616 
sued» from it. This estimate “justifies: the 
following inference,» 
Total of government expenditure uicitig 
the war, exclusive of the sum raiséd by the 
property+tax® . . £930,000,000 
Of which:a third, or 33. 
per: cent.; paid “back” in 
taxes, formed asum of 
» Add the amount of in- 
come, or praperty-tax, paid 
into the» public: treasury, 
exclusive of the: 33-> per 
cent., but defrayed in ge- 
neral from the extra pro- 
fits of a state of war 
»810,000,000 
Forming together .» £480,000,000 
a sum which goes far towards accounting 
for the payment of the total of “our sup- 
plies within the year;” or, in other words, 
towards: proving, that after all our boasted 
sacrifices, our contribution during the war 
was little more than a repayment of money 
issued, leaving the chief part of the burden 
to years of peace, in the form of a perma- 
nent debt. 
Thus was carried. on from year to year 
a most expensive contest, without much 
pressure on’ any part of the public, unless 
the fixed annuitant, and without a depre- 
ciation of our national capital, except 
of that portion, (such as the funds, or loans 
on mortgage) of which the value is per- 
manently represented by money. ‘To 
many persons, and in particular to those 
interested in the expenditure, this state of 
things bore a favourable appearance ; con- 
veying to some the idea of an accumula- 
tion of national wealth, to others the be- 
lief that we finally defrayed our burdens 
from sources arising from the war. None 
were sufficiently aware of the re-action to 
be expected at apeace. To foresee its ex- 
tent was, we admit, impossible; but few 
of our- public men bestowed a serious 
thought-on) the nature of such re-action, 
while some of them seemed hardly-aware 
of the possibility of its occurring ; so limi- 
ted had been their study of political eco- 
nomy-as a science; so cursory their exa- 
mination of corresponding periods of our 
history. » All that seemed to occur to the 
most cautious was, that our situation was, 
in| some degree, unnatural; that the great 
expenditure of government was not com- 
pensated,-on the part of the public, by eco- 
nomy, or by: any great share of extra ex- 
ertion., Hence an-apprehension, on the 
part of some, that:the war! must entail a 
burdensome inheritance, but at what time, 
or tow;what degree; no one could foretell. 
170,000,000 
Lowe on the State of England. ° 
San OF WAR\ON THE:MONEY PRICE 
» OF COMMODITIES.» 9 is 
: We shall at present confine oun atten- 
tion to the last thirty years;, to. the great 
rise caused by the war, and to the no, Jess 
remarkable fall that has occurred since! the 
peace, 
Of the causes of rise during the “rae dike 
principal were :— qinton 
The extra demand. of: men for:govern- 
ment, service, andthe eonengtions separ 
of wages and salaries,» » 
The inadequaey of po re eter 
consequent on the drain of Jabour nara ca 
pital, for the public service 
The increase of taxation; and, iets 
The non-conyertibility, and: niger got 
increase of our, bank | paper. * 
Of these. causes.,the inadequacy oft our 
agricultural produce, and, the: non-eonver- 
tibility of our bank paper, areweserved «for 
separate discussion; at/presentswe prceed 
to. the effect.of the extta demand. of :men 
for government service, the: maenitude of 
which will best appear from a#eference'to 
our expenditure, keeping out, of view our 
annual payments for, interest..of debt, “or 
the civil service of government, and: fixing 
our attention on a.conjoint Expense:of the 
Amy, Navy, and. Ordnance, from the be- 
suai to the close of the ate War. 
1791 . <i £4,226;000 
L792 oy hia 8,750,000: 
1793 . 13,511,000 
1794 . 20,247,000 
V7 GBi oy ct oth water Cad ool 28,751,000 
1796 ciyivdeien wok obras 30,165,000 
70 IN biere Aacetl ooteiein 27,606,000 
1798 . 25,982,000. 
1799-07) vapche-tgtS, cain cherie 27,257,000 
L800: cigesil-aghistitle Seantt oid 29,613,000 
1801 . angel 26,998,000 
1802 . 23,121,000 
1803 . 21,106,000 
1804 . 30,854,000 
1 ES eee a 36,219,000 
TSO p28 de iba le cel 37,706,000 
TSO 7 i wcislh <saxssayeheeshidl vai aie 36,176,000 
1808 . é 39,778, 000 
1809 . 42,073,000 
Carry forward, £ 510,139,000 
* It seems astonishing that, so o acute. a 
reasoner. as Mr. Lowe “should omit the 
chief, if not only cause—the loans, by 
which government, through its contractors 
become the chief purchasers in any mar- 
ket, caused the demand to exceed-the-sup- 
ply, and have raised the nominal price of 
every speciés of property. His four causes 
were but effects of that one primary cause. 
—Ep. 
