[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.

1

State of things in respect of encrease of wealth and population, independently of the encrease

2

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

4

The tendency of a Sinking Fund is to encrease the accumulation of Stock

5

- and thence to encrease the amount of the several effects abovementioned

6

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.

7

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

8

- And even in a territory circumstanced as that of Great Britain (not having been the seat of War) after allowance made for the distinction.

9

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.

10

On the return of peace, the effects of the redemption in the encrease of productive capital will be very rapid and sensible.

11

- So are they likewise, even during the war, by reason of the abatement in the quantity borrowed.

12

Addition to the quantum of wealth adds to the amount of population

13

- which addition[?] is pro tanto a defalcation from the amount /degree/ of relative wealth /opulence/.

14

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.

15

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

16

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 […?]