196 
to admit an eafy explanation—the former 
excludes the fum ‘‘ advanced by the Bank, 
without intereft, for the renewal of their 
» Correcded Statement of the National Debt. 
[Sept. 3, 
Charter, and -to be repaid in 18067 — 
the latter includes it. 
20,946,1861.—Vide Mr. Tierney’s Motion in June, 1801—not carried. 
‘ 17,946,1861.—Vide Mr. Addington’s Motion at the fame time—carried. 
Pa 
eS et ee) 
3,000,0001. 
r peered 
The difference between Mr. Tierney, 
and Mr. Morgan, can have no relation to 
the different periods of their ftatements, 
the account of the latter being made up to 
April laf, that of the former to the June 
following, as far as it was then known: 
nor can it have any relation to the 
3,000,000]; lent by the Bank, for both 
thole gentlemen have included it. In 
what the difference aétually confifts I 
have, in vain, endeavoured to difcover, as 
Mr. Tierney’s Refolution, though not 
given in a way quite fo general as My. 
Addington’s, does not enumerate the f{pe- 
cific arrears of each fervice. Let it, how- 
ever, be recollected, that it rs far more 
difficult to calculate outftanding demands, 
which are unprovided for, than to make a- 
flatement of the funded debt; and hence 
2 confiderable variation, in the eftimates 
of different gentlemen, is more likely to 
happen. Let it, alfo, be recolle&ted, that 
the difference between Mr. Tierney, and 
Mr. Morgan, is fcarcely 4,500,000l. a 
fum which, I grant, is not trifling in it- 
felf, but which weighs lightly in the feale, 
when a debt exceeds 500,000,000]. That 
‘I may not be accufed of a with to {well 
the national debt beyond its atual amount, 
I will fuppofe that this fum of 4,500,000l. 
ought to be deducted. It is my intention, 
aifo, to omit, as my ftatement is formed 
entirely upon the hypothefis of immediate 
ayment, the 3,000,coo0l. advanced by 
the Bank of England. If I were called 
upon in 1806 to give a ftatement of the 
Public debt, I certainly fhould not over- 
Jook that article. For thefe reafons I 
fhall adopt Mr. Addington’s computation 
of the unfunded debt, and then the ac- 
count will be as follows :— 
490,053,170]. Funded debt. ~ - 
37,946,186]. Unfunded debt. 
507399923561. Prejfent Amount of the Na- 
tional Debt as far as the 
fame can be made out. 
(aes Se 
Timagine, Sir, that you think this ftate- 
ment fearcely lefs deplorable, than the re- 
prefentation of M. N. It is moft true, 
T agree with him, that the national debt, 
however I may differ with him as to its 
amount, has, in the courfe of a very few 
years, accumulated to a very alarming de= 
gree. Like him I tremble, when I per- 
ceive that it has increafed in a proportion 
infinitely beyond the produce of all the 
boafted means for its reduction ; Jiké him, 
when IT advert'to the annual expenditure of 
Great Britain, amounting, in the eftimates 
both of Mr. Addington, and Mr. Tier- 
ney, 0 68,923,970l. (a fum, which ace 
cording to the income-tax returns, far ex- 
ceeds the whole income of the countrys 
with an exception to. fuch, as is under 6el. 
per annum) I dare not form the hope of 
any favourable change in our financial 
prof{pects. Many former writers on poli< 
tical economy predicted the very times 
when the naticn was to fall into a flate of 
infolvency ; but, happily, their prophecies 
have been falfified by the event. F will 
not be fo abfurd as to tread in their fleps 5 
but I will be bold enough to affirm, that 
perfeverance in fuch a fyftem of expence 
leads, fooner, or later, to rain. - When 
the maximum of taxation is arrived, the 
Exchequer will be no longer able to bor- 
row, and bankruptcy muft enfue. . Will 
not the rapid, and continued increafe of 
our enormous public debt finally plunge us 
into this horrid abyfs? To avoid this:fa~ 
tal calamity, one change only is left. 
War muft be exchanged for peace, and 
profufion for a rigid and invariable courfe 
of economy in every department of the 
{tate. Oe Be 
Alnwick, Northumberland, 
Auguft 8, 180%. 
a 
To the Editor of the Mozthly Magazine. 
Shere: : 
Na former Monthly Magazine, page 
320, an enquiry is inftituted about the 
Life-boat at Shields.—A perfett model of 
that boat is faid to be kept at Northumber- 
land Houfe in the Strand, near Charing 
Crofs, for the infpeétion of the curious ; 
the Duke of that name, having been at’ 
the expence of a fimilar boat, ona larger 
fcale, which has faved the lives of many 
valuable feamen. J am, Sir, - 
ay Your's, &e. . SoR, 
ys  « Estradis 
