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either the animosity of national vengeance； or the anxiety for
national security； can induce the people to submit； with
tolerable patience； to a new tax。 Hence the usual misapplication
of the sinking fund。
In Great Britain； from the time that we had first recourse
to the ruinous expedient of perpetual funding； the reduction of
the public debt in time of peace has never borne any proportion
to its accumulation in time of war。 It was in the war which began
in 1688； and was concluded by the Treaty of Ryswick in 1697； that
the foundation of the present enormous debt of Great Britain was
first laid。
On the 31st of December 1697； the public debts of Great
Britain； funded and unfunded； amounted to L21；515；742 13s。 8
1/2d。 A great part of those debts had been contracted upon short
anticipations； and some part upon annuities for lives； so that
before the 31st of December 1701； in less than four years； there
had partly been paid off； and partly reverted to the public； the
sum of L5；121；041 12s。 0 3/4d。； a greater reduction of the public
debt than has ever since been brought about in so short a period
of time。 The remaining debt； therefore； amounted only to
L16；394；701 1s。 7 1/4d。
In the war which began in 1709。； and which was concluded by
the Treaty of Utrecht； the public debts were still more
accumulated。 On the 31st of December 1714； they amounted to
L53；681；076 5s。 6 1/2d。 The subscription into the South Sea fund
of the short and long annuities increased the capital of the
public debts； so that on the 31st of December 1722 it amounted to
L55；282；978 1s。 3 5/6d。 The reduction of the debt began in 1723；
and went on so slowly that； on the 31st of December 1739； during
seventeen years of profound peace； the whole sum paid off was no
more than L8；328；354 17s。 11 3/12d。； the capital of the public
debt at that time amounting to L46；954；623 3s。 4 7/12d。
The Spanish war； which began in 1739； and the French war
which soon followed it occasioned further increase of the debt；
which； on the 31st of December 1748； after the war had been
concluded by the Treaty of Aix…la…Chapelle； amounted to
L78；293；313 1s。 10 3/4d。 The most profound peace of seventeen
years continuance had taken no more than L8；328；354 17s。 11
3/12d。 from it。 A war of less than nine years' continuance added
L31；338；689 18s。 6 1/6d。 to it。
During the administration of Mr。 Pelham； the interest of the
public debt was reduced； or at least measures were taken for
reducing it； from four to three per cent； the sinking fund was
increased； and some part of the public debt was paid off。 In
1755； before the breaking out of the late war； the funded debt of
Great Britain amounted to L72；289；673。 On the 5th of January
1763； at the conclusion of the peace； the funded debt amounted to
L122；603；336 8s。 2 1/4d。 The unfunded debt has been stated at
L13；927；589 2s。 2d。 But the expense occasioned by the war did not
end with the conclusion of the peace； so that though； on the 5th
of January 1764； the funded debt was increased （partly by a new
loan； and partly by funding a part of the unfunded debt） to
L129；586；789 10s。 1 3/4d。； there still remained （according to the
very well informed author of the Considerations on the Trade and
Finances of Great Britain） an unfunded debt which was brought to
account in that and the following year of L9；975；017 12s。 2
15/44d。 In 1764； therefore； the public debt of Great Britain；
funded and unfunded together； amounted； according to this author；
to L139；516；807 2s。 4d。 The annuities for lives； too； which had
been granted as premiums to the subscribers to the new loans in
1757； estimated at fourteen years' purchase； were valued at
L472；500； and the annuities for long terms of years； granted as
premiums likewise in 1761 and 1762； estimated at twenty…seven and
a half years' purchase； were valued at L6；826；875。 During a peace
of about seven years' continuance； the prudent and truly patriot
administration of Mr。 Pelham was not able to pay off an old debt
of six millions。 During a war of nearly the same continuance； a
new debt of more than seventy…five millions was contracted。
On the 5th of January 1775； the funded debt of Great Britain
amounted to L124；996；086 1s。 6 1/4d。 The unfunded； exclusive of a
large civil list debt； to L4；150；263 3s。 11 7/8d。 Both together；
to L129；146；322 5s。 6d。 According to this account the whole debt
paid off during eleven years' profound peace amounted only to
L10；415；474 16s。 9 7/8d。 Even this small reduction of debt；
however； has not been all made from the savings out of the
ordinary revenue of the state。 Several extraneous sums；
altogether independent of that ordinary revenue； have contributed
towards it。 Amongst these we may reckon an additional shilling in
the pound land…tax for three years； the two millions received
from the East India Company as indemnification for their
territorial acquisitions； and the one hundred and ten thousand
pounds received from the bank for the renewal of their charter。
To these must be added several other sums which； as they arose
out of the late war； ought perhaps to be considered as deductions
from the expenses of it。 The principal are；
L s。
d。 The produce of French prizes 690；449 18
9 Composition for French prisoners 670；000 0
0 What has been received from the sale
of the ceded islands 95；500 0
0 If we add to this sum the balance of the Earl of Chatham's and
Mr。 Calcraft's accounts； and other army savings of the same kind；
together with what has been received from the bank； the East
India Company； and the additional shilling in the pound land…tax；
the whole must be a good deal more than five millions。 The debt；
therefore； which since the peace has been paid out of the savings
the ordinary revenue of the state； has not； one year with
another； amounted to half a million a year。 The sinking fund has；
no doubt； been considerably augmented since the peace； by the
debt which has been paid off； by the reduction of the redeemable
four per cents to three per cents； and by the annuities for lives
which have fallen in； and； if peace were to continue； a million；
perhaps； might now be annually spared out of it towards the
discharge of the debt。 Another million； accordingly； was paid in
the course of last year； but； at the same time； a new civil list
debt was left unpaid； and we are now involved in a new war which；
in its progress； may prove as expensive as any of our former
wars。* The new debt which will probably be contracted before the
end of the next campaign may perhaps be nearly equal to all the
old debt which has been paid off from the savings out of the
ordinary revenue of the state。 It would be altogether chimerical；
therefore； to expect that the public debt should ever be
completely discharged by any savings which are likely to be made
from that ordinary revenue as it stands at present。 * It has
proved more expensive than all of our former wars； and has
involved us in an additional debt of more than one hundred
millions。 During a profound peace of eleven years； little more
than ten millions of debt was paid； during a war of seven years；
more than one hundred millions was contracted。
The public funds of the different indebted nations of
Europe； particularly those of England； have by one author been
represented as the accumulation of a great capital superadded to
the other capital of the country； by means of which its trade is
extended； its manufactures multiplied； and its lands cultivated
and improved much beyond what they could have been by means of
that other capital only。 He does not consider that the capital
which the first creditors of the public advanced to government
was； from the moment in which they advanced it； a certain portion
of the annual produce turned away from serving in the function of
a capital to serve in that of a revenue； from maintaining
productive labourers to maintain unproductive ones； and to be
spent and wasted； generally in the course of the year； without
even the hope of any future reproduction。 In return for the
capital which they advanced they obtained； indeed； an annuity in
the public funds in most cases of more than equal value。 This
annuity； no doubt； replaced to them their capital； and enabled
them to carry on their trade and business to the same or perhaps
to a greater extent than before； that is； they were enabled
either to borrow of other people a new capital upon the credit of
this annuity； or by selling it to get from other people a new
capital of their own equal or superior to that which they had
advanced to government。 This new capital； however； which they in
this manner either bought or borrowed of other people； must have
existed in the country before； and must have been employ