




: 800 

~ Af this method of computation be true, 
how ftupendoufly prodigal of the public 
money muft the minifter have been, in mak- 
ing any part of his ioans in the long an- 
nuities, rather than in thofe for a fhorter 
terms. By allowing only an intereft of 5 
guineas per cent. for 64 years, the pub- 
lic will ultimately pay £. sie or more than 
ibree times the capital originally borrowed; 
whereas if even 15 guineas per cent. had 
been aliowed for ten years (which by the 
bye is much more advantageous. to the len- 
der) the money ultimately paid by the 
public would not have amounted to more 
than £.157 108. whichis not one-half the 
fum to be paid in the other cafe, : 
Thefe calculations are founded on the 
fame abfurdity as an individual would be 
guilty of, who in eftimatmg the value of 
an annuity of £.10, which he was entitled 
to for 100 years, fhould maintain that it 
would be ultimately worth £. 1000 to him, 
becaufe in 00 years that “fam would be 
received upon it;—or of the man, who 
having purchafed a perpetuity for one fril- 
ling \efs than it was really werth, fhould 
congratulate himfelf upon the immenfty 
of his gain, becaufe the fmalleft fum in an 
indefinite term muft accumulate to an in- 
definite magnitude. ‘The extravagancies 
of fuch a perion would neceffarily be pitied- 
or defp: ifed. But when the fame extrava- 
gancies are gravely urged and maintained 
by the higheft authority, they excite emo- 
tions very different either hate pity or 
contempt. 
It can hardly be ee ta obferve 
that the whole of this fallacy arifes from 
confidering a fum of money to be received 
at a diftant period of equal value with the 
fame fum to be received.immediately.— 
¥n other words, from fuppofin 1g that mo- 
“ney bears no intereft, fo that an-anniity of 
f£. 1 for 20 years, is fuppofed to be worth 
f.20 5 anannuity for we Years, worth 
£.100; andfoon. I thall not infult the 
reader by refuting fuch palpable abfurdities, 
and therefore fhall juft ftate the manner in 
which the preceding computations ought 
to have been formed, from which it will 
Apes that this ultimate faving to the na- 
tion of more than 128 Tatts exifts no 
-where except in thefe Refolutions.” 
Ais the bares which it would ‘be necef- 
fary to impofe for the fervice of the years. 
31798, 1799, and 1800, would amount on 
the old plan of ber:owing to ieee 
per ann. andas the {urpius of thefe LAXES; 
over and above paying the intereft of the 
joan, is reprefented to be fufficient. for dif- 
charging the whole debt jn 40 years; it 
follows, that, if the fervices had been pro- 
Remarks on the Public Finances. 
e 
[ November, 
vided for by this mode, the public would 
have been charged with the payment of an 
annuity of £.6,200,000 for 40 years, or 
with the payment of fach a fum annually, 
as would have been equivalent to the pre= 
fent payment of £. 106,385,800 (*)—By 
the new plan of borrowing, the public is to 
fs. 
pay; 
Anannuity of £.1,206,c00 
fof 40 years, worth in pre- 
fent money .-— _— 2056935754 
An aid in 1798, together with 
voluntary ‘cOntrieeaaeeeae 
amomting to —= —- 7,000,000 
A tax on income, and duty on 
exports and imports in 
£799, amounting to — 9,000,006 
A like tax in 1800,’ amount- . 
aingto  — -- — 11,500,090 
Alfo £. 10,000,000 peralin. 
for 44 years after the expi- 
ration of the year 1800, 
which in prefent money 1s 
worth — — — 37,501,000 
Whole Sum fo be paid by, che : 
new method of borrowing £. 85,694,754 

 Dedufting this fum from £.106,385,800 
we have £.20,691,046 for the whole of the 
money faved to the public, which is‘ro7 
millions lefs than the fum ftated to be faved 
in thefe refolutions. Still it fhould be re- 
membered that the fum originally borrowed 
is only £. 7: 500,000 and, therefore, that. 
even on this new and improved plan the 
public are to pay more than 15 millions 
over and above the money which they have 
actually received; compared, however, 
with the other loans of the prefent war, this. 
lofs may be regarded as inconfiderable:— 
But fome may pofiibly contend, that while 
we are adding 30 or 40 millions annually 
to a debt of more than 4.50 millions ; it is 
a matter of little confequence, whether the 
money is procured by the Minifter’s old or 
his new plan of Finance. — While fuch im. 
menfe favings are reprefented to have been 
made by the prefent method of raifing the 
fupplies, as to lead us almoft to regret that 
the funding fyftem had not fooner been 
exhaufted ; , thefe papers alfo hold out the 
profpeét of a*peried in which millions of the 
taxes are to be fet free. But it is not ad- 
ded, that the p: “ople ai the fame time are to 
be fet free from thé taxes ; and therefore, 
if the only confequence of this operation is — 
to furnifh the means: for future extrava- 
* The prefent value, at 5 per cent. of 
f,- 6,280,000 for 40 years certain, 
gances 
6 
J 
¥ 
> 
