An Inquiry Into the Nature And Causes of the Wealth of Nations 3

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Such wa$ the fuppofed instability of government, thac even thefe terms procured few purchafers. In the reign of queen Anne, money was upon dif- ferent occafions borrowed both upon annuities for lives, and upon annuities for terms of thirty- two, of eighty-nine, of ninety-eight, and of pinety-nine years. In 17 19, the proprietors of the 4! 2 THE NATURE AND CAUSES Of b o o k t fj C annuities for thirty- two years were induced u - y - — ' to accept in lieu of them South Sea (lock to the amount of ...eleven and a half years purchafe of the annuities, together with an additional quan- tity of ftcck equal to the arrears which happened then to be due upon them. In 1720, the greater part of the other annuities for terms of years both long and fhort were fubfcribed into the fame fund. The long annuities at that time amounted to 666,821/. 8j. %\d. a year. On the 5th of January 1775, the remainder of them, or what was not fubfcribed at that time, amounted only to 136,453/. 1 2 s. %d.
During the two wars which begun in 1739 and in 1755, little money was borrowed either upon annuities for terms of year's, or upon thofe for lives.


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