25 July 1801

Annuity Notes.

Eden

Globe not wanted[?]

39

As to the share of profit you have the goodness to lay by for us, if we thank you

for it, it must be for nothing. Half a loaf(a) is better than no bread: but the

whole loaf, which is ours whenever we please, the whole loaf is better still.

Our exigencies have forced us from time to time to borrow money upon terms of

disadvantage – greater and greater disadvantage, according to the pressure of

the times. If, by laying open the market to a greater number of lenders – to a

greater number of customers, for the fresh parcels of redeemable annuities, by

the sale of which we borrow what we want to help us pay off the old ones – if,

by these or any other fair and honourable income, it be in our power to ease

ourselves of parts of our load of debt, by money borrowed upon terms of less

advantage, is it for you unborn embryos like you, creatures who wait for our nod

to bring you into existence – is it for you to presume to throw yourselves in

the way and stand up to hinder us? { From what source that profit of yours,

which you are so ready to share with us, is to come, we do not see: money is not

to be got by borrowing unless something be done with it when borrowed: - money

is not to be got by borrowing at interest, without lending it or otherwise

placing it out at greater interest. Our profit admitts neither uncertainties are

risks: it consists in paying off so much debt. For every £100 we thus borrow, we

get enough to pay £100 + x: x is now worth £40: that is £40 in money by which

Stock /3 per Cent Stock: debt bearing that interest/ may be bought in to the

amount of upwards of sixty-six pound. It will

amount }

Note

{ (a) This was written under an erroneous impression: the advantage to Government

instead of being a half share is a small fraction very difficult of calculation

(a) A momentary misconception to the advantage of the Globe – not a tenth part

but the exact amount baffles calculation –