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Fowle's New Hampshire Gazette And General Advertiser
Portsmouth, Rockingham County, New Hampshire
What is this article about?
The French Court is making a loan of 80 million livres at 5% interest, reimbursable via annual lottery starting January 1787, with options for cash reimbursement or life annuities at 8-9% interest, plus annual lottery tickets for subscribers.
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Where did it happen?
Foreign News Details
Primary Location
French Court
Outcome
loan structured with 5% interest notes, lottery-based reimbursement at one-tenth annually from january 1787, cash or life annuity options (9% on one life, 8% on two), and annual lottery tickets with prizes in cash.
Event Details
The French Court are now making a loan of 80 millions of livres. The subscriber of 1000 livres is to have a note bearing 5 per cent. reimbursable by way of lottery at the rate of a tenth of the gross sum each year--to commence in January 1787. The bearer of the numbers drawn in the lottery shall have the option of receiving his reimbursement in cash, or in a life security, bearing 9 per cent. on one life, and 8 per cent. on two. He is to have the power of making his choice, and naming the life or lives he may choose, at any time within ten years, and he is to receive five per cent. until he has thus settled the annuity. The subscribers are also to have a ticket in a lottery which is to be drawn each year--the prizes in which will be paid in cash, and which lottery shall contain the first year, about a million of tickets, and every year after, about 600,000.