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throats. What,” said he,“ are we to do with the money ? how are we to use the money?"
On looking at the creation of the debt, let us take an item, which, though not a fair average, will yet avail for illustration of the style in which these burthens were thrown on the children of subsequent generations. In 1799 government contracted for seventeen millions, as a loan : Well; did they give a bond, engaging to pay interest for this sum, until they had redeemed the principal ? Oh dear, no; that would have been unworthy the reckless carelessness of the statesman, or the crafty scheme of the loan-monger. Well, what did they do? Why, for everyone hundred pounds loan they acknowledged two hundred pounds debt, for which double amount they engaged to pay interest at three per cent., and for 614 years an annuity also of 41. 11s. per cent. on the amount of interest; and this usurious interest is to be kept up until each hundred pounds borrowed is repaid by two hundred pounds, or that government can redeem it by buying it up at a lower rate. Thus this usurious interest must be kept up
until the seventeen millions is repaid by
This fact is, I apprehend, proved by the
four millions, and engaged to pay for the use of that loan of seventeen millions, the annual sum of one million and sixty-six thousand four hundred and ten pounds per annum. Now the greatest amount of interest which does not merge into usury, according to the laws of this country, is five per cent. and throughout the period from that day to this (sabbath and other holydays excepted) the Bank has always discounted at a rate no higher than five per cent. and for some years at much less. Starting then on these principles, and with this data, I state as an admitted fact, that the government of England
Borrowed in 1799, the sum of
That five per cent. on £17,000,000, is
annually redeemed of the principal, the
besides interest on the total amount of the excess of payments for the time being, because they have to this day paid up the full interest, though they have never had the full amount
to use after the first half-year's dividends were paid.
1,762,012 1 Interest
88,100 12 Annual Excess
216,410 0 Carried forward .. £2,066,522 13