A Letter to Lord Grenville On the Sinking Fund 26
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If no provision for this pur- pose be made by parliament, it directs the appropriation of a sinking fund, of one per cent., which is calculated to effect the re- demption within the period limited. This appropriated fund is part of the additional charge attending a new loan, for which a se- parate and sufficient revenue is, according to Mr. Pitt's system, to be provided.
The period of forty -five years, was arbitra- rily chosen ; probably because it was the esti- mated period for the extinction... of debt by a sinking fund, equal to one hundredth part of the capital. A longer or a shorter period would have been equally reasonable; but 37 it was essential to the principle to fix some limit, which should not be transgressed.
You will observe, that according to this system, there would be no new financial arrangement at the end of a war, unless the peace establishment should go beyond its antecedent rate: — taxes imposed for carry- ing on the war, would cease ; taxes laid on in consequence of the loans, would remain, including within themselves the power of extinction within a period of moderate extent.
What to read after A Letter to Lord Grenville On the Sinking Fund 26?
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To quickly assess the difficulty of the text, read a short excerpt:
If no provision for this pur- pose be made by parliament, it directs the appropriation of a sinking fund, of one per cent., which is calculated to effect the re- demption within the period limited. This appropriated fund is part of the additional charge attending a new loan, for which a se- parate and sufficient revenue is, according to Mr. Pitt's system, to be provided.
The period of forty -five years, was arbitra- rily chosen ; probably because it was the esti- mated period for the extinction... of debt by a sinking fund, equal to one hundredth part of the capital. A longer or a shorter period would have been equally reasonable; but 37 it was essential to the principle to fix some limit, which should not be transgressed.
You will observe, that according to this system, there would be no new financial arrangement at the end of a war, unless the peace establishment should go beyond its antecedent rate: — taxes imposed for carry- ing on the war, would cease ; taxes laid on in consequence of the loans, would remain, including within themselves the power of extinction within a period of moderate extent.
What to read after A Letter to Lord Grenville On the Sinking Fund 26?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Peregrine Courtenay to read onlineMoreLess
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