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 Robert EL. Gross 
 Colleftion 
 
 A Memorial to the Founder 
 of the 
 
 Business Administration Library 
 Los Angeles
 
 CONSIDERATIONS 
 
 ON THE 
 
 PRESENT STATE 
 
 O P 
 
 PUBLIC AFFAIRS, 
 
 AND 
 
 THE MEANS OF RAISING 
 THE NECESSARY SUPPLIES. 
 
 BY 
 
 WILLIAM PULTENEY, Es<i, 
 
 LONDON 
 
 Printed for J. DODSLEY in PallmaLL 
 AND T. CAD ELL IN THE Strand. 
 M DCC LXXIX,
 
 CONSIDERATIONS 
 
 ON THE 
 
 PRESENT STATE 
 
 b F 
 
 PUBLIC AFFAIRS, &c. 
 
 ITooK the liberty, laft year, to lay before 
 the Public, the fentiments which then pre- 
 fcnted themfelves to my mind, with refpedl tp 
 our American affairs. 
 
 A very new lituation has fmce occurred, and 
 however unequal I may think myfelf to the tafk 
 of giving any information, or of fuggefting any 
 ideas, upon a fubjedl, which muft have exercifed 
 the anxious thoughts, of the ableft men in the king- 
 dom, yet, in a crifis of fo much importance, and 
 even danger, I fhould think myfelf blameablc, 
 if I did not attempt to (late my opinion, however 
 infignificant, left, by with-holding it, I Ihould 
 feem unwilling to contribute every thing in my 
 power, to the public fervice. 
 
 B As
 
 [ 2 1 
 
 As I aim at no objeft but the public profpe- 
 rity, and mean not to ferve the intereiled views of 
 any party whatfoever, my fentiments will probably 
 give no fatisfadion, to the zealous partizans of 
 that defcription, in whatever clafs they may happen 
 to be ranged •, but if any thing which has occurred 
 to me, fhall meet with the approbation of thofe, 
 who are elevated above llich limited views, the 
 purpofes of this Publication will be fully an- 
 fwered. 
 
 It has always appeared to me, that the great 
 load of our Public Debt was a millftone, which, 
 fooner or later, would endanger almofl the exift- 
 ence of this Kingdom. I thought fo at the laft 
 Peace, and I faw with indignation the alarming ad- 
 dition, Tvhich was then made, to our ordinary 
 expences, commonly called our Peace EJiabliJh- 
 ment. That meafure excited, however, no re- 
 markable difguft in the Nation at large, for man- 
 kind in general, as well as Princes, have undoubt- 
 edly a predilection to large eftabliOiments ; and 
 as the additional expence was defrayed out of the 
 Sinking Fund, without any new Tax, that deftruc- 
 tive meafure, pafTed at the time, almoft without 
 obfervation or cenfure. 
 
 We have lived long enough, however, to expe- 
 rience the confequences of our folly, if not to 
 repent of it; and I have great reafon to fpeak 
 confidently, when I fay, that the enormous amount 
 of our national Debt, has been one of the chief 
 caufes of the American refiftance, and has, above 
 ftll other things, encouraged France to engage in 
 
 the
 
 [ 3 3 
 
 the prefent conteft ; and not only has it encouraged 
 our enemies, and depreffed our own minds, but 
 the taxes upon many of the neceflaries of life, 
 which it has occafioned, have cramped the induflry 
 of our people, and have thereby diminifhed our 
 power, as well as our importance. 
 
 As the very meritorious condud of this country, 
 in giving up the claim of Taxation, and fending 
 out Commiflioners to treat, on the molt liberal 
 footing, with America, has failed offuccefsj and 
 as the Congrefs is underflood to have entered into 
 a treaty, offenfive and defenfive, with our natural 
 enemy, no option feems now to be left us, but 
 either to proceed with the utmoft vigour, in pro- 
 fecuting the war, or to fubmit, not only to the 
 claim of American Independence, but to fuch 
 further conditions of peace, as France and the 
 Congrefs may think proper to impofe •, for it is 
 not to be imagined, that France, if we were 
 ready to yield, would demand nothing for her- 
 felf-, or that the Congrefs would, in fuch a cafe, 
 either difunite themfclves from France, or be con- 
 tented with the fimple acknowledgment of Inde- 
 pendence: — Befides, it would be difhonourable in 
 the higheft degree, upon our parts, to defert, 
 unconditionally, thofe friends in America, who, 
 from a fenfe of duty and allegiance, have hitherto 
 Hood firmly by us, at the hazard of their lives and 
 fortunes. 
 
 But even if thefe points could, by a timid fub- 
 
 miffion, be obtained, as I believe they could not, 
 
 yet it behoves us to look forward, to the confe- 
 
 B 2 quences,
 
 [ 4 3 
 
 quences, of American independence, founded on 
 the interpofition of the French nation, and in 
 what manner our future fecurity, is confident, with 
 a connexion fo formed and fupported. 
 
 That the proceeding of this Country, in pafilng 
 the Conciliatory Bills, was wile and jufl, I am ftill 
 mofl fully convinced ; and I am alfo perfuaded, 
 that, notwithftanding the rejedion of our terms 
 by the Congrefs, thefe Bills, and the Commifiion 
 which accompanied them, have been already at- 
 tended with very important efFedts ; for, befides 
 having united, as I flatter myfelf they have done, 
 almoft every impartial man in this country, in the 
 common caufe, there is reafon to believe, that, 
 by removing every fair and honourable ground of 
 union, they have, as might well be expe(5led, 
 greatly divided the Americans, and they have 
 effentially diminifhed, the refped formerly paid 
 to the Continental Congrefs, by bringing to light 
 the real views, of that body of men. 
 
 Nothing, to be fure, could be more unfortu- 
 nate, than the moment at which our Commif- 
 fioners arrived in America; at a time when the 
 news of a French treaty, haftily concluded to dif- 
 appoint us, had arrived before them ; accompanied 
 with the promife of a French fleet of great force, 
 which foon after did arrive ; and when at the fame 
 time, as if to complete the appearances of our hu- 
 miliation, the orders for evacuating Philadelphia, 
 and leaving our numerous friends there, expofed 
 to- their inveterate enemies, were publicly known. 
 
 It
 
 [ 5 1 
 
 It is in vain for us, however, to look back, 
 except for the purpofe of punifhing thofe whofe 
 mifconducl may have tieferved it ; and that mea- 
 fure, 1 hope and truft will be ileadily purfued ^ 
 but it is of the laft confequence, that we fhould 
 look forward, in this very new and important 
 crifis. 
 
 In the prefent fituation of our affairs, thofe, 
 who are fufficiently detached from party-connec- 
 tions, and are influenced by nootl^er motive, than 
 that intereft, which all men have in the public 
 profperity, are naturally led to confider, whether 
 the objed we are now contending for, by the 
 war, deferves to be purfued •, and if it does, 
 whether or not it be attainable, and by what 
 means ? 
 
 The objedl now, I apprehend, is, to preferve 
 fuch a connexion with the Colonies in North 
 America, as to unite the force of the whole 
 empire, in time of war, for the common fafety j fo 
 that no one part may be thrown into the fcale of a 
 foreign enemy, to the prejudice of the other part. 
 
 This object, it is imagined, will be attained, if 
 the Colonies acknowledge the fame King, which 
 involves the power of peace and war, and the 
 rights of mutual naturalization and fuccefllon ; 
 and this point is at the fame time confident, with 
 the mod ample ideas, of a free conditution in 
 each of the Colonies, and even of a Congrei}, in 
 the nature of a general Parliament, to take care 
 of the general interefts of the whole, it is .per- 
 fedlly conliftent too, with the idea, of an exclu- 
 
 c
 
 r 6 ] 
 
 {ive power in the Colony AfTemblies, and Con- 
 grefs, to impofe taxes in that country, and of an 
 exclu live power, to vote the number of troops to 
 be kept up in their refpedive provinces, fimilar 
 to the control of the Britifli Parliament, upon 
 the Crown, with refped to troops in Great Bri- 
 tain ; flill more is it confifenr, with the idea, of 
 their enjoying a trade, almoft free from reftriflion, 
 not only to Great Britain, but to all parts of the 
 world. 
 
 It is difficult to imagine, what any reafonable 
 man in the Colonies can wi(h for more ; and if 
 Great Britain were willing, as I hope (he would 
 be, to give, befides, a fhare in the general govern- 
 ment of the Empire to thefe Colonies, by admit- 
 tino- reprefentatives from their refpedlive AfTem- 
 blies, to a feat in the Britifh Houfe of Commons *, 
 and a vote in all queftions (except as to taxes im- 
 pofed here) it would feem to place the Colonics in 
 the happiell fituation, that has ever fallen to the 
 lot of any body of people, fince the beginning of 
 time. They would, I apprehend, derive every pof- 
 fible advantage from fuch a connection, without any 
 one difadvantage which it is poQible to conceive. 
 
 The whole force of Great Britain, and of its 
 navy, would ferve to them as a protection and 
 fupport. The great expence of the civil govern- 
 ment here, would fall entirely upon us, and they 
 would be only obliged to defray the very mode- 
 rate expence, of their own internal governments. 
 
 * This point, concerning Reprefentation here, is of a de- 
 licate nature ; but under proper qualifications, I apprehend 
 it would be advantageous to both Countries. 
 
 Their
 
 [ 7 ] 
 
 Their trade would not only be free to this country, 
 but would have a natural preference' here, to that 
 pf other nations •, the large capitals of the mer- 
 chants of this country, would continue to fupport 
 and extend their agriculture and improvements of 
 every kind , and, free from the rifk of internal 
 difcords, or external annoyance, they would enjoy 
 every privilege, pre-eminence, and advantage of 
 Britiih fubjects. 
 
 On the other hand, every power of injury, or 
 cf oppreffion, from hence, would be at an end. 
 They would not truft to our virtue or good faith -, 
 for, by having the exclufive power of voting and 
 levying their own money, and of regulating the 
 number of their troops, the futufe government of 
 America would be carried on by the confent of 
 the people alone, and by the voice of the repre- 
 fentatives chofen by them. The power of voting 
 their ov/n money, and of regulating their military- 
 force, would involve a redrefs of every other pof- 
 fible grievance : it is precifely the control, which 
 the Britifh Parliament has in this country, over the 
 Crown, and for which our ancedors contended 
 fuccefsfullyjin the reign of Charles the Firft. The 
 removal of cuftom-houfc officers named by the 
 Crown, the fecurity of charters, the control over 
 judges and governors, which they fo much de- 
 fired •, in fhort, every point from which the leaft 
 jealoufy has ever arilbn, would naturally follow; 
 nor would the Americans have to dread their 
 being involved in the expence of our wars, fince 
 
 it
 
 [ 8 ] 
 
 it would be in their own power, to refufe Co con- 
 tribute to that expence. 
 
 What then would the Colonies lofe by giving 
 np their claim of Independency ? They would 
 give up the power, indeed, of fending AmbafTa- 
 dors to the Court of France, to contrive there, the 
 means of humbling and v/eakening, the Mother- 
 country, and of exalting the power, of the com- 
 mon enemy of Europe. But they would cer- 
 tainly be expofed, to the ri(k of having their Af- 
 femblies managed, by the intrigues and money of 
 that artful people, and of having the manners of 
 that country, imperceptibly introduced amongft 
 them. They would be expofed, too, to thofe dif- 
 fentions and civil wars, which their new, and, I 
 think, very defedlive conftitutions of government, 
 in an extenfive continent, would certainly intro- 
 duce ; and they would foon feel, the enormous 
 expence, which by degrees would be entailed upon 
 them, by their new fituation. 
 
 The body of the people in that country, were 
 made to believe, that, by their new conftitutions, 
 the power would be placed in their hands \ be- 
 caufe every perfon, it was faid, in any truft or 
 authority, was to be chofen, direflly or indiredly, 
 by them: but they have already feen, that by 
 laws made by their own Reprefentatives, the right 
 of voting can be altered and reftrained, fo as to 
 model the eledions, according to the will of their 
 prefent Rulers ; and when to this infringement of 
 their conftitutions, the efFe6ts of French money, 
 
 ftiall
 
 t 9 J 
 
 111 all come to be added, the power of the people* 
 will foon be found to be nothing but a phantom. 
 
 " America," we are told, by the Congrefs, 
 *' is now ftationed amongft the Powers of the 
 *' Earth, and is clothed in robes of fovereignty *." 
 But was flie not heretofore numbered amongft the 
 Powers of the Earth, before fhe declared herfelf 
 independent, and before the claim of taxation had 
 been fet up by this country ? Is not Yorkfhire 
 one of the Powers of the Earth ? is not Wales ? 
 is not Scotland ? is not Ireland ? and fo much the 
 more refpedtable, that they are united under the 
 general denomination of the Eritidi State. — Does 
 it exclude a people from being one of the Powers 
 of the Earth, if they make a part of an empire, 
 in which other people are included with them ? If 
 fo, then each of the Thirteen Provinces, are no 
 longer Powers of the Earth, becaufe they make a 
 part only of the general confederacy. Each Ame- 
 rican State, mult upon that principle, be an in- 
 dependent power, in order to be flationed amongd 
 the Powers of the Earth ; each diftrid, each vil- 
 lage, nay each individual. — But the nature of fo- 
 ciety requires, ,that great bodies of men, fhould 
 unite together, under one fyflem of government, 
 and each individual, each village, each diftrid, 
 then partakes, of the dignity of the v/hole. Ame- 
 rica did, and America would flill, partake of the 
 robes of fovereignty belonging to the Britiih Em- 
 pire, each individual being intitled to equal pri- 
 
 * See the Congrefs Account, nth Auguft, 1778, of the 
 4C!ercmonial at receiving the French Ambaffador. 
 
 C vileges,
 
 [ 10 1 
 
 vileges, and all parts concurring for the general 
 profperity. 
 
 It is true, the Members of the Congrefs, would 
 not, in that cafe, exercife all the rights of fove- 
 reignty, though they would ftill exercife im- 
 portant ones ; and there the difficulty, I prefume, 
 hinges. ^he)\ would not have the pride, of mak- 
 ing bows and reverences, to an Ambafiador of 
 Prance. But will the people of America enjoy 
 more happinefs or more dignity, under the fo- 
 vereignty of a Congrefs, allied to France, than 
 under the fovercignty, of the limited Monarch of 
 Great Britain, on the terms now propofed, and 
 conftituting a part, and a molt refpedable pare, 
 of the Britifh Empire ? 
 
 Aftuated by fuch motives, it is no wonder that 
 the Congrefs, are not ready to admit, that the 
 concefTions of this country, have made any change 
 in the conteft. It is no wonder that they hold it 
 Hill, to be the duty of the people of America, to 
 throw off their allegiance, and to renounce their 
 connexion with Britain, though, to accomplirti it, 
 they muft involve their country in a dangerous 
 connefbicn with France. It is no wonder, that 
 they make ufe of the ilale trick, of reprcfenting 
 this country, as unfit to be trufted, and that a 
 great and magnanimous people, are capable of 
 afling towards them, in this cafe, with the mean 
 artifice of a petty tyrant, in a barbarous age. 
 • But the Congrefs know, that ih^ quefiion is not 
 novv% whether America fhall fubirfit, to an arbi- 
 trary government, to be exercifed by the King 
 s and
 
 t II ] 
 
 and Parliament here, without being put upon an 
 equal footing with every other fubjed of the em- 
 pire. They know, that the control propofed to 
 be given to the Colony Afiemblies and Congrefs, 
 is fitted to anfwer every purpofe of freedom. 
 
 If danger to liberty were Hill to be apprehended^ 
 I confefs, it would admit of an argument, whether 
 the dangerous connedtion with France, ought npt 
 to be rifked^ as an option between two evils. 
 But it would be as reafonable, for Scotland or Ire- 
 land, to prefer a fimilar connection with France, as 
 it would now be for America. 
 
 If the connection with Great Britain, is fo de- 
 tcftable, and of fo little value, I would afk, in 
 what light the Americans would have viewed that 
 connection, if the King's refidence had been in 
 America, inftead of England ? Would America, 
 in that cafe, have thought it advantageous to dif- 
 member itfelf from Britain ? If not, why fhould 
 it be advantageous now ? for it were eafy to fhew, 
 that it is advantageous for America, as well as 
 Britain, that the refidence of government, fhould 
 be placed, on the frontier neareft to France. 
 
 The renouncing Great Britain, therefore, upon 
 the terms now propoftd, feems to me, to be the re- 
 nouncing of that, which ought to be, to America, 
 the object of the mod earned wifhes, that it is to 
 renounce their birthright, for a mere phantom, and 
 to throw away the moft precious jewel, to grafp 
 with eao;ernefs a worthlefs Hone. 
 
 Are there no ties which bind mankind in foci- 
 
 ©ty ? If it was juftifiable, on the part of the Colo- 
 
 C 2 nics.
 
 [ 12 ] 
 
 nies, under all the circumftanccs of the cafe, to 
 refift the former pretenfions of this Country, by- 
 arms, yet is it juftifiabie now, after every point 
 which can be favourable to liberty is conceded, 
 to perfift in that refiftance ? And upon what prin- 
 ciple, either of lav/, morality, or religion, can fuch a 
 refiftance be now defended ? Doe:; a Government, 
 by once claiming any point, which freedom cannot 
 yield, immediately forfeit, for ever, ail the rights 
 which bind fociety together, and that thefe rights 
 can never revive by the moft ample concefiions or 
 atonement r If the point in difpute, is of a doubt- 
 ful nature, fo much fo, as to divide in opinion, fome 
 of the ableft and moft impartial men on both 
 fides, does the infifting for a time, upon fuch a, 
 point, in like manner, forfeir, for ever, all the ori- 
 ginal bonds of union and allegiance ? 
 
 It may be afked, what will remain to Great Bri- 
 tain, afcer fo much is conceded to the Colonies ? 
 If all power of keeping troops in America, is taken 
 from the Crown, authority, it may be faid, will 
 be at an end, and the Americans will, in fad, be 
 independent, without the name ^ with this mani- 
 feft difadvaiatage to Great Britain, that we muft be 
 involved in their quarrels, as much, as heretofore,, 
 without deriving any benefit, from the connexion, 
 cither in the way of exclufive trade, or of taxation. 
 
 This objedion is of a very ferious nature; and 
 if it be well founded, we can have no motive for 
 continuing the war, except that of reducing the 
 power of France, and ought to get out of it, as 
 f^^ft as we can. 
 
 But
 
 [ 13 1 
 
 But I conceive, that the fituation of Great Bri- 
 tain, upon the footing of the propofed connedlion 
 with the colonies, would be fuch, as we ought to 
 defire, and would perhaps be better for both coun- 
 tries, our new debt excepted, than the boafted 
 fituation before the commencement of the prefent 
 conteft. By this fort of connexion, every fource of 
 jealoufy would for ever be removed, the people 
 of America, would be free from every apprehen- 
 fion of danger to liberty, their natural afFedion 
 for a people, from whom they are fprung, pof- 
 feiTing the fame manners, language, religion, and 
 laws, and having the fame common intered, would 
 certainly return. The connexion arifing from our 
 having the fame King, would unite us in the fame 
 views ; there would be no occafion for fadion or 
 intrigue to preferve that connexion, for it would 
 be impoiTible for either party, to wifh any improve- 
 ment upon it, — We fliould be relieved, from the 
 great expence, which attended the keeping troops 
 in that country, a meafure v/hich could only be ne- 
 cefTary, to enforce a government, which the great 
 body of the people difliked ; all the expence of their 
 civil government, would be defrayed by the Ameri- 
 cans themfelves, and the profperity of America, 
 would be more than ever, the intereft and the wifii 
 of this country. Her ports would be open to us* 
 and in time of war, would be open to us alone, at 
 leaft not to our declared enemies. 
 
 On the other hand, if America is declared in- 
 dependent, or if by withdrav/ing our troops, be- 
 fore a fair arrangement is made, fhe fliall become 
 
 independent.
 
 t U ] 
 
 independent, will fhe not continue to aid France 
 in the prefent war, and is it not mod probable, 
 that fne will be thrown irretrievably into the fcale 
 of France? an alarming circumftance for ail Eu- 
 rope, and particularly alarming for Great Britain, 
 Holland, and Spain. — Can we, in that cafe, long 
 preferve Canada, Nova Scotia, the fidieries of 
 Newfoundland, or either of the Floridas? Can 
 we preferve our Wed- India iilands, and if we were 
 ready to give up the whole of thefe, as in that cafe 
 perhaps in wifdom v/e ought *, can we preferve 
 the Eaft-Indies, or the Guinea trade J If thefe toQ 
 
 * The maintaining diflant pofleiTions, by a {Irong mill, 
 fary force, in the face of a powerful enemy, where thefe pof- 
 feflions, do not yield a revenue, fufficient to defray the ex^ 
 pence, muft end in the ruin of every country. The Spanifh 
 monarchy, was not perhaps fo much debilitated, by the lofi 
 of the Seven United Provinces, as by the expence of main- 
 tainin-i- thofe v/hich adhered to her. Our remaining territo, 
 lies in North America, could not be maintained, without a 
 great force, any more than Newfoundland : and with relpedt 
 to our Well-India Iflands, we could not bring home the pro- 
 duce in time of war, if An^erica, poffefTed of a naval force, 
 took part againft us ; becaufe the winds and currents, oblige 
 •ur veliels, particularly thofe from Jamaica, now that Cap« 
 Nicholas Mole is fortified, in returning from the Weft-India 
 I/lands, to run along the American coaft ; and as the iflands 
 ihemfelves could at any time be attacked from America, be-. 
 fore we could kr.ow of it here, we fliould be obliged to wafte. 
 our people, and exhauft our treafure^ by keeping, at al| 
 times, a great military, as well as naval force, in thofe un- 
 healthy climates, for their defence, with this new difadvan- 
 tage, that the materials for our navy, and the provifions for 
 the whole of cur force, muil in that cafe be fent from Eu- 
 rope. 
 
 muft
 
 t IS i 
 
 tnuft go, to what will Great Britain be feduced^ 
 or how long can fhe hope to preferve the empire 
 of the fea, or even to fupport herfelf as an inde- 
 pendent kingdom ? 
 
 If it be faid, that by acknowledging the Inde- 
 pendency of America, peace will be immediately 
 reftored, I would firfl: afk, whether peace ought to 
 be purchafed at fuch a price, leaving Ameriqa 
 united with France ? And I would again afk, upoa 
 what authority this fuppofition is founded ? The 
 Congrefs have not faid fo -, they have only offered, 
 if their Independency is acknowledged, or Our 
 troops withdrawn, to treat with us, upon fuch 
 terms as are confiftent with treaties, which they 
 have made, but v;hich they have not ventured to 
 difclofe. Have they not kept an account, of all 
 the damages fuftained by the war ? Have they not 
 avowed the purpofe of preferving fuch an account ? 
 And are we ready to pay for thefe damages ? Have 
 they given the leaft infinuation, that they will rer 
 nounce their French connetllion ? Has France de- 
 clared, that fhe will confenc to their renouncing 
 that connedion, or has flie declared chat fhe has 
 no demands to make, after the acknowledgment 
 jof Independence? I believe it is no fecret, that 
 France has fignified, what would be the lowefl: of 
 her demands, in fuch a cafe, and that they are 
 fufficiently humiliating. 
 
 If we are no:, therefore, ready to give up all, 
 tnuft we nor, in defence of what we may refufe to 
 give up, be necefTarily drawn into expehce and ex- 
 ertions, fiiTiilar to thofe, in which we are nov/ en- 
 gaged ? and would we not afterwards, have more 
 
 difficulty
 
 C i6 ] 
 
 difficulty than now, in defending ourfelves againft 
 thefe new pretenfions, when America, by the de- 
 claration of Independence, had become firmly 
 united againft us, by the forfeiture and deftrudion 
 of all our friends in that country ? And are we 
 not more able now, to maintain the conteft, when 
 in polTexTion of fuch important parts of North 
 America, and with fuch numbers of the inhabi- 
 tants, either already engaged in our caufe, or 
 wilhing to fupport it, befides the reafonable 
 profpe<5t we have, of a much greater accefTion of 
 the inhabitants of that Continent, fo foon as we 
 (hall convince them, by vigorous exertions, that 
 we are heartily in earned, and that we are nnal^ 
 terably determined, to make good our point? 
 
 If fuch mull be the neceffary confequences of 
 giving way to the claims of the Congrefs, little 
 doubt I think can remain, that the object of com- 
 pelling the difaffeded part of the Thirteen Colo- 
 nies, to embrace, that fair and honourable con- 
 neiflion, which is now held out to them, is not 
 only defirable, but efientially neceffary, to our 
 own exiftence, as an independent people. 
 
 Perfons of all ranks are interefted in this, and 
 however the heat of party, and former opinions, 
 may for a time deceive a part of this country, I 
 am convinced, that when they come to confider 
 attentively the train of confequences, which are 
 neceflarily connedled with this obje6l, they will 
 forget their animofity, and unite in the proper 
 meafures, forpreferving, from fuch imminent dan- 
 ger, the ftate to which they belong. 
 
 That
 
 [ 17 ] 
 
 That the objed is attainable, I am alfo mod 
 fully convinced; but not unlefs the adminiHration 
 of public affairs, is direded, by men of fortitude 
 and exertion, equal to the great occafion, by men, 
 who like Lord Chatham, are capable of feledling, 
 and refoiute in employing, the moft proper offi- 
 cers by fea and land, by men, who are not to 
 be deprefled or elated^ by every little change of 
 fortune -, whofe minds are not only capable of tak- 
 ing in the whole views of this great fubjeft, and 
 of deciding with wifdom and difpatch upon every 
 occurrence, but of profecuting with vigor, per- 
 feverance, and induftry, fuch plans, as, after full in- 
 formation, are found to be moft fit, and with fuch 
 frugality and ceconomy of the public money, as 
 may enable us to perfift in the conteft, as long as 
 (hall be neceffary. 
 
 Till the late offers of conciliation were made to 
 America, a great part of this kingdom, were 
 averfe to the war. The minifters themfelves, car- 
 ried it on with languor and reludtance, and the 
 officers of our fleets and armies, performed theif 
 duty, without that ardent zeal, which can alone 
 infure fuccefs. The generous temper of an Eng- 
 lilhman, could not be induced, to ad with full 
 vigour, in fupport of pretenfions, which certainly 
 would have tended, to reduce our fellow-fubjefls, 
 to a ftate unworthy of freemen. — On the other 
 hand, America was in general united, and few 
 were our friends there, at the bottom of their 
 hearts. — The conteft is now entirely changed. 
 The offers of Great Britain have been fuch, as be- 
 came a brave and generous nation, and have left 
 
 D nothing.
 
 [ .8 ] 
 
 nothing, in point of freedom, to be wiftied for, by 
 our fellow-fubjedts. The rejedlion of thefe offers 
 by the Congreis, has difpelled every doubt, in the 
 minds of impartial men, with refpedt to the juf- 
 tice of the war •, and the unnatural obje6t, of re- 
 ducing the power of Great Britain, avowed in the 
 treaty, made by the artful American deputies, 
 with the government of France, has roufed the 
 indignation of every generous Briton ; at the 
 lame time, that the great body of the people in 
 America, have now feen, the true objed of thofe, 
 who had till then, profefled the freedom of Ame- 
 rica, as the fole motive of their condudt. It now 
 appears, that, in fad, they had another and more 
 favourite motive, namely, their private ambi- 
 tion. The feverities they have of late been 
 obliged to exercife, upon the people of America, 
 are evident proofs, that now they govern by a fac- 
 tion, and not with the confent of the body of the 
 people, who plainly fee, that their fufferings are 
 difregarded, whilO: they ferve as the means, of 
 exalting and fupporting in authority, a few men, 
 who, by artful pretences, have raifed themfelves 
 into power and confequence. 
 
 In confidering this queilion therefore, how far, 
 the objeifl is attainable, we are not to fuppofe, 
 that we have now to contend, with the united pow- 
 er of America, but only with a pare of that peo- 
 ple ; a part indeed, who are in pofleflion of the 
 executive power, and have arms in their hands, 
 but who are not fupported, by the majority of 
 the people, either with refpcit to property or 
 numbers, 
 
 France,
 
 [ 19 ] 
 
 France, is no doubt to be added to the fcale 
 againft us ; but I do not conceive it pofnble, that 
 either Kciland or Spain, are to be numbered in 
 this conted amongft our enemies; becaufe, if it 
 is propofed on our part, to remove, as I think we 
 ought, ahmoft every obftrudion to the American 
 trade, with the reft of the world, neither of thefe 
 powers, can have any pofiible motive of intereft, 
 for fupporting American independence, but di- 
 reiflly the contrary, fmce it is evidently againft the 
 intereft of both thefe powers, to add America to 
 the fcale of France. 
 
 Neither can I fuppofe, that, in the prefent ftate 
 of the conteft, which certainly is, v/hether Ame- 
 rica fhall be thrown into the fcale of the moft 
 ambitious power in Europe, we can want al- 
 liances. At all events, if Spain fhould take part 
 with France, we could not fail, in fuch a cafe, to 
 derive the. moft efFedual affiftance, from thofe 
 maritime powers in the North, whofe evident in- 
 tereft it would be, to prevent the balance of naval 
 power, from preponderating in favour of France 
 and Spain. 
 
 If the objed be worth contending for, and can 
 hardly be purchafed at too high a price ; if it be 
 intimately connected v/ith our exiftence, as an in- 
 dependent nation -, and if it be attainable, not- 
 withftanding all that has hitherto befallen us, the 
 next queftion is, with refpedl to the means to be 
 employed. 
 
 I will not take upon me, to enter into an exa- 
 mination, of the proper military operations, either 
 by fea or land, which will require to be difcufted 
 P 2 by
 
 [ 20 ] 
 
 by an abler hand; all I fhall fay upon that fub^ 
 jedl is, that, without the moil unprejudiced and 
 unremitting attention, in the choice of our com- 
 manders in chief by fea and land, and without the 
 mod determined firmnefs, to enquire into, and to 
 punifh, mifcondudl of every kind, accompanied 
 with a noble eagernefs to reward diftinguilhed me- 
 rit, it will be in vain, after fo long a peace, to 
 exped thofe animated exertions, which, in former 
 times, have fo often diftinguiflied the Britiili na- 
 tion. 
 
 But fuppofing, every proper mcafure to be 
 adopted, both in the civil and military line, as 
 well as with refpedt to foreign alliances, another 
 mod interefting and important quellion remains; 
 Whether the refources of this nation, are dill fuf- 
 ficient, to fupport a war againft America, united 
 with France and Spain ? and whether there is any 
 probability, of raifing the annual fupplies, for 
 the length of time that may become neceflary ? 
 That it will not be fufRcient to raife thefe fupplies 
 for a year or two, is but too evident ; .we muft be 
 prepared to hold out for many years, and muft: 
 decidedly take our arrangements upon that foot- 
 ing, otherwife we may expe6l, that our enemies 
 will continue to perfevere in the conteft, from the 
 flattering hope, of our being foon exhaufted. 
 
 It is well known, that the French Minifters, as 
 well as the Americans, have derived their chief 
 hope of fuccefs, on this occafion, from the fituation 
 of our public debt, and from the expectation they 
 have formed, that, in a little time, our refources 
 
 of
 
 [ 2. 3 
 
 ot money will totally fail. They have even pub- 
 licly exprefTed this, to be the chief ground of 
 their expcdlation ; and they have entertained opi- 
 nions, upon the fubjeclofour finances, which, I 
 flatter myfelf, notwichfianding our mifmanage- 
 mcnt, are extremely ill founded. The imperfedt 
 attention, which, from 1762, was unfortunately 
 paid, during the twelve years of peace, to dimi- 
 nifh the public debt, and to improve our revenue, 
 and the unpardonable addition, which was made 
 to our Peace Eftahlifljment^ after the peace of 
 Paris, had \^ii us, to begin our conteft with Ame- 
 rica, under a grievous load ; and to that caufe, I 
 beg leave to repeat ic, and the wafteful condu6i: 
 of the prefent war, may chiefly be attributed, the 
 perfevering refiftance of North America. That 
 enormous wafte of national treafure, which has 
 been incurred fmce 17745 without any fuccefs, to 
 fatisfy the expedations, or to juftify the confi- 
 dence, of the public, has increaled our load to an 
 alarming degree. 
 
 It has been very clearly dem.onftrated, by Dr. 
 Smith, the ingenious author of The Inquiry into the 
 Nature and Catifes of the Wealth of Nations^ that z, 
 publicDebt, is, to every State, acalamity of themofl 
 ruinous kind ; and that the wafte of public treafure, 
 by great fleets and armies, though the whole of the 
 money were to be fpent at home, muft prove perni- 
 cious and deftrudive •, nay, that it would be almoft 
 as much fo then, as when they are maintained, at an 
 equal expence, abroad. That, in both cafes, the 
 national ftock is equally diminifhed, and the mo-
 
 I 22 1 
 
 ney, v;hich fhould give exertion to ufeful and pro- 
 du6live induftry, is diverted to the wafteful main- 
 tenance of unproduclive mouths ; and that the 
 taxes by which this revenue muft be raifed, from 
 the people, muft at laft in a manner extinguifh* 
 the agriculture, induftry, and manufadlures, of 
 the Kingdom. 
 
 Thefe ferious truths, will now no longer, I pre- 
 fume, admit of difpute; and the idle theories, which 
 had fuppofcd, that the public debt, was, in any 
 refpejft, a public benefit, or that an enormous ex^ 
 pence in the eftablirnment of the Prince, or in 
 fleets and armies, v/hether maintained at home or 
 abroad, was not a mod grievous public evil, 
 though in feme degree a neceflary evil, are now, I 
 hope, for ever baniilied, from the imaginations of 
 thinking men. 
 
 The mode of raifmg fupplies, for extraordinary 
 purpofes of the State, introduced with caution at 
 the Revolution, by borrowing money on the pub- 
 lic credit, has been long purfued, with very littl? 
 either of caution or fcrefight j and thoiigh we fdt, 
 very fenfibly, the inconveniencies of it, towards 
 the clofe of the laft war, yet, as, by cuftom, it 
 was confidered as a necefTary evil, no perfon feems 
 to have thought of any other mode. 
 
 The inconveniencies, however, of having re- 
 courfe to money 'Icndrrs^ to fupport tiie public ex- 
 pences, are fufficiently obvious. It is to be ex- 
 pedted, that they will ever take advantage of the 
 public necefTity, to raife their terms ; that they 
 will even add to that neceffity, and depreciate ^h^ 
 3 Stocksj,
 
 [ 23 ] 
 
 Stocks, for a time, to anfwer their pnrpofe ;- that 
 they will combine together, to raife their price, 
 and forgetting that they are citizens, may even 
 endeavour, by every art, to enrich themfelves, at 
 the rifk of the total ruin of the State. 
 
 It has been a very common opinion, that none 
 but a popular Minifter, could procure confiderable 
 loans \ but the truth is, that there never has been 
 a Minifter, who has failed to procure money, if he 
 would give the price, which the lenders were dif* 
 pofed to afk. — That price will always be lefs, to a 
 fuccefsful Minifter, becaufe the public credit, in 
 his hands, will ftand higher, but ftill, the money 
 will be offered, to every Minifter, who will pay 
 for it out of the public purfe •, and the example of 
 France, has iliewn us, that even public bankrupt- 
 cy, has not prevented the Minifter for the day, of 
 that country, from procuring extraordinary loans. 
 
 The high terms, extorted by money knderSy upon 
 occafion of every public loan, give to the State, 
 which follows this pernicious plan, the appearance 
 of diftrefs and weaknefs, which is hov/ever no 
 proof, that the individuals of the State, and of 
 courfe the State itlelf, are either exhaufted, or em- 
 barraflied. 
 
 For this fymptom of diftrefs, is incident to the 
 moft wealthy nations, if their capitals be invefted, 
 in very profitable adventures, or be locked up 
 from the market, at a particular time ; or when, 
 from caufes real or imaginary, an alarm is taken, 
 with refpecl to national iccuricy or credit. 
 
 And
 
 C H 3 
 
 And indeed, vvhilft loans are the only refource 
 of a nation, it mud be fubjed:, to this material dil- 
 advantage, that a difcontented fadlion, may raife 
 and give countenance, to evil reports, injurious to 
 the public credit; and ftill more, will it'be in the 
 power, of a foreign enemy, to occafion alarms, 
 fufficient to juflify, the exorbitant exacHiions of 
 money-lenders ; To that the refources of the King- 
 dom, would, in fome meafure, in fuch a cafe, be 
 placed in the hands of thofe, who aimed at its 
 
 utter deftrudion. 
 
 The cafe of a private individual, who is under 
 an abfolute neceflity of borrowing, is difagreeable 
 enough •, but he has advantages, which do not be- 
 long to a State. The degree of his neceflity may 
 be known only to himfelf; and if one perfon 
 Ihould refufe to lend him, he may have recourfe 
 to another •, by which means, if he can offer un- 
 doubted fecurity, he can hardly fail of fuccefs upon 
 reafonable terms. — ^But the necefllties of a State, in 
 time of war, if large loans are required, can be no 
 fecret ; a combination of all the moil confiderable 
 money-lenders, is eafily formed, becaufe the ne- 
 cefiities of the State, will generally afford, fuffi- 
 cient plunder, to anfwer the wifhes of all. If any 
 ihould happen to be left out, of the general com- 
 bination, and the Miniiler fliould attempt to ne- 
 gotiate fcparately with them, the fecret would foon 
 be out •, and the other lenders, would quickly 
 draw them, into the general confpiracy, fo that 
 no alternative might be left, but either to confent 
 
 tQ
 
 [ 25 3 
 
 to the mod exorbitant demands, or to put a flop 
 to the mofl necefrary exertions of the State, in an 
 hour, perhaps, of the greateft danger. 
 
 Under fuch circunnftances, it becomes the fpirit 
 of a free country, to lay afide, for a time, the 
 practice of borrowing, and to call upon the indi- 
 viduals of the Kingdom, for a diie6t aid, equal to 
 the public occafions. 
 
 This aid may be given, by every perfon's pay- 
 ing, a certain rate or proportion of his real capital 
 or income. — What that rate fhould be, muft de- 
 pend upon the fum required, compared with the 
 total wealth of the nation. 
 
 If the money were raifed in this manner, it 
 would, in truth, fall much lighter upon the King- 
 dom, than in the mode of borrowing. It has been 
 computed, that the terms lately demanded of Go- 
 vernment, would coft the public 2,670,000/. as a 
 premium, for the loan of fe'ven millions -, that is 
 to fay, it would coft the public, that enormous 
 fum, more, than if it was to borrow the money at 
 A,pr cent, (See Appendix.) 
 
 This difference, arifes entirely, from the prac- 
 tice of borrowing money for public purpofes ; for 
 it is well known, that 4 -per cent, is a higher rate, 
 than was requifite to be given, on public fecurity, 
 before any new loans became neceflary. This is 
 evident, from the price at which 3 pr cents, fold, 
 before the war, which was feldom under 87 or 88 
 fer cent,^ and fometimes higher. The quantity of 
 money in Europe, has not been diminifhed by the 
 war, but the demand for it, has enabled the 
 
 E lenders.
 
 [ 26 ] 
 
 lenders, to raile its price ; and this rife of price, 
 does not only affed the public, in the premium it 
 is obliged to give for the loan, but it affeds every 
 branch of trade and induftry in the Kingdom, by 
 encouraging all the pofreffors of money, to raife 
 their terms on private fecurities. This is a necel- 
 fary confequence of a high premium given by the 
 public •, for thofe who exped fuch exorbitant pre- 
 miums, make it their bufinefs to coUeft in m.oney, 
 from all quarters, which necefTarily raifes the 
 price, to all who have occafion to borrow. 
 
 This is not merely theory or conjedlure ; I ap- 
 peal to fads. Our manufadlurers, our traders, 
 our farmers, and even our landed gentlemen, 
 know, to what a degree, this expectation of Go- 
 vernment premiums, has affeded them. Money 
 cannot now be borrowed on mortgages, on the for- 
 mer terms. The price of land has fallen, the 
 quantity of circulating cafh, in the hands of our 
 merchants, manufacturers, builders, improvers, 
 is remarkably diminifhed. 
 
 We are much deceived, if we think, that if the 
 money is raifed by borrowing, it does not fall 
 heavy, upon every individual, pofTeiTed of pro- 
 perty, in the Kingdom j for befides the taxes 
 which muft be raifed, to pay the intereft of the 
 fum, adually advanced to the public, we muft 
 alfo pay the intereft of the premium, paid for the 
 loan, and the expence of collecting both. Nor is 
 this all ; for it is the neceffary confequence of 
 every tax, that it enhances the price of the com- 
 modity, in every hand, through which it pafTes, 
 
 to
 
 [ 27 ] 
 
 to the a6lual confumer ; and it is the confumers, 
 or thofe who polTefs the means of buying, who at 
 lafl pay for the public loan. 
 
 It was computed by Sir Matthew Decker, above 
 forty years ago, that if there were no taxes in Eng- 
 land, a man pofTefTcd of a Jand eftate of 700 /. per 
 ann. would be able to live better, than a man pof- 
 fefled of 2000 /. per ann. could then do ; and that 
 therefore, every man, at that time, paid, in fad, 
 above 13 j. in the pound, on account of the taxes. 
 Our taxes have very much increafed, fince that 
 time, by two expenfive wars ; and though the com- 
 putation of that ingenious author, proceeded upon 
 the idea, that every public tax, fell ultimately 
 upon the land, which is not corredtly true, yet 
 it is certain, that taxes fall upon every man, in 
 proportion to his fortune, in a much heavier man- 
 ner, than is commonly imagined. 
 
 Sir Matthew Decker has illuftrated this, by 
 fhewing, that every tax is paid by the confumer, 
 with a great addition. The tax, for example, 
 upon leather, is not only paid in the price of a 
 pair of fnoes, with an addition to the (hoemaker, 
 for having advanced the tax, but with a farther 
 addition, for the tax paid by the flioemaker, for 
 his own fhoes, and for i\\t tax which the currier, 
 the leather-fcUer, the butcher, the grazier, &c. 
 paid for their flioes \ and thus a confiderable ad- 
 ditional fum, is paid, for every tax, though, by 
 being mixed v/ith the price, it efcapes obfervation. 
 — Befides this, every tax is increafed, by the ex- 
 pence of colledling it, and by the embarrafTment, 
 
 E 2 and
 
 C 28 ] 
 
 and lofs of time, which is thereby occafioned tQ 
 individuals, efpecially by the cuftom-houfe laws, 
 and the perquifites of officers •, all which are 
 grievous obftrudions, to the trade and induftry of 
 the people. 
 
 In order to judge, however, whether it is prac- 
 ticable, to raile, in time of war, the neceflary 
 fuppUes, within the year, it is proper to form 
 fome calculation, of the national wealth. 
 
 The total wealth of Great Britain, has been 
 computed, by different v/riters, at different fums. 
 It has undoubtedly increafed very much, fince the 
 lateft of thefe computations; and I may fafely 
 venture to affirm, that it now exceeds very much, 
 cne thoufand millions. In tnis 1 comprehend, the 
 value of the land, the value of the houfes, the va- 
 lue of ftock of all kinds, and materials of manu- 
 fadure, (hipping, ca(h, money in the Funds due 
 to inhabitants, and debts due to us by perfons out 
 of the Kingdom, but deduding the like debts due 
 by us, to other countries ; in fhort, I comprehend 
 every thing which can be denominated wealth or 
 property. 
 
 It would be tedious to enter into the various 
 modes, by which this computation may be made j 
 it does not reft upon one mode, for various me- 
 thods concur, to afcertain it as much, as any com- 
 putation of this fort, can be afcertained. One or 
 two modes may be mentioned, which will give 
 fome fort of idea, that the computation cannot be 
 exaggerated. 
 
 The
 
 C 29 3 
 
 The land-tax, at Four Shillings in the pound, 
 yields about two millions •, and if, in levying it, the 
 land were rated at its full value, the total rent of 
 the land, would be ten millions per ann. But no- 
 body believes, that, taking the Kingdom through- 
 out, the land is, in truth, rated, at one half of 
 the actual rent ; fo that the rent of the land, can- 
 not be reckoned at lefs, than twenty millions per 
 ann. This is paid to the landlords ; but the ^re- 
 venue of the farmers, cannot be reckoned at much 
 lefs, than an equal fum, for the farmer, befides 
 paying his rent, mud have enough to pay for the 
 cultivation and fowing the ground, and a clear an- 
 nual profit to himfelf, nearly equal to what he pays 
 to the landlord, which would bring the clear pro- 
 duce, of the land alone, to above /^r/j millions per 
 ann, ; and this, at 25 years purchafe, would make 
 the value of the land, one thoiifandmMlionSy without 
 taking in other property to an immenfe amount, 
 which equally conftitutes national wealth. 
 
 Another mode of forming a calculation, is, 
 from the number of inhabitants, and the annual 
 revenue necefiary to maintain them. This mode, 
 will not however Ihew, what revenue can be fpared 
 to the State \ for there are countries, which con- 
 tain three times the number of our inhabitants, 
 and yet cannot raife fo much money, as ourfelves, 
 becaufe their people live more poorly, and there 
 are fewer, in proportion, who have more than 
 a bare fubfiftence. This mode of calculation, 
 muft therefore proceed, not only upon tlie num- 
 bers of the people, but upon their manner of liv- 

 
 [ 30 ] 
 
 ing •, and in that way, it may give us fome idea, 
 of the amount of the national wealth. 
 
 The total number of inhabitants of the United 
 Kingdom, cannot be reckoned at lefs, than/^'j;^;? 
 millions, of which, Scotland contains between 
 1,300,000 and 1,400,000, and England between 
 5,6oojO00 and 5,700,000. This number of per- 
 fons, are annually fed, lodged and clothed, from a 
 fund exilling in the country. According to the 
 manner of living of the people, we cannot reckon, 
 that, one with another, the expence of the main- 
 tenance of each, amounts to a lefs fum, than 
 7/. 10 s, per ann. or about 44- i. per day, including 
 food, clothes, fire, candles, foap, and lodging. 
 This would require zxtwtnuQoififty-two millions and 
 a half -per annum, and the flock or fund, exifting 
 fomewhere, from whence this revenue muft arife, 
 reckoning it to produce 5 per cent,, would amount, 
 at twenty years purchafe, to one thoufand and 
 fifty jrjllions. 
 
 This is not the moft unexceptionable mode, of 
 forming the calculation, of national wealth -, but 
 if the refult of that computation be lower than the 
 truth, and that the public debt, as lately increafed, 
 Hiould be reckoned to amount at pre lent to 160 
 millions, beOdes the long and other annuities, 
 which will cxtinguiili of themfelves, it will fol- 
 low, as a confequence, that our debt amounts, to 
 about one-fixth part of the total wealth of the na- 
 tion •, and therefore, in order to pay it entirely 
 off, if fuch an idea Ihould ever be entertained, 
 it would be necefiary, that every perfon poffeffed 
 of 100 /. property, fhould pay 16 L as his Ihare of 
 I the
 
 [ 31 ] 
 
 the public debt ; and if he did fo, and were at the 
 fame time relieved, of all the taxes, which are 
 now paid for the intereft of that debt, he would 
 be able, to live better, and carry on his bufinefs 
 to more advantage, with the remaining 84/., than 
 can now be done with 100/. 
 
 The 160 millions, which I have mentioned as 
 the probable amount of the national debt, fuppofes, 
 the Itockholders, to be paid, the full fum of ico/. 
 for each 100/. of 3 per cent, annuities •, but as the 
 prefent price in the market, of 100/. in the 3 per 
 cents, is not much above 60 /., there can be no 
 doubt, that if the Public were willing and able to 
 pay off the whole at once, the ftockholders, rather 
 than not be paid, would accept of a fmall advance, 
 above the market price -, and in that view, the 
 whole might be paid, by a contribution from every 
 man, of a little more, than 10 per cent, of his pro- 
 perty, inftead of 16 per cent. 
 
 But, for the purpofe of raifing a fufficient fum, 
 for carrying on the war during two years, \~ per 
 cent, of every man's capital, to be paid by inftal- 
 ments, in the courfe of two years, would be fully 
 adequate; as that fum, would amount, upon one 
 thoufand millions of property, to fifteen tnillions^ 
 which, without fuppofing much oeconomy, ought, 
 with the ordinary fupplies, to fupport a vigorous 
 war of two years at leaft. 
 
 Every perfon muft perceive, the amazing effect, 
 which fuch a meafure would immediately produce, 
 with refpect to our national affairs ; and in what a 
 light, it would place thi- country, in the eyes of 
 all Europe. The beaded prophecies concerning 
 
 national
 
 [ 32 ] 
 
 national bankruptcy would immediately vanillic 
 and the diftindion between a free government, and 
 every other, would be placed in the clearefl point 
 of view 5 for I may venture to affirm, that no ftate 
 in Europe, Holland excepted, could raife fupplies 
 for a war, in the manner propofed. It is in a 
 free country only, that mankind feel themfelves, 
 fo conneded with the public profperity, as wil* 
 lingly to facriiice, in iupport of it, a part of their 
 fortune, in great emergencies. 
 
 But it may be allced, hfew is it poflible to fup- 
 poie, that this nation, torn to pieces, as it has 
 been, by difTentions, and dififatisfied with the ma- 
 nagement of its affairs, if it were even able to 
 raife, within the year, fo large a fum, in addition 
 to its prefent burdens, would ever confent to pay 
 it, much lefs to entrull it, to the Minifters of the 
 Crown ? Or how would it be polTible to devife a 
 mode, of levying to this extent, an equal propor- 
 tion, of every man's fortune, for the fervice of the 
 State ? 
 
 I believe, indeed, that fuch a plan, however 
 important, could not be carried into execution^ 
 without a very general concurrence and approba- 
 tion, of the people at large, who mud firft be 
 convinced, of the abfolute neceffity, of the utmoft 
 exertion, in the prefent crifis, to avert the black 
 ftorm, which threatens us from every quarter; 
 and, fecondly^ the nation mud be convinced, that 
 it is, in every view, their real interefl:, to raife the 
 fupplies within the year, not only to avoid the ex- 
 travagant demands of money-lenders^ but to pre- 
 vent the impofition of new taxes, oppreflive to in- 
 
 duftry,
 
 [ 33 1 
 
 dudry, and above all, that it is their intereft to do 
 fo, in order, at this crifis, to exalt the national 
 charafler in the eyes of all Europe, In the ibird 
 place, the people mufi be convinced, that the 
 condudl of public affairs, is entrufted, not merely 
 to men of honour and of good intentions, but to 
 the ableft, the firmed, and the mod difintereded 
 men, that are to be found in this extenfive 
 country. 
 
 The great body of the people, at fueh a time as 
 this, do not turn their eyes, either to oppodtioa 
 or to men in office, as thinking, that the nation 
 can be faved only, by the one or th€ other. They 
 probably conceive, that as there are, doubtlefs, 
 unfit perfons, in both defcriptions, fo there are 
 amongd: each, a great many men, of integrity, of 
 ability, and of difintereded public fpirit ; and thac 
 though fome may have radily pledged themfelves, 
 to the ruinous meafure, of declaring America in- 
 dependent, yet that thefe, may ftill become con- 
 vinced of their midake ; and that though others 
 may have proved themfelves unfit, to conduct the 
 State, in fo perilous a moment, yet thefe may wil- 
 lingly lend their aid, to perfons of more ability 
 and exertion ; and at any rate, the people, 1 be- 
 lieve, are convinced, that, independent of either 
 of the above defcriptions, there are not wanting, 
 a fufficient number of men, of wifdom, vigor, 
 and integrity, who are fit to anfwer the utmod ex- 
 pedlations, of a brave and generous people. 
 
 Without fuch an arrangement, I am confident,' 
 that the full fpirit and force of this country, can- 
 not be called forth. It never has been effectually 
 
 f called
 
 [ 34 ] 
 
 called forth, in times of war, when the King'^ 
 Minifters, did not pofiefs, and deferve to pofTefs, 
 the full confidence of the nation i and this is the 
 real diftindion, between the exertions of a free 
 people, and of thofe who are under an abfolutc 
 government. In the one, the condufi of public 
 affairs, is ever entrufted, in times of danger, to 
 thofe in whom the people can confide -, and then, 
 every man's zeal for the general profperity, exerts 
 itfelf with full force. In defpotic governments, 
 on the contrary, the Minifters of the Crown, are 
 chofen, without any attention to the wifhes of the 
 people, who, if the choice happens to be im- 
 proper, foon become difguiled, and difcouraged, 
 by every want of fuccefs •, and neither the navat 
 nor ihe military officers, can be expeded, to per^ 
 form their duty, with becoming zeal or alacrity. 
 
 In abfolute governments, indeed, this want of 
 zeal, may be counteraded, by flriil difcipline and 
 exemplary punifhment, which, in fome degree^ 
 may compenfate the want of zeal ; but in a go- 
 vernment like ours, if the Minifters of the Crown, 
 have loft the public opinion, they dare not punifh 
 the moft negligent officer ; and nothing therefore 
 can be fubftituted, with us, inftead of that gene- 
 rous zeal, which is the natural charadleriftic of 
 freedom. 
 
 If the executive power of the State, for the pur- 
 pofe of conducting the war, were placed in proper 
 hands, regulations might be made, for controlling 
 the diftDurfement of the Public Money, in fuch 
 a manner, as to remove, in fome degree, the na- 
 tural and commendable fufpicion and jealoufy of 
 Q the
 
 [ 35 ] 
 
 the people.— Whatever fhould be faifed, as an C5^- 
 traordinary aid, for the fervice of the year, in 
 time of war, might be paid by the county collec- 
 tors, to the Bank, in the name of a Committee to 
 be appointed by the counties, and iiTned front 
 thence by their orders, oh proper requifitions, to 
 the Treafury, from time to time, under fuch re- 
 gulations, as might be devifed. 
 
 Though it feems abfolutely neceflary, that the 
 executive poWer, Ihould be entrufled, with the 
 difburfement of the public money, that the public 
 fervice may not be obftructed ; yet this, is per- 
 fedly confident, with the mod ftridl examination, 
 of the accounts of the diiburfements, made by 
 every public office. In former times, it was 
 thought fufficient, that Parliament might call for, 
 and infpefl, every account of public money ; but 
 experience has Ihewn, that this is a very imperfe<fb 
 control. The labour and difficulty of fuch an in- 
 veftigation, is fufficient, to damp the zeal of in- 
 dependent Members of Parliament ; and though 
 there are officers, appointed for the control of 
 public accounts, yet as thefe controllers are named 
 by the executive power, they certainly cannot be 
 confidered, as proper checks. It would therefore 
 be expedient^ upon occafion of an extraordinary 
 aid of this fort, that fome perfons were ieleded, 
 for the bufinefs^ annually, as a Committee, and 
 named by the counties, with power to call for 
 perfons, accounts, and vouchers, to take evidence 
 upon oath, and to make their report annually to 
 Parliament, before any new moi is voted. 
 
 F 2 If
 
 [ 3^ I 
 
 If the confidence of the people could be re- 
 vived, by a proper arrangement in the minifterial 
 department, and by proper checks^ with rcfpcdl^ 
 to the difburfement of public money, there can be 
 little doubt, that the uimoft zeal would foon break 
 forth, not only for carrying on the public fervice, 
 and for reftoring the kingdom, to its former en- 
 vied fituation, but for raifing^ within the year, 
 the fum propofed, for carrying on the war. 
 
 The mode of afcertaining, and of levying, the 
 propoffd i^ per ant, of the clear amount of each 
 man's fortune, would not, in that cafe, be fo dif- 
 ficult, as may at firft fight be imagined. 
 
 The Dutch, on fome critical emergencies of 
 their ftate, have had recourfe to an aid of this fort ^ 
 and the m-ethod adopted, I believe, was, that every 
 man, Ihould, upon oath, put into a box or cheft^ 
 for the public ufe, a certain proportion of his for- 
 tune, without difcovering how much he put in^^ 
 and without further inquiry. — This mode of taxa- 
 tion, is faid to have produced, a very large fum j 
 and it was fuppofed, that great fidelity had been 
 obfcrved, in fulfilling the terms of the oath. 
 Every man, was at that time convinced, of the 
 h-nminent danger of the State ; and the general 
 manners of the people, in an early period of the 
 Republic, when the firil aid of this fort took place, 
 were perhaps more pure, than ought to be ex- 
 pe6led, in thi5 country, in the prefent age. 
 
 With us, it would perhaps be neceffary, to de- 
 vife .fome mode, of controlling, in fome degree, 
 she inclination, which, amidft the moft general 
 
 public
 
 f 37 1 
 
 public fpirit, might exift in fome individuals, to 
 pay a lefs fum than they ought. And fuch a 
 mode, I imagine, might be devifed, for rendering 
 the aid effedual, without expofing the amount of 
 any man's fortune, contrary to his inclination ; but 
 I apprehend it would be efiential, in order to avoid 
 jealoufy, as well as opprefiicn, to place the power 
 of collecting the money, as is now done with re- 
 fpe(51: to the land-tax, in the hands of perfons 
 chofen by the people themfelves, and not named 
 by the Minifters of the Crown. — Honour and 
 diftinflion, ought ever to attend, remarkable in- 
 ftances of 2eal for the commonwealth, and fome 
 mark of honour, might be annexed, to every in. 
 fiance of uncommon zeal, in contributing, on this 
 occafion, to the public fupport -, which arrange- 
 ment would probably produce the happiefl ef- 
 feds. 
 
 But it would be prefumption, to offer any plan, 
 that may have occurred to me, in a matter of fo 
 much confequence. — If the general idea is ap* 
 proved, men of better information, and happier 
 talents, will readily point out, the bed mode of 
 cffedtuating the purpofe intended ; and I have no 
 doubt, that the meafure will be found extremely 
 pradlicable, if the voice of the nation gives en- 
 couragement to the general plan. 
 
 In order, that money might be more eafily found, 
 by every one, for anfwering the fucceflive pay- 
 ments, to the public, it would be proper, that the 
 advances Ihould be made, by many different in- 
 ftalments 5 and that the times of thefe inflalments, 
 
 Ihould
 
 r 
 
 38 ] 
 
 fhoiild fucceed, at proper intervals, the regular 
 iffues from the Treaiury and Bank, for the public 
 fervices, or the payment of intereft on the flocks. 
 
 It might alfo be proper, that a bill fhould paf?, 
 for enabling foreigners to lend money, on mort- 
 gaaes of land or houfcs, in Great Britain, at an 
 intereft not exceeding 5 pr cent, upon the fame 
 plan, as has been already adopted, by afl of Par- 
 liament, with refpecb to mortgages in the Weft- 
 India iflands. And whatever obftrudions exift, 
 by the laws of Scotland, to loans cfn the fecurity 
 of land, from England or other countries, ought 
 alfo to be removed by adl of Parliament. 
 
 If, notwithftanding thefe precautions, any doubt 
 or apprehenfion fhould be entertained, that ther(i 
 >vould be a want of circulating Calh, to anfwer the 
 feveral inftalmenrs, it would not be difBcult, to 
 dcvife a temporary means, of fupplying that de- 
 fed, and of rendering abortive,- the attempts of 
 the money-lenders, to take the fame fort of advan^ 
 tao-ej of individuals, which they have been accuf- 
 tomed to take, of the Public. 
 
 I am, however, very well convinced, that there 
 would not be occafion, for any fuch temporary ex- 
 pedient. There is no fcarcity of money in the 
 kingdom ; for great fums are known to be amaffed 
 in particular hands, to be ready for a ban, and 
 the exchange with other countries, has, for fome 
 time, been much in favour of Great Britain. The 
 expedadon of a high premium from the Public, 
 has been the fole caufe, of colleding money, from 
 all quarters, into a few hands, who will not con^ 
 
 tmue.
 
 C 39 3 
 
 tmue, to with-hold it from individuals, when all 
 pxpedlation, of fuch extravagant profit from th^ 
 public, (hall be at an end. 
 
 But it would greatly facilitate the whole of fuch 
 a plan, if the people could be infpired with a con- 
 fidence, that, when peace fhould be reftored, our 
 ordinary expence would be dirninifhed, and that the 
 Sovereign himfelf, would let the example, which 
 ought to be followed, by a diminution of all fala- 
 ries exceeding a certain fum ; and a very great re- 
 du6tion, ought at any rate to be made, both in the 
 army and navy departments, beyond v/hat took 
 place at the laft peace. 
 
 That we had no occafion to increafe our eda- 
 blifhment, as we then did, is apparent, from this 
 undeniable fad, that France, at that time, made 
 a confiderable redudlion of her force, below its 
 former peace eftablilhment; and the increafing our 
 own eftablifhment, beyond a cjue proportion to 
 that of our neighbours, can at no time anfwer any- 
 other purpofe, than to excite jealoufy, and to com, 
 pel rival nations, to increafe their eftablifhment, to 
 Jceep pace wjth ours, to the manifeft injury of both 
 countries. 
 
 And with refped to the reduflion of falaries, I 
 beg leave to obferve, that the idea, that jt is ne- 
 cefTary to annex, high falaries, to offices of trufi: 
 and confidence, is, I believe, extremely erro- 
 neous. The pafTion of ambition, is fufhciently 
 flrong, to induce all men, of liberal minds, to 
 ferve the public, on account of the diftindion, 
 which naturally accompanies fuch fituations. By 
 
 adding
 
 C 40 3 
 
 adding to that motive, another bafe one, of avarice, 
 we bring into the competition, another defcription 
 of men, who, forgetting the meannefs of their ta» 
 lents, the indolence of their difpofitions, the cow- 
 ardice of their minds, and their total want of ele- 
 vation, extent of views, and true magnanimity, arc 
 apt, by every unworthy art, to thruft themfelves 
 into public departments, and to conceive, that they 
 have fulfilled, the whole of their duty, when they 
 have received their falaries, whilft they leave the 
 public bufmefs, to be woefully conduced, by Se- 
 cretaries and Clerks. 
 
 It is fo far from being true, that the higher and 
 more important the office, the falary fhould be the 
 higher, that it is dire<5lly the reverfe, becaufe the 
 honour annexed to high and important offices, is 
 fufEcient, without emolument, to induce all, who 
 are fit to hold them, to afpire eagerly, at thefc 
 fuuations, even to the prejudice of their private 
 fortunes ; and if no falaries were annexed, there is 
 reafon to believe, that very few would be induced 
 to continue in office, after they felt, and the na- 
 tion was convinced, that they were unfit to con- 
 tinue. 
 
 Notwithftanding the immenfe wafte of public 
 money in the government of France, yet it is a 
 remarkable fa6i:, that almoft the whole eflential 
 bufinefs of the State, is carried on, at this hour, 
 with little or no expence to the public, and that 
 people eagerly prefs forward to a6t in public fitua- 
 tions, merely on account of the honour and the 
 influence, with which it is attended. 
 
 It
 
 I 41 ] 
 
 tt is well known, that the adminiftration of 
 juftice, is in this manner carried on in France y 
 for people pay a high price, for a law office, and 
 are contented to do the duty, which is very labo- 
 rious, without receiving, by way of falary, any 
 thing like the intereft of their money. Their mo- 
 tive is, that the fituarion gives them rank and pre- 
 eminence amongil their fellow-fubjeds ; and the 
 vuigar opinion, that the Judges in that country, 
 are corrupt, will be found, upon inquiry, to have 
 very little foundation. The duty of almoft every 
 other office in the Provinces, is dilcharged at as 
 cheap a rate to the public : nay, the officers of the 
 army, adually ferve for lefs pay, than is necefiary 
 for their fupport, and, in fpice of the frugality for 
 which they are diftinguiffied, generally ruin their 
 own private fortunes, in the lervice of the State. 
 
 The wafte of the public treafure, arifes, in that 
 country, from an immenfe (landing army ^ and 
 the idle and profufe extravagance of a Court, which, 
 from the nature of the contlitution, is under no 
 control with refpe^l to its expence. 
 
 it will probably be faid, that in defpotic Go- 
 vernments, the pofTeffion of office, carries with it 
 a degree of protection, and a pov/er too, of oppref- 
 fion, which in a free country are out of the quef- 
 tion. But I am informed, that in, the Republic of 
 Holland, the falaries of very high and important 
 offices, are exceedingly trifling •, and in our coun- 
 try, we fee, with how much eagernefs, the office 
 of Lord-Lieutenant of a county, is folicited, though 
 attended with expence, inftead of emolument. 
 
 G If
 
 [ 42 ] 
 
 If the national expence, were reduced within rea- 
 fonable bounds, a great part of the public debt, 
 might, in time of peace, be paid off in a few 
 years, by a faithful application of the Sinking 
 Fund. The whole of the taxes necelTary to be le- 
 vied, might then be eafily thrown, upon a few ar- 
 ticles of luxury, and every oppreffion upon the in- 
 duflry of the people, by taxes on the necefiaries of 
 life, might be entirely removed. 
 
 The articles of tea, fugar, and tobacco, if fub- 
 jeded to excife, inftead of cuftoms, would of them- 
 felves, raife a very large fum, without any obftruc- 
 tion to induftry — and coffee and chocolate would 
 require to be taxed, in fome degree, to fupport 
 the tea duty. 
 
 Wine and fpirits, are proper objedls of taxation ; 
 and the duty on wine, would be greatly increafed, 
 by being excifed, as there is little doubt, that at 
 lead one-third of the prefent confumption, is 
 brewed at home. 
 
 Beer, though not abfolutely a neceflary of life, 
 has become fo in a degree, from the habits and 
 manners of the people. It is, however, a proper 
 objedl of taxation •, and if all other opprefTive taxes 
 were removed, and the whole of the prefent taxes 
 on beer, were annually impofed upon malt, inftead 
 of being levied, on the other ftages of the manu- 
 fafture, it would diilribute the burden more 
 equally, and would even raife more money after 
 lowering the tax -, for I am perfuaded, that in- 
 ftead of about 24. s. or 25 J. per quarter, which 
 may be reckoned the amount of all the prefent du- 
 ties
 
 [ 43 ] 
 
 tics on malt, beer, and ale, if a tax of one guinea 
 per quarter, were impofed on malt, it would raife a 
 revenue of 3,325,000/. on 3,166,666 quarters of 
 mah ', which quantity is a very moderate conipu* 
 ration, of the total confumption of malt. 
 
 A duty of 12 J. per cent, on fugar, would not be 
 too high, if other opprefTive taxes were taken off ; 
 and this, upon 1.500,000 cwt., would produce 
 900,000 /. 
 
 The tax upon tobacco, reckoning the con- 
 fumption at 15,000 hoglheads, of 9001b. to the 
 hogfhead, might yield a very confiderable reve- 
 nue ; for it might be taxed, as in France, to a 
 much higher rate, than the price has, perhaps, 
 ever arofe to, in England, without diminifhing 
 much, the prefent confumption. Suppofe the tax 
 were 2J. per pound, the amount would be 
 1)3505000 /. and as the duty might be effedually 
 levied by the excife, fo as to prevent fmuggling, 
 and there would be no ground for allowing, as at 
 prefent, ten pounds^n every hogfhead, duty free» 
 any diminution in the confumption, would, I be- 
 lieve, be more than compenfated, by thefe means. 
 
 A fimilar computation might be made, with 
 refped to the produce of the duty upon tea, coffee, 
 chocolate, wine, and fpirits, and it would be evi- 
 dent, that, from thefe fources alone, without any 
 other taxes or duties, a greater revenue might be 
 raifed, without complaint, and without injury or ob- 
 flrudliontoany one branch of trade, induilry, orma- 
 nufadlure, than would perhaps be neccifary, for every 
 reafonable purpofe of the State ^ and the whole 
 G 2 might
 
 [ 44 ] 
 
 might be levied, at much lefs expence, than at 
 prefent. 
 
 Another important effefl, of fuch encourage- 
 ment to trade and induftry, would certainly be, to 
 diminifh the heavy burden of poor's rates, al! over 
 England, which, of itfelf, is, at prefent, an enor- 
 mous grievance. 
 
 Dr. Smith is of opinion, that if raw filk were 
 allowed to be imported, duty free, we fliould foon 
 fupply the greatefb part of Europe with wrought 
 filks •, and this example is fufficient to prove, the 
 extent of the mifchiefs, arifing from our prefent 
 fyftem of taxation. 
 
 But thefe fpeculations, do not apply to the pre- 
 fent moment ; we are now arrived at a crifis, which 
 calls aloud, for the vigorous exertion of every 
 public virtue -, and on this occafion, all who are 
 attached to their country, ought certainly to for- 
 get, every party prejudice, and every felafh con- 
 fideration, and concur, like men, in putting the 
 national affairs, into the ableft hands, that public 
 confidence may be effedualiy reilored. If this 
 were done, I am convinced, that, confidering the 
 importance of the obje(5ls before us, the hazards 
 to which we are expofed on the one hand, and the 
 glory we may acquire on the other, there would 
 not be wanting, a very general and hearty concur- 
 rence, of the nation at large, to raife the neceffary 
 fupplies within the year ; for this is the moll 
 marked and ftriking characleriftic, of a free State, 
 that every man confiders himfelf, as perfonally in- 
 terefted, in the public profperity j and in the pre- 
 
 fen^
 
 [ 45 ] 
 
 fent cafe, every man would feel a pride, in con- 
 templating the effed, which fuch a meafure muft 
 immediately produce, upon the enemies of this 
 country ; and the certainty which it would give, 
 of fpeedily reftoring to Great Britain and its Co- 
 lonies, that happinefs^ pre-eminence, and ffcurity, 
 which, till of late, we had long enjoyed, amongft 
 the furrounding nations. 
 
 FINIS. 
 
 ERRATA. 
 
 Pag^ 19, line 7, at the moord world, add the following as a 
 note : 
 
 Upon this point, fo contrary to eftabliihed prejudices, I do 
 not expeft, at the firft mention of it, a general afTent. It 
 would require to be difcufTed, at confiderable length, if this 
 were the proper place. 
 
 Page 20, line 21 ^ for will, read may.
 
 APPENDIX. 
 
 ^7^ HE nature of the terms, faid to have been de- 
 manded of Government, by the money lenders, 
 were diftindly explained, in apaper publifhed in the 
 Public Advertifer^ of the 5th of January 1779, by 
 an Author, whom it is my misfortune not to know, 
 but to whom I think the Public is very much in- 
 debted. I fhall therefore take the liberty of re- 
 printing it here. 
 
 " As the time is approaching, for what is com- 
 *' monly called opening the Budget, when a con- 
 *' fiderable loan, will probably form a part of the 
 *' year's fupply, that Gentlemen may be prepared 
 " to judge, with feme accuracy, of the fort of bar- 
 '' gain they are making for their Conftituents, the 
 *' following circumftances are recommended to 
 *' their confideration. 
 
 " It is common to call by the general name of 
 " Intereft, all that confideration, which is paid by 
 *' the borrower of money, to the lender, over and 
 " above the capital, or fum borrowed ; but it 
 " will greatly aflift our judgment, if weaccuftom 
 *' ourfelves to confider that fum only as properly 
 " called Intereft, which muft be paid for money, 
 *' taken up on the moil indifputable fecurity : 
 
 " Any
 
 [ 48 ] 
 
 «« Any thing above that, is more of the natufe of 
 *' lufurance, 
 
 *' Thus, if a merchant was to borrow money 
 *' on goods, which he depofited with the lender, 
 " he might be only forced to pay four per cent, 
 *' for a year's loan ; but if the goods were of a 
 ** perifbable or hazardous nature, fo as, not to be 
 *' infured under two per Cent, the lender might 
 " take this rifque on himfelf, and on that account 
 *' would very fairly demand fix per cent. It is 
 *' for the fame reafon, that a bond debt, com- 
 *' monly bears rather higher intereft than a mort- 
 " gage ; becaufe the former, being only a per- 
 ** fonal fecurity, is fubje6l to fome rifque, which 
 <« the latter is not. Government fecurity has been 
 *' ufualiy deemed, a mortgage of the beft fort, on 
 *« account of the punctual payment of intereit, 
 " and the eafe with which the capital may be 
 " called in ^ and, therefore, ought to bear lower 
 " intereft, than any other, and will always do fo, 
 " unlefs, either profufion and mifmanagement, 
 " fhould diffipate our wealth, fafter than our 
 " trade, its great fource, can fupply it, or elfe, 
 *' fome wild and extravagant fcheme of Govern- 
 ♦* ment, fhould, by alarming any part of the world 
 " for its liberties, draw feveral powerful States 
 *' into a combination, to clip our wings •, who, 
 *' by being able to lelTen our commerce, would 
 " certainly diminiih our credit. 
 
 " As annuities may, perhaps, make a part of 
 " the loan, the following Ihort account of their 
 
 *' nature^
 
 C 49 3 
 
 " naturb may afilft the judgment of any Gentle- 
 " man, not ufed to the calculation of them. 
 
 " If, inftead of giving fivt per cent, for the 
 *' loan of 100 /. I agree with the lender, to give 
 " him lo/. per ann. till the debt is difcharged, 
 " it is plain, that the firft year's payment, muft 
 " be confidered, as having difcharged the intereft 
 " of the debt for that year, and 5 /. of the prin- 
 ** cipal \ fo that I now only owe 95 /. the intereft 
 « of which, being but 4 /. 15 J. the fecond payment 
 « of 10/. difcharges 5/. 5 j. of the remaining 
 " debt, and reduces it to 89/. 15 J. and it will 
 " be found, that my debt, will be reduced to lefs 
 " than 10/. in fourteen years. From whence I 
 «« conclude, that when the intereft of money is 
 " ?ivt percent, an annuity of 10/. for fourteen 
 " years, is not worth 100/. but the fame annuity 
 *« for fifteen years, is worth more than 100/. 
 
 " On the fame principle, the value of any an- 
 " nuity may be found, by any perfon, very little 
 " acquainted with figures j and there are tables 
 " ready calculated, for the ufe of perfons, who 
 " have not leifure or inclination, to calculate 
 « themfelves. By thefe tables, it will be found, 
 « that an annuity of 100/. for twenty-nine years, 
 « is worth 1698/. and a fradlion, when intereft 
 " is at four percent, that it is woi-th 1514/. and a 
 " fradion, at ^wt per cent, and 1359/. and a frac- 
 *' tion, at £\x per cent. 
 
 " The next article which we may expedl, is a 
 
 *' lottery. It is an ufual method, to give the fub- 
 
 " fcribers to a loan, a certain number of lottery 
 
 H !! tickets.
 
 [ 50 ] 
 
 " tickets, at their true value of lo/. each, by 
 " which they make an advantage, of the folly of 
 " fuch people, as will rather give 4 /. or 5 /. for 
 " the permiffion to gamble for 10/. than be out 
 " of Fortune's way, as the expreffion is. For 
 " this advantage, the fubfcribers give Govern- 
 " ment credit for 3 /. each ticket, if the lottery 
 '* does not exceed 50,000 tickets ; though in re- 
 " aiity, the funi levied on the Public, is half as 
 '« much more; and the mifchief beyond my power 
 " to eftimate, by the gaming offices which it en- 
 " courages, to the deftrudlion of induftry. 
 
 " To this may be added, a confiderable ad- 
 *' vantage to the fubfcribers, by the intereft com- 
 *'^ mencing before the money is advanced, which, 
 " in the laft loan, amounted to two-fifths of a 
 " year's intereft on the whole loan. 
 
 " To iliuftrate all the above, by one example, 
 *' I will take for granted, that a loan is to be this 
 " year adopted on the plan we have feen in the 
 *' News-papers, " That is^ feven millioits to he hor^ 
 *' rozved^ for which every fuhfcriher of one thoufand 
 " to have 'that capital in 3 per cents, together with 
 " an annuity of '^^ per cent, or thirty-five founds^ 
 '*^ for twenty nine years^ and feven lottery tickets 
 « at 10/. 
 
 " We (hall fee, at different rates of intereft, 
 " what fort of a bargain, this would be, for the 
 " Public. 
 
 2 «« And
 
 [ 5» ] 
 
 « And/r/, we will fuppofe. Government could 
 *' borrow money at 4 per cent, 
 ** 7,000,000 /. of 3 per cents^ which /. s. 
 
 " then would be at 75 /. would 
 
 " be worth - - . 5,250,000 o 
 
 3 \:per cent, on D", or 245,000/. 
 per annum^ at the above price 
 of 1698/. and a fradlion, for 
 
 ** each 100/. of this annuity, 
 
 *' for 29 years, or about 17 years 
 
 *' purchafe, would be worth - 4,161,006 10 
 •« 49,000 lottery tickets, at 3 /. - 147,000 o 
 •' Two-fifths of a year's intereft on 
 
 *' 7,000,000/. at 4 />^r r<?«/, - 112,000 o 
 
 
 9,670,006 10 
 Dedu6l 7,000,000 o 
 
 Pren^ium 2,670,006 10 
 
 " There would remain 2,670,006/. 10 j. as a 
 '^ premium for lending 7,000,000 /. at 4 per cent. 
 
 " Let us try it at 5 per cent, 
 " 7,ooo,OjOo/. of 3/'^rr^»/j, would /, s. 
 
 ** then be, at 60, and worth - 4,200,000 o 
 " Sipercent. onD^, or 245,000/. 
 
 " per ann, at the above price, of 
 
 " 1514/. a'ndafradion, for each 
 
 " 100/. of this annuity for 29 
 
 " years, or about 15 years pur- 
 
 " chafe, would be - - 3^1^9^5'^S o 
 f^ Lottery Tickets - - - 147,000 o 
 
 Carried over 8,056,545 o
 
 E B^ ] 
 
 /. s. 
 
 Brought over 8,056,545 o 
 " Two-fifths of a year's intereft on 
 
 *' j^ooOyOOoL 21 ^percent, - 140,000 o 
 
 8,196,545 o 
 
 Dedud 7,000,000 o 
 
 Premium 1,196,545 o 
 
 At 6 per eenU 
 *« 7,000,000/. of 3 />^rr^;^/ J, at 50/. 3,500,000 o 
 '* Annuity of 245,000 /. at the 
 
 " above price of 1359/. and a 
 
 " fradion, for each 100 U of 
 '-** this annuity for 29 years, or 
 
 " about 13 4^ years purchafe - 35309,721 10 
 " Lottery Tickets - - 147,000 o 
 
 «' Two-fifths of a year's intereft on 
 
 ** y yOOo^ooo l. 2X 6 per cent. - 168,000 o 
 
 7,124,721 10 
 Dedud 7,000,000 o 
 
 Premium iz^^yzi 10 
 
 So that if the News paper had any authority 
 for ftating the above, as the proposed' terms of 
 the loan, the Public would give, alrpoft 2 per 
 €ent, premium, to borrow money, on a fund equal 
 to 6 per cent, never redeemable j but the above 
 mode of calculation, will do for whatever may be 
 the real terms of the loan.
 
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