From the account in the Postscript, at the end of this tract, it will appear, that 10.639,793l. of the public debt was discharged between the years 1763 and 1775; and also that the funded debt was, in 1775, 1.400,000l. greater than it was at the end of the last war. From hence, and from the amount of the public debt in 1775, as stated in [page 124], it follows, that the funded debt at the end of the war was 130.943,051l. and the whole debt 146.582,844l. and, consequently, that the war left upon the nation an unfunded debt amounting to[120] 15.639,793l. This unfunded debt consisted of the following particulars—Of 3.500,000l. borrowed after the peace in 1763, and applied towards bearing such expences of the war as could not immediately cease with its operations.—Of near eight millions in navy, victualling, ordnance, and transport debts.—Of 1.800,000l. Exchequer bills; and the remainder, of subsidies to foreign princes, extraordinaries of the army, and German demands.
In the interval of peace between 1748 and 1755 the following debts were paid off.
| £. | |
|---|---|
| Bank Annuities bearing 4 per cent. | 1.013,148 |
| South-Sea Annuities bearing 4 per cent. | 176,893 |
| Annuities bearing 3½ per cent. charged by 4 Geo. II. on additional Stamp-duties | 400,000 |
| Exchequer Bills bearing 3 per cent. charged by 10 Geo. II. 1737 on the duties on sweets | 499,600 |
| Borrowed in 1745 at 3½ per cent. on the credit of the Salt duties | 1.000,000 |
| See note, [page 140]. | |
| [121]Total | £. 3.089,641 |
From the whole, the following account of the progress of the National Debt, from 1739 to 1775, may be deduced.
| Principal. | Interest. | |
|---|---|---|
| £. | £. | |
| Amount of the principal and interest of the national debt before the war which begun in 1740 | 46.382,650 | 1.903,861 |
| Amount in 1749 immediately after the war | 78.166,906 | 2.765,608 |
| Increased by the war | 31.784,256 | 861,747 |
| Diminished by the Peace from 1748 to 1755 | 3.089,641 | 111,590 |
| Amount at the commencement of the last war | 75.077,264 | 2.654,018 |
| Amount at the end of the war in 1763 | 146.582,844 | 4.840,821 |
| Increased by the last war | 71.505,580 | 2.186,803 |
| Diminished by the Peace, in twelve years from 1763 to 1775 | 10.639,793 | [122]400,000 |
| Amount at Midsummer, 1775 | 135.943,051 | 4.440,821 |
We are now involved in another war, and the public debts are increasing again fast. Exchequer Bills have been increased from 1.250,000l. to 1.500,000l. A new capital of 2.150,000l. has been added to the 3 per cent. Consolidated Annuities. And a vote of credit was given in the last session of Parliament for a million. The last year, therefore, has added 3.400,000l. to our debts, besides a vast sum not yet provided for, consisting of navy, ordnance, victualling, transport and army debts.—The present year (1777) must make another great addition to them; and what they will be at the end of these troubles, no one can tell.—The union of a foreign war to the present civil war might perhaps raise them to Two Hundred Millions; but, more probably, it would sink them to—Nothing.
SECT. III.
Of the Debts and Resources of France.
Ministers have of late sought to remove the public apprehensions by general accounts of the weakness of powers, which, from the circumstances of former wars as well as national prejudices, have been felt by the people as jealous rivals or formidable enemies.—I wish it was possible for me to confirm these accounts; and by contrasting the preceding state of our own debts with a similar one of those of France, to shew, that from this power in particular we have nothing to fear. The following particulars, on the correctness of which I can rely, may give some assistance in judging of this subject.
The whole expence of the last war to France was 1.118.307,047 livres; that is, 49.702,000l. sterling: of which 23.152,000l. (520.926,000 livres) consisted of money procured by the sale of taxes, by free-gifts, and extra-impositions during the war, which left behind them no debts: And 26.550,000l. (597.380,100 livres) consisted of LOANS, or money raised on perpetual annuities, life-annuities, and lotteries.—At the beginning of 1769 the whole amount of the debts of France, including all arrears and capitals advanced on annuities and lotteries, was 128.622,000l. sterling, or 2.894.053,616 livres. The annual charge derived from this debt was 6.707,500l. sterling (150.919,284 livres)—All the appropriations amounted to 8.218,500l. sterling (184.919,284 livres).—The expences of the army, navy, king’s houshold, prince’s houshold, foreign affairs, &c. amounted to 8.947,000l. or 201.307,312 livres. So that the whole annual expence was 17.165,000l. (386.226,596 livres).—The whole revenue had amounted, before 1769, to 13.484,500l. sterling (303.401,696 livres).—The public expence, therefore, had exceeded the revenue 3.681,000l. (82.800,000 livres.) per ann.