Rife and

Progress of our prefent National

Debts.

PROGRESS of the National Debt from its Com

mencement to March 1801.

Debt at the commencement of the Spanish war 1739 46,954,623 1,964,025

5,137,612 253,526

The capital equivalent to the annual burden of the temporary annuities, was estimated anno 1775, at £. 9,379,807, (see p. 469.) the value of which has fince fo much decreased, by the lapse of above 25 years, and there is fo much as ificial capital in the other stocks, that the whole may be deducted.

National

One circumftance alone, furnished the author Rife and Progress of with any confolation, during the whole courfe of our prefent this painful investigation, namely, that the wealth Debts. and resources of this country, have ever been found, infinitely fuperior to the expectations even of the moft fanguine. There is hardly a period, fince the revolution, in which it does not appear, that great apprehenfions were entertained, of the stability of the funds, and loud complaints made, of the intolerable weight of taxes; and if the public are but convinced, that our incumbrances, however enormous, are not yet beyond the ability of the country, either to bear or to redeern, and at the fame time, that the burden has grown to fuch a height, that palliatives can be no longer effectual, but that great and fubftantial measures, must be taken for their redemption without delay, it is apprehended that it is ftill poffible, to carry fuch plans into effect, as will foon render Great Britain, as happy, flourishing, and powerful, as ever; and Europe, (in the words of Raynal), will yet be able to show the world one nation, of whom she has reaJon to be proud.

Steps taken to diminish the National Debt, &c.

King

William.

CHAP. V.

Of the Steps hitherto taken to diminish the Capital, and to reduce the Intereft of the National Debt, with fome Account of the different Plans fuggefted for that Purpofe.

NY perfon, unacquainted with the history of AN England, who was told, that in less than a century, it had involved itfelf in a debt of above £. 500,000,000, would naturally enquire, whether any steps had ever been taken to prevent fo immenfe an accumulation. He would be apt to afk-Were there no generous patriots to warn the nation of its danger? Were there no minifters, who had either wifdom to apply a remedy, or magnanimity to check this cancerous humour, before it grew to fuch a height; or were the people fo felfish and interested, that they would not bear the fmalleft additional burden for the fake of their pofterity?

To fatisfy the curiofity of those, who may be defirous of knowing, what measures were pursued, for difcharging the capital, or reducing the intereft of our national incumbrances, is the object of the prefent chapter.

From the preceding part of this work, it appears, that, during the reign of William, our perpetual

to diminish

funded incumbrances, did not amount to four milli- Steps taken ons; and as the remaining burdens of the country, at the National that time, either confifted of long annuities, (which Debt, &c. would be annihilated in the courfe of time), or of loans upon funds which yielded fo great a furplus, after defraying their refpective interefts, that they were likely foon to be paid off, it was the less neceffary to form any plan for a more fpeedy redemption: the only reduction, therefore, attempted during that whole period, was that of annihilating, by act of parliament, one half of the capital, and of the annual intereft of the bankers debt, which Charles II. had left behind him.

The great addition to our national incumbrances, Queen Anne. which took place in the reign of Queen Anne, not a little alarmed the public. Propofals were made for railing between two and three millions per annum, to be applied as a finking fund to pay them off" and one member in the house of commons (Archibald Hutchefon) thought it incumbent on him, to point out the deftructive confequences of our public debts, and to fuggeft the means that might be taken for their redemption. But the attention of minifters was taken up, with matters which they confidered to be of much greater importance, namely, in political intrigues for preferving their own power, and fecuring a fucceffor to

b See Propofals for a very easy Tax, to raise between two and three millions per annum, to begin to pay the Public Debts; by Ephraim Parker. London, printed anno 1713. It was by a tax upon the linen, woollen, and filk manufactures.

the

Steps taken the crown, on the enjoyment of whofe confidence to diminif the National they might fully depend; confequently no fteps were taken for that purpose.

Debt, &c.

George I.

Soon after the acceffion of the present royal family, Mr. Hutchefon prefented to George I. his famous plan for the payment of the public debts, which, as it is drawn up with great concifenefs, and with much ability, is well entitled to insertion in a history of our finances.

A Propofal for the Payment of the Public
Debts.

1. That the fums feverally affeffed on the lands of Great Britain for the land-tax of the year 1713, be made payable as a rent charge in fee for for ever, out of the said several refpective lands, redeemable, notwithstanding, at any time, by the proprietors paying twenty-two years purchase for the fame.

2. That the faid rents, or the money raised by redemption or affignments of the fame, be applied towards the discharge of the public debts.

3. That one tenth part of all annuities for life, or other estate; and all other rents issuing out of the aforefaid lands, and of all fums of money fecured by mortgage, and of all other debts which affect lands, be entirely remitted to their respective proprietors.

This part of the plan is fimilar to the modern system of redeeming the land- tax.

4. That