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of　the　justice　of　government；　from　a　fear　that　if　it　was　known

that　they　had　a　hoard；　and　where　that　hoard　was　to　be　found；　they

would　quickly　be　plundered。　In　such　a　state　of　things　few　people

would　be　able；　and　nobody　would　be　willing；　to　lend　their　money

to　government　on　extraordinary　exigencies。　The　sovereign　feels

that　he　must　provide　for　such　exigencies　by　saving　because　he

foresees　the　absolute　impossibility　of　borrowing。　This　foresight

increases　still　further　his　natural　disposition　to　save。

　　　　　The　progress　of　the　enormous　debts　which　at　present　oppress；

and　will　in　the　long…run　probably　ruin；　all　the　great　nations　of

Europe　has　been　pretty　uniform。　Nations；　like　private　men；　have

generally　begun　to　borrow　upon　what　may　be　called　personal

credit；　without　assigning　or　mortgaging　any　particular　fund　for

the　payment　of　the　debt；　and　when　this　resource　has　failed　them；

they　have　gone　on　to　borrow　upon　assignments　or　mortgages　of

particular　funds。

　　　　　What　is　called　the　unfunded　debt　of　Great　Britain　is

contracted　in　the　former　of　those　two　ways。　It　consists　partly　in

a　debt　which　bears；　or　is　supposed　to　bear；　no　interest；　and

which　resembles　the　debts　that　a　private　man　contracts　upon

account；　and　partly　in　a　debt　which　bears　interest；　and　which

resembles　what　a　private　man　contracts　upon　his　bill　or

promissory　note。　The　debts　which　are　due　either　for　extraordinary

services；　or　for　services　either　not　provided　for；　or　not　paid　at

the　time　when　they　are　performed；　part　of　the　extrordinaries　of

the　army；　navy；　and　ordnance；　the　arrears　of　subsidies　to　foreign

princes；　those　of　seamen's　wages；　etc。；　usually　constitute　a　debt

of　the　first　kind；　sometimes　in　payment　of　a　part　of　such　Navy

and　exchequer　bills；　which　are　issued　sometimes　in　payment　of　a

part　of　such　debts　and　sometimes　for　other　purposes；　constitute　a

debt　of　the　second　kind…　exchequer　bills　bearing　interest　from

the　day　on　which　they　are　issued；　and　navy　bills　six　months　after

they　are　issued。　The　Bank　of　England；　either　by　voluntarily

discounting　those　bills　at　their　current　value；　or　by　agreeing

with　government　for　certain　considerations　to　circulate　exchequer

bills；　that　is；　to　receive　them　at　par；　paying　the　interest　which

happens　to　be　due　upon　them；　keeps　up　their　value　and　facilitates

their　circulation；　and　thereby　frequently　enables　government　to

contract　a　very　large　debt　of　this　kind。　In　France；　where　there

is　no　bank；　the　state　bills　（billets　d'etat）　have　sometimes　sold

at　sixty　and　seventy　per　cent　discount。　During　the　great

recoinage　in　King　William's　time；　when　the　Bank　of　England

thought　proper　to　put　a　stop　to　its　usual　transactions；　exchequer

bills　and　tallies　are　said　to　have　sold　from　twenty…five　to　sixty

per　cent　discount；　owing　partly；　no　doubt；　to　the　supposed

instability　of　the　new　government　established　by　the　Revolution；

but　partly；　too；　to　the　want　of　the　support　of　the　Bank　of

England。

　　　　　When　this　resource　is　exhausted；　and　it　becomes　necessary；

in　order　to　raise　money；　to　assign　or　mortgage　some　particular

branch　of　the　public　revenue　for　the　payment　of　the　debt；

government　has　upon　different　occasions　done　this　in　two

different　ways。　Sometimes　it　has　made　this　assignment　or　mortgage

for　a　short　period　of　time　only；　a　year；　or　a　few　years；　for

example；　and　sometimes　for　perpetuity。　In　the　one　case　the　fund

was　supposed　sufficient　to　pay；　within　the　limited　time；　both

principal　and　interest　of　the　money　borrowed。　In　the　other　it　was

supposed　sufficient　to　pay　the　interest　only；　or　a　perpetual

annuity　equivalent　to　the　interest；　government　being　at　liberty

to　redeem　at　any　time　this　annuity　upon　paying　back　the　principal

sum　borrowed。　When　money　was　raised　in　the　one　way；　it　was　said

to　be　raised　by　anticipation；　when　in　the　other；　by　perpetual

funding；　or；　more　shortly；　by　funding。

　　　　　In　Great　Britain　the　land　and　malt　taxes　are　regularly

anticipated　every　year；　by　virtue　of　a　borrowing　clause

constantly　inserted　into　the　acts　which　impose　them。　The　Bank　of

England　generally　advances　at　an　interest；　which　since　the

Revolution　has　varied　from　eight　to　three　per　cent；　the　sums　for

which　those　taxes　are　granted；　and　receives　payment　as　their

produce　gradually　comes　in。　If　there　is　a　deficiency；　which　there

always　is；　it　is　provided　for　in　the　supplies　of　the　ensuing

year。　The　only　considerable　branch　of　the　public　revenue　which

yet　remains　unmortgaged　is　thus　regularly　spent　before　it　comes

in。　Like　an　improvident　spendthrift；　whose　pressing　occasions

will　not　allow　him　to　wait　for　the　regular　payment　of　his

revenue；　the　state　is　in　the　constant　practice　of　borrowing　of

its　own　factors　and　agents；　and　of　paying　interest　for　the　use　of

its　own　money。

　　　　　In　the　reign　of　King　William；　and　during　a　great　part　of

that　of　Queen　Anne；　before　we　had　become　so　familiar　as　we　are

now　with　the　practice　of　perpetual　funding；　the　greater　part　of

the　new　taxes　were　imposed　but　for　a　short　period　of　time　（for

four；　five；　six；　or　seven　years　only）；　and　a　great　part　of　the

grants　of　every　year　consisted　in　loans　upon　anticipations　of　the

produce　of　those　taxes。　The　produce　being　frequently　insufficient

for　paying　within　the　limited　term　the　principal　and　interest　of

the　money　borrowed；　deficiencies　arose；　to　make　good　which　it

became　necessary　to　prolong　the　term。

　　　　　In　1697；　by　the　8th　of　William　III；　c。　20；　the　deficiencies

of　several　taxes　were　charged　upon　what　was　then　called　the　first

general　mortgage　or　fund；　consisting　of　a　prolongation　to　the

first　of　August　1706　of　several　different　taxes　which　would　have

expired　within　a　shorter　term；　and　of　which　the　produce　was

accumulated　into　one　general　fund。　The　deficiencies　charged　upon

this　prolonged　term　amounted　to　L5；160；459　14s。　9　1/4d。

　　　　　In　1701；　those　duties；　with　some　others；　were　still　further

prolonged　for　the　like　purposes　till　the　first　of　August　1710；

and　were　called　the　second　general　mortgage　or　fund。　The

deficiencies　charged　upon　it　amounted　to　L2；055；999　7s。　11　1/2d。

　　　　　In　1707；　those　duties　were　still　further　prolonged；　as　a

fund　for　new　loans；　to　the　first　of　August　1712；　and　were　called

the　third　general　mortgage　or　fund。　The　sum　borrowed　upon　it　was

L983；254　11s。　9　1/4d。

　　　　　In　1708；　those　duties　were　all　（except　the　Old　Subsidy　of

Tonnage　and　Poundage；　of　which　one　moiety　only　was　made　a　part　of

this　fund；　and　a　duty　upon　the　importation　of　Scotch　linen；　which

had　been　taken　off　by　the　Articles　of　Union）　still　further

continued；　as　a　fund　for　new　loans；　to　the　first　of　August　1714；

and　were　called　the　fourth　general　mortgage　or　fund。　The　sum

borrowed　upon　it　was　L925；176　9s。　2　1/4d。

　　　　　In　1709；　those　cities　were　all　（except　the　Old　Subsidy　of

Tonnage　and　Poundage；　which　was　now　left　out　of　this　fund

altogether）　still　further　continued　for　the　same　purpose　to　the

first　of　August　1716；　and　were　called　the　fifth　general　mortgage

or　fund。　The　sum　borrowed　upon　it　was　L922；029　6s。

　　　　　In　1710；　those　duties　were　again　prolonged　to　the　first　of

August　1720；　and　were　called　the　sixth　general　mortgage　or　fund。

The　sum　borrowed　upon　it　was　L1；296；552　9s。　11　3/4d。

　　　　　In　1711；　the　same　duties　（which　at　this　time　were　thus

subject　to　four　different　anticipations）　together　with　several

others　were　continued　for　ever；　and　made　a　fund　for　paying　the

interest　of　the　capital　of　the　South　Sea　Company；　which　had　that

year　advanced　to　government；　for　paying　debts　and　making　good

deficiencies；　the　sum　of　L9；177；967　15s。　4d。；　the　greatest　loan

which　at　that　time　had　ever　been　made。

　　　　　Before　this　period；　the　principal；　so　far　as　I　have　been

able　to　observe；　the　only　taxes　which　in　order　to　pay　the

interest　of　a　debt　had　been　imposed　for　perpetuity；　were　those

for　paying　the　interest　of　the　money　which　had　been　advanced　to

government　by　the　Bank　and　the　East　India　Company；　and　of　what　it

was　expected　would　be　advanced；　but　which　was　never　advanced；　by

a　projected　land　bank。　The　bank　fund　at　this　time　amounted　to

L3；375；027　17s。　10　1/2d。；　for　which　was　paid　an　annuity　or

interest　of　L206；501　13s。　5d。　The　East　India　fund　amounted　to

L3；200；000；　for　which　was　paid　an　annuity　or　interest　of

L160；000…　the　bank　fund　being　at　six　per　cent；　the　East　India

fund　at　five　per　cent　interest。

　　　　　In　1715；　by　the　1st　of　George　I；　c。　12；　the　different　taxes

which　had　been　mortgaged　for　paying　the　bank　annuity；　together

with　several　others　which　by　this　act　were　likewise　rendered

perpetual；　were　accumulated　into　one　common　fund　called　The

Aggregate　Fund；　which　was　charged　not　only　with　the　payments　of

the　bank　annuity；　but　with　several　other　annuities　and　burdens　of

different　kinds。　This　fund　was　afterwards　augmented　by　the　3rd　of

George　I；　c。　8；　and　by　the　5th　of　George　I；　c。　3；　and　the

different　duties　which　were　then　added　to　it　were　likewise

rendered　perpetual。

　　　　　In