178 
evidently be more than five per cent. on 
fuch of the feveral loans as fhall be ob- 
tained at a lefs rate of intereit than five 
per cent. 
Tt is well known, that a five per cent. 
Sinking Fund, accumulating at compound 
intereft, will redeem any jum of capital 
debt im fourteen years. Conlequently 
the feveral portions of the war taxes pro- 
poted to be pledged for the feveral loans 
above-mentioned, will have redeemed 
their refpective loans, and be fucceflively 
liberated in periods of fourteen years 
from the date of each fuch loan. The 
portions of war taxes thus liberated, may, 
if the war fhould ftill be prolonged, be- 
come applicable in a revolving feries, and 
may be again pledged for new loans. 
It is; however, {hewn by the printed 
calculations and tables, that, whatever 
may be the continuance of the operation, 
the property tax will not be payable be- 
‘yond the period for which it is now 
granted by the 46 Geo. Ill. ch. 65, but 
will, in every cafe, be in force only dur- 
ing the war, and until the 6th day of 
Apnil next after the ratification of a defi- 
nitive treaty of peace, and no longer. 
It is next to be obferved, that the 
charge for the intereit and Sinking Fund 
of the propofed loans, being taken from 
the annual produce of the war taxes, a 
deficiency equal to that charge will be 
ereated m the amount of the temporary 
revenue applicable to the war expenditure. 
Supplementary loans will be requifite 
to make good that deficiency. 
Thofe fupplementary loans muft in- 
ereafe in proportion to the increafing dem, 
ficiency, if the war thould be continued; 
but the whole amount of the loan, in any 
one year, including that charged upon 
the war taxes, and the fapplementary 
loan, will never, even. in a period of 
twenty years war from the prefent time, 
exceed five millions in any year, beyond 
the amount to which the combined Sink- 
ing Fund of that year will have been 
railed; and upon an average of thofe 20 
years, will not exceed 3,800,000l. 
It is propofed that the fupplementary 
Joans fhall be formed-on the eitablifhed 
fyftem of a Sinking Fund of one per cent. 
on the nominal capital. 
The charge fo created will be provided 
for, durmg the firft three years, by the 
expiring annuities: and during that pe- 
riod .the country will have the great be- 
nefit of an exemption from all additional 
burthens.. A new itpring may thus be 
given to the energy of our commerce: at 
all events it will obtain a fecurity from 
State of Public Afiirs tix February. 
{March 1, 
the increafed preflures which it muft 
otherwife experience. Ey te 
From 1810, and for the fix following 
years, a charge muft be provided for, 
amounting on the average of thofe fever 
years to not more than 293,000l. annu- 
ally: a fum in itfelf fo fmall, in compa- 
rifon with the great additions which have 
neceffarily been made to the taxes in each 
year, for the laft fourteen years, that it 
can fcarcely be felt, and cannot create 
any difficulty as to the means of provid- 
ing for it.- But even this comparatively 
finall amount may probably be much di- 
minifhed by the increafing produce of the 
aciual revenues, and by regulations for 
their further improvement. 
Aud thus provifion is made, on the fcale 
of aétual expenditure, for ten years of 
-war, if it dhould be neceflary, without any 
additional-taxes, except to the meontide- 
rable amount above ttated. At the clote 
of that period, taking the three per cents. 
at 60, aad reducing the whole of the pub- 
lic debts at that rate to a money capital, 
the combined amount of the public debts 
will be 387,360,000L and the combined 
amount of the feveral Sinking Funds then 
exifting will be 22,720,0001.: whereas the 
prefent amount of the whole public debt | 
taken on the fame f{cale of calculation 
is 352,793,000]. and the prefent amount 
of the Sinking Fund is no more than 
8,335,0001. . 
If the war fhould {till be continued be- 
yond the ten years thus provided for, it 15 
propofed to take in aid of the public bur- 
thens certain exceffes to accrue from the 
prefent Sinking Fund. That fund, which 
Mr. Pitt (the great author of a fyitem that 
will unmortalize his name) eriginally pro- 
pofed to limit to four mitlons annually, 
will, with the very large additions derived 
to it from this new plan, have accumu- 
lated in 1817 to fo large an amount as 
24 millions fterlmg.: In the application 
of fech a fum, neither the true principles 
of Mr. Pitt’s fyfiem, nor any juit view of 
the real intereits of the publie, er even of 
the ftockholder himfelf, can be confidef- 
ed as any longer oppoling an obftacle 
to the means of obtaining at fuch a mo- 
ment fome aid in alleviation of the bur- 
thens and neceflities of the country. But 
it is not propofed in any cafe to apply to 
the charge of new loans a larger portion 
ot.the Sinking Fund than foch as will al- 
ways leave an amount of Sinking Fund 
equal to the intereft payable on fuch 
part of the prefent debt as fhall remain 
unredeemed. Nor 1s it meant that this 
or any other operation of finance fhall 
( 
