wealbk05-第53章

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deficiency　was　made　good　by　borrowing　upon　annuities　for　lives　at

fourteen　per　cent；　or　at　little　more　than　seven　years'　purchase。

In　1695；　the　persons　who　had　purchased　those　annuities　were

allowed　to　exchange　them　for　others　of　ninety…six　years　upon

paying　into　the　Exchequer　sixty…three　pounds　in　the　hundred；　that

is；　the　difference　between　fourteen　per　cent　for　life；　and

fourteen　per　cent　for　ninety…six　years；　was　sold　for　sixty…three

pounds；　or　for　four　and　a　half　years'　purchase。　Such　was　the

supposed　instability　of　government　that　even　these　terms　procured

few　purchasers。　In　the　reign　of　Queen　Anne　money　was　upon

different　occasions　borrowed　both　upon　annuities　for　lives；　and

upon　annuities　for　terms　of　thirty…two；　of　eighty…nine；　of

ninety…eight；　and　of　ninety…nine　years。　In　1719；　the　proprietors

of　the　annuities　for　thirty…two　years　were　induced　to　accept　in

lieu　of　them　South　Sea　stock　to　the　amount　of　eleven　and　a　half

years'　purchase　of　the　annuities；　together　with　an　additional

quantity　of　stock　equal　to　the　arrears　which　happened　then　to　be

due　upon　them。　In　1720；　the　greater　part　of　the　other　annuities

for　terms　of　years　both　long　and　short　were　subscribed　into　the

same　fund。　The　long　annuities　at　that　time　amounted　to　L666；821

8s。　3　1/2d。　a　year。　On　the　5th　of　January　1775；　the　remainder　of

them；　or　what　was　not　subscribed　at　that　time；　amounted　only　to

L136；453　12s。　8d。

　　　　　During　the　two　wars　which　began　in　1739　and　in　1755；　little

money　was　borrowed　either　upon　annuities　for　terms　of　years；　or

upon　those　for　lives。　An　annuity　for　ninety…eight　or　ninety…nine

years；　however；　is　worth　nearly　as　much　money　as　a　perpetuity；

and　should；　therefore；　one　might　think；　be　a　fund　for　borrowing

nearly　as　much。　But　those　who；　in　order　to　make　family

settlements；　and　to　provide　for　remote　futurity；　buy　into　the

public　stocks；　would　not　care　to　purchase　into　one　of　which　the

value　was　continually　diminishing；　and　such　people　make　a　very

considerable　proportion　both　of　the　proprietors　and　purchasers　of

stock。　An　annuity　for　a　long　term　of　years；　therefore；　though　its

intrinsic　value　may　be　very　nearly　the　same　with　that　of　a

perpetual　annuity；　will　not　find　nearly　the　same　number　of

purchasers。　The　subscribers　to　a　new　loan；　who　mean　generally　to

sell　their　subscriptions　as　soon　as　possible；　prefer　greatly　a

perpetual　annuity　redeemable　by　Parliament　to　an　irredeemable

annuity　for　a　long　term　of　years　of　only　equal　amount。　The　value

of　the　former　may　be　supposed　always　the　same；　or　very　nearly　the

same；　and　it　makes；　therefore；　a　more　convenient　transferable

stock　than　the　latter。

　　　　　During　the　two　last…mentioned　wars；　annuities；　either　for

terms　of　years　or　for　lives；　were　seldom　granted　but　as　premiums

to　the　subscribers　to　a　new　loan　over　and　above　the　redeemable

annuity　or　interest　upon　the　credit　of　which　the　loan　was

supposed　to　be　made。　They　were　granted；　not　as　the　proper　fund

upon　which　the　money　was　borrowed；　but　as　an　additional

encouragement　to　the　lender。

　　　　　Annuities　for　lives　have　occasionally　been　granted　in　two

different　ways；　either　upon　separate　lives；　or　upon　lots　of

lives；　which　in　French　are　called　Tontines；　from　the　name　of

their　inventor。　When　annuities　are　granted　upon　separate　lives；

the　death　of　every　individual　annuitant　disburthens　the　public

revenue　so　far　as　it　was　affected　by　his　annuity。　When　annuities

are　granted　upon　tontines；　the　liberation　of　the　public　revenue

does　not　commence　till　the　death　of　all　annuitants　comprehended

in　one　lot；　which　may　sometimes　consist　of　twenty　or　thirty

persons；　of　whom　the　survivors　succeed　to　the　annuities　of　all

those　who　die　before　them；　the　last　survivor　succeeding　to　the

annuities　of　the　whole　lot。　Upon　the　same　revenue　more　money　can

always　be　raised　by　tontines　than　by　annuities　for　separate

lives。　An　annuity；　with　a　right　of　survivorship；　is　really　worth

more　than　an　equal　annuity　for　a　separate　life；　and　from　the

confidence　which　every　man　naturally　has　in　his　own　good　fortune；

the　principle　upon　which　is　founded　the　success　of　all　lotteries；

such　an　annuity　generally　sells　for　something　more　than　it　is

worth。　In　countries　where　it　is　usual　for　government　to　raise

money　by　granting　annuities；　tontines　are　upon　this　account

generally　preferred　to　annuities　for　separate　lives。　The

expedient　which　will　raise　most　money　is　almost　always　preferred

to　that　which　is　likely　to　bring　about　in　the　speediest　manner

the　liberation　of　the　public　revenue。

　　　　　In　France　a　much　greater　proportion　of　the　public　debts

consists　in　annuities　for　lives　than　in　England。　According　to　a

memoir　presented　by　the　Parliament　of　Bordeaux　to　the　king　in

1764；　the　whole　public　debt　of　France　is　estimated　at　twenty…four

hundred　millions　of　livres；　of　which　the　capital　for　which

annuities　for　lives　had　been　granted　is　supposed　to　amount　to

three　hundred　millions；　the　eighth　part　of　the　whole　public　debt。

The　annuities　themselves　are　computed　to　amount　to　thirty

millions　a　year；　the　fourth　part　of　one　hundred　and　twenty

millions；　the　supposed　interest　of　that　whole　debt。　These

estimations；　I　know　very　well；　are　not　exact；　but　having　been

presented　by　so　very　respectable　a　body　as　approximations　to　the

truth；　they　may；　I　apprehend；　be　considered　as　such。　It　is　not

the　different　degrees　of　anxiety　in　the　two　governments　of　France

and　England　for　the　liberation　of　the　public　revenue　which

occasions　this　difference　in　their　respective　modes　of　borrowing。

It　arises　altogether　from　the　different　views　and　interests　of

the　lenders。

　　　　　In　England；　the　seat　of　government　being　in　the　greatest

mercantile　city　in　the　world；　the　merchants　are　generally　the

people　who　advance　money　to　government。　By　advancing　it　they　do

not　mean　to　diminish；　but；　on　the　contrary；　to　increase　their

mercantile　capitals；　and　unless　they　expected　to　sell　with　some

profit　their　share　in　the　subscription　for　a　new　loan；　they　never

would　subscribe。　But　if　by　advancing　their　money　they　were　to

purchase；　instead　of　perpetual　annuities；　annuities　for　lives

only；　whether　their　own　or　those　of　other　people；　they　would　not

always　be　so　likely　to　sell　them　with　a　profit。　Annuities　upon

their　own　lives　they　would　always　sell　with　loss；　because　no　man

will　give　for　an　annuity　upon　the　life　of　another；　whose　age　and

state　of　health　are　nearly　the　same　with　his　own；　the　same　price

which　he　would　give　for　one　upon　his　own。　An　annuity　upon　the

life　of　a　third　person；　indeed；　is；　no　doubt；　of　equal　value　to

the　buyer　and　the　seller；　but　its　real　value　begins　to　diminish

from　the　moment　it　is　granted；　and　continues　to　do　so　more　and

more　as　long　as　it　subsists。　It　can　never；　therefore；　make　so

convenient　a　transferable　stock　as　a　perpetual　annuity；　of　which

the　real　value　may　be　supposed　always　the　same；　or　very　nearly

the　same。

　　　　　In　France；　the　seat　of　government　not　being　in　a　great

mercantile　city；　merchants　do　not　make　so　great　a　proportion　of

the　people　who　advance　money　to　government。　The　people　concerned

in　the　finances；　the　farmers　general；　the　receivers　of　the　taxes

which　are　not　in　farm；　the　court　bankers；　etc。；　make　the　greater

part　of　those　who　advance　their　money　in　all　public　exigencies。

Such　people　are　commonly　men　of　mean　birth；　but　of　great　wealth；

and　frequently　of　great　pride。　They　are　too　proud　to　marry　their

equals；　and　women　of　quality　disdain　to　marry　them。　They

frequently　resolve；　therefore；　to　live　bachelors；　and　having

neither　any　families　of　their　own；　nor　much　regard　for　those　of

their　relations；　whom　they　are　not　always　very　fond　of

acknowledging；　they　desire　only　to　live　in　splendour　during　their

own　time；　and　are　not　unwilling　that　their　fortune　should　end

with　themselves。　The　number　of　rich　people；　besides；　who　are

either　averse　to　marry；　or　whose　condition　of　life　renders　it

either　improper　or　inconvenient　for　them　to　do　so；　is　much

greater　in　France　than　in　England。　To　such　people；　who　have

little　or　no　care　for　posterity；　nothing　can　be　more　convenient

than　to　exchange　their　capital　for　a　revenue　which　is　to　last

just　as　long；　and　no　longer；　than　they　wish　it　to　do。

　　　　　The　ordinary　expense　of　the　greater　part　of　modern

governments　in　time　of　peace　being　equal　or　nearly　equal　to　their

ordinary　revenue；　when　war　comes　they　are　both　unwilling　and

unable　to　increase　their　revenue　in　proportion　to　the　increase　of

their　expense。　They　are　unwilling　for　fear　of　offending　the

people；　who；　by　so　great　and　so　sudden　an　increase　of　taxes；

would　soon　be　disgusted　with　the　war；　and　they　are　unable　from

not　well　knowing　what　taxes　would　be　sufficient　to　produce　the

revenue　wanted。　The　facility　of　borrowing　delivers　them　from　the

embarrassment　which　this　fear　and　inability　would　otherwise

occasion。　By　means　of　borrowing　they　are　enabled；　with　a　very

moderate　increase　of　taxes；　to　raise；　from　year　to　year；　money

sufficient　for　carrying　on　the　war；　and　by　the　practice　of

perpetually　funding　they　are　enabled；　with　the　smallest　possible

increase　of　taxes；　to　raise　annually　the　largest　possible　sum　of

money。　In　great　empires　the　people　who　live　in　the　capital；　and

in　the　provinces　remote　from　the　scene　of　action；　feel；　many　of

them；　scarce　any　inconveniency　from　the　war；　but　enjoy；　at　their

ease；　the　amusement　of　reading　in　the　newspapers　the　exploits　of

their　own　fleets　and　armies。　To　them　this　amusement　compensates

the　small　difference　between　the　taxes　which　they　pay　on　account

of　the　war；　and　those　which　they　had　been　accustomed　to　pay　in

time　of　peace。　They　are　commonly　dissatisfied　with　the　return　of

peace；　which　puts　an　end　to　their　amusement；　and　to　a　thousand

visionary　hopes　of　conquest　and　national　glory　from　a　longer

continuance　of　the　war。

　　　　　The　return　of　peace；　indeed；　seldom　relieves　them　from　the

greater　part　of　the　taxes　imposed　during　the　war。　These　are

mortgaged　for　the　interest　of　the　debt　contracted　in　order　to

carry　it　on。　If；　over　and　above　paying　the　interest　of　this　debt；

and　defraying　the　ordinary　expense　of　government；　the　old

revenue；　together　with　the　new　taxes；　produce　some　surplus

revenue；　it　may　perhaps　be　converted　into　a　sinking　fund　for

paying　off　the　debt。　But；　in　the　first　place；　this　sinking　fund；

even　supposing　it　should　be　applied　to　no　other　purpose；　is

generally　altogether　inadequate　for　paying；　in　the　course　of　any

period　during　which　it　can　reasonably　be　expected　that　peace

should　continue；　the　whole　debt　contracted　during　the　war；　and；

in　the　second　place；　this　fund　is　almost　always　applied　to　other

purposes。

　　　　　The　new　taxes　were　imposed　for　the　sole　purpose　of　paying

the　interest　of　the　money　borrowed　upon　them。　If　they　produce

more；　it　is　generally　something　which　was　neither　intended　nor

expected；　and　is　therefore　seldom　very　considerable。　Sinking

fu