[122] See the Postscript.
[123] “Either the nation (Mr. Hume says) must destroy public credit, or public credit will destroy the nation.” Political Essays, page 135.
[124] The number of inhabitants in France is 26 millions. In Britain it cannot exceed six or seven millions. See [p. 66]. And Observations on Reversionary Payments, page 185, third edition.
[125] Near one half of all this importation is made into Bourdeaux only; and the rest into Rochelle, Marseilles, Nantz, Havre, and Honfleur.
[126] In order to defray the expence of coinage, a duty of 10s. per ton has been laid on wines imported; and, as far as this duty happens to fall short of 15,000 l. the deficiency is made good out of the supplies.
[127] I am not able to give the exact amount of this part of the appropriated revenue. I have, therefore, reckoned it at such a round sum, as, I think, cannot much exceed or fall short of it.
[128] The Land-tax at 3s. is given by Parliament for 1.500,000l.; and the Malt-tax for 750,000l. but they are always greatly deficient.—Both these taxes (and also sometimes the income of the Sinking Fund) are borrowed of the Bank, and spent long before they come into the Exchequer; and therefore, are debts constantly due to the Bank, for which interest is paid.
[129] The account given by Lord North at opening the Budget in 1775, was, that the public debt had been diminished since 1763, near nine millions and a half. The grounds on which I have stated this diminution at 10.639,793l. may be seen in the Postscript, ([p. 171]).
[130] Four of these lotteries have been annexed to annuities; but it would be a great mistake to think that they have not been equally profitable with the other lotteries. For instance; in 1767, a million and a half was borrowed on an annuity of 45,000l. with a lottery of 60,000 tickets annexed. In the same year, 2.616,777l. was paid off; but, had it not been for the lottery, only 1.350,000l. could have been raised on the annuity; and 150,000l. less must have been paid off.
[131] The discounts on a million and a half paid off in 1772, and two millions paid off in 1774 and 1775, amounted nearly to this sum.