But what if everyone in the nation, rich and poor, were to be mailed a $2,000 food card annually, redeemable at the grocery store for any of several hundred nutritious foods?
The amortization of the home and colonial debts was suppressed, and the redeemable debts of both classes were converted into 4% internal consols.
Of the 4% external debt into a 31/2% stock redeemable in sixty-one years.
Various railway obligations, redeemable, &c. 56,375,351
The bonds are redeemable in 99 years by annual drawings, and are entitled to an addition of 5% per annum when drawn.
The bonded debt of the state on the 31st of December 1908 amounted to $550,000, of which the state held an irredeemable bond for $380,000; the actual redeemable bonded debt of $170,000 was due to the investment of the school and university funds in the bonds of the state.
The kilometric guarantee of 15,500 francs (£620) was split into two parts, 4500 francs (£180) being granted as the fixed working expenses of the line, all receipts in excess of which amount were to be credited to the Turkish government in reduction of the remaining 11,000 francs (f440) which took the form of an annuity to be capitalized as a 4% state loan redeemable in 99 years, that being the period fixed for the duration of the concession.
Proposed arrangements to consolidate the floating and treasury debts of the Peninsula in the shape of 70,000,000 of 4 ~, stock, redeemable in 40 years, and to reduce and consolidate the Id exterior and interior debts, then exceeding 480,000,000, in the form of 78,840,000 of exterior 4% debtexempt from taxation under an agreement to that effect with the council of foreign bondholders in London on the 28th of June 1882and 77,840,000 of perpetual interior 4%.
In 1707 the islands were granted to the earl of Morton in mortgage, redeemable by the Crown on payment of 30,000, and subject to an annual feu-duty of 50o; but in 1766 his estates were sold to Sir Lawrence Dundas, ancestor of the earls of Zetland.
The nomination of Law to the controller-generalship, re-established for his benefit on the resignation of DArgenson (January 5, 1720), let loose still wilder speculation; till the day came when he could no longer face the terrible difficulty of meeting both private irredeemable shares with ~ variable return, and the credit notes redeemable at sight and guaranteed by the state.
The debts of Spain were further increased in 1891 by a consolidation of Io,ooo,000 of floating debt turned into 4% redeemable stock similar to that of 1882; and this did not prevent a fresh growth of floating debts out of annual deficits averaging two to three millions sterling during the last quarter of the 19th century.
They consolidated the floating debt proper in the shape of a 4% stock redeemable in 40 years, of which 70,000,000 was issued in 1882 by Seor Camacho, the greatest Spanish financier of the century.
The edict of Moulins (1566) maintained it, as one of the exceptions to the inalienability of the crown-lands; only it was then decided that daughters of France should be appanaged in money, or that if, in default of coin, lands were assigned to them, these lands should be redeemable by the crown in perpetuity.