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For MONDAY, January 6, 1783.
Extrait of a very important and interesting Pampblet, jaft pub
lifbed, by the Right Hon. the Earl of Stair, entitled, “ A State of the Public Debts, and of the annual Interest and Benefits paid for them, as they will ftand on the 5th of January, 1783, and 1784 ;" to which the Attention of the Public is requested, before they decide as to Peace or War, which is ftill a Matler of great Doubr.
UR prefent men in power, after reprobating, in the stronget
and moft unequivocal terms, the present war, as a conteft too unequal to promise even a possibility of success, have rushed into the public adminiftration without having concluded, or, as far as I can see, having any probable hopes of concluding a peace. After their frequent, indeed their never-ceasing declarations, that so enormous was our military expence, that even success might protract, but could not prevent our ruin, they have undertaken the government, and continued the war, without materially diminising the expence of it; without even having it in their power to do fo : for the war, on our part, being almost entirely defensive, the state and limits of expence are in the option and power of our enemies, not in our's.
The experience of the time that has elapsed fince my last publication, and, above all, the facts authenticated by the report from the committee of the House of Commons, appointed to enquire into the actual state of our finances, have made most
of what I then offered to the public as well-founded conjecture, now matters of truth, reality, and proof. A report from a committee of the House of Commons, unanimously appointed, framed, though without presumption or pretension, yet with great ability, openness, perspicuity, impartiality, and candoar, annihilates every weak or interested argument against the propriety of disclosing to the world the real state of our internal situation and resources.
Indeed, without this aid, fo conclusive to the point in question, from what is, and must constantly, from the nature of our constitution, be laid before parliament, none but those who are too dull to understand, or those who are too indolent to take the trouble of a very simple and easy investigation and deduction, need want any material information as to the true state of the nation ; and to persons of these descriptions, no information whatever will be of any use. I mean, therefore, to adduce what additional facts have occurred in proof of the two proposia tions I laid down in the pamphlet I published in the beginning of this year , entitled, Facts and their Consequences. — The propofitions are :
iit. That the demands on the public from the creditors of the public, would, on the 5th of January, 1783, amount to fifteen millions annually, net money.
2d. That there are the most probable inducements to believe that the net annual revenue of this country can never be brought for a permanency, and average of years, to exceed twelve millions.
I shall now proceed to state the national debt as it will stand on the 5th of January, 1783, and the interest that is, or will be to be paid for it. The capital debt (as none of it can ever be expected to be paid) is, I am afraid, but a mere matter of curiosity ; though I could with it to be a matter of serious reflection, and on that account have itated it. The funded debt on the 5th of January, 1783, amounts to
£. 197,325,500 The value of 980,3381. of annuities, given
as premiums, fome for life, some for terms of years, at under the prices they fell at, may be estimated to amount to 13,700,000 The balance of unfunded debt on the 5th of January, 1783,
37,766,338 Borrowed on the 6d. in the pound civil list duty
1,000,000 Equivalent to Scotland
Total capital debt on the 5th of January, 1783, £. 250,040,388 For which is, or will be to be paid annually by the public. .' Interest of debt already funded,
£. 7,481,311 Intereft on the million borrowed on the civil lift 6d. duty,
30,000 Interest on the Scotch equivalent, and 2000l. paid yearly to Scotch fisheries, &c.
12,000 Intereft on the above 37,766,3381. unfunded
debt at 5 1 -half per cent. charges at the Bank included, nearly
2,100,000 The charges at the Bank on loans 1781 and 1782, not yet allowed, nearly
Total to be paid annually to the creditors of
the public, on the 5th of January, 1783, 9,638,311 The civil list and peace establishments will require annually
5,500,000 Total annual charges on the public on the 5th of January, 1783, net money,
£15,138,311 It is believed the account is now just, or so to a trifle. If so, and if the annual net amount of the public revenue cannot be brought to rise higher than (welve millions, (and we think we shall in the sequel thew that there is no grcat probability that it will rise higher, as government inust be carried on,) the whole of the deficiency muft fall on the creditors of the public, who, instead of receiving annually 9,638,311 1. will only receive 6,500,000 l. or 135. 60. in the pound.
Should we be compelled to continue the war for another year, it may be fairly presumed the charge will not be less for 1783 than it was for 1782. If fo, the public account will stand on the 5th of January, 1784, as follows: To the loan as in 1782,
£. 13,500,000 Provisions omitted, or short and defective
funds taken for more than they will pro
duce in 1782, Balance of the debt of the navy, after allow
ing the 1,500,000 l. carried towards it
from the supplies 1782, The whole encrease for the year
ending the 31st of December 1781, being 4,145,7221. Balance therefore is