¢ 5 
1799-] 
ferved, that the fum neceffary to be raifed 
by loans for the fervice of the year 1798, 
was £.21,500,000, and that the fervice of 
the year 1799 hathrequired £.24,000,000 ; 
‘the loans, therefore,’ in 1800 are very cu- 
rioufly eftimated at only £.25,000,060, 
and in all the fubfequent years of the war 
they are even fuppofed never to exceed that 
fum.—It is difficult to determine on what 
principle this fuppofition is founded, or by 
what rule in arithmetic a maximum has 
been difeovered in an expenditure, which 
has never failed to increafe in enormity 
every year, and which from the extended 
operations of the prefent campaign affords 
the joylefs profpeét of being even accele- 
rated in its progrefs—But I know not 
whether the admirers of the prefent minif- 
ter have any caufe to lament the prefent 
profufion, or in the leaft to wifh it retard- 
ed in its career; for by his new operations 
of finance, they are taught to believe that 
the more we run in debt, the more our 
means are increafed for difcharging it ; and 
by the no lefs extraordinary reafoning in 
thefe refolutions, they are alfo affured, 
that the more enormous our pre(fent expen- 
diture, the more confiderable the {ums 
which will be ultimately faved to the 
public.—To thofe, however, who are dif- 
pofed to confider the profufion of the pre- 
fent moment as affording a much lefs 
equivocal proof of our ruin than of any 
poflible benefit to the nation, it may not 
perhaps he improper to give fome account 
of the procefs by which this very novel 
doStrine has been demonftrated. 
' In the 2gth- Refolution it is obferved, 
*¢ that, had not the new method of pro- 
viding a part of the fupplies within the 
year been adopted, the loans of the years 
179%) 1799 and 1800, muft have been 
eltimated at £.70,500,000, whjch, fup- 
pofing the price of ftock to have been at 
45, would have created a capital of 
£.160,000,000, three per cents.* and a 
permanent charge (including £.1 per cent. 
_for the finking fund) of £.6,200,000 an- 
nually ; which, fuppofing the capital to be 
‘redeemed in 49 years, would amount in 
the whole to 248 millions to be ultimately 
paid by the public.”’—In the 26th Refo- 
Intion it is further obferved, '<* that the 
total permanent charge for the different 
expences of the three years abovemention- 
ed, according to, the plan now adopted, 
may be computed at £.1,206,000 per 

_  *® According to the common method of 
computation this {um would not have created 
157 millions. 
Remarks on the Public Finances. Tt CG 
annum*, which, fuppofing the principal 
to be redeemed as before in 40 years, 
would amount to — £.48,240,000 
Adding thereto the fums raifed 
By aids and voluntary contri- 
butions and duties on ex- 

ports and imports in 1798 7,000,000 
By tax on income, and du- 
ties on exports and imports 
in 1799 9,000,000 
By ditto in 
And alfo the produce of the tax 
on income during 42 years 
peace for the redemption of 
§2 millions capital, being fo . 
much of the debt to be in- 
curred during thefe 3 years, 
which is to be difcharged by 
this tax 

one 45,000,000 
‘The whole fum ultimately paid 
on account of the expences 
of thefe three years, will 
amount to — 120,740,000 
Sey 

Being lefs than the charge eftimated to 
be neceflary for defraying the like expences 
by loans, in the 24th Refolution, by the fum 
of above 128 millions !’’+—If therefore the 
public fervices fhould be doubled during 
this period, the favings will be increa(ed in 
the fame preportion ; and the nation, at 
the end of 40 years, will have to congra- 
tulate itfelf on having been exonerated by 
this new difcovery in finance, from the 
payment of more than 250 millions |= 
This difcovery neverthelefs appears to be 
ar from having attained perfection ; for, 
according to the principles here laid down, 
the public ftill feem to be very great lofers 
by their bargain, inafmuch as they are to 
pay more than 120 millions for the receipt 
only of 70% millions ;—nay, fhould the 
finking fund, by the reduced rate of ‘in-= 
tereft, be hereafter retarded in its opera- 
tions, their lofs willeven be aggravated by 
the payment of many millions in addition 
to thole ftated above.§ 

* This, like the other fums, is erroneoufly 
computed, and fhould have been £1,226,000. 



the di nce between £.248,000,0c0 and 
£. 120,740,000, inftead of exceeding 128 mil- 
lions, falls fbort of that fum by £.740,000. 
§ The 3 per cents. at par will not be paid 
off in lefs than 47 years 5 hence £-1,;200,000 
multiplied into 47, is £.56,400,000, which 
exceeds £.48,240,000 by £.8,160,000, and 
confequently raifes the whole furn to be paidy 
from £.120,740,000 to £-128,900,000. 
sK2 If 
1800  11,500,;c00 
seers me heme 

