Note 154 — SUPPLEMENT TO SECTION III PART II.

The conversion of a 3 per cent. stock into a 3½ per cent. stock gives the same advantage in redeeming it, that the power of redeeming it at 85¾ for every 100l. would give.—A million per ann. surplus would redeem 114 millions and a quarter of the latter stock in the same time, and therefore at the same expence, that it would redeem 100 millions of the former. I suppose here the 3 per cents. paid at par; and this I have before observed will be found to be necessary should a time (scarcely the object of hope) ever come when government will set itself in earnest and with any effect to pay the public debts.