – are, each

    of them, doubled, and now the value of the principal has risen to above a

    quarter of that of an Exchequer Bill, or India Bond.