[N° 10. equally tend to strengthen our opinion of the essential advantages to be derived from it in the present crisis, and of its tendency to disappoint the views and confound the projects of our Enemies.

The future effect of the increase (if the System of which it is the beginning is steadily persevered in for even a short period) has not been disputed. This view of the subject has perhaps attracted less general attention than its importance deserves. Whoever looks at the present state of the World, will find reason enough to believe, that whatever may be the immediate issue of the actual crisis, the present Generation will have discharged very imperfectly its duty to the Country, if they confine their views merely to the difficulty of the moment, and do not look forward to the means of meeting, hereafter, those new emergencies which the course of public events always produces at no very distant intervals, and which the prospect of a new order of things (too likely to prevail in a great part of Europe) presses more urgently on their consideration.

Our present and immediate safety from that danger which threatens all Civilized Society, is undoubtedly our first object. It is more than almost any other European Nation but ourselves has the manliness and the courage to aim at. But our object ought to be more extensive; and in truth, the only means by which we can rescue ourselves from immediate danger, are those which are equally calculated to ensure our permanent security, and to place the future prosperity and power of the Country on a firmer basis than ever. It is a consoling and animating reflection, that the exertion which is necessary for our independence and existence at the present moment, will, if successful,

successful, be repaid tenfold, by the advantages which it will secure to us after the termination of the struggle.

If the principle of the Measure now adopted, that of not allowing any addition to be made to the National Debt, beyond what the Sinking Fund already existing would redeem in the course of the same year, we shall, in a very short period indeed, have reached a situation, in which we may bid defiance to all pecuniary difficulties.-The Sinking Fund, happily established in 1786, and which, by the wisdom and firmness of Parliament, has ever since been invariably applied to its original purpose, has already reduced nearly Twenty-five Millions of our Debts. It amounts, with the addition of the expired Annuities, and of the Interest of the Debt redeemed, to above 2,000,000l. It will, in a period of from ten to twelve years (subject of course to variation, according to the price of the Stocks in the interval) reach the amount of 4,200,000l. per annum; after which it is no longer to accumulate at Compound Interest; but it is still to be laid out at Simple Interest, till the whole Debt existing before the present War has been paid off, and will furnish annually a disposable sum * to the amount of the Interest on the Capital redeemed each year, applicable either to new Exigencies or to the diminution of existing Burdens. In addition to this original Fund, the sum appropriated annually to the discharge of the new Capital created during the present War, amounts at present to nearly 1,800,000l. This Sum, which is to accumulate at

Supposing the Sinking Fund to be applied to the purchase of Three per Cents. at par, this sum would be annually 126,000l. - In proportion as the Stocks should be lower, it would of course be more considerable.

Compound

Compound Interest till the whole Debt to which it is applicable is discharged, will in only ten years, by the addition of the Interest of Capital redeemed, probably have increased to Three Millions One Hundred Thousand, or perhaps Three Millions Three Hundred Thousand Pounds per annum, and will therefore make the whole of the Sum annually applicable from that time to the discharge of Debt, little if at all less than Seven Millions and a Half annually.

All this will arise out of the Provisions already made, and the Taxes already imposed, previous to the present Session of Parliament. It is obvious on the first view, that if the Country shall once have attained this point, its security, as far as relates to Finance, is established. The Debt will then, in every year, be in so rapid a course of diminution, that the intervals of Peace must, on any probable supposition, be more than sufficient to counteract the effects of the most expensive Wars, especially if the example now set is steadily followed, of defraying a considerable part of the expences within the Year. It is evident, therefore, that the greatest National Object (if we look to the ultimate strength and safety of the Country) is to prevent a farther accumulation of permanent Debt, such as might depress the credit, and cripple the exertions of the Country, during the comparatively short interval to which we have referred. Is the sacrifice proposed too great for such an object, even if it were not indispensably required for our immediate safety?

That the proposed mode of raising a large proportion of the Supplies within the Year, is in the end more economical to the Country, as never yet been denied. Indeed, from the very beginning of the Funded System, this truth (which is nearly self-evident) has been always urged

urged by the Opposers of the System, and never denied by its Authors or Supporters. The plea on the other side was formerly, immediate ease and convenience. We have already stated why we think such an argument cannot be resorted to at present.

But the argument (in point of economy) against borrowing in the former mode, though the same in principle as formerly, is now much stronger in degree; because, in proportion as the Stocks are lower and the Interest greater, even the comparative present ease obtained by borrowing is less, the extent of the permanent Burden, and with it the degree of ultimate loss to the Public, becomes greater.

In an early period of this discussion, we stated that the saving which would ultimately be produced by the Measure now adopted, instead of borrowing the sum necessary for this year in the usual mode, is not les than Thirty-five Millions; and to this statement we have no where seen an answer. We consider, therefore, this part of our opinion as universally assented to. It may be worth while, however, to add, that if any one objects to the calculation of ultimate gain or loss referred to a distant period, we are equally ready to discuss the question with respect to the personal interest of the bulk of those on whom the Tax will fall at the present moment. We are confident that it will appear that the whole sum to be paid in consequence of the present Contribution, will not amount to more than must be paid by the same individuals in the course of the next twelve years only, in the shape of Interest and Sinking Fund, if the same sum were raised in the ordinary mode; and at the end of those twelve years, the Capital of the Debt would remain unredeemed, and the Interest continue a permanent charge.

VOL, I.

Y

We

We have thus recapitulated the principal points which relate to the fundamental question of raising a large part of the Supplies within the Year, and limiting the accumulation of permanent Debt. If the principle is as clearly established as we conceive it, the present safety and future glory of the Country equally required its adoption. Difficulties of detail may have existed. The most material have, we trust, been effectually obviated. But, at all events, they must be considered as subordinate to the great and general considerations on which the principle of the measure ought to be decided. We are, however, far from wishing them to be overlooked. We are, on the contrary, desirous of allowing them their due weight in the discussion; and we may perhaps be tempted to take a future opportunity of examining them, if it were merely for the sake of illustrating the manner in which the Jacobins endeavour to avail themselves of popular prejudices on any particular occasion, in order to betray the interests of those whose cause they profess to espouse.

WEEKLY EXAMINER.

LIES.

"THE True Briton of yesterday says, for a person to fill Mr. PITT'S "station, it is necessary to be qualified to defraud the Nation.'"This is true."-Morning Post, Dec. 29, 1797.

No; this is false. The True Briton says, If "those who defraud the Nation most are best qualified to "serve it, we agree with the Advocates of the Duke "of BEDFORD, that his Grace is most proper to fill Mr. "PITT's station."-True Briton, Dec. 28, 1797.