On the Public Debt With a Plan for Its Final Extinction

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; and at that value the terminable annuity will be calculated. Were a conversion of Consols into a new 5 ])er cent, stock to take place upon a scale by wliicli the stockholder would not be injured in the |)rcsent value of the new security, 1m' must obtain lor his t'lOO Consols such an amount of the new stock as would produce, when s(jld, at hast 1*92, As in comparison with £100 :i j)er cents. £100 ;> per cent, stock wcmld be more valuable by two-fitths, it would produce (according to the presen...t piic (;ot(yonsols)£1. 03:G:8, so three-fifths of £100 o per cents. , or £(;

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