208 
Any appropriation of a part of the re- 
venue of the finking fund, in a way dit 
ferent to that in which it was originally 
intended to operate, fhould certainly be 
viewed with fuch a degree of jealouly 
as may prevent its mifapplication ; ; and 
if the propofed arrangement, as it relates 
to the inking fund, tended in the fmalleit 
degree to retard the period when the 
whole amount of the debt, for the reduc- 
tion of which the fund ts appropriated, 
would have otherwife been redeemed, 
| Money capital of debt 
A View of the new F nancial Arrangements. 
fApril f, 
this circumftance weuld form a decifive 
objection to it; but it will appear, that, 
on the fappofition of the continuance of 
war for 20 years, and that it would be 
neceffary to borrow 11,000,000!. annual- 
ly on the prefent fyitem, the amount of 
the money capital of the debt which 
would be redeemed in each year would 
be greater, and an amount equal to the 
whole of the prefent debt, would be re- 
deemed three years fooner by the pro- 
pofed plan, than by the prefent fyttem. 
Money capit: aul of debt fordeht eel Larger amounts of 
= which would have been | which will be redeemed) debt redeemed by the 
Years redeemed in each year, hin ee by the aa propofed plan than by 
| by the prefent fy{tem. pofed plan. the prefent iyltem. 
1807 | 8,515,042 8,935,042 | 420,000 
1808 9,124,127 10,005,426 1,300,999 
1809 9,763,666 11,148,714 2,686,047 | 
1810 10,435,182 a 12, 439,482 4 690, 347 
1811 a fa 140, 274 13,888,120 - 4,436,193 | 
1312 11,850,620 15,455,358 40, 993, AS 31 
| 1813 12,657,984 17,087,649 15,423,096 | 
1814 13,474,216 18,848,697 20,797,577 
1815 14,331,259 20,724,463 27,190,781 
1816 | 15,231,154 22,720,685 34,680,312 
1817 16,176,044 24,096,718 _ 42,600,986 
1818 17,168,179 25,461,552 50,894,359 
1819 _ 18,209,920 26,814,628 59,499,067 
1820 || 19,303,749 28,155,358 68,350,676 
1821 20,452,269 27,963,124. 75,861,531 
1822 | 21,658,215 27,761,279 31,964,595 
1323 22, 924, 458 27,549,341 86,589,478 
1824 | 24,254,013 27,326,807 89,662,272 | 
1825 | 25,650,046 27,093,146 _ 91,105,372 
1826 | 97,115,881 26,901,360 90,390,851 
Total. | $29,466,298 420,357,149 90,390,851 
i 
ee 
he amount of the money capital of 
the prefeut debt, valuing 3 per cents. at 
60 Ct! 1e price on which the above tables 
are formed) is $52,793,722]. It appears, 
therefore, that, fuppoling the ftocks to 
continue at that price, an amount, equal 
to the prefent debt, would be redeemed, 
by the propuied plan, in 1824; whereas, 
according to the prefent fyfte m, fuch an 
amount would not have been pdeera ied 
till the year 1827. - 
The ‘nportant advantages. which the 
public will derive from “the propofed 
plan, thus appear to be, that if it thould 
be neceffary to continue the war, it may be 
carried on, upon its prefent expenfive 
{cale, for three years, fromthe prefent 
time, without any additional taxes, that 
it may be continued for feven years 
longer by impoting new taxes, to the 
amount, on an average, of only 293,0001. 
perannum; and, that after that period, 
it may fill, be carried on without any 
further additional taxes; while at the 
time the public are reaping thefe advan- 
tages from the prepofed arrangements, 
the finking fund~will be greatly aug- 
mented, and confequently the reduction 
of the debt be greatly accelerated. 
EE: it. 
To 
