CHAP. V.
Of the present state of public Credit in Great Britain.
We have, in a preceeding chapter, given a general view of the state of public credit in England, at the end of the last century. In this, I shall briefly run through the most remarkable revolutions, both in sentiments and events, which have succeeded since that time.
At the revolution the revenue of England was about two millions sterling, affected by two debts. The first was called the bankers debt, contracted by Charles II. and, by letters patent, charged upon his hereditary excise, to the amount of upwards of 1 300 000l. This debt was reduced to one half, in the last years of King William, and put at 6 per cent. perpetual annuity, to commence from 1706. The other was a debt of 60,000l. due to that Prince’s servants, neglected to be paid by his successor, and discharged after the revolution.
At the peace of Ryswick, the national debt amounted to about 20 millions. The branches of taxes subsisting at the revolution, and continued till then, produced no more than about 800,000l.; but by additional taxes laid on in the reign of King William, the whole revenue extended to 3 355 499l. of which above one million was to cease before 1700, as has been said. This reduced the revenue, at the beginning of Queen Anne’s reign, to nearly what it had been at the revolution: out of which if we deduct the interest of the national debt then subsisting, and the expence of the civil list, we shall discover the extent of the funds prepared for engaging in the war with France; and then by comparing the state of the nation at her succession, with what it was at her death, we shall form a general notion of the progress of credit, debts and taxes in England during that period.
| The revenue of England at the accession of Queen Anne may be stated at about | £2 272 000 | |
| The debts subsisting on the 31st of December 1701, were | £6 748 780 | |
| Upon which the annual interest was | 566 165 | |
| Queen Anne’s civil list[[24]] | 600 000 | |
| Which two sums amounting to | 1 166 165 | |
| Being deducted from the revenue, there will remain | —————————— | |
| for the current service of the state | 1 105 835 | |
[24]. The Queen got from parliament 700,000l. for her civil list; but she immediately ordered 100,000l. to be annually paid to the uses of the war.
What the exact amount of the revenue of England was at the death of the Queen, I cannot justly say. But as it may be comprehended under the three general branches of customs, excises, and other inland duties, we may form a guess at it, though imperfectly I allow, from the number of articles in each.
At her accession, the customs comprehended fifteen articles; at her death they amounted to thirty-seven: at her accession, the excises comprehended ten articles; at her death, they amounted to twenty-seven: at her accession, the other inland duties comprehended eight articles; at her death, they amounted to sixteen, including the land tax, then become in a manner perpetual, although laid on from year to year.
At her accession, the public debts amounted (as above) to near seven millions, at her death they exceeded fifty millions.
In fourteen years, from the revolution to her accession, the money granted by parliament, partly raised on the subject, and partly borrowed, or taken credit for, according to the custom of the times, amounted to above fifty-five millions. During the 13 years of Queen Anne, the money granted by parliament raised on the subject, or borrowed as above, amounted to upwards of 80 millions.