166 Particulars refpedting the National Debt. f Sept. 
has been frequently adopted by our Chancellors of the Exchequer in their contracts 
with the money lenders, particularly of late years. 
In the prefent ftate of the public funds, the evil of this practice may be thought 
to confit more in appearance than reality, as no one can fuppofe that there will ever 
be a neceflity of redeeming three per cent. ftock, of which the far greater part of the 
debt confifts, at par, or even much above the price at which it has been created dur- 
ing the prefent war; if, however, the redemption of the public debts 1s to be con- 
fidered at all, this mede of contraétingthem is attended with the lofs of many advan- 
tages with refpeét to redemption, which might occur under different cir¢umitances 5 
Nor is its fubferviency to the. practices of ftock-jobbing one of the leaft objections to 
a jpough moit probably the very reafon that has made the loan-contractors fo par- 
- tial to it. 
In order to find the fam for which the above debt has heen incurred, or the fum 
which government has expended beyond all the ordinary and extraordinary revenue 
applied to the current fervices fince the revolution, it will be neceffary to dedu&t the . 
additional capital which has been given on the feveral loans of the above detcription, 
which at prefent conftitutes a part of the debt. 
Prefent amount of the funded debt - - £- 454,924:967 17 4$ 
Additional capital on ff. s. de 
the loans of 1711, 1712, 
‘4713, and 1714, which 
were afterwards fubfcrib- 
ed into South Sea Stock 2,723,910 © & 
Ditto, on the fubfcrip- 
tion of tlie irredeemable 
debts into South Sea 
Stock in 171g and 1720 3,034,769 12 22 
Ditto, on the loans of : 
the years 1744, 1747; 
and 1748 > 1,066,000 © © 
Ditto on the loans of 
the years 175gand1760 1,230,000 0 ¢ 
Ditto on the loans 
during the American 
War, including that of 
the year 1734 - 21,900,000 © 8 
Ditto on Navy Bills 
funded in 1784.and 1795 1,607,051 11 6 
Ditto on the loans or 
the prefent war - ~—- 4,905,287 10 @ 
Ditto, on Navy bills 
funded in 1794, 1795» 
and I79& n 8,896,399 o 2 


f.. 95,363,917 Adu? 

Oo 
dquo 
Dedué alfo the value £- 3592561950 3 
of the-Long, Short, ane 
LifeAnnuities, for which 
no money has been re- : 
ceived. In the above 
Zatement - 23,071,545 2 ¥ 2 
Except the Long An- é 
nuities granted in lieu of 
Tontine Annuities in - 
3790, andthe Short An- - 
mnitics of 1789 4 g72,138 4°00 

f. 22,499,406 18 1 


Money received - - * L. 337,061,643 5 $2 ; 
The nominal capital of the funded debt thus appears to be nearly 351. per cent. 
reater than the fum received, and the difference would appear {till more confder- 
able if a deduétion was made for the profits of lotteries relinquifhed by annexing them 
to different loans, the difcounts allowed to the lenders for prompt payment, and the 
difcount at which Navy and Victualling bills have been iffued, particularly the bills 
ifved during the American and prejent wars, é 
4 4 POF = AY | 7 > ky en 
