614 
These sums are properly the amount 
taised, not the amount'expended in each 
year: still they convey a fair idea of the 
annual cost of the war.* Their great 
increase, in the latter years, is Owing to 
several causes ; the augmentation of our 
establishments, thé depreciation of money, 
and consequent rise of pay, stores, &c. ; 
and, finally, to the accumulation of in- 
terest on the expenditure of all the pre- 
ceding years. 
Such’ was the war of 1793, a War 
exhibiting ‘an average expenditure of 
27,000,000/., which, though nearly dou- 
ble that of any preceding contest, was 
destined to be soon surpassed, and in a 
very great degree. 
Sums raised by loans and taxes for the 
war of 1803, after deducting the por- 
tion appropriated to Ireland, and al- 
lowing 22,000,0001. as the total of our 
probable expenditure, had peace been 
preserved in 1793. 
1803 le . £29,000,000 
1804 : 5 40,000,000 
1805 . 52,000,000 
1806 ° . 50,000,000 
1807 . ° 56,000,000 
1808 t : 57,000,000 
1809 (War in Spain) 61,000,000 
1810 (Ditto) : 62,000,000 
1811 (Ditto) 66,000,000 
1812 (War in Spain & Russia) $0,000,000 
1813 (War in Spain and Ger- 
mnany ) 98,000,000 
1814 (War on the French ter- 
ritory) 89,000,000 
1815 ° . 86,000,000 
Here.also the increase was progressive ; 
so necessary was it even in our day of 
enthusiasm, to wait until the machine of 
circulation became adapted to this new 
impulse. Atlast, our expenditare reached 
a sum unexampled in the history of any 
country, ancient or modern. It is fit, 
however, to. keep in mind two very 
material qualifications; first, that the 
sums in the latter years are greatly 
swelled by, the accumulation of interest 
on the previous expenditure; next, that 
after. 1810, a large sum, fully 20 per cent. 
n our foreign disburse, is to be put to 
the account of the depreciation of our_ 
bank paper. “With these deductions, the 
expenses of the unparalleled year of 1813 
may ‘be stated at 70,000,0002, and the 
other years reduced in a corresponding 
proportion, 
the amount of our expenditure was sur- 
prising: for the whole contest it may be 
thus stated:— 
Total money ‘raised , in 
Great Britain by loans 
But after every subtraction, 
Lowe on the State of England. 
and taxes, during the 23 
ba war that elapsed, 
etween the beginning 
of 1793 and that ‘of’ 
1816, about 1,564,000,000: 
Deduct for the amount of 
our peace establishnient 
and charges unconnect-- 
ed with the war’ . "4640003000 
constituting 
Remainder, rit 
£1,400,000,000 
the charge of the war 
Supplies raised within the yeat, bemg 
the net produce of our taxes, ‘after 
deducting 18,000,000/.. as the. com- 
puted average of a peace establish- 
ment, and excluding all loans. 
War of 1793.—During the 
first four years of the war 
taxes were inconsider- 
able, and in 1797, by the 
increase of the assessed 
taxes, they were carried 
to onl 4 £ 3,000,000 
But in 1798 by the income 
tax to : 12;000,000 
1799 3 17,000,000 
1800 i 16,000,000 
1801 17,000,000 
1802 19,000,000 
War of 1803.—The produce of our an- 
nual supplies, cormputed as above, with 
the exclusion of loans, but after deduc- 
tion of a larger sum (22,000,000/.) as 
the probable peace establishment : 
1803 c 16,000,000 
1804 5 23,000,000 
1805 : 28,900,000 
1806 : 31,000,000. 
1807 i 36,000,000 
1808 ; 40,000,000 
1809 : 41,060,000 
1810 4 45,000,000 
1811 43,000,000 
1812 ; 41,000,000. 
1813 F 45,000,000 
1814 : 48,000,000: 
1815 : 48,000,000 
RESPECTIVE PROPORTION OF LOANS 
5 AND TAXES, 
Of the total sum of 1,100,000,0002., ex- 
pended during the war, the amount added 
tothe permanent debt was 460,000,0002., 
so that the aggregate of the supplies 
raised -within, the year amounted. for the 
whole war to 640,000,000/., a surprising 
sum to be obtained by a mode of supply 
almost unknown in foreign countries, and 
carried m former wars to a very limited 
extent among ourselves, ; 
The financial history of the war may 
be divided into three periods; ee 
our 
