Is the name given to the redemption of perpetual annuities due by
individuals to the government, on a privileged mortgage on landed
estates; the said annuities having been issued by the government in
times of great distress, for the purpose of supplying immediate and
urgent events.
This paper is not only a mere government security, but is also
specially mortgaged on the estates of the person who owes the annuity
to the government, and who is, at any time, at liberty to redeem it
at from twenty to twenty-five years purchase. Claims of this
description, mortgaged on most desirable estates near the metropolis,
might be obtained for less than 60 per cent; which, at the interest
of five per cent, and with the additional advantage, in some
instances, of the arrears of one or two years, would produce between
eight and nine per cent.
Next to the _Tiers Consolidé_, _Rachats de Rente_ are particularly
worthy of attention; indeed, this debt is of so secure and sacred a
nature, that the government has appropriated a considerable part of
it to the special purpose and service of the hospitals and schools;
two species of institutions which ought ever to be sheltered from all
vicissitudes, and which, whatever may be the form or character of the
government, must be supported and respected.