FIRST ADVERTISEMENT.
The present state of the public funds makes it necessary for me to acquaint the reader, that when the Supplement to the following Tracts was written, the 3 per cent. annuities were at the price which the calculations in it suppose, or nearly at 78. They have since fallen to 72, and once even below 69, which is a lower price than they were ever at during the whole last war, except just at the pinch of the loan of twelve millions in 1762.—The difference of price also between them and the new 4 per cents. is fallen, (for no reason that I can discover) from 14 to about 10½.—I find, likewise, that in consequence of a distressing scarcity of money, the subscribers to the last loan of five millions have not yet been able to complete their payments.—These facts afford a dark prospect; and make it doubtful whether, if things don’t mend, it will be possible, by any schemes, to procure the money necessary to bear the expence of another campaign.—Should it happen, for these reasons, that what I have written on loans can be of no use; or, though capable of being of use, should it be neglected; I shall still reflect with satisfaction, that I have now given what I wished to offer on this subject with more correctness; and proved, beyond a doubt, that a great part of the National Debt is an artificial debt, for which no money has been received, and which might have been easily avoided.
Jan. 19, 1778.