24 July 1801

Annuity Notes

Eden

Lost &c[?]

1

21

Observations continued

9* p.2. “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 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.”

Counter-Observations.

1. As to being “lost at a gaming table, or spent at an Alehouse”, can the learned

Baronet inform us of any species of property – terra firma not excepted – which

stands exempted from such casualties?

As to being “lost in a crowd”, a principle of security against that accident

constitutes one of the express features of this very proposed species of

property, to which the being exposed to such accidents is objected as peculiar

to it.+

Exchequer Bills. India bonds Irish Debentures (if I am rightly informed) are not

susceptible of this safeguard. The lately disused Navy Bills were, whether by

design or accident: because they could not be transferred without an instrument

of assignment, which instrument was on a separate paper. Bank of England Notes

are by design, as to those purpose for /in respect of/ which a division

bipartite is sufficient to afford it: it was from that species of paper the idea

was taken.

The

+ Note See Table II. Note (24)

Note

and see the Note to Ch. XVI. Moral Advantages which Mr V. has seen (Quere whether

Sir F.G.) in Ms.