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occasion。 By means of borrowing they are enabled； with a very
moderate increase of taxes； to raise； from year to year； money
sufficient for carrying on the war； and by the practice of
perpetually funding they are enabled； with the smallest possible
increase of taxes； to raise annually the largest possible sum of
money。 In great empires the people who live in the capital； and
in the provinces remote from the scene of action； feel； many of
them； scarce any inconveniency from the war； but enjoy； at their
ease； the amusement of reading in the newspapers the exploits of
their own fleets and armies。 To them this amusement compensates
the small difference between the taxes which they pay on account
of the war； and those which they had been accustomed to pay in
time of peace。 They are commonly dissatisfied with the return of
peace； which puts an end to their amusement； and to a thousand
visionary hopes of conquest and national glory from a longer
continuance of the war。
The return of peace； indeed； seldom relieves them from the
greater part of the taxes imposed during the war。 These are
mortgaged for the interest of the debt contracted in order to
carry it on。 If； over and above paying the interest of this debt；
and defraying the ordinary expense of government； the old
revenue； together with the new taxes； produce some surplus
revenue； it may perhaps be converted into a sinking fund for
paying off the debt。 But； in the first place； this sinking fund；
even supposing it should be applied to no other purpose； is
generally altogether inadequate for paying； in the course of any
period during which it can reasonably be expected that peace
should continue； the whole debt contracted during the war； and；
in the second place； this fund is almost always applied to other
purposes。
The new taxes were imposed for the sole purpose of paying
the interest of the money borrowed upon them。 If they produce
more； it is generally something which was neither intended nor
expected； and is therefore seldom very considerable。 Sinking
funds have generally arisen not so much from any surplus of the
taxes which was over and above what was necessary for paying the
interest or annuity originally charged upon them； as from a
subsequent reduction of that interest。 That of Holland in 1655；
and that of the ecclesiastical state in 1685； were both formed in
this manner。 Hence the usual insufficiency of such funds。
During the most profound peace various events occur which
require an extraordinary expense； and government finds it always
more convenient to defray this expense by misapplying the sinking
fund than by imposing a new tax。 Every new tax is immediately
felt more or less by the people。 It occasions always some murmur；
and meets with some opposition。 The more taxes may have been
multiplied； the higher they may have been raised upon every
different subject of taxation； the more loudly the people
complain of every new tax； the more difficult it becomes； too；
either to find out new subjects of taxation； or to raise much
higher the taxes already imposed upon the old。 A momentary
suspension of the payment of debt is not immediately felt by the
people； and occasions neither murmur nor complaint。 To borrow of
the sinking fund is always an obvious and easy expedient for
getting out of the present difficulty。 The more the public debts
may have been accumulated； the more necessary it may have become
to study to reduce them； the more dangerous； the more ruinous it
may be to misapply any part of the sinking fund； the less likely
is the public debt to be reduced to any considerable degree； the
more likely； the more certainly is the sinking fund to be
misapplied towards defraying all the extraordinary expenses which
occur in time of peace。 When a nation is already overburdened
with taxes； nothing but the necessities of a new war； nothing but
either the animosity of national vengeance； or the anxiety for
national security； can induce the people to submit； with
tolerable patience； to a new tax。 Hence the usual misapplication
of the sinking fund。
In Great Britain； from the time that we had first recourse
to the ruinous expedient of perpetual funding； the reduction of
the public debt in time of peace has never borne any proportion
to its accumulation in time of war。 It was in the war which began
in 1688； and was concluded by the Treaty of Ryswick in 1697； that
the foundation of the present enormous debt of Great Britain was
first laid。
On the 31st of December 1697； the public debts of Great
Britain； funded and unfunded； amounted to L21；515；742 13s。 8
1/2d。 A great part of those debts had been contracted upon short
anticipations； and some part upon annuities for lives； so that
before the 31st of December 1701； in less than four years； there
had partly been paid off； and partly reverted to the public； the
sum of L5；121；041 12s。 0 3/4d。； a greater reduction of the public
debt than has ever since been brought about in so short a period
of time。 The remaining debt； therefore； amounted only to
L16；394；701 1s。 7 1/4d。
In the war which began in 1709。； and which was concluded by
the Treaty of Utrecht； the public debts were still more
accumulated。 On the 31st of December 1714； they amounted to
L53；681；076 5s。 6 1/2d。 The subscription into the South Sea fund
of the short and long annuities increased the capital of the
public debts； so that on the 31st of December 1722 it amounted to
L55；282；978 1s。 3 5/6d。 The reduction of the debt began in 1723；
and went on so slowly that； on the 31st of December 1739； during
seventeen years of profound peace； the whole sum paid off was no
more than L8；328；354 17s。 11 3/12d。； the capital of the public
debt at that time amounting to L46；954；623 3s。 4 7/12d。
The Spanish war； which began in 1739； and the French war
which soon followed it occasioned further increase of the debt；
which； on the 31st of December 1748； after the war had been
concluded by the Treaty of Aix…la…Chapelle； amounted to
L78；293；313 1s。 10 3/4d。 The most profound peace of seventeen
years continuance had taken no more than L8；328；354 17s。 11
3/12d。 from it。 A war of less than nine years' continuance added
L31；338；689 18s。 6 1/6d。 to it。
During the administration of Mr。 Pelham； the interest of the
public debt was reduced； or at least measures were taken for
reducing it； from four to three per cent； the sinking fund was
increased； and some part of the public debt was paid off。 In
1755； before the breaking out of the late war； the funded debt of
Great Britain amounted to L72；289；673。 On the 5th of January
1763； at the conclusion of the peace； the funded debt amounted to
L122；603；336 8s。 2 1/4d。 The unfunded debt has been stated at
L13；927；589 2s。 2d。 But the expense occasioned by the war did not
end with the conclusion of the peace； so that though； on the 5th
of January 1764； the funded debt was increased （partly by a new