6 tlFE OF^IR JAMES STEWART. Sept. I4, 



Britain to confider well the (late of that country, I 

 (hail here produce Sir James's view of the debts of 

 France, as they flood at the peace of Paris, in the 

 year 1763, and of the plan which was then concerted 

 for paying the intereft, and for extinguishing the capi- 

 tal. And I do this the rather becaufe no account has 

 hitherto been given of this matter by any perfon not in- 

 terefted to deceive the public either in France or in 

 Britain. At the peace of Paris, all the debts of France 

 then outftanding, which had been contracted previous 

 to the war 1744, were reduced to the old debts wh!.~h 

 had been arranged in the year 1 720, after the Mifliffippi 

 operations. Thefe confilled in 990 millions of livres, 

 perpetual annuities, at two and a half /x-r centum, dif- 

 tributed into contrafts, on the town-houfe of Paris, 

 and in 94 millions, at the fame rate of intereft, owing 

 by the King to the company of the Indies, which was 

 alfo conftituted in the year 1720. 



The intereft of thefe debts, in 1762, amounted to 

 twenty-feven million one hundred thoufand livres, 

 and, by the account between the King and the com- 

 pany of the Indies he was bound to pay them, annu- 

 ally, for the difcharge of the dividends of their ftocks, 

 two millions four hundred thoufand livres. 



Thefe two fums of intereft amount, together, to 

 29,500,000 livres,which were fecured upon and paid out 

 of the king's ordinary revenue. I'he war, which be- . 

 gan in 1744 and ended in 1748, involved France in 

 new and great debts. Notwithftanding the impofition 

 ■of the tenth, during this war, and all other extraordi- 

 •nary imppfts, credit fell very low in the year 1745, 

 until Monf. de Monmartel, the King's banker, and 

 others, opened a bank ; and, in order to fupply the 

 public demands, borrowed money from the country at 

 large, at one-half ^fr cent, per month, the capital pay- 

 able on demand, to fecure the circulation of their 

 ■notes. This bank prefeived its credit till the peace 



