wealbk05-第54章

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more；　it　is　generally　something　which　was　neither　intended　nor

expected；　and　is　therefore　seldom　very　considerable。　Sinking

funds　have　generally　arisen　not　so　much　from　any　surplus　of　the

taxes　which　was　over　and　above　what　was　necessary　for　paying　the

interest　or　annuity　originally　charged　upon　them；　as　from　a

subsequent　reduction　of　that　interest。　That　of　Holland　in　1655；

and　that　of　the　ecclesiastical　state　in　1685；　were　both　formed　in

this　manner。　Hence　the　usual　insufficiency　of　such　funds。

　　　　　During　the　most　profound　peace　various　events　occur　which

require　an　extraordinary　expense；　and　government　finds　it　always

more　convenient　to　defray　this　expense　by　misapplying　the　sinking

fund　than　by　imposing　a　new　tax。　Every　new　tax　is　immediately

felt　more　or　less　by　the　people。　It　occasions　always　some　murmur；

and　meets　with　some　opposition。　The　more　taxes　may　have　been

multiplied；　the　higher　they　may　have　been　raised　upon　every

different　subject　of　taxation；　the　more　loudly　the　people

complain　of　every　new　tax；　the　more　difficult　it　becomes；　too；

either　to　find　out　new　subjects　of　taxation；　or　to　raise　much

higher　the　taxes　already　imposed　upon　the　old。　A　momentary

suspension　of　the　payment　of　debt　is　not　immediately　felt　by　the

people；　and　occasions　neither　murmur　nor　complaint。　To　borrow　of

the　sinking　fund　is　always　an　obvious　and　easy　expedient　for

getting　out　of　the　present　difficulty。　The　more　the　public　debts

may　have　been　accumulated；　the　more　necessary　it　may　have　become

to　study　to　reduce　them；　the　more　dangerous；　the　more　ruinous　it

may　be　to　misapply　any　part　of　the　sinking　fund；　the　less　likely

is　the　public　debt　to　be　reduced　to　any　considerable　degree；　the

more　likely；　the　more　certainly　is　the　sinking　fund　to　be

misapplied　towards　defraying　all　the　extraordinary　expenses　which

occur　in　time　of　peace。　When　a　nation　is　already　overburdened

with　taxes；　nothing　but　the　necessities　of　a　new　war；　nothing　but

either　the　animosity　of　national　vengeance；　or　the　anxiety　for

national　security；　can　induce　the　people　to　submit；　with

tolerable　patience；　to　a　new　tax。　Hence　the　usual　misapplication

of　the　sinking　fund。

　　　　　In　Great　Britain；　from　the　time　that　we　had　first　recourse

to　the　ruinous　expedient　of　perpetual　funding；　the　reduction　of

the　public　debt　in　time　of　peace　has　never　borne　any　proportion

to　its　accumulation　in　time　of　war。　It　was　in　the　war　which　began

in　1688；　and　was　concluded　by　the　Treaty　of　Ryswick　in　1697；　that

the　foundation　of　the　present　enormous　debt　of　Great　Britain　was

first　laid。

　　　　　On　the　31st　of　December　1697；　the　public　debts　of　Great

Britain；　funded　and　unfunded；　amounted　to　L21；515；742　13s。　8

1/2d。　A　great　part　of　those　debts　had　been　contracted　upon　short

anticipations；　and　some　part　upon　annuities　for　lives；　so　that

before　the　31st　of　December　1701；　in　less　than　four　years；　there

had　partly　been　paid　off；　and　partly　reverted　to　the　public；　the

sum　of　L5；121；041　12s。　0　3/4d。；　a　greater　reduction　of　the　public

debt　than　has　ever　since　been　brought　about　in　so　short　a　period

of　time。　The　remaining　debt；　therefore；　amounted　only　to

L16；394；701　1s。　7　1/4d。

　　　　　In　the　war　which　began　in　1709。；　and　which　was　concluded　by

the　Treaty　of　Utrecht；　the　public　debts　were　still　more

accumulated。　On　the　31st　of　December　1714；　they　amounted　to

L53；681；076　5s。　6　1/2d。　The　subscription　into　the　South　Sea　fund

of　the　short　and　long　annuities　increased　the　capital　of　the

public　debts；　so　that　on　the　31st　of　December　1722　it　amounted　to

L55；282；978　1s。　3　5/6d。　The　reduction　of　the　debt　began　in　1723；

and　went　on　so　slowly　that；　on　the　31st　of　December　1739；　during

seventeen　years　of　profound　peace；　the　whole　sum　paid　off　was　no

more　than　L8；328；354　17s。　11　3/12d。；　the　capital　of　the　public

debt　at　that　time　amounting　to　L46；954；623　3s。　4　7/12d。

　　　　　The　Spanish　war；　which　began　in　1739；　and　the　French　war

which　soon　followed　it　occasioned　further　increase　of　the　debt；

which；　on　the　31st　of　December　1748；　after　the　war　had　been

concluded　by　the　Treaty　of　Aix…la…Chapelle；　amounted　to

L78；293；313　1s。　10　3/4d。　The　most　profound　peace　of　seventeen

years　continuance　had　taken　no　more　than　L8；328；354　17s。　11

3/12d。　from　it。　A　war　of　less　than　nine　years'　continuance　added

L31；338；689　18s。　6　1/6d。　to　it。

　　　　　During　the　administration　of　Mr。　Pelham；　the　interest　of　the

public　debt　was　reduced；　or　at　least　measures　were　taken　for

reducing　it；　from　four　to　three　per　cent；　the　sinking　fund　was

increased；　and　some　part　of　the　public　debt　was　paid　off。　In

1755；　before　the　breaking　out　of　the　late　war；　the　funded　debt　of

Great　Britain　amounted　to　L72；289；673。　On　the　5th　of　January

1763；　at　the　conclusion　of　the　peace；　the　funded　debt　amounted　to

L122；603；336　8s。　2　1/4d。　The　unfunded　debt　has　been　stated　at

L13；927；589　2s。　2d。　But　the　expense　occasioned　by　the　war　did　not

end　with　the　conclusion　of　the　peace；　so　that　though；　on　the　5th

of　January　1764；　the　funded　debt　was　increased　（partly　by　a　new

loan；　and　partly　by　funding　a　part　of　the　unfunded　debt）　to

L129；586；789　10s。　1　3/4d。；　there　still　remained　（according　to　the

very　well　informed　author　of　the　Considerations　on　the　Trade　and

Finances　of　Great　Britain）　an　unfunded　debt　which　was　brought　to

account　in　that　and　the　following　year　of　L9；975；017　12s。　2

15/44d。　In　1764；　therefore；　the　public　debt　of　Great　Britain；

funded　and　unfunded　together；　amounted；　according　to　this　author；

to　L139；516；807　2s。　4d。　The　annuities　for　lives；　too；　which　had

been　granted　as　premiums　to　the　subscribers　to　the　new　loans　in

1757；　estimated　at　fourteen　years'　purchase；　were　valued　at

L472；500；　and　the　annuities　for　long　terms　of　years；　granted　as

premiums　likewise　in　1761　and　1762；　estimated　at　twenty…seven　and

a　half　years'　purchase；　were　valued　at　L6；826；875。　During　a　peace

of　about　seven　years'　continuance；　the　prudent　and　truly　patriot

administration　of　Mr。　Pelham　was　not　able　to　pay　off　an　old　debt

of　six　millions。　During　a　war　of　nearly　the　same　continuance；　a

new　debt　of　more　than　seventy…five　millions　was　contracted。

　　　　　On　the　5th　of　January　1775；　the　funded　debt　of　Great　Britain

amounted　to　L124；996；086　1s。　6　1/4d。　The　unfunded；　exclusive　of　a

large　civil　list　debt；　to　L4；150；263　3s。　11　7/8d。　Both　together；

to　L129；146；322　5s。　6d。　According　to　this　account　the　whole　debt

paid　off　during　eleven　years'　profound　peace　amounted　only　to

L10；415；474　16s。　9　7/8d。　Even　this　small　reduction　of　debt；

however；　has　not　been　all　made　from　the　savings　out　of　the

ordinary　revenue　of　the　state。　Several　extraneous　sums；

altogether　independent　of　that　ordinary　revenue；　have　contributed

towards　it。　Amongst　these　we　may　reckon　an　additional　shilling　in

the　pound　land…tax　for　three　years；　the　two　millions　received

from　the　East　India　Company　as　indemnification　for　their

territorial　acquisitions；　and　the　one　hundred　and　ten　thousand

pounds　received　from　the　bank　for　the　renewal　of　their　charter。

To　these　must　be　added　several　other　sums　which；　as　they　arose

out　of　the　late　war；　ought　perhaps　to　be　considered　as　deductions

from　the　expenses　of　it。　The　principal　are；　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　L　　　　　　　s。　　　　　　

d。　　　The　produce　of　French　prizes　　　　　　　　　　　　　　　690；449　　　　18　　　　

　　9　　　Composition　for　French　prisoners　　　　　　　　　　　670；000　　　　　0　　　

　　　0　　　What　has　been　received　from　the　sale

　　　　　of　the　ceded　islands　　　　　　　　　　　　　　　　　　　　　　95；500　　　　　0　　　　　　

0　　If　we　add　to　this　sum　the　balance　of　the　Earl　of　Chatham's　and

Mr。　Calcraft's　accounts；　and　other　army　savings　of　the　same　kind；

together　with　what　has　been　received　from　the　bank；　the　East

India　Company；　and　the　additional　shilling　in　the　pound　land…tax；

the　whole　must　be　a　good　deal　more　than　five　millions。　The　debt；

therefore；　which　since　the　peace　has　been　paid　out　of　the　savings

the　ordinary　revenue　of　the　state；　has　not；　one　year　with

another；　amounted　to　half　a　million　a　year。　The　sinking　fund　has；

no　doubt；　been　considerably　augmented　since　the　peace；　by　the

debt　which　has　been　paid　off；　by　the　reduction　of　the　redeemable

four　per　cents　to　three　per　cents；　and　by　the　annuities　for　lives

which　have　fallen　in；　and；　if　peace　were　to　continue；　a　million；

perhaps；　might　now　be　annually　spared　out　of　it　towards　the

discharge　of　the　debt。　Another　million；　accordingly；　was　paid　in

the　course　of　last　year；　but；　at　the　same　time；　a　new　civil　list

debt　was　left　unpaid；　and　we　are　now　involved　in　a　new　war　which；

in　its　progress；　may　prove　as　expensive　as　any　of　our　former

wars。*　The　new　debt　which　will　probably　be　contracted　before　the

end　of　the　next　campaign　may　perhaps　be　nearly　equal　to　all　the

old　debt　which　has　been　paid　off　from　the　savings　out　of　the

ordinary　revenue　of　the　state。　It　would　be　altogether　chimerical；

therefore；　to　expect　that　the　public　debt　should　ever　be

completely　discharged　by　any　savings　which　are　likely　to　be　made

from　that　ordinary　revenue　as　it　stands　at　present。　　　　*　It　has

proved　more　expensive　than　all　of　our　former　wars；　and　has

involved　us　in　an　additional　debt　of　more　than　one　hundred

millions。　During　a　profound　peace　of　eleven　years；　little　more

than　ten　millions　of　debt　was　paid；　during　a　war　of　seven　years；

more　than　one　hundred　millions　was　contracted。　

　　　　　The　public　funds　of　the　different　indebted　nations　of

Europe；　particularly　those　of　England；　have　by　one　author　been

represented　as　the　accumulation　of　a　great　capital　superadded　to

the　other　capital　of　the　country；　by　means　of　which　its　trade　is

extended；　its　manufactures　multiplied；　and　its　lands　cultivated

and　improved　much　beyond　what　they　could　have　been　by　means　of

that　other　capital　only。　He　does　not　consider　that　the　capital

which　the　first　creditors　of　the　public　advanced　to　government

was；　from　the　moment　in　which　they　advanced　it；　a　certain　portion

of　the　annual　produce　turned　away　from　serving　in　the　function　of

a　capital　to　serve　in　that　of　a　revenue；　from　maintaining

productive　labourers　to　maintain　unproductive　ones；　and　to　be

spent　and　wasted；　generally　in　the　course　of　the　year；　without

even　the　hope　of　any　future　reproduction。　In　return　for　the

capital　which　they　advanced　they　obtained；　indeed；　an　annuity　in

the　public　funds　in　most　cases　of　more　than　equal　value。　This

annuity；　no　doubt；　replaced　to　them　their　capital；　and　enabled

them　to　carry　on　their　trade　and　business　to　the　same　or　perhaps

to　a　greater　extent　than　before；　that　is；　they　were　enabled

either　to　borrow　of　other　people　a　new　capital　upon　the　credit　of

this　annuity；　or　by　selling　it　to　get　from　other　people　a　new

capital　of　their　own　equal　or　superior　to　that　which　they　had

advanced　to　government。　This　new　capital；　however；　which　they　in

this　manner　either　bought　or　borrowed　of　other　people；　must　have

existed　in　the　country　before；　and　must　have　been　employe