G 000 082 163 7 The State of the Nation, with a General Balance of the Publick Accounts . -.;7^..-^r _.| 7^'^ UNIVERSITY OF CALIFORNIA AT LOS ANGELES THE STAT E O F T H E N A T 1 O N^ \^c. [Price One Shilling.] ADVERTISEMENT. In the Prefsy Andfpeedily will be fublijhedy * By the fame HAND, Reafons for giving up Gibraltar. Auri facrafames, quid non mortalia cogis FeBora ! Virg. FraudarCy rapere falfis nominibus Jmperium appellant, Tac, in Vit, Agric, THE STATE O F T H E NATION, WITH A GENERAL BAtANCE O F T H E PUBLICK ACCOUNTS. ^mmm/ilitur vitiutn crefcttque tegendo, Tirg. The Second Edition. LONDON: Printed for M. Cooper, at the Globe in Pafer-^ nofler Row, 1748, \A t o ^ ^ p 1013 ., THE ^^^. STATE O F T H E NATION. '^ ^ ■ ^ HERE are four capital Funds, which ^ I together conftitute the Sum and Savings i -■- of the National Debt. Thefe are the -^ South Sea, the General, the Aggregate, and the Sinking Fund, It is fufficient to fay here, that they all owe their Origin to Debts contracted previous to the Year 171 6. The three firft have peculiar Duties appropriated to anfv^er the § Intereft on their refpedtive Capitals, vv^ith a Sur- ^ plus ; which Surplus, by a Claufe in the General «^ Fund A6t, is to be referred and employed to and ^or the difcharging the PritKipal and Inter eji of "^fuch National Debts and Incumbrances, as ivere incurred before the z^th o/' December 17 16, and is now called the Sinking Fund. When the Inte- reft of Money was at Five per Cent, the Sur- plus does not appear to have been much above 400,000 /. but on lowering of the Intereft on feveral of the publick Debts to Four, and of fome to Three per Cent, it rofe confiderably ; and we find it in 1738 1,658,741 /. There is befides a B confixierable C3 (2 ) • confiderable Difference in War Time, in propor- tion to the decreafe of Trade j and in the Year 1744, we find the Account ftand thus. Sutplus of the Aggregate Fund jT. 568,096 Ditto of the General Ditto — 417,885 Ditto of the South Sea Ditto — 16,070 P H III !■■ ■ II 1*^^ 1,002,051 . The Cambrick Duty, as being unappropriated, likewife falls into this Fund, but not being clear in the annual Amount, have not added it 5 nor, as is the Cafe all along, given the Fractions. The Exchequer Account for the above Year makes the Sinking Fund above 120,000/. more i but that being by Cafli brought from the preceding Years, is here omitted. The Income of this Fund feems rather to have decreafed fmce, and to barely complete the Million ; but as it is nov^r Peace again, and as with more Taxes it is pre- fumed the Surplufages will increafe, as alfo by the return of Trade into its ordinary Channel ; fo it is more than poffible that we may fee this Fund foon at above 2,000,000/. My Meaning for beginning at this Period is, becaufe all the above Funds were then regulated and eftablifhed, when the National and Navy Debt flood thus. The National Debt was ^. 50,024,767 The Navy Debt — ^^043,3 36 Total, Lkc, 24, 17 16 51,068,103 There (3 ) There was between this Time and the entring on the lafl War with Spain a Space of twenty four Years, during which Interval only a flight Skirmifli happened between us and Spain^ and the reft was a profound Peace, or at lea ft what we efteemed fo, though often thrown into vio- lent Pannicks, which occaiioned additional Ex- pence J but that being made good by an increafe of Taxes, we had, or ought to have had, by the moft modeft Computation, at leaft one Million a Year paid off, as the Land Tax at two Shil- lings in the Pound, and the Malt Duty, an- fwered all the common Emergencies of Govern- ment in Time of Peace, and the Sinking Fund lay wholly applicable to the difcharging of the National Debt, which upon an Average is at leaft one Million, two hundred and fifty thou- fand Pounds. The Revenues of the Civil Lift have always anfwered, whatever may have been pretended to the contrary, and the Salt Duty fometimes unappropriated : It therefore might have been expected, that with the lowering of Intereft, Aid of Infalls, and the Sinking Fund, that our Debts by the Year 1740 had been dif- charged. But it appears by the Parliamentary Accounts, that the National and Navy Debt in J 740, were foi'ty /even Millions^ t-iao hundred forty jive thoufand^ four hundred and jevehty one Pounds, which dedufced from the Debt of 1716, produces only a Balance of three Millions^ eight hundred tit^enty two thoufdud, fix btrndrcd and thirty two Pou?ids And fonie who arc very curious in thefe Matters pretend to fiy, that this fuppoied B 2 Redudioa ( 4 ) Redudlon Is meer Legerdemain ; but I do not chufe to puzzle the Reader with a too delicate Difquifition into an Account that is merely in- trodudlory to the main Point in View, and which at laft mufl fland as we find it. Here is iuffi- ciently fliewn on what Footing we began the War with Spain^ and are next to fee what Ef*- feds that produced relative to the Publick Credit. The i^iii oi December 1743, then entring on a War with both France and Spain, the National Debt wa.s Jifty one Million^ fi^^y three Thoufand^ three Hundred forty fix Pounds j thus charged : On t\\t Exchequer — ;f. 6,441,143 India Company 3,200,000 Bank 14,100,000 South Sea Company 27,302,000 The Navy Debt, what allotted out of future Supplies in difcharge of it, and what ifliied out of the Sinking Fund, to lelTen the National Debt, are here omitted, as they will appear in the clofing of the Account. On the 31ft o^ De- cember ly^ifj-i the National Debt appears to be Jixty four Millions, five hundred ninety-three T'hou- fand, feirn Hundred and ninety- fix Founds ; thus charged : On the Exchequer — ^. 55305,193 India — — — 4,200,000 Carry over 9,505,193 (5) Brought over £, 9,505,193 ' On the Bank — — — 27,786,400 Soufb Sea — — 27,302,203 64»593>796 Navy Debt — — 5'337>939 69.93 J'735 There Is to be added to this Debt, Annuities on the two Lottery Subfcriptions of 1745 and 1746; the firfl of nine Shillings a Ticket, amounting to 22500/. a Year on fingle Lives j the other of eighteen Shillings a Ticket, amounting to 45000/. thefe valued together at fifteen Years Purchafe, amount to one Mil/jon, twelve 'T'houjandy Jive Hundred Pounds ; and allowing the odd Money for Lives fallen in, the reft, amounting to one Million^ is Part of the Publick Debt, and makes the fame feventy Millions^ nine hundred thirty^ one Thoufand^ J even Hundred and thirty-five Founds. And fo the Publick Debt flood at the Conclufion of the Year 1747, except that one Million was allotted to pay off Part of the Na- vy Debt out of the Supplies granted for 1 748, as had been done the preceding Year. But as I cannot have the liquidated Navy Debt for 1748 in Time, and as it may be fuppofed to be increafed one Million this Year, I (hall leave this as it ftands, to complete the general Account as nearly as poflible. Thus : B X "December (6) December II, 1747 — ^.70>93i'735 Granted for 1748 on dry Goods 6,300,000 Ten per Cent, allow'd for raifing it 630,000 77>86i,735 There is, befides the Surplus of the Navy Debt, the Money raifed on a Vote of Confidence, and various other incidental. Charges, that cannot yet be afcertained j however, I fuppofe myfelf within one Million of the total Debt, but per- haps may be miilaken, as thofe who have made a Property of the War have their laft Stake to draw, and will not choofe to retire empty hand- ed, efnecially as the Year is near expired, and the Troops of various Princes to be rewarded, as well as difcharged, as indeed they ought to be, for the great Service they have done the Bri- tifo State and Nation. For the prefent we muft take it as it ftands, and in that Light fee what Debt the Nation has contracted in eight Years, four whereof might more properly be called the Shadow of a War. TheNational and Navy Debt, i r RA <- 1748 _J^•773»oI,735 The fame 1740 — — 47,245,471 30,616,264 It is mofu likely this will turn out about thir- ty-two Millions, which is the vifible or known Expence of the War, but the total Expence is not (7) not fo eafily come at. I think it is agreed, that the Charges of the State in Time of Peace, ex- clulive of what is called the Civil Government, is 1,840,000 /. therefore all that has been grant- ed above that Sum, and not made good out of the Supplies, is fo much to be charged to the Account of the War, and is as follows : To eight Years Land Tax, 1 r ^ at 4 .. in the Pound ^ >C. 16,000,000 To ditto Malt — — • — 6,000,000 Out of the Sinking Fund — 7,800,000 29,800,000 To eight Years Expence in 7 Time of Peace S H.72°.ooo Remains 15,080,000 Debt contradled «/ yz//)r^ — 30,616,264 Expence of the War 45,696,264 This is exclufive of the Debt, real or fuppofititi- ous, contradled by the Civil Lift. The four Years War with Spai?! I fuppofe might coft us twelve Millions, and the Refidue is to be charged to the four Years general War, at 8,424,066 /. a Year"^ ; which added to the Current Charge in Time of Peace, 1,840,000/. makes 10,264,066 /. fomething near the total Charge. Independent * The Million granted by the Sixpenny Aft on Penfions, I have not brought to account, as not being clear how to piac^ it. B 4 of (8 ) of the faid Current Charge in Time of Peace, and various other incidental Expences, men- tioned in the Eftimates annexed, or artfully fe- creted, is feen in the following Articles : To our own Guards and Gari- 1 fons, &c. more than in Peace 3 To 15196 Men, Officers, &c. for Flanders To 5000 Horfe, and 13000 Foot, Hanoverians To 1264 Horfe, and 4908^ Foot, HeJJian Troops ? To enable the Queen of Htm- -j gary to maintain fixty thou- ( fand Men in Flanders J To the King of Sardinia — To the Elector of Bavaria — To the Elector of Cologn — ^ To the Eledor of Mentz — £. 300,000 372,788 410,000 161,607 433.333 — 300,000 — . 26,846 — 24,299 8,620 2.037.493 To 1 1550 Marines — — 206,253 ToOrdinanceStoresby Land and Sea 581,213 To the Navy and Tranfports, 1 more than in Peace, about ^ 2,000,000 4,824,949 The reft is made out by Deficiencies, Intereft, Premiums, &c. as may be feen more particularly in the annexed Eftimates, with the refpedive Charges for the Year 1747. The above are only fo (9) lo placed to mark out what it is that more re- markably brings (o heavy a Burden upon us by a War, and to {hew the Reader, that the Money given for Subfidies, the Land Tax at tv^^o Shil- lings in the Pound, and the Produce of the Sinking Fund, would have been fufficient to have carried on a fuccefsful Naval War, and not per- haps diminifhed the National Cafh a Half-penny, as but a fmall Part of our Naval Expcnces go out of the Kingdom, and them amply made up by Captures. I apprehend the Reader has by this Time pretty well fatisfied his Curiolity as to the Mag- nitude of our Debt, and of the Particulars which compofe it, and will probably conclude with me, that it's not likely to fall fhort of eighty Millions ; and how that is to be fatisfied com- mands our next Attention : For fince Matters have been carried fo far as not to be recalled, I think it my Duty, before I enter on a general Courfe of Reafoning, to give fome Hints towards the preferving us from a Bankrupcy, and, if poflible, to carry us back to the Point we firft fet out at. It was made an Argument for the Deficiency of the Civil Lift, that we had lefs Trade in War than in Peace ; but as this will anfwer alike as to the Sinking Fund, it may be honeftly con- cluded, that both will grow richer by the Peace ; and it is to be hoped, that fo good a Peace is made, as will be likely to continue many Years : And it is likewife reafonably to be hoped, that as his Majefty's Revenue is vaftly larger than his Predeceflbrs, (10) Predeccflbrs, and has it made up to him when deficient, he will be gracioufly pleafed to difclaim all Surplufages, and make fuch. Part of the Fund for the Payment of the Publick Debts ; and that his extra Revenues, fuch as Principalities, Fines, Seizures, Sales, Leafes, Cic. &c, may be brought into the general Account ; and this to be applied in Aid of, and to pay off all Incumbrances on the Sinking Fund, which I take it will bring that up to two Millions a Year clear j which, with the Affiftance of an annual Lottery, will enable the Parliament in the firfl Place to bring down the Four per Cents to Three 3 and which to effed: more eafily, there needs only an Adt to reduce the National In terefl to Four per Ce?jt. by which Means the other will fall of Courfe, if Money be ready to difcharge the richer Stock- holders, and thereby Gentlemen, who have in- cumbred Eftates, will be enabled the better to pay their Taxes. I muft obferve here, that the natural Produce of the Sinking Fund in Peace, is one Million fix hundred thoufand Founds, The Average firfl hinted at of one Million two hundred and fifty thoufand Founds^ fuppofes a Deficiency by the War, and Intereft to be paid of Debts charged upon it. The C/W Lifl is faid to have been deficient the laft feven Years, ending 2XMidfirnnier 1746, four hundred fijty- fix 'Thoufand^ feven Hundred and thirty-three Pounds-, befides the odd Money omitted, as in all my Calculations, which mufi primarily be dif- charge.d, as well as the Debts on the Sinking Fund. But perhaps it .may be thought moft eligible '(II) eligible to throw the Civil Lift Debts into the fix Million^ nine Hundred and thirty thoufand Pounds, and adding thereto what is expended on the Vote of Confidence of laft Seflions, make them into Four per Cent, Annuities, the Sum Total may then be. On Five per Cent, on dry Goods f^, 6,930,000 Civil Lift D^hi Midfmnmer ly^t 456,733 On the Vote of Confidence 500,000 >ii ' III ■— 7,886,733 What Deficiencies there are in the Civil Lift fince, or what will be brought in as expended on the Credit of the Vote of Confidence, not yet appearing, is the Reafon of my having left thofe Sums out of the general Account above. The Debts charged on the Sinking Fund, as may be feen in the Eftimate, are. At 3/. 10 s. per Cent. 173 1 ^.400,000 At Ditto 1736 — — 600,000 . At Three ^fr C(?;2/. 1738 -^ 300,000 At Ditto J 742 — — 800,000 •B— sBM^Miai mod 2,100,000 . One Million at Three and One HAfper Cent, and eleven hundred thoufand Pounds at Three per Cent, the Intereft whereof is Jixty-eig/st thou- fand Founds, feems to be the whole annual Charge on that Fund ; and as that Fund pro- duced ( 12 ) duced before the War one Million^ fix Hundred fifty-eight T^oiifand^ (even hundred and forty-ont Founds^ and the Civil Lift above 200,000 /. more than it was given for ; and as there will doubtlefs be a large Surplufage to the Sinking Fund if the Five per Cent, on dry Goods con- tinues, it is evident, that the Whole will not fall much (hort of two Millions clear annual Reve- nue. And whether this be applied to the anni- hilating of the Four per Cents^ or the reducing of them to Three, the Difference is only : Suppofe the Total Debt De- 1 r o ^^ L Q > £' 80,000,000 cember 1740 — — 5 "^ ' ' The Four per Cents includ-"j ing 6,930,000/. rais'd laft I 47,610,003 Year _ — j Remains — 32,380,997 Annuities for long Terms on ] Lives by Survivorfhip, and > 2,045,823 on two or three Lives j , , ^ 30>335'i74- At 3/. 10 s. per Cejit. — 1,000,000 Total Three per Cents 2 9 , 3 3 5 , 1 74 The ( 13 ) The reducing of47,6 1 9,003/.! _ to Three per Cent, is a I 4765000—'— faving of — J Of one Million from 3/. 10 j.l to Three per Cent, is a> 5,000—00 faving of — J 481,000 To Lives falling in yearly 2,000 — — 483,000 This Sum carried to the Sinking Fund, to which it muft naturally belong, can only be appropriated to the paying off of new Debts ; for if the Creditors of the old Debts confent to a Redudtion of their Intereft, they will not think it right to be firfl difcharged ; but this is imma- terial to the main Point, the difcharging of the National Incumbrances. For though the reduc- ing of the Whole to Three /'^rQ'w/. would bring the Intereft down near to what it was before the War, yet as upon no Emergency it could be re- duced lower, and if another War happens, it would caufe a terrible Fall upon the Creditors Capital, which is very effential to thofe that want to fell out ; fo upon this Reduction the Debt would be virtually the fame as before, as the rai- ling Money afterwards on a higher Intereft, the old Creditors muft have the fame Benefit, or it will appear to be only another Way of annihi- lating their Capital without any Advantage to the Community, though an utter Difgrace to 3 Publick ( H) Publlck Credit. It follows that there is an abfo- lute Neceflity of paying off as well as lowering the Intereft, and that the laft will materially contribute to effect the firft. The next Means is by not parting with any of the appropriated Duties until fuch a Fund is eftablifhed as may, in a few Years, pay off all the new contracted Debts, or lay others lefs burthenfome in lieu of them, which, I think, may be ealily effecStedi And if by that Means the Sinking Fund fhall produce two Millions from the refpedlive Sur- plufages the firfl Year, the Payment will be fooner made than our Calculators generally dream of, as it will leflen the Debt all that Interefl, and at the fame Time increafe the capital Fund. The Criticks in this kind of Writing mufl not be tod wife in obferving, that I am here making the Sinking FuTDd general, which was only origi- nally intended to pay ofi the old Debts previous to the Year 171 6, becaufe it is obvious to me, that if we out of it firft pay off the new Debts, the old will be fecured in Proportion, while neither, as Matters fland, can be reafonably thought fafe. But if in a few Years one half of the pub- lick Debt can be difcharged, the Remainder will not only be fecure, but if higher Interefl is giv- en on any future Emergencies, the publick Creditors may be affured of having theirs equal- ly raifed ; which is not poflible to be eifcdted in the prefent Situation of Things. In Truth, there is a certain Point, beyond which there is no moving. Eighty Millions feems to be near our Ne plus ziltra^ and the going a Step farther endangers (15) endangers a general Bankrupcy, therefore the higheft Prudence to get fome Part of our Debts early difcharged, left it becomes our laft Refuge to throw the whole into the Hands of the Crown, and Parliaments thence totally ufelefs. Every Age and Time has evinced, that however juft and wife the Governors of any State or Na- tion may be, the People can never be efteemed happy and fecure, unlefs the Revenues that fup- port the Government are well ordered and re- gulated. There is truly no Medium in this Branch of governing. The Art is, a perfed: Knowledge of what the Community can con- veniently afford to raife, and in the leaft bur- thenfome Way, and never to go beyond fuch Bounds, but in Cafes of Self-defence ; all elfc is laying a Foundation for Confufion, naturally terminating in the Ruin of the Prince, or in the enflaving of the People. It is no unpleafing Profped: of our own fu- ture Happinefs, to fee that fuch Nations, with whom we have been hitherto allied, and whom we have, under all Engagements, fupported with our Wealth, are now forming Plans for their own future Prefervation, without burthening their Friends. This is an honeft Scheme, and would have been a very happy one for us, if it had taken Place ten Years before ; we had not then perhaps, as now, been driven to our laft Stake, and thrown into a Situation meriting Pity. The above Calculations fhew us the Con- dition we are in as to our Debts, and give fome Hints of the Poflibility of retrieving our. Z Affairs ; ( i6 ) Affairs ; but as before that can be done, feveral Particulars in publick Condudl muft neceffarily be amended, it is proper to make them our firft Confideration, as they are the Bafis whereon the whole Structure is ereded. Nor can the State of the Nation be clearly underftood, un- til we are thoroughly converfant in the Nature and Operation of our Debts and Taxes. Our Ci'uil Lift^ which was formerly in the Gift of the Parliament, is now abfolutely vefted in the Crown, and the feveral Duties that fupport it irredeemable, with this Difadvantage annexed, that the Publick are obliged to make good any Deficiencies, without Authority to enquire whence fuch Deficiencies Ipring, whether from a Failure in the appropriated Duties, or from thofe who fublift on the Revenue under his Majefly not being duly paid ; from whence it feems, that we are as liable to make good what Minifiers fquander, or fufFer to be fquandered away, as any real Defed:s in the Duties : But are to have no Benefit by Savings, which in- deed fignifies little, where it is determined that " none fhall be made. But the worfl of all is, that fuppofe the Duties fufHcient, yet if they do ' not come in to a Day, whether kept back by Art, or the Nature and NecefTity of the Man- ner of receiving them, they are called Defici- encies, though they come in afterwards ; which appeared fo flagrant on the laft gt-and Enquiry, that it has been thought proper, by the Court Advocates, not to enter again into the Argu- ment, which brought more to Light, than the 115,000 ( 17 ) 115,000 /. got by it. The Reafon I am more, particular in this is, that it' appears evident we {hall never know what we are about, until every Branch of the Publick Revenue is fo afcertained, as that a formal Judgment may be made of what Taxes ought to be annually raifed, and how par- ticularly applied, in leffenlng the Publick Debt in Time of Peace, or of preventing its growing enormous in Time of War ; for on exacftly the fame Principle we acSt by, in relation to the Civil Lift, feems to be the wild Guide in all the rell: of our Expences. Our Eftimates have always Deficiencies at the Tail j and when we are told that fo much will anfwer the Service of the cur- rent Year, the contrary ever appears ; and the Supplies of the one are ufually more to make good the Deficiencies of another, than to anfwer the Purpofe of the current Service ; which is running into Debt hoodwink'd, and a Specie of Chicane contrived to cover a kind of Manage- ment our Circumfiances are not in a Condition to bear. It indeed, by blinding their Eyes, fa- tisfies the Publick for the pre lent, but in the Event opens them too much for the Tranquillity of thofe who govern.; in this Track we have gone on ever fince the Revolution, with fome remarkable Improvements during the laft three or four and thirty Years, whether it has been Peace or War. In the Navy Part, the Eftimate has been during the War regularly two Millions, the Expence above three Millions ; one Million has been fome Years paid out of the future Supplies, and yet the Navy Debt gone on increafing : The C Error (• i8 ) Error of this is plain, as the Eftld: is evident ; that we were defirous of carrying on the War, without being able, or willing, to fee theConfequence, until too late to remedy it. The Army-Eftimates have been all formed on the fame fictitious Plan, and fo every other Branch of Expence ; when if Peace had been really the Minillerial View, as has feemed fo ardently pretended, furely the Way to have had the Opinion of the People with them, was to have let them known the worfl of a War ; and if the necedary Supports* could not be raifed within the current Year, they might eafily have been advifed not to have mortgaged their Eftates, for a Purpofe that in no Senfe concerned them. Here Prudence calls upon every Man to iinderftand the Force of this Ar- gument, as their Eftates or Induftry are bound to make good whatever Debt their Superiors think proper to create ; and therefore this kind of Work- ing, from the Civil Lift downwards, merits a fpeedy Remedy ; for .1 lee no Reafon why, the worft cannot as well be known at firft as at laft j our Debts fo ftated, and our Taxes fo adjufted, as that feme Judgment may be made by all Man- kind indifferently how far it is eligible to enter into a War, and on what Footing the Publick Accounts Hand in Time of Peace. But on the contrary of this, we have been treated like Chil- dren, and foothed on from Error to Error, un- til we are at laft brought to the Brink of Deftruc- tion J and from which, only a thorough Change in Publick Meafures can poflibly retrieve us. . Future ( 19 ) Putitre Ages will hardly credit what Expencc We have been at in this War, when, on feeing the annual Eftimates, they only find fo many Sea and fo many Land Forces, dired:ed to be employed at fuch a Computation as appears ; they will with Difficulty conceive how the Parliament could miftake above a Million in one Article 5 and that while they allotted forty thoufand Seamen, above fixty Thoufand muft have been employed. But this will be ftill more furprizing when Hiftory (hall relate, that we had in efFe(fl no Enemy to contend with j and that though we employed fo many Men, we could never afford a proper Convoy for our Wejl-India Trade, when we had nothing near fo Material to attend to. Nor will it feem lefs extraordinary, that we maintained on our own Bottom, independent of the Dutchy ninety-nine T^hoiijand^ three Hundred and Jixty- eight Land Forces in Flmiders j only to fee the French over-run the Country j w^ith twice the an- nual Charge for Ordinance Stores as in the Navy, though we had no Cannon but what the Army carried about v/ith them ,- fince an annual Sum of 284,000/. could hardly have been prefumed, to an Allotment of our own proper Troops of 15196 Men J and without any Garrifons or Sieges, the Artillery for the hired Troops being charged feparately. How much lefs will any Body here^ after be induced to imagine, that there is no Miftake in all this j or that fuch ftrange under and over Charges appear in different Articles, purely to perplex and render unintelligible the general State of the National Accounts, and C 2 feemingly (20) feemingly calculated for a Purpofe one would not chufe to mention. But this, as well as the Na- ture and Situation of our Affairs, evidences the Neceffity of our falling into fome clear and re- gular Method of eflablifliing our Taxes ; fixing and appropriating our Funds ; and on one well concerted Plan, making fuch Appropriations ab- folute and unalterable. This will at the fame Time give the Nation fuch right Credit, and keep the Price of the Stocks fo even in "War as well as in Peace, as will make it indifferent toThoufands what Interefl they are paid. A Parcel of Stock will then negotiate like a Bank Bill ; as Notes or Bonds for the fame, might be delivered out in the like Manner ; and will anfwer the Purpofe of the Trading World at Two per Cent, better than now fubjedl to Stockjobbing at Four per Cent, On the contrary, if we continue that Courfe of Chicane we fet out with in 17 16, the Credit of the Nation will be eternally unflable ; and on every Emergency of State the money'd Men will, as hitherto they have always done, make a Property of the common Neceflity. And for my Part, I cannot fee how his Majelly can be offended, if in a general Redification of our Affairs, a certain, inftead of an uncertain Sum, be allotted for the Support of the Civil Govern- ment. This would help to bring us back to a iimilar State to that we were in at the firfl com- ing of his late Majefly to the Throne, when the four great Funds were eftabliliied, and a fair Scheme formed for difcharging the Publick Debts; bat by being managed and played Tricks with,. as (ai ) as all our Accounts have lince been, is now only to.be recovered, by a new Plan more certain and permanent j without which I am apprehenjQve, we fhall be like a confumptive Man, kept alive by Art, which muft fail us atlall ; or be undone at once by fome violent Operation : And, of one of thefe, a few Years will give us a too fatal and convincing Proof. This brings us to confider what we have been doing, to what End or Purpofe, or how we came to be reduced to our prefent melancholy State. The Reader therefore will pleafe to recollesft, that we entered into a War with Spain^ on a Suppofition that the Merchants defired it, in or- der to Redrefs the Grievances they fufferedfrom that Crown, by the Capture of their Ships not concerned in an illicit Trade on the main Conti- nent of America ; but the Difpute on this Head, fometimes blending the illicit with the non-illicit Traders, and this blending again with a Contro- verfy between the South Sea Company and the fame Crown, they together produced a new Scheme of Negotiation called a Convention; in the conduct- ing whereof both Sides thinking, or feeming to think themfelves equally in the right, and both at leaft equally obftinate ; , the Court of France took the Advantage, and knowing that they fliould find their Account in fetting us together by the Ears^ foon blew the glowing Embers into a Flame at the Court of Spain. On the Part of Great Bri- tain^ our own Patriots, as has iince been proved, having more in View the raifing of themfeves on the Fall of the then reigning Miniiler, than At- C 3 tention ( 22 ) tcntion to the Publick Welfare, adcd the fame Part here, as the Agents of France did at the Court of Spam ; and together engaged us both in a War, which the Patriots promifed to fup- port here, and the Crown of France to come into on the Behalf of Spain if we fhould prove too hard for that Crown. The reigning Minifter here was in EfFed: at laft forced to concur ; for having been notorioufly lavifh both of the Pub- lick Money and of his own, he had not where- with to purchafe Friends to fupport him, and being overpowered by the Patriots, a War en- fued. But as he ftill kept his Poft, and was to conduct the War, he only took Care that it fhould not want Expence ; but was very far from forwarding of it, as plainly perceiving at once the Defigns of France ^ and the Views of the Pa- triots. Thefe laft Gentlemen finding that they could not thus eiFedt their Defigns, formed a Scheme that had a very noble Profpe6t for its Bafis, and if attended with Succefs, would ef- fedtually have anfwered the End propofed ; that is, the making of the "War general, and ruining the Minifler ; and thereupon engaged Admiral Vernon in an Expedition that proved extremely happy for their Scheme, and fully anfwered the Intention of it on one Part : And Spain on the other began now to demand the Afliftance of France^ which at length, after various Shiftings, and with great Reluctance, was forced into a Concurrence. During the Interval our Expence increafed with but little Emolument ; and on the Minifter 's quitting his Power, Peace was thought on (23 ) on no more. If a War had been in any Senfe neceflary, it is very true, the Gentlemen who fucceeded, not only conducted it with Spirit, but formed very fair Schemes to have rendered it fuccefsfiil. Bat they neither confidered how the Nation was able to go through wirh it, nor how to fecure thernfelves in the PofTeffion of Power, which they had with fo much Labour attained to. The old Minifter's Friends got Ground of them daily, partly owing to their Power in Par- liament, and partly to the Negledl thefe new Minifters difcovered for their old Friends ; as well as for thofe the late Minifter had left behind of his Party, and fo made both equally their Ene- mies. However, the War was eftablifhed, and the Opinion of their Mafter fixed, that it ought to be continued ; and to pleafe him was con- tinued, though the Faiitors of it foon gave Place to another Set of Men, who in no Senfe approved it J and who conduced it in fuch a Manner, that it is extremely hard to fay, what would have been the Event, if their PredecefTors had continued in Power long enough to have brought it to a Con- clufion. Men difFer in tlieir Opinions greatly, ,but as few are unbiafTed, I (liall here let that Part of the Argument drop. How it has fince been condudxed, and how ended, is now to befliewn. It may be remembered, when the War was proclaimed with Fr^A^rf, that the Britifi and Hanoveria?! Troops were marched out of Ger- many into the Loiv Coiijitries^ and were put under the Command of M.zx^-\d.\ fVade ^ that they were there 'joined by the Aufirians under the Duke C 4 d'Aj-embcrg v Xm) ■^Aremherg : This brought the War nearer Home, and pufhed the Dutch^ wavering before, into a kind of NecelTity of joining fome Troops with thofe of the Confederates, and together much too ilrong for the French in the Field. The prefent Miniilry were then approaching gradually to- wards that Power they foon after attained ; and it is fuppofed had then enough to prevent their Ad- verfaries acquiring any Glory, or making the French feel the Effects of their Superiority j tho* the King of Sardinia was then firmly engaged, and the King of PruJJia on the Point of joining in the Alliance, which would naturally have fol- lowed, if a ftrong Pufh had been then permitted to have been made ; and the Houfe of Auflria been indemnified in the Low Countries for what it had ceded in Germany^ which feems to have been the View of the Parties interefted. But this Plan was efFedlually baffled by the Inadivity of .the Allies, and as was expe(5led, vaniflied into , Air, on' the French having Time given them to . bring a fuperior Army into the Field ; io that by this Step, only we loft the Aid of PruJJia j and ^ infteai of a(ft;ng offenfively for the future with . the Change of the Miniftry, the Tables were turned upon usj and we had the Misfortune to fee ourfelves unable to keep our own Ground, and the Enemy taking Town after Town without Interruption. The whole Face of Affairs thus changing on the Continent^ it would have been well that we could have had an immediate Peace : But though the Scene was quite changed, and no Hopes of Succefs, yet as the new Miniflry came .1 - i^ U5 ) _ in on the Promife of continuing the War, continued it rnuft now be under all Difadvan' tages J this naturally turned our Eyes another Way, we had fome Hopes of better Succefs in Italy ^ but more in the Superiority of our Navyy The iirll anfwered better than could have been? well expeded, the laft much worfe than we conceived could poffibly have happened. In a word, the Allies drove the Enemy out of Italy ^ and poiTeffedthemfelves of Genoa^ but our Fleet, it is well known, did nothing more than keep the Sea ; and the Enemy the next Campaign in fome Meafure recovering their Ground again by a ^ ftrange Negligence of our Allies at Genoa and ' elfe where ; and at the fame Time gaining upon us in the how Countries^ the Miniftry had doubt- lefs very warmRefledions to encounter with, how to get out of this odd conduced War with any • Appearance of Addrefs. They had nothing left 'but to fpirit up the Navy, before almoft dormant, and to fuffer \S\t Americam toprofecute a Scheme which will be to their eternal Honour. They proposed, and under various Difcouragements, efFeded the Conqueft of Cape Breton ; and how much farther they were willing to go, and would have gone, if they had been fuitably aided and permitted, regards a future Confideration. The Miniftry had now got fomething in hand to make Peace with j and it only remained to ad as vi- goroufly as poffible by Sea, to counterbalance the Enemy's Acquifitions in the how Countries \ but yet not to do too much, left the People oiB^ng- /^Wfhould take it into their Heads, that they (26 ) bad more in their Hands than an Equivalent for the Enemy's Acquifitions -, and fo prevent the defired Peace, by infilling on the retaining of Cape Breton. Thus for the future the War went on, as it were, hand in hand ; and the French lofmg as much by the Interruption of their Trade as they got by their Conquefis, it remained only to fee who could hold out longeil, or in other Words, v^rhich had the moft Money to fpend. The French plainly faw the Difadvantage of this Way of going on j but the Fnglijh had different Thoughts of the Matter, and were not yet run out enough to make them think Cape Breton a proper Equivalent for a Peace ; they rather hoped to have been poffefled of Canada^ and to have excluded the French for ever out of North Ame- rica ', and were foothed by the Miniiiry with Hopes of being ibccefsful, when, in Fadt, no- thing like it was ever intended. However, a Fleet was fitted out feemingly for that Purpofe, which after loitering in our own Ports for fome Time, was fent upon an Expedition as fruitlefs as ill conduded. It was plainly never intended tofuc- ceed, whether we confider the Perfon appointed to command it, or the Seafon of the Year. The Seafon proved kind beyond Expedation, fo that it unluckily fell to the Commander's Share to carefully do nothing ; which Part he executed with a Judgment and Addrefs, which, I think, nothing but particular Orders could have infpired him with. The taking of Fort L'Orient would have been almoft as bad as the Conqueft of Ca- nada J and either put a Remora to the Peace in Embrioa ( 27 ) Embiio, not eafily removed. It ilill remained a Difficulty how to bring it about, becaufe there was a Perfon of fome Confequence, who had the War at Heart, to bring into their Meafures as well as the People ; and their very Exiflence as a Miniftry depended on their not difobliging, or putting too great a Force on that Perfon's Incli- nations, any more than on thofe of the People j both were to be managed on fimilar Principles, therefore a Scheme was formed to frighten them both out of the War j and this fuch a Scheme, as Machia-'cel or Richelieu I conceive would never have dreamed of : This was to run the Nation fo deeply in Debt, as that they (liould not be able to raife the neceffafy Supplies j concluding very rightly, that when the People had no more Money to fpend, they would eaiily confent to a Peace, on any Terms that had a fpecious Ap- pearance : And that however warm a particular Perfon might be on the other Sjdaof the Queflion, he muft be fatisfied when the current Supplies could not be raifed. Within this Circle lay ano- ther Scheme, and as finely fpun as the former, and equally conducive to the main End. This was the concerting of the Whole with thofe we feemed to be engaged againft j and with their Aid giving the Dutch a new Governor, which plea- ding Circumftance alone, in the Eye of fome People, balanced all our Expences ; and when we had gained that Point, and feemingly no more Money to fpend, all muft be pleafed with a Peace; without fo much as once recoUediing with what Ardour the keeping of Cape Breton was ( 28 ) not long before efpoufed. It was a Matter of fome Curiofity to obferve how whimlically this Notion of wanting Money for the current Sup- plies was contrived to be taken for granted, and univerfally credited, though not one Tittle of Truth in it. In a word, Subfcriptions were dif- pofed to thofe in general, who were rather in a Condition to borrow than lend -, and becaufe they could not make good their Engagements,' it was fairly concluded, and as generally believed, that there was not Money enough in the Nation to do it with. Thus by a Courfe of Politicks fu- perior to any preceding Ages were ever ac- quainted with, was a War carried on, and a Peace concluded ; every Part thereof in Contra- diction to the Judgment of all Ranks and De- grees of People ; managed on the Opinion of one or very few adhering, and yet at laft fo happily fuccefsful, as to be completed to the Satisfadion of all ; at only the poor Expence of little lefs than fifty Millions Sterling, and on T-er-ms ^fo advantageous, ascan only befhewn, by carefully confidering them as they now come in due Order before us. In order to enquire properly into the Recti- tude of the prefent Peace, we muft confider ge- nerally, as well as particularly, on what Princi- ples the Welfare of Nations are founded j as thereby only we (hall be able to form a fair Judgment, how far our Publick Conduct has merited Approbation . The Interefls of a State or Community, like thofe of private Perfons, are iubjeCt ( 29 ) fubjed; to great Variety of Opinions ; but there is a certain Bafis, whereon I think it is univer- fally agreed, that the Interefls of a Nation are conftruded. This is what fome call Reputation, fome Honour ; they both mean the fame Thing, and therefore alike anfwer the great End of Go- vernment, which is to make the Sovereign re- vered, and the People refped:ed. Venice^ which heretofore the moft powerful Crowns courted, being funk in Reputation, is regarded no more. This is not owing to that City's being weaken- ed in her inherent Strength, but to the want of properly exerting that Power, which her Cir- cumflances and Situation are capable of furnifh- ing: Perhaps owing to the like Reafons of State, as recently made the Dutch fo backward in act- ing up to their ufual Chara(^er in Publick Mat- ters y as being more attentive to what refped:ed the Interefts of Individuals in Power, than to what concerned the Glory of the whole, which the Romans called Publick Virtue. In other Par- ticulars, the Honour of a Nation depends more upon judging what Meafures to purfue, and the timing of our Actions feafonably, than in per- forming great Exploits at random, or, as it were, being Victors by Accident. This is capable of being illuftrated by a Variety of Inftances, occur- ing both in ancient and modern Hiftory, and whereof our own furnifh a fufficient Stock. As it has appeared, that fome of our Princes have made Europe tremble, by only a Reputation of their Capacity, as well as thofe who carried their Arms into the Heart of an Enemy's Coun- try : ( 30 ) try : And our Reputation, at this Time, of hav- ing Mifiorcd and Gibraltar in Pofl'effion, governs more the Councils of the Barbary Common- wealths, and commands their Friend (hip on eafier Terms, than could be had by the (ingle Credit of our being a Maritime Power, or in other Refpedis a great and powerful Nation. We were naturally as powerful a Nation af- ter the Reftoration, as before j nay, one would have thought much more fo, as the A(fed:ions of the People were better conciliated, yet the direct contrary appeared. As the neighbouring Courts, who were extreme complaifant to the Protedor, altered their Manner of Condu(5l very remarkably in refped to the King, which I find others before, as well as myfelf, have con(idered ; as owino; to the Difference between the Attention of Rulers to Publick Affairs, and the Welfare of thofe they govern ; and that of merely regarding their own private Jntereft, how to raife their Fa- milies, on the Ruin of the People, which a cer- tain Italian Author of the la ft Century has thus explained " Sic qui hodie Politici vocantur, & ** propria Commoda prsfentefque Utilitatis (ibi " tanquam ultimum finem conftituunt, caufam " quam vocant flatus in Capite omnium po- *' nunt ; pro ipfe tuenda, promovenda ampli- *' anda nihil non facienda putant ; fi injuria " proximo irroganda, fi Juftitiae honeftatifqu« *' leges fubvertands, (i religio ipfe pefTundanda, " fi denique omnia Jure Divina & humana vio- " landa, nihil intentatum, 'nil per fas nefafque *' relinquendum cenfent 5 cunda ruant, omnia ** pereant, ( 3' ) ** pereant, nihil ad ipfos, modo id, quod e re fua *' efTe fibi perfuadent obtineant, ac li nullus fit " qui talia cuiet, caftigavere poffit Deus 3" which reduced into a (liort Compafs is, That modern Governors feek fimpiy their own private Advan- tage, and make a Jeft of Publick Virtue, and the Honour of a Nation. This, however Avarice may blind the venal Courtier, is not a Phantom of the Imagination. The Honour of a State being one of thofe de- licate Points in Government, which great Geni- us's carefully attend to 3 it is the very Soul of Power, and whereof Fleets and Armies are only the Apparatus. Crofnwel's fuppofed Power in- fluenced Frafice and Spain, as much as Marl- borough'^ Vidories. All Europe attended his Nod ; nor durft the pitiful Canton of Friburg, in his Days, have given a like Anfwer, as has appeared to a late Memorial. The Truth is, that though Reputation is fupported by Power, yet is it creat- ed by Judgment, Steadinefs, and Refolution. For when it is once known that the Councils of a Prince, or State, are founded on Wifdom and Juftice J that nothing is demanded of a Neigh- bour but v/hat is li:ri(5lly Right, and fuch De- mand followed by an abfolute Refolve to be gra- tified ; and there is a Power apparent to carry fuch Refolve into Execution, almoft any Thing may be procured, that the Intereft of a Nation re- quires. Cromwel'm this purfued the Maxims of Elizabeth : If the Trade of her Subjeds were in- terrupted, flie made one plain Demand on the AggrefTor; and that not immediately complied 3 with. (32.) ^Ith, Letters of Marque were prefcntly granted to indemnify the Injured. On the fame Plan a£jo yi sqj 'Bi-J ^■'•^ ■'°-^ papnpui SI iqaQ siqq uj -jj ".V siqmouoHJTiS! j^^^o,^^ uo s« 'spuBH Iqj §ai:^9np3p ODUsqM ui04j 9qj 0} siunoiUH l^joj^ sqj^ oiAjag pi'Bj sqj oj Sun^pi O SJ3U0JIJJ JOJ puB 's5ao^ Bp\[ siq uiOJj sjoqs uo jsj JO 3Jn3 puB sJ3jJBn^ 3q} JOJ 311(1 ..TZ-ininnTTnTT lIlSlM A STATE of the NATIONAL DEBT, Provided or unprovided for by Parliament, as it ftood on the 31ft of December, 1746, and on the 31ft of December, 174.7. EXCHEQUER. I Amount of the Na- I tional Debt, on the Haof December, I y^. ANNLTI'IES for long Terms, being the Kemainder of the Original Sum contributed, unfubfcribed to the Sotith Sea Company . ^ — for Lives, with the Benefit of Survi»orihip, being the Original Sum contributed * ■■ —1 i- ' for two and three Lives, being the Sum remainiHg after wJwt is fallen in by Deaths ■■''—'■ • — ■■ »*.- . on the Plate Aft, 6 George 1. Regis ■ . — for A't^iV and St. Chrijiopbtr^i pcbenturcs, at Three per Cent, fer Jnnitm ^-— _ 1 — ^. — . — ■ at three Pounds ten Shillings per Cent, per Annum^ Atmo 173 1 ■ ■ ■ ■ ■ 1 - . — — ■■ ■ ■■ at three Pounds ten Shillings per Ctnt. per Anmm^ Anno 1736, charged on the Sinking Fund p ■ ■ . « — . -i. ... at three Foands per Cent, per Annum, Anno 1738, charged on ditto 1 ■■ Salt fartlier continued, • 00 ditto farther continued, 1741 i745 £tt(he^tier Bills made out for IntereA of Old Bills ■- ■ ■ -■■,,.. ^_ 1 ■ . - — Note, The Land Tax, and Duties on Malt, being Annual Grants, are not charged in this Account, nor the i,«oo,ooo/. charged ou the Dedufti- on of Sixpence per Pound on Penfions, the Sum of 500,000 /. borrowed on the Credit of the Supplies, An»9 1748, as the fame is to be paid out of the faid Supplies. EASl" TNDlji icmi'er,i 3,?oo,ooo . — — 500,000 — — 4,QOOrOOO — 499,600 — -»■ 1,750,000 — — 1,250.000 — — 600,000 — 800,000 — — 1,800,000 — — I .Soo.ooo — — 2,000,000 — — 3,000,000 — — 986,800 — — 4.400,000 — — 27,301.203 5 6i An Eftimateof the Debt of his Majefty's Navy, on the Heads hereafter mentioned, asitA)od on the 31ft of December^ ^747- f leads of the Naval EAimates. Wear ani Tear ordinary^ and Tranfports. DTE To pay off anJ diTcharge a!l Bills regiflered on t!ie Coarfe of the Navy for Store-:, Freight of Tranfports, f f. lupplied for the Scrvica thereof —— !■ To pay off and dilcharge BiHr,- -regiftCTcd on the faid Courfe for Premiums, allowed t^ Act of Parli-iment al Stores For Freight of Tranfports and Tenders, and -for Stores ddivercd into his Majelly's feveral Vardi, i^e. ior which no Bills were made out- on che aforefaid giU of Dfcfmiir, 1747 : as ajfo -to-ievcral Bills of Ex- change — ■■ I ■ ■ I To his Majefty's Vards arid Rope Yards, for the Ordi- nary and Extraordinary — ■ „i For Half Pay to Sea Officers, according to an Ejtablifh- ment made by his late Majefty in Council ori Behalf _ Seamens Wages. DUE To pay the Men, i^c unpaid on the Books of Ships pai off . To Ships in Sea Pay, on the abovefaid 3 ift Decf/fii>er,ij^y To difcharge and pay off all the Bills, entered in Courfe for Pilotage, Surgeons, Neceffaries, Bounties to Wi- dows and Orphans of Men flain at Sea, ijfc. ■■ ■ ■■ Viftualling Debt, as 6y Eftimate received from thoje Commijwners, viz* DUE For fliort Allowance to the Companies of his Majefly's Ships in Pay, and whicfi have been paid off- For paying off all the Bills entered on their Courfe — For ProviJions delivered, and Services performed, for which no Bills were made out on the aforefaid 31ft of n i._ I y Neceffary Money, Bills of For Neccffary Money, e. Exchange and Contingi To the Officers, Workmen aiid Labourer; a: the {eveni Pons — employed Sick and Wounded, the Debt of that Office, as by E/limate received from thofe Commiffioners, viz.' DUE For the Quarters and Cure of fick and wounded Seamen, fet on Shore from his Majclly's Ships at the feveral Pons, and for Prifoneri of War, and Contineencies relating to the faid Service — The Total From wher ■Hands, i : deducing the Money in the Treafur< on the other Side ___^____ "•""The Debt will then be - \ l!"?i^' " '"''"''"^ for Freight of Tranfports between the III ofjauimry, 1746, and the 31ft of Dtimbtr, 1747 _ ADd itappears by an Account received from the Commiffioners of the Viaualling, that the Expence of Viauals fupplied the Soldier* between the ,ft oijmman, 1746, and the ,.« of Dmmtcr, 1747, amounts to 1_ The Parliiment having voted the Sum of 1 35,434 /. , ,. 6 d. to- Th h''"W"» '""'"" of TranYpo"! th'e fame I (o be deifucied. 1 he Neat Debt of the Navy it - Particu lars. i;;o7.698 18 f + Total. '70.470 436.538 1,408,883 — 20970 658,631 18,913 8 91,496 148,400 19 2 2,820,271 14 _J ;, 801,623 328,249 14 3 16 9i '35.434 7 6 MEMOBA^f»uM. There was remaining in the Hands of tlie late and prefent Treafurers of the Nary on the jift nf DebT o? the'^^a'y. ^"'^ "" undermentioned, and may be reclconed towards fatUf^ing the aforefaid trx what Treafurers t^nds. Executors of ^homoi Cluturiuck Executrix of Sir Charia JVager. mmam Corbet, Ef^j fttght Honoursble Sir John Rujhoul, Bart. Ditto towards the Debt for fick and wounded Seamen Rlght'HOnourable r In Money Gtsrge DaMneltn, 3 Ditto towards the Debt for fick and wounded Seamen S.337.939 9 3i )refent Treafurers of the Navy, on the 31ft of may be reckoned towards fatisfying the aforefaid .-^1 iii^i 'n the Heads of eamens Wages. /. s. d. /. /. d. /. s. ^. I 719 II 6 8i 152 8 "41 > - 3.S45 1 »3 7 628 17 3I 513 ? 6 6,173 4 6 264 1 1 7 Total. Viftuals. 37 17 'i 3>3n »3 « I 8 } 10,411 8 6| fln -? Si. 12-7/^ irt 8. I^PR UNIVERSITY OF CALIFORNIA AT LOS ANGELES THE UNIVERSITY LIBRARY This book is DUE on the last date stamped below 6 195^ 'UL2 4 1985 Form L-B 20m-l,' 11(1122) H J 1013 The state of lati^r f\ w \ ■■'": ""