254 
judu/.ious regulations were also established by 
the act passed for this purpose. See Sink- 
ing Fund. 
In the year 1789, it was found necessary 
to borrow 1,002, 1 40/. on a tontine scheme, 
and 187,000/. to replace the like sum which 
had been issued out of the civil list revenue, 
as a loan to the prince of Orange : the latter 
was raised on annuities for 18-| years. The 
total amount of the public debt in the year 
1792, being the year previous to the war with 
the French republic, was, according to the 
official account, 238,231,248 but including 
the value of the terminable annuities, and the 
amount of the unfunded debt, the total was 
268,267,272/. l.v. 7 d., the annual interest and 
charges of management on which amounted 
to 9,752,67 37. 14s. Sd. From this amount, 
however, a deduction is to be made of the 
stock which had been redeemed by the ope- 
ration of the sinking fund. With this formi- 
dable burthen on the property and industry 
of the country, a war was entered into, which 
from the enormous expenditure attending it, 
increased the amount of the national debt in 
a degree beyond all former precedent or con- 
jecture. The loan of the year 1793 was raised 
wholly on 3 per cent, stock, and those of the 
subsequent years being also raised chiefly on 
this description of stock, an unnecessary ad- 
dition has been made to the capital of the 
debt, and the charge for management has 
been considerably augmented, as the allow- 
ance to the bank on this account is computed 
on the capital created. In the third year of 
the war the amount of the loan was consi- 
derably greater than had ever before been 
borrowed in one year; but still larger sums 
were raised in some of the succeeding years. 
The natural consequence of such a rapid ac- 
cumulation of debt was a great depreciation 
of the current prices of the public funds, so 
that the government was obliged to allow a 
very high interest for the money borrowed; 
and" towards the end of the year 1797, many 
persons seemed to entertain an apprehension 
that the funding system had been extended 
nearly to its limits ; in consequence of this 
opinion, various expedients were successively 
tried for raising a considerable part of the 
war expenditure within the year ; none of 
these projects fully succeeded, but they cer- 
tainly rendered the sums which it was neces- 
sary to borrow, somewhat less in amount 
than they must otherwise have been; still, 
however, they were of unprecedented mag- 
nitude: and in 1802, after the conclusion of 
the war, it was still found necessary to borrow 
twenty-five millions more, to make good ex- 
pellees of the war remaining unprovided for. 
The total amount of the national debt at 
“Midsummer 1802, including the stock created 
by the imperial loans, and estimating the un- 
funded debt at 15,500,000/. was 619,303,027/. 
9.?. 6d., the annual charge of which for interest 
and management amounted to 21,557,728 /. 
15*. 6d. From this amount is to be deduct- 
ed the stock bought up by the commissioners, 
and transferred to them for redemption of 
land-tax., 
NATIONAL DEBT, 
progress of the national dept, from 
TO MIDSUMMER 1802. 
National Debt at the Revolution, 1688 
Increase during the reign of William Hid. 
Amount at the accession of Queen Anne 
Increase during the reign of Queen Anne 
Amount at establishment of Sinking Fund, 1716 
Increase during the reign of Geo. I. 
Decrease of annual charge - - - 
Amount at the accession of Geo. lid. 
Decrease during the Peace - 
Amount at commencement of the War, 1739 
i Increase during the War - 
Amount at the end of the War in 1748 
I Decrease during the Peace - 
Amount at the commencement of the War, 1755 
j Increase during the War - 
' Amount at the end of the War, 1762 
i Decrease during the Peace - 
| Amount at commencement of the American War 
Increase during the War - 
Amount at the conclusion of the American War 
Increase in the year 1789 - 
Amount in 1789 
I Redeemed during the Peace 
Amount at the commencement of the War, 1793 
Increase during the War 
ITS COMMENCEMENT 
Capital. 
Interest,; 
- 
- 
664,263 
39,855 
- 
- 
15,730,439 
1,271,087 
- 
- 
16,394,702 
1,810,942 
- 
- 
31,969,799 
1,841,582 
- 
. 
48,364,501 
3,152,524’ 
“ 
* 
4,654,654 
l 941,958 
- 
* 
53,019,155 
2,210,566 
- 
- 
6,064,532 
246,541 
- 
46,954,623 
1,964,025* 
- 
- 
31,338,689 
1,096,979 
- 
. 
78,293,312 
3,061,001 
- 
- 
3,312,426 
389,364 
- 
- 
74,980,886 
2,671,640 
- 
- 
66,710,427 
2,035,094 
- 
. 
141,691,313 
4,705,734 
- 
- 
5,748,262 
229,913 
- 
135,943,051 
4,476,821 
- 
- 
132,157,328 
5,035,41 1 
- 
- 
268,100,379 
9,512,232 
- 
- 
1,189,140 
56,863 
269,289,519 
9,569,095 
- 
- 
9,441,850 
283,255 
- 
- 
259,847,669 
9,285,840 
- 
* 
350,013,508 
11,988,633 
609,861,177 
21,274,473 
- 
- 
69,243,336 
2,089,220 
- 
- 
540,617,841 
19,185,253 
Redeemed during the War - 
Amount at conclusion of the "(Var in 1802 
Since the period at which the above statement terminates, another war has been entered into, 
which has already added many millions to the public debt ; but as the sum to which it may be 
increased is beyond the reach even of probable estimate, we can only give the following state- 
ment of the total amount of the Debt on the 5th January, 1806, which will also shew the 
different descriptions of Stock and Annuities of which it consists : 
NATIONAL DEBT OF GREAT BRITAIN. 
Capital. 
£. 41,389,136 
8 
4 
. 
- 9,088,902 
16 
3 
. 
- 49,725,084 
17 
2 
. 
- 137,246,269 
3 
7 
- 
- 376,707,982 
2 
of 
- 
- 1,740,625 
0 
0 
• 
1,000,000 
0 
0 
0 
0 
. 
- 3,662,784 
8 
Cl 
. 
- 11,907,470 
2 
7 C 
• 
- 8,494,830 
2 
10} 
. 
- 1,919,600 
0 
0 
. 
- 7,502,633 
6 
8 
. 
- 19,969,799 
12 
6 
- 
786,599 
5 
1 
- 
- 2,184,694 
7 
9 
- 
403,779 
9 
6 
765 
18, 000 
0 
0 
- 
v 280,452 
IS 
0 
- 
23,668 
0 
0 
685,739,112 
0 
H 
- 
- 
104,701,999 
0 
0 
581,037,113 
0 
9* 
- 
- 
22,000,000 
0 
0 
. 
m 
559,037,1 13 
0 
9* 
- 
5,500,000 
0 
O') 
. 
• 
- 3,000,000 
0 
of 
. 
. 
- 1,200,000 
0 
or 
- 
- 
- 13,000,000 
0 
03 
5 per Cent. Consolidated Annuities 
' 5 per Cent. Annuities, 1797 and 1802 
| 4 per Cent. Consolidated Annuities 
I 3 per Cent. Reduced Annuities *■ 
j 3 per Cent. Consolidated Annuities 
, 3 per Cent. Deferred Annuities 
S per Cent. Annuities, 1726 - 
Bank Stock - 
South Sea Stock - 
Old South Sea Annuities 
New South Sea Annuities * 
South Sea Annuities, 1751 
Imperial 3 per Cent. Annuities — 
Value of the Long Annuities 
Do. of the Short Annuities 
Do. of Imperial Annuities - 
Do, of the Life Annuities - 
Annuities on Lives, with Survivorship, ] 
i Tontine Annuities, 1789 
j Value of Exchequer Annuities 
Redeemed by Sinking Fund - 
Transferred for Land Tax redeemed 
Total Funded Debt 
Navy, Victualling, and Transport Debt 
Army, Barracks, Ordnance, &c. - 
Treasury Bills, &c. 
Exchequer Bills ---- 
Total of the Nat. Debt and the ann. interest thereon, 581, 737, 1 13 0 9$ _ 20,311,370 8 1 0 
For the comparative value of the different funds, and the mode of transacting business therein, 
-see Public Funds. 
Interest and 
Management. 
£. 2,088,081 18 7 
458,535 2 10 
2,011,379 13 7 
4,179,148 17 2 
11,470,758 0 3 
30,450 0 0 
356,502 3 5 
735,974 13 11 
58,325 15 6 
228,455 3 8 
1,075,669 4 11 
423,039 5 9 
232,587 10 0 
67,296 1 1 7 
540 0 0 
20,032 7 O 
23,668 0 O 
23,460,444 8 2; 
3,170,073 19 4 
20.290.370 8 10 
660.000 0 O' 
19.630.370 8 10 
681.000 0 0 
