7008| 3, 
the end of ‘fev en years ee would 
have been, put into pofle non, of a 
venue ‘of “x per cent. or 32 ae oool. or 
327,500, a year. “ The value of this 
“annuity for ever, after the expiration 
“of the above dum, and reckoning AG 
‘« tereft at foar per cent. (which is mor 
“taal eOuld been made of money 
APTI iE PQ 20a 48 6,222,5001. It. is evi- 
Nein wmewercres 1ays\ vit. Morgan, 
me bk ay a neglect the moft inexcuf- 
sable. bic minifter has loft to the pub- 
«Tic, in thi$ fingle inftance, above fix 
<Comiliions. 
In the borrowing of money, according 
to Mr. Morgan’s account, Mr. Pitt has 
not been more fuccefsful. In the. four 
firft years of the American war, 1776, 
1777, 1778, and 1719) Lord: North re- 
ceived for a capital of 20,150,000]. in 
the ftocks, Hy ea esal. ; for a capital of 
70,1@0,0001. Mir. Pitt has received, in 
ane years £793, 17945 1795) 47:421,000l. 
During the whole sare of the BG ee 
war, ore North wee 73,400,0009l. 
in the three aad nee per cents. for which 
47,968,000l. was dave A arOM Eise 
Mr. Morgan concludes, that the minifter 
has not, in the four firft years of the 
prefent wav, borrowed money on much 
better terms than Lord North did during 
the ‘whole term of the American war. 
How far the debt may be inereafed. by 
the continuance of the war, no one can 
alcertain; yet it is probable that it may 
receive *confiderable . additions, without 
bringing us to that inevitable ruin which 
has been fo often prognofticated on this 
the 
Oe 
Te 
re- 
have 
la 
fubjeét. Whence, then, arife the mif- 
takes of former philofophers: From a 
fimple caufe ; they contfidered the in- 
come of the nation as ftationary, while 
the debt ‘was increafing; and it is ob- 
vious to common fenfe, that, if this 
were! really the cafe, the nation, at a 
period eafily to be aflioned by them, 
would inet by be ruined. loess ie 
man has an eftate of a thoufand a year, 
on which he borrows annally a thou- 
fand pound, at the rate of five per cent, 
we fee clearly that, at the end of twenty 
years, the income of his eftare will jue 
fuffice to pay the intereft of his debt 
but if, during this period, he fhould fae 
prove his eftate, fo that at the end of 
twenty years he fhould make it worth 
two thoufand a year, inftead of being 
ruined at the end of that time, he will 
be exaétly in the fame firuation fi which 
he was when he fick began to bor- 
tow, though the country will recelye 
Mon tay Mac. No. J, 
National Debt. 
his 
AY 
confiderable benefit from his labours : 
had he not. borrowed any thing, he 
would, at the end of twenty years, have 
had a clear income of two thoufand a 
year ; but, from his, imprudence, his 
income.is not in the leait increafed. If 
he fhould be ftimulated to make ftill 
greater exertions, and fhould make his 
eftate worth three thoufand a year, he 
will be able, notwithitanding the debt: on 
to live at double the expence 
which his eftate afforded on his fictt be- 
ginning to borrow. 
chase it is with England; the debt 
has been confiderably increafed, but the 
income of the country has at the fame 
time _ been confiderably increafed, ard 
this income has increafed in a much 
greater proportion than the debt; con- 
effate, 
fequently, though the nation is fe much 
impovertined by its debt, that it 1s in- 
capable. of the exertions which, if not 
1ucumbered by fuch a weight, it could 
have made, {till it may be much richer 
than when it firft be -gan to borrow ; 
and inftead of attempting to fix the 
period when the.nation is to be ruined, 
we can only fay in general, that this 
muft inevitably take place at fuch a 
time, when the debt remaining the 
fame, .and the exertion decreafing, the 
difference between the debt and income 
decreafes very faft, and confequently 
poverty enfues ; or when the exertions 
being the fame, the debrincreafes fo faft 
as to overpower them; or when both 
exertion and debt increafing, the latter 
Hibben in a much greater proportion 
han.the former. The annual income 
ae the nation has lately been calculated 
at fifty millions: confequently, if it re- 
mains the fame, and the debt fhould be 
increafed a few, hundred millions more, | 
the nation, though many individuals 
muft neceflartly be deprived of feveral 
comforts which the y now enjoy, can fup » 
port itfelf; but it thould be remembered, 
that, by every imereafe in the debt ae 
the nation, individuais are placed in a 
worfe fituation than they would other 
wife have heen; and it is to be appre- 
hended, that if, from  circumftances, 
either at home or abroad, the exertions 
of the nation fhould receive only ‘a tem- 
porary fulpenfion, the neceflary effects 
of it on the debt, and the incame de- 
rived by its intereft to individuals, might 
oceafion fuch a conyulfion in the ftate, as 
all good men muft deprecate, and which 
might bring on dilorder, perhaps, not to 
be Temedied. 
G POLITE 
