THE 
MONTHLY MAGAZINE. 
No. 155. ] APRIL 1, 1807. 
[3 of Vou. 23. 
“© As long as thofe who write are ambitious of making Converts, and of giving to their Opinions a Maximum of 
* Tufluence and Celebrity, the moft extenfively circulatcal Mifcellany will repay with the greaaett Effet the 
** Curiofity of thefe whe read ejther fur Amufement or Infruction.” JOHNSON, 
ORIGINAL COMMUNICATIONS, 
For the Monthly Magazine, 
A vinw of the NEW FINANCIAL ARRANGE- 
MENTS propofed in PARLIAMENT. 
BOVE a hendred years ago, Dr. 
Dayenant, whoie attention had 
been particularly directed to the ftate of 
public credit, and the revenues and ex- 
penditure of the ftate, alferted that ‘ from 
the time of the Norman invation we ne- 
ver had a more difmal view before us;” 
yet that eventful period pafled away, 
and it foon appeared that the country 
was capable of exertions, which? a few 
years before, fome of its moft judicious 
foliticians deemed beyond all probabi- 
lity. In like manner, have the numerous 
fubfequent predictions of bankruptey 
aud ruin been hitherto happily averted, 
by-a gradual increale of wealth, proceed- 
ing from the improvement of manufac- 
tures and the great extenfion of com- 
merce, aud by that fpirit of national at- 
tachment which has induced individuals 
to fubmit willingly to an aftonifhing in- 
ereafe of taxation, and led them patient- 
ly to fulfer privations or ftimulated them 
to vreater exertions, whenever the necef- 
fities of the ftate evidently called for the 
facrifices required, whatever may have . 
been their magnitude er duration, 
The experience of the paft, theretore, 
juftities a perfuafion, that, wheu the finan- | 
cial concerns of the country are entruft- 
ed to men of ability and integrity, the 
fyflem of pubhe credit, with the fatal 
confequences of which we have been fo 
often threatened, may be rendered per- 
fectly coufittent with our fafety and prof- 
perity; and the pretent flownthing ftate 
of the public yevenue aftords great veafon 
to hope, that the future extraordinary 
expenditure, im time of war, will be 
much lefs dependant ou the funding fy 
tem than it hitherto has been, 
The experience of more than a cen- 
tury jnitifies the affertion, that the exift- 
tence of 2 national debt may be pertect- 
ly confifient with the intereft and prof 
perity of the country; it has only been 
when too free ufe has been made of the 
borrowing fy{ftem, that its injurious effects 
~ Montuty Mac., No. 155. 
have been ferioufly felt; that this hae 
been the cafe of late years, will-not be 
denied; fome alteration in the predeut 
mode of raifing the fupplies had therefore 
become neceliary, while prudence fug- 
gefted that a modification of the prefent 
fyftem, which has enabied us to encoun- 
ter fo many difficulties, would be infinitely 
preferable to an entire dependance oa 
new and untried expedients. 
_ Happily for the country an arrange- 
ment of its financial concerns has been 
devifed, which, by dividing part of the - 
no . 5 . 
prefent burthens of the war with the 
fucceeding period of peace, when the 
preflure of them will be lefs felt, and by 
equaling the benefits of the Sinking 
Fund, initead of deferring the whole re- 
licf to be accomplithed by it to a diftang 
period, will enable the government to 
curry on hoflilities during whatever pe- 
riod the reftlefs ambition of our ene- 
mies may protract them, with fcarce any 
additional burthens to the people; and 
thus to difplay the unabated vigour of 
the ftate, at a time when thofe unac- 
quainted with its refources, were appre- 
henfive that the too rapid progrefs of the 
funding fyftem would have brought us 
into a fituation of ferious difficulty and 
danger. 
The taxes, which have been granted 
during the continuance of the war, as a 
provilion for part of the extraordinary 
expenditure occafioned by it, confitt of 
certain duties of cuftoms and excife pro- 
ducing 9,500,000l. per annum, and of 
the Property Tax, which for the laft year 
produced 11,500,000]. making in the 
whole 21,000,000l.; upon the prefent fyf- 
tem, this great amount of taxes would, 
on the termination of the war, fuddenly 
ceafe; an event, which would certainly 
be attended with contiderable lofs to all 
perfons who were holders of fuch com- 
modities as had heen enhanced in price 
by thefe taxes. This effeét will be pre- 
yented, while a much more important 
object is accomplifhed, by appropriating 
yearly a portion of thete taxes, during the 
continuance of the war, as a provilion 
Dd for 
