按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
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
loan； and partly by funding a part of the unfunded debt） to
L129；586；789 10s。 1 3/4d。； there still remained （according to the
very well informed author of the Considerations on the Trade and
Finances of Great Britain） an unfunded debt which was brought to
account in that and the following year of L9；975；017 12s。 2
15/44d。 In 1764； therefore； the public debt of Great Britain；
funded and unfunded together； amounted； according to this author；
to L139；516；807 2s。 4d。 The annuities for lives； too； which had
been granted as premiums to the subscribers to the new loans in
1757； estimated at fourteen years' purchase； were valued at
L472；500； and the annuities for long terms of years； granted as
premiums likewise in 1761 and 1762； estimated at twenty…seven and
a half years' purchase； were valued at L6；826；875。 During a peace
of about seven years' continuance； the prudent and truly patriot
administration of Mr。 Pelham was not able to pay off an old debt
of six millions。 During a war of nearly the same continuance； a
new debt of more than seventy…five millions was contracted。
On the 5th of January 1775； the funded debt of Great Britain
amounted to L124；996；086 1s。 6 1/4d。 The unfunded； exclusive of a
large civil list debt； to L4；150；263 3s。 11 7/8d。 Both together；
to L129；146；322 5s。 6d。 According to this account the whole debt
paid off during eleven years' profound peace amounted only to
L10；415；474 16s。 9 7/8d。 Even this small reduction of debt；
however； has not been all made from the savings out of the
ordinary revenue of the state。 Several extraneous sums；
altogether independent of that ordinary revenue； have contributed
towards it。 Amongst these we may reckon an additional shilling in
the pound land…tax for three years； the two millions received
from the East India Company as indemnification for their
territorial acquisitions； and the one hundred and ten thousand
pounds received from the bank for the renewal of their charter。
To these must be added several other sums which； as they arose
out of the late war； ought perhaps to be considered as deductions
from the expenses of it。 The principal are；
L s。
d。 The produce of French prizes 690；449 18
9 Composition for French prisoners 670；000 0
0 What has been received from the sale
of the ceded islands 95；500 0
0 If we add to this sum the balance of the Earl of Chatham's and
Mr。 Calcraft's accounts； and other army savings of the same kind；
together with what has been received from the bank； the East
India Company； and the additional shilling in the pound land…tax；
the whole must be a good deal more than five millions。 The debt；
therefore； which since the peace has been paid out of the savings
the ordinary revenue of the state； has not； one year with
another； amounted to half a million a year。 The sinking fund has；
no doubt； been considerably augmented since the peace； by the
debt which has been paid off； by the reduction of the redeemable
four per cents to three per cents； and by the annuities for lives
which have fallen in； and； if peace were to continue； a million；
perhaps； might now be annually spared out of it towards the
discharge of the debt。 Another million； accordingly； was paid in
the course of last year； but； at the same time； a new civil list
debt was left unpaid； and we are now involved in a new war which；
in its progress； may prove as expensive as any of our former
wars。* The new debt which will probably be contracted before the
end of the next campaign may perhaps be nearly equal to all the
old debt which has been paid off from the savings out of the
ordinary revenue of the state。 It would be altogether chimerical；
therefore； to expect that the public debt should ever be
completely discharged by any savings which are likely to be made
from that ordinary revenue as it stands at present。 * It has
proved more expensive than all of our former wars； and has
involved us in an additional debt of more than one hundred
millions。 During a profound peace of eleven years； little more
than ten millions of debt was paid； during a war of seven years；
more than one hundred millions was contracted。
The public funds of the different indebted nations of
Europe； particularly those of England； have by one author been
represented as the accumulation of a great capital superadded to
the other capital of the country； by means of which its trade is
extended； its manufactures multiplied； and its lands cultivated
and improved much beyond what they could have been by means of
that other capital only。 He does not consider that the capital
which the first creditors of the public advanced to government
was； from the moment in which they advanced it； a certain portion
of the annual produce turned away from serving in the function of
a capital to serve in that of a revenue； from maintaining
productive labourers to maintain unproductive ones； and to be
spent and wasted； generally in the course of the year； without
even the hope of any future reproduction。 In return for the
capital which they advanced they obtained； indeed； an annuity in
the public funds in most cases of more than equal value。 This
annuity； no doubt； replaced to them their capital； and enabled
them to carry on their trade and business to the same or perhaps
to a greater extent than before； that is； they were enabled
either to borrow of other people a new capital upon the credit of
this annuity； or by selling it to get from other people a new
capital of their own equal or superior to that which they had
advanced to government。 This new capital； however； which they in
this manner either bought or borrowed of other people； must have
existed in the country before； and must have been employed； as
all capitals are； in maintaining productive labour。 When it came
into the hands of those who had advanced their money to
government； though it was in some respects a new capital to them；
it was not so to the country； but was only a capital withdrawn
from certain employments in or to be turned towards others。
Though it replaced to them what they had advanced to government；
it did not replace it to the country。 Had they not advanced this
capital to government； there would have been in the country two
capitals； two portions of the annual produce； instead of one；
employed in maintaining productive labour。
When for defraying the expense of government a revenue is
raised within the year from the produce of free or unmortgaged
taxes； a certain portion of the revenue of private people is only
turned away from maintaining one species of unproductive labour
towards maintaining another。 Some part of what they pay in those
taxes might no doubt have been ac