[Rudiments sheet]

22 Mar. 1800

Annuity Notes

Effects

Contents I

Period I

Addenda

Longer credits will be given in Bills.

Issuing paper money payable to bearer, being a species of money should be

confined to the Sovereign.

Quantity of paper money circulable depends not on the […?] quantity of coin (as

per St. Sim[?]) but on the smallness of the paper

What occasions the coin to be expelled is that the encreases of wealth occasion

an encrease of imports more than they have exports for goods; and when the paper

will not be taken, they must send the coin

Goods can not be manufactured, so fast as the paper can be coined.

Effects Miscell.

Title of the Chapter containing the subject-matters of the Effects.

Effects Period I

1

Three periods to be distinguished.

1. From the opening of Stocks at par

II. From Stocks at par to conversion of the last Stock into Notes.

III. From Do to conversion of last Paper of 1st issue into do of 2d issue. p. 1.

Period I

I. Rate of Progress

2

Quickest rate of progress possible would bring Stocks up to par within a year. p.

1

3

The probable rate of progress is uncertain in the extreme. p. 2

4

The duration of this 1st Period will be inversely as the quickness of the

progress. p. 3

{ Postpone

5

The period will be the longer, the more Years & months of war it

contains. p. 4 }

Effects Period I

II Encrease of Money.

6

The quantum of money in circulation will be encreased by the amount of the cash

paid for Annuity Notes by the Hoarders of cash on a small scale. p. 5.

7

The addition made to the currency by Annuity Notes, will be as the whole amount

of the issue of Annuity Notes minus the Bank and Bankers paper expelled by it.

p. 6

8

How Bank paper will be expelled if not received by government in purchase of

Annuity Notes. p. 7

9.

Whether & How, if received? p.

10

The Silver Annuity Notes will not contribute to the expulsion of Bank Notes. p. 8

Effects Period I.

Effects Period I

II. Money - Encrease

11

How Bankers paper will be expelled. p. 9.

12

Annuity Notes under £5 will not interfere with /contribute to/ the[?] expulsion

of Banker’s Notes, p. 10.

{ III. Wealth - Encrease

13

Whatever clear addition is made to the currency by Annuity Notes will, with

respect to the addition made to National Wealth by calling forth labour, be the

same as if made by so much cash. p. 11 }

14

Greatest possible addition that can be made to National wealth in the course of a

year by any the greatest quantity of cash. p. 12.

Effects Period I

III. Wealth - Encrease

14

It is not exactly true, that the quantity of wealth is in proportion to {the}

briskness of the circulation. p. 12.±

1. Gamesters

2. Sales among Renters.

15

Ways in which encrease of money encreases general wealth.

1. Employing unemployed hands.

2. Employing incompleatly employd hands.

3. Employing hands to more advantage. See No 5.

4. Encreasing kind[?] in culture - the most advantageous subject matter of

employment.

5. Promoting the introduction of labour-saving machinery. p. 13

6. Lessening expence of conveyance by Roads, Canals &c.

7. By drawing labourers from abroad. p. 14

8. By augmenting the Number of children reared and trained to labour.

9. By promoting marriage, the remote source of labourers

10. By replacing profits of Stock & interest of money borrowed to be

employd in trade. p. 15

15(a)

Marriage and procreation diminish relative wealth before they encrease either

relative or absolute.

Referring[?] wealth to happiness adult labourers should be imported, &

marriage discouraged - as Cato Major sold off old Slaves[?].

Effects Period I

III. Wealth - Encrease.

16

Ways in which encrease of money operates {in} towards keeping down the encrease

of national wealth. p. 16.

1. Raising rents of Land.

2. Raising wages of labour.

17

The encrease of money will raise the money price of goods and labour of all

sorts. p. 17.