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It is to be obferved, that. the ftock 
charged upon the inceme-tax and the Im- 
perial loan (which are’ properly included 
in. Mr.. Tierney’s and Mr. Morgaa’s 
fiatements) have in this very concife. ac- 
count been entirely omitted. . The for- 
mer of thefe amounts to 56,445,000]. 
and the latter, exclufive of the annuity 
for 20 years, to 7,502,633]. making, to- 
gether, the fum of 63,947,6331. to be 
added to 426,207,8651. and confequently 
the real amount of the debt, according to 
this ftatement, is 490,155,498]. or rather 
greater than it is made to be in Mr, 
‘Tierney’s ftatement. But why is the 
ftock redeemed on account of the land- 
tax excluded in thefe refolutions? The 
produce of the tax is ftill eftimated by the 
Chancellor of the Exchequer, at the ufual 
fum of two millions, although it muft have 
been leffened by this redemption above 
450,0001. a year. LEjther the revenue 
muf be diminifhed, or the debt muft re- 
main in its former ftate. To fuppofe 
otherwife is to be guilty of the abfurdity 
which a perfon would.commit, who, after 
having fold fome of his eftates to pay his 
debts, made the rents of. thofe eftates to 
conftitute a-part of his annualincome. It 
is evident, therefore, that the fair amount 
of the public debt. cannot be obtained 
without including this ftock, which will 
make it, according to Mr. Tierney’s ftate- 
ment, equal to 506,093,648). and, ac- 
cording to the refolution of the Houfe of 
Commons, equal to 506,239,300].— 
agrecing fo nearly in both inftances with 
its amount in Mr. Morgan’s flatement, as 
to render it a matter of little confequence 
which of them is the moft accurate. 
The impreffion intended to be made by 
thefe refolutions is cbvicus. ‘They are fo 
much in the ftyle and fpirit of the great 
prototype Mr. Pitt, that the public may 
fafely confole themfelves on his removal 
with having had his genuine difciples for 
his fucceffors. By omitting 56 millions 
charged upon the income-tax, which will 
require ten years to be redeemed—be:ween 
feven and eight millions lent to the Em- 
peror, of which there is little probability 
that he will ever pay a farthing—about 
25 millions, the values of the long and 
fhort annuities—and 16 millions, com- 
muted for one-fourth part of the annual 
produce of the land-tax—the public debt 
has been reduced more than 100 millions 
below its real amount ;—and yet even ac- - 
cording to this very defetive and muti-_ 
Jated ftatement it ftrll exceeds 400 imil- 
lrons—a fum which the moft daring finan- 
eigrs before the adminiftration ef Mr, 
Statement of the National Debt. 
[Aue. 1, 
Pitt could not have contemplated without 
difmay.. But fo {tupendous is the magni- 
tude of the debt, that the arbitrary .omif— 
fion of roo millions has little or no effect 
in diminifhing its enormity. The nation, 
however, is foothed, by a new fpecies of 
arithmetic, with the affurance, that its 
finances are in a condition three times bet- 
ter than they. were before its debts had. 
been doubled by the prefent war. In the 
year 1786 it is ftated that the fum an- 
nually applicable to the reduétion of the 
public debt was one million, being 
about =1,th part of the capital: In the 
year 1801, by the addition of new taxes 
Tor the purpofe, to the amount of three mil- 
lions, this fum is increafed to 5,300,0001, 
fo that it now forms .th part of the debt. 
From hence we are to infer, that the. 
ratio of our profperity is as 238 to 76, or 
as more than, three to one;—in other 
words, that the nation is now three times 
richer with a debt of 500 millions, than 
it was. in 1786. with a debt of 238 mil- 
lions! Tt will follow then, by this mode 
‘of reafoning, that the debt may be accu- 
mulated to more than. 1200. millions before 
the public finances are reduced to the de« 
plorable condition in which Mr. Pitt found 
them at the commencement of his adminif- 
tration. This is certainly a very confol- 
ing profpect for his fucceffors, and they ap- 
pear duly influenced by the confideration of 
it. The fums to be raifed in Great Britain | 
for the year 1801 are coolly eftimated 
at 69 millions, and the peace-eftablifh- 
ment of the country (if the war were nove 
clofed) at 34 millions a year! To thofe 
who are fatisfied with the arithmetic of 
the ‘Preafury, thefe eftimates will pro- 
bably afford no caufe of alarm, and there- 
fore it will be of little avail to prove to 
fuch perfons that they are grofsly under- 
rated. ‘T’o thofe, on the contrary, who 
are better informed on public affairs, they 
need no comment; for whether the war- | 
expenditure be 69 or 75 millions a year, 
and the. peace-eltablithment be 34. or 36 
millions, they.muft be equally convinced 
of the enormity of fuch a fyfiem, and of 
the ruin in which it muft terminate. 
“Ms Ne 
For the Monthly Magazine. 
GENERAL OBSERVATIONS 0” the PERSE= 
sPOLITAN CHARACTERS, with @ DE- 
SCRIPTION aud@ REPRESENTATION of 
fome Bricks lately fent.to EUROPE, 
Strom the siTE of ANTIENT BABYLON. 
BOUT one day’s journey from 
A Shiras, in Perfia, appear the ruins 
of a magnificent edifice, which fill at- 
4 . me  tratts 
Ff 
