On the loans raised by Mr. Pitt during the first French war, 1793-1801; with some statements in defence of the methods of funding employed / William Newmarch

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1855 Excerpt: ...ridiculous it may appear to abstract reasoners, is a price perfectly legitimate on all grounds of dealing. And one of the main reasons of the preference for Consols, after allowing for the mag " Hamilton's Inquiry," 3rd edition, 1818, p. 250. nitude of the fund, has always been their exemption from embarrassing hazards of future redemption--particularly as they have the great safeguard of a year's notice being necessary before the holders can be compelled to accept payment at par. It has been alleged in the course of discussions which have taken place on these subjects, that an obligation on the State to redeem. only at Par has been too lightly conceded to the contractors of loans, and that, by the exercise of a little more care and skill, terms of redemption much more in favour of the public could have been secured. As far as I am aware, however, these are allegations wholly of a theoretical nature, and resting on no solid ground of experiment or experience; but, in point of fact, attempts have been made to raise loaus in Consols, and other kinds of stock, with an option to redeem at some price under par; and we have the distinct testimony of no less a personage than Mr. Huskisson, that when an attempt of this nature was made by himself, (while in office as Secretary of the Treasury from 180(5 to 1808, under the Duke of Portland's government,) it was found to be totally impracticable. No responsible set of persons would make any bid whatever under such conditions. Mr. Huskisson stated the fact as follows, in his speech of the 3rd March, 1813, on the state of the Finances: " The price of the " public stocks does not depend upon the value of the dry annuity. It " is a joint consideration of this annuity and of the prospect of an &quo...
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