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£ Brought forward ... 569,908 12 1813 Interest

28,495 8 Annual Excess

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1,931,975 4 5 Thus we have already repaid interest and principal of the loan of 1798, and three hundred and eleven thousand nine hundred and seventy-five pounds to boot, yet, strange to say, we are yet held responsible to pay one hundred and ten thousand and seventy-nine pounds per annum, as the interest of this imaginary debt, which, although it is already paid, is still owing, and which still stands at the full and unredeemed sum of three millions six hundred and sixty-nine thousand and three hundred pounds, because in a disastrous hour, of our own brewing in some degree, we borrowed one million six hundred and twenty thousand pounds; not to "fight the French for King George upon the Throne,” as the Scotch song says, but to lend to the Emperor, if I understand rightly, that he might fight the French for King Louis who was off it; or was it concocted chiefly under the influence of our clergy, lest tithes should be cut up root and branch in England as they had been in France ?

Now, if statements published through many editions, and not contradicted so far as I have heard, exhibit the terms and other conditions of the loans contracted, the annexed calculations relative to those of 1799 and 1798, it is presumed are also correct; should any doubt it they may go over the sums themselves, if not too much trouble, either starting with a presumption of the correctness of the data as I

have done, or showing it to be otherwise by official documents to which I have been unable to gain access without asking favours of those whose interests this publication might have a tendency to injure, and this I should not choose to do.

'Tis true, I asked for the particulars of a Bank-Director, but I did not then know that the Governor and Deputy-Governor of that establishment were ex-officio Commissioners for the professed redemption of the national debt through the medium of the Sinking Fund, which all might see has retarded that redemption it was professed to promote. When I think of these and some other things, I reflect

memory of the late Right Hon. William Pitt with conflicting feelings, for although I never doubted the fact of his being a very ardent lover of my country, yet I have thought, could any at the period of his birth have foreseen the tithe of the work he would cut out for his cotemporaries and succeeding generations, they might have exclaimed, “ Oh! save my country, Heaven," with as much propriety as the great minister made this

on the

exclamation when all worldly things were flitting from his grasp as he himself yielded to the more potent arm of death.

These transactions may be aptly compared to the conduct of a younger brother, who finding that his elder brother has concerns in which, though no one is more interested than himself, yet the elder having the responsibility, care, and management, the younger takes advantage of the necessities of the elder, and makes many shameful usurious transactions with him. Now let us consider the King to be the father of these two brothers, would it not be well for him to say—I wish for an equitable arrangement in this business, yet as custom has in some sort reconciled the one to the fruits of oppression, and the other to the burthens of it, and more especially as substantial and full justice would involve a vast deal of suffering in many who would then become destitute, and who yet were generally ignorant of the injustice of the transactions in which they had deposited all they possessed, I will consent to such an arrangement as will amount to the continuance of a great

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