| Gross Receipt. | Debentures. | Net Receipt. | Payments into the Exchequer. | |
|---|---|---|---|---|
| 1772 | 5.134,503 | 2.214,508 | 2.441,038 | 2.525,515 |
| 1773 | 5.159,800 | 2.463,767 | 2.221,460 | 2.431,071 |
| 1774 | 5.068,000 | 2.132,600 | 2.455,500 | 2.547,717 |
| 1775 | 5.146,900 | 1.904,900 | 2.709,340 | 2.476,302 |
| 1776 | 3.726,970 | 1.544,300 | 1.633,380 | 2.460,402 |
| 1777 | 3.293,200 | 932,860 | 1.846,390 | 2.199,105 |
It should be observed, that though, in 1776, there had been no importation of tobacco, yet the duties on tobacco brought into the Exchequer as much as ever, these duties having been paid for old stock taken out of the warehouses for home consumption, instead of exportation. This is one of the causes which kept up the payments into the Exchequer in 1776, notwithstanding a sudden fall of near a MILLION AND A HALF in the gross receipt, and a MILLION in the net receipt.—In the last year, or 1777, the duties on tobacco fell very short; and this contributed to diminish the payments into the Exchequer near a quarter of a million. But what seems of more importance is, that the debentures (or duties returned at exportation) which had fallen in 1775 and 1776 above a fourth, continued to fall in 1777; and did not then amount to more than two-fifths of the usual sum.
I have examined the customs from the Revolution to the present time; but cannot find that any thing like such a fall in them has ever happened before.
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.
SECOND ADVERTISEMENT.
Since the foregoing Advertisement in January last, the price of the 3 per cent. annuities has fallen from 72 to 60½. But the difference of price between them and the 4 per cent. annuities created in 1777, has risen to near 18l. agreeably to the true comparative value of these annuities, as computed in [page 14] of the Supplement.—It is necessary I should farther mention, that there has been a new loan of six millions for the service of the present year; but that, contrary to my hopes, the managers of our finances have returned to the old modes of borrowing—The consolidated 3 per cent. annuities being, when the loan was settled on the 6th of February, at 66½; one hundred 3 per cent. stock estimated at this price, was given for every 100l. in money, with FOUR-FIFTHS of the profits of a lottery ticket reckoned at 2½l. and an ANNUITY of 2½l. for 30 years, reckoned worth 14 years purchase (or 135l.) but really worth above 15 years purchase. This made a profit of 4l. on every 100l. advanced. But the 3 per cent. annuities falling immediately to 64, and in a few days to 60½; and the short annuity also happening to sell for no more than 13 years purchase, this loan has been constantly at a discount, which has fluctuated between 2 and 4½ per cent.
The scheme of this loan is the first of the old schemes described in the following Supplement, [page 2d]; and it is apparent that by including the value of the douceurs in the capital, it brings on the public an artificial debt, for which nothing will be received, of above two millions.—The sum to be lent, should it be ever paid, might have been as well obtained, without making any material addition to the annual charge, by selling separately the two douceurs worth 2.244,000l. and offering for the remaining sum necessary to make up six millions, an interest of five per cent. subject to the regulations proposed in the Second Tract, [page 98], or in the Supplement, [page 24].