I have observed how rash it is for any one to censure acts of administration, when the motives of a statesman’s conduct are unknown. This, however, I have sometimes ventured to do, in speaking of things which happened many years ago; but we ought to be more cautious as we come nearer to our own times, because not having, as in this case, a course of experience to point out the errors, we must entirely rely upon our own sagacity, and reason only from analogy.
During the last war, as in that preceeding it, taxes were increased in proportion to the interest of the money borrowed; and new impositions were now laid on the articles of great consumption, which produced abundantly. The new malt-duty of 3d. per bushel, and the new beer-duty of 3s. per barrel, bring in net into the exchequer near 820 000l. per annum, and discharge the interest of above 27 millions sterling, at 3 per cent. Such a sum raised at the end of a war so very expensive, and at the very time when the credit of France was totally fallen, must have operated in the strongest manner, and did in fact operate more, perhaps, than any other consideration to put an end to that war, the most glorious that Europe has beheld since the beginning of this century, or perhaps in any age whatever: advantageous to Great Britain, notwithstanding all the expence, providing that the consequences happen to correspond to what may be reasonably expected.
I shall now set before my reader a short state of the taxes, debts, and public funds of Great Britain, at this bright period of her history.
From the best authority I have been able to procure, the revenue of the state, considered under the three general branches of customs, excise, and other inland duties, which comprehend the whole permanent income of this kingdom, was then as follows:
| Customs net into the exchequer, about | £2 000 000 |
| Excise in all its permanent branches net, about | 4 600 000 |
| Other inland duties net | 1 000 000 |
| Land tax at 4s. in the pound | 2 000 000 |
| Annual malt tax net | 613 000 |
| In all | 10 213 000 |
Let us next state the annual charges and appropriations settled upon this fund.
| First then the civil list, to the amount of | £800 000 | |
| 2do, The interest of about 131 millions of funded debts at different rates of interest, about | 4 500 000 | |
| 3tio, The interest of nine millions not then provided for, supposed to be at 4 per cent. | 360 000 | |
| In all of regular and permanent annual charge | 5 660 000 | |
| So there remains free, about | 4 553 000 | |
| From which if we deduct the annual grants of land and malt-taxes, which extend together, as above, to | 2 613 000 | |
| There will remain as the produce of the sinking fund[[29]] | 1 940 000 | |
[29]. I find that the sinking fund is now estimated at 2 100 000l. by the author of the Considerations on Trade, &c. above cited. I am also informed that the net produce of the customs exceeds 2 000 000l. considerably: but 4 600 000l. is rather the gross than the net produce of the permanent duties of excise; that is, of all the excise duties, excepting the annual malt-duty. It must also be observed, that the annuities payable to the national creditors, amounted, the 5th January 1764, to more than 4 720 000l. But on the other hand, the interest of the unfunded 9 millions is rated too high, as appears from the author above quoted. I cannot pretend to give exact details. The general sketch here stated is sufficient for my purpose.
In that state, nearly, stood the affairs of Great Britain after the conclusion of the peace in 1763.
It now only remains to offer some conjectures why, after this period, money was not found to regorge, as after the peace of Aix-la-Chapelle, so as to furnish an opportunity of reducing the rate of interest upon all redeemable debts, and by that of raising the amount of the sinking fund, and more firmly establishing the national credit.