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different duties which were then added to it were likewise

rendered perpetual。

     In 1717; by the 3rd of George I; c。 7; several other taxes

were rendered perpetual; and accumulated into another common

fund; called The General Fund; for the payment of certain

annuities; amounting in the whole to L724;849 6s。 10 1/2d。

     In consequence of those different acts; the greater part of

the taxes which before had been anticipated only for a short term

of years were rendered perpetual as a fund for paying; not the

capital; but the interest only; of the money which had been

borrowed upon them by different successive anticipations。

     Had money never been raised but by anticipation; the course

of a few years would have liberated the public revenue without

any other attention of government besides that of not overloading

the fund by charging it with more debt than it could pay within

the limited term; and of not anticipating a second time before

the expiration of the first anticipation。 But the greater part of

European governments have been incapable of those attentions。

They have frequently overloaded the fund even upon the first

anticipation; and when this happened not to be the case; they

have generally taken care to overload it by anticipating a second

and a third time before the expiration of the first anticipation。

The fund becoming in this manner altogether insufficient for

paying both principal and interest of the money borrowed upon it;

it became necessary to charge it with the interest only; or a

perpetual annuity equal to the interest; and such unprovident

anticipations necessarily gave birth to the more ruinous practice

of perpetual funding。 But though this practice necessarily puts

off the liberation of the public revenue from a fixed period to

one so indefinite that it is not very likely ever to arrive; yet

as a greater sum can in all cases be raised by this new practice

than by the old one of anticipations; the former; when men have

once become familiar with it; has in the great exigencies of the

state been universally preferred to the latter。 To relieve the

present exigency is always the object which principally interests

those immediately concerned in the administration of public

affairs。 The future liberation of the public revenue they leave

to the care of posterity。

     During the reign of Queen Anne; the market rate of interest

had fallen from six to five per cent; and in the twelfth year of

her reign five per cent was declared to be the highest rate which

could lawfully be taken for money borrowed upon private security。

Soon after the greater part of the temporary taxes of Great

Britain had been rendered perpetual; and distributed into the

Aggregate; South Sea; and General Funds; the creditors of the

public; like those of private persons; were induced to accept of

five per cent for the interest of their money; which occasioned a

saving of one per cent upon the capital of the greater part of

the debts which had been thus funded for perpetuity; or of

one…sixth of the greater part of the annuities which were paid

out of the three great funds above mentioned。 This saving left a

considerable surplus in the produce of the different taxes which

had been accumulated into those funds over and above what was

necessary for paying the annuities which were now charged upon

them; and laid the foundation of what has since been called the

Sinking Fund。 In 1717; it amounted to L323;434 7s。 7 1/2d。 In

1727; the interest of the greater part of the public debts was

still further reduced to four per cent; and in 1753 and 1757; to

three and a half and three per cent; which reductions still

further augmented the sinking fund。

     A sinking fund; though instituted for the payment of old;

facilitates very much the contracting of new debts。 It is a

subsidiary fund always at hand to be mortgaged in aid of any

other doubtful fund upon which money is proposed to be raised in

an exigency of the state。 Whether the sinking fund of Great

Britain has been more frequently applied to the one or to the

other of those two purposes will sufficiently appear by and by。

     Besides those two methods of borrowing; by anticipations and

by perpetual funding; there are two other methods which hold a

sort of middle place between them。 These are; that of borrowing

upon annuities for terms of years; and that of borrowing upon

annuities for lives。

     During the reigns of King William and Queen Anne; large sums

were frequently borrowed upon annuities for terms of years; which

were sometimes longer and sometimes shorter。 In 1693; an act was

passed for borrowing one million upon an annuity of fourteen per

cent; or of L140;000 a year for sixteen years。 In 1691; an act

was passed for borrowing a million upon annuities for lives; upon

terms which in the present times would appear very advantageous。

But the subscription was not filled up。 In the following year the

deficiency was made good by borrowing upon annuities for lives at

fourteen per cent; or at little more than seven years' purchase。

In 1695; the persons who had purchased those annuities were

allowed to exchange them for others of ninety…six years upon

paying into the Exchequer sixty…three pounds in the hundred; that

is; the difference between fourteen per cent for life; and

fourteen per cent for ninety…six years; was sold for sixty…three

pounds; or for four and a half years' purchase。 Such was the

supposed instability of government that even these terms procured

few purchasers。 In the reign of Queen Anne money was upon

different occasions borrowed both upon annuities for lives; and

upon annuities for terms of thirty…two; of eighty…nine; of

ninety…eight; and of ninety…nine years。 In 1719; the proprietors

of the annuities for thirty…two years were induced to accept in

lieu of them South Sea stock to the amount of eleven and a half

years' purchase of the annuities; together with an additional

quantity of stock equal to the arrears which happened then to be

due upon them。 In 1720; the greater part of the other annuities

for terms of years both long and short were subscribed into the

same fund。 The long annuities at that time amounted to L666;821

8s。 3 1/2d。 a year。 On the 5th of January 1775; the remainder of

them; or what was not subscribed at that time; amounted only to

L136;453 12s。 8d。

     During the two wars which began in 1739 and in 1755; little

money was borrowed either upon annuities for terms of years; or

upon those for lives。 An annuity for ninety…eight or ninety…nine

years; however; is worth nearly as much money as a perpetuity;

and should; therefore; one might think; be a fund for borrowing

nearly as much。 But those who; in order to make family

settlements; and to provide for remote futurity; buy into the

public stocks; would not care to purchase into one of which the

value was continually diminishing; and such people make a very

considerable proportion both of the proprietors and purchasers of

stock。 An annuity for a long term of years; therefore; though its

intrinsic value may be very nearly the same with that of a

perpetual annuity; will not find nearly the same number of

purchasers。 The subscribers to a new loan; who mean generally to

sell their subscriptions as soon as possible; prefer greatly a

perpetual annuity redeemable by Parliament to an irredeemable

annuity for a long term of years of only equal amount。 The value

of the former may be supposed always the same; or very nearly the

same; and it makes; therefore; a more convenient transferable

stock than the latter。

     During the two last…mentioned wars; annuities; either for

terms of years or for lives; were seldom granted but as premiums

to the subscribers to a new loan over and above the redeemable

annuity or interest upon the credit of which the loan was

supposed to be made。 They were granted; not as the proper fund

upon which the money was borrowed; but as an additional

encouragement to the lender。

     Annuities for lives have occasionally been granted in two

different ways; either upon separate lives; or upon lots of

lives; which in French are called Tontines; from the name of

their inventor。 When annuities are granted upon separate lives;

the death of every individual annuitant disburthens the public

revenue so far as it was affected by his annuity。 When annuities

are granted upon tontines; the liberation of the public revenue

does not commence till the death of all annuitants comprehended

in one lot; which may sometimes consist of twenty or thirty

persons; of whom the survivors succeed to the annuities of all

those who die before them; the last survivor succeeding to the

annuities of the whole lot。 Upon the same revenue more money can

always be raised by tontines than by annuities for separate

lives。 An annuity; with a right of survivorship; is really worth

more than an equal annuity for a separate life; and fro

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