1801.]. 
conteft fhould be prolonged, be loaded - 
with additional burthens?”” &c. &c. &c. 
It appears that Mr. Morgan, in his 
eftimate of the funded debt, has given the 
prefent value of the life and temporary an- 
nuities, and alfo of the Tontine in 1789, 
which is of the fame nature. Mr. Ad- 
dington. and Mr, Tierney have merely 
fated thefe feveral annuities, — without 
computing the price of their,redemption. 
In this fep, Mr. Morgan -feems to have 
judged rightly. Suppote the national debt 
were now to be diicuarged, the annuities 
mult be valued, and the coft of them, in 
principal money, be paid by the Govern- 
ment. . Moft ttrange would it be in an 
individual, who owed various fums upon 
mortgage, bond, &c. and had, allo, granted 
many annuities, to overlook, in anettimate 
of his debts, the feveral annuities, and to 
confider them as no part of the demands 
againit him, becaute they were ene day 
to expire. This would be thought a ri- 
diculons proceeding: while, on the con- 
trary, it would be deemed wife, and fair, 
when he employed himfelf to afcertain the 
actual amount of his debts, to calculate 
what fum of money would induce another 
perfon to take the annuities upon himfelf, 
Government, like an intelligent indivi-. 
dual, fhould purfue the fame line of con-- 
du&. On this ground, I give, without 
feruple, the preference to Mr. Morgin’s 
ftatement, in this particular article. 
- The lat item, which calls for examina- 
tion, is the money advanced, by way of 
Joan, to the Emperor of Germany. Mr. 
Addington, and Mr. Tierney -have de- 
duéted thefe loans, but Mr. Morgan has 
included tnem in the debt. of Great Bri- 
tain. True it 1s that we are only guaran- 
tees’ in this cafe; but ds it not equally 
true, that this country has, hitherto, paid 
all the dividends. Is it probable that 
Auftria will ever fatisfy the debt the has 
contraéted to Great Britain? She engaged 
to pay the intereft regularly upon the tums 
which were advanced, and to inveft. an- 
nually a certain fum, in our funds, for 
the replacement of the capital, which wis 
created by our loans in her behalt. Has 
fhe performed either part of this contract? 
Certainly not, It may be faid that the 
Treafury of the Emperor has been ex- 
haufted by along, and ruinous war, but 
that when his finances are recovered, he 
will not fail to oblerve his engagements. 
It may be fo; he is not doubted. He 
never imitated the conduést of that Euro- 
pean Potentate, who detained a fubfidy, 
without performing the ftipulated fervices; 
Corrected Statement of the National Delt, - 
125 
neither did he ever attempt to evade the 
acknowledgement of a juft debt by cone 
tending, in oppofizion to the plain, and un- 
ambiguous terms of a pofitive Convention, 
that the money he had received was not a 
loan, but a fubfidy. But though the 
prefent Emperer be ftri€t in the fulfilment 
of his treaties, yet his reign may clofe ere 
he become able to fatis‘y our demands 
againft him, and another Prince, ’lefs ho- 
nourable, and le!s confcientious, may 
afcend the throne of Germiny. The 
queftion therefore is—what, under all the 
circumftances, would any prudent man 
give to Government for the purchafe of 
this debt? Nothing I fear: and, therefore, 
the advances, which have been made by 
this country for the fake of affiting the 
Emperor in the common caufe, as it 
is ufually called, ought not to be de- 
du&ted from the amount of our national 
debt. 
I have now, Sir, reviewed the ftate- 
ments of Mr. Addington, Mr. Tierney, 
and Mr. Morgan, and given my humble 
Opinion upon the articles which conftitute 
the difference in their refpective accounts. 
If then the reafoning, which I have 
adopted, be jut, the funded debt is dif- 
ferent from what it is made by either of 
the three gentlemen, and, to attain cor- 
reétnefs, two fums only fhould bededuéted 
from Mr. Morgan’s computation, namely, 
the ftock redeemed by the Commiffioners, 
and the redeemed land tax. 
52,281,656]. Stock redeemed by Com. 
miffioners. 
16,083,802]. Redeemed land-tax. 
68,365,458l. 
— 
553,418,628]. Mr. Morgan’s ftatement. 
63,355,458]. 
490,053,1701. Prefent amount of funded 
—— debt, as far as the fame 
can be made out. 
But I ought not, Sir, to ftop here. My 
object is to turnifh the public with the 
amount of its debt, upon a fuppofition 
that itis, at this moment, to be difcharged. 
I ought, theretore, to add to the funded 
debt the total of the unfunded debt, and 
demands outitanding, for which no pro- 
vifion has been made, amounting, accords 
ing to Mr. Addington, to 17,946,1861. 
according to Mr. Tierney, to 20,946,186), 
and, according to Mr. Morgan, to 
25+407,;2031. The difference between 
Mr. Addington, and Mr, Tierney, feems 
te 
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