‘3 Mr. Grellier on the Progrefs of the National Debt. 
founders of the Hamburgh Inftitution ; 
that when the whole adminiftration fails 
into the hands of under cfhicers, they af- 
terwards know fo well how to embroil the 
bufinefs, that no fubfequent director is ever 
able to unravel the clue-—Page 54 of his 
admirable account of the Harburgh Ejta- 
blifbinect. 
In fuch a ftate of things, it was not 
much to be wondered at, that annual ac- 
counts were not publifhed as they ought 
to have been. After a very painful and 
vigorous effort, this evil‘however is now 
removed; a moft pleafing profpect already 
begins to open of regaining our former 
advantages; and it is refolved, that the 
accounts fhall be publifhed annually, toge- 
ther with a ffatement of the average num- 
ber of poor for each year. 
Mr. Good appears to me to have taken 
an odd method of manifefting, that from 
an enemy, he is converted into a friend ; 
as the firft lines of his Greek quotation 
might feem toimply. Ihave no objection, 
however, to the concluding fentiment of 
the poet; That laying afide enmity, men 
Should cenjointly labour to promote the 
public good. Tam, Sir, _ 
~ ‘Your humble fervant, 
Shrew/bury, Jan. 6,1799. I. Woon. 

To the Editor of the Monthly Magazine. 
STs 1c) 
N the flatement, i your laft Number, 
it of the debt incurred during the prefent 
war, a confiderable article feems_to be 
omitted; notwithfianding which, the total 
is fome millions greater than it would ap- 
pear if the particulars were correct. I 
prefume it will no longer be denied, that 
the imperial loans, the intereft on which 
is now paid cut of the produce of the con- 
folidated fund, without any reimburfement, 
are to be contidered in the fame light as 
any other part of the national debt: thefe 
{ums fhould therefore be included in the 
account of the money borrowed, which 
however will not then amount to 147 mil- 
lions, but to 138% millions. The total 
amount of the funded debt created during 
the war, was on the sth of April, 1798, 
nearly 759 millions; to which, if 392 mil- 
lions are added for the ftock created by the 
two lait logns, and 72 mithons Imperial 
three per cents. the total capital of ftock 
will be 206 millions, inftead of 2243. 
‘The annual fum payable for the fame, will 
be as follows: Ra pS 
463 millions at 3 per cent. £4,890,000 
S251 ooo at,4 percent. © 500,000 
3Ce soe, at § percent... 1552,5,000 
ong Annuities - - = © 312,665 
Esperia! Annuities = = 230,000 
‘ 
[Jane 
74-57,665 | 
2,168,000 
- £9625,665 
The ftatement therefore appears to ex- 
ceed the truth about nize milhicus with req. 
fpect to the money borrowed, nearly zine? 
tec millions im the total of ftock created, 
and about 619,o00l. in the annual charge 
thereof. Iam, however, far from think- 
ing that Y.Z. has intentionally repre-— 
fented the debt incurred greater than it 
really is; if fuch a pra&ice was’ in any 
cafe allowable, on this fubjeét it would be 
Interelt - - = = oo 
I percente&c. - = = 

Annual Payment ~ = 

entirely unneceflary, for the unprecedented 
increafe cf the funded debt during the laft 
fix vears, feems almoft to fet exaggeratien, 
within the mits of probability, atdefiance. 
Although the proportion of the general 
income taken from the people for the ex- 
pences of government, has been increafed 
to an enormous fum by the many new 
taxes impofed fince the commencement of. 
the war; the additional fums found necef- 
fary for fupplying the fall greater increafe. 
of the public expenditure, already exceed 
the fums borrowed during the ¢qvo preced- 
ing wars; and to what they may,amount 
before the termination of the prefent con- 
teft, I believe few will venture to conjec- 
ture. Inconfequence of this great increale. 
of the national debt, the public funds have 
. experienced a greater depreffion, with re- 
{pect to their current price, than at any 
period fince the eftablifhment of the fund-. 
ing fyftem ; for thefe fecurities, like every 
thing elfe that is bought and fold, muft be: 
difpofed of at a reduced value,“ whenever 
the quantity offered for fale exceeds the 
demand of the buyers; and although this 
has been fo much the cafe of late, that the 
property of thofe who purchafed a fhort 
time previous to the commencement of the - 
war, is now worth but little more than 
half what it then coft; the diminution of 
the value of this fpecies of property would 
have frequently appeared much greater, 
had not the price been fupported by the 
operation of the projet carried on under 
the name of the Sinking Fund. 
Another effet of this rapid increafe of 
the public debt, appears ftill more certaim 
and permanent. Every new loan muft be 
procured from perfons already poffeffing 
confiderable property, and fuch perfons 
will not lend their money without the ex- 
pectation of making a profit by it; the 
increafe of the debt is therefore to them q 
fource of increafing wealth, to which their 
fhare of the additional taxes attendant upon 
it bears but a {mall proportion: the depre- 
ciation of the price of the funds likewife, 
TINS 0 ae 
