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Compound Interest till the whole Debt to which it is applicable is discharged, will in only ten years, by the ad. dition 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, sas never yet been denied. — Indeed, from the very beginning of the Funded System, this truth (which is nearly self-evident) has been always
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
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.
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.
“ The True Briton of yesterday says, 'for a person to fill Mr. Pirt's
“ station, it is necessary to be qualified to defraud the Nation.'a “ Tbis is true,"'--Morning Post, Dec. 29, 1797. No; - this is false. The True Briton says, “ If o 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. .
« It is computed that, upon an average, no less than roy houses are
“ burned every night in various parts of Ireland. While the « flames are ascending, it is the common practice of the Band to “ play the tune of “ God save the King.” - Morning Post, Jan. 9, and Morning Chronicle, Jan. 10. We recommend the Writers of these and similar Paragraphs to the gratitude of Lord MOIRA.
“ We understand that the Duke of BEDFORD would not have atá
« tended the House of Lords on Tuesday, if it had not been to “ give their Lordships an opportunity to attack him about his “ Surcharge of Assessed Taxes; and as the House was silent on « the subject, we presume they were satisfied of the truth of the
“ Statement made in this paper."-Morning Post, Jan. 11. We wonder it did not occur to his Grace, when he was giving this singular piece of information to the Morning Post, that some Anti-JACOBIN might be malicious enough to inquire why – when the Duke of BedFORD was so anxious to justify himself, that the great concerns of the Nation were considered as merely secondary to his own private feelings why he waited for this to attack ?” And, indeed, it does seem a little extraordinary, that his Grace should coolly " wait for an attack," in a place where he knew IT COULD NOT BE MADE; and triumphantly conclude, from the silence of those who had neither interest nor concern in the business, that he was justified from a fraud long before detected and PUNISHED by the proper Tribunal!
But is not the Editor of the Morning Post, the MaRAT of the Party, at his “old lunes” again, - lying for the Cause? We confess we think so; and have some pleasure in exonerating the Duke of Bedford from the disgrace of a fabrication which, for ignorance and impudence, exceeds every thing we have lately noticed.
« THERE are three capital SCARECROWs just set up to protect Rer
" Gion and Social Order: - Churcb and King-French Principles “ and Radical Reform. – Morn. Cbron. Jan. 8. « SCARECROWS !” – We rather consider them as the Palladia of all that is dear to us; but we will not quarrel with the Jacobins for a name. Long may they continue to protect the sacred objects entrusted to their care! And long may the Inhabitants of this favoured Island co-operate in opposing them to the approaches of the “ Crows," or rather Vultures, of the Morning Chronicle.
We cannot press the consideration of this Paragraph too strongly on the attention of our Readers. We wish them to observe with what perfect contempt the Jacobins talk of the Scarecrow of a Church and King; and we would then seriously ask them, if it be worth their while to demolish the one, and destroy the other, that, after years of confusion and horror, after oceans of blood have been spilt, and ruin and devastation spread over the land, ATHEISM and Murder may rule in their stead, in the persons of Citizens
and Our Readers start at this — but this we can assure them, from the example of every Country where the experiment has been tried, will be the inevitable result. If they should be happily convinced of this, they will unite with hand and heart to keep the “ three capital Scare. crows” erect; since the fall of any one of them, will let in the Birds of Prey.