to determine. Thus much is indifputably certain, that the prefent magnitude of our national incumbrances very far exceeds all calculations of commercial benefit, and is productive of the greatest inconveniences. For, firft, the enormous taxes, that are raised upon the neceffaries of life for the payment of the intereft of this debt, are a hurt both to trade and manufactures, by raising the price as well of the artificer's fubfiftence, as of the raw material, and of courfe, in a much greater proportion, the price of the commodity itfelf. Nay, the very increase of paper-circulation itself, when extended beyond what is requifite for commerce or foreign exchange, has a natural tendency to increase the price of provisions as well as of all other merchandize. For, as it's effect is to multiply the cafh of the kingdom, and this to fuch an extent that much must remain unemployed, that cash (which is the univerfal measure of the refpective values of all other commodities) must neceffarily fink in it's own value ", and every thing grow comparatively dearer. Secondly, if part of this debt be owing to foreigners, either they draw out of the kingdom annually a confiderable quantity of fpecie for the intereft; or else it is made an argument to grant them unreasonable privileges, in order to induce them to refide here. Thirdly, if the whole be owing to subjects only, it is then charging the active and induftrious fubject, who pays his fhare of the taxes, to maintain the indolent and idle creditor who receives them. Lastly, and principally, it weakens the internal strength of a state, by anticipating those refources which fhould be reserved to defend it in cafe of neceflity. The intereft we now pay for our debts would be nearly fufficient to maintain any war, that any national motives could require. And if our ancestors in king William's time had annually paid, fo long as their exigencies lafted, even a less fum than we now annually raise upon their accounts, they would in the time of war have borne no greater burdens, than they have bequeathed to and fettled upon their pofterity in time of peace; and might have been eafed the inftant the exigence was over. m See page 276. THE THE refpective produces of the feveral taxes beforementioned were originally feparate and diftinct funds; being fecurities for the fums advanced on each feveral tax, and for them only. But at last it became neceffary, in order to avoid confusion, as they multiplied yearly, to reduce the number of thefe feparate funds, by uniting and blending them together; fuperadding the faith of parliament for the general security of the whole. So that there are now only three capital funds of any account, the aggregate fund, and the general fund, fo called from fuch union and addition; and the fouth fea fund, being the produce of the taxes appropriated to pay the interest of such part of the national debt as was advanced by that company and it's annuitants. Whereby the feparate funds, which were thus united, are become mutual fecurities for each other; and the whole produce of them, thus aggregated, liable to pay fuch intereft or annuities as were formerly charged upon each diftinct fund; the faith of the legislature being moreover engaged to fupply any cafual deficiencies. THE Customs, excifes, and other taxes, which are to support thefe funds, depending on contingencies, upon exports, imports, and confumptions, muft neceffarily be of a very uncertain amount; but though fome of them have proved unproductive, and others deficient, the fum total hath always been confiderably more than was fufficient to answer the charge upon them. The furpluffes therefore of the three great national funds, the aggregate, general, and fouth fea funds, over and above the intereft and annuities charged upon them, are directed by statute 3 Geo. I. c. 7. to be carried together, and tó attend the difpofition of parliament; and are usually denominated the finking fund, because originally deftined to fink and lower the national debt. To this have been fince added many other entire duties, granted in subsequent years; and the annual intereft of the fums borrowed on their respective credits is charged on and payable out of the produce of the finking fund. However the neat furplufies and favings, after all deductions paid, amount annually to a very confiderable fum. For as the intereft on the national debt has been at several times reduced, (by the confent of the proprietors, who had their their option either to lower their intereft or be paid their principal) the favings from the appropriated revenues came at length to be extremely large. This finking fund is the last refort of the nation; it's only domeftic refource on which must chiefly depend all the hopes we can entertain of ever difcharging or moderating our incumbrances. And therefore the prudent and steady application of the large fums now arifing from this fund, is a point of the utmost importance, and well worthy the serious attention of parliament; which was thereby enabled, in the year 1765, to reduce above two millions fterling of the public debt; and feveral additional millions in feveral fucceeding years (n). BUT, before any part of the aggregate fund (the furpluffes whereof are one of the chief ingredients that form the finking fund) can be applied to diminish the principal of the public debt, it stands mortgaged by parliament to raise an annual fum for the maintenance of the king's houfhold and the civil lift. (n) [By ftatute 26 Geo. III. c. 31. it is enacted, that at the end of every quarter of a year, ending the fifth day of January, the fifth day of April, the fifth day of July, and the tenth day of October, refpectively, in every year, there fhall be iffued and fet apart at his majefty's receipt of exchequer, pursuant to the feveral acts in that behalf made, out of the furpluffes, exceffes, and overplus monies compofing the finking fund, a fufficient fum to make good, to the day on which fuch quarter fhall end, all fuch interefts or annuities, or parts of interefts or annuities, or deficiencies of funds provided for the payment of interests or annuities, as fhall be fpecially charged on the faid finking fund; and that, after fuch fum fhall have been fo iffued, there fhall then be farther fet apart, in the faid receipt of exchequer, out of the furpluffes, exceffes, and overplus monics compofing the faid finking fund, a fum of 250,00ol, or fuch part thereof as the faid furpluffes, exceffes, and overplus monies, then remaining in the faid receipt of exchequer, fhall be fufficient to fatisfy: and that, if, after iffuing or fetting apart the fums directed to be previously iffued or fet apart, there fhall not remain monies fufficient to provide for the payment of the faid 250,000l, the amount of the deficiency fhall be carried forward as a charge on the monies in the receipt of the exchequer, out of the faid overplus monies, until fuch deficiency fhall have been made good; and that the monies fet apart quarterly fhall be paid to the bank, and to be applied in reducing the national debt, by certain commiflioners named in the act.] For For this purpose, in the late reigns, the produce of certain branches of the excife and cuftoms, the poft-office, the duty on wine licenses, the revenues of the remaining crown lands, the profits arifing from courts of juftice, (which articles include all the hereditary revenues of the crown) and also a clear annuity of 120,000l. in money, were fettled on the king for life, for the fupport of his majesty's houfhold, and the honour and dignity of the crown. And, as the amount of these feveral branches was uncertain, (though in the laft reign they were computed to have fometimes raised almost a million) if they did not arise annually to 800,000l. the parliament engaged to make up the deficiency. But his present majesty having, foon after his acceffion, fpontaneously fignified his confent, that his own hereditary revenues might be fo disposed of as might best conduce to the utility and fatisfaction of the public; and having gracioufly accepted the limited sum of 800,000l. per annum for the fupport of his civil lift; the faid hereditary and other revenues were carried into and made a part of the aggregate fund, and the aggregate fund was charged with the payment of the whole annuity to the crown of 800,000l. which, being found infufficient, was increased in 1777 to 900,000l. per annum. Hereby the revenues themselves, being put under the fame care and management as the other branches of the public patrimony, produce more and are better collected than heretofore; and the public is ftill a gainer of near 100,000l per annum by this difinterested conduct of his majefty. The civil lift, thus liquidated, together with the four millions and three quarters, interest of the national debt, and more than two millions produced from the finking fund, make up the feven millions and three quarters per annum, neat money, which were before ftated to be the annual produce of our perpetual taxes; befides the immenfe, though uncertain, fums arifing from the annual taxes on land and malt, but which, at an average, may be calculated at more than two millions and a quarter; and, added to the preceding fum, make the clear produce of the taxes (exclufive of the charge of collecting) which are raifed yearly on the people of this country, amount to about ten millions fterling. 5 n n Stat. 1 Geo. III. c. 1. THE THE expenfes defrayed by the civil lift are thofe that in any fhape relate to civil government; as, the expenfes of the royal houfhold; the revenues allotted to the judges, previous to the year 1758; all falaries to officers of state, and every of the king's fervants; the appointments to foreign embaffadors; the maintenance of the queen and royal family; the king's private expenfes, or privy purse; and other very numerous outgoings, as fecret fervice money, penfions, and other bounties: which fometimes have so far exceeded the revenues appointed for that purpose, that application has been made to parliament to discharge the debts contracted on the civil list; as particularly in 1724, when one million was granted for that purpose by the ftatute 11 Geo. I. c. 17. and in 1769 and 1777, when half a million and 600,000l. were appropriated to the like ufes, by the ftatutes 9 Geo. III. c. 34. and 17 Geo. III. c. 47. THE civil lift is indeed properly the whole of the king's revenue in his own diftinct capacity; the reft being rather the revenue of the public, or it's creditors, though collected and diftributed again, in the name and by the officers of the crown: it now standing in the same place, as the hereditary income did formerly; and, as that has gradually diminished, the parliamentary appointments have increased. The whole revenue of queen Elizabeth did not amount to more than 600,000l. a year: that of king Charles I was P 800,000l. and the revenue voted for king Charles II was 9 1,200,000!. though complaints were made (in the first years at least) that it did not amount to fo much '. But it must be observed, that under these fums were included all manner of public expenfes; among which lord Clarendon in his fpeech to the parliament computed, that the charge of the navy and land forces amounted annually to 800,000l. which was ten times more than before the former troubles. The fame revenue, ૧ Ibid. 4 Jun. 1663. Lord Clar. ibid. fubject |