The statement is now divested of every extraneous item, and, reducing it to its lowest amount, one thousand and eighty-two millions two hundred and four thousand four hundred and three pounds remains as the sum actually received and expended on account of the war with France, from 1793 to 1815. On an average of the twentytwo years, from 1793 to 1815, it is a war expenditure of nearly fifty millions; and this is the sum which the tax-ridden, law-ridden, priestridden, deluded people of England yearly contributed out of the produce of their industry, agriculture, and commerce, to prevent an independent state altering the form and meliorating the abuses of its government.

Can we wonder, after the tremendous sacrifice in pursuit of this unrighteous object, at the terrible calamities with which the country is afflicted? Can we wonder at our exhausted, impoverished, and embarrassed condition? More than one hundred millions expended in an abortive attempt to enslave the American colonies; more than one thousand millions expended to re-establish feudal and ecclesiastical tyranny in France. This forms the financial history of the public debt and taxes of the ELEVEN HUNDRED MILLIONS expended in the wars of despotism. And what has been the result of this lavish waste of national resources? The answer is-the three immortal days of Paris-the triumph of Belgium-the regeneration of Europe-and the complete the full-the glorious establishment of those very principles the English Aristocracy vainly sought to exterminate.

When we look back to the history of the last century-the wars of madness, ambition, and tyranny which have been waged, when we reflect on the millions expended in these wars--the fruits of unexampled industry, skill, and enterprise; when we think of our present situation-the piercing privations of the bulk of the community-the discontent and disunion among all classes-the abuses pervading every department of our social and general administration-Ireland on the point of rebellion or separation; when we think, we repeat, on these things, and contrast them with the situation of glory and happiness England might have attained, under a wise and honest government, administering her exhaustless resources in the promotion of the arts of peace, instead of slaughter, bondage, and devastation; we feel not less indignant at the wickedness of our rulers than the apathy which has so long tolerated their folly and their crimes.

ALTHOUGH the feudal system was a barbarous social institution, it possessed the advantage of entailing on the fomenters of war its unavoidable cost and calamities. The old barons used to arm themselves and vassals at their own expense, and support them during the contest. There was then no standing army nor permanent revenue, those who tilled the land fought the battles of the country. Under such a system, wars could neither be very long in their duration, nor very remote in their objects. Foreign expeditions suited as little to the national resources as the avocations of the people. The only time that could be spared to settle public quarrels was between seed-time and harvest, and the only treasure they could be provided with before-hand was the surplus produce of the preceding year. Hence, wars were generally either carried on languidly, or were of short duration. Their operations were frequently interrupted by truces, and sometimes discontinued through mere feebleness. A warlike leader was often stopped short in his victorious career, either from the want of resources, or the necessity of allowing his followers to return home to provide subsistence for the following season.

The state of the sovereign was as little favourable to protracted contests as the condition of his lieges. His revenue was derived partly from lands reserved as a royal demesne, and partly from feudal casualties, and afforded a slender provision for maintaining the royal dignity, and defraying the ordinary expenses of government, but was altogether inadequate to the support of numerous and permanent armies. Supplies from the people were obtained to a certain extent; but the people neither possessed the means, nor, happily, had acquired the habit of granting liberal supplies. Princes, under any emergency, real or supposed, or actuated by any scheme of ambition, had recourse either to borrowing or pawning. The loans which they raised were partly compulsory, and, as the repayment was ill secured, the rate of interest was

high. Sometimes the jewels of the crown were pledged, and sometimes the crown-lands were mortgaged. In this manner, the revenues of most of the powers of Europe were anticipated and encumbered.

A new state of society introduced a new mode of supporting war. Instead of borrowing on their own credit, sovereigns learnt to borrow on the credit of posterity. The issue of war no longer depended on a single battle or successful irruption, but on the length of the public purse. It was not money, however, that formed the sinews of war, but credit. Credit superseded money, and modern policy found out the expedient of supporting wars for temporary objects, and entailing the burthen of them on future generations. This system possessed too many facilities to be abandoned, or not to be carried to the utmost extent of which it was capable. And, accordingly, we find wherever the system of borrowing and funding has been introduced, it has gone on with an accelerated velocity till the payment of the principal became quite chimerical, and governments were obliged to compound with their creditors for the interest.

The Debt of this country, which was inconsiderable at the Revolution, has increased, in less than a century and a half, to its present magnitude. The increase during every reign, except the pacific reigns of George I. and George IV. has been greater than the preceding. The increase, during every war, has been greater than during the preceding. The increase, during the latter period of every war, has been greater than during the earlier period. The increase, by every hostile interference or warlike demonstration, has been greater than administration held forth when the measure was undertaken. The part of the Debt paid off, during peace, has borne a small proportion to that contracted by the preceding war.

These are the general characteristics which have marked the progress of the funding system: it has been the national spendthrift vice that has operated on the public welfare, like the addiction to some baneful passion in an individual; indulgence augmented appetite, till, at length, the malady has reached a state of virulence which precludes all hope of cure or alleviation. As to the honest liquidation of the debt, that is an idea we believe not a single person to entertain; all that the most reasonable look forward to is postponement, until such a crisis in public affairs occurs, as will demonstrate to all parties the expediency of coming to terms-of a compromise, for mutual safety and advantage. We are now in the sixteenth year of peace, and, comparatively, no portion of the debt has been redeemed by actual payment; the reduction in the annual charge has been chiefly effected by the conversion of stocks of a high into those of a lower denomination,-a mode of procedure accompanied with serious suffering to particular classes of annuitants, and accomplished by ministerial combinations in the money-market, for artificially forcing up the prices of stocks, hardly justifiable. Before, however, adverting particularly to the redemption of the debt, let us give a few explanations of the funds and government paper.

The term Fund signifies, generally, any sum of money or annual

revenue appropriated to a particular purpose. The Sinking Fund-of which we shall, by and by, give a curious history-means a sum of money set apart for the purpose of discharging the public debt. Generally speaking, we mean, by the Funds, those large sums which have been lent to government, and constitute the Debt, and for which the lenders, or their assigns, receive interest from the public revenue. The term Stock is used nearly in the same sense; but is more strictly applicable to the different branches of the Debt, bearing different or the same rate of interest; as the 3 per Cents Reduced, or the 3 per Cents, and which, together, constitute the aggregate public debt. It is, also, applied to the sums which form the capital of the Bank, the East-India Company, the South-Sea Company, and other public companies, the proprietors of which are entitled to a share of their respective profits.

Although the public creditor cannot demand payment of the capital debt, the mode of transferring it, even in small sums, is so conveniently arranged, and the dividends so regularly paid, that it is considered an eligible property. The value of the Funds is liable to considerable fluctuation. It depends chiefly on the proportion between the interest they bear and the profit which may be obtained by applying capital to other purposes. It is influenced by the plenty or scarcity of money; and it is impaired by any event which threatens the safety or weakens the credit of government. It is always much higher in time of peace than in time of war; and is affected by every event, and even by every report, in time of war, favourable or unfavourable. False reports are frequently raised by knavish people for that purpose.

In the early part of the Funding System, a separate account was kept of each loan, and of the tax imposed for payment of the interest. This method was afterwards found inconvenient, as the produce of some of the taxes fell short of the expected sum, while that of others exceeded it, and the multiplicity of funds produced confusion. To obviate this inconvenience, the different funds were united, and to each various branches of revenue were appropriated, charged with the payment of the annuities.

Besides the funded debt, is a large sum due by government under the name of the unfunded debt. It arises from any national expense, for which no provision has been made, or the provision has proved insufficient, or not forthcoming at the time wanted. The forms of the unfunded debt are various; but the following are the principal branches. Exchequer-bills.—These are issued from the Exchequer, in consequence of acts of parliament, several of which are passed every session. The first were issued in 1696, and being intended as a temporary substitute for money during the recoinage at that period; some of them were so low as £10 and £5. There are none issued now under £100, and many of them are for £500, £1000, and still larger sums. They bear interest, at a certain rate per day, for £100; and, being distributed among those who are willing to advance their value, they form a kind of circulating medium. After a certain time, they are received in payment of taxes, or other monies due to government; and the interest

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due on them, at the time, is allowed in the payment. The Bank often engages to receive them to a certain extent, and thereby promotes their circulation; and the daily transaction between the Bank and the Exchequer are chiefly carried on by bills of £1000 deposited in the Exchequer by the Bank, to the amount of the sums received by them on account of government. New Exchequer-bills are frequently issued in discharge of former ones; and they are often converted into funded debt, by granting capital, in some of the stocks, on certain terms, to such holders as are willing to accept them.

Navy-bills. These are issued from the Navy-Office to answer any purpose in that branch of public expenditure; and they bear interest after a certain date, if not discharged.

Ordnance-bills, or Debentures, are issued, in like manner, from the Ordnance-Office, for supplying deficiencies in that branch of expenditure. Victualling and Transport Bills are issued from the respective offices in the same manner. There is also always a large amount of floating debt at the Navy, Victualling, Transport, and Ordnance Offices, for which no bills have been issued.

Besides the three principal branches of the unfunded debt, there is always a number of demands on the public for bills accepted by the Treasury; army charges, and micellaneous services of various kinds. These are daily fluctuating, and their amount, at any particular time, cannot be easily ascertained.

Our next object will be to exhibit a brief statement of the progress of the Debt, and its successive augmentations and diminutions during different reigns and periods of war and peace, and the total amount at the present time.

Summary of the Progress of the Debt from the Commencement of the Funding System, at the Revolution, to the 5th January, 1830.