,,two ,,tracts ,,on ,,civil ,,liberty   
,published by the same ,author1  ,and   
printed for ,t4 ,,cadell1 in the        
,strand4   ,i4 ,,observations on        
,,reversionary ,,payments2 on ,schemes  
for providing ,annuities for ,widows1   
and ,persons in ,old ,age2 on the       
,method of calculating the ,values of   
,assurances on ,lives2 and on the       
,national ,debt4 ,to which are added1   
,four ,essays on different ,subjects in 
the ,doctrine of ,life-,annuities and   
,political ,arithmetic4 ,also1 an       
,appendix1 containing a complete ,set of
 ,tables2 particularly four ,new        
,tables1 shewing the ,probabilities of  
,life in ,,london1 ,,norwich1 and       
,,northampton1 and the ,values of two   
joint ,lives4  ,the #c;d ,edition1 with 
a ,supplement1 containing 7besides      
several ,new ,tables7 additional        
,observations on the ,probabilities of  
,human ,life in different ,situations2  
on the ,,london ,societies for the      
,benefit of ,widows and of ,old ,age2   

and on the present ,state of ,population
 in this ,kingdom4 ,price #fs4  ,,ii4 ,a
 ,review of the principal ,questions and
 ,difficulties in ,,morals4             
,particularly1 those relating to the    
,original of our ,ideas of ,virtue1 its 
,nature1 ,foundation1 ,reference to the 
,deity1 ,obligation1 ,subject-matter1   
and ,sanctions4 ,the ,second ,edition   
corrected4 ,price #fs4  ,,iii4 ,,four   
,,dissertations4--,i4 ,on               
,providence4--,,ii4 ,on ,prayer4--,,iii4
 ,on the ,reasons for expecting that    
virtuous ,men shall meet after ,death in
 a ,state of ,happiness4 ,,iv4 ,on the  
,importance of ,christianity1 the       
,nature of ,historical ,evidence1 and   
,miracles4 ,the #dth ,edition4 ,price   
#fs4  ,,iv4 ,an ,,appeal to the         
,,public1 on the ,subject of the        
,,national ,,debt4 ,the #b;d ,edition2  
with an ,appendix1 containing           
,explanatory ,observations and ,tables2 
and an ,account of the present ,state of
 ,population in ,norfolk4 ,price #bs4   

,,two ,,tracts                          
,,on                                    
,,civil ,,liberty1                      
,,the                             ,,war 
,,with ,,america1                       
,,and                         ,,the     
,,debts ,,and ,,finances ,,of           
,,the ,,kingdom3                        
,,with                        ,a        
,,general ,,introduction and            
,,supplement4                        ,by
 ,,richard ,,price1 ,d4,d4 ,f4,r4,s4    
,,london1                   ,printed for
 ,t4 ,,cadell1 in the ,,strand4         
,,mdcclxxviii4     ,,general            
,,introduction4   ,the first of the     
following tracts was published in the   
beginning of the year #aggf2 and the    
second in the beginning of last year4   
,they are now offered to the public in  
one volume1 with corrections and        
additions4 ,all the calculations1 in the
 ,appendix to the first tract1 have been
 transferred to the second and fourth   
sections1 in the third part of the      

second tract4  ,the section on ,,public 
,,loans1 in the second tract1 has been  
revised with care2 and a supplement to  
it1 containing additional proposals and 
some necessary explanations1 has been   
given at the end of the whole4--,this is
 a subject to which ,i have applied     
7perhaps too unprofitably7 much or my   
attention4 ,i have now done with it2 and
 the whole is referred to the candid    
examination of those who may be better  
informed1 hoping for their indulgence   
should they find that1 in any instance1 
,i have been mistaken4 ,i have not      
meant1 in any thing ,i have said on this
 subject1 to censure any persons4 ,that 
accumulation of artificial debt which ,i
 have pointed out1 and by which the     
dagger of the kingdom from its growing  
burdens has been so needlessly          
increased1 has1 ,i doubt not1 been the  
effect of inattention in our ministers2 
and the scheme1 by which the loan of    
last year has been procured1 gives      
reason to hope that better plans of     

borrowing will be adopted for the       
future4  ,the principal design of the   
first part of the second tract was 7as  
,i have observed in the introduction to 
it7 to remove the misapprehensions of my
 sentiments on ,,civil ,,liberty ,,and  
,,government into which some had fallen4
 ,it gives me concern to find that it   
has not answered that end in the degree 
,i wished4 ,i am still charged with     
maintaining opinions which tend to      
subvert all civil authority4 ,i paid    
little regard to this charge1 while it  
was confined to the advocates for the   
principles which have produced the      
present war2 but as it seems lately to  
have been given the public from the     
authority of a writer of the first      
character1#a it is impossible ,i should 
not be impressed by it2 and ,i find     
myself under a necessity of taking      
farther notice of it4  ,there are two   
accounts1 directly opposite to one      
another1 which have been given of the   
origin of civil government4 ,one of them

 is1 that 8civil government is an       
expedient contrived by human prudence   
for gaining security against oppression2
 and that1 consequently1 the power of   
civil governors is a delegation or trust
 from the people for accomplishing this 
end40  ,the other account is1 that      
8civil government is an ordinance of the
 ,deity1 by which the body of mankind   
are given up to the will of a few2 and1 
consequently1 that it is a trust from   
the ,deity1 in the exercise of which    
civil governors are accountable only to 
him40  ,the question 8which of these    
accounts we ought to receive10 is       
important in the highest degree4 ,there 
is no question which more deeply affects
 the happiness and dignity of man as a  
citizen of this world4--,if the former  
account is right1 the people 7that is1  
the body of independent agents7 in every
 community are their own legislators4   
,all civil authority is properly their  
authority4 ,civil governors are only    
public servants2 and their power1 being 

delegated1 is by its nature             
limited4--,on the contrary4 ,if the     
latter account is right1 the people have
 nothing to do with their own           
government4 ,they are placed by their   
maker in the situation of cattle on an  
estate1 which the owner has a right to  
dispose of as he pleases4 ,civil        
,governors are a body of masters2 and   
their power is a commission from ,heaven
 held by divine right1 and unbounded in 
its extent4  ,i have espoused1 with some
 zeal1 the first of these accounts2 and 
in the following tracts1 endeavoured to 
explain and defend it4 ,and this is all 
,i have done to give countenance to the 
charge ,i have mentioned4--,even the    
masterly writer who1 after a croud of   
writers infinitely his inferiors1 seems 
to have taken up this accusation against
 me1 often expresses himself as if he   
had adopted the same idea of            
government#b4 ,such indeed is my opinion
 of his good sense1 and such has been   
the zeal which he has discovered for the

 rights of mankind1 that ,i think it    
scarcely possible his ideas and mine on 
this subject should be very different4  
,his language1 however1 sometimes       
puzzles me2 and1 particularly1 when he  
intimates that government is an         
institution of divine authority2#c when 
he scouts all discussions of the nature 
of civil liberty1 the foundation of     
civil rights1 and the principles of free
 government2 and when he asserts the    
competence of our legislature to revive 
the ,high-,commission ,court and        
,star-,chamber1 and its ,,boundless     
,,authority not only over the people of 
,britain1 but over distant communities  
who have no voice in it4  ,but whatever 
may be ,mr4 ,,burke',s sentiments on    
this subject1 he cannot possibly think  
of the former account of government that
 8it is a speculation which destroys all
 authority40--,both accounts establish  
an authority4 ,the difference is1 that  
one derives it from the people1 and     
makes it a limited authority2 and the   

other derives it from ,heaven2 and makes
 it unlimited4--,i have repeatedly      
declared my admiration of such a        
constitution of government as our own   
would be1 were the ,house of ,commons a 
fair representation of the kingdom1 and 
under no undue influence4--,the sum of  
all ,i have meant to maintain is1 8that 
,,legitimate ,,government1 as opposed to
 ,,oppression and ,,tyranny1 consists in
 the dominion of equal laws made with   
common consent1 or of men over          
themselves2 and not in the dominion of  
communities over communities1 or of any 
men over other men40 ,introduction to   
the second ,tract1 p4 #i4--;,how then   
can it be pretended1 that ,i have aimed 
at destroying all authority8 ,does our  
own constitution destroy all authority8 
,is the authority of equal laws made    
with common consent no authority8 ,must 
there be no government in a state that  
governs itself8 ,or1 must an            
institution1 contrived by the united    
counsels of the members of a community1 

for restraining licentiousness and      
gaining security against injury and     
violence1 encourage licentiousness1 and 
give to every one a power to commit what
 outrages he pleases8  ,the ,archbishop 
of ,york1 7in a sermon preached before  
the society for propagating the gospel  
in foreign parts1 ,feb4 #ba1 #aggg17 has
 taken notice of some loose opinions1 as
 he calls them1 which have been lately  
current on civil liberty2 some who mean 
delinquency having given accounts of it 
8by which every man's humour is made to 
be the rule of his obedience1 all the   
bad passions are let loose1 and those   
dear interests abandoned to outrage for 
the protection of which we trust in     
law10 #dto edit4 p4 #ae and #af4 ,it is 
not difficult to guess at one of the    
delinquents intended in these words4 ,in
 opposition to the horrid sentiments of 
liberty which they describe1 but which  
in reality no man in his senses ever    
entertained1 the ,archbishop defines it 
to be simply1 the supremacy of law1 or  

,,government by ,,law1 without adding to
 law1 as ,i had done1 the words equal   
and made with common consent2#d and     
without opposing a ,,government by ,,law
 to a ,,government ,,by ,,men1 as others
 had done4--,according to him1          
therefore1 the supremacy of law must be 
liberty1 whatever the law is1 or whoever
 makes it4--,in despotic countries      
government by law is the same with      
government by the will of one man1 which
 ,,hooker has called the misery of all  
men2 but1 according to this definition1 
it is liberty4--,in ,,england formerly1 
the law consigned to the flames all who 
denyed certain established points of    
faith4 ,even now1 it subjects to fines1 
imprisonment and banishment all teachers
 of religion who have not subscribed the
 doctrinal articles of the church of    
,england2 and the good ,archbishop1 not 
thinking the law in this case           
sufficiently rigorous1 has proposed     
putting ,protestant ,dissenters under   
the same restraints with the ,papists4#e

 ,and should this be done1 if done by   
law1 it will be the establishment of    
liberty4  ,the truth is1 that a         
government by law is or is not liberty1 
just as the laws are just or unjust2 and
 as the body of the people do or do not 
participate in the power of making them4
 ,the learned ,prelate seems to have    
thought otherwise1 and therefore has    
given a definition of liberty1 which    
might as well have been given of        
slavery4  ,at the conclusion of his     
sermon1 the ,archbishop adds words which
 he calls comfortable1 addressed to     
those who had been patient in           
tribulation1#f and intimating that they 
might rejoice in hope1 8a ray of        
brightness then appearing after a       
prospect which had been long dark40 ,and
 in an account which follows the sermon1
 from one of the missionaries in the    
province of ,new-,york1 it is said1 that
 8the rebellion would undoubtedly be    
crushed1 and that ,,then will be the    
time for taking steps for the increase  

of the church in ,america1 by granting  
it an episcopate40 ,in conformity to the
 sentiments of this missionary1 the     
,archbishop also expresses his hope1    
that the opportunity which such an event
 will give1 for establishing episcopacy 
among the colonists1 will not be lost2  
and advises1 that measures should be    
thought of for that purpose1 and for    
thereby rescuing the church from the    
persecution it has long suffered in     
,america4  ,this is a subject so        
important1 and it has been so much      
misrepresented1 that ,i cannot help     
going out of my way to give a brief     
account of it4         99       99      
99       99       99  ,it does not      
appear that the lay members themselves  
of the church in ,america have ever     
wished for ,bishops4 ,on the contrary1  
the assembly of ,virginia 7the first    
episcopal colony7 some years ago        
returned thanks to two clergymen in that
 colony1 who had protested against a    
resolution of the other clergy to       

petition for ,bishops4 ,the church here 
cannot have a right to impose ,bishops  
on the church in another country2 and   
therefore1 while churchmen in ,america  
are averse to ,bishops1 it must be      
persecution to send ,bishops among them4
 ,the ,presbyterians1 and other         
religious sects there1 are willing1 from
 a sense of the reasonableness of       
toleration1 to admit ,bishops whenever  
the body of episcopalian laity shall    
desire them1 provided security is given 
that they shall be officers merely      
spiritual1 possessed of no other powers 
than those which are necessary to the   
full exercise of that mode of religious 
worship4 ,it is not ,bishops1 as        
spiritual officers1 they have opposed2  
but ,bishops on a state-establishment2  
,bishops with civil powers2 ,bishops at 
the head of ecclesiastical courts1      
maintained by taxing other sects1 and   
possessed of a ,,pre-,,eminence which   
would be incompatible with the equality 
which has long subsisted among all      

religious sects in ,america4 ,in this   
last respect1 the colonies have hitherto
 enjoyed a happiness which is           
unparalleled1 but which the introduction
 of such ,bishops as would be sent from 
hence would destroy4 ,in ,pensilvania   
7one of the happiest countries under    
heaven before we carried into it        
desolation and carnage7 all sects of    
christians have been always perfectly on
 a level1 the legislature taking no part
 with any one sect against others1 but  
protecting all equally as far as they   
are peaceable4 ,the state of the        
colonies north of ,pensilvania is much  
the same2 and1 in the province of       
,massachusett's-,bay in particular1     
civil authority interposes no farther in
 religion than by imposing a tax for    
supporting public worship1 leaving to   
all the power of applying the tax to the
 support of that mode of public worship 
which they like best4 ,this tax the     
episcopalians were1 at one time1 obliged
 to pay in common with others2 but so   

far did the province carry its          
indulgence to them1 that an act was     
passed on purpose to excuse them4--,with
 this let the state of ,protestant      
,dissenters in this country be compared4
 ,not only are they obliged to pay      
tithes for the support of the           
established church1 but their worship is
 not even tolerated1 unless their       
ministers will subscribe the articles of
 the church4 ,in consequence of having  
long scrupled this subscription1 they   
have lost all legal right to protection1
 and are exposed to the cruellest       
penalties4 ,uneasy in such a situation1 
they not long ago applied twice to      
parliament for the repeal of the penal  
laws against them4 ,bills for that      
purpose were brought into the ,house of 
,commons1 and passed that ,house4 ,but1 
in the ,house of ,lords1 they were      
rejected in consequence of the          
opposition of the ,bishops4--,there are 
few ,i reverence so much as some on the 
sacred bench2 but such conduct 7and may 

,i not add the alacrity with which most 
of them support the present measures87  
must leave an indelible stain upon them1
 and will probably exclude them for ever
 from ,america4  ,on this occasion1 ,i  
cannot help thinking with concern of the
 learned ,prelate's feelings4 ,after a  
prospect long dark1 he had discovered a 
ray of brightness shewing him ,america  
reduced1 and the church triumphant3 ,but
 lately1 that ray of brightness has     
vanished1 and defeat has taken place of 
victory and conquest4--,and what do we  
now see8--,what a different prospect1   
mortifying to the learned ,prelate1     
presents itself8--,a great people likely
 to be formed1 in spite of all our      
efforts1 into free communities1 under   
governments which have#g no religious   
tests and establishments6--,a new ra in 
future annals1 and a new opening in     
human affairs beginning1 among the      
descendants of ,englishmen1 in a new    
world2--,a rising empire1 extended over 
an immense continent1 without           

,,bishops1--without ,,nobles1--and      
without ,,kings4  ,o the depth of the   
riches of the wisdom of ,god6 ,how      
unsearchable are his judgments6  ,but to
 proceed to another subject4         99 
99       99       99       99  ,in the  
second of the following tracts1 page    
#dh1 ,i have observed1 that in former   
times it was the custom of parliament to
 pass bills for appointing commissioners
 to take1 state1 and examine the public 
accounts4 ,i have lately had it in my   
power to inform myself more particularly
 on this subject2 and ,i shall here beg 
leave to give a brief recital of some of
 the principal facts relating to it4    
,the first bill for the purpose ,i have 
mentioned was passed in the times of the
 commonwealth1 and in the year #afec4   
,it was called an 8act for accounts1 and
 for clearing of public debts1 and      
discovering frauds and concealments40   
,seven commissioners were named in it1  
and the necessary powers given them4 ,in
 #affg1 another act was passed for the  

same purpose2 after which ,i find no    
account of any such acts till the       
beginning of the reign of ,king         
,william4 ,at this time complaints of   
mismanagement and embezzlements in the  
disposition of public money were become 
so prevalent1 that the ,house of        
,commons thought it necessary to enter  
into measures for effectually preventing
 them1 by obliging all revenue officers 
to make up their accounts1 and bringing 
defaulters to justice4  ,with these     
views1 six of the acts ,i have mentioned
 were passed between the years #afij and
 #agja4 ,another was passed in the first
 of ,queen ,anne2 and three more in her 
four last years4 ,in ,king ,william's   
reign they were always passed by the    
,house of ,commons without a division4  
,in ,queen ,anne's reign1 not one passed
 without a division4 ,in #agag1 a motion
 for such an act was rejected without a 
division2 and since #agag1 only one     
motion#h has been made for such a bill1 
and it was rejected by a majority of    

#acf to #ff4  ,the preamble to these    
acts declares the reason of them to be1 
that 8the kingdom may be satisfied and  
truly informed1 whether all the monies  
granted by parliament have been         
faithfully issued and applied to the end
 for which they had been given2 and that
 all loyal subjects may be thereby      
encouraged more chearfully to bear the  
burthens laid upon them40 ,the number of
 commissioners named in them was        
generally nine or seven1 all members of 
the ,house of ,commons4 ,it was         
particularly ordered1 that they should  
take an account of all the revenues     
brought into the receipt of the         
,exchequer1 and all arrears thereof2 of 
all monies in the hands of the receivers
 general of the land-tax1 customs and   
excise2 of all the public stores1       
provisions1 c4 as well for land as sea  
service2 of all ships of war1 and the   
sums of money provided or paid for the  
use of the forces by sea and land1 and  
the number of them respectively2 and of 

any briberies or corruptions in any     
persons concerned in the receiving or   
disposing of the national treasure4     
,and1 for these purposes1 they were     
impowered to call before them1 and to   
examine upon oath the officers of the   
exchequer1 the secretary at war1        
paymaster of the forces1 commissioners  
of the navy and ordnance1 and all       
persons whatever employed as            
commissioners1 or otherwise1 in or about
 the ,treasury4  ,the reports1 which the
 commissioners thus appointed delivered 
from time to time to parliament1 contain
 accounts of a waste of public money1   
arising from the rapacity of            
contractors1 and many scandalous abuses 
and frauds in every part of the public  
service1 which must shock every person  
not grown callous to all the feelings of
 honesty and honour4 ,in consequence of 
these reports1 the ,house of ,commons   
addressed the throne1 and remonstrated2 
several great men were accused1 and     
brought to shame2 some were dismissed   

from their places1 and ordered to be    
prosecuted2 some expelled1 and some     
committed to the ,tower4 ,thus did our  
representatives in those times discharge
 their duty as guardians of the public  
property2 and it is1 in my opinion1 only
 by such means that they are capable of 
doing this properly and effectually4 ,it
 must1 however1 be acknowledged1 that   
these commissions of enquiry did not    
produce all the good effects which might
 have been expected from them4 ,the     
influence of the crown1 and the interest
 in parliament of many great men        
entrusted with the disposition of public
 money1 rendered the proper execution of
 them extremely difficult4 ,this led    
some even of the ,tories1 at the time of
 the great change of ministry in #agaj1 
to propose1 that the receiving and      
issuing of the public money should be   
taken from the crown2 and1 in defence of
 this proposal1 it was urged1 that the  
issuing of public money1 being in some  
of the most despotic countries left in  

the hands of the people1 it was by no   
means a necessary part of the royal     
prerogative4 ,this would indeed have    
provided a complete remedy2 and it might
 have perpetuated the constitution4     
,but1 even in these times1 it was a     
reformation too great and too           
impracticable to engage much attention4 
,ever since those times the public      
accounts have been growing more         
complicated2 and the temptations to     
profusion and embezzlement have been    
increasing with increasing luxury and   
dissipation4 ,how astonishing then is it
 that every idea of such commissions    
should be now lost2 and that1 at a time 
when the nation is labouring under      
expences almost too heavy to be borne1  
the passing of accounts by the ,house of
 ,commons is become little more than a  
matter of form2 our representatives     
scarcely thinking it worth their while  
to attend on such occasions1 and        
,,millions of the public treasure being 
sometimes given away1 in a few hours1   

just as proposed by the ,treasury1      
without debate or enquiry4  ,i must not 
forget to mention particularly on this  
subject1 that the commissioners named in
 the acts ,i have described1 were always
 declared incapable of holding any place
 or office of profit under the crown2   
and directed to take an account 8of all 
pensions1 salaries1 and sums of money   
paid or payable to members of parliament
 out of the revenue or otherwise40--,not
 long before this time1 the ,house of   
,commons would not suffer even the      
,attorney-general#i to sit and vote in  
the house because he was the king's     
servant2 and in #afgh1 a member1 as ,mr4
 ,trenchard says1 was committed to the  
,tower1 for only saying in the house    
that the king might keep guards for his 
defence1 if he could pay them4--,such   
once was the ,house of ,commons4--,so   
jealous of the power of the crown1 and  
so chaste4--,since the reign of ,queen  
,ann and the passing of the ,septennial 
,act1 a great change has taken place4#aj

 ,a change which is little less than the
 total ruin of the constitution1 and    
which may end in a tyranny the most     
oppressive and insupportable4 ,it is1   
therefore1 the greatest evil1 which     
could have happened to us2 and the men1 
by whose abominable policy it has been  
accomplished1 ought to be followed with 
the everlasting execrations of every    
friend to public virtue and liberty4    
99       99       99       99       99  
,i now withdraw to the situation of an  
anxious spectator of public events2 but 
before ,i do this1 ,i must leave with   
the public1 at this threatening period1 
the following sentiments4  ,not long    
ago1 the colonies might have been kept1 
without bloodshed or trouble1 by        
repealing the acts which have made us   
the aggressors in the present war2 but  
now it would be great folly to expect   
this4--,at the same time ,i think it    
certain1 that they may be rendered more 
useful to us by a pacification on       
liberal terms1 which shall bind them to 

us as ,,friends1 than by any victories  
or slaughters 7were they possible7 which
 can force them to submit to us as      
,,subjects4--,i think it also certain1  
that should the offer of such terms be  
delayed till they have formed an        
alliance with ,france1 this country is  
,,undone4--,such an alliance1 we may    
hope1 is not yet settled4--,our rulers1 
therefore1 may possibly have still a    
moment for pausing and retreating2 and  
every dictate of prudence and feeling of
 humanity requires them to be speedy and
 earnest in improving it4--,but what am 
,i saying8 ,i know this must not be     
expected4 ,too full of ideas of our own 
dignity1 too proud to retract2 and too  
tenacious of dominion1 we seem          
determined to persist3 ,and the         
consequence must be1 that the colonies  
will become the allies of ,france2 that 
a general war will be kindled2 and1     
perhaps1 this once happy country be     
made1 in just retribution1 the seat of  
that desolation and misery which it has 

produced in other countries4            
,january #ai1 #aggh4         99       99
       99       99       99  ,since the 
publication of the preceding            
,introduction1 the event referred to at 
the end of it has been announced to the 
public4 ,a memorial from the ,french    
court has been delivered to our court1  
declaring1 that the former has concluded
 a treaty of commerce and friendship    
with the colonies as ,,independent      
,,states2 and acquainting us that1 ,,in 
,,concert ,,with ,,them1 the ,king of   
,france is determined and prepared to   
defend his commerce against any         
interruption we may give it4--,a new    
turn1 therefore1 is now given to our    
affairs of a nature the most critical   
and alarming4 ,would to ,god there were 
any concessions by which we could       
extricate ourselves4 ,but the           
opportunities for this have been        
shamefully lost1 and cannot be now      
recovered4--,with a judicial blindness  
in our councils which has hitherto      

carried us uniformly from bad to        
worse--,with near half our strength torn
 from us1 and our vaunted dignity in the
 dust--,with our resources failing2 our 
credit tottering2 and a debt threatening
 to overwhelm us of more than a         
,,hundred ,,and ,,fifty ,,millions--,in 
these circumstances1 we seem to be      
entering on a war with the united powers
 of ,france1 ,spain1 and                
,america4--,this1 should it happen1 will
 complete the measure of our troubles1  
and soon bring on that catastrophe which
 there has been all along reason to     
expect and dread4      ,april #bd1      
#aggh4   ,,account ,,of ,,the ,,customs 
,,for ,,the ,,last ,,six ,,years4  ,in  
the following tracts ,i have reckoned1  
among the destructive consequences of   
the war with ,america1 the loss of a    
considerable part of our trade4 ,in     
consequence of several accidental       
causes1 particularly the demand created 
by the war1 this effect has not yet been
 so much felt as was generally expected4

 ,the truth1 however1 is1 that the war  
has operated in this way to a degree    
that is alarming1 as will appear from   
the following account of the ,,customs  
for the last six years4          ,gross 
,receipt4  ,debentures4  ,net ,receipt4 
,payments into                          
the ,exchequer4   #aggb    #e4acd1ejc   
#b4bad1ejh    #b4dda1jch      #b4ebe1eae
   #aggc    #e4aei1hjj      #b4dfc1gfg  
#b4bba1dfj      #b4dca1jga   #aggd      
#e4jfh1jjj      #b4acb1fjj    #b4dee1ejj
      #b4edg1gag   #agge    #e4adf1ijj  
#a4ijd1ijj    #b4gji1cdj      #b4dgf1cjb
   #aggf    #c4gbf1igj      #a4edd1cjj  
#a4fcc1chj      #b4dfj1djb   #aggg      
#c4bic1bjj        #icb1hfj    #a4hdf1cij
      #b4aii1aje  ,it should be         
observed1 that though1 in #aggf1 there  
had been no importation of tobacco1 yet 
the duties on tobacco brought into the  
,exchequer as much as ever1 these duties
 having been paid for old stock taken   
out of the warehouses for home          
consumption1 instead of exportation4    

,this is one of the causes which kept up
 the payments into the ,exchequer in    
#aggf1 notwithstanding a sudden fall of 
near a ,,million ,,and ,a ,,half in the 
gross receipt1 and a ,,million in the   
net receipt4--,in the last year1 or     
#aggg1 the duties on tobacco fell very  
short2 and this contributed to diminish 
the payments into the ,exchequer near a 
quarter of a million4 ,but what seems of
 more importance is1 that the debentures
 7or duties returned at exportation7    
which had fallen in #agge and #aggf     
above a fourth1 continued to fall in    
#aggg2 and did not then amount to more  
than two-fifths of the usual sum4  ,i   
have examined the customs from the      
,revolution to the present time2 but    
cannot find that any thing like such a  
fall in them has ever happened before4  
,,first ,,advertisement4  ,the present  
state of the public funds makes it      
necessary for me to acquaint the reader1
 that when the ,supplement to the       
following ,tracts was written1 the #c   

per cent4 annuities were at the price   
which the calculations in it suppose1 or
 nearly at #gh4 ,they have since fallen 
to #gb1 and once even below #fi1 which  
is a lower price than they were ever at 
during the whole last war1 except just  
at the pinch of the loan of twelve      
millions in #agfb4--,the difference of  
price also between them and the new #d  
per cents4 is fallen1 7for no reason    
that ,i can discover7 from #ad to about 
#aj4--;,i find1 likewise1 that in       
consequence of a distressing scarcity of
 money1 the subscribers to the last loan
 of five millions have not yet been able
 to complete their payments4--,these    
facts afford a dark prospect2 and make  
it doubtful whether1 if things don't    
mend1 it will be possible1 by any       
schemes1 to procure the money necessary 
to bear the expence of another          
campaign4--,should it happen1 for these 
reasons1 that what ,i have written on   
loans can be of no use2 or1 though      
capable of being of use1 should it be   

neglected2 ,i shall still reflect with  
satisfaction1 that ,i have now given    
what ,i wished to offer on this subject 
with more correctness2 and proved1      
beyond a doubt1 that a great part of the
 ,national ,debt is an artificial debt1 
for which no money has been received1   
and which might have been easily        
avoided4      ,jan4 #ai1 #aggh4         
,,second ,,advertisement4  ,since the   
foregoing ,advertisement in ,january    
last1 the price of the #c per cent4     
annuities has fallen from #gb to #fj4   
,but the difference of price between    
them and the #d per cent4 annuities     
created in #aggg1 has risen to near     
#ahl4 agreeably to the true comparative 
value of these annuities1 as computed in
 page #ad of the ,supplement4--,it is   
necessary ,i should farther mention1    
that there has been a new loan of six   
millions for the service of the present 
year2 but that1 contrary to my hopes1   
the managers of our finances have       
returned to the old modes of            

borrowing--,the consolidated #c per     
cent4 annuities being1 when the loan was
 settled on the #fth of ,february1 at   
#ff2 one hundred #c per cent4 stock     
estimated at this price1 was given for  
every #ajjl4 in money1 with             
,,four-,,fifths of the profits of a     
lottery ticket reckoned at #bl4 and an  
,,annuity of #bl4 for #cj years1        
reckoned worth #ad years purchase 7or   
#acel47 but really worth above #ae years
 purchase4 ,this made a profit of #dl4  
on every #ajjl4 advanced4 ,but the #c   
per cent4 annuities falling immediately 
to #fd1 and in a few days to #fj2 and   
the short annuity also happening to sell
 for no more than #ac years purchase1   
this loan has been constantly at a      
discount1 which has fluctuated between  
#b and #d per cent4  ,the scheme of this
 loan is the first of the old schemes   
described in the following ,supplement1 
page #b;d2 and it is apparent that by   
including the value of the douceurs in  
the capital1 it brings on the public an 

artificial debt1 for which nothing will 
be received1 of above two               
millions4--,the sum to be lent1 should  
it be ever paid1 might have been as well
 obtained1 without making any material  
addition to the annual charge1 by       
selling separately the two douceurs     
worth #b4bdd1jjjl4 and offering for the 
remaining sum necessary to make up six  
millions1 an interest of five per cent4 
subject to the regulations proposed in  
the ,second ,tract1 page #ih1 or in the 
,supplement1 page #bd4      ,april #bd1 
#aggh4   ,the following accounts have   
been laid before the ,house of ,commons 
since ,january last4   ,account of the  
,gold ,coin brought into the ,mint from 
,great ,britain and ,ireland by the     
,proclamations in #aggc1 #aggd1 and     
#aggf4                                  
4     s4 d4    ,first ,proclamation     
brought in  #c4hjf1dce   #g   #b        
deficient more than                     
#f grains in a guinea4    #b;d          
,proclamation brought in     #d4hgf1aga 

#ah   #c  deficient between             
#c and #f grains4    #c;d ,proclamation 
brought in     #f4hhj1ihf   #e   #c     
deficient between                       
#a and #c grains4                       
------------------                      
,total   #ae4efc1eic  #aj   #h  ,compare
 ,second ,tract from page #ef to #fd4   
,account of the ,expence of calling in  
and recoining all the ,gold ,coin       
deficient more than a grain in a guinea4
                                        
4  s4  d4    ,expence to the ,bank for  
melting        #af1ghf  #ad    #f       
,deficiency in melting                  
#cag1cad   #f   #aa    ,interest of     
money advanced to the     holders of    
gold coin                #bca1ihb  #ag  
#g    ,to master of the ,mint for the   
charge     of recoining and other       
charges      #aae1dei  #ab    #i    ,to 
several persons who were appointed      
in the several counties to take in      
and exchange the gold coin1 and for     
other charges and expences              

#gb1dgf   #h    #j                      
----------------                        
,total  #ged1jai  #ai    #i  ,towards   
defraying this expence there have been  
applied the following sums3             
4   s4  d4    ,out of the supplies in   
#aggd   #bej1jjj   #j    #j             
in #agge    #fi1fga   #h    #c          
in #aggf    #ib1dba  #ad   #aa    ,out  
of the million     vote of credit in    
#aggf    #cj1jjj   #j    #j    ,out of  
the million     vote of credit in       
#aggg   #bjf1fii   #h    #c    ,provided
 for in        #aggh   #aje1bbg   #h    
#c                                      
-----------------                       
#ged1jai  #ai    #i  ,these accounts    
shew1 that in the note1 p4 #fc of the   
,second ,tract1 the words #af millions  
and a half should have been #ae millions
 and a half2 and that in p4 #fi1 #b;d   
line1 #fej1jjjl4 should have been       
#ged1jail4 #ais4 #i;d4         99       
99       99       99       99  ,n4 ,b4  
,the loss attending the deficiency in   

the coin brought in by the first        
proclamation amounted nearly to         
#cjj1jjjl4 but having been thrown on the
 holders of the coin1 it could not be   
brought to account4   ,,footnotes  #a   
,see ,mr4 ,burke's ,letter to the       
,sheriffs of ,bristol1 pages #ec1 #ed4  
#b 8,to follow1 not to force the public 
inclination2 to give a direction1 a     
form1 a technical dress and a specific1 
sanction to the general sense of the    
community1 is the true end of           
legislature4 ,when it goes beyond this1 
its authority will be precarious1 let   
its rights be what they will40 ,letter  
to the ,sheriffs of ,bristol1 p4 #di4   
#c ,ibid4 p4 #ee4 ,thoughts on the      
causes of the present discontents1 p4   
#fg4 8,government certainly1 is an      
institution of divine authority2 though 
its forms and the persons who administer
 it1 all originate from the people40 ,it
 is probable that ,mr4 ,burke means only
 that government is a divine            
institution1 in the same sense in which 

any other expedient of human prudence   
for gaining protection against injury1  
may be called a ,divine institution4    
,all that we owe immediately to our own 
foresight and industry1 must ultimately 
be ascribed to ,god the giver of all our
 powers1 and the cause of all causes4   
,it is in this sense that ,st4 ,paul in 
,rom4 xiii4 #a1 #b4 calls civil         
magistracy the ordinance of ,god1 and   
says that there is no power but of ,god4
 ,if any one wants to be convinced of   
this1 he should read the excellent      
bishop ,,hoadly's ,sermon entitled ,the 
,measures of ,submission to the civil   
,magistrate1 and the defences of it4    
,it is further probable1 that when ,mr4 
,burke asserts the omnipotence of       
,parliaments1 or their competence to    
establish any oppressions 7,letter1 p4  
#df1 #di7 he means mere power abstracted
 from right1 or the same sort of power  
and competence that trustees have to    
betray their trust1 or that armed       
ruffians have to rob and murder4 ,nor   

should ,i doubt whether this is his     
meaning1 were it not for the passage ,i 
have quoted from him in the last page1  
the latter part of which seems to imply1
 that a legislature may contradict its  
end1 and yet retain its rights4--,some  
of the justest remarks on this subject  
may be found in the ,earl of            
,,abingdon's thoughts on ,mr4 ,burke's  
letter1 a pamphlet which 7on account of 
the excellent public principles it      
maintains1 and the spirit of liberty it 
breathes1 as well as the rank of the    
writer7 must give to every friend to the
 true interests of this country         
particular pleasure4  ,in p4 #df1 ,mr4  
,burke says1 that 8if there is one man  
in the world more zealous than another  
for the supremacy of parliament and the 
rights of this imperial crown1 it is    
himself2 though many may be more knowing
 in the extent and the foundation of    
these rights40 ,he adds1 that 8he has   
constantly declined such disquisitions1 
not being qualified for the chair of a  

professor in metaphysics1 and not       
chusing to put the solid interests of   
the kingdom on speculative              
grounds40--,the less knowledge1 the more
 zeal1 is a maxim which experience has  
dreadfully verified in religion4 ,but he
 that1 in the present case1 should apply
 this maxim to ,mr4 ,burke1 would1      
whatever he may say of himself1 greatly 
injure him4 ,though he chuses to decry  
enquiries into the nature of liberty1   
there are1 ,i am persuaded1 few in the  
world whose zeal for it is more united  
to extensive knowledge and an exalted   
understanding4--,he calls it1 p4 #ee4   
8the vital spring and energy of a state1
 and a blessing of the first order40 ,he
 cannot1 therefore1 think that too much 
pains may be taken to ,,understand it4  
,he must know1 that nothing but         
usurpation and error can suffer by      
enquiry and discussion4  ,mr4 ,,wilkes1 
in an excellent speech which he lately  
made in moving for the repeal of the    
declaratory law1 observed1 that this law

 was a compromise to which the great    
men1 under whose administration it was  
passed1 were forced in order to obtain  
the repeal of the ,stamp-act4 ,i think  
so highly of that administration and of 
the service it did the public1 that ,i  
have little doubt of the truth of this  
observation4 ,but1 at the same time1 ,i 
cannot help wishing ,mr4 ,burke had     
given no reason for doubt by defending  
the principle of that act2 a principle  
which1 unquestionably1 he and his       
friends would never have acted upon2 but
 which others have since acted upon1    
with a violence which has brought us to 
the brink of ruin4  #d ,in p4 #ai4 he   
calls liberty 8a freedom from all       
restraints except such as established   
law imposes for ,,the ,,good ,,of ,,the 
,,community40 ,but this addition can    
make no difference of any consequence1  
as long as it is not specified where the
 power is lodged of judging what laws   
are for the good of the community4 ,in  
countries where the laws are the edicts 

of absolute princes1 the end professed  
is always the good of the ,community4   
#e 8,the laws against ,papists have been
 extremely severe4 ,new dangers may     
arise2 and if at any time ,,another     
,,denomination of men should be equally 
dangerous to our civil interests1 it    
would be justifiable to lay them under  
similar restraints40 ,page #ag4--;,in   
another part of this sermon the great   
men in opposition 7some of the first in 
the kingdom in respect of rank1 ability1
 and virtue7 are described as a body of 
men void of principle1 who1 without     
regarding the relation in which they    
stand to the community1 have entered    
into a league for advancing their       
private interest1 and 8who are held     
together by the same bond that keeps    
together the lowest and wickedest       
combinations40--,was there ever such a  
censure delivered from a pulpit8 ,what  
wonder is it that the ,dissenters should
 come in for a share in his ,grace's    
abuse8--,their political principles1 he 

says1 are growing dangerous4--,on what  
does he ground this insinuation8 ,he is 
mistaken if he imagines that they are   
all such delinquents as the author of   
the following tracts1 or that they think
 universally as he does of the war with 
,america4 ,on this subject they are1    
like other bodies of men in the kingdom1
 of different opinions4--,but ,i will   
tell him in what they agree4--,they     
agree in detesting the doctrines of     
passive obedience and non-resistance4   
,they are all ,,whigs1 enemies to       
arbitrary power1 and firmly attached to 
those principles of civil and religious 
liberty which produced the ,,glorious   
,,revolution and the ,,hanoverian       
,,succession4--,such principles are the 
nation's best defence2 and ,protestant  
,dissenters have hitherto reckoned it   
their glory to be distinguished by zeal 
for them1 and an adherence to them4     
,,once these principles were approved by
 men in power4 ,no good can be expected1
 if they are now reckoned dangerous4  #f

 ,that is1 the missionaries of the      
society in ,america4--,the charter of   
the society declares the end of its     
incorporation to be 8propagating the    
gospel in foreign parts1 and making     
provision for the worship of ,god in    
those plantations which wanted the      
administration of ,god's word and       
sacraments1 and were abandoned to       
atheism and infidelity40 ,the chief     
business1 on the contrary1 of the       
society has been to provide for the     
support of episcopalianism in the       
northern colonies1 and particularly     
,,new-,,england1 where the sacraments   
are more regularly administered1 and the
 people less abandoned to infidelity1   
than perhaps in any country under       
heaven4 ,the missionaries employed and  
paid by the society for this purpose1   
have generally been clergymen of the    
highest principles in church and state4 
,america1 having been for some time very
 hostile to men of such principles1 most
 of them have been obliged to take      

refuge in this country2 and here they   
have1 ,i am afraid1 been too successful 
in propagating their own resentments1 in
 misleading our rulers1 and widening the
 breach which has produced the present  
war4  #g ,i am sorry to mention one     
exception to the fact here intimated4   
,the new constitution for ,pensilvania  
7in other respects wise and liberal7 is 
dishonoured by a religious test4 ,it    
requires an acknowledgment of the divine
 inspiration of the ,old and ,new       
,testament1 as a condition of being     
admitted to a seat in the ,house of     
,representatives2 directing however1 at 
the same time1 that no other religious  
test shall for ever hereafter be        
required of any civil officer4--,this   
has been1 probably1 an accommodation to 
the prejudices of some of the narrower  
sects in the province1 to which the more
 liberal part have for the present      
thought fit to yield2 and1 therefore1 it
 may be expected that it will not be of 
long continuance4  ,religious tests and 

subscriptions in general1 and all       
establishments of particular systems of 
faith1 with civil emoluments annexed1 do
 inconceivable mischief1 by turning     
religion into a trade1 by engendering   
strife and persecution1 by forming      
hypocrites1 by obstructing the progress 
of truth1 and fettering and perverting  
the human mind2 nor will the world ever 
grow much wiser1 or better1 or happier1 
till1 by the abolition of them1 truth   
can gain fair play1 and reason free     
scope for exertion4 ,the ,archbishop1   
page #aa1 speaks of christianity as     
8insufficient to rely on its own        
energies2 and of the assistances which  
it is the business of civil authority to
 provide for gospel truths40--,a worse  
slander was never thrown on gospel      
truths4 ,christianity disdains such     
assistances as the corrupted governments
 of this world are capable of giving it4
 ,politicians and statesmen know little 
of it4 ,their enmity has sometimes done 
it good2 but their friendship1 by       

supporting corruptions carrying its     
name1 has been almost fatal to it4  #h  
,in #agdb1 after the resignation of ,sir
 ,robert ,walpole4  #i ,sir ,,francis   
,,bacon was the second                  
,,attorney-,,general who sat in the     
,house of ,commons2 but1 to prevent its 
being drawn into a precedent1 the ,house
 would not admit him1 till they had made
 an order1 that no ,attorney-,general   
should for the future be allowed to sit 
and vote in that ,house4--,in conformity
 to this order1 whenever afterwards a   
member was appointed ,attorney-,general1
 his place was vacated1 and a new writ  
issued4 ,this continued to be the       
practice till the year #afgj1 when ,sir 
,,heneage ,,finch 7afterwards ,,earl    
,,of ,,nottingham7 being appointed      
,attorney-,general1 he was allowed by   
connivance to preserve his seat1 which  
connivance has been continued ever      
since4--,i give these facts not from any
 enquiry or knowledge of my own1 but    
from the authority of a friend1 who is  

perhaps better informed than any person 
in the kingdom on every subject of this 
kind4  #aj ,the following facts will    
shew1 in some degree1 how this change   
has been brought about4--,for ten years 
ending ,aug4 #a1 #agag 7a period        
comprehending in it a general war       
abroad2 and the demise of the crown1 the
 establishment of a new family1 and an  
open rebellion at home7 the money       
expended in secret services amounted    
only to #bgi1dddl4--,for ,,ten ,,years  
ending ,feb4 #aa1 #agdb1 it amounted to 
no less a sum than #a4chd1fjj2 of which 
#ej1jggl4 was paid to printers of       
,news-papers and writers for government2
 and a greater sum expended1 in the last
 six weeks of these ten years1 than had 
been spent in three years before ,aug4  
#agaj4--,see the ,report of the         
,,committee appointed ,march #bc1 #agdb1
 to enquire into the conduct of ,robert 
,earl of ,orford1 printed in the        
,journals of the ,house of ,commons1    
vol4 #bd1 p4 #bie1 #bif1 #cjj4--,one    

passage1 in this report1 contains       
remarks1 so much to my present purpose  
and so important1 that ,i cannot help   
copying it4--8,there are no laws        
particularly adapted to the case of a   
minister who clandestinely employs the  
money of the public1 and the whole power
 and profitable employments that attend 
the collecting and disposing of it1     
against the people3 ,and1 by this       
profusion and criminal distribution of  
offices1 in some measure justifies the  
expence that particular persons are     
obliged to be at1 by making it necessary
 to the preservation of all that is     
valuable to a free nation4 ,for in that 
case1 the contest is plain and visible4 
,it is1 whether the ,commons shall      
retain the third state in their own     
hands2 while this whole dispute is      
carried on at the expence of the people1
 and1 on the side of the minister1 out  
of the money granted to support and     
secure the constitutional independence  
of the three branches of the            

legislature4--,this method of corruption
 is as sure1 and1 therefore1 as criminal
 a way of subverting the constitution as
 by an armed force4 ,it is a crime1     
productive of a total destruction of the
 very being of this government2 and is  
so high and unnatural1 that nothing but 
the powers of parliament can reach it2  
and1 as it never can meet with          
parliamentary animadversion but when it 
is unsuccessful1 it must seek for its   
security in the extent and efficacy of  
the mischief it produces40 ,p4 #cie4    
,the obstructions which this committee  
met with in their enquiry proved that   
the crime they here describe in such    
emphatical language1 had even then      
obtained that very security1 in the     
extent of the mischief it produced1     
which1 they observe1 it was under a     
necessity of seeking4                   
,,observations                          
,,on ,,the ,,nature ,,of                
,,civil ,,liberty1                      
,,the ,,principles ,,of                 

,,government1                           
,,and ,,the                             
,,justice ,,and ,,policy                
,,of ,,the                              
,,war ,,with ,,america4          ,quis  
furor iste novus8 quo nunc1 quo tenditis
         ,heu6 miseri cives8 non        
,hostem1 inimicaque castra1             
,vestras ,spes uritis4                  
,,virg4                      ,by        
,,richard ,,price1 ,d4 ,d4 ,f4 ,r4 ,s4  
,,the ,,eighth ,,edition1               
,with ,,corrections and ,,additions4    
,,london3                   ,printed for
 ,t4 ,,cadell1 in the ,,strand4         
,m4,,dcc4,,lxxviii4     ,,preface ,,to  
,,the ,,first ,,edition4   ,in the      
following ,observations1 ,i have taken  
that liberty of examining public        
measures1 which1 happily for this       
kingdom1 every person in it enjoys4     
,they contain the sentiments of a       
private and unconnected man2 for which1 
should there be any thing wrong in them1
 he alone is answerable4  ,after all    

that has been written on the dispute    
with ,america1 no reader can expect to  
be informed1 in this publication1 of    
much that he has not before known4      
,perhaps1 however1 he may find in it    
some new matter2 and if he should1 it   
will be chiefly in the ,observations on 
the ,nature of ,civil ,liberty1 and the 
,policy of the ,war with ,america4      
,february #hth1 #aggf4     ,,preface    
,,to ,,the ,,fifth ,,edition4   ,the    
favourable reception which the following
 ,tract has met with1 makes me abundant 
amends for the abuse it has brought upon
 me4 ,i should be ill employed were ,i  
to take much notice of this abuse3 ,but 
there is one circumstance attending it1 
which ,i cannot help just               
mentioning4--,the principles on which ,i
 have argued form the foundation of     
every state as far as it is free2 and   
are the same with those taught by ,mr4  
,locke1 and all the writers on ,civil   
,liberty who have been hitherto most    
admired in this country4 ,but ,i find   

with concern1 that our ,governors chuse 
to decline trying by them their present 
measures3 ,for1 in a ,pamphlet which has
 been circulated by government with     
great industry1 these principles are    
pronounced to be 8unnatural and wild1   
incompatible with practice1 and the     
offspring of the distempered imagination
 of a man who is biassed by party1 and  
who writes to deceive40  ,i must take   
this opportunity to add1 that ,i love   
quiet too well to think of entering into
 a controversy with any writers2        
particularly1 ,,nameless ones4          
,conscious of good intentions1 and      
unconnected with any party1 ,i have     
endeavoured to plead the cause of       
general liberty and justice3 ,and happy 
in knowing this1 ,i shall1 in silence1  
commit myself to that candour of the    
public of which ,i have had so much     
experience4      ,march #abth1 #aggf4   
,,contents4                             
,page                                   
,,part ,i4    ,,sect4 ,i4 ,of the       

,nature of ,liberty in general4         
#b    ,,sect4 ,,ii4 ,of ,civil ,liberty 
and the ,principles of ,government4     
#f    ,,sect4 ,,iii4 ,of the ,authority 
of one ,country over another4           
#ai                                     
,,part ,,ii4    ,,sect4 ,i4 ,of the     
,justice of the ,war with ,america4     
#cd    ,,sect4 ,,ii4 ,whether the ,war  
with ,america is justified by     the   
,principles of the ,constitution4       
#dh    ,,sect4 ,,iii4 ,of the ,policy of
 the ,war with ,america4                
#ej    ,,sect4 ,,iv4 ,of the ,honour of 
the ,nation as affected by     the ,war 
with ,america4                          
#hg    ,,sect4 ,v4 ,of the ,probability 
of succeeding in the ,war     with      
,america4                               
#id     ,,observations1 c4   ,our       
,colonies in ,,north ,,america appear to
 be now determined to risk and suffer   
every thing1 under the persuasion1 that 
,,great ,,britain is attempting to rob  
them of that ,liberty to which every    

member of society1 and all civil        
communities1 have a natural and         
unalienable title4 ,the question1       
therefore1 whether this is a right      
persuasion1 is highly interesting1 and  
deserves the careful attention of every 
,englishman who values ,liberty1 and    
wishes to avoid staining himself with   
the guilt of invading it4 ,but it is    
impossible to judge properly of this    
question without just ideas of ,liberty 
in general2 and of the nature1 limits1  
and principles of ,civil ,liberty in    
particular4--,the following observations
 on this subject appear to me of some   
importance2 and ,i cannot make myself   
easy without offering them to the public
 at the present period1 big with events 
of the last consequence to this kingdom4
 ,i do this1 with reluctance and pain1  
urged by strong feelings1 but at the    
same time checked by the consciousness  
that ,i am likely to deliver sentiments 
not favourable to the present measures  
of that government1 under which ,i live1

 and to which ,i am a constant and      
zealous well-wisher4 ,such1 however1 are
 my present sentiments and views1 that  
this is a consideration of inferior     
moment with me2 and1 as ,i hope never to
 go beyond the bounds of decent         
discussion and expostulation1 ,i flatter
 myself1 that ,i shall be able to avoid 
giving any person reason for offence4   
99       99       99       99       99  
,the observations with which ,i shall   
begin1 are of a more general and        
abstracted nature2 but being necessary  
to introduce what ,i have principally in
 view1 ,i hope they will be patiently   
read and considered4   ,,sect4 ,i4  ,of 
the ,nature of ,liberty in ,general4    
,in order to obtain a more distinct view
 of the nature of ,liberty as such1 it  
will be useful to consider it under the 
four following general divisions4       
,first1 ,physical ,liberty4--,secondly1 
,moral ,liberty4--,thirdly1 ,religious  
,liberty4--,and ,fourthly1 ,civil       
,liberty4--,these heads comprehend all  

the different kinds of ,liberty4 ,and ,i
 have placed ,civil ,liberty last1      
because ,i mean to apply to it all ,i   
shall say of the other kinds of         
,liberty4  ,by ,,physical ,,liberty ,i  
mean that principle of ,spontaneity1 or 
,self-determination1 which constitutes  
us ,agents2 or which gives us a command 
over our actions1 rendering them        
properly ours1 and not effects of the   
operation of any foreign cause4--,,moral
 ,,liberty is the power of following1 in
 all circumstances1 our sense of right  
and wrong2 or of acting in conformity to
 our reflecting and moral principles1   
without being controuled by any contrary
 principles4--,,religious ,,liberty     
signifies the power of exercising1      
without molestation1 that mode of       
religion which we think best2 or of     
making the decisions of our own         
consciences respecting religious truth1 
the rule of our conduct1 and not any of 
the decisions of our fellow-men4--,in   
like manner2 ,,civil ,,liberty is the   

power of a ,civil ,society or ,state to 
govern itself by its own discretion1 or 
by laws of its own making1 without being
 subject to the impositions of any      
power1 in appointing and directing which
 the collective body of the people have 
no concern1 and over which they have no 
controul4  ,it should be observed1 that1
 according to these definitions of the  
different kinds of liberty1 there is one
 general idea1 that runs through them   
all2 ,i mean1 the idea of               
,self-direction1 or                     
,self-government4--,did our volitions   
originate not with ourselves1 but with  
some cause over which we have no power2 
or were we under a necessity of always  
following some will different from our  
own1 we should want ,,physical          
,,liberty4  ,in like manner2 he whose   
perceptions of moral obligation are     
controuled by his passions has lost his 
,moral ,liberty2 and the most common    
language applied to him is1 that he     
wants ,self-government4  ,he likewise   

who1 in religion1 cannot govern himself 
by his convictions of religious duty1   
but is obliged to receive formularies of
 faith1 and to practise modes of worship
 imposed upon him by others1 wants      
,religious ,liberty4--,and the          
,community also that is governed1 not by
 itself1 but by some will independent of
 it1 wants ,civil ,liberty4  ,in all    
these cases there is a force which      
stands opposed to the agent's own will2 
and which1 as far as it operates1       
produces ,servitude4--,in the first     
case1 this force is incompatible with   
the very idea of voluntary motion2 and  
the subject of it is a mere passive     
instrument which never acts1 but is     
always acted upon4--,in the second case2
 this force is the influence of passion 
getting the better of reason2 or the    
brute overpowering and conquering the   
will of the man4--,in the third case2 it
 is ,human ,authority in religion       
requiring conformity to particular modes
 of faith and worship1 and superseding  

private judgment4--,and in the last     
case1 it is any will distinct from that 
of the ,majority of a ,community1 which 
claims a power of making laws for it1   
and disposing of its property4  ,this it
 is1 ,i think1 that marks the limit     
between ,liberty and ,slavery4 ,as far  
as1 in any instance1 the operation of   
any cause comes in to restrain the power
 of ,self-government1 so far ,slavery is
 introduced3 ,nor do ,i think that a    
preciser idea than this of ,liberty and 
,slavery can be formed4         99      
99       99       99       99  ,i cannot
 help wishing ,i could here fix my      
reader's attention1 and engage him to   
consider carefully the dignity of that  
blessing to which we give the name of   
,,liberty1 according to the             
representation now made of it4 ,there is
 not a word in the whole compass of     
language which expresses so much of what
 is important and excellent4 ,it is1 in 
every view of it1 a blessing truly      
sacred and invaluable4--,without        

,physical ,liberty1 man would be a      
machine acted upon by mechanical        
springs1 having no principle of motion  
in himself1 or command over events2 and1
 therefore1 incapable of all merit and  
demerit4--,without ,moral ,liberty1 he  
is a wicked and detestable being1       
subject to the tyranny of base lusts1   
and the sport of every vile             
appetite4--,and without ,religious and  
,civil ,liberty he is a poor and abject 
animal1 without rights1 without         
property1 and without a conscience1     
bending his neck to the yoke1 and       
crouching to the will of every silly    
creature who has the insolence to       
pretend to authority over               
him4--,nothing1 therefore1 can be of so 
much consequence to us as ,liberty4 ,it 
is the foundation of all honour1 and the
 chief privilege and glory of our       
natures4  ,in fixing our ideas on the   
subject of ,liberty1 it is of particular
 use to take such an enlarged view of it
 as ,i have now given4 ,but the         

immediate object of the present enquiry 
being ,civil ,liberty1 ,i will confine  
to it all the subsequent observations4  
,,sect4 ,,ii4  ,of ,civil ,liberty and  
the ,principles of ,government4  ,from  
what has been said it is obvious1 that  
all civil government1 as far as it can  
be denominated free1 is the creature of 
the people4 ,it originates with them4   
,it is conducted under their direction2 
and has in view nothing but their       
happiness4 ,all its different forms are 
no more than so many different modes in 
which they chuse to direct their        
affairs1 and to secure the quiet        
enjoyment of their rights4--,in every   
free state every man is his own         
,legislator4#aa--;,all taxes are        
free-gifts for public services4--,all   
laws are particular provisions or       
regulations established by ,,common     
,,consent for gaining protection and    
safety4--,and all ,magistrates are      
,trustees or ,deputies for carrying     
these regulations into execution4       

,liberty1 therefore1 is too imperfectly 
defined when it is said to be 8a        
,government by ,,laws1 and not by       
,,men40 ,if the laws are made by one    
man1 or a junto of men in a state1 and  
not by ,,common ,,consent1 a government 
by them does not differ from ,slavery4  
,in this case it would be a             
contradiction in terms to say that the  
state governs itself4  ,from hence it is
 obvious that ,civil ,liberty1 in its   
most perfect degree1 can be enjoyed only
 in small states1 where every           
independent agent is capable of giving  
his suffrage in person1 and of being    
chosen into public offices4 ,when a     
state becomes so numerous1 or when the  
different parts of it are removed to    
such distances from one another1 as to  
render this impracticable1 a diminution 
of ,liberty necessarily arises4 ,there  
are1 however1 in these circumstances1   
methods by which such near approaches   
may be made to perfect ,liberty as shall
 answer all the purposes of government1 

and at the same time secure every right 
of human nature4  ,tho' all the members 
of a state should not be capable of     
giving their suffrages on public        
measures1 individually and personally1  
they may do this by the appointment of  
,substitutes or ,representatives4 ,they 
may entrust the powers of legislation1  
subject to such restrictions as they    
shall think necessary1 with any number  
of ,delegates2 and whatever can be done 
by such delegates within the limits of  
their trust1 may be considered as done  
by the united voice and counsel of the  
,community4--,in this method a free     
government may be established in the    
largest state2 and it is conceivable    
that by regulations of this kind1 any   
number of states might be subjected to a
 scheme of government1 that would       
exclude the desolations of war1 and     
produce universal peace and order4  ,let
 us think here of what may be           
practicable in this way with respect to 
,europe in particular4--,while it       

continues divided1 as it is at present1 
into a great number of independent      
kingdoms whose interests are continually
 clashing1 it is impossible but that    
disputes will often arise which must end
 in war and carnage4 ,it would be no    
remedy to this evil to make one of these
 states supreme over the rest2 and to   
give it an absolute plenitude of power  
to superintend and controul them4 ,this 
would be to subject all the states to   
the arbitrary discretion of one1 and to 
establish an ignominious slavery not    
possible to be long endured4 ,it would1 
therefore1 be a remedy worse than the   
disease2 nor is it possible it should be
 approved by any mind that has not lost 
every idea of ,civil ,liberty4 ,on the  
contrary4--,let every state1 with       
respect to all its internal concerns1 be
 continued independent of all the rest2 
and let a general confederacy be formed 
by the appointment of a ,,senate        
consisting of ,representatives from all 
the different states4 ,let this ,,senate

 possess the power of managing all the  
common concerns of the united states1   
and of judging and deciding between     
them1 as a common ,arbiter or ,umpire1  
in all disputes2 having1 at the same    
time1 under its direction1 the common   
force of the states to support its      
decisions4--,in these circumstances1    
each separate state would be secure     
against the interference of foreign     
power in its private concerns1 and1     
therefore1 would possess ,liberty2 and  
at the same time it would be secure     
against all oppression and insult from  
every neighbouring state4--,thus might  
the scattered force and abilities of a  
whole continent be gathered into one    
point2 all litigations settled as they  
rose2 universal peace preserved2 and    
nation prevented from any more lifting  
up a sword against nation4         99   
99       99       99       99  ,i have  
observed1 that tho'1 in a great state1  
all the individuals that compose it     
cannot be admitted to an immediate      

participation in the powers of          
legislation and government1 yet they may
 participate in these powers by a       
delegation of them to a body of         
representatives4--,in this case it is   
evident that the state will be still    
free or self-governed2 and that it will 
be more or less so in proportion as it  
is more or less fairly and adequately   
represented4 ,if the persons to whom the
 trust of government is committed hold  
their places for short terms2 if they   
are chosen by the unbiassed voices of a 
majority of the state1 and subject to   
their instructions2 ,liberty will be    
enjoyed in its highest degree4 ,but if  
they are chosen for long terms by a part
 only of the state2 and if during that  
term they are subject to no controul    
from their constituents2 the very idea  
of ,liberty will be lost1 and the power 
of chusing representatives becomes      
nothing but a power1 lodged in a few1 to
 chuse at certain periods1 a body of    
,masters for themselves and for the rest

 of the ,community4 ,and if a state is  
so sunk that the majority of its        
representatives are elected by a handful
 of the meanest#ab persons in it1 whose 
votes are always paid for2 and if also1 
there is a higher will on which even    
these mock representatives themselves   
depend1 and that directs their voices3  
,in these circumstances1 it will be an  
abuse of language to say that the state 
possesses ,liberty4 ,private men1       
indeed1 might be allowed the exercise of
 ,liberty2 as they might also under the 
most despotic government1 but it would  
be an indulgence or connivance derived  
from the spirit of the times1 or from an
 accidental mildness in the             
administration4 ,and1 rather than be    
governed in such a manner1 it would     
perhaps be better to be governed by the 
will of one man without any             
representation3 ,for a representation so
 degenerated could answer no other end  
than to mislead and deceive1 by         
disguising slavery1 and keeping up a    

form of ,liberty when the reality was   
lost4         99       99       99      
99       99  ,within the limits now     
mentioned1 ,liberty may be enjoyed in   
every possible degree2 from that which  
is complete and perfect1 to that which  
is merely nominal2 according as the     
people have more or less of a share in  
government1 and of a controuling power  
over the persons by whom it is          
administered4  ,in general1 to be free  
is to be guided by one's own will2 and  
to be guided by the will of another is  
the characteristic of ,servitude4 ,this 
is particularly applicable to ,political
 ,liberty4 ,that state1 ,i have         
observed1 is free1 which is guided by   
its own will2 or1 7which comes to the   
same7 by the will of an assembly of     
representatives appointed by itself and 
accountable to itself4 ,and every state 
that is not so governed2 or in which a  
body of men representing the people make
 not an essential part of the           
,legislature1 is in slavery4--,in order 

to form the most perfect constitution of
 government1 there may be the best      
reasons for joining to such a body of   
representatives1 an ,hereditary ,council
 consisting of men of the first rank in 
the state1 with a ,supreme executive    
,magistrate at the head of all4 ,this   
will form useful checks in a            
legislature2 and contribute to give it  
vigour1 union1 and dispatch1 without    
infringing liberty3 for1 as long as that
 part of a government which represents  
the people is a fair representation2 and
 also has a negative on all public      
measures1 together with the sole power  
of imposing taxes and originating       
supplies2 the essentials of liberty will
 be preserved4--,we make it our boast in
 this country1 that this is our own     
constitution4 ,i will not say with how  
much reason4         99       99        
99       99       99  ,of such ,liberty 
as ,i have now described1 it is         
impossible there should be an excess4   
,government is an institution for the   

benefit of the people governed1 which   
they have power to model as they please2
 and to say1 that they can have too much
 of this power1 is to say1 that there   
ought to be a power in the state        
superior to that which gives it being1  
and from which all jurisdiction in it is
 derived4--,licentiousness1 which has   
been commonly mentioned1 as an extreme  
of liberty1 is indeed its opposite4 ,it 
is government by the will of rapacious  
individuals1 in opposition to the will  
of the community1 made known and        
declared in the laws4 ,a free state1 at 
the same time that it is free itself1   
makes all its members free1 by excluding
 licentiousness1 and guarding their     
persons and property and good name      
against insult4 ,it is the end of all   
just government1 at the same time that  
it secures the liberty of the public    
against foreign injury1 to secure the   
liberty of the individual against       
private injury4 ,i do not1 therefore1   
think it strictly just to say1 that it  

belongs to the nature of government to  
entrench on private liberty4 ,it ought  
never to do this1 except as far as the  
exercise of private liberty encroaches  
on the liberties of others4 ,that is2 it
 is licentiousness it restrains1 and    
liberty itself only when used to destroy
 liberty4  ,it appears from hence1 that 
licentiousness and despotism are more   
nearly allied than is commonly imagined4
 ,they are both alike inconsistent with 
liberty1 and the true end of government2
 nor is there any other difference      
between them1 than that the one is the  
licentiousness of great men1 and the    
other the licentiousness of little men2 
or that1 by the one1 the persons and    
property of a people are subject to     
outrage and invasion from a ,king1 or a 
lawless body of ,grandees2 and that1 by 
the other1 they are subject to the like 
outrage from a lawless mob4--,in        
avoiding one of these evils1 mankind    
have often run into the other4 ,but all 
well constituted governments guard      

equally against both4 ,indeed of the    
two1 the last is1 on several accounts1  
the least to be dreaded1 and has done   
the least mischief4 ,it may be truly    
said1 that if licentiousness has        
destroyed its thousands1 despotism has  
destroyed its millions4 ,the former1    
having little power1 and no system to   
support it1 necessarily finds its own   
remedy2 and a people soon get out of the
 tumult and anarchy attending it4 ,but a
 despotism1 wearing the form of         
government1 and being armed with its    
force1 is an evil not to be conquered   
without dreadful struggles4 ,it goes on 
from age to age1 debasing the human     
faculties1 levelling all distinctions1  
and preying on the rights and blessings 
of society4--,it deserves to be added1  
that in a state disturbed by            
licentiousness1 there is an animation   
which is favourable to the human mind1  
and which puts it upon exerting its     
powers4 ,but in a state habituated to a 
despotism1 all is still and torpid4 ,a  

dark and savage tyranny stifles every   
effort of genius2 and the mind loses all
 its spirit and dignity4         99     
99       99       99       99  ,before  
,i proceed to what ,i have farther in   
view1 ,i will observe1 that the account 
now given of the principles of public   
,liberty1 and the nature of an equal and
 free government1 shews what judgment we
 should form of that ,,omnipotence1     
which1 it has been said1 must belong to 
every government as such4 ,great stress 
has been laid on this1 but most         
unreasonably4--,government1 as has been 
before observed1 is1 in the very nature 
of it1 a ,,trust2 and all its powers a  
,,delegation for gaining particular     
ends4 ,this trust may be misapplied and 
abused4 ,it may be employed to defeat   
the very ends for which it was          
instituted2 and to subvert the very     
rights which it ought to protect4--,a   
,,parliament1 for instance1 consisting  
of a body of representatives1 chosen for
 a limited period1 to make laws1 and to 

grant money for public services1 would  
forfeit its authority by making itself  
perpetual1 or even prolonging its own   
duration2 by nominating its own members2
 by accepting bribes2 or subjecting     
itself to any kind of foreign influence4
 ,this would convert a ,parliament into 
a conclave or junto of self-created     
tools2 and a state that has lost its    
regard to its own rights1 so far as to  
submit to such a breach of trust in its 
rulers1 is enslaved4--,nothing1         
therefore1 can be more absurd than the  
doctrine which some have taught1 with   
respect to the omnipotence of           
parliaments4 ,they possess no power     
beyond the limits of the trust for the  
execution of which they were formed4 ,if
 they contradict this trust1 they betray
 their constituents1 and dissolve       
themselves4 ,all delegated power must be
 subordinate and limited4--,if          
omnipotence can1 with any sense1 be     
ascribed to a legislature1 it must be   
lodged where all legislative authority  

originates2 that is1 in the ,,people4   
,for their sakes government is          
instituted2 and their's is the only real
 omnipotence4         99       99       
99       99       99  ,i am sensible1   
that all ,i have been saying would be   
very absurd1 were the opinions just     
which some have maintained concerning   
the origin of government4 ,according to 
these opinions1 government is not the   
creature of the people1 or the result of
 a convention between them and their    
rulers3 ,but there are certain men who  
possess in themselves1 independently of 
the will of the people1 a right of      
governing them1 which they derive from  
the ,deity4 ,this doctrine has been     
abundantly refuted by many#ac excellent 
writers4 ,it is a doctrine which        
avowedly subverts ,civil ,liberty2 and  
which represents mankind as a body of   
vassals1 formed to descend like cattle  
from one set of owners to another1 who  
have an absolute dominion over them4 ,it
 is a wonder1 that those who view their 

species in a light so humiliating1      
should ever be able to think of         
themselves without regret and shame4    
,the intention of these observations is 
not to oppose such sentiments2 but1     
taking for granted the reasonableness of
 ,civil ,liberty1 to shew wherein it    
consists1 and what distinguishes it from
 its contrary4--,and1 in considering    
this subject1 as it has been now        
treated1 it is unavoidable to reflect on
 the excellency of a free government1   
and its tendency to exalt the nature of 
man4--,every member of a free state1    
having his property secure1 and knowing 
himself his own governor1 possesses a   
consciousness of dignity in himself1 and
 feels incitements to emulation and     
improvement1 to which the miserable     
slaves of arbitrary power must be utter 
strangers4 ,in such a state all the     
springs of action have room to operate1 
and the mind is stimulated to the       
noblest exertions#ad4--;,but to be      
obliged1 from our birth1 to look up to a

 creature no better than ourselves as   
the master of our fortunes2 and to      
receive his will as our law--,what can  
be more humiliating8 ,what elevated     
ideas can enter a mind in such a        
situation8--,agreeably to this remark2  
the subjects of free states have1 in all
 ages1 been most distinguished for      
genius and knowledge4 ,liberty is the   
soil where the arts and sciences have   
flourished2 and the more free a state   
has been1 the more have the powers of   
the human mind been drawn forth into    
action1 and the greater number of brave 
men has it produced4 ,with what lustre  
do the antient free states of ,greece   
shine in the annals of the world8 ,how  
different is that country now1 under the
 ,great ,turk8 ,the difference between a
 country inhabited by men and by brutes 
is not greater4  ,these are reflexions  
which should be constantly present to   
every mind in this country4--,as ,moral 
,liberty is the prime blessing of man in
 his private capacity1 so is ,civil     

liberty in his public capacity4 ,there  
is nothing that requires more to be     
watched than power4 ,there is nothing   
that ought to be opposed with a more    
determined resolution than its          
encroachments4 ,sleep in a state1 as    
,montesquieu says1 is always followed by
 slavery4  ,the people of this kingdom  
were once warmed by such sentiments as  
these4 ,many a sycophant of power have  
they sacrificed4 ,often have they fought
 and bled in the cause of ,liberty4 ,but
 that time seems to be going4 ,the fair 
inheritance of ,liberty left us by our  
ancestors many of us are willing to     
resign4 ,an abandoned venality1 the     
inseparable companion of dissipation and
 extravagance1 has poisoned the springs 
of public virtue among us3 ,and should  
any events ever arise that should render
 the same opposition necessary that took
 place in the times of ,king ,charles   
the ,first1 and ,james the ,second1 ,i  
am afraid all that is valuable to us    
would be lost4 ,the terror of the       

standing army1 the danger of the public 
funds1 and the all-corrupting influence 
of the treasury1 would deaden all zeal1 
and produce general acquiescence and    
servility4   ,,sect4 ,,iii4  ,of the    
,authority of one ,country over another4
  ,from the nature and principles of    
,civil ,liberty1 as they have been now  
explained1 it is an immediate and       
necessary inference that no one         
community can have any power over the   
property or legislation of another      
community1 which is not incorporated    
with it by a just and adequate          
representation4--,then only1 it has been
 shewn1 is a state free1 when it is     
governed by its own will4 ,but a country
 that is subject to the legislature of  
another country1 in which it has no     
voice1 and over which it has no         
controul1 cannot be said to be governed 
by its own will4 ,such a country1       
therefore1 is in a state of slavery4    
,and it deserves to be particularly     
considered1 that such a slavery is      

worse1 on several accounts1 than any    
slavery of private men to one another1  
or of kingdoms to despots within        
themselves4--,between one state and     
another1 there is none of that          
fellow-feeling that takes place between 
persons in private life4 ,being detached
 bodies that never see one another1 and 
residing perhaps in different quarters  
of the globe1 the state that governs    
cannot be a witness to the sufferings   
occasioned by its oppressions2 or a     
competent judge of the circumstances and
 abilities of the people who are        
governed4 ,they must also have in a     
great degree separate interests2 and the
 more the one is loaded1 the more the   
other may be eased4 ,the infamy likewise
 of oppression1 being in such           
circumstances shared among a multitude1 
is not likely to be much felt or        
regarded4--,on all these accounts there 
is1 in the case of one country          
subjugated to another1 little or nothing
 to check rapacity2 and the most        

flagrant injustice and cruelty may be   
practised without remorse or pity4--,i  
will add1 that it is particularly       
difficult to shake off a tyranny of this
 kind4 ,a single despot1 if a people are
 unanimous and resolute1 may be soon    
subdued4 ,but a despotic state is not   
easily subdued2 and a people subject to 
it cannot emancipate themselves without 
entering into a dreadful1 and1 perhaps1 
very unequal contest4  ,i cannot help   
observing farther1 that the slavery of a
 people to internal despots may be      
qualified and limited2 but ,i don't see 
what can limit the authority of one     
state over another4 ,the exercise of    
power in this case can have no other    
measure than discretion2 and1 therefore1
 must be indefinite and absolute4       
99       99       99       99       99  
,once more4 ,it should be considered    
that the government of one country by   
another1 can only be supported by a     
military force2 and1 without such a     
support1 must be destitute of all weight

 and efficiency4  ,this will be best    
explained by putting the following      
case4--,there is1 let us suppose1 in a  
province subject to the sovereignty of a
 distant state1 a subordinate           
legislature consisting of an ,assembly  
chosen by the people2 a ,council chosen 
by that ,assembly2 and a ,governor      
appointed by the ,sovereign state1 and  
paid by the ,province4 ,there are1      
likewise1 judges and other officers1    
appointed and paid in the same manner1  
for administering justice agreeably to  
the laws1 by the verdicts of juries     
fairly chosen4--,this forms a           
constitution seemingly free1 by giving  
the people a share in their own         
government1 and some check on their     
rulers4 ,but1 while there is a higher   
legislative power1 to the controul of   
which such a constitution is subject1 it
 does not itself possess ,liberty1 and  
therefore cannot be of any use as a     
security to ,liberty2 nor is it possible
 that it should be of long duration4    

,laws offensive to the ,province will be
 enacted by the ,sovereign ,state4 ,the 
legislature of the ,province will       
remonstrate against them4 ,the          
magistrates will not execute them4      
,juries will not convict upon them2 and 
consequently1 like the ,pope's ,bulls   
which once governed ,europe1 they will  
become nothing but forms and empty      
sounds1 to which no regard will be      
shewn4--,in order to remedy this evil1  
and to give efficiency to its           
government1 the supreme state will      
naturally be led to withdraw the        
,governor1 the ,council1 and the        
,judges#ae from the controul of the     
,province1 by making them entirely      
dependant on itself for their pay and   
continuance in office1 as well as for   
their appointment4 ,it will also alter  
the mode of chusing ,juries on purpose  
to bring them more under its influence3 
,and in some cases1 under the pretence  
of the impossibility of gaining an      
impartial trial where government is     

resisted1 it will perhaps ordain1 that  
offenders shall be removed from the     
,province to be tried within its own    
territories3 ,and it may even go so far 
in this kind of policy1 as to endeavour 
to prevent the effects of discontents1  
by forbidding all meetings and          
associations of the people1 except at   
such times1 and for such particular     
purposes1 as shall be permitted them4   
,thus will such a ,province be exactly  
in the same state that ,britain would be
 in1 were our first executive           
magistrate1 our ,house of ,lords1 and   
our ,judges1 nothing but the instruments
 of a foreign democratical power2 were  
our ,juries nominated by that power2 or 
were we liable to be transported to a   
distant country to be tried for offences
 committed here1 and restrained from    
calling any meetings1 consulting about  
any grievances1 or associating for any  
purposes1 except when leave should be   
given us by a ,lord ,lieutenant or      
,viceroy4  ,it is certain that this is a

 state of oppression which no country   
could endure1 and to which it would be  
vain to expect1 that any people should  
submit an hour without an armed force to
 compel them4  ,the late transactions in
 ,massachuset's ,bay are a perfect      
exemplification of what ,i have now     
said4 ,the government of ,great ,britain
 in that ,province has gone on exactly  
in the train ,i have described2 till at 
last it became necessary to station     
troops there1 not amenable to the civil 
power2 and all terminated in a          
government by the ,,sword4 ,and such1 if
 a people are not sunk below the        
character of men1 will be the issue of  
all government in similar circumstances4
         99       99       99       99  
99  ,it may be asked--8,are there not   
causes by which one state may acquire a 
rightful authority over another1 though 
not consolidated by an adequate         
,representation80--,i answer1 that there
 are no such causes4--,all the causes to
 which such an effect can be ascribed   

are ,,conquest1 ,,compact1 or           
,,obligations ,,conferred4  ,much has   
been said of the right of conquest2 and 
history contains little more than       
accounts of kingdoms reduced by it under
 the dominion of other kingdoms1 and of 
the havock it has made among mankind4   
,but the authority derived from hence1  
being founded on violence1 is never     
rightful4 ,the ,roman ,republic was     
nothing but a faction against the       
general liberties of the world2 and had 
no more right to give law to the        
,provinces subject to it1 than thieves  
have to the property they seize1 or to  
the houses into which they break4--,even
 in the case of a just war undertaken by
 one people to defend itself against the
 oppressions of another people1 conquest
 gives only a right to an               
indemnification for the injury which    
occasioned the war1 and a reasonable    
security against future injury4         
,neither can any state acquire such an  
authority over other states in virtue of

 any compacts or cessions4 ,this is a   
case in which compacts are not binding4 
,civil ,liberty is1 in this respect1 on 
the same footing with ,religious        
,liberty4 ,as no people can lawfully    
surrender their ,religious ,liberty1 by 
giving up their right of judging for    
themselves in religion1 or by allowing  
any human beings to prescribe to them   
what faith they shall embrace1 or what  
mode of worship they shall practise2 so 
neither can any civil societies lawfully
 surrender their ,civil ,liberty1 by    
giving up to any extraneous jurisdiction
 their power of legislating for         
themselves and disposing their property4
 ,such a cession1 being inconsistent    
with the unalienable rights of human    
nature1 would either not bind at all2 or
 bind only the individuals who made it4 
,this is a blessing which no one        
generation of men can give up for       
another2 and which1 when lost1 a people 
have always a right to resume4--,had our
 ancestors in this country been so mad  

as to have subjected themselves to any  
foreign ,community1 we could not have   
been under any obligation to continue in
 such a state4 ,and all the nations now 
in the world who1 in consequence of the 
tameness and folly of their             
predecessors1 are subject to arbitrary  
power1 have a right to emancipate       
themselves as soon as they can4  ,if    
neither conquest nor compact can give   
such an authority1 much less can any    
favours received1 or any services       
performed by one state for              
another4--,let the favour received be   
what it will1 ,liberty is too dear a    
price for it4 ,a state that has been    
obliged is not1 therefore1 bound to be  
enslaved4 ,it ought1 if possible1 to    
make an adequate return for the services
 done to it2 but to suppose that it     
ought to give up the power of governing 
itself1 and the disposal of its         
property1 would be to suppose1 that1 in 
order to shew its gratitude1 it ought to
 part with the power of ever afterwards 

exercising gratitude4--,how much has    
been done by this kingdom for ,hanover8 
,but no one will say that on this       
account1 we have a right to make the    
laws of ,hanover2 or even to draw a     
single penny from it without its own    
consent4         99       99       99   
99       99  ,after what has been said  
it will1 ,i am afraid1 be trifling to   
apply the preceding arguments to the    
case of different communities1 which are
 considered as different parts of the   
same ,empire4 ,but there are reasons    
which render it necessary for me to be  
explicit in making this application4    
,what ,i mean here is just to point out 
the difference of situation between     
communities forming an ,empire2 and     
particular bodies or classes of men     
forming different parts of a ,kingdom4  
,different communities forming an       
,empire have no connexions1 which       
produce a necessary reciprocation of    
interests between them4 ,they inhabit   
different districts1 and are governed by

 different legislatures4--,on the       
contrary4 ,the different classes of men 
within a kingdom are all placed on the  
same ground4 ,their concerns and        
interests are the same2 and what is done
 to one part must affect all4--,these   
are situations totally different2 and a 
constitution of government that may be  
consistent with ,liberty in one of them1
 may be entirely inconsistent with it in
 the other4 ,it is1 however1 certain    
that1 even in the last of these         
situations1 no one part ought to govern 
the rest4 ,in order to a fair and equal 
government1 there ought to be a fair and
 equal representation of all that are   
governed2 and as far as this is wanting 
in any government1 it deviates from the 
principles of ,liberty1 and becomes     
unjust and oppressive4--,but in the     
circumstances of different communities1 
all this holds with unspeakably more    
force4 ,the government of a part in this
 case becomes complete tyranny2 and     
subjection to it becomes complete       

slavery4         99       99       99   
99       99  ,but ought there not1 it is
 asked1 to exist somewhere in an ,empire
 a supreme legislative authority over   
the whole2 or a power to controul and   
bind all the different states of which  
it consists8--,this enquiry has been    
already answered4 ,the truth is1 that   
such a supreme controuling power ought  
to exist no-where except in such a      
,,senate or body of delegates as that   
described in page #h2 and that the      
authority or supremacy of even this     
senate ought to be limited to the common
 concerns of the ,empire4--,i think ,i  
have proved that the fundamental        
principles of ,liberty necessarily      
require this4  ,in a word4 ,an ,empire  
is a collection of states or communities
 united by some common bond or tye4 ,if 
these states have each of them free     
constitutions of government1 and1 with  
respect to taxation and internal        
legislation1 are independent of the     
other states1 but united by compacts1 or

 alliances1 or subjection to a ,great   
,council1 representing the whole1 or to 
one monarch entrusted with the supreme  
executive power3 ,in these              
circumstances1 the ,empire will be an   
,empire of ,freemen4--,if1 on the       
contrary1 like the different provinces  
subject to the ,grand ,seignior1 none of
 the states possess any independent     
legislative authority2 but are all      
subject to an absolute monarch1 whose   
will is their law2 then is the ,empire  
an ,empire of ,slaves4--,if one of the  
states is free1 but governs by its will 
all the other states2 then is the       
,empire1 like that of the ,romans in the
 times of the republic1 an ,empire      
consisting of one state free1 and the   
rest in slavery3 ,nor does it make any  
more difference in this case1 that the  
governing state is itself free1 than it 
does1 in the case of a kingdom subject  
to a despot1 that this despot is himself
 free4 ,i have before observed1 that    
this only makes the slavery worse4      

,there is1 in the one case1 a chance1   
that1 in the quick succession of        
despots1 a good one will sometimes      
arise4 ,but bodies of men continue the  
same2 and have generally proved the most
 unrelenting of all tyrants4  ,a great  
writer before#af quoted1 observes of the
 ,roman ,empire1 that while ,liberty was
 at the center1 tyranny prevailed in the
 distant provinces2 that such as were   
free under it were extremely so1 while  
those who were slaves groaned under the 
extremity of slavery2 and that the same 
events that destroyed the liberty of the
 former1 gave liberty to the latter4    
,the ,liberty of the ,romans1 therefore1
 was only an additional calamity to the 
provinces governed by them2 and though  
it might have been said of the citizens 
of ,rome1 that they were the 8freest    
members of any civil society in the     
known world20 yet of the subjects of    
,rome1 it must have been said1 that they
 were the completest slaves in the known
 world4--,how remarkable is it1 that    

this very people1 once the freest of    
mankind1 but at the same time the most  
proud and tyrannical1 should become at  
last the most contemptible and abject   
slaves that ever existed8     ,,part    
,,ii4   ,in the foregoing disquisitions1
 ,i have1 from one leading principle1   
deduced a number of consequences1 that  
seem to me incapable of being disputed4 
,i have meant that they should be       
applied to the great question between   
this kingdom and the ,colonies which has
 occasioned the present war with them4  
,it is impossible1 but my readers must  
have been all along making this         
application2 and if they still think1   
that the claims of this kingdom are     
reconcileable to the principles of true 
liberty and legitimate government1 ,i am
 afraid1 that nothing ,i shall farther  
say will have any effect on their       
judgments4 ,i wish1 however1 they would 
have the patience and candour to go with
 me1 and grant me a hearing some time   
longer4  ,though clearly decided in my  

own judgment on this subject1 ,i am     
inclined to make great allowances for   
the different judgments of others4 ,we  
have been so used to speak of the       
,colonies as our ,colonies1 and to think
 of them as in a state of subordination 
to us1 and as holding their existence in
 ,america only for our use1 that it is  
no wonder the prejudices of many are    
alarmed1 when they find a different     
doctrine maintained4 ,the meanest person
 among us is disposed to look upon      
himself as having a body of subjects in 
,america2 and to be offended at the     
denial of his right to make laws for    
them1 though perhaps he does not know   
what colour they are of1 or what        
language they talk4--,such are the      
natural prejudices of this              
country4--,but the time is coming1 ,i   
hope1 when the unreasonableness of them 
will be seen2 and more just sentiments  
prevail4         99       99       99   
99       99  ,before ,i proceed1 ,i beg 
it may be attended to1 that ,i have     

chosen to try this question by the      
general principles of ,civil ,liberty2  
and not by the practice of former times2
 or by the ,charters granted the        
colonies4--,the arguments for them1     
drawn from these last topics1 appear to 
me greatly to outweigh the arguments    
against them4 ,but ,i wish to have this 
question brought to a higher test1 and  
surer issue4 ,the question with all     
liberal enquirers ought to be1 not what 
jurisdiction over them ,precedents1     
,statutes1 and ,charters give1 but what 
reason and equity1 and the rights of    
humanity give4--,this is1 in truth1 a   
question which no kingdom has ever      
before had occasion to agitate4 ,the    
case of a free country branching itself 
out in the manner ,britain has done1 and
 sending to a distant world colonies    
which have there1 from small beginnings1
 and under free legislatures of their   
own1 increased1 and formed a body of    
powerful states1 likely soon to become  
superior the parent state4--,this is a  

case which is new in the history of     
mankind2 and it is extremely improper to
 judge of it by the rules of any narrow 
and partial policy2 or to consider it on
 any other ground than the general one  
of reason and justice4--,those who will 
be candid enough to judge on this       
ground1 and who can divest themselves of
 national prejudices1 will not1 ,i      
fancy1 remain long unsatisfied4--,but   
alas6 ,matters are gone too far4 ,the   
dispute probably must be settled another
 way2 and the sword alone1 ,i am afraid1
 is now to determine what the rights of 
,britain and ,america are4--,shocking   
situation6--,detested be the measures   
which have brought us into it3 ,and1 if 
we are endeavouring to enforce          
injustice1 cursed will be the war4--,a  
retreat1 however1 is not yet            
impracticable4 ,the duty we owe our     
gracious sovereign obliges us to rely on
 his disposition to stay the sword1 and 
to promote the happiness of all the     
different parts of the ,empire at the   

head of which he is placed4 ,with some  
hopes1 therefore1 that it may not be too
 late to reason on this subject1 ,i     
will1 in the following ,sections1       
enquire what the war with ,america is in
 the following respects4  #a4 ,in       
respect of ,justice4  #b4 ,the          
,principles of the ,constitution4  #c4  
,in respect of ,policy and ,humanity4   
#d4 ,the ,honour of the ,kingdom4  ,and 
lastly1 ,the ,probability of succeeding 
in it4   ,,sect4 ,i4  ,of the ,justice  
of the ,war with ,america4  ,the        
enquiry1 whether the war with the       
,colonies is a just war1 will be best   
determined by stating the power over    
them1 which it is the end of the war to 
maintain3 ,and this cannot be better    
done1 than in the words of an act of    
parliament1 made on purpose to define   
it4 ,that act1 it is well known1        
declares1 8,that this kingdom has power1
 and of right ought to have power to    
make laws and statutes to bind the      
,colonies1 and people of ,america1 in   

all cases whatever40--,dreadful power   
indeed6 ,i defy any one to express      
slavery in stronger language4 ,it is the
 same with declaring 8that we have a    
right to do with them what we           
please40--,i will not waste my time by  
applying to such a claim any of the     
preceding arguments4 ,if my reader does 
not feel more in this case1 than words  
can express1 all reasoning must be vain4
  ,but1 probably1 most persons will be  
for using milder language2 and for      
saying no more than1 that the united    
legislatures of ,england and ,scotland  
have of right power to tax the          
,colonies1 and a supremacy of           
legislation over ,america4--,but this   
comes to the same4 ,if it means any     
thing1 it means1 that the property and  
the legislations of the ,colonies1 are  
subject to the absolute discretion of   
,great ,britain1 and ought of right to  
be so4 ,the nature of the thing admits  
of no limitation4 ,the ,colonies can    
never be admitted to be judges1 how far 

the authority over them in these cases  
shall extend4 ,this would be to destroy 
it entirely--,if any part of their      
property is subject to our discretion1  
the whole must be so4 ,if we have a     
right to interfere at all in their      
internal legislations1 we have a right  
to interfere as far as we think         
proper4--,it is self-evident1 that this 
leaves them nothing they can call their 
own4--,and what is it that can give to  
any people such a supremacy over another
 people8--,i have already examined the  
principal answers which have been given 
to this enquiry4 ,but it will not be    
amiss in this place to go over some of  
them again4         99       99       99
       99       99  ,it has been urged1 
that such a right must be lodged        
somewhere1 8in order to preserve the    
,,unity of the ,british ,empire40       
,pleas of this sort have1 in all ages1  
been used to justify tyranny4--,they    
have in ,,religion given rise to        
numberless oppressive claims1 and       

slavish ,hierarchies4 ,and in the       
,romish ,communion particularly1 it is  
well known1 that the ,,pope claims the  
title and powers of the supreme head on 
earth of the ,christian church1 in order
 to preserve its ,,unity4--,with respect
 to the ,british ,empire1 nothing can be
 more preposterous than to endeavour to 
maintain its unity1 by setting up such a
 claim4 ,this is a method of            
establishing unity1 which1 like the     
similar method in religion1 can produce 
nothing but discord and mischief4--,the 
truth is1 that a common relation to one 
supreme executive head2 an exchange of  
kind offices2 tyes of interest and      
affection1 and compacts1 are sufficient 
to give the ,british ,empire all the    
unity that is necessary4 ,but if        
not--,if1 in order to preserve its      
,unity1 one half of it must be enslaved 
to the other half1 let it1 in the name  
of ,god1 want ,unity4  ,much has been   
said of 8the ,superiority of the        
,british ,state40 ,but what gives us our

 superiority8--,is it our               
,wealth8--,this never confers real      
dignity4 ,on the contrary3 ,its effect  
is always to debase1 intoxicate1 and    
corrupt4--,is it the number of our      
people8 ,the colonies will soon be equal
 to us in number4--,is it our ,knowledge
 and ,virtue8 ,they are probably equally
 knowing1 and more virtuous4 ,there are 
names among them that will not stoop to 
any names among the philosophers and    
politicians of this island4  8,but we   
are the ,,parent ,,state40--,these are  
the magic words which have fascinated   
and misled us4--,the ,english came from 
,germany4 ,does that give the ,german   
states a right to tax us8--,children1   
having no property1 and being incapable 
of guiding themselves1 the author of    
nature has committed the care of them to
 their parents1 and subjected them to   
their absolute authority4 ,but there is 
a period when1 having acquired property1
 and a capacity of judging for          
themselves1 they become independent     

agents2 and when1 for this reason1 the  
authority of their parents ceases1 and  
becomes nothing but the respect and     
influence due to benefactors4           
,supposing1 therefore1 that the order of
 nature in establishing the relation    
between parents and children1 ought to  
have been the rule of our conduct to the
 ,colonies1 we should have been         
gradually relaxing our authority as they
 grew up4 ,but1 like mad parents1 we    
have done the contrary2 and1 at the very
 time when our authority should have    
been most relaxed1 we have carried it to
 the greatest extent1 and exercised it  
with the greatest rigour4 ,no wonder    
then1 that they have turned upon us2 and
 obliged us to remember1 that they are  
not ,children4  8,but we have1 it is    
said1 protected them1 and run deeply in 
debt on their account40--,the full      
answer to this has been already given1  
7page #bf47 ,will any one say1 that all 
we have done for them has not been more 
on our own account1#ag than on          

theirs8--,but suppose the contrary4     
,have they done nothing for us8 ,have   
they made no compensation for the       
protection they have received8 ,have    
they not helped us to pay our taxes1 to 
support our poor1 and to bear the       
burthen of our debts1 by taking from us1
 at our own price1 all the commodities  
with which we can supply them8--,have   
they not1 for our advantage1 submitted  
to many restraints in acquiring         
property8 ,must they likewise resign to 
us the disposal of that property8--,has 
not their exclusive trade with us been  
for many years one of the chief sources 
of our wealth and power8--,in all our   
wars have they not fought by our side1  
and contributed much to our success8 ,in
 the last war1 particularly1 it is well 
known1 that they ran themselves deeply  
in debt2 and that the parliament thought
 it necessary to grant them considerable
 sums annually as compensations for     
going beyond their abilities in         
assisting us4 ,and in this course would 

they have continued for many future     
years2 perhaps1 for ever4--,in short2   
were an accurate account stated1 it is  
by no means certain which side would    
appear to be most indebted4 ,when asked 
as freemen1 they have hitherto seldom   
discovered any reluctance in giving4    
,but1 in obedience to a demand1 and with
 the bayonet at their breasts1 they will
 give us nothing but blood4  ,it is     
farther said1 8that the land on which   
they settled was ours40--,but how came  
it to be ours8 ,if sailing along a coast
 can give a right to a country1 then    
might the people of ,japan become1 as   
soon as they please1 the proprietors of 
,britain4 ,nothing can be more          
chimerical than property founded on such
 a reason4 ,if the land on which the    
,colonies first settled had any         
proprietors1 they were the natives4 ,the
 greatest part of it they bought of the 
natives4 ,they have since cleared and   
cultivated it2 and1 without any help    
from us1 converted a wilderness into    

fruitful and pleasant fields4 ,it is1   
therefore1 now on a double account their
 property2 and no power on earth can    
have any right to disturb them in the   
possession of it1 or to take from them1 
without their consent1 any part of its  
produce4  ,but let it be granted1 that  
the land was ours4 ,did they not settle 
upon it under the faith of charters1    
which promised them the enjoyment of all
 the rights of ,englishmen2 and allowed 
them to tax themselves1 and to be       
governed by legislatures of their own1  
similar to ours8 ,these charters were   
given them by an authority1 which at the
 time was thought competent2 and they   
have been rendered sacred by an         
acquiescence on our part for near a     
century4 ,can it then be wondered at1   
that the ,colonies should revolt1 when  
they found their charters violated2 and 
an attempt made to force ,,innovations  
upon them by famine and the sword2--,but
 ,i lay no stress on charters4 ,they    
derive their rights from a higher       

source4 ,it is inconsistent with common 
sense to imagine1 that any people would 
ever think of settling in a distant     
country1 on any such condition1 as that 
the people from whom they withdrew1     
should for ever be masters of their     
property1 and have power to subject them
 to any modes of government they        
pleased4 ,and had there been express    
stipulations to this purpose in all the 
charters of the colonies1 they would1 in
 my opinion1 be no more bound by them1  
than if it had been stipulated with     
them1 that they should go naked1 or     
expose themselves to the incursions of  
wolves and tigers4  ,the defective state
 of the representation of this kingdom  
has been farther pleaded to prove our   
right to tax ,america4 ,we submit to a  
parliament that does not represent us1  
and therefore they ought4--,how strange 
an argument is this8 ,it is saying we   
want liberty2 and therefore1 they ought 
to want it4--,suppose it true1 that they
 are indeed contending for a better     

constitution of government1 and more    
liberty than we enjoy3 ,ought this to   
make us angry8--,who is there that does 
not see the danger to which this country
 is exposed8--,is it generous1 because  
we are in a sink1 to endeavour to draw  
them into it8 ,ought we not rather to   
wish earnestly1 that there may at least 
be ,,one ,,free ,,country left upon     
earth1 to which we may fly1 when        
venality1 luxury1 and vice have         
completed the ruin of liberty here8  ,it
 is1 however1 by no means true1 that    
,america has no more right to be        
exempted from taxation by the ,british  
parliament1 than ,britain               
itself4--,here1 all freeholders1 and    
burgesses in boroughs1 are represented4 
,there1 not one ,freeholder1 or any     
other person1 is represented4--,here1   
the aids granted by the represented part
 of the kingdom must be proportionably  
paid by themselves2 and the laws they   
make for others1 they at the same time  
make for themselves4 ,there1 the aids   

they would grant would not be paid1 but 
received1 by themselves2 and the laws   
they made would be made for others      
only4--,in short4 ,the relation of one  
country to another country1 whose       
representatives have the power of taxing
 it 7and of appropriating the money     
raised by the taxes7 is much the same   
with the relation of a country to a     
single despot1 or a body of despots1    
within itself1 invested with the like   
power4 ,in both cases1 the people taxed 
and those who tax have separate         
interests2 nor can there be any thing to
 check oppression1 besides either the   
abilities of the people taxed1 or the   
humanity of the taxers4--,but indeed ,i 
can never hope to convince that person  
of any thing1 who does not see an       
essential difference#ah between the two 
cases now mentioned2 or between the     
circumstances of individuals1 and       
classes of men1 making parts of a       
community imperfectly represented in the
 legislature that governs it2 and the   

circumstances of a whole community1 in a
 distant world1 not at all represented4 
,but enough has been said by others on  
this point2 nor is it possible for me to
 throw any new light upon it4 ,to       
finish1 therefore1 what ,i meant to     
offer under this head1 ,i must beg that 
the following considerations may be     
particularly attended to4         99    
99       99       99       99  ,the     
question now between us and the         
,colonies is1 ,whether1 in respect of   
taxation and internal legislation1 they 
are bound to be subject to the          
jurisdiction of this kingdom3 ,or1 in   
other words1 ,whether the ,british      
parliament has or has not of right1 a   
power to dispose of their property1 and 
to model as it pleases their            
governments8--,to this supremacy over   
them1 we say1 we are entitled2 and in   
order to maintain it1 we have begun the 
present war4--,let me here enquire1     
#ast4 ,whether1 if we have now this     
supremacy1 we shall not be equally      

entitled to it in any future            
time8--,they are now but little short of
 half our number4 ,to this number they  
have grown1 from a small body of        
original settlers1 by a very rapid      
increase4 ,the probability is1 that they
 will go on to increase2 and that1 in   
#ej or #fj years1 they will be double   
our number2#ai and form a mighty        
,empire1 consisting of a variety of     
states1 all equal or superior to        
ourselves in all the arts and           
accomplishments1 which give dignity and 
happiness to human life4 ,in that       
period1 will they be still bound to     
acknowledge that supremacy over them    
which we now claim8 ,can there be any   
person who will assert this2 or whose   
mind does not revolt at the idea of a   
vast continent1 holding all that is     
valuable to it1 at the discretion of a  
handful of people on the other side the 
,atlantic8--,but if1 at that period1    
this would be unreasonable2 what makes  
it otherwise now8--,draw the line1 if   

you can4--,but there is a still greater 
difficulty4         99       99       99
       99       99  ,britain is now1 ,i 
will suppose1 the seat of ,liberty and  
,virtue2 and its legislature consists of
 a body of able and independent men1 who
 govern with wisdom and justice4 ,the   
time may come when all will be reversed3
 ,when its excellent constitution of    
government will be subverted3 ,when1    
pressed by debts and taxes1 it will be  
greedy to draw to itself an increase of 
revenue from every distant ,province1 in
 order to ease its own burdens3 ,when   
the influence of the crown1 strengthened
 by luxury and an universal profligacy  
of manners1 will have tainted every     
heart1 broken down every fence of       
,liberty1 and rendered us a nation of   
tame and contented vassals3 ,when a     
,general ,election will be nothing but a
 general ,auction of ,boroughs3 ,and    
when the ,,parliament1 the ,grand       
,council of the nation1 and once the    
faithful guardian of the state1 and a   

terror to evil ministers1 will be       
degenerated into a body of ,sycophants1 
dependent and venal1 always ready to    
confirm any measures2 and little more   
than a public court for registering     
royal edicts4--,such1 it is possible1   
may1 some time or other1 be the state of
 ,great ,britain4--,what will1 at that  
period1 be the duty of the ,colonies8   
,will they be still bound to            
unconditional submission8 ,must they    
always continue an appendage to our     
government2 and follow it implicitly    
through every change that can happen to 
it8--,wretched condition1 indeed1 of    
millions of freemen as good as          
ourselves4--,will you say that we now   
govern equitably2 and that there is no  
danger of any such revolution8--,would  
to ,god this were true4--,but will you  
not always say the same8 ,who shall     
judge whether we govern equitably or    
not8 ,can you give the ,colonies any    
security that such a period will never  
come8 ,once more4         99       99   

99       99       99  ,if we have indeed
 that power which we claim over the     
legislations1 and internal rights of the
 ,colonies1 may we not1 whenever we     
please1 subject them to the arbitrary   
power of the crown8--,i do not mean1    
that this would be a disadvantageous    
change3 ,for ,i have before observed1   
that if a people are to be subject to an
 external power over which they have no 
command1 it is better that power should 
be lodged in the hands of one man than  
of a multitude4 ,but many persons think 
otherwise2 and such ought to consider   
that1 if this would be a calamity1 the  
condition of the ,colonies must be      
deplorable4--8,a government by ,king1   
,lords1 and ,commons1 7it has been said7
 is the perfection of government20 and  
so it is1 when the ,commons are a just  
representation of the people2 and when  
also1 it is not extended to any distant 
people1 or communities1 not represented4
 ,but if this is the best1 a government 
by a king only must be the worst2 and   

every claim implying a right to         
establish such a government among any   
people must be unjust and cruel4--,it is
 self-evident1 that by claiming a right 
to alter the constitutions of the       
,colonies1 according to our discretion1 
we claim this power3 ,and it is a power 
that we have thought fit to exercise in 
one of our ,colonies2 and that we have  
attempted to exercise in                
another4--,canada1 according to the late
 extension of its limits1 is a country  
almost as large as half ,europe2 and it 
may possibly come in time to be filled  
with ,british subjects4 ,the ,quebec act
 makes the king of ,great ,britain a    
despot over all that country4--,in the  
,province of ,massachuset's ,bay the    
same thing has been attempted and begun4
  ,the act for ,,better regulating their
 government1 passed at the same time    
with the ,quebec act1 gives the king the
 right of appointing1 and removing at   
his pleasure1 the members of one part of
 the legislature2 alters the mode of    

chusing juries1 on purpose to bring it  
more under the influence of the king2   
and takes away from the province the    
power of calling any meetings of the    
people without the king's               
consent4#bj--,the judges1 likewise1 have
 been made dependent on the king1 for   
their nomination and pay1 and           
continuance in office4--,if all this is 
no more than we have a right to do2 may 
we not go on to abolish the house of    
representatives1 to destroy all trials  
by juries1 and to give up the province  
absolutely and totally to the will of   
the king8--,may we not even establish   
popery in the province1 as has been     
lately done in ,canada1 leaving the     
support of protestantism to the king's  
discretion8--,can there be any          
,englishman who1 were it his own case1  
would not sooner lose his heart's blood 
than yield to claims so pregnant with   
evils1 and destructive to every thing   
that can distinguish a ,freeman from a  
,slave8  ,i will take this opportunity  

to add1 that what ,i have now said1     
suggests a consideration that           
demonstrates1 on how different a footing
 the ,colonies are with respect to our  
government1 from particular bodies of   
men within the kingdom1 who happen not  
to be represented4 ,here1 it is         
impossible that the represented part    
should subject the unrepresented part to
 arbitrary power1 without including     
themselves4 ,but in the ,colonies it is 
not impossible4 ,we know that it has    
been done4   ,,sect4 ,,ii4  ,whether the
 ,war with ,america is justified by the 
,principles of the ,constitution4  ,i   
have proposed1 in the next place1 to    
examine the war with the ,colonies by   
the principles of the constitution4--,i 
know1 that it is common to say that we  
are now maintaining the constitution in 
,america4 ,if this means that we are    
endeavouring to establish our own       
constitution of government there2 it is 
by no means true2 nor1 were it true1    
would it be right4 ,they have chartered 

governments of their own1 with which    
they are pleased2 and which1 if any     
power on earth may change without their 
consent1 that power may likewise1 if it 
thinks proper1 deliver them over to the 
,grand ,seignior4--,suppose the         
,colonies of ,france had1 by compacts1  
enjoyed for many years1 free governments
 open to all the world1 under which they
 had grown and flourished2 what should  
we think of that kingdom1 were it to    
attempt to destroy their governments1   
and to force upon them its own mode of  
government8 ,should we not applaud any  
zeal they discovered in repelling such  
an injury8--,but the truth is1 in the   
present instance1 that we are not       
maintaining but violating our own       
constitution in ,america4 ,the essence  
of our constitution consists in its     
independency4 ,there is in this case no 
difference between subjection and       
annihilation4 ,did1 therefore1 the      
,colonies possess governments perfectly 
the same with ours1 the attempt to      

subject them to ours would be an attempt
 to ruin them4 ,a free government loses 
its nature from the moment it becomes   
liable to be commanded or altered by any
 superior power4  ,but ,i intended here 
principally to make the following       
observation4  ,the fundamental principle
 of our government is1 8,the right of a 
people to give and grant their own      
money40--,it is of no consequence1 in   
this case1 whether we enjoy this right  
in a proper manner or not4 ,most        
certainly we do not4 ,it is1 however1   
the principle on which our government1  
as a free government1 is founded4 ,the  
spirit of the constitution gives it us2 
and1 however imperfectly enjoyed1 we    
glory in it as our first and greatest   
blessing4 ,it was an attempt to encroach
 upon this right1 in a trifling         
instance1 that produced the civil war in
 the reign of ,charles the              
,first4--,ought not our brethren in     
,america to enjoy this right as well as 
ourselves8 ,do the principles of the    

constitution give it us1 but deny it to 
them8 ,or can we1 with any decency1     
pretend that when we give to the king   
their money1 we give him our            
own8#ba--,what difference does it make1 
that in the time of ,charles the ,first 
the attempt to take away this right was 
made by one man3 but that1 in the case  
of ,america1 it is made by a body of    
men8  ,in a word4 ,this is a war        
undertaken not only against the         
principles of our own constitution2 but 
on purpose to destroy other similar     
constitutions in ,america2 and to       
substitute in their room a military     
force4 ,see page #bc1 #bd4--;,it is1    
therefore1 a gross and flagrant         
violation of the constitution4   ,,sect4
 ,,iii4  ,of the ,policy if the ,war    
with ,america4  ,in writing the present 
,section1 ,i enter upon a subject of the
 last importance1 on which much has been
 said by other writers with great force1
 and in the ablest manner#bb4 ,but ,i am
 not willing to omit any topic which ,i 

think of great consequence1 merely      
because it has already been discussed3  
,and1 with respect to this in           
particular1 it will1 ,i believe1 be     
found that some of the observations on  
which ,i shall insist1 have not been    
sufficiently attended to4         99    
99       99       99       99  ,the     
object of this war has been often enough
 declared to be 8maintaining the        
supremacy of this country over the      
colonies40 ,i have already enquired how 
far reason and justice1 the principles  
of ,liberty1 and the rights of humanity1
 entitle us to this supremacy4 ,setting 
aside1 therefore1 now all considerations
 of this kind1 ,i would observe1 that   
this supremacy is to be maintained1     
either merely for its own sake1 or for  
the sake of some public interest        
connected with it and dependent upon    
it4--,if for its own sake2 the only     
object of the war is the extension of   
dominion2 and its only motive is the    
lust of power4--,all government1 even   

within a state1 becomes tyrannical1 as  
far as it is a needless and wanton      
exercise of power2 or is carried farther
 than is absolutely necessary to        
preserve the peace and to secure the    
safety of the state4 ,this is what an   
excellent writer calls ,,governing ,,too
 ,,much2 and its effect must always be1 
weakening government by rendering it    
contemptible and odious4--,nothing can  
be of more importance1 in governing     
distant provinces and adjusting the     
clashing interests of different         
societies1 than attention to this       
remark4 ,in these circumstances it is   
particularly necessary to make a sparing
 use of power1 in order to preserve     
power4--,happy would it have been for   
,great ,britain1 had this been          
remembered by those who have lately     
conducted its affairs4 ,but our policy  
has been of another kind4 ,at the period
 when our authority should have been    
most concealed1 it has been brought most
 in view2 and by a progression of       

violent measures1 every one of which has
 increased distress1 we have given the  
world reason to conclude1 that we are   
acquainted with no other method of      
governing than by force4--,what a       
shocking mistake6--,if our object is    
power1 we should have known better how  
to use it2 and our rulers should have   
considered1 that freemen will always    
revolt at the sight of a naked sword2   
and that the complicated affairs of a   
great kingdom1 holding in subordination 
to it a multitude of distant            
communities1 all jealous of their       
rights1 and warmed with spirits as high 
as our own1 require not only the most   
skilful1 but the most cautious and      
tender management4 ,the consequences of 
a different management we are now       
feeling4 ,we see ourselves driven among 
rocks1 and in danger of being lost4     
99       99       99       99       99  
,the following reasons make it too      
probable1 that the present contest with 
,america is a contest for power only#bc1

 abstracted from all the advantages     
connected with it4  #ast4 ,there is a   
love of power inherent in human nature2 
and it cannot be uncharitable to suppose
 that the nation in general1 and the    
cabinet in particular1 are too likely to
 be influenced by it4 ,what can be more 
flattering than to look across the      
,atlantic1 and to see in the boundless  
continent of ,america1 increasing       
,,millions whom we have a right to order
 as we please1 who hold their property  
at our disposal1 and who have no other  
law than our will4 ,with what           
complacency have we been used to talk of
 them as ,,our subjects8--,is it not the
 interruption they now give to this     
pleasure2 is it not the opposition they 
make to our pride2 and not any injury   
they have done us1 that is the secret   
spring of our present animosity against 
them8--,i wish all in this kingdom would
 examine themselves carefully on this   
point4 ,perhaps1 they might find1 that  
they have not known what spirit they are

 of4--,perhaps1 they would become       
sensible1 that it was a spirit of       
domination1 more than a regard to the   
true interest of this country1 that     
lately led so many of them1 with such   
savage folly1 to address the throne for 
the slaughter of their brethren in      
,america1 if they will not submit to    
them2 and to make offers of their lives 
and fortunes for that purpose4--,indeed1
 ,i am persuaded1 that1 were pride and  
the lust of dominion exterminated from  
every heart among us1 and the humility  
of ,christians infused in their room1   
this quarrel would be soon ended4       
99       99       99       99       99  
#b;dly4 ,another reason for believing   
that this is a contest for power only   
is1 that our ministers have frequently  
declared1 that their object is not to   
draw a revenue from ,america2 and that  
many of those who are warmest for       
continuing it1 represent the ,american  
trade as of no great consequence4  ,but 
what deserves particular consideration  

here is1 that this is a contest from    
which no advantages can possibly be     
derived4--,not a revenue3 ,for the      
provinces of ,america1 when desolated1  
will afford no revenue2 or if they      
should1 the expence of subduing them and
 keeping them in subjection will much   
exceed that revenue4--,not any of the   
advantages of trade3 ,for it is a folly1
 next to insanity1 to think trade can be
 promoted by impoverishing our          
customers1 and fixing in their minds an 
everlasting abhorrence of us4--,it      
remains1 therefore1 that this war can   
have no other object than the extension 
of power4--,miserable reflection6--,to  
sheath our swords in the bowels of our  
brethren1 and spread misery and ruin    
among a happy people1 for no other end  
than to oblige them to acknowledge our  
supremacy4 ,how horrid6--,this is the   
cursed ambition that led a ,csar and an 
,alexander1 and many other mad          
conquerors1 to attack peaceful          
communities1 and to lay waste the earth4

  ,but a worse principle than even this1
 influences some among us4 ,pride and   
the love of dominion are principles     
hateful enough2 but blind resentment and
 the desire of revenge are infernal     
principles3 ,and these1 ,i am afraid1   
have no small share at present in       
guiding our public conduct4--,one cannot
 help indeed being astonished at the    
virulence1 with which some speak on the 
present occasion against the            
,colonies4--,for1 what have they        
done8--,have they crossed the ocean and 
invaded us8 ,have they attempted to take
 from us the fruits of our labour1 and  
to overturn that form of government     
which we hold so sacred8--,this cannot  
be pretended4--,on the contrary4 ,this  
is what we have done to them4--,we have 
transported ourselves to their peaceful 
retreats1 and employed our fleets and   
armies to stop up their ports1 to       
destroy their commerce1 to seize their  
effects1 and to burn their towns4 ,would
 we but let them alone1 and suffer them 

to enjoy in security their property and 
governments1 instead of disturbing us1  
they would thank and bless us4 ,and yet 
it is ,,we who imagine ourselves        
ill-used4--,the truth is1 we expected to
 find them a cowardly rabble who would  
lie quietly at our feet2 and they have  
disappointed us4 ,they have risen in    
their own defence1 and repelled force by
 force4 ,they deny the plenitude of our 
power over them2 and insist upon being  
treated as free communities4--,it is    
,,this that has provoked us2 and kindled
 our governors into rage4  ,i hope ,i   
shall not here be understood to         
intimate1 that all who promote this war 
are actuated by these principles4 ,some1
 ,i doubt not1 are influenced by no     
other principle1 than a regard to what  
they think the just authority of this   
country over its colonies1 and to the   
unity and indivisibility of the ,british
 ,empire4 ,i wish such could be engaged 
to enter thoroughly into the enquiry1   
which has been the subject of the first 

part of this pamphlet2 and to consider1 
particularly1 how different a thing     
maintaining the authority of government 
within a state is from maintaining the  
authority of one people over another1   
already happy in the enjoyment of a     
government of their own4 ,i wish farther
 they would consider1 that the desire of
 maintaining authority is warrantable1  
only as far as it is the means of       
promoting some end1 and doing some good2
 and that1 before we resolve to spread  
famine and fire through a country in    
order to make it acknowledge our        
authority1 we ought to be assured that  
great advantages will arise not only to 
ourselves1 but to the country we wish to
 conquer4--,that from the present       
contest no advantage to ourselves can   
arise1 has been already shewn1 and will 
presently be shewn more at large4--,that
 no advantage to the ,colonies can arise
 from it1 need not1 ,i hope1 be shewn4  
,it has however been asserted1 that even
 their good is intended by this war4    

,many of us are persuaded1 that they    
will be much happier under our          
government1 than under any government of
 their own2 and that their liberties    
will be safer when held for them by us1 
than when trusted in their own          
hands4--,how kind is it thus to take    
upon us the trouble of judging for them 
what is most for their happiness8       
,nothing can be kinder except the       
resolution we have formed to exterminate
 them1 if they will not submit to our   
judgment4--,what strange language have  
,i sometimes heard8 ,by an armed force  
we are now endeavouring to destroy the  
laws and governments of ,america2 and   
yet ,i have heard it said1 that we are  
endeavouring to support law and         
government there4 ,we are insisting upon
 our right to levy contributions upon   
them2 and to maintain this right1 we are
 bringing upon them all the miseries a  
people can endure2 and yet it is        
asserted1 that we mean nothing but their
 security and happiness4  ,but ,i have  

wandered a little from the point ,i     
attended principally to insist upon in  
this section1 which is1 8the folly1 in  
respect of policy1 of the measures which
 have brought on this contest2 and its  
pernicious and fatal tendency40  ,the   
following observations will1 ,i believe1
 abundantly prove this4  #ast4 ,there   
are points which are likely always to   
suffer by discussion4 ,of this kind are 
most points of authority and            
prerogative2 and the best policy is to  
avoid1 as much as possible1 giving any  
occasion for calling them into question4
  ,the colonies were at the beginning of
 this reign in the habit of             
acknowledging our authority1 and of     
allowing us as much power over them as  
our interest required2 and more1 in some
 instances1 than we could reasonably    
claim4 ,this habit they would have      
retained3 and had we1 instead of        
imposing new burdens upon them1 and     
increasing their restraints1 studied to 
promote their commerce1 and to grant    

them new indulgences1 they would have   
been always growing more attached to us4
 ,luxury1 and1 together with it1 their  
dependence upon us1 and our influence#bd
 in their assemblies1 would have        
increased1 till in time perhaps they    
would have become as corrupt as         
ourselves2 and we might have succeeded  
to our wishes in establishing our       
authority over them4--,but1 happily for 
them1 we have chosen a different course4
 ,by exertions of authority which have  
alarmed them1 they have been put upon   
examining into the grounds of all our   
claims1 and forced to give up their     
luxuries1 and to seek all their         
resources within themselves3 ,and the   
issue is likely to prove the loss of all
 our authority over them1 and of all the
 advantages connected with it4 ,so      
little do men in power sometimes know   
how to preserve power2 and so remarkably
 does the desire of extending dominion  
sometimes destroy it4--,mankind are     
naturally disposed to continue in       

subjection to that mode of government1  
be it what it will1 under which they    
have been born and educated4 ,nothing   
rouses them into resistance but gross   
abuses1 or some particular oppressions  
out of the road to which they have been 
used4 ,and he who will examine the      
history of the world will find1 there   
has generally been more reason for      
complaining that they have been too     
patient1 than that they have been       
turbulent and rebellious4  ,our         
governors1 ever since ,i can remember1  
have been jealous that the ,colonies1   
some time or other1 would throw off     
their dependence4 ,this jealously was   
not founded on any of their acts or     
declarations4 ,they have always1 while  
at peace with us1 disclaimed any such   
design2 and they have continued to      
disclaim it since they have been at war 
with us4 ,i have reason1 indeed1 to     
believe1 that independency is1 even at  
this moment1#be generally dreaded among 
them as a calamity to which they are in 

danger of being driven1 in order to     
avoid a greater4--,the jealousy ,i have 
mentioned1 was1 however1 natural2 and   
betrayed a secret opinion1 that the     
subjection in which they were held was  
more than we could expect them always to
 endure4 ,in such circumstances1 all    
possible care should have been taken to 
give them no reason for discontent1 and 
to preserve them in subjection1 by      
keeping in that line of conduct to which
 custom had reconciled them1 or at least
 never deviating from it1 except with   
great caution2 and particularly1 by     
avoiding all direct attacks on their    
property and legislations4 ,had we done 
this1 the different interests of so many
 states scattered over a vast continent1
 joined to our own prudence and         
moderation1 would have enabled us to    
maintain them in dependence for ages to 
come4--,but instead of this1 how have we
 acted8--,it is in truth too evident1   
that our whole conduct1 instead of being
 directed by that sound policy and      

foresight which in such circumstances   
were absolutely necessary1 has been     
nothing 7to say the best of it7 but a   
series of the blindest rigour followed  
by retractation2 of violence followed by
 concession2 of mistake1 weakness and   
inconsistency4--,a recital of a few     
facts1 within every body's recollection1
 will fully prove this4  ,in the #fth of
 ,george the ,second1 an act was passed 
for imposing certain duties on all      
foreign spirits1 molasses and sugars    
imported into the plantations4 ,in this 
act1 the duties imposed are said to be  
,,given and ,,granted by the ,parliament
 to the ,king2 and this is the first    
,american act in which these words have 
been used4 ,but notwithstanding this1 as
 the act had the appearance of being    
only a regulation of trade1 the colonies
 submitted to it2 and a small direct    
revenue was drawn by it from them4--,in 
the #dth of the present reign1 many     
alterations were made in this act1 with 
the declared purpose of making provision

 for raising a revenue in ,america4     
,this alarmed the ,colonies2 and        
produced discontents and remonstrances1 
which might have convinced our rulers   
this was tender ground1 on which it     
became them to tread very               
gently4--,there is1 however1 no reason  
to doubt but in time they would have    
sunk into a quiet submission to this    
revenue act1 as being at worst only the 
exercise of a power which then they seem
 not to have thought much of contesting2
 ,i mean1 the power of taxing them      
,,externally4--,but before they had time
 to cool1 a worse provocation was given 
them2 and the ,,stamp-,,act was passed4 
,this being an attempt to tax them      
,,internally2 and a direct attack on    
their property1 by a power which would  
not suffer itself to be questioned2     
which eased itself by loading them2 and 
to which it was impossible to fix any   
bounds2 they were thrown at once1 from  
one end of the continent to the other1  
into resistance and rage4--,government1 

dreading the consequences1 gave way2 and
 the ,parliament 7upon a change of      
ministry7 repealed the ,stamp-,act1     
without requiring from them any         
recognition of its authority1 or doing  
any more to preserve its dignity1 than  
asserting1 by the declaratory law1 that 
it was possessed of full power and      
authority to make laws to bind them in  
all cases whatever4--,upon this1 peace  
was restored2 and1 had no farther       
attempts of the same kind been made1    
they would undoubtedly have suffered us 
7as the people of ,ireland have done7 to
 enjoy quietly our declaratory law4     
,they would have recovered their former 
habits of subjection2 and our connexion 
with them might have continued an       
increasing source of our wealth and     
glory4--,but the spirit of despotism and
 avarice1 always blind and restless1    
soon broke forth again4 ,the scheme for 
drawing a revenue from ,america1 by     
parliamentary taxation1 was resumed2 and
 in a little more than a year after the 

repeal of the ,stamp-,act1 when all was 
peace1 a third act was passed1 imposing 
duties payable in ,america on tea1      
paper1 glass1 painters colours1 c4--    
,this1 as might have been expected1     
revived all the former heats2 and the   
,empire was a second time threatened    
with the most dangerous                 
commotions4--,government receded again2 
and the ,parliament 7under another      
change of ministry7 repealed all the    
obnoxious duties1 ,,except that upon    
tea4 ,this exception was made in order  
to maintain a shew of dignity4 ,but it  
was1 in reality1 sacrificing safety to  
pride2 and leaving a splinter in the    
wound to produce a gangrene4--,for some 
time1 however1 this relaxation answered 
its intended purposes4 ,our commercial  
intercourse with the ,colonies was again
 recovered2 and they avoided nothing but
 that tea which we had excepted in our  
repeal4 ,in this state would things have
 remained1 and even tea would perhaps in
 time have been gradually admitted1 had 

not the evil genius of ,britain stepped 
forth once more to embroil the ,empire4 
,the ,east ,india company having fallen 
under difficulties1 partly in           
consequence of the loss of the ,american
 market for tea1 a scheme was formed for
 assisting them by an attempt to recover
 that market4 ,with this view an act was
 passed to enable them to export their  
tea to ,america free of all duties here1
 and subject only to #c;d4 per pound    
duty1 payable in ,america4 ,it was to be
 offered at a low price2 and it was     
expected the consequence would prove    
that the ,colonies would be tempted to  
buy it2 a precedent gained for taxing   
them2 and at the same time the company  
relieved4 ,ships were1 therefore1 fitted
 out2 and large cargoes sent4 ,the snare
 was too gross to escape the notice of  
the ,colonies4 ,they saw it1 and spurned
 at it4 ,they refused to admit the tea2 
and at ,,boston some persons in disguise
 threw it into the sea4--,had our       
governors in this case satisfied        

themselves with requiring a compensation
 from the province for the damage done1 
there is no doubt but it would have been
 granted4 ,or had they proceeded no     
farther in the infliction of punishment1
 than stopping up the port and          
destroying the trade of ,boston1 till   
compensation was made1 the province     
might possibly have submitted1 and a    
sufficient saving would have been gained
 for the honour of the nation4 ,but     
having hitherto proceeded without       
wisdom1 they observed now no bounds in  
their resentment4 ,to the ,boston port  
bill was added a bill which destroyed   
the chartered government of the         
province2 a bill which withdrew from the
 jurisdiction of the province1 persons  
who in particular cases should commit   
murder2 and the ,quebec bill4 ,at the   
same time a strong body of troops was   
stationed at ,boston to enforce         
obedience to these bills4         99    
99       99       99       99  ,all who 
knew any thing of the temper of the     

,colonies saw that the effect of this   
sudden accumulation of vengeance1 would 
probably be not intimidating but        
exasperating them1 and driving them into
 a general revolt4 ,but our minister had
 different apprehensions4 ,they believed
 that the malecontents in the ,colony of
 ,massachusett's were a small party1    
headed by a few factious men2 that the  
majority of the people would take the   
side of government1 as soon as they saw 
a force among them capable of supporting
 them2 that1 at worst1 the ,colonies in 
general would never make a common cause 
with this province2 and that1 the issue 
would prove1 in a few months1 order1    
tranquility and submission4--,every one 
of these apprehensions was falsified by 
the events that followed4  ,when the    
bills ,i have mentioned came to be      
carried into execution1 the whole       
province was thrown into confusion4 ,the
 courts of justice were shut up1 and all
 government was dissolved4 ,the         
commander in chief found it necessary to

 fortify himself in ,boston2 and the    
other ,colonies immediately resolved to 
make a common cause with this ,colony4  
,disappointed by these consequences1 our
 ministers took fright4 ,once more they 
made an effort to retreat2 but indeed   
the most ungracious one that can well be
 imagined4 ,a proposal was sent to the  
,colonies1 called ,conciliatory2 and the
 substance of which was1 that if any of 
them would raise such sums as should be 
demanded of them by taxing themselves1  
the ,parliament would forbear to tax    
them4--,it will be scarcely believed1   
hereafter1 that such a proposal could be
 thought conciliatory4 ,it was only     
telling them2 8,if you will tax         
yourselves ,,by ,,our ,,order1 we will  
save ourselves the trouble of taxing    
you40--,they received the proposal as an
 insult2 and rejected it with disdain4  
,at the time this concession was        
transmitted to ,america1 open           
hostilities were not begun4 ,in the     
sword our ministers thought they had    

still a resource which would immediately
 settle all disputes4 ,they considered  
the people of ,new-,england as nothing  
but a mob1 who would be soon routed and 
forced into obedience4 ,it was even     
believed1 that a few thousands of our   
army might march through all ,america1  
and make all quiet where-ever they went4
 ,under this conviction our ministers   
did not dread urging the ,province of   
,massachusett's ,bay into rebellion1 by 
ordering the army to seize their stores1
 and to take up some of their leading   
men4--,the attempt was made4--,the      
people fled immediately to arms1 and    
repelled the attack4--,a considerable   
part of the flower of the ,british army 
has been destroyed4--,some of our best  
,generals1 and the bravest of our       
troops1 are now#bf disgracefully and    
miserably imprisoned at ,boston4--,a    
horrid civil war is commenced2--,and the
 ,empire is distracted and convulsed4   
,can it be possible to think with       
patience of the policy that has brought 

us into these circumstances8 ,did ever  
,heaven punish the vices of a people    
more severely by darkening their        
counsels8 ,how great would be our       
happiness could we now recall former    
times1 and return to the policy of the  
last reigns8--,but those times are      
gone4--,i will1 however1 beg leave for a
 few moments to look back to them2 and  
to compare the ground we have left with 
that on which we find ourselves4 ,this  
must be done with deep regret2 but it   
forms a necessary part of my present    
design4         99       99       99    
99       99  ,in those times our        
,colonies1 foregoing every advantage    
which they might derive from trading    
with foreign nations1 consented to send 
only to us whatever it was for our      
interest to receive from them2 and to   
receive only from us whatever it was for
 our interest to send to them4 ,they    
gave up the power of making sumptuary   
laws1 and exposed themselves to all the 
evils of an increasing and wasteful     

luxury1 because we were benefited by    
vending among them the materials of it4 
,the iron with which providence had     
blessed their country1 they were        
required by laws1 in which they         
acquiesced1 to transport hither1 that   
our people might be maintained by       
working it for them into nails1 ploughs1
 axes1 c4 ,and1 in several instances1   
even one ,colony was not allowed to     
supply any neighbouring ,colonies with  
commodities1 which could be conveyed to 
them from hence4--,but they yielded much
 farther4 ,they consented that we should
 have the appointment of one branch of  
their legislature4 ,by recognizing as   
their ,king1 a ,king resident among us  
and under our influence1 they gave us a 
negative on all their laws4 ,by allowing
 an appeal to us in their civil         
disputes1 they gave us likewise the     
ultimate determination of all civil     
causes among them4--,in short4 ,they    
allowed us every power we could desire1 
except that of taxing them1 and         

interfering in their internal           
legislations3 ,and they had admitted    
precedents which1 even in these         
instances1 gave us no inconsiderable    
authority over them4 ,by purchasing our 
goods they paid our taxes2 and1 by      
allowing us to regulate their trade in  
any manner we thought most for our      
advantage1 they enriched our merchants1 
and helped us to bear our growing       
burdens4 ,they fought our battles with  
us4 ,they gloried in their relation to  
us4 ,all their gains centered among us2 
and they always spoke of this country   
and looked to it as their home4  ,such  
,,was the state of things4--,what is it 
now8  ,not contented with a degree of   
power1 sufficient to satisfy any        
reasonable ambition1 we have attempted  
to extend it4--,not contented with      
drawing from them a large revenue       
indirectly1 we have endeavoured to      
procure one directly by an authoritative
 seizure2 and1 in order to gain a       
pepper-corn in this way1 have chosen to 

hazard millions1 acquired by the        
peaceable intercourse of trade4--,vile  
policy6 ,what a scourge is government so
 conducted8--,had we never deserted our 
old ground3 ,had we nourished and       
favoured ,america1 with a view to       
commerce1 instead of considering it as a
 country to be governed3 ,had we1 like a
 liberal and wise people1 rejoiced to   
see a multitude of free states branched 
forth from ourselves1 all enjoying      
independent legislatures similar to our 
own3 ,had we aimed at binding them to us
 only by the tyes of affection and      
interest2 and contented ourselves with a
 moderate power rendered durable by     
being lenient and friendly1 an umpire in
 their differences1 an aid to them in   
improving their own free governments1   
and their common bulwark against the    
assaults of foreign enemies3 ,had this1 
,i say1 been our policy and temper2     
there is nothing so great or happy that 
we might not have expected4 ,with their 
increase our strength would have        

increased4 ,a growing surplus in the    
revenue might have been gained1 which1  
invariably applied to the gradual       
discharge of the national debt1 would   
have delivered us from the ruin with    
which it threatens us4 ,the ,liberty of 
,america might have preserved our       
,liberty2 and1 under the direction of a 
patriot king or wise minister1 proved   
the means of restoring to us our almost 
lost constitution4 ,perhaps1 in time1 we
 might also have been brought to see the
 necessity of carefully watching and    
restricting our paper-credit3 ,and thus 
we might have regained safety2 and1 in  
union with our ,colonies1 have been more
 than a match for every enemy1 and risen
 to a situation of honour and dignity   
never before known amongst              
mankind4--,but ,i am forgetting         
myself4--,our ,colonies are likely to be
 lost for ever4 ,their love is turned   
into hatred2 and their respect for our  
government into resentment and          
abhorrence4--,we shall see more         

distinctly what a calamity this is1 and 
the observations ,i have now made will  
be confirmed1 by attending to the       
following facts4         99       99    
99       99       99  ,our ,american    
,colonies1 particularly the ,northern   
ones1 have been for some time in the    
happiest state of society2 or1 in that  
middle state of civilization1 between   
its first rude and its last refined and 
corrupt state4 ,old countries consist1  
generally1 of three classes of people2 a
 ,,gentry2 a ,,yeomanry2 and a          
,,peasantry4 ,the ,colonies consist only
 of a body of ,,yeomanry#bg supported by
 agriculture1 and all independent1 and  
nearly upon a level2 in consequence of  
which1 joined to a boundless extent of  
country1 the means of subsistence are   
procured without difficulty1 and the    
temptations to wickedness are so        
inconsiderable1 that executions#bh are  
seldom known among them4 ,from hence    
arises an encouragement to population so
 great1 that in some of the ,colonies   

they double their own number in fifteen 
years2 in others1 in eighteen years2 and
 in all1 taken one with another1 in     
twenty-five years4--,such an increase   
was1 ,i believe1 never before known4 ,it
 demonstrates that they must live at    
their ease2 and be free from those      
cares1 oppressions1 and diseases which  
depopulate and ravage luxurious states4 
99       99       99       99       99  
,with the population of the ,colonies   
has increased their trade2 but much     
faster1 on account of the gradual       
introduction of luxury among them4--,in 
#agbc the exports to ,pensylvania were  
#af1jjjl4--,in #agdb they were          
#ge1biel4--,in #ageg they were increased
 to #bfh1dbfl4 and in #aggc to half a   
million4  ,the exports to all the       
,colonies in #agdd were #fdj1aadl4--,in 
#ageh1 they were increased to           
#a4hcb1idhl4 and in #aggc1 to three     
millions4#bi ,and the probability is1   
that1 had it not been for the           
discontents among the ,colonies since   

the year #agfd1 our trade with them     
would have been this year double to what
 it was in #aggc2 and that in a few     
years more1 it would not have been      
possible for the whole kingdom1 though  
consisting only of manufacturers1 to    
supply the ,american demand4  ,this     
trade1 it should be considered1 was not 
only thus an increasing trade2 but it   
was a trade in which we had no rivals2 a
 trade certain1 constant1 and           
uninterrupted2 and which1 by the        
shipping employed in it1 and the naval  
stores supplied by it1 contributed      
greatly to the support of that navy     
which is our chief national             
strength4--,viewed in these lights it   
was an object unspeakably important4    
,but it will appear still more so if we 
view it in its connexions and           
dependencies4 ,it is well known1 that   
our trade with ,africa and the          
,west-,indies cannot easily subsist     
without it4 ,and1 upon the whole1 it is 
undeniable1 that it has been one of the 

main springs of our opulence and        
splendour2 and that we have1 in a great 
measure1 been indebted to it for our    
ability to bear a debt so much heavier1 
than that which1 fifty years ago1 the   
wisest men thought would necessarily    
sink us4  ,this inestimable prize1 and  
all the advantages connected with       
,america1 we are now throwing away4     
,experience alone can shew what         
calamities must follow4 ,it will indeed 
be astonishing if this kingdom can bear 
such a loss without dreadful            
consequences4--,these consequences have 
been amply represented by others2 and it
 is needless to enter into any account  
of them--,at the time we shall be       
feeling them--,the ,empire dismembered2 
the blood of thousands shed in an       
unrighteous quarrel2 our strength       
exhausted2 our merchants breaking2 our  
manufacturers starving2 our debts       
increasing2 the revenue sinking2 the    
funds tottering2 and all the miseries of
 a public bankruptcy impending--,at such

 a crisis should our natural enemies1   
eager for our ruin1 seize the           
opportunity--,the apprehension is too   
distressing4--,let us view this subject 
in another light4         99       99   
99       99       99  ,on this occasion1
 particular attention should be given to
 the present ,,singular situation of    
this kingdom4 ,this is a circumstance of
 the utmost importance2 and as ,i am    
afraid it is not much considered1 ,i    
will beg leave to give a distinct       
account of it4  ,at the ,,revolution1   
the specie of the kingdom amounted1     
according to#cj ,davenant's account1 to 
eighteen millions and a half4--,from the
 ,,accession to the year #aggb1 there   
were coined at the mint1 near #bi       
millions of gold2 and in ten years only 
of this time1 or from ,january #agei to 
,january #agfi1 there were coined eight 
millions and a half4#ca ,but it has     
appeared lately1 that the gold specie   
now left in the kingdom is no more than 
about twelve millions and a             

half4#cb--,not so much as half a million
 of ,silver specie has been coined these
 sixty years2 and it cannot be supposed1
 that the quantity of it now in         
circulation exceeds two or three        
millions4 ,the whole specie of the      
kingdom1 therefore1 is probably at this 
time about fifteen millions4 ,of this   
some millions must be hoarded at the    
,bank4--,our circulating specie1        
therefore1 appears to be decreased4 ,but
 our wealth1 or the quantity of money in
 the kingdom1 is greatly increased4     
,this is paper to a vast amount1 issued 
in almost every corner of the kingdom2  
and1 particularly1 by the ,,bank ,,of   
,,england4 ,while this paper maintains  
its credit it answers all the purposes  
of specie1 and is in all respects the   
same with money4  ,specie represents    
some real value in goods or commodities4
 ,on the contrary2 paper represents     
immediately nothing but specie4 ,it is a
 promise or obligation which the emitter
 brings himself under to pay a given sum

 in coin2 and it owes its currency to   
the credit of the emitter2 or to an     
opinion that he is able to make good his
 engagement2 and that the sum specified 
may be received upon being              
demanded4--,paper1 therefore1 represents
 coin2 and coin represents real value4  
,that is1 the one is a sign of wealth4  
,the other is the sign of that          
sign4--,but farther4 ,coin is an        
universal sign of wealth1 and will      
procure it every where4 ,it will bear   
any alarm1 and stand any shock4--,on the
 contrary4 ,paper1 owing its currency to
 opinion1 has only a local and imaginary
 value4 ,it can stand no shock4 ,it is  
destroyed by the approach of danger2 or 
even the suspicion of danger4  ,in      
short4 ,coin is the basis of our        
paper-credit2 and were it either all    
destroyed1 or were only the quantity of 
it reduced beyond a certain limit1 the  
paper circulation of the kingdom would  
sink at once4 ,but1 were our paper      
destroyed1 the coin would not only      

remain1 but rise in value1 in proportion
 to the quantity of paper destroyed4    
,from this account it follows1 that as  
far as1 in any circumstances1 specie is 
not to be procured in exchange for      
paper1 it represents nothing1 and is1   
worth nothing4--,the specie of this     
kingdom is inconsiderable1 compared with
 the amount of the paper circulating in 
it4 ,this is generally believed2 and1   
therefore1 it is natural to enquire how 
its currency is supported4--,the answer 
is easy4 ,it is supported in the same   
manner with all other bubbles4 ,were all
 to demand specie in exchange for their 
notes1 payment could not be made2 but1  
at the same time that this is known1    
every one trusts1 that no alarm         
producing such a demand will happen1    
while he holds the paper he is possessed
 of2 and that if it should happen1 he   
will stand a chance for being first     
paid2 and this makes him easy4 ,and it  
also makes all with whom he traffics    
easy4--,but let any events happen which 

threaten danger2 and every one will     
become diffident4 ,a run will take      
place2 and a bankruptcy follow4  ,this  
is an account of what has often happened
 in private credit4 ,and it is also an  
account of what will 7if no change of   
measures takes place7 happen some time  
or other in public credit4 ,the         
description ,i have given of our        
paper-circulation implies1 that nothing 
can be more delicate or hazardous4 ,it  
is an immense fabrick1 with its head in 
the clouds1 that is continually         
trembling with every adverse blast and  
every fluctuation of trade2 and which1  
like the baseless fabrick of a vision1  
may in a moment vanish1 and leave no    
wreck behind4--,the destruction of a few
 books at the ,bank2 an improvement in  
the art of forgery2 the landing of a    
body of ,french troops on our coasts2   
insurrections threatening a revolution  
in government2 or any events that should
 produce a general panic1 however       
groundless1 would at once annihilate it1

 and leave us without any other medium  
of traffic1 than a quantity of specie   
not much more than the money now drawn  
from the public by the taxes4 ,it would1
 therefore1 become impossible to pay the
 taxes4 ,the revenue would fail4 ,near a
 hundred and forty millions of property 
would be destroyed4 ,the whole frame of 
government would fall to pieces2 and a  
state of nature would take place4--,what
 a dreadful situation6 ,it has never had
 a parallel among mankind2 except at one
 time in ,france after the establishment
 there of the ,royal ,mississipi ,bank4 
,in #agbj this bank broke2#cc and1 after
 involving for some time the whole      
kingdom in a golden dream1 spread       
through it in one day1 desolation and   
ruin4--,the distress attending such an  
event1 in this free country1 would be   
greater than it was in ,france4 ,happily
 for that kingdom1 they have shot this  
gulph4 ,paper-credit has never since    
recovered itself there2 and their       
circulating cash consists now all of    

solid coin1 amounting1 according to the 
lowest account1 to no less a sum than   
#aejj millions of ,livres2#cd or near   
#fg millions of pounds sterling4 ,this  
gives them unspeakable advantages2 and1 
joined to that quick reduction of their 
debts which is inseparable#ce from their
 nature1 places them on a ground of     
safety which we have reason to admire   
and envy4         99       99       99  
99       99  ,these are subjects on     
which ,i should have chosen to be       
silent1 did ,i not think it necessary1  
that this country should be apprized and
 warned of the danger which threatens   
it4 ,this danger is created chiefly by  
the national debt4 ,high taxes are      
necessary to support a great public     
debt2 and a large supply of cash is     
necessary to support high taxes4 ,this  
cash we owe to our paper2 and1 in       
proportion to our paper1 must be the    
productiveness of our taxes4--,king     
,william's wars drained the kingdom of  
its specie4 ,this sunk the revenue1 and 

distressed government4 ,in #afid the    
,,bank was established2 and the kingdom 
was provided with a substitute for      
specie4 ,the taxes became again         
productive4 ,the revenue rose2 and      
government was relieved4--,ever since   
that period our paper and taxes have    
been increasing together1 and supporting
 one another2 and one reason1           
undoubtedly1 of the late increase in the
 productiveness of our taxes has been   
the increase of our paper4  ,was there  
no public debt1 there would be no       
occasion for half the present taxes4    
,our paper-circulation might be reduced4
 ,the balance of trade would turn in our
 favour4 ,specie would flow in upon us4 
,the quantity of property destroyed by a
 failure of paper-credit 7should it in  
such circumstances happen7 would be #adj
 millions less2 and1 therefore1 the     
shock attending it would be tolerable4  
,but1 in the present state of things1   
whenever any calamity or panic shall    
produce such a failure1 the shock       

attending it will be intolerable4--,may 
heaven soon raise up for us some great  
statesman who shall see these things2   
and enter into effectual measures1 if   
not now too late1 for extricating and   
preserving us4  ,public banks are1      
undoubtedly1 attended with great        
conveniences4 ,but they also do great   
harm2 and1 if their emissions are not   
restrained1 and conducted with great    
wisdom1 they may prove the most         
pernicious of all institutions2 not     
only1 by substituting fictitious for    
real wealth2 by increasing luxury2 by   
raising the prices of provisions2 by    
concealing an unfavourable balance of   
trade2 and by rendering a kingdom       
incapable of bearing any internal       
tumults or external attacks1 without the
 danger of a dreadful convulsion3 ,but1 
particularly1 by becoming instruments in
 the hands of ministers of state to     
increase their influence1 to lessen     
their dependence on the people1 and to  
keep up a delusive shew of public       

prosperity1 when perhaps ruin may be    
near4 ,there is1 in truth1 nothing that 
a government may not do with such a mine
 at its command as a public ,bank1 while
 it can maintain its credit2 nor1       
therefore1 is there any thing more      
likely to be ,,improperly and           
,,dangerously used4--,but to return to  
what may be more applicable to our own  
state at present4         99       99   
99       99       99  ,among the causes 
that may produce a failure of           
paper-credit1 there are two which the   
present quarrel with ,america calls upon
 us particularly to consider4--,the     
first is1 8,an unfavourable balance of  
trade40 ,this1 in proportion to the     
degree in which it takes place1 must    
turn the course of foreign exchange     
against us2 raise the price of bullion2 
and carry off our specie4 ,the danger to
 which this would expose us is obvious2 
and it has been much increased by the   
new coinage of the gold specie which    
begun in #aggc4 ,before this coinage1   

the greatest part of our gold coin being
 light1 but the same in currency as if  
it had been heavy1 always remained in   
the kingdom4 ,but1 being now nearly of  
full weight1 whenever a wrong balance of
 foreign trade alters the course of     
exchange1 and gold in coin becomes of   
less value than in bullion1 there is    
reason to fear1 that it will be melted  
down in such great quantities1 and      
exported so fast1 as in a little time to
 leave none behind2#cf the consequence  
which must prove1 that the whole        
superstructure of paper-credit1 now     
supported by it1 will break down4--,the 
only remedy1 in such circumstances1 is  
an increase of coinage at the mint4 ,but
 this will operate too slowly2 and1 by  
raising the price of bullion1 will only 
increase the evil4--,it is the ,bank    
that at such a time must be the         
immediate sufferer3 ,for it is from     
thence that those who want coin for any 
purpose will always draw it4  ,for many 
years before #aggc1 the price of gold in

 bullion had been1 from #b to #c or #d  
per cent4 higher than in coin4 ,this was
 a temptation to melt down and export   
the coin1 which could not be resisted4  
,hence arose a demand for it on the     
,,bank2 and1 consequently1 the necessity
 of purchasing bullion at a loss for a  
new coinage4 ,but the more coin the     
,bank procured in this way1 the lower   
its price became in comparison with that
 of bullion1 and the faster it vanished2
 and1 consequently1 the more necessary  
it became to coin again1 and the greater
 loss fell upon the ,bank4--,had things 
continued much longer in this train1 the
 consequences might have proved very    
serious4 ,i am by no means sufficiently 
informed to be able to assign the causes
 which have produced the change that    
happened in #aggb4 ,but1 without doubt1 
the state of things which took place    
before that year must be expected to    
return4 ,the fluctuations of trade1 in  
its best state1 render this unavoidable4
 ,but the contest with our ,colonies has

 a tendency to bring it on soon2 and to 
increase unspeakably the distress       
attending it4 ,all know that the balance
 of trade with them is greatly in our   
favour2#cg and that this balance is paid
 partly by direct remittances of        
bullion2 and partly by circuitous       
remittances through ,spain1 ,portugal1  
,italy1 c4 which diminish the balance   
against us with these                   
countries4--,during the last year they  
have been employed in paying their      
debts1 without adding to them2 and their
 exportations and remittances for that  
purpose have contributed to render the  
general balance of trade more favourable
 to us1 and1 also1 7in conjunction with 
the late operations of the ,bank7 to    
keep up our funds4 ,these remittances   
are now ceased2 and a few years will    
determine1 if this contest goes on1 how 
far we can sustain such a loss without  
suffering the consequences ,i have      
described4  ,the second event1 ruinous  
to our paper circulation1 which may     

arise from our rupture with ,america1 is
 a deficiency in the revenue4 ,as a     
failure of our paper would destroy the  
revenue1 so a failure of the revenue1 or
 any considerable diminution of it1     
would destroy our paper4 ,the ,,bank is 
the support of our paper2 and the       
support of the ,,bank is the credit of  
government4 ,its principal securities1  
are a capital of eleven millions lent to
 government2 and money continually      
advanced to a vast amount on the        
,land-tax and ,malt-tax1 ,sinking ,fund1
 ,exchequer ,bills1 ,navy ,bills1 c4    
,should1 therefore1 deficiencies in the 
revenue bring government under any      
difficulties1 all these securities would
 lose their value1 and the ,bank and    
,government1 and all private and public 
credit1 would fall together4--,let any  
one here imagine1 what would probably   
follow1 were it but suspected by the    
public in general1 that the taxes were  
so fallen1 as not to produce enough to  
pay the interest of the public debts1   

besides bearing the ordinary expences of
 the nation2 and that1 in order to      
supply the deficiency and to hide the   
calamity1 it had been necessary in any  
one year to anticipate the taxes1 and to
 borrow of the ,bank4--,in such         
circumstances ,i can scarcely doubt1 but
 an alarm would spread of the most      
dangerous tendency4--,the next foreign  
war1 should it prove half as expensive  
as the last1 will probably occasion such
 a deficiency2 and bring our affairs to 
that crisis towards which they have been
 long tending4--,but the war with       
,america has a greater tendency to do   
this2 and the reason is1 that it affects
 our resources more2 and is attended    
more with the danger of internal        
disturbances4  ,some have made the      
proportion of our trade depending on    
,north ,america to be near ,,one ,,half4
 ,a moderate computation makes it a     
,,third4#ch ,let it1 however1 be        
supposed to be only a ,,fourth4 ,i will 
venture to say1 this is a proportion of 

our foreign trade1 the loss of which1   
when it comes to be felt1 will be found 
insupportable4--,in the article of      
,tobacco alone it will cause a deduction
 from the ,customs of at least          
#cjj1jjjl4 per ann4#ci including the    
duties paid on foreign commodities      
purchased by the exportation of tobacco4
 ,let the whole deduction from the      
revenue be supposed to be only half a   
million4 ,this alone is more than the   
kingdom can at present bear1 without    
having recourse to lotteries1 and the   
land-tax at #ds4 in order to defray the 
common and necessary expences of peace4 
,but to this must be added a deduction  
from the produce of the ,excises1 in    
consequence of the increase of the poor1
 of the difficulties of our merchants   
and manufacturers1 of less national     
wealth1 and a retrenchment of luxury4   
,there is no possibility of knowing to  
what these deductions may amount4 ,when 
the evils producing them begin1 they    
will proceed rapidly2 and they may end  

in a general wreck before we are aware  
of any danger4  ,in order to give a     
clearer view of this subject1 ,i will in
 an ,appendix#dj1 state particularly the
 national expenditure and income for    
eleven years1 from #agfd to #aggd4 ,from
 that account it will appear1 that the  
money drawn every year from the public  
by the taxes1 does not fall greatly     
short of a sum equal to the whole specie
 of the kingdom2 and that1              
notwithstanding the late increase in the
 productiveness of the taxes1 the whole 
surplus of the national income has not  
exceeded #cch1geil4 per ann4 ,see the   
,second ,tract1 p4 #afj4 ,this is a     
surplus so inconsiderable as to be      
scarcely sufficient to guard against the
 deficiencies arising from the common   
fluctuations of foreign trade1 and of   
home consumption4 ,it is ,,nothing when 
considered as the only fund we have for 
paying off a debt of near #adj          
millions4--,had we continued in a state 
of profound peace1 it could not have    

admitted of any diminution4 ,what then  
must follow1 when one of the most       
profitable branches of our trade is     
destroyed2 when a ,,third of the ,empire
 is lost2 when an addition of many      
millions is made to the public debt2 and
 when1 at the same time1 perhaps some   
millions are taken away from the        
revenue8--,i shudder at this            
prospect4--,a ,,kingdom ,,on ,,an ,,edge
 ,,so ,,perilous1 ,,should ,,think ,,of 
,,nothing ,,but ,a ,,retreat4   ,,sect4 
,,iv4  ,of the ,honour of the ,nation as
 affected by the ,war with ,america4    
,one of the pleas for continuing the    
contest with ,america is1 8,that our    
honour is engaged2 and that we cannot   
now recede without the most humiliating 
concessions40  ,with respect to this1 it
 is proper to observe1 that a           
distinction should be made between the  
nation1 and its rulers4 ,it is          
melancholy that there should be ever any
 reason for making such a distinction4  
,a government is1 or ought to be1       

nothing but an institution for          
collecting and for carrying into        
execution the will of the people4 ,but  
so far is this from being in general the
 fact1 that the measures of government1 
and the sense of the people1 are        
sometimes in direct opposition to one   
another2 nor does it often happen that  
any certain conclusion can be drawn from
 the one to the other4--,i will not     
pretend to determine1 whether1 in the   
present instance1 the dishonour         
attending a retreat would belong to the 
nation at large1 or only to the persons 
in power who guide its affairs4 ,be this
 as it will1 no good argument can be    
drawn from it against receding4 ,the    
disgrace which may be implied in making 
concessions1 is nothing to that of being
 the aggressors in an unrighteous       
quarrel2 and dignity1 in such           
circumstances1 consists in retracting   
freely and speedily4--,for1 7to adopt on
 this occasion1 words which ,i have     
heard applied to this very purpose1 in a

 great assembly1 by a peer to whom this 
kingdom has often looked as its         
deliverer1 and whose ill state of health
 at this awful moment of public danger  
every friend to ,britain must deplore7  
to adopt1 ,i say1 the words of this     
great man--8,,rectitude ,,is ,,dignity4 
,,oppression ,,only ,,is ,,meanness2    
,,and ,,justice1 ,,honour40  ,i will    
add1 that ,,prudence1 no less than true 
,,honour1 requires us to retract4 ,for  
the time may come when1 if it is not    
done voluntarily1 we may be obliged to  
do it2 and find ourselves under a       
necessity of granting that to our       
distresses1 which we now deny to equity 
and humanity1 and the prayers of        
,america4 ,the possibility of this      
appears plainly from the preceding      
pages2 and should it happen1 it will    
bring upon us disgrace indeed1 disgrace 
greater than the worst rancour can wish 
to see accumulated on a kingdom already 
too much dishonoured4--,let the reader  
think here what we are doing4--,a       

nation1 once the protector of ,liberty  
in distant countries1 and the scourge of
 tyranny1 changed into an enemy to      
,liberty1 and engaged in endeavouring to
 reduce to servitude its own            
brethren4--,a great and enlightened     
nation1 not content with a controuling  
power over millions of people which gave
 it every reasonable advantage1         
insisting upon such a supremacy over    
them as would leave them nothing they   
could call their own1 and carrying      
desolation and death among them for     
disputing it4--,what can be more        
ignominious8--,how have we felt for the 
brave ,corsicans1 in their struggle with
 the ,genoese1 and afterwards with the  
,french government8 ,did ,,genoa or     
,,france want more than an absolute     
command over their property and         
legislations2 or the power of binding   
them in all cases whatsoever8--,the     
,genoese1 finding it difficult to keep  
them in subjection1 ,,ceded them to the 
,french4--,all such cessions of one     

people by another are disgraceful to    
human nature4 ,but if our claims are    
just1 may not we also1 if we please1    
,,cede the ,colonies to ,france8--,there
 is1 in truth1 no other difference      
between these two cases than that the   
,corsicans were not descended from the  
people who governed them1 but that the  
,americans are4  ,there are some who    
seem to be sensible1 that the authority 
of one country over another1 cannot be  
distinguished from the servitude of one 
country to another2 and that unless     
different communities1 as well as       
different parts of the same community1  
are united by an equal representation1  
all such authority is inconsistent with 
the principles of ,civil ,liberty4--,but
 they except the case of the ,colonies  
and ,great ,britain2 because the        
,colonies are communities which have    
branched forth from1 and which1         
therefore1 as they think1 belong to     
,britain4 ,had the colonies been        
communities of foreigners1 over whom we 

wanted to acquire dominion1 or even to  
extend a dominion before acquired1 they 
are ready to admit that their resistance
 would have been just4--,in my opinion1 
this is the same with saying1 that the  
,colonies ought to be worse off than the
 rest of mankind1 because they are our  
own ,brethren4  ,again4 ,the ,united    
,provinces of ,holland were once subject
 to the ,spanish monarchy2 but1 provoked
 by the violation of their charters2 by 
levies of money1 without their consent2 
by the introduction of ,spanish troops  
among them2 by innovations in their     
antient modes of government2 and the    
rejection of their petitions2 they were 
driven to that resistance which we and  
all the world have ever since admired2  
and which has given birth to one of the 
greatest and happiest ,republics that   
ever existed4--,let any one read also1  
the history of the war which the        
,athenians1 from a thirst of ,empire1   
made on the ,syracusans in ,sicily1 a   
people derived from the same origin with

 them2 and let him1 if he can1 avoid    
rejoicing in the defeat of the          
,athenians4  ,let him1 likewise1 read   
the account of the social war among the 
,romans4 ,the allied states of ,italy   
had fought the battles of ,rome1 and    
contributed by their valour and treasure
 to its conquests and grandeur4 ,they   
claimed1 therefore1 the rights of ,roman
 citizens1 and a share with them in     
legislation4 ,the ,romans1 disdaining to
 make those their fellow-citizens1 whom 
they had always looked upon as their    
subjects1 would not comply2 and a war   
followed1 the most horrible in the      
annals of mankind1 which ended in the   
ruin of the ,roman ,republic4 ,the      
feelings of every ,briton in this case  
must force him to approve the conduct of
 the ,allies1 and to condemn the proud  
and ungrateful ,romans4  ,but not only  
is the present contest with ,america    
thus disgraceful to us1 because         
inconsistent with our own feelings in   
similar cases2 but also because         

condemned by our own practice in former 
times4 ,the ,colonies are persuaded that
 they are fighting for ,liberty4 ,we see
 them sacrificing to this persuasion    
every private advantage4 ,if mistaken1  
and though guilty of irregularities1    
they should be pardoned by a people     
whose ancestors have given them so many 
examples of similar conduct4 ,,england  
should venerate the attachment to       
,liberty amidst all its excesses2 and1  
instead of indignation or scorn1 it     
would be most becoming them1 in the     
present instance1 to declare their      
applause1 and to say to the             
,colonies--8,we excuse your mistakes4   
,we admire your spirit4 ,it is the      
spirit that has more than once saved    
ourselves4 ,we aspire to no dominion    
over you4 ,we understand the rights of  
men too well to think of taking from you
 the inestimable privilege of governing 
yourselves2 and1 instead of employing   
our power for any such purpose1 we offer
 it to you as a friendly and guardian   

power1 to be a mediator in your         
quarrels2 a protection against your     
enemies2 and an aid to you in           
establishing a plan of ,liberty that    
shall make you great and happy4 ,in     
return1 we ask nothing but your         
gratitude and your commerce40  ,this    
would be a language worthy of a brave   
and enlightened nation4 ,but alas6 it   
often happens in the ,political ,world  
as it does in ,religion1 that the people
 who cry out most vehemently for        
,liberty to themselves are the most     
unwilling to grant it to others4  ,but  
farther4 ,this war is disgraceful on    
account of the persuasion which led to  
it1 and under which it has been         
undertaken4 ,the general cry was last   
winter1 that the people of              
,,new-,,england were a body of cowards1 
who would at once be reduced to         
submission by a hostile look from our   
troops4 ,in this light were they held up
 to public derision in both ,houses of  
,parliament2 and it was this persuasion 

that1 probably1 induced a ,nobleman of  
the first weight in the state to        
recommend1 at the passing of the ,boston
 ,port ,bill1 coercive measures2 hinting
 at the same time1 that the appearance  
of hostilities would be sufficient1 and 
that all would be soon over1 ,,sine     
,,clade4--,indeed no one can doubt1 but 
that had it been believed some time ago1
 that the people of ,america were brave1
 more care would have been taken not to 
provoke them4  ,again4 ,the manner in   
which this war has been hitherto        
conducted1 renders it still more        
disgraceful4--,english valour being     
thought insufficient to subdue the      
,colonies1 the laws and religion of     
,france were established in ,canada1 on 
purpose to obtain the power of bringing 
upon them from thence an army of ,french
 ,papists4 ,the wild ,indians and their 
own ,slaves have been instigated to     
attack them2 and attempts have been made
 to gain the assistance of a large body 
of ,russians4--,with like views1 ,german

 troops have been hired2 and the defence
 of our ,forts and ,garrisons trusted in
 their hands4  ,these are measures which
 need no comment4 ,the last of them1 in 
particular1 having been carried into    
execution without the consent of        
parliament1 threatens us with imminent  
danger2 and shews that we are in the way
 to lose even the ,forms of the         
constitution4--,if1 indeed1 our         
ministers can at any time1 without      
leave1 not only send away the national  
troops1 but introduce foreign troops in 
their room1 we lie entirely at mercy2   
and we have every thing to dread4       
,,sect4 ,v4  ,of the ,probability of    
,succeeding in the ,war with ,america4  
,let us next consider how far there is a
 possibility of succeeding in the       
present war4  ,our own people1 being    
unwilling to enlist1 and the attempts to
 procure armies of ,russians1 ,indians1 
and ,canadians having miscarried2 the   
utmost force we can employ1 including   
foreigners1 does not exceed1 if ,i am   

rightly informed1 #dj1jjj effective men4
 ,this is the force that is to conquer  
half a million at least#da of determined
 men fighting on their own ground1      
within sight of their houses and        
families1 and for that sacred blessing  
of ,liberty1 without which man is a     
beast1 and government a curse4 ,all     
history proves1 that in such a          
situation1 a handful is a match for     
millions4  ,in the ,netherlands1 a few  
states thus circumstanced1 withstood1   
for a long course of years1 the whole   
force of the ,spanish monarchy1 when at 
its zenith2 and at last humbled its     
pride1 and emancipated themselves from  
its tyranny4--,the citizens of          
,,syracuse also1 thus circumstanced1    
withstood the whole power of the        
,athenians1 and almost ruined           
them4--,the same happened in the contest
 between the house of ,austria1 and the 
cantons#db of ,switzerland4--,there is  
in this case an infinite difference     
between attacking and being attacked2   

between fighting to destroy1 and        
fighting to preserve or acquire         
,liberty4--,were we1 therefore1 capable 
of employing a land force against       
,america equal to its own1 there would  
be little probability of success4 ,but  
to think of conquering that whole       
continent with #cj1jjj or #dj1jjj men to
 be transported across the ,atlantic1   
and fed from hence1 and incapable of    
being recruited after any defeat--,this 
is indeed a folly so great1 that        
language does not afford a name for it4 
,with respect to our naval force1 could 
it sail at land as it does at sea1 much 
might be done with it2 but as that is   
impossible1 little or nothing can be    
done with it1 which will not hurt       
ourselves more than the                 
,colonists4--,such of their maritime    
towns as they cannot guard against our  
fleets1 and have not been already       
destroyed1 they are determined either to
 give up to our resentment1 or destroy  
themselves3 ,the consequence of which   

will be1 that these towns will be       
rebuilt in safer situations2 and that we
 shall lose some of the principal       
pledges by which we have hitherto held  
them in subjection4--,as to their trade2
 having all the necessaries and the     
chief conveniencies of life within      
themselves1 they have no dependence upon
 it2 and the loss of it will do them    
unspeakable good1 by preserving them    
from the evils of luxury and the        
temptations of wealth2 and keeping them 
in that state of virtuous simplicity    
which is the greatest happiness4 ,i know
 that ,i am now speaking the sense of   
some of the wisest men in ,america4 ,it 
has been long their wish that ,britain  
would shut up all their ports4 ,they    
will rejoice1 particularly1 in the last 
restraining act4 ,it might have         
happened1 that the people would have    
grown weary of their agreements not to  
export or import4 ,but this act will    
oblige them to keep these agreements2   
and confirm their unanimity and zeal4   

,it will also furnish them with a reason
 for confiscating the estates of all the
 friends of our government among them1  
and for employing their sailors1 who    
would have been otherwise idle1 in      
making reprisals on ,british property4  
,their ships1 before useless1 and       
consisting of many hundreds1 will be    
turned into ships of war2 and that      
attention1 which they have hitherto     
confined to trade1 will be employed in  
fitting out a naval force for their own 
defence2 and thus the way will be       
prepared for their becoming1 much sooner
 than they would otherwise have been1 a 
great maritime power4 ,this act of      
parliament1 therefore1 crowns the folly 
of all our late measures4#dc--,none who 
know me1 can believe me to be disposed  
to superstition4 ,perhaps1 however1 ,i  
am not in the present instance1 free    
from this weakness4--,i fancy ,i see in 
these measures something that cannot be 
accounted for merely by human ignorance4
 ,i am inclined to think1 that the hand 

of ,providence is in them working to    
bring about some great ends4--,but this 
leads me to one consideration more1     
which ,i cannot help offering to the    
public1 and which appears to me in the  
highest degree important4  ,in this hour
 of tremendous danger1 it would become  
us to turn our thoughts to ,heaven4     
,this is what our brethren in the       
,colonies are doing4 ,from one end of   
,north ,america to the other1 they are  
,,fasting and ,,praying4 ,but what are  
we doing8--,we are ridiculing them as   
,fanatics1 and scoffing at              
religion4--,we are running wild after   
pleasure1 and forgetting every thing    
serious and decent at ,masquerades4--,we
 are trafficking for ,boroughs2         
perjuring ourselves at ,elections2 and  
selling ourselves for places4--,which   
side then is ,providence likely to      
favour8  ,in ,america we see a number of
 rising states in the vigour of youth1  
inspired by the noblest of all passions1
 the passion for being free2 and        

animated by piety4--,here we see an old 
state1 great indeed1 but inflated and   
irreligious2 enervated by luxury2       
encumbred with debts2 and hanging by a  
thread4--,can any one look without pain 
to the issue8 ,may we not expect        
calamities that shall recover to        
reflection 7perhaps to devotion7 our    
,libertines and ,atheists8  ,is our     
cause such as gives us reason to ask    
,god to bless it8--,can we in the face  
of ,heaven declare1 8that we are not the
 aggressors in this war2 and that we    
mean by it1 not to acquire or even      
preserve dominion for its own sake2 not 
conquest1 or ,empire1 or the            
gratification of resentment2 but solely 
to deliver ourselves from oppression2 to
 gain reparation for injury2 and to     
defend ourselves against men who would  
plunder or kill us80--,remember1 reader1
 whoever thou art1 that there are no    
other just causes of war2 and that blood
 spilled1 with any ether views1 must    
some time or other be accounted         

for4--,but not to expose myself by      
saying more in this way1 ,i will now beg
 leave to recapitulate some of the      
arguments ,i have used2 and to deliver  
the feelings of my heart in a brief1 but
 earnest address to my countrymen4      
99       99       99       99       99  
,i am hearing it continually            
urged--8,are they not our               
subjects80--,the plain answer is1 they  
are not your subjects4 ,the people of   
,america are no more the subjects of the
 people of ,britain1 than the people of 
,yorkshire are the subjects of the      
people of ,middlesex4 ,they are your    
fellow-subjects4  8,but we are taxed2   
and why should not they be taxed80--,you
 are taxed by yourselves4 ,they insist  
on the same privilege4--,they are taxed 
to support their own governments2 and   
they help also to pay your taxes by     
purchasing your manufactures1 and giving
 you a monopoly of their trade4 ,must   
they maintain two governments8 ,must    
they submit to be triple taxed8--,has   

your moderation in taxing yourselves    
been such as encourages them to trust   
you with the power of taxing them8      
8,but they will not obey the ,parliament
 and the ,laws40--,say rather1 they will
 not obey your parliament and your laws4
 ,their reason is3 ,they have no voice  
in your parliament4 ,they have no share 
in making#dd your laws4--8,neither have 
most of us40--,then you so far want     
,liberty2 and your language is1 8,we are
 not free1 ,why will they be            
free80--,but many of you have a voice in
 parliament3 ,none of them have4 ,all   
your freehold land is represented3 ,but 
not a foot of their land is represented4
 ,at worst1 therefore1 you are only     
enslaved partially4--,were they to      
submit1 they would be enslaved          
totally4--,they are governed by         
parliaments chosen by themselves1 and by
 legislatures similar to yours4 ,why    
will you disturb them in the enjoyment  
of a blessing so valuable8 ,is it       
reasonable to insist1 that your         

discretion alone shall be their law2    
that they shall have no constitutions of
 government1 except such as you shall be
 pleased to give them2 and no property  
except such as your parliament shall be 
pleased to leave them8--,what is your   
parliament8--,is there not a growing    
intercourse between it and the court8   
,does it awe ministers of state as it   
once did8--,instead of contending for a 
controuling power over the governments  
of ,america1 should you not think more  
of watching and reforming your          
own8--,suppose the worst4 ,suppose1 in  
opposition to all their own             
declarations1 that the ,colonists are   
now aiming at independence4#de--8;,if   
they can subsist without you20 is it to 
be wondered at8 ,did there ever exist a 
community1 or even an individual1 that  
would not do the same8--8,if they cannot
 subsist without you20 let them alone4  
,they will soon come back4--8,if you    
cannot subsist without them10 reclaim   
them by#df kindness2 engage them by     

moderation and equity4 ,it is madness to
 resolve to butcher them4 ,this will    
make them detest and avoid you for ever4
 ,freemen are not to be governed by     
force2 or dragooned into compliance4 ,if
 capable of bearing to be so treated1 it
 is a disgrace to be connected with     
them4  8,if they can subsist without    
you2 and also you without them10 the    
attempt to subjugate them by            
confiscating their effects1 burning     
their towns1 and ravaging their         
territories1 is a wanton exertion of    
cruel ambition1 which1 however common it
 has been among mankind1 deserves to be 
called by harder names than ,i chuse to 
apply to it4--,suppose such an attempt  
was to be succeeded3 ,would it not be a 
fatal preparation for subduing          
yourselves8 ,would not the disposal of  
,american places1 and the distribution  
of an ,american revenue1 render that    
influence of the crown irresistible1    
which has already stabbed your          
liberties8  ,turn your eyes to ,india3  

,there more has been done than is now   
attempted in ,america4 ,there           
,,englishmen1 actuated by the love of   
plunder and the spirit of conquest1 have
 depopulated whole kingdoms1 and ruined 
millions of innocent people by the most 
infamous oppression and rapacity4--,the 
justice of the nation has slept over    
these enormities4 ,will the justice of  
heaven sleep8--,are we not now execrated
 on both sides of the globe8         99 
99       99       99       99  ,with    
respect to the ,colonists2 it would be  
folly to pretend they are faultless4    
,they were running fast into our vices4 
,but this quarrel gives them a salutary 
check3 ,and it may be permitted on      
purpose to favour them1 and in them the 
rest of mankind2 by making way for      
establishing1 in an extensive country   
possessed of every advantage1 a plan of 
government1 and a growing power that    
will astonish the world1 and under which
 every subject of human enquiry shall be
 open to free discussion1 and the       

friends of ,liberty1 in every quarter of
 the globe1 find a safe retreat from    
civil and spiritual tyranny4--,i hope1  
therefore1 our brethren in ,america will
 forgive their oppressors4 ,it is       
certain they know not what they are     
doing4   ,,conclusion4  ,having said so 
much of the war with ,america1 and      
particularly of the danger with which it
 threatens us1 it may be expected that  
,i should propose some method of        
escaping from this danger1 and of       
restoring this once happy ,empire to a  
state of peace and security4--,various  
plans of pacification have been         
proposed2 and some of them1 by persons  
so distinguished by their rank and      
merit1 as to be above my applause4 ,but 
till there is more of a disposition to  
attend to such plans2 they cannot1 ,i am
 afraid1 be of any great service4 ,and  
there is too much reason to apprehend1  
that nothing but calamity will bring us 
to repentance and wisdom4--,in order1   
however1 to complete my design in these 

observations1 ,i will take the liberty  
to lay before the public the following  
sketch of one of the plans just referred
 to1 as it was opened before the        
holidays to the house of ,lords by the  
,earl of ,shelburne2 who1 while he held 
the seals of the ,southern ,department1 
with the business of the ,colonies      
annexed1 possessed their confidence1    
without ever compromising the authority 
of this country2 a confidence which     
discovered itself by peace among        
themselves1 and duty and submission to  
the ,mother-country4 ,i hope ,i shall   
not take an unwarrantable liberty1 if1  
on this occasion1 ,i use his ,lordship's
 own words1 as nearly as ,i have been   
able to collect them4  8,meet the       
,colonies on their own ground1 in the   
last petition from the ,congress to the 
king4 ,the surest1 as well as the most  
dignified mode of proceeding for this   
country4--,suspend all                  
hostilities--,repeal the acts which     
immediately distress ,america1 namely1  

the last restraining act1--the charter  
act1--the act for the more impartial    
administration of justice2--and the     
,quebec act4--,all the other acts 7the  
custom house act1 the post office act1  
c47 leave to a temperate                
revisal4--,there will be found much     
matter which both countries may wish    
repealed4 ,some which can never be given
 up1 the principle being that regulation
 of trade for the common good of the    
,empire1 which forms our ,palladium4    
,other matter which is fair subject of  
mutual accommodation4--,prescribe the   
most explicit acknowledgment of your    
right of regulating commerce in its most
 extensive sense2 if the petition and   
other public acts of the ,colonies have 
not already1 by their declarations and  
acknowledgments1 left it upon a         
sufficiently secure                     
foundation4--,besides the power of      
regulating the general commerce of the  
,empire1 something further might be     
expected2 provided a due and tender     

regard were had to the means and        
abilities of the several provinces1 as  
well as to those fundamental1           
unalienable rights of ,englishmen1 which
 no father can surrender on the part of 
his son1 no representative on the part  
of his elector1 no generation on the    
part of the succeeding one2 the right of
 judging not only of the mode of        
raising1 but the quantum1 and the       
appropriation of such aids as they shall
 grant4--,to be more explicit2 the debt 
of ,england1 without entering into      
invidious distinctions how it came to be
 contracted1 might be acknowledged the  
debt of every individual part of the    
whole ,empire1 ,asia1 as well as        
,america1 included4--,provided1 that    
full security were held forth to them1  
that such free aids1 together with the  
,sinking ,fund 7,great ,britain         
contributing her superior share7 should 
not be left as the privy purse of the   
minister1 but be unalienably            
appropriated to the original intention  

of that fund1 the discharge of the      
debt2--and that by an honest application
 of the whole fund1 the taxes might in  
time be lessened1 and the price of our  
manufactures consequently reduced1 so   
that every contributory part might feel 
the returning benefit--always supposing 
the laws of trade duly observed and     
enforced4  8,the time was1 ,i am        
confident--and perhaps is1 when these   
points might be obtained upon the easy1 
the constitutional1 and1 therefore1 the 
indispensible terms of an exemption from
 parliamentary taxation1 and an         
admission of the sacredness of their    
charters2 instead of sacrificing their  
good humour1 their affection1 their     
effectual aids1 and the act of          
,,navigation itself1 7which you are now 
in the direct road to do7 for a         
commercial quit-rent1#dg or a barren    
metaphysical chimra4--,how long these   
ends may continue attainable1 no man can
 tell4--,but if no words are to be      
relied on except such as make against   

the ,colonies--,if nothing is           
acceptable1 except what is attainable by
 force2 it only remains to apply1 what  
has been so often remarked of unhappy   
periods1--,quos deus vult1 c40  ,these  
are sentiments and proposals of the last
 importance2 and ,i am very happy in    
being able to give them to the public   
from so respectable an authority as that
 of the distinguished ,peer ,i have     
mentioned2 to whom1 ,i know1 this       
kingdom1 as well as ,america1 is much   
indebted for his zeal to promote those  
grand public points on which the        
preservation of ,liberty among us       
depends2 and for the firm opposition    
which1 jointly with many others         
7,noblemen and ,commoners of the first  
character and abilities17 he has made to
 the present measures4  ,had such a plan
 as that now proposed been adopted a few
 months ago1 ,i have little doubt but   
that a pacification would have taken    
place1 on terms highly advantageous to  
this kingdom4--,in particular4 ,it is   

probable1 that the ,colonies would have 
consented to grant an annual supply1    
which1 increased by a saving of the     
money now spent in maintaining troops   
among them1 and by contributions which  
might have been gained from other parts 
of the ,empire1 would have formed a fund
 considerable enough1 if unalienably    
applied1 to redeem the public debt2 in  
consequence of which1 agreeably to ,lord
 ,shelburne's ideas1 some of our worst  
taxes might be taken off1 and the       
,colonies would receive our manufactures
 cheaper2 our paper-currency might be   
restrained2 our whole force would be    
free to meet at any time foreign danger2
 the influence of the ,crown would be   
reduced2 our ,parliament would become   
less dependent2 and the kingdom might1  
perhaps1 be restored to a situation of  
permanent safety and prosperity4  ,to   
conclude4--,an important revolution in  
the affairs of this kingdom seems to be 
approaching4 ,if ruin is not to be our  
lot1 all that has been lately done must 

be undone1 and new measures adopted4 ,at
 that period1 an opportunity 7never     
perhaps to be recovered1 if lost7 will  
offer itself for serving essentially    
this country1 as well as ,america2 by   
putting the national debt into a fixed  
course of payment2 by subjecting to new 
regulations1 the administration of the  
finances2 and by establishing measures  
for exterminating corruption and        
restoring the constitution4--,for my own
 part2 if this is not to be the         
consequence of any future changes in the
 ministry1 and the system of corruption1
 lately so much improved1 is to go on2  
,i think it totally indifferent to the  
kingdom who are in1 or who are out of   
power4         99       99       99     
99       99  ,the following fact is of  
so much importance1 that ,i cannot      
satisfy myself without laying it before 
the public4--,in a ,committee of the    
,american ,,congress in ,june #agge1 a  
declaration was drawn up containing an  
offer to ,,great ,,britain1 8that the   

,colonies would not only continue to    
grant extraordinary aids in time of war1
 but also1 if allowed a free commerce1  
pay into the ,,sinking-,,fund such a sum
 annually for ,,one ,,hundred ,,years1  
as should be more than sufficient in    
that time1 if faithfully applied1 to    
extinguish all the present debts of     
,,britain4 ,or1 provided this was not   
accepted1 that1 to remove the groundless
 jealousy of ,britain that the ,colonies
 aimed at ,independence and an abolition
 of the ,navigation ,act1 which in      
truth1 they had never intended2 and     
also1 to avoid all future disputes about
 the right of making that and other     
,acts for regulating their commerce for 
the general benefit1 they would enter   
into a covenant with ,britain1 that she 
should fully possess and exercise that  
right for one hundred years to come40   
99       99       99       99       99  
,at the end of the preceding ,tract ,i  
have had the honor of laying before the 
public the ,earl of ,shelburne's plan of

 ,pacification with the ,colonies4 ,in  
that plan1 it is particularly proposed1 
that the ,colonies should grant an      
annual supply to be carried to the      
,sinking ,fund1 and unalienably         
appropriated to the discharge of the    
public debt4--,it must give this        
excellent ,peer great pleasure to learn1
 from this resolution1 that even this   
part of his plan1 as well as all the    
other parts1 would1 most probably1 have 
been accepted by the ,colonies4 ,for    
though the resolution only offers the   
alternative of either a free trade1 with
 extraordinary aids and an annual       
supply1 or an exclusive trade confirmed 
and extended2 yet there can be little   
reason to doubt1 but that to avoid the  
calamities of the present contest1      
,,both would have been consented to2    
particularly1 if1 on our part1 such a   
revisal of the laws of trade had been   
offered as was proposed in ,lord        
,shelburne's plan4  ,the preceding      
resolution was1 ,i have said1 drawn up  

in a ,committee of the ,congress4 ,but  
it was not entered in their minutes2 a  
severe ,act of ,parliament happening to 
arrive at that time1 which determined   
them not to give the sum proposed in it4
  ,,finis4   ,,footnotes  #aa ,see a    
particular explanation of this assertion
 in the ,second ,tract1 ,page #i4  #ab  
,in ,great ,britain1 consisting of near 
six millions of inhabitants1 #egbc      
persons1 most of them the lowest of the 
people1 elect one half of the ,house of 
,commons2 and #cfd votes chuse a ninth  
part4 ,this may be seen distinctly made 
out in the ,political ,disquisitions1   
,vol4 #a4 ,book #b4 ,c4 #d4 a work full 
of important and useful instruction4    
#ac ,see among others ,mr4 ,locke on    
,government1 and ,dr4 ,priestley's      
,essay on the first ,principles of      
,government4  #ad ,see ,dr4 ,priestly on
 ,government1 page #fh1 #fi1 c4  #ae    
,the independency of the ,judges we     
esteem in this country one of our       
greatest privileges4--,before the       

revolution they generally1 ,i believe1  
held their places during pleasure4 ,king
 ,william gave them their places during 
good behaviour4 ,at the accession of the
 present ,royal ,family their places    
were given them during good behaviour1  
in consequence of the ,act of           
,settlement1 #ab and #ac ,w4 ,,iii4 ,c4 
#b4 ,but an opinion having been         
entertained by some1 that though their  
commissions were made under the ,act of 
,settlement to continue1 during good    
behaviour1 yet that they determined on  
the demise of the ,crown2 it was enacted
 by a statute made in the first year of 
his present ,majesty1 ,chap4 #bc4 8,that
 the commissions of ,judges for the time
 being shall be1 continue1 and remain in
 full force1 during their good          
behaviour1 notwithstanding the demise of
 his ,majesty1 or of any of his ,heirs  
and ,successors20 with a proviso1 8that 
it may be lawful for his ,majesty1 his  
,heirs and ,successors1 to remove any   
,judge upon the address of both ,houses 

of ,parliament40 ,and by the same       
,statute their salaries are secured to  
them during the continuance of their    
commissions3 ,his ,majesty1 according to
 the preamble of the ,statute1 having   
been pleased to declare from the ,throne
 to both ,houses of ,parliament1 8,that 
he looked upon the independency and     
uprightness of ,judges as essential to  
the impartial administration of         
,justice1 as one of the best securities 
to the ,rights and ,liberties of his    
loving ,subjects1 and as most conducive 
to the honour of his ,crown40  ,a worthy
 friend and able ,lawyer has supplied me
 with this note4 ,it affords1 when      
contrasted with that dependence of the  
,judges which has been thought          
reasonable in ,america1 a sad specimen  
of the different manner in which a      
kingdom may think proper to govern      
itself1 and the provinces subject to it4
  #af ,montesquieu's ,spirit of ,laws1  
,vol4 ,i4 ,book #aa4 ,c4 xix4  #ag ,this
 is particularly true of the bounties   

granted on some ,american commodities   
7as pitch1 tar1 indigo1 c47 when        
imported into ,britain2 for it is well  
known1 that the end of granting them    
was1 to get those commodities cheaper   
from the ,colonies1 and in return for   
our manufactures1 which we used to get  
from ,russia and other foreign          
countries4 ,and this is expressed in the
 preambles of the laws which grant these
 bounties4 ,see the ,appeal to the      
,justice1 c4 page #ba1 third edition4   
,it is1 therefore1 strange that ,doctor 
,,tucker and others1 should have        
insisted so much upon these bounties as 
favours and indulgencies to the         
,colonies4--,but it is still more       
strange1 that the same representation   
should have been made of the            
compensations granted them for doing    
more during the last war in assisting us
 than could have been reasonably        
expected2 and also of the sums we have  
spent in maintaining troops among them  
without their consent2 and in opposition

 to their wishes4--,see a pamphlet1     
entitled 8,the rights of ,great ,britain
 asserted against the claims of         
,america40  #ah ,it is remarkable that  
even the author of the ,remarks on the  
,principal ,acts of the #acth           
,parliament of ,great ,britain1 c4 finds
 himself obliged to acknowledge this    
difference4--,there cannot be more      
detestable principles of government1    
than those which are maintained by this 
writer4 ,according to him1 the          
properties and rights of a people are   
only a kind of alms given them by their 
civil governors4 ,taxes1 therefore1 he  
asserts1 are not the gifts of the       
people4 ,see page #eh1 and #aia4  #ai   
,see ,observations on ,reversionary     
,payments1 page #bjg1 c4  #bj ,see page 
#bb4  #ba ,the author of ,taxation no   
,tyranny will undoubtedly assert this   
without hesitation1 for in page #fi he  
compares our present situation with     
respect to the ,colonies to that of the 
antient ,scythians1 who1 upon returning 

from a war1 found themselves shut out of
 their ,,own ,,houses by their ,,slaves4
  #bb ,see particularly1 a speech       
intended to have been spoken on the bill
 for altering the ,charter of the       
,colony of ,massachuset's ,bay2 the     
,considerations on the ,measures        
carrying on with respect to the ,british
 ,colonies2 the ,two ,appeals to the    
,justice and ,interests of the ,people2 
and the further ,examination1 just      
published1 of our present ,american     
,measures1 by the ,author of the        
,considerations1 c4  #bc ,i have heard  
it said by a person in one of the first 
departments of the state1 that the      
present contest is for ,,dominion on the
 side of the ,colonies1 as well as on   
ours3 ,and so it is indeed2 but with    
this essential difference4 ,we are      
struggling for dominion over ,,others4  
,they are struggling for                
,,self-dominion3 ,the noblest of all    
blessings4  #bd ,this has been our      
policy with respect to the people of    

,ireland2 and the consequence is1 that  
we now see their parliament as obedient 
as we can wish4  #be ,it should be      
remembered1 that this was written some  
time before the ,declaration of         
,independence in ,july #aggf4 ,see page 
#he of the next ,tract4  #bf ,in        
,february #aggf4--;,in a few weeks after
 this1 they were driven from ,boston2   
and took refuge at ,hallifax in ,nova   
,scotia2 from whence1 after a strong    
reinforcement1 they invaded the         
,province of ,new-,york4  #bg ,except   
the ,negroes in the ,southern ,colonies1
 who probably will now either soon      
become extinct1 or have their condition 
changed into that of ,freemen4--,it is  
not the fault of the ,colonies that they
 have among them so many of these       
unhappy people4 ,they have made laws to 
prohibit the importation of them2 but   
these laws have always had a negative   
put upon them here1 because of their    
tendency to hurt our ,negro trade4  #bh 
,in the county of ,suffolk1 where       

,boston is1 there has not been1 ,i am   
informed1 more than one execution these 
#ah years4  #bi ,mr4 ,burke 7in his     
excellent and admirable ,speech on      
moving his resolutions for conciliation 
with the ,colonies1 ,p4 #i4 c47 has     
shewn1 that our trade to the ,colonies1 
including that to ,africa and the       
,west-,indies1 was in #aggb nearly equal
 to the trade which we carried on with  
the whole world at the beginning of this
 ,century4  #cj ,see ,dr4 ,davenant's   
works1 collected and revised by ,sir    
,charles ,whitworth1 ,vol4 ,i4 ,page    
#cfc1 c4 #ddc1 c4  #ca ,see             
,considerations on ,money1 ,bullion1 c4 
,page #b and #aa4  #cb ,the coin        
deficient between one grain and three   
grains was not called in at the time    
this was written4 ,this call was made in
 the ,summer of #aggf2 and it brought in
 above three millions more than was     
expected4 ,the quantity of gold coin    
should therefore have been stated at    
about ,,sixteen ,,millions1 and the     

whole coin of the kingdom at #ah or #ai 
millions4--,the evidence from which ,i  
have drawn this estimate may be found in
 the first ,section of the ,second ,part
 of the next ,tract4  #cc ,see ,sir     
,james ,steuart's ,enquiry into the     
,principles of political conomy1 ,vol4  
,,ii4 ,book #d1 ,chap4 #cb4  #cd ,see   
the ,second ,tract1 ,p4 #fe4  #ce ,their
 debts consist chiefly of money raised  
by annuities on lives1 short annuities1 
anticipations of taxes for short terms1 
c4 ,during the whole last war they added
 to their perpetual annuities only #ab  
millions sterling1 according to ,sir    
,james ,steuart's account2 whereas we   
added to these annuities near #fj       
millions4 ,in consequence therefore of  
the nature of their debts1 as well as of
 the management they are now using for  
hastening the reduction of them1 they   
must in a few years1 if peace continues1
 be freed from most of their            
incumbrances2 while we probably 7if no  
event comes soon that will unburthen us 

at once7 shall continue with them all   
upon us4  #cf ,mr4 ,lowndes in the      
dispute between him and ,mr4 ,locke1    
contended for a reduction of the        
standard of silver4 ,one of his reasons 
was1 that it would render the           
silver-coin more commensurate to the    
wants of the nation2 and ,,check        
,,hazardous ,,paper-,,credit4--,mr4     
,,conduit1 ,sir ,,isaac ,,newton',s     
successor in the mint1 has proposed1 in 
direct contradiction to the laws now in 
being1 that all the bullion imported    
into the kingdom should be carried into 
the mint to be coined2 and only coin    
allowed to be exported4 8,the height1 he
 says1 of paper-credit is the strongest 
argument for trying this and every other
 method that is likely to increase the  
coinage4 ,for whilst paper-credit does  
in a great measure the business of money
 at home1 ,merchants and ,bankers are   
not under a necessity1 as they were     
formerly1 of coining a quantity of      
specie for their home trade2 and as     

,paper-credit brings money to the       
,merchants to be exported1 the money may
 go away insensibly1 and ,,not ,,be     
,,missed ,,till ,,it ,,be ,,too ,,late3 
,and where ,paper-credit is large and   
increasing1 if the money be exported and
 the coinage decrease1 ,,that ,,credit  
,,may ,,sink ,,at ,,once1 for want of a 
proportionable quantity of ,specie1     
which alone can support it in a time of 
distress40--,see ,mr4 ,conduit's        
,observations on the state of our ,gold 
and ,silver ,coins in #agcj1 ,page #cf1 
to #df4  #cg ,according to the accounts 
of the exports to1 and imports from the 
,north-,american ,colonies1 laid before 
,parliament1 the balance in our favour  
appears to have been1 for #aa years     
before #aggd1 near a million and a half 
annually4  #ch ,see the substance of the
 evidence on the petition presented by  
the ,west-,india ,planters and          
,merchants to the ,house of ,commons as 
it was introduced at the ,,bar1 and     
summed up by ,mr4 ,,glover4  #ci ,the   

annual average of the payments into the 
,exchequer1 on account of the duties on 
tobacco1 was for five years1 from #aggj 
to #aggd1 #bai1aagl4 exclusive of the   
payments from ,scotland4--,near one half
 of the tobacco trade is carried on from
 ,scotland2 and above four fifths of the
 tobacco imported is afterwards exported
 to ,france1 ,germany and other         
countries4 ,from ,france alone it brings
 annually into the ,kingdom1 ,i am      
informed1 about #aej1jjjl4 in money4    
,in #agge1 being1 alas6 the parting     
year1 the duties on tobacco in ,,england
 brought into the ,exchequer no less a  
sum than #bih1bjbl4  #dj ,all the       
accounts and calculations in the        
,appendix here referred to1 have been   
transferred to the #b;d and #dth        
,sections of the #c;d ,part of the      
,second ,tract4  #da ,a quarter of the  
inhabitants of every country are        
fighting men4--,if1 therefore1 the      
,colonies consist only of two millions  
of inhabitants1 the number of fighting  

men in them will be half a million4  #db
 ,see the ,appendix to ,dr4 ,zubly's    
,sermon1 preached at the opening of the 
,provincial ,congress of ,georgia4  #dc 
,the apprehensions here expressed have  
been verified by the events which have  
happened since this was written4        
,american privateers have spread        
themselves over the ,atlantick4 ,they   
have frightened us even on our own      
coasts1 and seized millions of ,british 
property4  #dd 8,i have no other notion 
of slavery1 but being bound by a law to 
which ,i do not consent40 ,see the case 
of ,ireland's being bound by acts of    
,parliament in ,england1 stated by      
,william ,molyneux1 ,esq2 ,dublin4--,in 
arguing against the authority of        
,communities1 and all people not        
incorporated1 over one another2 ,i have 
confined my views to taxation and       
internal legislation4 ,mr4 ,molyneux    
carried his views much farther2 and     
denied the right of ,england to make any
 laws even to regulate the trade of     

,ireland4 ,he was the intimate friend of
 ,mr4 ,locke2 and writ his book in      
#afih1 soon after the publication of    
,mr4 ,locke's ,treatise on ,government4 
#de ,see on this subject the second     
,section of the second ,part of the next
 ,tract1 ,page #gg4  #df ,some persons1 
convinced of the folly as well as       
barbarity of attempting to keep the     
,colonies by slaughtering them1 have    
very humanely proposed giving them up4  
,but the highest authority has informed 
us1 with great reason1 8,that they are  
too important to be given up40--,dr4    
,,tucker has insisted on the            
depopulation1 produced by migrations    
from this country to the ,colonies1 as a
 reason for this measure4 ,but1 unless  
the kingdom is made a prison to its     
inhabitants1 these migrations cannot be 
prevented2 nor do ,i think that they    
have any great tendency to produce      
depopulation4 ,when a number of people  
quit a country1 there is more employment
 and greater plenty of the means of     

subsistence left for those who remain2  
and the vacancy is soon filled up4 ,the 
grand causes of depopulation are1 not   
migrations1 or even famines and plagues1
 or any other temporary evils2 but the  
permanent and slowly working evils of   
debauchery1 luxury1 high taxes1 and     
oppression4  #dg ,see the ,resolutions  
on the ,nova-,scotia petition reported  
to the ,house of ,commons1 ,november    
#bi1 #agge1 by ,lord ,north1 ,lord      
,george ,germaine1 c4 and a bill ordered
 to be brought in upon the said         
,resolutions4--,there is indeed1 as     
,lord ,shelburne has hinted1 something  
very astonishing in these ,resolutions4 
,they offer a relaxation of the         
authority of this country1 in points to 
which the ,colonies have always         
consented1 and by which we are great    
gainers2 at the same time1 that1 with a 
rigour which hazards the ,empire1 we are
 maintaining its authority in points to 
which they will never consent2 and by   
which nothing can be gained4            

,,additional ,,observations             
,on the ,,nature and ,,value of         
,,civil ,,liberty1                      
,,and ,,the                             
,,war ,,with ,,america3                 
,,also                 ,,observations on
 ,schemes for raising ,money            
by ,,public ,,loans2                ,an 
,historical ,deduction and ,analysis of 
the                                     
,,national ,,debt2              ,and a  
brief ,account of the ,,debts and       
,,resources                             
of ,,france4      ,should the morals of 
the ,english be perverted by            
luxury2--should     they lose their     
,colonies by restraining them1 c4--they 
will be     enslaved2 they will become  
insignificant and contemptible2 and     
,europe will not be able to shew the    
world one nation in which     she can   
pride herself4                          
,,abbe ,,raynal4                        
,,to                          ,,the     
,,right ,,honourable                    

,,the ,,lord ,,mayor1                   
,,the ,,aldermen1 ,,and ,,the ,,commons 
,,of ,,the                              
,,city ,,of ,,london1                   
,,this ,,tract1                         
,containing ,,additions to those        
,,observations                          
on ,,civil ,,liberty1            which  
they have honoured with their           
,approbation1               ,is1 with   
the greatest ,respect and ,gratitude1   
,,inscribed1                            
,,by                           ,their   
most obedient                           
and humble ,servant1                    
,,richard ,,price4     ,,contents4      
,page    ,,introduction                 
vii                                     
,,part ,i4    ,,sect4 ,i4 ,of the       
,,nature of ,civil ,liberty1 and the    
,essentials     of a ,free ,government4 
#a    ,,sect4 ,,ii4 ,of the ,,value of  
,liberty1 and the ,,excellence of a     
,free ,government4                      
#ae    ,,conclusion4                    

#da                                     
,,part ,,ii4    ,,sect4 ,i4             
,supplemental ,observations on the      
,surplus of the     ,revenue2 the       
,quantity of ,coin in the ,kingdom2 and 
,paper     ,credit4                     
#ec    ,,sect4 ,,ii4 ,of the ,state of  
the ,nation2 and the ,war with ,america4
   #fi    ,,sect4 ,,iii4 ,of ,schemes   
for raising ,money by public ,loans4    
#hi                                     
,,part ,,iii4    ,,sect4 ,i4 ,abstract  
of the ,,exports from1 and ,,imports to 
,,great     ,,britain from #afig to     
#aggc1 with ,remarks4                   
#aac    ,,sect4 ,,ii4 ,historical       
,deduction and ,analysis of the ,public 
,debts4                                 
#aai    ,,sect4 ,,iii4 ,of the ,,debts  
and ,,resources of ,,france4            
#adh    ,,sect4 ,,iv4 ,remarks on the   
,earl of ,,stair',s ,account of the     
,public    ,income and ,expenditure4    
#aef    ,resolution of a ,committee of  
the ,american ,congress in     ,june    

#agge4                                  
#age     ,published by the same ,author1
  ,and printed for ,t4 ,,cadell1 in the 
,strand4   #a4 ,,observations on        
,,reversionary ,,payments2 on ,schemes  
for providing ,annuities for ,widows1   
and ,persons in ,old ,age2 on the       
,method of calculating the ,values of   
,assurances on ,lives2 and on the       
,national ,debt4 ,to which are added1   
,four ,essays on different ,subjects in 
the ,doctrine of ,life-,annuities and   
,political ,arithmetic4 ,also1 an       
,appendix1 containing a complete ,set of
 ,tables2 particularly four ,new        
,tables1 shewing the ,probabilities of  
,life in ,,london1 ,,norwich1 and       
,,northampton1 and the ,values of two   
joint ,lives4  ,the #c;d ,edition1 with 
a ,supplement1 containing 7besides      
several ,new ,tables7 additional        
,observations on the ,probabilities of  
,human ,life in different ,situations2  
on the ,,london ,societies for the      
,benefit of ,widows and of ,old ,age2   

and on the present ,state of ,population
 in this ,kingdom4 ,price #fs4  ,,ii4 ,a
 ,review of the principal ,questions and
 ,difficulties in ,,morals4             
,particularly1 those relating to the    
,original of our ,ideas of ,virtue1 its 
,nature1 ,foundation1 ,reference to the 
,deity1 ,obligation1 ,subject-matter1   
and ,sanctions4 ,the ,second ,edition   
corrected4 ,price #fs4  ,,iii4 ,,four   
,,dissertations4--,i4 ,on               
,providence4--,,ii4 ,on ,prayer4--,,iii4
 ,on the ,reasons for expecting that    
virtuous ,men shall meet after ,death in
 a ,state of ,happiness4--,,iv4 ,on the 
,importance of ,christianity1 the       
,nature of ,historical ,evidence1 and   
,miracles4 ,the #dth ,edition4 ,price   
#fs4  ,,iv4 ,an ,,appeal to the         
,,public1 on the ,subject of the        
,,national ,,debt4 ,the #b;d ,edition2  
with an ,appendix1 containing           
,explanatory ,observations and ,tables2 
and an ,account of the present ,state of
 ,population in ,norfolk1 ,price #bs4   

,v4 ,,observations on the ,nature of    
,,civil ,,liberty1 the ,principles of   
,,government1 and the ,justice and      
,policy of the ,,war with ,,america4 ,to
 which is added an ,appendix1 containing
 a ,state of the ,national ,debt1 an    
,estimate of the ,money drawn from the  
,public by the ,taxes1 and an ,account  
of the ,national ,income and            
,expenditure since the last ,war4 ,the  
#gth ,edition4 ,price #bs4              
,,introduction4   ,before the reader    
enters on the following tract1 ,i shall 
beg leave to detain him while ,i give a 
general account of the contents of it1  
and make a few introductory             
observations4  ,in the first part of the
 ,observations on ,civil ,liberty1      
published last winter1 ,i gave a brief  
account of the nature of ,liberty in    
general1 and of ,civil ,liberty in      
particular4 ,that account appears to me1
 after carefully reconsidering it1 to be
 just2 nor do ,i think it in my power to
 improve it4 ,in order1 however1 to be  

as explicit as possible on this subject1
 and to remove those misapprehensions of
 my sentiments into which some have     
fallen1 ,i have thought proper to add   
the supplemental and explanatory        
observations1 which will be found in the
 ,,first part of this pamphlet4--,in    
writing with this view1 ,i have been led
 to refer often to my former pamphlet1  
and to repeat some of the observations  
in it4 ,but as this could not have been 
avoided1 it will1 ,i hope1 be excused4  
,the remarks in the ,,second part1 ,i   
offer to the public with all the        
deference due to the high station and   
abilities of the noble ,lord1 whose     
speech at opening the ,budget in ,april 
last1 has occasioned them4--,these      
remarks1 having been promised long ago1 
should have been published sooner4 ,the 
reasons which have produced this delay  
are of little consequence to the public2
 and1 therefore1 need not be mentioned4 
,in the first section of this second    
part1 it will1 ,i think1 appear1 that ,i

 went upon as good grounds as the nature
 of the case admitted1 when ,i stated   
the gold coin#dh of the kingdom at      
,,about ,,twelve ,,millions ,,and ,a    
,,half4 ,it appears now1 indeed1 to be  
some millions more4 ,but this is a      
discovery made by the call of last      
summer2 which1 ,i find1 has brought in  
near double the sum that the best judges
 expected4 ,nothing1 however1 very      
encouraging can be inferred from hence4 
,it only shews that a great deal of gold
 has been hoarded2 and will1 probably1  
be again hoarded4 ,this is the natural  
consequence of public diffidence2 and it
 is a circumstance which may1 hereafter1
 greatly increase distress4 ,before the 
,,revolution1 according to ,dr4         
,davenant1 near half the coin was       
hoarded2 and the same1 undoubtedly1 will
 be done again1 whenever the nation     
comes to be thoroughly alarmed4  ,in the
 next section of this part1 ,i have made
 some further observations on the       
contest with ,america4--,i cannot expect

 any other than a tragical and          
deplorable issue to this contest4 ,but  
let events turn out as they will1 ,i    
shall always reflect with satisfaction1 
that ,i have1 though a private person of
 little consequence1 bore my testimony1 
from deep-felt conviction1 against a war
 which must shock the feelings and the  
reason of every considerate person2 a   
war in which rivers of blood must be    
shed1 not to repel the attacks of       
enemies1 or to maintain the authority of
 government within the realm1 but to    
maintain sovereignty and dominion in    
another world#di4--;,i wish the         
advocates for the measures against      
,america would attend to the distinction
 now intimated4--,the support of just   
government within the realm is always   
necessary1 and therefore right4 ,but to 
maintain1 by fire and sword1 dominion   
over the persons and the property of a  
people out of the realm1 who have no    
share in its legislature1 contradicts   
every principle of liberty and          

humanity4--,legitimate government1 let  
it be remembered1 as opposed to         
oppression and tyranny1 consists 8only  
in the dominion of ,,equal ,,laws made  
with ,,common ,,consent1 or of men over 
,,themselves2 and not in the dominion of
 communities over communities1 or of    
,,any ,,men ,,over ,,other              
,,men40--,this is the great truth ,i    
have endeavoured to explain and defend2 
and happy would the world be1 were a due
 conviction of it impressed on every    
human heart4  ,the representation ,i    
have given in this section and          
elsewhere1 of the state of this kingdom1
 is1 without doubt1 gloomy4 ,but it is  
not the effect1 as some have intimated1 
of either a natural disposition to      
gloominess1 or of sinister views4 ,few1 
who know me1 will entertain such a      
suspicion4 ,valuing most what           
politicians and statesmen generally     
value least1 ,i feel myself perfectly   
easy with respect to my interest as a   
citizen of this world2 nor is there any 

change of situation that can make me    
happier1 except a return to privacy and 
obscurity4 ,the opinion ,i have         
entertained of the present danger of the
 kingdom is1 therefore1 the effect of   
evidence which appears to me            
irresistible4 ,this evidence ,i have    
stated to the public2 and every one may 
judge of it as he pleases4 ,i am        
sensible of my own liableness to error4 
,the measures which ,i condemn as the   
worst that ever disgraced and hazarded a
 great kingdom1 others1 whose integrity 
,i cannot question1 approve2 and that   
very situation of our affairs which ,i  
think alarming1 others think prosperous4
 ,time will determine which of these    
opinions is right4 ,but supposing the   
latter to be so1 no harm can arise from 
any representations which have a        
tendency to put us on our guard4  ,i    
have bestowed particular attention on   
the observations in the third section of
 this second part2 and ,i think the     
subject of this section so important1   

that it is probable1 ,i should not have 
resolved on the present publication1 had
 it not been for the opportunity it     
gives me to lay the observations it     
contains before the public4--,an        
intimation of them was given in the     
,introduction to the third edition of   
the ,treatise on ,reversionary          
,payments4 ,the nation being now once   
more got into a course of borrowing2 and
 our first step having been a return to 
a mode of borrowing1 which had appeared 
to me absurd and detrimental1 ,i was    
induced to resume the subject1 and to   
examine it with more care4 ,and the     
result of an examination of only a part 
of the public loans1 will be found to   
be1 8that a capital of more than        
,,twenty ,,millions has been a needless 
addition to the public debt1 for which  
no money1 or any sort of equivalent has 
been received2 and which might have been
 avoided1 together with a great expence 
of interest1 by only forming differently
 the schemes of the public loans40      

99       99       99       99       99  
,the intention of the first section of  
the ,,third ,,part is to give1 in as    
short a compass as possible1 a view of  
the progress of our foreign trade1 and  
its effect on the nation1 from the      
beginning of this century2 and1         
particularly1 to point out an           
unfavourable change which seems to have 
taken place since #agfd4  ,in the second
 section of this part1 an explanation   
and analysis are given of all the       
different articles of the national debt1
 which will probably inform every person
 of most that he can wish to know       
concerning them4--,i have added a       
general account of the debts and        
resources of ,,france4 ,this is a       
subject at present particularly         
interesting to this country2 and1 having
 been informed of some important facts  
relating to it1 ,i have thought proper  
to lay them before the public1 with such
 reflexions as have offered themselves  
in mentioning them4  ,the last section  

contains such of the calculations in the
 ,,appendix to the ,observations on     
,civil ,liberty as were necessary to be 
reprinted1 in order to introduce the    
remarks ,i have added on some           
particulars in the state of the public  
income and expenditure1 published not   
long ago by the ,earl of ,stair4 ,i have
 also meant to accommodate the          
purchasers of the different editions of 
the ,observations on ,civil ,liberty1   
who will be enabled1 by this section1 to
 possess themselves of all the material 
alterations and improvements which were 
made in that pamphlet after its first   
publication4--,the accounts1 in the     
latter part of this tract1 are so       
various and extensive1 that it is       
scarcely possible there should not be   
some incorrectnesses in them4 ,but the  
pains ,i have taken1 and the means of   
information which ,i have possessed have
 been such1 that ,i cannot suspect that 
,i have fallen into any mistakes of     
consequence4 ,should1 however1 any such 

have escaped me1 it will be kind in any 
person to point them out with candour2  
and to assist in making those accounts  
so correct and perfect1 as that they may
 serve for a basis to all future        
accounts of the same kind4         99   
99       99       99       99  ,the     
following note in ,mr4 ,hume's ,history 
of ,england was written by him a little 
before his death1 and left with other   
additions to be inserted in the new     
edition of that history just published4 
,it contains1 therefore1 a kind of dying
 warning from ,mr4 ,hume to this        
kingdom2 and ,i have thought proper to  
transcribe it1 and to insert it in this 
place1 as a confirmation of similar     
sentiments frequently expressed in these
 tracts4         99       99       99   
99       99  8,the supplies granted     
,queen ,elizabeth1 during a reign of    
,,forty-,,five ,,years1 amounted to     
three millions4 ,the minister1 in the   
war which begun in #aged1 was1 in some  
periods1 allowed to lavish a sum equal  

to this in ,,two ,,months4 ,the extreme 
frivolous object of the late war1 and   
the great importance of hers1 set this  
matter in still a stronger light4 ,money
 too was in most particulars of the same
 value in both periods3 she paid        
eight-pence a day to every foot         
soldier2--but our ,,late ,,delusions    
have much exceeded any thing known in   
history1 not even excepting those of the
 ,crusades4 ,for1 ,i suppose1 there is  
no mathematical1 still less an          
arithmetical demonstration1 that the    
road to the holy land was not the road  
to ,paradise2 as there is1 that the     
endless increase of national debt is the
 direct road to national ruin4 ,but     
having now completely reached that goal1
 it is needless at present to reflect on
 the past4 ,it will be found in the     
present year 7#aggf7 that all the       
revenues of this island1 north of the   
,trent1 and west of ,reading1 are       
mortgaged or anticipated for ever4      
,could the small remainder be in a worse

 condition1 were these provinces seized 
by ,austria and ,prussia8 ,there is only
 this difference1 that some event might 
happen in ,europe1 which would oblige   
those great monarchs to disgorge their  
acquisitions4 ,but no imagination can   
figure a situation which will induce our
 creditors to relinquish their claims1  
or the public to seize their            
revenues4--,so egregious1 indeed1 has   
been our folly1 that we have even lost  
all title to compassion1 under the      
numberless calamities that are waiting  
us40--,mr4 ,hume's ,history1 vol4 #eth1 
page #dge4     ,,part ,i4               
,,supplemental ,,observations ,,on ,,the
 ,,nature and ,,value of ,,civil        
,,liberty and ,,free ,,government4      
,,sect4 ,i4  ,of the ,nature of ,civil  
,liberty1 and the ,essentials of a ,free
 ,government4  ,with respect to ,liberty
 in general there are two questions to  
be considered3  ,first1 ,what it        
is8--,and ,secondly1 ,how far it is of  
value8  ,there is no difficulty in      

answering the first of these            
questions4--,to be ,,free1 is 8to be    
able to act or to forbear acting1 as we 
think best20 or 8to be masters of our   
own resolutions and conduct40--,it may  
be pretended1 that it is not desirable  
to be thus free2 but1 without doubt1    
this it is to be free2 and this is what 
all mean when they say of themselves or 
others that they are free4  ,i have     
observed1 that all the different kinds  
of ,liberty run up into the general idea
 of self-government#ej4--,the ,liberty  
of men as agents is that power of       
self-determination which all agents1 as 
such1 possess4--,their ,liberty as moral
 agents is their power of               
self-government in their moral          
conduct4--,their ,liberty as religious  
agents is their power of self-government
 in religion4--,and their ,liberty1 as  
members of communities associated for   
the purposes of civil government1 is    
their power of self-government in all   
their civil concerns4 ,it is ,liberty1  

in the last of these views of it1 that  
is the subject of my present enquiry2   
and it may1 in other words1 be defined  
to be 8the power of a state to govern   
itself by its own will40--,in order1    
therefore1 to determine whether a state 
is free1 no more is necessary than to   
determine whether there is any will1    
different from its own1 to which it is  
subject4  ,when we speak of a state1 we 
mean the whole state1 and not any part  
of it2 and the will of the state1       
therefore1 is the will of the           
whole4--,there are two ways in which    
this will may be expressed4 ,first1 by  
the suffrages of all the members given  
in person4 ,or secondly1 by the         
suffrages of a body of ,representatives1
 in appointing whom all the members have
 voices4--,a state governed by its own  
will in the first of these ways enjoys  
the most complete and perfect ,liberty2 
but such a government being             
impracticable1 except in very small     
states1 it is necessary that civil      

communities in general should satisfy   
themselves with that degree of ,liberty 
which can be obtained in the last of    
these ways2 and ,liberty so obtained may
 be sufficiently ample1 and at the same 
time is capable of being extended to the
 largest states#ea4         99       99 
99       99       99  ,but here1 before 
,i proceed1 ,i must desire1 that an     
observation may be attended to1 which   
appears to me of considerable           
consequence4--,a distinction should be  
made between the ,liberty of a state1   
and its not suffering oppression2 or    
between a free government1 and a        
government under which freedom is       
enjoyed4 ,under the most despotic       
government liberty may happen to be     
enjoyed4 ,but being derived from a will 
over which the state has no controul1   
and not from its own will2 or from an   
accidental mildness in the              
administration1 and not from a          
constitution of government2 it is       
nothing but an indulgence of a          

precarious nature1 and of little        
importance4--,individuals in private    
life1 while held under the power of     
masters1 cannot be denominated free1    
however equitably and kindly they may be
 treated4 ,this is strictly true of     
communities as well as of               
individuals4--,civil ,liberty 7it should
 be remembered7 must be enjoyed as a    
right derived from the ,author of nature
 only1 or it cannot be the blessing     
which merits this name4 ,if there is any
 human power which is considered as     
giving it1 on which it depends1 and     
which can invade or recall it at        
pleasure1 it changes its nature1 and    
becomes a species of slavery4         99
       99       99       99       99    
,but to return--,the force superseding  
self-government in a state1 or the power
 destroying its ,liberty1 is of two     
kinds4 ,it may be either a power without
 itself1 or a power within itself4 ,the 
former constitutes what may be properly 
called external1 and the latter internal

 slavery4--,were there any distant state
 which had acquired a sovereignty over  
this country1 and exercised the power of
 making its laws and disposing its      
property1 we should be in the first kind
 of slavery2 and1 if not totally        
depraved by a habit of subjection to    
such a power1 we should think ourselves 
in a miserable condition2 and an        
advocate for such a power would be      
considered as insulting us1 who should  
attempt to reconcile us to it by telling
 us1 that we were one community with    
that distant state1 though destitute of 
a single voice in its legislature2 and1 
on this ground1 should maintain1 that   
all resistance to it was no less        
criminal than any resistance within a   
state to the authority of that          
state4--,in short1 every state1 not     
incorporated with another by an equal   
representation1 and yet subject to its  
dominion1 is enslaved in this           
sense4--,such was the slavery of the    
provinces subject to antient ,rome2 and 

such is the slavery of every community1 
as far as any other community is master 
of it2 or as far as1 in respect of      
taxation and internal legislation1 it is
 not independent of every other         
community4 ,nor does it make any        
difference to such a community1 that it 
enjoys within itself a free constitution
 of government1 if that constitution is 
itself liable to be altered1 suspended  
or over-ruled at the discretion of the  
state which possesses the sovereignty   
over it4  ,but the slavery most         
prevalent in the world has been internal
 slavery4--,in order better to explain  
this1 it is proper to observe1 that all 
civil government being either the       
government of a whole by itself1 or of a
 whole by a power extraneous to it1 or  
of a whole by a part2 the first alone is
 ,,liberty1 and the two last are        
,,tyranny1 producing the two sorts of   
slavery which ,i have mentioned4        
,internal slavery1 therefore1 takes     
place wherever a whole community is     

governed by a part2 and this1 perhaps1  
is the most concise and comprehensive   
account that can be given of it4--,the  
part that governs may be either a single
 man1 as in absolute ,monarchies2 or1 a 
body of grandees1 as in ,aristocracies4 
,in both these cases the powers of      
government are commonly held for life   
without delegation1 and descend from    
father to son2 and the people governed  
are in the same situation with cattle   
upon an estate1 which descends by       
inheritance from one owner to           
another4--,but farther4 ,a community may
 be governed by a body of delegates1 and
 yet be enslaved4--,though government by
 representation alone is free1 unless   
when carried on by the personal         
suffrages of all the members of a state1
 yet all such government is by no means 
free4 ,in order to render it so1 the    
following requisites are necessary4     
,first1 ,the representation must be     
complete4 ,no state1 a part of which    
only is represented in the ,legislature 

that governs it1 is self-governed4 ,had 
,scotland no representatives in the     
,parliament of ,britain1 it would not be
 free2 nor would it be proper to call   
,britain free1 though ,england1 its     
other part1 were adequately represented4
 ,the like is true1 in general1 of every
 country subject to a ,legislature in   
which some of its parts1 or some classes
 of men in it1 are represented1 and     
others not4  ,secondly1 ,the            
representatives of a free state must be 
freely chosen4 ,if this is not the case1
 they are not at all representatives2   
and government by them degenerates into 
government by a junto of men in the     
community1 who happen to have power or  
wealth enough to command or purchase    
their offices4  ,thirdly1 ,after being  
freely chosen1 they must be themselves  
free4 ,if there is any higher will which
 directs their resolutions1 and on which
 they are dependent1 they become the    
instruments of that will2 and it is that
 will alone that in reality governs the 

state4  ,fourthly1 ,they must be chosen 
for short terms2 and1 in all their acts1
 be accountable to their constituents4  
,without this a people will have no     
controul over their representatives2    
and1 in chusing them1 they will give up 
entirely their ,liberty2 and only enjoy 
the poor privilege of naming1 at certain
 intervals1 a set of men whom they are  
to serve1 and who are to dispose1 at    
their discretion1 of their property and 
lives4         99       99       99     
99       99  ,the causes of internal    
slavery now mentioned prevail1 some of  
them more and others less1 in different 
communities4 ,with respect1 in          
particular1 to a government by          
representation2 it is evident1 that it  
deviates more or less from ,liberty1 in 
proportion as the representation is more
 or less imperfect4 ,and1 if imperfect  
in every one of the instances ,i have   
recited2 that is1 if inadequate and     
partial2 subject to no controul from the
 people2 corruptly chosen for long      

terms2 and1 after being chosen1 venal   
and dependent2--in these circumstances1 
a representation becomes an imposition  
and a nusance2 and government by it is  
as inconsistent with true ,liberty as   
the most arbitrary and despotic         
government4         99       99       99
       99       99  ,i have been so much
 misunderstood#eb on this subject1 that 
it is necessary ,i should particularly  
observe here1 that my intention in this 
account has been merely to shew what is 
requisite to constitute a state or a    
government free1 and not at all to      
define the best form of government4     
,these are two very different points4   
,the first is attended with few         
difficulties4 ,a free state is a state  
self-governed in the manner ,i have     
described4 ,but it may be free1 and yet 
not enjoy the best constitution of      
government4 ,liberty1 though the most   
essential requisite in government1 is   
not the only one4 ,wisdom1 union1       
dispatch1 secresy1 and vigour are       

likewise requisite2 and that is the best
 form of government which best unites   
all these qualities2 or which1 to an    
equal and perfect ,liberty1 adds the    
greatest wisdom in deliberating and     
resolving1 and the greatest union1 force
 and expedition in executing#ec4  ,in   
short1 my whole meaning is1 that the    
will of the ,community alone ought to   
govern2 but that there are different    
methods of obtaining and executing this 
will2 of which those are the best which 
collect into it most of the knowledge   
and experience of the community1 and at 
the same time carry it into execution   
with most dispatch and vigour4  ,it has 
been the employment of the wisest men in
 all ages to contrive plans for this    
purpose2 and the happiness of society   
depends so much on civil government1    
that it is not possible the human       
understanding should be better employed4
         99       99       99       99  
99  ,i have said in the ,observations on
 ,civil ,liberty1 that 8in a free state 

every man is his own legislator40--,i   
have been happy in since finding the#ed 
same assertion in ,montesquieu1 and also
 in ,mr4 ,justice ,blackstone's         
,commentaries4 ,it expresses the        
fundamental principle of our            
constitution2 and the meaning of it is  
plainly1 that every independent agent in
 a free state ought to have a share in  
the government of it1 either by himself 
personally1 or by a body of             
representatives1 in chusing whom he has 
a free vote1 and therefore all the      
concern and weight which are possible1  
and consistent with the equal rights of 
every other member of the state4--,but  
though the meaning of this assertion is 
so obvious1 and the truth of it         
undeniable1 it has been much exclaimed  
against1 and occasioned no small part of
 the opposition which has been made to  
the principles advanced in the          
,observations on ,civil ,liberty4--,one 
even of the most candid1 as well as the 
ablest of my opponents1 7whose          

difference of opinion from me ,i        
sincerely lament7 has intimated1 that it
 implies1 that1 in a free state1#ee     
thieves and pick-pockets have a right to
 make laws for themselves4--,the public 
will not1 ,i hope1 wonder that ,i chuse 
to take little notice of such           
objections4         99       99       99
       99       99  ,it has been said1  
that the liberty for which ,i have      
pleaded1 is 8a right or power in every  
one to act as he likes without any      
restraint40--,however unfairly this     
representation has been given of my     
account of liberty1 ,i am ready to adopt
 it1 provided it is understood with a   
few limitations4--,,moral ,,liberty1 in 
particular1 cannot be better defined    
than by calling it 8a power in every one
 to do as he likes40 ,my opponents in   
general seem to be greatly puzzled with 
this2 and ,i am afraid it will signify  
little to attempt explaining it to them 
by saying1 that every man's will1 if    
perfectly free from restraint1 would    

carry him invariably to rectitude and   
virtue2 and that no one who acts        
wickedly acts as he likes1 but is       
conscious of a tyranny within him       
overpowering his judgment1 and carrying 
him into a conduct1 for which he        
condemns and hates himself4 ,the things 
that he would he does not2#ef and the   
things that he would not1 those he does4
 ,he is1 therefore1 a slave in the      
properest sense4  ,,religious ,,liberty1
 likewise1 is a power of acting as we   
like in religion2 or of professing and  
practising that mode of religious       
worship which we think most acceptable  
to the ,deity4--,but here the limitation
 to which ,i have referred must be      
attended to4 ,,all have the same        
unalienable right to this ,liberty2 and 
consequently1 no one has a right to such
 a use of it as shall take it from      
others4 ,within this limit1 or as far as
 he does not encroach on the equal      
liberty of others1 every one has a right
 to do as he pleases in religion4--,that

 the right to religious ,liberty goes as
 far as this every one must allow1 who  
is not a friend to persecution2 and that
 it cannot go farther1 is self-evident2 
for if it did1 there would be a         
contradiction in the natures of things2 
and it would be true1 that every one had
 a right to enjoy what every one had a  
right to destroy4--,if1 therefore1 the  
religious faith of any person leads him 
to hurt another because he professes a  
different faith2 or if it carries him1  
in any instances1 to intolerance1       
,liberty itself requires he should be   
restrained1 and that1 in such instances1
 he should lose his liberty4  ,all this 
is equally applicable to the ,liberty of
 man in his civil capacity2 and it is a 
maxim true universally1 8that as far as 
any one does not molest others1 others  
ought not to molest him40--,all have a  
right to the free and undisturbed       
possession of their good names1         
properties and lives2 and it is the     
right all have to this that gives the   

right to establish civil government1    
which is or ought to be nothing but an  
institution 7by laws and provisions made
 with common consent7 for guarding this 
right against invasion2 for giving to   
every one1 in temporals and spirituals1 
the power of commanding his own conduct2
 or1 of acting as he pleases1 and going 
where he will1 provided he does not run 
foul of others4--,just government1      
therefore1 does not infringe liberty1   
but establish it4--,it does not take    
away the rights of mankind1 but protect 
and confirm them4--,i will add1 that it 
does not even create any new            
subordinations of particular men to one 
another1 but only gives security in     
those several stations1 whether of      
authority and pre-eminence1 or of       
subordination and dependence1 which     
nature has established1 and which must  
have arisen among mankind whether civil 
government had been instituted or not4  
,but this goes beyond my purpose in this
 place1 and more will be said of it     

presently4         99       99       99 
99       99  ,to sum up the whole--,our 
ideas of ,civil ,liberty will be        
rendered more distinct by considering it
 under the three following views3--,the 
,liberty of the citizen--,the liberty of
 the government--,and the liberty of the
 community4--,a citizen is free when the
 power of commanding his own conduct and
 the quiet possession of his life1      
person1 property and good name are      
secured to him by being his own         
legislator in the sense explained in    
page #ajeg4--;,a government is free when
 constituted in such a manner as to give
 this security4--,and the freedom of a  
community or nation is the same among   
nations1 that the freedom of a citizen  
is among his fellow-citizens4--,it is   
not1 therefore1 as observed in page #c1 
the mere possession of ,liberty that    
denominates a citizen or a community    
free2 but that security for the         
possession of it which arises from such 
a free government as ,i have described2 

and which takes place1 when there exists
 no power that can take it away4--,it is
 in the same sense that the mere        
performance of virtuous actions is not  
what denominates an agent virtuous2 but 
the temper and habits from whence they  
spring2 or that inward constitution1 and
 right balance of the affections1 which 
secure the practice of virtue1 produce  
stability of conduct1 and constitute a  
character4  ,i cannot imagine how it can
 be disputed whether this is a just     
account of the nature of ,liberty4 ,it  
has been already given more briefly in  
the ,observations on ,civil ,liberty2   
and it is with reluctance ,i have       
repeated so much of what has been there 
said4 ,but the wrong apprehensions which
 have been entertained of my sentiments 
have rendered this necessary4 ,and1 for 
the same reason1 ,i am obliged to go on 
to the subject of the next section4     
,,sect4 ,,ii4  ,of the ,,value of       
,liberty1 and the ,,excellence of a     
,free ,government4  ,having shewn in the

 preceding section 8what ,liberty is20  
the next question to be considered is1  
8how far it is valuable40  ,nothing need
 be said to shew the value of the three 
kinds of liberty which ,i have          
distinguished under the names of        
,physical1 ,moral1 and ,religious       
,liberty4 ,they are1 without doubt1 the 
foundation of all the happiness and     
dignity of men1 as reasonable and moral 
agents1 and the subjects of the         
,deity4--,it is1 in like manner1 true of
 ,civil ,liberty1 that it is the        
foundation of the whole happiness and   
dignity of men as members of civil      
society1 and the subjects of civil      
government4  ,first4 ,it is ,civil      
,liberty1 or such free government as ,i 
have described1 that alone can give just
 security against oppression4 ,one      
government is better than another in    
proportion as it gives more of this     
security4 ,it is1 on this account1 that 
the supreme government of the ,deity is 
perfect4 ,there is not a possibility of 

being oppressed or aggrieved by it4     
,subjection to it is the same with      
complete freedom4  ,were there any men  
on whose superior wisdom and goodness we
 might absolutely depend1 they could not
 possess too much power2 and the love of
 liberty itself would engage us to fly  
to them1 and to put ourselves under     
their direction4 ,but such are the      
principles that govern human nature2    
such the weakness and folly of men2 such
 their love of domination1 selfishness1 
and depravity2 that none of them can be 
raised to an elevation above others     
without the utmost danger4 ,the constant
 experience of the world has verified   
this2 and proved1 that nothing          
intoxicates the human mind so much as   
power1 and that men1 when they have got 
possession of it1 have seldom failed to 
employ it in grinding their fellow-men1 
and gratifying the vilest passions4--,in
 the establishment1 therefore1 of civil 
government1 it would be preposterous to 
rely on the discretion of any men4 ,if a

 people would obtain security against   
oppression1 they must seek it in        
themselves1 and never part with the     
powers of government out of their own   
hands4 ,it is there only they can be    
safe4--,a people will never oppress     
themselves1 or invade their own rights4 
,but if they trust the arbitrary will of
 any body or succession of men1 they    
trust ,,enemies1 and it may be depended 
on that the worst evils will follow4    
99       99       99       99       99  
,it follows from hence1 that a free     
government is the only government which 
is consistent with the ends of          
government4--,men combine into          
communities and institute government to 
obtain the peaceable enjoyment of their 
rights1 and to defend themselves against
 injustice and violence3 ,and when they 
endeavour to secure these ends by such a
 free government as ,i have described1  
improved by such arrangements as may    
have a tendency to preserve it from     
confusion1 and to concentrate in it as  

much as possible of the wisdom and force
 of the community2 ,in this case1 it is 
a most rational and important           
institution4--,but when the contrary is 
done2 and the benefits of government are
 sought by establishing a government of 
men1 and not of laws made with common   
consent2 it becomes a most absurd       
institution4--,it is seeking a remedy   
for oppression in one quarter1 by       
establishing it in another2 and avoiding
 the outrages of little plunderers1 by  
constituting a set of great             
plunderers4--,it is1 in short1 the folly
 of giving up liberty in order to       
maintain ,liberty2 and1 in the very act 
of endeavouring to secure the most      
valuable rights1 to arm a body of       
enemies with power to destroy them4  ,i 
can easily believe1 that mankind1 in the
 first and rude state of society1 might 
act thus irrationally4 ,absolute        
governments1 being the simplest forms of
 government1 might be the first that    
were established4 ,a people having      

experienced the happy effects of the    
wisdom or the valour of particular men1 
might be led to trust them with         
unlimited power as their rulers and     
legislators4 ,but they would soon find  
reason to repent3 ,and the time1 ,i     
hope1 may come1 when mankind in general1
 taught by long and dear experience1 and
 weary of the abuses of power under     
slavish governments1 will learn to      
detest them1 and never to give up that  
,,self-,,government1 which1 whether we  
consider men in their private or        
collective capacities1 is the first of  
all the blessings they can possess4     
99       99       99       99       99  
,again4 ,free governments are the only  
governments which give scope to the     
exertion of the powers of men1 and are  
favourable to their improvement4--,the  
members of free states1 knowing their   
rights to be secure1 and that they shall
 enjoy without molestation the fruits of
 every acquisition they can make1 are   
encouraged and incited to industry4     

,being at liberty to push their         
researches as far as they can into all  
subjects1 and to guide themselves by    
their own judgments in all their        
religious and civil concerns1 while they
 allow others to do the same2 error and 
superstition must lose ground4          
,conscious of being their own governors1
 bound to obey no laws except such as   
they have given their consent to1 and   
subject to no controul from the         
arbitrary will of any of their          
fellow-citizens2 they possess an        
elevation and force of mind which must  
make them great and happy4--,how        
different is the situation of the       
vassals of despotic power8--,like cattle
 inured to the yoke1 they are driven on 
in one track1 afraid of speaking or even
 thinking on the most interesting       
points2 looking up continually to a poor
 creature who is their master2 their    
powers fettered2 and some of the noblest
 springs of action in human nature      
rendered useless within them4 ,there is 

nothing indeed more humiliating than    
that debasement of mankind which takes  
place in such situations4  ,it has been 
observed of free governments1 that they 
are often torn by violent contests1     
which render them dreadful scenes of    
distress and anarchy4 ,but it ought to  
be considered1 that this has not been   
owing to the nature of such governments2
 but to their having been ill-modelled1 
and wanted those arrangements and       
supplemental checks which are necessary 
to constitute a wise form of            
government4--,there is no reason to     
doubt1 but that free governments may be 
so contrived1 as to exclude the greatest
 part of the struggles and tumults which
 have arisen in free states2 and1 as far
 as they cannot be excluded1 they will  
do more good than harm4 ,they will      
occasion the display of powers1 and     
produce exertions which can never be    
seen in the still scenes of life4 ,they 
are the active efforts of health and    
vigour2 and always tend to preserve and 

purify4 ,whereas1 on the contrary1 the  
quiet which prevails under slavish      
governments1 and which may seem to be a 
recommendation of them1 proceeds from an
 ignominious tameness1 and stagnation of
 the human faculties4 ,it is the same   
with the stillness of midnight1 or the  
silence and torpor of death4         99 
99       99       99       99  ,further4
 ,free governments are the only         
governments which are consistent with   
the natural equality of mankind4 ,this  
is a principle which1 in my opinion1 has
 been assumed1 with the greatest reason1
 by some of the best writers on         
government4 ,but the meaning of it is   
not1 that all the subordinations in     
human life owe their existence to the   
institution of civil government4 ,the   
superiorities and distinctions arising  
from the relation of parents to their   
children2 from the differences in the   
personal qualities and abilities of men2
 and from servitudes founded on         
voluntary compacts1 must have existed in

 a state of nature1 and would now take  
place were all men so virtuous as to    
leave no occasion for civil             
government4--,the maxim1 therefore1     
8that all men are naturally equal10     
refers to their state when grown up to  
maturity1 and become independent agents1
 capable of acquiring property1 and of  
directing their own conduct4 ,and the   
sense of it is1 that no one of them is  
constituted by the author of nature the 
vassal or subject of another1 or has any
 right to give law to him1 or1 without  
his consent1 to take away any part of   
his property1 or to abridge him of his  
liberty4--,in a state of nature1 one man
 may have received benefits from        
another2 and this would lay the person  
obliged under an obligation of          
gratitude1 but it would not make his    
benefactor his master2 or give him a    
right to judge for him what grateful    
returns he ought to make1 and to extort 
these from him4--,in a state of nature1 
also1 one man may possess more strength1

 or more knowledge1 or more property    
than another2 and this would give him   
weight and influence2 but it would not  
give him any degree of authority4 ,there
 would not be one human being who would 
be bound to obey him4--,a person        
likewise1 in a state of nature1 might   
let out his labour1 or give up to       
another1 on certain stipulated terms1   
the direction of his conduct2 and this  
would so far bring him into the station 
of a servant2 but being done by himself1
 and on such terms only as he chuses to 
consent to1 it is an instance of his    
liberty2 and he will always have it in  
his power to quit the service he has    
chosen1 or to enter into another4  ,this
 equality or independence of men is one 
of their essential rights4#eh ,it is the
 same with that equality or independence
 which now actually takes place among   
the different states or kingdoms of the 
world with respect to one another4      
,mankind came with this right from the  
hands of their ,maker4--,but all        

governments1 which are not free1 are    
totally inconsistent with it4 ,they     
imply1 that there are some of mankind   
who are born with an inherent right of  
dominion2 and that the rest are born    
under an obligation to subjection2 and  
that civil government1 instead of being 
founded on any compact1 is nothing but  
the exercise of this right4 ,some such  
sentiments seem to be now reviving in   
this country1 and even to be growing    
fashionable4 ,most of the writers       
against the ,observations on ,civil     
,liberty argue on the supposition of a  
right in the few to govern the many#ei1 
independently of their own choice4 ,some
 of these writers have gone so far as to
 assert1 in plain language1 that civil  
governors derive their power immediately
 from the ,deity2 and are his agents or 
representatives1 accountable to him     
only4 ,and one courtly writer1 in       
particular1 has honoured them with the  
appellation of ,,our ,,political        
,,gods4--,probably1 this is the idea of 

civil governors entertained by the      
author of the ,remarks on the ,acts of  
the ,thirteenth ,parliament of ,great   
,britain3 for it is not easy to imagine 
on what other ground he can assert1 that
 property and civil rights are derived  
from civil governors1 and their gifts to
 mankind#fj4  ,if these sentiments are  
just1 civil governors are indeed an     
awful order of beings2 and it becomes us
 to enquire with anxiety who they are1  
and how we may distinguish them from the
 rest of mankind4--,shall we take for   
such all1 whether men or women1 whom we 
find in actual possession of civil      
power1 whatever may be their characters2
 or however they may have acquired their
 power8--,this is too extravagant to be 
asserted4 ,it would legalize the        
,american ,congress4--,there must then  
be some pretenders among civil          
governors2 and it is necessary we should
 know how to discover them4 ,it is      
incredible1 that the ,deity should not  
have made this easy to us1 by some      

particular marks and distinctions1 which
 point out to our notice his real       
vicegerents2 just as he has pointed out 
man1 by his figure and superior powers1 
to be the governor of the lower         
creatures4--,in particular2 these       
persons must be possessed of wisdom and 
goodness superior to those of the rest  
of mankind#fa2 for1 without this1 a     
grant of the powers they are supposed to
 possess would be nothing but a grant of
 power to injure and oppress1 without   
remedy and without bounds4 ,but this is 
a test by which they cannot be tryed4   
,it would leave but few of them in      
possession of the places they hold and  
the rights they claim4 ,it is not in the
 high ranks of life1 or among the great 
and mighty1 that we are to seek wisdom  
and goodness4 ,these love the shade1 and
 fly from observation4 ,they are to be  
found chiefly in the middle ranks of    
life1 and among the contemplative and   
philosophical1 who decline public       
employments1 and look down with pity on 

the scramble for power among mankind1   
and the restlessness and misery of      
ambition4--,it is proper to add1 that it
 has never been hitherto understood that
 any superiority in intellectual and    
moral qualifications lays the foundation
 of a claim to dominion4  ,it is not    
then1 by their superior endowments1 that
 the ,deity intended to point out to us 
the few whom he has destined to command 
the many4--,but in what other manner    
could they be distinguished8--,must we  
embrace ,sir ,robert ,filmer's          
,patriarchal scheme8 ,one would have    
thought1 that ,mr4 ,locke has said more 
than enough to expose this stupid       
scheme4 ,one of my opponents1 however1  
has adopted it2 and the necessary       
inference from it is that1 as there is  
but now one lineal descendent from      
,adam's eldest son1 there can be but one
 rightful monarch of the world4--,but ,i
 will not abuse my reader's patience by 
saying more on this subject4 ,i am sorry
 that in this country there should be   

any occasion for taking notice of       
principles so absurd1 and at the same   
time so pernicious#fb4 ,i say1          
,,pernicious2 for they imply1 that ,king
 ,james the ,second was deposed at the  
,revolution unlawfully and impiously2   
that the present ,king is an usurper2   
and that the present government1 being  
derived from rebellion and treason1 has 
no right to our allegiance4  ,without   
all doubt1 it is the choice of the      
people that makes civil governors4--,the
 people are the spring of all civil     
power1 and they have a right to modify  
it as they please4  ,mankind being      
naturally equal according to the        
foregoing explanation1 civil government1
 in its genuine intention1 is an        
institution for maintaining that        
equality1 by defending it against the   
encroachments of violence and tyranny4  
,all the subordinations and distinctions
 in society previous to its             
establishment1 it leaves as it found    
them1 only confirming and protecting    

them4 ,it makes no man master of        
another4 ,it elevates no person above   
his fellow citizens4 ,on the contrary1  
it levels all by fixing all in a state  
of subjection to one common             
authority4--,the authority of the       
laws4--,the will of the                 
community4--,,taxes are given2 not      
imposed4 ,,laws are regulations of      
common choice2 not injunctions of       
superior power4--,the authority of      
magistrates is the authority of the     
,state2 and their salaries are wages    
paid by the ,state for executing its    
will and doing its business4 ,they do   
not govern the ,state4 ,it is the ,state
 governs them2 and had they just ideas  
of their own stations1 they would       
consider themselves as no less properly 
servants of the ,public1 than the       
labourers who work upon its roads1 or   
the soldiers who fight its battles4--,a 
,,king1 in particular1 is only the first
 executive officer2 the creature of the 
law2 and as much accountable and subject

 to the law as the meanest peasant#fc4  
,and were ,kings properly attentive to  
their duty1 and as anxious as they      
should be about performing it1 they     
could not easily avoid sinking under the
 weight of their charge4         99     
99       99       99       99  ,the     
account now given is1 ,i am fully       
persuaded1 in every particular1 a true  
account of what civil government ought  
to be2 and it teaches us plainly the    
great importance and excellence of      
,,free ,government4--,it is this only   
that answers the description ,i have    
given of government2 that secures       
against oppression2 that gives room for 
that elevation of spirit and that       
exertion of the human powers which is   
necessary to human improvement2 or that 
is consistent with the ends of          
government1 with the rights of mankind1 
and their natural equality and          
independence4 ,free ,government1        
therefore1 only1 is just and legitimate 
government4  ,it follows farther from   

the preceding account1 that no people   
can lawfully surrender or cede their    
,liberty4 ,this must appear to any one  
who will consider1 that when a people   
make such a cession1 and the extensive  
powers of government are trusted to the 
discretion of any man or body of men1   
they part with the powers of life and   
death1 and give themselves up a prey to 
oppression2 that they make themselves   
the instrument of any injustice in which
 their rulers may chuse to employ them1 
by arming them against neighbouring     
states2 and also1 that they do this not 
only for themselves1 but for their      
posterity4--,i will add1 that if such a 
cession has been made2 or if through any
 causes1 a people have lost their       
,liberty1 they must have a right to     
emancipate themselves as soon as they   
can#fd4 ,in attempting this1 indeed1    
they ought to consider the sufferings   
which may attend the struggle1 and the  
evils which may arise from a defeat4    
,but at the same time1 it will be proper

 to consider1 that the sufferings       
attending such a struggle must be       
temporary1 whereas the evils to be      
avoided are permanent2 and that ,liberty
 is a blessing so inestimable1 8that    
whenever there appears any probability  
of recovering it1 a people should be    
willing to run many hazards1 and even   
not to repine at the greatest expence of
 blood or treasure40#fe         99      
99       99       99       99  ,i am    
very sensible1 that civil government1 as
 it actually exists in the world1 by no 
means answers to the account ,i have    
given of it4--,instead of being an      
institution for guarding the weak       
against the strong1 we find it an       
institution which makes the strong yet  
stronger1 and gives them a systematical 
power of oppressing4 ,instead of        
promoting virtue and restraining vice1  
encouraging free enquiry1 establishing  
,liberty1 and protecting alike all      
peaceable persons in the enjoyment of   
their civil and religious rights2 we see

 a savage despotism1 under its name1    
laying waste the earth1 unreasonably    
elevating some and depressing others1   
discouraging improvement1 and trampling 
upon every human right4 ,that force of  
states1 which ought to be applied only  
to their own defence1 we see continually
 applied to the purpose of attack1 and  
used to extend dominion by conquering   
neighbouring communities4--,civil       
governors consider not themselves       
servants but as masters4 ,their stations
 they think they hold in their own      
right4 ,the people they reckon their    
property2 and their possessions1 a      
common stock from which they have a     
right to take what#ff they will1 and of 
which no more belongs to any individual 
than they are pleased to leave him4     
,what a miserable perversion is this of 
a most important institution8 ,what a   
grievance is government so              
degenerated8--,but this perversion      
furnishes no just argument against the  
truth of the account ,i have given4     

,similar degeneracies have prevailed in 
other instances of no less importance4  
,reason in man1 like the will of the    
community in the political world1 was   
intended to give law to his whole       
conduct1 and to be the supreme          
controuling power within him4 ,the      
passions are subordinate powers1 or an  
executive force under the direction of  
reason1 kindly given to be1 as it were1 
wind and tide to the vessel of life in  
its course through this world to future 
honour and felicity4--,how different    
from this is the actual state of        
man8--,those powers which were destined 
to govern are made to serve2 and those  
powers which were destined to serve1 are
 allowed to govern4 ,passion guides     
human life2 and most men make no other  
use of their reason than to justify     
whatever their interest or their        
inclinations determine them to do4      
,,religion likewise 7the perfection of  
,,reason7 is1 in its true nature1 the   
inspirer of humanity and joy1 and the   

spring of all that can be great and     
worthy in a character2 and were we to   
see its genuine effects among mankind1  
we should see nothing but peace and hope
 and justice and kindness1 founded on   
that regard to ,god and to his will1    
which is the noblest principle of       
action4--,but how different an aspect   
does religion actually wear8 ,what is   
it1 too generally1 in the practice of   
mankind1 but a gloomy and cruel         
superstition1 rendering them severe and 
sour2 teaching them to compound for     
wickedness by punctuality in religious  
forms2 and prompting them to harrass1   
persecute and exterminate one another8  
,the same perversion has taken place    
still more remarkably in ,,christianity2
 the perfection of ,,religion4--,,jesus 
,,christ has established among          
,christians absolute equality4 ,he has  
declared1 that they have but one master1
 even himself2 and that they are all    
brethren2 and1 therefore1 has commanded 
them not to be called masters2 and1     

instead of assuming authority over one  
another1 to be ready to wash one        
another's feet#fg4 ,the princes of the  
,gentiles1 he says1 exercise lordship   
over them1 and are flattered with#fh    
high titles2 but he has ordained1 that  
it shall not be so amongst his          
followers2 and that if any one of them  
would be chief1 he must be the servant  
of all4--,the clergy in his church are1 
by his appointment1 no more than a body 
of men1 chosen by the different         
societies of ,christians1 to conduct    
their worship1 and to promote their     
spiritual improvement1 without any other
 powers than those of persuasion and    
instruction4 ,it is expressly directed1 
that they shall not make themselves     
,lords of ,god's heritage1 or exercise  
dominion over the faith of ,christians1 
but be helpers of their joy#fi4--,who   
can1 without astonishment1 compare these
 appointments of ,christianity1 with the
 events which have happened in the      
,christian church8--,that religion which

 thus inculcates humility and forbids   
all domination1 and the end of which was
 to produce peace an earth1 and         
good-will among men1 has been turned    
into an occasion of animosities the most
 dreadful1 and of ambition the most     
destructive4 ,notwithstanding its       
mildness and benignity1 and the tendency
 it has to extinguish in the human      
breast pride and malevolence2 it has    
been the means of arming the spirits of 
men with unrelenting fury against one   
another4 ,instead of peace1 it has      
brought a sword2 and its professors1    
instead of washing one another's feet1  
have endeavoured to tread on one        
another's necks4--,the ministers1 in    
particular1 of ,christianity1 became1   
soon after its establishment1 an        
independent body of spiritual rulers1   
nominating one another in perpetual     
succession2 claiming1 by divine right1  
the highest powers2 and forming a       
,,hierarchy1 which by degrees produced a
 despotism more extravagant than any    

that ever before existed on this earth4 
,a considerate person must find         
difficulties in enquiring into the      
causes and reasons of that depravity of 
human nature which has produced these   
evils1 and rendered the best            
institutions liable to be so corrupted4 
,this enquiry is much the same with the 
enquiry into the origin of moral evil1  
which has in all ages puzzled human     
wisdom4 ,i have at present nothing to do
 with it4 ,it is enough for my purpose  
in these observations1 that the facts ,i
 have mentioned prove undeniably1 that  
the state of civil government in the    
world affords no reason for concluding1 
that ,i have not given a just account of
 its true nature and origin4         99 
99       99       99       99  ,i have  
shewn at the beginning of this section1 
that it is free government alone that   
can preserve from oppression1 give      
security to the rights of a people1 and 
answer the ends of government4 ,it is   
necessary ,i should here observe1 that  

,i would not be understood to mean1 that
 there can be no kind or degree of      
security for the rights of a people1    
under any government which cannot be    
denominated free4 ,even under an        
absolute ,monarchy or an ,aristocracy1  
there may be laws and customs which1    
having gained sacredness by time1 may   
restrain oppression1 and afford some    
important securities4--,under           
governments by representation1 there    
must be still greater checks on         
oppression1 provided the representation1
 though partial1 is uncorrupt1 and also 
frequently changed4 ,in these           
circumstances1 there may be so much of a
 common interest between the body of    
representatives and the people1 and they
 may stand so much on one ground1 that  
there will be no temptations to         
oppression4--,the taxes which the       
representative body impose1 they will be
 obliged themselves to pay2 and the laws
 they make1 they will make with the     
prospect of soon returning to the       

situation of those for whom they make   
them1 and of being themselves governed  
by them4  ,it seems particularly worth  
notice here1 that as far as there are   
any such checks under any government1   
they are the consequence of its         
partaking so far of ,liberty1 and that  
the security attending them is more or  
less in proportion as a government      
partakes more or less of ,liberty4 ,if1 
under an absolute government1           
fundamental laws and long established   
institutions give security in any       
instances1 it is because they are held  
so sacred that a despot is afraid to    
violate them2 or1 in other words1       
because a people1 not being completely  
subdued1 have still some controul over  
the government4--,the like is more      
evidently true under mixed governments  
of which a house of representatives1    
fairly chosen and freely deliberating   
and resolving1 forms a part2 and it is  
one of the highest recommendations of   
such governments that1 even when the    

representation is most imperfect1 they  
have a tendency to give more security   
than any other governments4--,under     
other governments1 it is the fear of    
exciting insurrections by contradicting 
established maxims1 that restrains      
oppression4 ,but1 as1 in general1 a     
people will bear much1 and are seldom   
driven to resistance till grievances    
become intolerable1 their rulers can    
venture far without danger2 and         
therefore1 under such governments1 are  
very imperfectly restrained4 ,on the    
contrary2 ,if there is an honest        
representation1 vested with powers like 
to those of our ,house of ,commons1 the 
redress of grievances1 as soon as they  
appear1 will be always easily           
attainable1 and the rulers of a state   
will be under a necessity of regarding  
the first beginnings of                 
discontent4--,such1 and greater than can
 be easily described1 are the advantages
 of even an imperfect representation in 
a government4 ,how great then must be   

the blessing of a ,,complete            
,,representation8--#gj ,it is this only 
gives full security2 and that can       
properly denominate a people free4      
99       99       99       99       99  
,it deserves to be added here1 that as  
there can be no private character so    
abandoned as to want all virtue2 so     
there can be no government so slavish1  
as to exclude every restraint upon      
oppression4--,the most slavish and1     
therefore1 the worst governments are    
those under which there is nothing to   
set bounds to oppression1 besides the   
discretion and humanity of those who    
govern4--,of this kind are the following
 governments4  ,first1 ,all governments 
purely despotic4 ,these may be either   
monarchical1 aristocratical4 ,the latter
 are the worst1 agreeably to a common   
observation1 that it is better to have  
one master than many4 ,the appetites of 
a single despot may be easily satiated2 
but this may be impossible where there  
is a multitude4  ,secondly1 ,all        

provincial governments4--,the history of
 mankind proves these to be the worst of
 all governments2 and that no oppression
 is equal to that which one people are  
capable of practising towards another4  
,i have mentioned some of the reasons of
 this in the ,observations on ,civil    
,liberty1 ,part ,i4 sect4 #c4 ,bodies of
 men do not feel for one another as     
individuals do4 ,the odium of a cruel   
action1 when shared among many1 is not  
regarded4 ,the master of slaves working 
on a plantation1 though he may keep them
 down to prevent their becoming strong  
enough to emancipate themselves1 yet is 
led by interest1 as well as humanity1 to
 govern them with such moderation1 as to
 preserve their use3 ,but these causes  
will produce more of this good effect1  
when the slaves are under the eye of    
their proprietor1 and form a part of his
 family1 than when they are settled on a
 distant plantation1 where he can know  
little of them1 and is obliged to trust 
them to the management of rapacious     

servants4  ,it is particularly          
observable here1 that free governments1 
though happier in themselves1 are more  
oppressive to their provinces than      
despotic governments4 ,or1 in other     
words1 that the subjects of free#ga     
states are worse slaves than the        
subjects of states not free4 ,this is   
one of the observations which ,mr4      
,,hume represents as an universal axiom 
in politicks#gb4--8,though1 says he1    
free governments have been commonly the 
most happy for those who partake of     
their freedom1 yet are they the most    
oppressive and ruinous to their         
provinces2 and this observation may be  
fixed as an universal axiom in politics4
 ,what cruel tyrants were the ,romans   
over the world during the time of their 
commonwealth8--,after the dissolution of
 the commonwealth the ,roman yoke became
 easier upon the provinces1 as ,tacitus 
informs us2 and it may be observed1 that
 many of the worst ,emperors 7,domitian1
 for instance7 were very careful to     

prevent all oppression of the           
provinces4--,the oppression and tyranny 
of the ,carthaginians over their subject
 states in ,africa went so far1 as we   
learn from ,polybius 7,lib4 i4 cap4     
#gb47 that not content with exacting the
 half of all the produce of the ground1 
which of itself was a very high rent1   
they also loaded them with many other   
taxes4--,if we pass from antient to     
modern times we shall always find the   
observation to hold4 ,the provinces of  
absolute monarchies are always better   
treated than those of free states40     
,thirdly1 ,among the worst sorts of     
governments ,i reckon all governments by
 a corrupt representation4--,there is no
 instance in which the trite observation
 is more true than in this1 8that the   
best things when corrupted become the   
worst40 ,a corrupt representation is so 
far from being any defence against      
oppression1 that it is a support to it4 
,long established customs1 in this case1
 afford no security1 because1 under the 

sanction of such a representation1 they 
may be easily undermined or             
counteracted2 nor is there any injury to
 a people which1 with the help of such  
an instrument1 may not be committed with
 safety4 ,it is not1 however1 every     
degree of corruption1 that will destroy 
the use of a representation1 and turn it
 into an evil so dreadful4 ,in order to 
this1 corruption must pass a certain    
limit4 ,but every degree of it tends to 
this1 saps the foundation of ,liberty1  
and poisons the fountain of             
,legislation4 ,and when it gets to its  
last stage1 and has proceeded its utmost
 length3 ,when1 in particular1 the means
 by which candidates get themselves     
chosen are such as admit the worst1 but 
exclude the best men2 a ,house of       
,representatives becomes little better  
than a sink into which is collected all 
that is most worthless and vile in a    
kingdom4--,there cannot be a greater    
calamity than such a government4--,it is
 impossible there should be a condition 

more wretched than that of a nation1    
once free1 so degenerated4              
,,conclusion4  ,it is time to dismiss   
this subject4 ,but ,i cannot take a     
final leave of it1 7and probably of all 
subjects of this kind7 without adding   
the following reflections on our own    
state in this kingdom4         99       
99       99       99       99  ,it is   
well known1 that ,,montesquieu has paid 
the highest compliment to this country1 
by describing its constitution of       
government1 in giving an account of a   
perfect government2 and by drawing the  
character of its inhabitants1 in giving 
an account of the manners and characters
 of a free people4--8,all 7he says7     
having1 in free states1 a share in      
government1 and the laws not being made 
for some more than others1 they consider
 themselves as monarchs1 and are more   
properly confederates than              
fellow-subjects4--,no one citizen being 
subject to another1 each sets a greater 
value on his ,liberty than on the glory 

of any of his fellow-citizens4--,being  
independent1 they are proud2 for the    
pride of kings is founded on their      
independence4--,they are in a constant  
ferment1 and believe themselves in      
danger1 even in those moments when they 
are most safe4--,they reason2 but it is 
indifferent whether they reason well or 
ill4 ,it is sufficient that they do     
reason4 ,hence springs that ,liberty    
which is their security4--,this state1  
however1 will lose its ,liberty4 ,it    
will perish1 when the ,legislative power
 shall become more corrupt than the     
executive40#gc  ,such is the account    
which this great writer gave1 many years
 ago1 of the ,british constitution and  
people4 ,we may learn from it1 that we  
have nothing to fear from that          
disposition to examine every public     
measure1 to censure ministers of state1 
and to be restless and clamorous1 which 
has hitherto characterized us4--,on the 
contrary2 we shall have every thing to  
fear1 when this disposition is lost4 ,as

 soon as a people grow secure1 and cease
 to be quick in taking alarms1 they are 
undone4 ,a free constitution of         
government cannot be preserved without  
an earnest and unremitting jealousy4    
,,our ,constitution1 in particular1 is  
so excellent1 that it is the properest  
object of such a jealousy4 ,for my own  
part1 ,i admire so much the general     
frame and principles of it1 that ,i     
could be almost satisfied with that     
representation of the kingdom1 which    
forms the most important part of it1 had
 ,i no other objection to this          
representation than its inadequateness4 
,did it consist of a body of men1 fairly
 elected for a short term1 by a number  
of independent persons1 of all orders in
 every part of the kingdom1 equal to the
 number of the present voters2 and were 
it1 after being elected1 under no undue 
influence2 it would be a security of    
such importance1 that ,i should be less 
disposed to complain of the injustice   
done1 by its inadequateness1 to the     

greatest part of the kingdom by         
depriving them of one their natural and 
unalienable rights4 ,to such a body of  
representatives we might commit1 with   
confidence1 the guardianship of our     
rights1 knowing1 that having one        
interest with the rest of the state1    
they could not violate them2 or that if 
they ever did1 a little time would bring
 the power of gaining redress without   
tumult or violence4--,happy the people  
so blessed4--,if wise1 they will        
endeavour1 by every possible method1 to 
preserve the purity of their            
representation2 and1 should it have     
degenerated1 they will lose no time in  
effecting a reformation of it4--,but if1
 unhappily1 infection should have       
pervaded the whole mass of the state1   
and there should be no room to hope for 
any reformation1 it will be still some  
consolation to reflect1 that slavery1 in
 all its rigour1 will not immediately   
follow4 ,between the time in which the  
securities of ,liberty are undermined1  

and its final subversion1 there is      
commonly a flattering interval during   
which the enjoyment of ,liberty may be  
continued1 in consequence of fundamental
 laws and rooted habits which cannot be 
at once exterminated4 ,and this interval
 is longer or shorter1 according as the 
progress of corruption is more or less  
rapid2 and men in power more or less    
attentive to improve favourable         
opportunities4--,the government of this 
country1 in particular1 is so well      
balanced1 and the institutions of our   
common law are so admirable1 and have   
taken such deep root1 that we can bear  
much decay before our liberties         
fall4--,fall1 however1 they must1 if our
 public affairs do not soon take a new  
turn4 ,that very evil1 which1 according 
to the great writer ,i have quoted1 is  
to produce our ruin1 we see working     
every where and increasing every        
day4--,the following facts1 among many  
others1 shew too plainly whither we are 
tending and how far we are advanced4    

,first4 ,it seems to me1 that a general 
indifference is gaining ground fast     
among us4--,this is the necessary effect
 of increasing luxury and dissipation2  
but there is another cause of it1 which 
,i think of with particular regret4--,in
 consequence of having been often duped 
by false patriots2 and found1 that the  
leaders of opposition1 when they get    
into places1 forget all their former    
declarations2 the nation has been led to
 a conviction1 that all patriotism is   
imposture1 and all opposition to the    
measures of government nothing but a    
struggle for power and its emoluments4  
,the honest and independent part of the 
nation entertain at present most of this
 conviction2 and1 therefore1 having few 
public men to whom they can look with   
confidence1 they give up all zeal1 and  
sink into inactivity and despondence4   
,secondly4 ,at the ,revolution1 the     
,house of ,commons acquired its just    
weight in the constitution2 and1 for    
some years afterwards1 it was often     

giving much trouble to men in power4 ,of
 late1 it is well known1 that means have
 been tryed and a system adopted for    
quieting it4--,i will not say with what 
success--,but ,i must say1 that the men 
whose policy this has been1 have struck 
at the very heart of public liberty1 and
 are the worst traitors this kingdom    
ever saw4--8,if ever1 7says ,judge      
,blackstone7 it should happen1 that the 
independency of any one of the three    
branches of our legislature should be   
lost2 or that it should become          
subservient to the views of either of   
the other two1 there would soon be an   
end of our constitution4 ,the           
legislature would be changed from that  
which was originally set up by the      
general consent and fundamental act of  
the society2 and such a change1 however 
effected1 is according to ,mr4 ,locke   
7who perhaps carries his theory too far7
 at once an entire dissolution of the   
bands of government1 and the people are 
thereby reduced to a state of anarchy1  

with liberty to constitute to themselves
 a new legislative power40#gd  ,thirdly4
 ,soon after the ,,revolution1 bills for
 triennial parliaments passed both      
,houses1 in opposition to the court#ge4 
,at the ,,accession1 septennial         
parliaments were established4 ,since    
this last period1 many attempts have    
been made1 by the friends of the        
constitution1 to restore triennial      
parliaments2 and1 formerly1 it was not  
without difficulty that the ministry    
were able to defeat these attempts4 ,the
 division in the ,house of ,commons in  
#agce1 on a bill for this purpose1 was  
#bdg to #ahd4--;,i need not say1 that   
now all such attempts drop of           
themselves4 ,so much are the sentiments 
of our representatives changed in this  
instance1 that the motion for such a    
bill1 annually made by a worthy member  
of the ,house of ,commons1 can scarcely 
produce a serious debate1 or gain the   
least attention4--,for several years1 at
 the beginning of the last reign1 the   

,,house ,,of ,,commons constantly passed
 pension and place bills1 which were as 
constantly rejected by the ,,house ,,of 
,,lords4 ,at present1 no one is so      
romantic as ever to think of introducing
 any such bills into the ,house of      
,commons4  ,fourthly4 ,standing armies  
have in all ages been destructive to the
 ,liberties of the states into which    
they have been                          
admitted4--,,montesquieu#gf observes1   
that the preservation of ,liberty in    
,,england requires1 that it should have 
no land forces4--,dr4 ,,ferguson calls  
the establishment of standing armies 8,a
 ,,fatal ,,refinement in the present    
state of civil government40#gg--,mr4    
,hume pronounces 8our standing army a   
mortal distemper in the ,british        
constitution1 of which it must          
inevitably perish40#gh--;,formerly1 the 
nation was apprehensive of this danger2 
and the standing army was a constant    
subject of warm debate in both ,houses  
of ,parliament4 ,the principal reason   

then assigned for continuing it was1 the
 security of the ,house of ,,hanover    
against the friends of the ,pretender4  
,this is a reason which now exists no   
more2 the ,house of ,hanover being so   
well established as not to want any such
 security4--,the standing army also is  
now more numerous and formidable than   
ever2 and yet all opposition to it is   
lost1 and it is become in a manner a    
part of the constitution4  ,fifthly4    
,for many years after the accession the 
national debt was thought an evil so    
alarming1 that the reduction of it was  
recommended every year from the throne  
to the attention of ,parliament as an   
object of the last importance4 ,the     
,,fund appropriated to this purpose was 
called the ,,only ,,hope of the kingdom2
 and when the practice of alienating it 
begun1 it was reckoned a kind of        
sacrilege1 and zealously opposed in the 
,house of ,commons1 and protested       
against in the ,house of ,lords4 ,but   
now1 though the debt is almost tripled1 

we sit under it with perfect            
indifference2 and the sacred fund1 which
 repeated laws had ordered to be applied
 to no other purpose than the redemption
 of it1 is always alienated of course1  
and become a constant part of the       
current supplies1 and much more an      
encouragement to dissipation than a     
preservative from bankruptcy4  ,sixthly4
 ,nothing is more the duty of the       
representatives of a nation than to keep
 a strict eye over the expenditure of   
the money granted for public            
services4--,in the reign of ,king       
,william1 the ,house of ,commons passed 
almost every year bills for appointing  
commissioners for taking1 stating and   
examining the public accounts2 and1     
particularly1 the army and navy debts   
and contracts4 ,in the reign of ,queen  
,ann such bills became less frequent4   
,but since the accession1 only two      
motions have been made for such bills2  
one in #agae1 and the other in #agda2   
and both were rejected4  ,seventhly4 ,i 

hope ,i may add1 that there was a time  
when the kingdom could not have been    
brought to acquiesce in what was done in
 the case of the ,middlesex election4   
,this is a precedent which1 by giving   
the ,house of ,commons the power of     
excluding its members at discretion1 and
 of introducing others in their room on 
a minority of votes1 has a tendency to  
make it a self-created ,house1 and to   
destroy entirely the right of           
representation3 ,and a few more such    
precedents would completely overthrow   
the constitution4  ,lastly4 ,i cannot   
help mentioning here the addition which 
has been lately made to the power of the
 ,crown1 by throwing into its hands the 
,east-,india ,company4 ,nothing more    
unfavourable to the security of public  
,liberty has been done since the        
,,revolution3 ,and should our statesmen1
 thus strengthened by the patronage of  
the ,,east1 be farther strengthened by  
the conquest and patronage of the       
,,west1 they will indeed have no small  

reason for triumph2 and there will be   
little left to protect us against the   
encroachments and usurpations of power4 
,,rome sunk into slavery1 in consequence
 of enlarging its territories1 and      
becoming the center of the wealth of    
conquered provinces1 and the seat of    
universal empire4 ,it seems the         
appointment of ,providence1 that free   
states1 when1 not contented with        
self-government1 and prompted by the    
love of domination1 they make themselves
 masters of other states1 shall lose    
,liberty at the same time that they take
 it away2 and1 by subduing1 be          
themselves subdued4 ,distant and        
dependent provinces can be governed only
 by a military force4 ,and a military   
force which governs abroad1 will soon   
govern at home4 ,the ,romans were so    
sensible of this1 that they made it     
treason for any of their generals to    
march their armies over the ,rubicon    
into ,italy4 ,c,,sar1 therefore1 when he
 came to this river1 hesitated2 but he  

passed it1 and enslaved his country4    
8,among the circumstances 7says ,dr4    
,,ferguson7 which in the event of       
national prosperity and in the result of
 commercial arts1 lead to the           
establishment of despotism1 there is    
none perhaps that arrives at this       
termination with so sure an aim as the  
perpetual enlargement of territory4 ,in 
every state the freedom of its members  
depends on the balance and adjustment of
 its interior parts2 and the existence  
of any such freedom among mankind       
depends on the balance of nations4 ,in  
the progress of conquest those who are  
subdued are said to have lost their     
liberties4 ,but1 from the history of    
mankind1 to conquer or to be conquered  
has appeared in effect the same40#gi    
,many more facts of this kind might     
easily be enumerated2 but these are     
sufficient4--,they shew1 with sad       
evidence1 how fast we have1 for some    
time1 been advancing towards the        
greatest of all public calamities4  ,we 

may1 also1 infer from the preceding     
observations1 that there is only one way
 in which our deliverance is possible2  
and that is1 by ,,restoring ,,our       
,,grand ,,national ,,security4 ,this is 
the object which our great men in       
opposition ought to hold forth to the   
kingdom1 and to bind themselves by some 
decisive tests to do all they can to    
obtain4 ,that patriotism must be        
spurious which does not carry its views 
principally to this4 ,without it1       
nothing is of great importance to the   
kingdom2 and even an accommodation with 
,america would only preserve a limb1 and
 save from present danger1 while a      
gangrene was left to consume the vitals4
  ,but1 probably1 we are gone too far2  
and corruption has struck its roots too 
deep to leave us much room for          
hope4--,mr4 ,,hume has observed1#hj that
 as the affairs of this country are not 
likely to take a turn favourable to the 
establishment of a perfect plan of      
,liberty1 8an absolute monarchy is the  

easiest death1 the true ,,euthanasia of 
the ,british constitution40--,if this   
observation is just1 our constitution   
7should no great calamity intervene7 is 
likely1 in some future period1 to       
receive a very quiet dissolution4--,at  
present1 however1 it must be            
acknowledged1 that we enjoy a degree of 
,liberty1 civil and religious1 which has
 seldom been paralleled among mankind4  
,we ought to rejoice in this happiness2 
and to be graceful to that benevolent   
disposer of all events who blesses us   
with it4 ,but1 at the same time1 our    
hearts must bleed when we reflect1 that1
 the supports of it having given way1 it
 is little more than a sufferance which 
we owe to the temper of the times2 the  
lenity of our governors2 and some awe1  
in which the friends of despotism are   
still held1 by the voice and spirit of  
the uncorrupted part of the             
kingdom4--,may these causes1 if no      
better securities can be hoped for1 long
 delay our fate4         99       99    

99       99       99  ,it must not be   
forgotten1 that all ,i have now said is 
meant on the supposition1 that our      
affairs will proceed smoothly till1 by a
 common and natural progress1 we have   
gone the round of other nations once    
free1 and are brought to their          
end4--,but it is possible this may not  
happen4--,our circumstances are         
singular2 and give us reason to fear1   
that we have before us a death which    
will not be easy or common4     ,,part  
,,ii4  ,,containing ,,remarks on some   
,particulars in a ,,speech at opening   
the ,,budget in ,april #aggf4   ,,sect4 
,i4  ,supplemental ,observations on the 
,surplus of the ,revenue2 the ,quantity 
of ,coin in the ,kingdom2 and           
,paper-,credit4  ,it is well known1 that
 the great minister who presides over   
our finances1 took occasion1 at opening 
the ,budget in ,april last1 to enter    
into a particular account of the state  
of the nation4 ,in this account1 he     
represented us as in a condition the    

most sound and happy2 our trade and     
revenue flourishing2 our common people  
well provided for2 our debts and taxes  
light2 our current specie sufficiently  
ample2 our paper-circulation safe2 and  
the ,,bank1 in particular1 as little    
less firm and durable than the world4   
,this account1 so encouraging and       
flattering1 was generally understood to 
be given in designed opposition to      
another account very different1 which   
had been given in the ,observations on  
,civil ,liberty4--,it cannot1 therefore1
 ,i hope1 be thought too presuming in me
 to offer the following remarks in my   
own defence4         99       99        
99       99       99  ,i have grounded  
my opinion of the hazardous state of the
 kingdom1 partly on the smallness of the
 surplus in the revenue1 and the nature 
and circumstances of our                
paper-circulation1 compared with the    
quantity of specie in the kingdom1 and  
the weight of our debts and taxes4  ,the
 surplus of the revenue ,i have made out

 in two different methods2 and by a     
deduction so minute1 that it is1 ,i     
think1 scarcely possible it should be   
materially wrong4 ,one of these methods 
brings it out #cch1geil4 per ann4#ha3   
and the other1 #cjj1jjjl4 per ann4      
supposing the expence of calling in the 
gold coin1 and the profits of lotteries 
excluded2 the land-tax at three         
shillings in the pound2 and the peace   
establishment the same that it has been 
at a medium for eleven years1 from #agfd
 to #agge4  ,nothing more was said in   
opposition to this1 than a general      
intimation1 that had it not been for the
 war with ,america1 the                 
peace-establishment for the navy would  
have been reduced1 and a sufficient     
surplus gained 7including lotteries7 to 
enable parliament to pay off a million  
every year of the public debt4          
99       99       99       99       99  
,i am very sensible that reductions of  
the public expences and improvements in 
the revenue are practicable1 which would

 give such a surplus4 ,but ,i am afraid1
 they will never take place4 ,nor can ,i
 think it proper1 in determining what   
permanent surplus we possess1 to include
 those pernicious profits of lotteries1 
by which infinitely more is upon the    
whole lost than gained2 or1 to form our 
judgment of the expence of future years1
 by any other rule than the medium      
expence of past years4--,it would1      
however1 give little consolation1 were  
there a certainty that1 had peace       
continued1 a ,,million annually of the  
public debt would have been discharged4 
,this would have made a very slow       
progress in discharging our debts4 ,a   
million every year discharged in peace1 
and eight or ten millions every year    
added in war1 would leave us under the  
necessity of breaking at last4 ,but     
hitherto we have not proceeded in a     
course so favourable4 ,the great person 
to whom ,i refer1 must know1 that in    
#aggb1 he announced in the ,house of    
,commons1 his intention to pay off a    

million and a half every year1 and      
,,seventeen ,,millions in ten years2    
that yet only #b4hjj1jjjl4 was paid off 
in the three subsequent years2 and that1
 on account of the increase of the navy 
and civil-list debts1 there has not been
 in fact the ability 7without the help  
of lotteries7 to pay half that sum4     
99       99       99       99       99  
,in page #gdth of the ,observations on  
,civil ,liberty1 ,i have said1 8that it 
has appeared lately1 that the gold      
specie of the kingdom1 is no more than  
about ,,twelve ,,millions ,,and ,a      
,,half40--,this assertion has been much 
controverted2 and it is therefore       
necessary ,i should give a distinct     
account of the reasons on which it was  
grounded4  ,i had learnt from           
unquestionable authority1 that the      
quantity of gold coin brought into the  
mint1 by the ,acts of ,parliament and   
,proclamations in #aggc and #aggd1 was  
about ,,nine ,,millions#hb2 or as much  
as1 when recoined1 amounted nearly to   

that sum4--,i find also1 that it was    
expected by the best judges1 that the   
proclamation lately issued would bring  
in about three millions4 ,these two sums
 make up twelve millions2 and they      
include the gold coin of ,ireland4 ,let 
this be estimated at a#hc million2 and  
the whole gold coin of ,britain1 to be  
brought in by all the calls1 will be    
,,eleven millions2 and none will remain1
 except that part which was deficient   
less than a grain in a guinea1 and      
remained in the kingdom1 at the time the
 coin ,act took effect in ,june #aggc4  
,we are here left entirely to           
conjecture4 ,but it should be           
remembered1 that for many years before  
#aggc1 the heavy coin was catched up as 
soon as issued1 and either clipped1 or  
melted down and exported2 and that from 
hence arose such a scarcity of heavy    
coin1 that1 in some counties1 heavy     
guineas might be disposed of at a       
premium4--,in such circumstances1 an    
allowance of about a million and a half1

 for the coin deficient less than a     
grain in a guinea before the coin ,act  
in #aggc1 seems to be sufficient2 and   
therefore1 it might1 ,i think1 with     
reason be said1 that it appeared that   
the gold coin of the kingdom was about  
,,twelve ,,millions ,,and ,a ,,half4    
99       99       99       99       99  
,but there is another reason1 by which  
,i have been convinced1 that this is a  
moderate estimate4  ,the quantity of    
gold coin1 deficient between three and  
six grains in a guinea1 was #d4hjj1jjjl4
 and this1 when recoined1 made          
#d4fjj1jjjl4--,the coin deficient less  
than three grains could not have been so
 much1 for the following reasons4       
,first1 new coin being rougher1 wears   
faster than old coin2 and therefore1    
does not remain so long in any given    
degree of deficiency4--,secondly1 coin1 
deficient less than three grains1 is    
subject to several peculiar causes of   
diminution and destruction4--,clipping  
and sweating remove part of it to       

greater degrees of deficiency2 and part 
is destroyed by being melted down and   
exported2 whereas1 lighter coin is      
diminished only by being worn#hd4       
,these reasons seem to prove1 that if   
the gold coin1 deficient in ,june #aggc 
less than three grains1 is estimated at 
five millions1 7that is1 at a little    
more than the coin deficient between    
three and six grains7 it will be rated  
rather too high2 and the conclusion will
 be1 that the whole of our gold coin    
7exclusive of the ,irish7 might possibly
 be less1 but could not have been much  
more1 than the sum at which ,i have     
reckoned it4         99       99        
99       99       99  ,such have been   
the facts and arguments by which my     
judgment has been determined in this    
instance4--,but it must not be          
overlooked1 that it helps only to       
ascertain the quantity of circulating   
specie in the kingdom1 as distinguished 
from that which is hoarded4 ,when the   
,observations on ,civil ,liberty were   

published1 ,i did not apprehend1 that   
this part of the coin could be          
considerable enough to deserve regard4  
,but the contrary has lately appeared4  
,the ,proclamation issued last summer1  
and which it was expected would bring in
 about three millions1 has1 ,i am       
informed1 brought in about six millions 
and a half4 ,this exceeds the sum at    
which ,i have been led to state the     
whole gold coin deficient less than     
three grains2 and proves1 that several  
millions must have been hoarded#he4     
,nor1 ,i think1 will this appear        
incredible1 when it is recollected1 that
 only gold coin under three grains of   
deficiency is likely to be hoarded2 and 
also1 that distrust of the ,funds and of
 ,paper-money has a particular tendency 
to increase the practice of hoarding4   
,assisted1 therefore1 by this new light1
 ,i would now state the circulating gold
 coin of the kingdom before #aggc1      
nearly as ,i did before2 and call it    
,,twelve or ,,thirteen ,,millions4 ,but 

the whole gold coin 7including the      
hoarded part7 ,i would reckon at        
,,sixteen or ,,seventeen ,,millions#hf4 
99       99       99       99       99  
,an account very different from this was
 given at opening the ,budget2 the      
substance of which ,i will state as     
faithfully as my memory will enable me2 
and just as ,i understood it4  8,from   
the beginning of the year #aggb1 to the 
#bc;d of ,april last1 #ac4bjj1jjjl4 had 
been coined at the ,tower2 and on that  
day there was #fjj1jjjl4 more ready to  
be coined4--,all this1 7it was          
intimated7 is now left in the kingdom4  
,the last ,proclamation1 it was         
expected1 would bring in three millions 
more2 which1 added to the coin deficient
 less than a grain resting in the       
kingdom at the time of the ,coin ,act in
 #aggc1 and issued before #aggb1 will   
make the whole1 ,,eighteen ,,or         
,,nineteen ,,millions#hg40         99   
99       99       99       99  ,on this 
account ,i would observe1  ,first4 ,that

 if just1 it proves that1 in #aggc1 a   
third at least of the circulating coin  
was in the best state possible4 ,for the
 late calls having shewn1 that there was
 then1 in ,britain and ,ireland1 no more
 than about twelve millions deficient   
more than a grain2 six millions 7that   
is1 a third of eighteen millions7 or    
seven millions 7that is1 more than a    
third of nineteen millions7 must have   
been deficient less than a              
grain4#hh--;,it will also follow1 7since
 the quantity brought in by the first   
call is known to have been #d4ijj1jjjl47
 that but little more than a fourth     
could have been deficient so much as six
 grains1 or a shilling in a guinea4--,no
 person can think this credible who     
recollects the distress of traffic1 and 
the complaints of the kingdom before    
#aggc4  ,secondly4 ,the truth of the    
account ,i have stated depends1 in a    
great measure1 on the supposition1 that 
all the gold coined since the beginning 
of #aggb is now in the kingdom4 ,i      

cannot conceive on what grounds this was
 taken for granted4--,from the beginning
 of #aggb to ,june #aggc1 the practice  
of clipping was more prevalent than it  
had ever been4 ,during the greatest part
 of #aggb1 the price of gold was so much
 above mint price1 that a profit1 from  
#b to #d per cent4 might be got by      
melting heavy guineas#hi4 ,and1 in      
,february in that year1 the price of    
gold was at #dl4 #as4 #f;d4 per ounce2  
and #d per cent4 might be got by melting
 heavy guineas4 ,instead1 therefore1 of 
believing1 that all the gold coined     
since the beginning of #aggb remains    
with us2 ,i think it almost certain1    
that the greatest part of all coined    
during the first year and a half of this
 period1 has been either clipped or     
melted into bullion4 ,that part which   
was clipped has been recoined2 and that 
part which was melted has been either   
recoined or exported2 and1 therefore1   
neither has made any addition to the    
coin of the kingdom4  ,these            

observations demonstrate1 that the      
amount of the gold coin at the time of  
the ,coin ,act in #aggc1 must have been 
near the sum at which ,i have reckoned  
it4 ,there may1 for ought ,i know1 have 
been an increase since2 but ,i shall not
 believe there has1 till ,i know1       
whether the coin brought in by the last 
proclamation has been all recoined and  
issued4 ,but this cannot be expected2   
for should it be done1 ,,four           
,,millions#ij more will have been coined
 and issued1 than has been brought      
in4--,the truth1 therefore1 may be1 that
 the coinage1 since ,june #aggc1 has    
been carried on only to provide a supply
 of new coin to be exchanged for old2 in
 which case1 the quantity of coin in the
 kingdom1 even according to this method 
of computing it1 will come out nearly   
the same with that which ,i have given4 
99       99       99       99       99  
,after all1 let the specie of the       
kingdom1 including the silver1 be       
allowed to be as considerable as some   

have asserted2 or about four millions   
more than ,i have reckoned it2 the      
difference arising from hence will not  
be of particular consequence2 and it    
will be still true1 that notwithstanding
 all our increase of trade and apparent 
opulence1 the specie of the kingdom#ia  
is not much more than it was at the     
,revolution4--,what then is all the rest
 of our circulating cash8 ,what is it   
keeps up rents2 feeds our luxury2 pays  
our taxes2 supplies the revenue1 and    
supports government8--,paper1 chiefly1  
emitted1 not only at the ,bank1 but by  
tradesmen1 merchants1 and bankers in    
every corner of the kingdom4--,and is   
this a solid and permanent support8#ib  
,is there1 in the annals of the world1  
another instance of a great kingdom so  
supported8--,the causes are numberless  
which may suddenly destroy it2 and were 
this to happen1 we should fall at once1 
with a debt of #adj millions upon us1 to
 the state we were in before the        
,,revolution4--,imagination cannot paint

 to itself the shock this would         
give4--,i must repeat here what ,i have 
said in the ,observations on ,civil     
,liberty1 page #gc1 c4 that we should   
think of nothing but guarding ourselves 
against the danger of such a situation1 
by restricting our paper currency1 and  
gradually discharging our public        
debts4--,in giving this admonition1 ,i  
look upon myself as doing my country one
 of the best offices in my power2 and   
acting in the character of one who calls
 to another to awake who is sleeping    
over a precipice4--,but ,i know ,i call 
in vain4--,the great minister who       
directs our finances has assured us all 
is well2 and1 under this persuasion1 we 
are advancing1 with unsuspicious and    
careless speed1 to the catastrophe ,i   
have pointed out2 and pursuing measures 
which must increase the difficulty of   
avoiding it1 and the distress attending 
it4  ,among these measures ,i have      
mentioned the present new               
coinage4--,before this coinage1 ,i have 

observed1 the light money always        
remained1 because nothing could be got  
by melting and exporting it4 ,but now1  
as soon as gold rises to the price it   
bore for many years before #aggc1 the   
melters and exporters of coin will be   
saved the trouble of selection2 and     
every piece on which they can lay their 
hands will be proper for their          
purpose4--,it seems1 therefore1 obvious1
 that1 in consequence of this measure1  
all our coin may be carried away1 and   
the whole superstructure of paper       
supported by it1 break down1 before we  
are aware of any danger4  ,i will take  
this opportunity to add1 that this      
measure will at the same time increase  
our paper4 ,this has been the           
consequence of the two former calls2 but
 it will probably be more the           
consequence of the last call4 ,for1 as  
no coin is now to be current which is   
more than a grain deficient2 and as also
 a great deal of it is already at or    
near that limit2 the vexation attending 

it will be so intolerable1 that it will 
be generally cried down1 and paper      
substituted in its room4--,certain it   
is1 that nothing can prevent this evil1 
but another evil2 ,i mean1 the deficient
 coin forcing itself again into         
circulation1 and furnishing clippers    
with more employment than ever2 and1    
consequently1 a return1 with increased  
violence1 of the confusion and distress 
which took place before the ,coin ,act  
in #aggc4--,this1 indeed1 will be much  
the least of the two evils2 nor1 in my  
opinion1 are there any methods of       
preventing the diminution of the coin1  
which will not produce greater evils1   
except such alterations in its form#ic  
as shall render clipping less           
practicable1 joined to the execution of 
severe laws against clippers1 and a     
strict vigilance in detecting them4     
,upon the whole1 it seems to me1 that   
enough had been done by the first coin  
act to restore the gold coin2 and that  
all which has been done since1 at the   

expence of about #fej1jjjl4 has been    
nothing but a preparation of the coin   
for melters and exporters1 to the       
dreadful hazard of the kingdom4--,these 
are my present views of this subject4   
,but ,i must say1 that ,i suspect my own
 judgment in this instance4 ,the noble  
,lord1 who is furnished with infinitely 
more of the means of information than ,i
 am1 intimated1 if ,i remember rightly1 
that there is no such danger3 ,and      
though ,i did not understand the reason 
he assigned for this assertion1 ,i must 
believe1 that1 in a matter so           
particularly interesting to the kingdom1
 he has gone upon the best evidence4    
,,sect4 ,,ii4  ,of the ,state of the    
,nation2 and the ,war with ,america4    
,at the beginning of the preceding      
section1 ,i have taken notice of the    
flattering account which was given1 at  
opening the ,budget in ,april last1 of  
the state of the kingdom with respect to
 its commerce1 revenue1 and opulence4   
,on that account ,i shall beg leave to  

offer the following reflections4        
99       99       99       99       99  
,first4 ,the observations in the last   
section prove1 ,i think1 that it is not 
so well supported by facts1 as there is 
reason to wish4 ,i am sensible1 indeed1 
that we never made a more gay and       
splendid appearance4 ,but no considerate
 person will draw much encouragement    
from hence4 ,that pride and security2   
that luxury1 venality and dissipation   
which give us this appearance1 are      
melancholy symptoms2 and have hitherto  
been the forerunners of distress and    
calamity4  ,secondly4 ,when this account
 was given there was a particular end to
 be answered by it4 ,additional taxes   
were to be imposed2 and it was necessary
 to reconcile the public to the prospect
 of a great increase of its burthens1 in
 order to carry on the war with         
,america4--,on other occasions1         
different accounts had been given4 ,in  
order to prove the justice of taxing the
 ,americans1 the weight of our own taxes

 had been often insisted upon2 and the  
difficulty of raising a sufficient force
 among ourselves to reduce them1 had    
been urged as a reason for seeking and  
employing1 at a great expence1 the      
assistance of foreign powers4 ,on such  
occasions1 ,i have heard our unhappy and
 embarrassed situation mentioned2 and1  
at the end of the last session of       
,parliament1 one of our greatest men1   
whose opinion in favour of coercion1 had
 contributed to bring us into our       
present situation1 acknowledged the     
distress attending it1 and represented  
the vessel of the state as having never 
before rode in so dangerous a           
storm4--,this is1 without doubt1 the    
truth4 ,but1 if the account on which ,i 
am remarking was just1 we were then safe
 and happy2 nor was the vessel of the   
state ever wafted by more gentle and    
prosperous gales4  ,but the reflection  
which1 on this occasion1 has given me   
most pain is the following4  ,if1       
without ,america1 we can be in a state  

so flourishing1 a war to reduce ,america
 must be totally inexcuseable4 ,i wish  
,i could engage attention to this4 ,war 
is a dreadful evil2 and those who       
involve a people in it needlessly1 will 
find they have much to answer for4      
,nothing can ever justify it1 but the   
necessity of it to secure some essential
 interest against unjust attacks4 ,but1 
it seems1 there is no interest to be    
secured by the present war4 ,the revenue
 has never flourished so much1 as since 
,america has been rendered hostile to   
us2 and it is now reckoned by many a    
decided point1 that little depends on   
the ,american trade4 ,it follows then1  
that if the end of the present war is to
 8obtain a revenue10 it is a revenue we 
do not want2 if 8to maintain authority10
 it is an authority of no use to        
us4--,must not humanity shudder at such 
a war8--,why not let ,america alone1 if 
we can subsist without it8--,why carry  
fire and sword into a happy country to  
do ourselves no good8  ,some of the very

 persons who depreciate the value of the
 colonies1 as a support to our revenue  
and finances1 yet say1 that we are now  
under a necessity of reducing them1 or  
perishing4 ,i wish such persons would   
give an account of the causes which1    
according to their ideas1 create this   
dreadful necessity4 ,is it the same that
 led ,haman of old to reckon all his    
honours and treasures nothing to him1   
while ,mordecai the ,jew would not bow  
to him8--,or1 are we become so          
luxurious1 that luxury even in the      
revenue is become necessary to us2 and  
so depraved1 that1 like many individuals
 in private life1 having lost           
self-dominion1 we cannot subsist without
 dominion over others8  ,it must not be 
forgotten1 that ,i speak here on the    
supposition1 that it is possible for    
this country to be as safe and          
prosperous without ,america as some have
 asserted1 and as was implied in what   
was said at opening the last            
,budget4--,this is far from being my own

 opinion4--,some time or other we shall1
 in all probability1 feel severely1 in  
our commerce and finances1 the loss of  
the colonies4 ,as a source of revenue   
they are1 ,i think1 of great importance 
to us2 but they are still more important
 as supports to our navy1 and an aid to 
us in our wars4 ,it appears now1 that   
there is a force among them so          
formidable and so growing1 that1 with   
its assistance1 any of the great        
,european powers may soon make          
themselves masters of all the           
,west-,indies and ,north-,america2 and  
nothing ought to be more alarming to us 
than that our natural enemies see this1 
and are influenced by it4--,with the    
colonies united to us1 we might be the  
greatest and happiest nation that ever  
existed4 ,but with the colonies         
separated from us1 and in alliance with 
,france and ,spain1 we are no more a    
people4--,they appear1 therefore1 to be 
indeed worth any price4--,our existence 
depends on keeping them4--,but ,,how are

 they to be kept8--,most certainly1 not 
by forcing them to unconditional        
submission at the expence of many       
millions of money and rivers of blood4  
,the resolution to attempt this1 is a   
melancholy instance of that infatuation1
 which sometimes influences the councils
 of kingdoms4 ,it is attempting to keep 
them by a method1 which1 if it succeeds1
 will destroy their use1 and make them  
not worth the having2 and which1 if it  
does not succeed1 will throw them into  
the scale of rival powers1 kindle a     
general war1 and undo the empire4  ,the 
extension of our territories in         
,america1 during the last war1 increased
 the expence of our peace-establishment1
 from #b4djj1jjjl4 per ann4 to four     
millions per ann4--,almost all the      
provinces in ,america1 which used to be 
ours1 are now to be conquered4 ,let the 
expence of this be stated at #be or #cj 
millions2 or1 at a capital bearing a    
million per annum interest4--,america   
recovered by the sword must be kept by  

the sword1 and forts and garrisons must 
be maintained in every province to awe  
the wretched inhabitants1 and to hold   
them in subjection4 ,this will create   
another addition of expence2 and both   
together cannot1 ,i suppose1 be stated  
at less than two millions per           
annum4--,but how is such an increase of 
revenue to be procured8--,the colonies1 
desolated and impoverished1 will yield  
no revenue4--,the surplusses of the     
sinking fund have1 for many years1      
formed a necessary part of the current  
and ordinary supplies4--,it must1       
therefore1 be drawn from new            
taxes4--,but can the kingdom bear such  
an increase of taxes8 ,or1 if it can1   
where shall we find a surplus for       
discharging an enormous debt of above   
#afj millions8 ,and what will be our    
condition1 when the next foreign war    
shall add two millions per annum more to
 our expences8--,indeed this is a       
frightful prospect4 ,but it will be     
rendered infinitely more frightful by   

carrying our views to that increase of  
the power of the ,crown which will arise
 from the increase of the army1 from the
 disposal of new places without number1 
and the patronage of the whole continent
 of ,north-,america4  ,these            
consequences have been stated moderately
 on the supposition1 that we shall      
succeed in subduing ,america2 and that1 
while we are doing it1 our natural      
enemies will neglect the opportunity    
offered them1 and continue to satisfy   
themselves with assisting ,america      
indirectly4--,but should the contrary   
happen4--,i need not say what will      
follow4  ,some time ago this horrid     
danger might have been avoided1 and the 
colonies kept by the easiest means4--,by
 a prudent lenity and moderation4--,by  
receiving their petitions4--,by giving  
up the right we claim to dispose of     
their property1 and to alter their      
governments4--,by guarantying to them1  
in these respects1 a legislative        
independence2#id and establishing them  

in the possession of equal liberty with 
ourselves4--,this a great and           
magnanimous nation should have done4    
,this1 since the commencement of        
hostilities1 would have brought them    
back to their former habits of respect  
and subordination2 and might have bound 
them to us for ever4  ,,montesquieu has 
observed1 that ,,england1 in planting   
colonies1 should have commerce1 not     
dominion1 in view2 the increase of      
dominion being incompatible with the    
security of public liberty4--,every     
advantage that could arise from commerce
 they have offered us without reserve2  
and their language to us has            
been--8,restrict us1 as much as you     
please1 in acquiring property by        
regulating our trade for your advantage2
 but claim not the disposal of that     
property after it has been              
acquired4--,be satisfied with the       
authority you exercised over us before  
the present reign4--,,place ,,us ,,where
 ,,we ,,were ,,in #agfc40--,on these    

terms they have repeatedly sued for a   
reconciliation4 ,in return1 we have     
denounced them ,rebels2 and with our    
fleets in their ports1 and our bayonets 
at their breasts1 have left them no     
other alternative than to acknowledge   
our supremacy1 and give up rights they  
think most sacred2 or stand on the      
defensive1 and appeal to heaven4--,they 
have chosen the latter4  ,in this       
situation1 if our feelings for others do
 not make us tremble1 our feelings for  
ourselves soon may4--,should we suffer  
the consequences ,i have intimated1 our 
pride will be humbled4--,we shall admire
 the plans of moderation and equity     
which1 without bloodshed or danger1     
would have kept ,america4--,we shall    
wish for the happiness of former times2 
and remember1 with anguish1 the measures
 which many of us lately offered their  
lives and fortunes to support4          
99       99       99       99       99  
,i must not conclude these observations1
 without taking particular notice of a  

charge against the colonies1 which has  
been much insisted on4--8,they have1 it 
is said1 always had independency in     
view2 and it is this1 chiefly1 that has 
produced their present resistance40--,it
 is scarcely possible there should be a 
more unreasonable charge4 ,without all  
doubt1 our connexion with them might    
have been preserved for ages to come1   
7perhaps for ever7 by wise and liberal  
treatment4 ,let any one read a pamphlet 
published in #agfa1 by ,dr4 ,franklin1  
and entitled1 ,the interest of ,great   
,britain with respect to her ,colonies2 
and let him deny this if he             
can4--,before the present quarrel1 there
 prevailed among them the purest        
affection for this country1 and the     
warmest attachment to the ,house of     
,,hanover4 ,and since the present       
quarrel begun1 and not longer ago than  
the beginning of last winter1           
independency was generally dreaded among
 them4 ,there is the fullest evidence   
for this2 and all who are best          

acquainted with ,america1 must know it  
to be true4 ,as a specimen of this      
evidence1 and of the temper of ,america 
till the period ,i have mentioned1 ,i   
will just recite the following facts4   
,in the resolutions of the ,assembly1   
which met at ,philadelphia1 ,july #ae1  
#aggd1 after making the strongest       
professions of affection to ,britain1   
and duty to their sovereign1 they       
declare their abhorrence of every idea  
of an unconstitutional independence on  
the parent state4--,an assembly of      
delegates from all the towns of the     
county of ,suffolk 7of which ,boston is 
the capital7 delivered in ,september    
#aggd1 to ,general ,gage1 a remonstrance
 against fortifying ,boston-neck4 ,in   
this remonstrance1 they totally disclaim
 every wish of independence4--,the same 
is done in the instructions given by the
 several colonies to the first deputies 
chosen for a general ,congress4--,in the
 petition of the first ,congress to the 
,king1 they declare they shall always1  

carefully and zealously1 endeavour to   
support and maintain their connexion    
with ,great ,britain4 ,in the memorial  
of the same ,congress to the people of  
this country1 they repeat this          
assurance4--,in the order of the        
,congress1 which met in ,may #agge1 for 
a general fast1 they call upon all      
,america to unite in beseeching the     
,almighty to avert the judgments with   
which they were threatened1 and to bless
 their rightful ,sovereign1 that so a   
reconciliation might be brought about   
with the parent state4--,and in their   
declaration setting forth the causes of 
their taking arms1 they warn us1 8that1 
should they find it necessary1 foreign  
assistance was undoubtedly attainable20 
but at the same time declare1 8that they
 did not mean to dissolve the union     
which had so long and so happily        
subsisted between them and this country2
 that necessity had not yet driven them 
to that desperate measure1 or induced   
them to excite any other nation to war  

against us2 and that they had not raised
 armies with ambitious designs of       
forming independent states1 but solely  
for the protection of their property    
against violence1 and the defence of    
that freedom which was their            
birth-right40--,in the instructions1    
delivered ,nov4 #i1 #agge1 by a         
committee of the representatives of the 
province of ,pensylvania1 to their      
delegates in the third general congress2
 they enjoin them1 in behalf of the     
province1 8utterly to reject any        
propositions1 should such be made1 that 
might lead to a separation from the     
mother country40  ,what reason can there
 be for thinking the colonies not       
sincere in all these declarations8--,in 
truth2 it was not possible they should  
be otherwise than sincere2 for so little
 did they think of war1 at the time when
 most of these declarations were made1  
that they were totally unprepared for   
it3 ,and1 even when hostilities were    
begun at ,,lexington in ,april #agge1   

they were so destitute of every         
instrument of defence1 particularly     
ammunition1 that half the force which is
 now invading them1 would have been     
sufficient to conquer them at once4  ,i 
will beg leave to add on this occasion1 
the following extracts from letters1    
written by some leading persons at      
,,new-,,york1 the genuineness of which  
may be depended on4  ,new-,york1 ,august
 #c;d4 #agge4--8;,i am sensible of the  
many artifices and falshoods which have 
been used to biass the minds of your    
countrymen1 who believe evil reports of 
us2 and1 particularly1 that we are      
aiming at independence4--,of this be    
assured1 that even ,,hancock and ,,adams
 are averse to independence4 ,there was 
a lye current last week1 that the       
congress had finally agreed upon        
independence to take place the #ajth of 
,march next1 should not our grievances  
be redressed before that time4 ,i wrote 
to one of our delegates1 to enquire     
whether this report was true4 ,in his   

answer he declares1 upon his honour1    
that he believed there was not one man  
in the ,congress who would dare to make 
a motion tending to independence2 or1   
that if any one did1 two could not be   
found to support the motion4--,none but 
those who are on the spot can conceive  
what a spirit is gone forth among all   
ranks and degrees of men4--,we deserve  
to be free4 ,it is a heavy sacrifice we 
are making4 ,trade is at an end4 ,we    
expect our city to be knocked about our 
ears4 ,but ,i declare solemnly1 ,i will 
submit to all1 and die in a log-house in
 the wilds of ,america1 and be free2    
rather than flourish in servitude40--,in
 a subsequent letter1 dated             
,,new-,,york1 ,jan4 #c;d4 #aggf1 the    
same person writes as follows3--8,it is 
in the power of the ministry to         
annihilate all our disputes1 by         
restoring us to the situation we were in
 at the conclusion of the last war4 ,if 
this is done1 we shall immediately      
return to our allegiance4 ,but if not1  

be assured1 that an awful scene will be 
opened in the spring4 ,let me repeat a  
caution to you2 believe not the         
insinuations of our enemies1 who would  
make you all believe that independence  
is what ,america aims at4 ,it is an     
insidious falshood4 ,madmen will be     
found in all large societies4 ,it would 
be singular1 were there none such to be 
found in a body of three millions of    
people and upwards4 ,but they are like a
 grain of sand on the sea shore40       
,another person writes                  
thus4--,,new-,,york1 ,nov4 #b;d4 #agge4 
8,we love and honour our ,king4 ,he has 
no subjects in all his dominions more   
attached to his person1 family and      
government1 notwithstanding the epithet 
of rebels bestowed upon us4 ,no charge  
is more unjust than the charge that we  
desire an independence on ,great        
,britain4 ,ninety-nine in a hundred of  
the inhabitants of this country         
deprecate this as the heaviest of evils4
 ,but if administration will persist in 

their present measures1 this will and   
must inevitably be the event2 for submit
 to the present claims of the ,british  
parliament1 while unrepresented in it1  
you may be assured they never will4 ,and
 what deserves notice is1 that all the  
violence of ,britain only unites the    
,americans still more firmly together1  
and renders them more determined to be  
free or die4 ,this spirit is            
unconquerable by violence2 but they may 
be easily won by kindness4--,serious    
people of all denominations among us1   
episcopal and non-episcopal1 are much   
employed in prayer to ,god for the      
success of the present struggles of     
,america4 ,they consider their cause as 
the cause of ,god2 and as such1 they    
humbly commit it to him1 confident of   
success in the end1 whatever blood or   
treasure it may cost them40  ,since     
these letters were written1 the         
sentiments of ,america1 with respect to 
independence1 have been much altered4   
,but it should be remembered1 that this 

alteration has been owing entirely to   
,,ourselves2 ,i mean1 to the measures of
 the last winter and summer1 and        
particularly the following4  ,first4    
,the rejection of the petition from the 
,congress brought over by ,governor     
,,penn4 ,in this petition they          
professed1 in strong language1 that they
 still retained their loyalty to the    
,king and attachment to this country2   
and only prayed1 8that they might be    
directed to some mode by which the      
united applications of the ,colonies    
might be improved into a happy          
reconciliation2 and that1 in the mean   
time1 some measures might be taken for  
preventing their farther destruction1   
and for repealing such statutes as more 
immediately distressed them40--,the     
,colonies had often petitioned before   
without being heard4 ,they had1         
therefore1 little hope from this        
application2 and meant that1 if         
rejected1 it should be their last4      
,secondly4 ,the last prohibitory bill1  

by which our protection of them was     
withdrawn2 their ships and effects      
confiscated2 and open war declared      
against them4  ,thirdly4 ,employing     
foreign troops to subdue them4 ,this    
produced a greater effect in ,america   
than is commonly imagined4 ,and it is   
remarkable1 that even the writers in    
,america who answered the pamphlet      
entitled ,,common ,,sense1 acknowledge1 
that should the ,british ministry have  
recourse to foreign aid1 it might       
become#ie proper to follow their        
example1 and to embrace the necessity of
 resolving upon independence4  ,i have1 
further1 reason to believe1 that the    
answer to the last petition of the ,city
 of ,london1 presented in ,march        
#aggf1if had no small share in producing
 the same effect4  ,by these measures1  
and others of the same kind1 those      
,colonists who had all along most       
dreaded and abhorred independence1 were 
at last reconciled to it4--,i can1      
however1 say from particular            

information1 that even so lately as the 
month of ,june last1 an accommodation   
might have been obtained with the       
,colonies1 on a reasonable and moderate 
plan2 without giving up any one of the  
rights claimed by this country1 except  
that of altering their charters and     
disposing of their property4--,and1 as  
it would have restored peace and        
prevented the desolating calamities into
 which ,america and ,britain are now    
plunged1 no friend to humanity can avoid
 regretting that such a plan1 when      
offered1 was not adopted4 ,but our      
rulers preferred coercion and conquest3 
,and the consequence has been1 that the 
,colonies1 after being goaded and       
irritated to the utmost1 resolved to    
disengage themselves1 and directed the  
,,congress to declare them ,independent 
,states2 which was accordingly done1 as 
is well-known1 on the #dth of ,july     
last4 ,since that time1 they have1      
probably1 been making applications to   
foreign powers2 and it is to be feared1 

that now we may in vain offer them the  
very terms for which they once          
sued4--,all this is the necessary       
consequence of the principles by which  
human nature is governed4--,there was a 
time when1 perhaps1 we should ourselves 
have acted with more violence2 and1     
instead of remonstrating and praying1 as
 ,america has done1 have refused the    
most advantageous terms when offered    
with defiance1 and under an awe from a  
military force4 ,had ,king ,,william1   
instead of coming over by invitation to 
deliver us1 invaded us2 and1 at the head
 of an army1 offered us the ,,bill ,,of 
,,rights2 we should1 perhaps1 have      
spurned at it2 and considered ,,liberty 
itself as no better than ,,slavery1 when
 enjoyed as a boon from an insolent     
conqueror4--,but we have all along acted
 as if we thought the people of ,america
 did not possess the feelings and       
passions of men1 much less of           
,englishmen4--,it is indeed strange our 
ministers did not long ago see1 that    

they had mistaken the proper method of  
treating the ,colonies2 and that though 
they might be gradually influenced to   
any thing1 they could be dragooned to   
nothing4--,had ,king ,james the ,second 
avoided violence2 and been a little more
 patient and secret in pursuing his     
views1 he might have gained all he      
wished for4 ,but an eager haste and an  
open avowal of the odious claims of     
prerogative ruined him4--,this has been 
since considered2 and a plan both here  
and in ,ireland1#ig less expeditious    
indeed1 but more sure1 has been pursued4
 ,and had the same plan been pursued in 
,america1 the whole empire might in time
 have been brought1 without a struggle1 
to rest itself quietly in the lap of    
corruption and slavery4 ,it may1        
therefore1 in the issue prove happy to  
the ,colonies1 that they have not been  
thought worthy of any such cautious     
treatment4 ,our coercive measures have  
done all for them that their warmest    
patriots could have desired4 ,they have 

united them among themselves1 and bound 
them together under one government4     
,they have checked them in the career of
 vicious luxury2 guarded them against   
any farther infection from hence2 taught
 them to seek all their resources within
 themselves2 instructed them in the use 
of arms2 and led them to form a naval   
and military power which may1 perhaps1  
in time1 become superior to any force   
that can attack them1 and prove the     
means of preserving from invasion and   
violence1 a government of justice and   
virtue1 to which the oppressed in every 
quarter of the globe may fly1 and find  
peace1 protection1 and liberty4--,in    
short4 ,these measures have1 in all     
probability1 hastened that disruption of
 the new from the old world1 which will 
begin a new ra in the annals of         
mankind2#ih and produce a revolution    
more important1 perhaps1 than any that  
has happened in human affairs4--,as a   
friend1 therefore1 to the general       
interest of mankind1 ,i ought1 probably1

 to rejoice in these measures2 and to   
bless that all-governing ,providence1   
which1 often1 out of the evil intended  
by wretched mortals1 brings the greatest
 good4--,but when ,i consider the       
present sufferings which these measures 
must occasion1 and the catastrophe with 
which they threaten ,,great-,,britain2  
,i am shocked2 and feel myself incapable
 of looking forward1 without distress1  
to the fate of an empire1 once united   
and happy1 but now torn to pieces1 and  
falling a sacrifice to despotic violence
 and blindness4 ,under the impressions  
of these sentiments1 and dreading the   
awful crisis before us1 ,i cannot help1 
however impotent my voice1 crying out to
 this country--8,make no longer war     
against yourselves4 ,withdraw your      
armies from your ,colonies4 ,offer your 
power to them as a protecting1 not a    
destroying power4 ,grant the security   
they desire to their property and       
charters2 and renounce those notions of 
dignity1 which lead you to prefer the   

exactions of force to the offerings of  
gratitude1 and to hazard every thing to 
gain nothing4--,by such wisdom and      
equity ,america may1 perhaps1 be still  
preserved2 and that dreadful breach     
healed1 which your enemies are viewing  
with triumph1 and all ,europe with      
astonishment40  ,but what am ,i         
doing8--,at the moment ,i am writing    
this1 the possibility of a              
reconciliation may be lost4--,america   
may have formed an alliance with        
,,france--,and the die may be cast4     
,,sect4 ,,iii4  ,of ,schemes for raising
 ,money by ,public ,loans4  ,the        
following observations were occasioned  
by the scheme for the public loan of    
last year1 proposed to the ,house of    
,commons at opening the ,budget1 and    
afterwards agreed to4 ,i have thought   
proper1 therefore1 to introduce these   
observations here2 and1 as they appear  
to me of some importance1 ,i shall      
endeavour to explain them with as much  
care and perspicuity as possible4       

99       99       99       99       99  
,in order to raise two millions1 the    
,legislature created last year a new    
capital in the #c per cent4 consolidated
 annuities1 of #b4aej1jjjl4 ,every share
 of #ggl4 #ajs4 in this new capital was 
valued at #fel4 #ags4 #f;d4 or every    
#ajjl4 stock at #hel4 ,for the whole new
 capital1 therefore1 ,government has    
received in money1 #a4hbg1ejjl4--,the   
remaining sum1 necessary to make up two 
millions1 was a compensation advanced to
 ,government for relinquishing the      
profits of a ,lottery1 consisting of    
#fj1jjj tickets1 each of the same value 
with #ajl4 three per cent4 stock2 and   
might have been obtained1 without       
annexing the ,lottery to the            
annuities4--,this new capital the public
 may be obliged to redeem at par2 in    
which case1 #cbb1ejjl4 7being the       
difference between #a4hbg1ejj and       
#b4aej1jjjl47 that is #ag per cent4 will
 be paid by the public more than it has 
received4--,in this transaction1        

therefore1 ,government has acted as a   
private person would act1 who1 in order 
to raise #hejl4 on a mortgage1 should   
promise for it #cjl4 per ann4 7or #c per
 cent4 interest7 and #aejl4 7that is #ag
 per cent4 nearly7 over and above the   
principal1 when the mortgage came to be 
discharged4--,such a premium 7should the
 mortgage be discharged soon7 would be  
very extravagant2 but1 if never to be   
discharged1 would be insignificant3 ,nor
 would it be possible to account for    
such a bargain1 except by supposing1    
that the borrower1 instead of meaning to
 repay the sum he borrowed1 chose to    
continue always paying interest for it1 
or returning #cjl4 annually for #hejl4  
once advanced2 and to subject his       
estate1 for that purpose1 to an eternal 
incumbrance4  ,the public1 ,i have said1
 may be obliged to discharge the new    
capital1 lately created1 at par2 and1   
consequently1 to suffer a loss by this  
year's loan of #cbb1ejjl4 ,this will1   
undoubtedly1 happen1 should the nation  

prosper1 and the public debts be put    
into a regular and fixed course of      
redemption2 for the #c per cents4 would 
then soon rise to par4  ,the            
extravagance ,i have pointed out is the 
more to be regretted1 because it was    
entirely needless2 for the same sum     
might as well have been borrowed by     
schemes1 which would not have subjected 
the public to the necessity of paying1  
when the loan came to be discharged1    
more money than had been received4--,for
 instance4 ,the sum advanced for the new
 capital of #b4aej1jjjl4 three per cent4
 annuities1 might have been procured by 
offering #c per cent4 on a capital equal
 to the sum advanced2 or on #a4hbg1ejjl4
 ,and the remainder1 necessary to make  
up two millions1 might have been        
obtained by the profits of a ,lottery1  
consisting of #fj1jjj tickets each worth
 #ajl4 in ,,money4 ,this scheme would   
have differed but little in value from  
the other2 and the interest1 or the     
annuity payable by the public1 would    

have been #fc1ifbl4 at #c per cent4 on a
 capital of #a4hbg1ejjl42#ii instead of 
#fd1ejjl4 at #c per cent4 on a capital  
of #b4aej1jjjl4  ,when a #ajjl4 stock in
 the #c per cent4 annuities is sold at  
#he1 purchasers get #c per cent4        
interest for their money4 ,when1        
therefore1 the #c per cents are at this 
price1 #c per cents would be at par2 and
 a capital of #a4hbg1ejjl4 might be     
redeemed by the public1 7without losing 
any advantage arising from its debts    
being at a discount17 by paying this    
sum2 or by returning the money          
borrowed#ajj4 ,but in the same          
circumstances1 a capital of #b4aej1jjjl4
 in the #c per cent4 annuities1 for     
which #hel4 per cent4 or1 in the whole1 
#a4hbg1ejjl4 had been received1 could   
not be redeemed without offering #hf or 
#hg per cent4 for it2 nor1 therefore1   
without paying more than the original   
sum borrowed4--,when the #c per cents   
are near par1 there would be a loss of  
#cbb1ejjl4 in redeeming the same        

capital2 whereas1 the former annuities1 
for which the same sum had been         
advanced1 might be always discharged by 
either paying the very sum#aja advanced1
 or a less sum4--,in all possible       
circumstances1 therefore1 these         
annuities would have the                
advantage4--,but we never1 when         
contracting debts1 carry our views to   
the discharge of the principal2 and the 
consequences must prove fatal4          
99       99       99       99       99  
,it is necessary ,i should observe1 in  
justice to our present ministers1 that  
in adapting the scheme on which ,i have 
made these remarks1 they have only      
followed the example of former          
ministers2 and that1 however needless a 
waste it occasions of public money1     
there is reason to fear it will be      
followed by future ministers2 for the   
increase of difficulty and expence in   
redeeming the public debts1 which such  
schemes create1 being to be felt        
hereafter1 it makes no impression1 and  

is little regarded4         99       99 
99       99       99  ,in #agei1 the    
fifth year of the last war1 the lenders 
of #f4fjj1jjjl4 were granted a capital  
in the #c per cents of #g4eij1jjjl4     
together with the profits of the        
,lottery4 ,subtract from the sum        
advanced1 #aej1jjjl4 for the profits of 
the ,lottery2 and it will appear1 that1 
in this instance1 #a4adj1jjjl4 was      
needlessly added to the capital2 there  
being no reason to doubt1 but that      
lenders would then have readily advanced
 #f4fjj1jjjl4 for a capital of          
#f4dej1jjjl4 bearing #c per cent4#ajb   
interest1 provided the profits of a     
,lottery were annexed2 instead of       
advancing the same sum for a nominal    
capital near #ah per cent4 greater1 but 
bearing #c per cent4 interest4          
99       99       99       99       99  
,again4 ,in #agfb1 in order to raise #ab
 millions1 every contributor of #hjl4   
was entitled to a capital of #ajjl4 to  
bear #d per cent4 interest for #ai      

years2 and afterwards to become         
redeemable1 and to bear interest at #c  
per cent4 ,and for the remaining #bjl4  
necessary to make up a #ajjl4           
contributors were entitled to an annuity
 of #al4 for #ih years4--,this was the  
same with promising1 for every #fjl4    
advanced1 a #ajjl4 capital in the #c per
 cent4 annuities1 not redeemable for #ai
 years2 and1 for the remaining #djl4    
necessary to make up #ajjl4 an annuity  
of #bl4 for #ai years2 and1 after that1 
of #al4 for #gi years4  ,by this scheme 
no less a sum than #d4hjj1jjjl4 was     
needlessly added to the capital of the  
public debts4 ,for1 had #e per cent4    
been offered for every #fjl4            
advanced2#ajc and1 for the remaining    
#djl4 an annuity of #bl4 during #ai     
years1 and afterwards of #al4 for #gi   
years2 equal encouragement would have   
been given to contributors2 the annuity 
payable by the public would have been   
the same2 and the new capital would have
 been #g4bjj1jjjl4 bearing #e per cent4 

interest2 which might1 at any time1 have
 been redeemed with a saving of a       
million per ann4 7the first payment to  
be made immediately7 in five years and a
 quarter3 ,whereas now1 this debt will  
not become redeemable till #agha2 and   
then1 it will form a capital of #ab     
millions1 not capable of being redeemed 
with the same saving1 in less than nine 
years and a half4 ,five millions and a  
quarter1#ajd therefore1 will be wasted4 
,the capital of #ab millions four per   
cent4 annuities created this year1 were 
made irredeemable for #ai years1 to     
guard against the effects of an         
apprehension then unavoidable1 that an  
interest of #d per cent4 would1 if the  
capitals were redeemable1 be reduced1   
whenever peace came1 to #c per cent4 as 
had been done in the preceding          
peace4--,but this end would have been   
answered1 with equal effect and more    
advantage to the public1 by pledging the
 faith of ,parliament1 that whatever    
interest was promised on any capital1   

should not be reduced for #ai years2 or 
7which comes to the same7 that the      
capital should not be redeemed1 during  
that term1 by borrowing money1 and      
creating a new capital bearing lower    
interest4 ,this would have placed       
capitals bearing any interest on the    
same footing nearly with the #c per     
cent4 annuities2 and an assurance1 that 
no part of them should be discharged1   
without at the same time discharging an 
equal capital in the #c per cents1 would
 have placed them entirely on the same  
footing4--,had it1 however1 been        
necessary1 on account of the fear of a  
reduction of interest1 to make the      
capital here proposed bearing #e per    
cent1 and the capitals to be mentioned  
presently bearing #d per cent4          
irredeemable1 7and therefore the        
interest irreducible7 for any term      
7suppose till #agha72 had1 ,i say1 even 
this been necessary 7and more could not 
have been necessary7 no advantage of    
great consequence would have been lost4 

,these capitals would1 during that term1
 have been exactly the same burden on   
the public with the capitals which were 
actually created2 and after that term1  
they would have been a much less burden1
 as will be shewn at the end of this    
section4  ,again4 ,in ,january #agfj1   
eight millions were borrowed by offering
 for this sum a capital of eight        
millions to carry #d per cent4 interest 
for #ba years1 and afterwards #c per    
cent1 together with a premium of        
#bdj1jjjl4 stock carrying the same      
interest1 and divided into #hj1jjjl4    
lottery tickets1 each #cl4 stock4--,this
 was the same with offering1 for #hjl4  
of every #ajjl4 advanced1 a capital of  
#ajjl4 in the #c per cent4              
annuities1#aje not redeemable for #ba   
years2 and for the remainder besides a  
lottery ticket an annuity of #al4 for   
#ba years4--,the same sum might have    
been raised by offering #d per cent1    
irreducible during #ba years1 or #cl4   
per ann4 for #gel4 of every #ajjl4      

advanced1 and for the remaining #bel4 an
 annuity of #al4 for #ba years1 together
 with a lottery ticket4--,in this case1 
the new capital1 instead of #h4bdj1jjjl4
 bearing #c per cent4 not subject to    
redemption1 and having an annuity of    
#hb1djjl4 annexed to it1 for #ba years2 
would have been #f4jjj1jjjl4 bearing #d 
per cent4 with the same annuity annexed1
 but redeemable at any time2 and        
#bdj1jjjl4#ajf bearing #d per cent4 for 
#ba years1 and afterwards #c per cent4  
,by the scheme likewise in #agfa1 for   
borrowing #aa4djj1jjjl4 a capital of    
#ajjl4 bearing #c per cent4 interest1   
was given for part of every #ajjl4      
advanced2 and for the other part1 an    
annuity of #al4 #bs4 #f;d4 for #ii      
years4 ,had1 in this case1 #gel4 ,,four 
per cent4 ,,stock1 been offered for     
#gel4 in money2 and1 for the remaining  
#bel4 necessary to make up #ajjl4 the   
said annuity of #al4 #bs4 #f;d4 for #ii 
years2#ajg the whole annual charge would
 have been the same2 subscribers could  

not have been sensible of any difference
 in the encouragement offered them2 and 
the public1 in paying its debts1 would  
have saved #b4hej1jjjl4  ,there was also
 this year #fjj1jjjl4 received by       
government for #fjj1jjjl4 stock1        
carrying #c per cent4 interest1 and     
divided into #fj1jjj lottery tickets1   
each worth #ajl4 in stock4--,as         
#aej1jjjl4 of this sum was paid for the 
profits of the lottery2 and as #d per   
cent4 could not at this time be made of 
money laid out in the funds1 it is out  
of doubt1 that the same sum 7or         
#fjj1jjjl47 would have been given for   
#dej1jjjl4 stock1 carrying #d per cent4 
and divided into #fj1jjj lottery        
tickets1 each of the same value with    
#gl4 #ajs4 four per cent4 stock2 and    
thus #aej1jjjl4 more would have been    
saved4  ,in like manner2 it will appear1
 that three millions1 raised in #ageg1  
by creating a capital of three millions 
bearing #c per cent4 interest1#ajh with 
a life annuity annexed of #al4 #bs4     

#f;d4 for every #ajjl4 advanced2 and    
also1 four millions and a half raised in
 #ageh1 by creating a capital of four   
millions and a half1 bearing #c per     
cent4 with an annuity of a half per     
cent4 annexed for #bd years2 might have 
been raised by creating1 in the former  
case1 a capital of two millions and a   
half1 and1 in the latter1 a capital of  
four millions1 bearing #c per cent4     
interest1 with the same annuities       
annexed4  ,in #ageh1 the additional sum 
of half a million was borrowed at #c per
 cent4 by a lottery1 consisting of      
#ej1jjj tickets1 each of the same real  
value with #ajl4 stock1 but sold to the 
subscribers for #ajl4 in money#aji4 ,as 
the #c per cents4 were now at #id1 #c   
per cent4 could not be made of money    
laid out in the funds4 ,therefore1      
#cej1jjjl4 of this half million might   
have been raised at #c per cent4        
interest1 and the remaining #aej1jjjl4  
might have been procured for the profits
 of the lottery4 ,or 7which is the same7

 #ajl4 each would have been given for   
#ej1jjj tickets1 of the same value taken
 all together1 with #cej1jjjl4 carrying 
#c per cent4 interest2 and a capital of 
#aej1jjjl4 would have been saved4  ,the 
same is true of the lottery1 by which   
half a million was borrowed in          
#agef4--;,a million and a half also     
borrowed in this year1 by creating a    
capital of a million and a half1 bearing
 #c per cent4 for #ae years1 and        
afterwards #c per cent4 might have been 
procured1 by creating a capital of only 
#a4djj1jjjl4 bearing #c per cent4       
interest4 ,but ,i will not examine any  
more of these loans4 ,let us next       
consider how detrimental they have been 
to the public4         99       99      
99       99       99  ,all the savings  
and surplus monies of the kingdom from  
#agfc to #agge1 have amounted 7deducting
 #djj1jjjl4 gained by debts discharged  
at a discount7 to #aj4gci1gicl4 and with
 this sum #aa4aci1gicl4 of the national 
debt has been paid off4 7,see the       

,postscript at the end of this          
work47--,the needless addition which was
 made to the capital of the national    
debt1 by injudicious schemes for raising
 money during the last war1 exceeded    
this sum2 and it follows1 therefore1    
that the whole surplus of the revenue   
for twelve years1 has not been          
sufficient to discharge the capital1 to 
which in the last war a right was given1
 without receiving any money for it1 or 
obtaining the least advantage by it4    
,the attentive reader must have         
observed1 as ,i have gone along1 that   
the extravagance on which ,i have       
insisted1 has been the consequence of   
not separating1 in the schemes for      
raising money1 the premiums 7consisting 
of short and long and life-annuities7   
from the perpetual annuities1 and       
requiring them to be distinctly paid    
for2 and also1 of not attending to the  
difference between selling an annuity1  
and selling the stock for which that    
annuity is paid4 ,when a #ajjl4 stock in

 the #c per cents4 is at any given      
price1 there is no one who would not be 
glad to purchase from government a      
perpetual annuity of #cl4 at any lower  
price#aaj4 ,but when government sells   
the stock1 instead of the annuity1 at   
that price1 the public is injured in the
 manner ,i have represented4  ,would any
 one1 in selling any part of his        
property1 offer to make the             
purchase-money an outstanding principal 
which he shall be bound to return8#aaa  
,this is what government has uniformly  
done in its proposals for raising       
money4--,were ,i to desire any sum to be
 lent me without interest1 offering as a
 compensation or premium an annuity for 
a given term1 or an advantageous        
contract2 the proposal would not be     
accepted1 unless the annuity or the     
contract was worth the sum to be lent2  
and ,i should make myself a debtor to   
the purchaser for the very thing which  
,i sold to him4--,the absurdity would be
 the same1 if instead of borrowing      

without interest1 ,i should in the same 
way borrow at a low interest4 ,in every 
such bargain1 ,i should bring upon      
myself a needless debt1 equal to the    
value of the premium4  ,i am afraid ,i  
have tired my reader's attention on this
 subject4 ,but as much depends upon a   
right understanding of it1 ,i am anxious
 about shewing it in every possible     
light4 ,in hopes1 therefore1 of being   
attended to a little longer1 ,i shall   
endeavour to give a yet fuller view of  
this subject1 and to prove its          
importance1 by recapitulating some of   
the foregoing remarks1 and comparing the
 present state of our public debts1 with
 that which would have been their state1
 had the errors ,i have pointed out1 in 
the schemes of the public loans during  
the last war1 been avoided4         99  
99       99       99       99  ,the sum 
of #ab millions1 borrowed in #agfb1     
would have left1 at the end of the war1 
a redeemable capital of #g4bjj1jjjl4    
carrying #e per cent4 interest1 with an 

annuity added of #abj1jjjl4 for #ah     
years from ,january #agfc1 instead of an
 ir-redeemable capital of #ab millions  
carrying #d per cent4 for #ah years1 and
 afterwards #c per cent4 ,see page #ie1 
c4  ,the sum of #ab millions1 borrowed  
in #agfa1 would have left a redeemable  
capital of #i millions bearing #d per   
cent4 interest1 with a long annuity     
annexed2 instead of #ab millions with   
the same annuity annexed4 ,page #ajj4   
,the sum of #h millions1 borrowed in    
#agfj1 would have left a redeemable     
capital of #f4ahj1jjjl4 carrying #d per 
cent4 with an annuity of #hb1djjl4 for  
#ah years from ,january #agfc2 instead  
of #h4bdj1jjjl4 ir-redeemable1 and      
carrying #d per cent4 for #ah years1 and
 afterwards #c per cent4 ,page #ii4     
,the sum of #f4fjj1jjjl4 borrowed in    
#agei1 would have left a capital of     
#f4dej1jjjl4 carrying #c per cent2      
instead of a capital of #g4eij1jjjl4    
carrying #c per cent4 ,page #ie4  ,the  
sum of five millions1 borrowed in #ageh1

 would have left a redeemable capital of
 #d4cej1jjjl4 bearing #c per cent4      
interest1 with an annuity added of      
#bb1ejjl4 for #ai years from ,midsummer 
#agfc2 instead of a capital of five     
millions irredeemable1 and carrying #c  
per cent4 for #ai years1 and afterwards 
#c per cent4 ,page #aja1 #ajb1 c4  ,the 
sum of three millions1 borrowed in      
#ageg1 would have left a capital of two 
millions and a half bearing #c per cent4
 interest1 instead of three millions    
bearing #c per cent4 interest4--,and two
 millions1 borrowed in #agef1 instead of
 leaving a capital of two millions1     
would have left a capital of only       
#a4gej1jjjl4 ,page #ajd4  ,the result1  
therefore1 is1 that the whole capital of
 the public debts would have been1 at   
the end of the last war1 near ,,twelve  
,,millions ,,and ,a ,,half less than it 
was2 and at the same time1 the annual   
charge not greater4--,in #agge1 the     
difference would have been much more    
considerable4 ,for1  ,supposing all the 

same sums applied since the last war to 
the discharge of the public debts that  
we know have been so applied1 not only  
the capital but the annual charge would 
have been considerably less4--,this will
 be demonstrated by the following       
account4  ,it may be learnt from the    
,postscript at the end of this ,tract1  
that #aa4aci1gicl4 of the public debts  
has been discharged with #aj4gci1gicl4  
of the public money1 derived from       
various savings and surplusses4 ,all    
this money might have been employed1 and
 without doubt would have been employed1
 in redeeming first the capital ,i have 
mentioned in ,page #ajg1 of #g4bjj1jjjl4
 bearing #e per cent4 interest2 and     
afterwards1 the two other capitals there
 mentioned of #i millions1 and of       
#f4ahj1jjjl4 bearing #d per cent4       
interest4 ,it would have been sufficient
 to redeem the whole of the former      
capital1 and also #c4eci1gicl4 of the   
two last capitals2 which would have set 
free for the public an annual charge of 

#eja1eial4--,to this sum must be added  
an annual charge of #bef1jjjl4 saved in 
#agfe1 #agff1 #agfg and #agfh1 by       
redeeming1 with #f4djj1jjjl4 borrowed in
 those years1 so much of a debt unfunded
 at the end of the war1 but afterwards  
funded1 and carrying #d per cent4       
interest4 ,and also #ab1ecgl4 per ann4  
gained by changing #a4bec1gjjl4 from an 
interest of #d to #c per cent4 and      
#g1ejjl4 per ann4 gained in #agga1 by   
the ceasing of an annuity of a  per     
cent4 annexed for #ae years to          
#a4ejj1jjjl4 borrowed in #agef4--,the   
total decrease1 therefore1 of the annual
 charge would have been #ggg1fbhl4--,but
 at the same time there would have been 
the following additions to it4--,first4 
,there would have been the addition of  
#aii1ejjl4 per ann4 being the interest  
of #f4fej1jjjl4 borrowed since          
#agfc4--,secondly4 ,of #fi1ahgl4 per    
ann4 being the interest of #b4cjf1bdjl4 
applied1 in #agfd and #agfe1 to the     
discharge of ,german and army debts     

derived from the war1 and which might   
have been converted into a funded       
capital bearing #c per cent4 interest1  
by borrowing money to pay them off1 in  
order to avoid diverting money employed 
in redeeming capitals bearing #e per    
cent4  ,these two sums make #bfh1fhgl4  
which deducted from #ggg1fbhl4 leaves   
#ejh1idal4 ,and this is the clear annual
 charge which would have been saved to  
the public1 exclusive of the savings    
which have arisen from the falling in of
 life-annuities4  ,but the annual charge
 that has in fact been saved is only    
#chb1abiaab4--,the difference is        
#abf1habl4--,with this additional       
saving1 as it fell in and increased from
 time to time during the course of #ab  
years1 a million more of the public     
debts bearing #d per cent4 might have   
been redeemed2 and this would have made 
a farther saving of #dj1jjjl4 per ann4  
,it appears1 therefore1 upon the whole1 
that had the mistakes ,i have pointed   
out1 in the loans of the last war1 been 

avoided1 7all other public measures     
remaining the same7 the nation would now
 have had #ac millions and a half less  
to pay1 in order to redeem its debts2   
and also an annual charge upon it       
#aff1habl4 less4  ,all this supposes    
that the capitals of the #e per cent4   
and #d per cent4 annuities in the       
improved schemes were redeemable4--,but 
had they been made irredeemable till    
#agha1 as mentioned in page #ih1 the    
public would not have been much less    
benefited3 ,for1 soon after #agha1 these
 #e and #d per cents4 7the former       
#g4bjj1jjjl4 and the latter             
#ae4ahj1jjjl47 might have been easily   
reduced to #c per cent4 and this would  
have occasioned an annual saving of     
#ahc1ijjl4 over and above the savings1  
which would have arisen in that year1   
from the extinction of the short        
annuities4  ,i will add1 that had these 
annuities been made not only            
irredeemable till #agha2 but irreducible
 for some time beyond that year1 in the 

manner intimated in page #ih1 the public
 would still have been greatly          
benefited4 ,for1 the annual charge upon 
it would not at any time have been      
greater2 but its debts would have been  
#ab millions and a half less2 and1 at   
the same time1 they would have been     
capable of being discharged with more   
expedition1 and at a less expence1 than 
a smaller quantity of its present debts4
 ,see the note1 page #id4         99    
99       99       99       99  ,i cannot
 doubt but that all who will attentively
 examine these observations will find   
them to be just4--,i have confined my   
enquiries to the loans of the last war4 
,had ,i extended them to all our loans1 
it would have appeared1 that a greater  
sum than most persons can think         
credible1#aac has been such a needless  
addition to our debts as ,i have        
explained2 or1 8a pure and uncompensated
 loss1 which might have been avoided by 
only framing differently the schemes of 
the public loans40     ,,part ,,iii4    

,,sect4 ,i4  ,,abstract of the ,,exports
 from and ,,imports to ,,great-,,britain
 from #afig to #aggc1 with ,,remarks4   
,,imports4    ,,exports4   ,,excess of  
,,exports4                         4    
4          4   ,,annual ,,medium     for
 ,,four ,,years     ended at #agjj      
#d4ief1ige   #f4jcd1gbd  #a4jgg1gdi or  
#aj_/ef of                              
the exports4    ,for ,,five ,,years     
ended at #agaj   #e4cba1gag   #f4gac1bdf
  #a4cia1ebi or #aj_/dh of              
the exports4           at #agae         
#e4cjd1cdc   #g4dja1idf  #b4jig1fjc or  
#aj_/ce of                              
the exports4           at #agbe         
#f4fbh1bgi   #i4ffc1ebg  #c4jce1bdh or  
#aj_/cb of                              
the exports4           at #agce         
#g4dgj1ded  #aa4hee1bbf  #d4chd1ggb or  
#aj_/bg of                              
the exports4           at #agde         
#g4cfc1jgi  #aa4ibb1ihb  #d4eei1ijc or  
#aj_/bf of                              
the exports4           at #agej         

#g4dbi1gci  #ab4hgg1abi  #e4ddg1cij or  
#aj_/bd of                              
the exports4           at #agee         
#h4bfd1hcd  #ac4djf1ecj  #e4ada1fif or  
#aj_/bf of                              
the exports4           at #agfj         
#h4hgg1add  #ad4bec1cgg  #e4cgf1bcc or  
#aj_/bf of                              
the exports4   ,for ,,four ,,years      
ended at #agfd  #aj4aaj1hgj  #ae4gic1aeh
  #e4fhb1bbh or #aj_/bh of              
the exports4    ,for ,,nine ,,years     
ended at #aggc  #aa4iif1gfi  #ad4had1jgd
  #b4hag1cje or #aj_/ec of              
the exports4  ,this ,,abstract has been 
formed from the accounts delivered      
annually to the ,,house ,,of ,,commons1 
and lately published by ,sir ,,charles  
,,whitworth4  ,in order to draw just    
inferences from it1 the following       
particulars should be                   
remembered4--,first4 ,the ,,exports in  
the ,custom-,house entries are1 for     
reasons well-known1 too high4 ,this     
excess has1 by some of the best judges1 

been reckoned at a million per          
ann4--,secondly4 ,the ,,imports are too 
low1 no smuggled commodities being      
included in them4 ,this deficiency has  
been estimated at another million per   
ann4 ,but1 in order to be sure of       
keeping within bounds1 ,i will take both
 at a million and a half per            
ann4--,thirdly4 ,the interest of the    
national debt paid to foreigners2 the   
money spent in foreign countries by     
,english travellers2 the bullion        
consumed in manufactures2 and the wear  
of the current coin1 cannot1 perhaps1   
amount to much less than two millions   
per ann4 ,i will1 however1 take them at 
no more than the annual sum which has   
been commonly supposed to be due to     
foreigners from our funds2 or1 a million
 and a half4--,in order1 therefore1 to  
find the ,,grand ,,balance ,,of         
,,payment between ,britain and the rest 
of the world since the last war1 all    
these sums 7making up ,,three           
,,millions7 must be deducted from the   

excess of the exports4--,but1 in order  
to find the same balance before the end 
of the last war1 less must be deducted1 
in proportion as the national debt and  
the foreign trade were then less than   
they are now4  ,if the foregoing        
,abstract is examined with a due regard 
to this rule1 it will be found that1    
from#aad #agaj to #agfd1 the ,,balance  
,,of ,,payment must have been in favour 
of ,britain2 and that consequently1     
there must have been1 during that       
period1 an influx of money into the     
kingdom4--,it was this1 together with   
the increase of our paper1 that produced
 the rapid fall of interest which began 
a few years before the ,accession4 ,and 
it was this also that enabled us to bear
 the great expence of the two last wars1
 and the loss of those enormous sums    
which were sent out of the kingdom to   
pay foreign subsidies1 and to support   
armies on the continent4  ,before #agaj 
it appears to be doubtful1 whether the  
excess of the exports was such as       

brought any money into the kingdom2 but 
it seems certain1 that it could not have
 been such as in any degree compensated 
that drain of the public cash1 which was
 occasioned by the continental wars of  
,king ,william and ,queen ,ann4 ,in     
consequence of this1 the quantity of    
specie in the kingdom must have been    
greatly diminished2 and ,dr4 ,davenant  
computes that in #agaa it was nine      
millions less than at the ,revolution4  
,hence proceeded the high rate of       
interest2 the unproductiveness of the   
taxes2 and the difficulties which       
government met with in raising money    
during those two wars3 ,and there is    
reason to believe1 these difficulties   
would have been insurmountable1 had not 
a substitute for specie been provided by
 the establishment of the ,bank4  ,in   
the interval of peace between the two   
last wars1 or from #agdh to #agee1 the  
balance in favour of ,britain was at the
 highest2 and this contributed to raise 
the stocks#aae to such a price1 as      

enabled government to reduce the        
interest of the public debts from #d to 
#c per cent4  ,but the observation ,i   
here intended principally to make is1   
that the balance1 since the year #agfd1 
appears1 from the preceding abstract1 to
 have been against ,,britain2 and that  
this accounts for the high price of     
bullion1 the scarcity of specie1 and the
 distress of the ,bank from that year to
 #aggc4  ,it deserves farther to be     
observed that1 while the exports were   
decreasing from #agfd to #aggc1 the     
,,imports appear to have increased      
faster than ever3 ,and the fact is1 that
 since #agfj1 a greater addition has    
been made to them1 than had been made   
during the whole time from the          
,accession to that year4--,this is a    
striking proof that luxury has been for 
some years increasing with rapidity     
among us2 and it is worth adding1 that  
the productiveness of the taxes has kept
 pace1 as might have been expected1 with
 this increase of luxury1 both the      

,,customs and ,,excises having brought  
in lately1 near #bej1jjjl4 per ann4     
each1 more than they did twelve years   
ago4--,it should be attended to1 that   
this improvement of the revenue must be 
the effect solely of an increased       
consumption occasioned by luxury2 the   
taxes1 ever since the end of the last   
war1 having been nearly the same4  ,the 
exports from #agaj to #agfd went on     
increasing constantly4 ,i have observed1
 that from #agfd to #aggc they have     
decreased4 ,one reason of this has been1
 the decline of the ,,portugal trade2   
the exports to that country having      
fallen1 since #agfj1 from #a4bjj1jjjl4  
per ann4 to #fjj1jjjl4 per              
ann4--,another reason has been the check
 which a wretched policy has been       
giving1 ever since #agfc1 to our trade  
with the ,colonies4 ,this trade had for 
many years contributed more than any    
other trade towards raising our exports2
 and even in the period between #agfc   
and #aggd1 notwithstanding the checks it

 received1 it went on increasing1 and   
produced a balance in our favour of a   
million and a half per ann4 ,but since  
#aggd it has been entirely lost4 ,before
 this loss1 the balance of payment      
between us and the rest of the world    
was1 according to the account ,i have   
given1 against us4 ,undoubtedly then1 it
 was a loss we could by no means have   
sustained1 had it not been for the      
seasonable interposition of some very   
particular causes4 ,time will shew      
whether these causes are of a permanent 
nature1 or temporary and accidental4    
,,sect4 ,,ii4  ,,historical ,,deduction 
and ,,analysis of the ,,public ,,debts4 
,,state and ,,amount of the ,,national  
,,debt1 at ,midsummer1 #agge1 with the  
,charges of ,management4                
,,capitals and ,,annuities transferable 
at the ,,bank ,,of ,,england4           
,principal4  ,interest4                 
4         4    ,,capital of their       
original ,fund--,see ,note 7#a7 p4 #abe 
#c4bjj1jjj     #if1jjj    ,,exchequer   

bills1 by #c;d of ,geo4 ,i4 c4 #hth1    
bearing     originally #e per cent4     
interest1 but reduced     to #d per     
cent4 in #agbg1 and to #c per cent4 by  
#bc;d ,george ,,ii4 #agdi4 ,see ,note   
7#b7 p4 #abf           #ejj1jjj         
#ae1jjj    ,purchased of the ,,south    
,,sea ,,company in #agbb1--reduced      
from #f to #e per cent4 interest in     
#agag2 from #e     to #d4 per cent4 in  
#agbg2 and to #c per cent4     by #bc;d 
of ,george ,,ii4 #agdi4--,see ,note 7#c7
          #d4jjj1jjj    #abj1jjj        
,lent to government at #d per cent4 in  
#agbh1     charged on the surplus of the
 fund for the     lottery in #agad1 and 
reduced to #c per cent4     by #bc;d    
,george ,,ii4 #agdi                     
#a4bej1jjj     #cg1ejj    ,lent at #d   
per cent4 in #agbg2 charged on the      
duties on coals2 and reduced to #c per  
cent4     by #bc;d of ,george ,,ii4     
#agdi                        #a4gej1jjj 
#eb1ejj    ,lent at #d per cent4 in     
#agdf2 charged on licences     for      

retailing spirituous liquors2 and       
reduced to     #c per cent4 by #bc;d    
,geo4 ,,ii4 #agdi                       
#ihf1hjj     #bi1fjd                    
---------------------   ,amount of ,bank
 capital                                
#aa4fhf1hjj    #cej1fjd     ,see ,note  
7#d7 p4 #abf4    ,charge of management  
#e1hihl4 per ann4                       
,,bank ,,annuities4    ,consolidated #d 
per cent4  annuities due     ,april #e1 
and ,october #aj--,see ,note 7#e7       
#ah4ihf1cjj    #gei1deb    ,these       
annuities fall to #c per cent4 in       
,january1 #agha4 ,charge of management  
#aj1fhjl4 per ann4    ,annuities at #c  
per cent4 #ageh1 due ,jan4 #e1 and      
,july #e4--,these annuities fall to #c  
per cent4     in #aghb                  
#d4ejj1jjj    #aeg1ejj    ,see an       
account of them in p4 #aja4    ,charge  
of management #b1hjel4 per ann4         
including management on half a million  
raised     at the same time by a        
lottery1 and made a part     of the     

consolidated #c per cents4              
,,consolidated #c per cent4 annuities   
due ,jan4 #e1     and ,july #e4 ,see    
,note7#f7                               
#ch4bea1fif  #a4adg1eea    ,management  
#ba1jhgl4 per ann4    ,,reduced #c per  
cent4 annuities1 due ,april #e1     and 
,oct4 #aj4 ,see ,note 7#g7              
#ah4cec1ggd    #eej1fac    ,charge of   
management #aj1cbdl4 per ann4    ,three 
per cent4 #agbf1 due ,jan4 #e1 and ,july
 #e1     charged on the deduction of    
#f;d4 per pound on     all pensions from
 the civil list2 and on all     payments
 from the crown1 except to the navy and 
army--,see ,note 7#h7 p4 #abh           
#a4jjj1jjj     #cj1jjj    ,management   
#cfjl4 per ann4    ,long annuity due    
,jan4 #e1 and ,july #e                  
#f4gjb1gej    #bdh1bej    ,the remaining
 term from ,jan4 #aggf1 is #hd          
years--,see ,note 7#i7 p4 #abh4         
,management #c1dial4 per ann4           
,,capitals and ,,annuities transferable 
at the ,,south ,,sea ,,house4    ,,south

 ,,sea ,,stock                          
#c4ffb1ghd    #aji1hhd    ,the dividend 
on this stock1 at #c per cent4     is   
#abh1aigl4 #is4--,due ,jan4 #e1 and     
,july #e4    ,,south ,,sea #c per cent4 
,,old ,annuities due     ,april #e1 and 
,oct4 #aj                               
#aa4ijg1dgj    #ceg1bbd    ,three per   
cent4 ,,new ,annuities due ,jan4 #e1    
and ,july #e                            
#h4did1hcj    #bed1hde    ,three per    
cent4 #agea1 due ,jan4 #e1 and     ,july
 #e                                     
#a4iai1fjj     #eg1ehh    ,charge of    
management on ,south ,sea ,stock and    
,annuities #ae1ajjl4 per ann4--,see     
,note 7#aj74           ,,capital and    
,,annuities transferable at the ,,india 
,,house4    ,,east ,,india ,,stock      
#c4bjj1jjj     #if1jjj    ,interest #c  
per cent4    ,dividend #g per cent4     
#bbd1jjjl4 due ,jan4     #e1 and ,july  
#e4--,see ,note 7#aa74    ,charge of    
management #a4bhel4 #ads4 #d;d4         
,,east ,,india ,annuity due ,april #e1  

and ,oct4 #aj1     charged on the       
surplus of a tax on spirituous          
liquors4 ,see ,note 7#ab7               
#a4jjj1jjj     #cj1jjj    ,management   
#djal4 #aes4 #h;d4 per ann4             
,,annuities payable at the ,,exchequer4 
,,annuities for #if and #ii years1 from 
various     dates1 in the  time of ,king
 ,william     and ,queen ,anne--,see    
,note 7#ac7                             
#a4hcf1bgf    #aca1bjc    ,salaries to  
,exchequer officers1 and                
management--#e1bejl4 per ann4           
,annuities for lives1 with benefit of   
survivorship1     granted by the #dth of
 ,william and ,mary1     #afic4--,these 
annuities are not yet extinct1     and  
they are valued at three years purchase 
#bb1gha      #g1efg    ,annuities for   
lives1 with benefit of survivorship1    
by an ,act of the #eth of ,geo4 ,,iii4  
#agfe--,see     ,note 7#ad7             
#ah1jjj        #edj    ,annuities for   
two or three lives1 granted in          
#afid4--;,also1 ,annuities on single    

lives  #agde1 #agdf1     and            
#ageg4--,see ,note 7#ae7--,their        
original amount1     taken all together1
 was very nearly #abd1jjjl4     but they
 are now reduced by deaths to near      
#hj1jjjl4 and their value is here taken 
at     #aj years purchase               
#hjj1jjj     #hj1jjj    ,,unfunded      
,,debt1 consisting of ,exchequer bills1 
7#a4bej1jjjl47 ,navy debt1              
7#a4hej1jjjl47      and ,civil list     
debt1 supposed #ejj1jjjl4--,the         
interest is reckoned at #b per          
cent4--,see      ,note 7#af7            
#c4fjj1jjj     #gb1jjj    ,salaries to  
,exchequer bill officers #fejl4     per 
ann4                                    
---------------------   ,total of the   
principal and interest of the           
,national ,debt at ,midsummer #agge4    
4 #ace4idc1jea  #d4ddj1hba   ,,notes    
containing an ,,explanation and         
,,history of the different ,articles in 
the foregoing ,account4  ,,note         
7#a7--;,,bank ,,old ,,capital4 ,see     

,page #aai4--,the ,,bank was established
 in #afid4 ,their original capital was  
#a4bjj1jjjl4 bearing #h per cent4       
interest1 charged on #e_/gths4 of #i;d4 
per barrel excise1 with #djjjl4 per ann4
 for management4--,in #agji1 they lent  
to government #djj1jjjl4 without        
interest1 which increased their old     
capital to #a4fjj1jjjl4 bearing #f per  
cent4 interest4 ,in #agdb1 they again   
lent to government #a4fjj1jjjl4 without 
interest2 and thereby increased this    
capital to its present amount1 or to    
#c4bjj1jjjl4 bearing #c per cent4 with  
the same annual sum for management4--,it
 is of particular importance to observe 
with respect to the sums of #djj1jjjl4  
and of #a4fjj1jjjl4 just mentioned1 that
 they were properly a compensation from 
the ,bank to the public for continuing  
their exclusive privileges2 and would   
have been advanced1 or at least the     
greatest part of them1 though government
 had not bound itself to return the     
purchase money1 by making it a part of  

the principal due to the ,bank1 provided
 the same interest had been continued   
for some time on their former principal1
 and the same liberty granted to        
increase their stock4--,the like is true
 of #a4bjj1jjjl4 advanced by the ,india 
,company without interest in            
#agjh4--;,in these instances1 therefore1
 a needless addition was made to the    
public debt of #c4bjj1jjjl4 which1 had  
it been avoided1 the public would have  
had not only a principal so much less to
 pay2 but it would have saved in        
interest at least #ifjjjl4 per ann4 for 
the old capital of the ,bank and the    
capital of the ,east ,india ,company    
would have formed1 in this case1 between
 them1 a debt of only #c4bjj1jjjl4      
7instead of #f4djj1jjjl47 the interest  
of which might long ago have been       
reduced at least one half2 or from #h   
per cent4 the original interest1 to #d  
per cent4         99       99       99  
99       99  ,,note 7#b7--;,half a      
million1 part of the ,,bank ,,capital4  

,see ,page #aai4--,this part of the     
,bank capital consisted originally of   
two millions in ,exchequer bills1       
cancelled for government by an act of   
the #c;d of ,geo4 ,i4 ,but half a       
million was discharged in #agbi2 and a  
million in #agch4         99       99   
99       99       99  ,,note            
7#c7--;,,four ,,millions purchased of   
the ,,south-,,sea ,,company2 part of the
 ,,bank ,capital4 ,see ,page #aai4--;,in
 order to procure this money1 the ,bank 
sold new stock at #ah per cent4 premium4
 ,this produced a saving of #faj1afil4  
the sale of #c4chi1hcal4 stock having   
produced four millions in money4 ,and1  
consequently1 though by this transaction
 the capital for which they received    
interest was increased four millions1   
yet the stock on which they made their  
dividends was increased only            
#c4chi1hcal4         99       99        
99       99       99  ,,note            
7#d7--;,,bank ,,stock and               
,,dividend4--,the stock on which the    

,bank divides is only #aj1ghj1jjjl4     
,this dividend varies as their profits  
vary2 but for several years it has been 
#e per cent4 payable half-yearly at     
,lady-day and ,michaelmas4 ,their whole 
annual dividend is1 therefore1          
#eib1ijjl4 which subtracted from        
#cej1fjdl4 the interest paid by         
government1 makes their clear annual    
profit #bdb1bifl4--,besides interest1   
they receive for management of their    
capital #djjjl4 per ann4 on account of  
their old capital1 and #a1hihl4 per ann4
 on account of four millions purchased  
of the ,south ,sea ,company2 in all1    
#e1hihl4 per ann4--,the ,bank receives  
farther the sums specified in the       
foregoing account1 towards bearing the  
expences of managing the annuities      
commonly called ,bank ,annuities4 ,all  
these expences1 including the sums      
granted for managing their capital1     
amount to #ed1fdel4 per ann4         99 
99       99       99       99  ,,note   
7#e7--;,,consolidated #d per cent4      

,,bank ,,annuities4 ,see ,page          
#abj4--,the capital of these ,annuities 
consists of two loans1 one in #agfj1 and
 the other in #agfb1 consolidated into  
one stock1 and charged on the additional
 duty of #c;d4 per bushel on malt1 the  
surplus of the duties on spirituous     
liquors1 and the additional duties on   
windows2 all which duties were ordered  
by #b;d ,geo4 ,,iii4 to be carried to   
the ,sinking ,fund1 and the interest    
with which they were charged to be paid 
out of that fund4--,i have made some    
remarks on these loans in page #if1 and 
page #ii4 ,they amounted to             
#bj4bdj1jjjl4 ,but #a4bec1gjjl4 of this 
capital was changed in #aggj1 from an   
interest of #d to #c per cent4 and the  
capital reduced to the present sum4--,a 
more full account of these annuities may
 be found in ,mr4 ,ashmore's ,analysis  
of the several ,bank ,annuities1 p4 #ag4
         99       99       99       99  
99  ,,note 7#f7--;,,consolidated #c per 
cent4 ,,bank ,,annuities4 ,see page     

#aba4--,the capital of these annuities  
is made a distinct stock from that of   
the annuities called ,reduced1 because  
it never bore a higher interest than #c 
per cent4--,it consisted originally of  
the following loans--#cg1hbal4 remaining
 in #agbg1 of #c per cent4 annuities1   
granted in lieu of ,st4 ,christopher's  
and ,nevis debentures--#hjj1jjjl4       
borrowed in #agca--fjj1jjjl4 borrowed in
 #agcf--cjj1jjjl4 in #agch--f4djj1jjjl4 
in #agdb1 #agdc1 #agdd and #agde1 and   
charged on additional duties on         
spirituous liquors1 wines1 vinegar1     
c4--#a4jjj1jjjl4 borrowed in            
#agej--bd4dij1jjjl4 borrowed in the     
course of the last war1 and funded on   
the additional duties on beer1 houses1  
stamps1 c4--#d4ijj1jjjl4 borrowed in    
#agff1 #agfg and #agfh--;,and           
#a4bec1gjjl4 of the #d per cent4        
annuities1 subscribed into the #c per   
cent4 annuities in #aggj4  ,all these   
loans were by #be ,geo4 ,,ii4 #agea1 and
 several subsequent ,acts of            

,parliament1 consolidated into one joint
 stock2 and carried1 with the duties for
 paying the interest1 to the ,sinking   
,fund4 ,and in #aggj1 they formed a     
capital of #ci4gha1ebal4 which has been 
since reduced1 by the payments mentioned
 in the ,postscript at the end of this  
tract1 to the sum specified in the      
account to which this note refers4--,see
 a more full account in ,mr4 ,ashmore's 
,analysis1 c4 from page #e to page #aa4 
99       99       99       99       99  
,,note 7#g7--,,reduced #c per cent4     
,,bank ,,annuities4 ,see page           
#aba4--,the capital of these annuities  
consisted1 in #agdi1 of loans in #agdf1 
#agdg1 and #agdh1 and navy1 ordnance and
 transport debts funded in #agdi1       
amounting to #ah4djb1dgbl4 and all      
bearing #d per cent4 interest4--,by the 
#bc;d of ,geo4 ,,ii4 #agdi1 these loans 
were reduced to an interest of #c per   
cent4 and by the great consolidating    
,act in #agea1 they were converted into 
one stock1 and carried into the ,sinking

 ,fund with the duties on carriages1 and
 the additional duties on glass1        
spirituous liquors1 houses1 windows1    
stamps1 merchandize imported1 c4 which  
had been granted for paying the         
interest4--,in #agea1 certain exchequer 
tallies and orders1 amounting to        
#abi1gejl4 were subscribed into this    
stock2 and in #agfe1 navy bills to the  
amount of #a1dhb1jjjl4 were subscribed  
into it1 which made its whole original  
amount #bj4jad4bbbl4--,in #agea1 there  
was paid off #hcj1hihl4 being stock     
which had not been subscribed agreeably 
to the ,act in #agdi for reducing       
interest2 and in #aggb1 #aggd1 and      
#agge1 so much more of this stock was   
paid off as reduced it to its present   
amount4--,see ,mr4 ,ashmore's ,analysis1
 p4 #ab-af4         99       99       99
       99       99  ,,note              
7#h7--;,,civil ,,list ,,million4 ,see   
page #aba4--,the income settled upon    
,king ,george ,i4 for his civil list1   
was #gjj1jjjl4--,in #agbj1 there had    

been granted him besides1 from the      
,royal ,exchange and ,london ,assurance 
companies1 #cjj1jjjl4 ,and in #agbf1    
this million was farther granted towards
 paying off his debts4         99       
99       99       99       99  ,,note   
7#i7--;,,bank ,,long ,,annuity4 ,see    
page #abb4--,this annuity consists of   
#abh1bejl4 per ann4 for #ii years1 given
 in #agfa1 as a premium to the          
subscribers of #aa4djj1jjjl4 at #c per  
cent2 and of #abj1jjjl4 per ann4 for #ih
 years1 given in #agfb1 as a premium to 
the lenders of twelve millions at #d per
 cent4 ,see page #ie and #ajj4 ,it is   
charged1 together with the loans to     
which it was annexed1 on the ,sinking   
,fund4--,its value in the ,alley is     
about #be years purchase2 but the       
remaining term is really worth #bg years
 purchase1 reckoning interest at #c1 7or
 the #c per cents4 being at #he47 ,but  
when interest is at #d per cent4 or the 
#c per cents4 are at #ge1 it is worth   
only #bd years purchase4--,when this    

annuity is called a premium1 it must not
 be imagined1 that no compensation was  
given for it4 ,government received the  
value of it2 but1 at the same time1 made
 itself a debtor for that value4 ,and1  
what is very surprizing1 this has been  
uniformly practised with respect to all 
the premiums or douceurs granted by     
government2 and the consequence has     
been1 that great and needless increase  
of the public debt explained in the #c;d
 section of the #b;d ,part4         99  
99       99       99       99  ,,note   
7#aj74--,,south-,,sea ,,stock ,,and     
,,annuities4 ,see page #abb4--,these    
four capitals amounting to #be4ihd1fhdl4
 #acs4 consist almost entirely of the   
remainder of debts contracted in the    
reigns of ,king ,william and ,queen     
,anne4 ,the following account will      
probably give sufficient information    
concerning them4  ,in #agaa1 ,lord      
,oxford being minister1 the proprietors 
of certain navy1 army1 ordnance and     
transport debts1 to the amount of       

#i4agg1ifhl4 including arrears of       
interest1 and half a million for the    
current supplies1 were incorporated into
 a company for trading to the           
,south-seas4 ,they were allowed #f per  
cent4 interest for this debt1 with      
#hjjjl4 per ann4 for management2 and the
 duties on wine1 tobacco1 ,east-,india  
goods1 candles1 c4 were made perpetual1 
and granted as a ,fund 7ever since      
called the ,south-sea ,company's ,fund7 
for paying the interest4 ,this kept up  
public credit at the time1 and has been 
called the ,earl of ,oxford's           
master-piece4--,by the #ast of ,geo4 ,i4
 #hbb1jcbl4 consisting chiefly of       
interest payable on the ,company's      
capital1 was added to the capital1 in   
consequence of which it was increased to
 ,,ten ,,millions1 7ever since called   
their original capital7 bearing #f per  
cent4 interest4--,in #agag1 they agreed 
to take #e per cent2 and this was the   
first great reduction of interest1 which
 in conjunction with the same reduction 

of the other redeemable debts almost all
 carrying #f per cent4 laid the         
foundation of the ,,sinking ,,fund      
established in this year4 ,but it is    
remarkable1 that so fast did interest   
fall at this time1 that the price of    
,south-sea stock1 notwithstanding this  
reduction1 rose from #aja to #aaa4--;,in
 #agai1 the ,south-sea capital was      
increased to #aa4gdf1hddl4 bearing #e   
per cent4 interest 7with an addition of 
#a1cigl4 #is4 to their former allowance 
for management7 by advancing to         
government #edd1adbl4 and by the        
proprietors of #id1cbil4 #abs4 lottery  
annuities for #cb years granted in      
#agaj1 accepting in lieu of them        
#a4bjb1gjbl4 ,south ,sea stock4--,in    
#agbj1 the agreement was made by        
government with the ,south ,sea         
,company1 which produced the great      
,,south ,,sea ,,bubble4--,there existed 
at that time long annuities to the      
amount of #fff1hbal4 #hs4 and short     
annuities1 for #cb years from #agaj1 to 

the amount of #abg1bfjl4 #fs4 ,the      
proprietors of these annuities were     
allowed to subscribe them into the      
,south ,sea trading stock2 and the      
,company1 for every #ajjl4 of the long  
annuity which should be subscribed1 were
 to receive from government an addition 
to their capital of #bjjjl4 bearing #e  
per cent4 interest till #agbg1 and      
afterwards #d per cent4 till redeemed3  
and for every #ajjl4 of the short       
annuities1 they were to receive an      
addition to their capital of #adjjl4    
bearing the same interest4--,they were  
besides to take in the redeemable debts 
to the amount of #af4edf1dhbl4 and to   
receive an addition to their capital of 
#ajjl4 for every #ajjl4 subscribed4--,by
 the subscription of the long and short 
annuities which followed this agreement1
 a capital due from government to the   
,company was created1 which was greater 
by #c4jcd1gfil4 than the original sum   
advanced for the annuities subscribed4  
,and as much of these annuities and of  

the redeemable debts were subscribed1 as
 increased the ,south ,sea trading      
capital to #cg4hjb1bjcl4--,in #agbb1    
four millions of this capital was       
purchased by the ,,bank1 7,see ,note    
#c47 which reduced it to                
#cc4hjb1bjcl4--,by #i ,geo4 ,i4 #agbc1  
this remaining capital was divided into 
two equal parts1 one of which alone 7or 
#af4ija1ajal47 was ordered to be the    
trading capital of the ,company1 and the
 other part was directed to be called   
,south ,sea ,annuities4--,in #agcc1 the 
,south ,sea trading capital had been    
reduced by payments at different times  
to #ad4fea1acgl4 #abs4 ,by an ,act of   
,parliament in that year1 this remaining
 stock received a farther division2 and 
only a fourth part1 or #c4ffb1ghdl4 was 
allowed to be the ,company's stock2 and 
the other three parts1 or #aj4ihh1cecl4 
were directed to be called ,,new ,south 
,sea ,annuities1 in order to distinguish
 them from the former annuities1 which  
have ever since gone under the name of  

,,old ,south ,sea annuities4--,from     
#agcc1 to the present time1 ,,south     
,,sea ,,stock has continued the same2   
but the capital of the ,,old ,south ,sea
 annuities has been reduced1 by         
redemptions1 to #aa1ijg1dgjl4 and of the
 ,,new ,south ,sea annuities1 to        
#h4did1hcjl4 ,and of the whole ,south   
,sea debt1 which in #agbb was           
#cc4hjb1bjcl4 there has1 since that     
year1 been paid off in all #i4gcg1aail4 
,this should have reduced it to         
#bd4jfe1jhal4 but it is in reality      
#be4ihd1fhel4 ,the reason of this is1   
that the diminution just mentioned of   
the ,south ,sea debt was made in part   
with money borrowed in #agea1 to pay off
 such proprietors of ,south ,sea        
annuities as had refused to consent to  
the reduction of interest proposed to   
them in #agdi4 ,the sum borrowed for    
this purpose was #b4ajj1jjjl4 bearing #c
 per cent4 with #aahal4 #es4 for        
management4 ,this debt is now reduced by
 redemptions to the sum specified in the

 preceding account2 or to #a4iai1fjjl4  
99       99       99       99       99  
,,note 7#aa74--;,,east-,,india ,,stock4 
,see page #abc4--;,in #afih1 a company  
of merchants1 in consideration of two   
millions lent to government at #h per   
cent4 were incorporated1 and entitled to
 the sole privilege of trading to the   
,east-,indies4--,these two millions     
formed the first capital of the present 
,east-,india ,company4--,in #agjb1 an   
old company of traders to the           
,east-,indies was united to this        
company2 and in #agjh1 these united     
companies lent to government            
#a4bjj1jjjl4 without additional         
interest1 which made their capital      
#c4bjj1jjjl4 bearing #e per cent4--,in  
#agcj1 this interest was reduced to #d  
per cent4 and by the #bc;d ,geo4 ,,ii4  
#agdi1 to #c per cent4--,the salt       
duties1 and some additional stamp       
duties1 were at first charged with the  
annuity due on this capital2 but at     
present the duties constituting the     

aggregate fund are charged with it4     
99       99       99       99       99  
,,note 7#ab74--;,,east-,,india          
,,annuity4 ,see page #abc4--,the capital
 of this annuity was advanced to        
government in #agdd1 at #c per cent4    
and1 in consideration of this loan1 the 
exclusive charter of the ,company was   
continued to ,lady-day #aghc1 at which  
time it is to cease1 provided three     
years notice has been given1 and the    
debt due from government discharged4    
,an observation here forces itself upon 
me1 which ,i have often had occasion to 
make4--,part of this loan was a         
compensation from the ,east-,india      
,company for prolonging the term of its 
charter2 and1 therefore1 ought not to   
have been included in the loan4 ,the    
,company would have lent #gej1jjjl4 on  
the interest common at the time1 or #d  
per cent4 and the remainder would have  
been advanced as a gratuity4--,it is a  
pity those who managed these contracts  
for the public1 did not attend to the   

absurdity and extravagance of making a  
debt of purchase money1 and borrowing in
 the very act of selling4         99    
99       99       99       99  ,,note   
7#ac74--;,,exchequer ,,long ,,annuities4
 ,see page #abc4--,these are the long   
annuities which1 in #agbj1 remained     
unsubscribed to the ,south ,sea         
,company4 ,see ,note #aj4--,they consist
 first of annuities to the amount of    
#ed1ijjl4 #ads4 #f;d4 purchased by the  
#dth1 #eth1 and #fth of ,william and    
,mary1 for #if years1 from ,january     
#afie1 with the addition of #acejl4 per 
ann4 for salaries to exchequer officers4
 ,these annuities were originally #ad   
per cent4 life-annuities4 ,by the #fth  
and #gth of ,william and ,mary1 in order
 to raise more money1 these annuitants1 
or any other persons for them1 were     
offered a reversionary interest in the  
annuities after the failure of the      
lives1 till the end of #if years from   
,january #afie1 on paying #d years      
purchase1 7that is #fcl47 for every     

annuity of #adl4--,the predecessors of  
the present company of the ,,million    
,,bank 7so called from the ,,million    
lottery #afid1 in which they were some  
of the principal adventurers7 purchased 
#cj1ffil4 #ds4 of these reversionary    
annuities4 ,the life annuitants being   
now reduced to a very small number1     
almost the whole of this annuity is     
lapsed to the company2 and though they  
have divided for several years #e per   
cent4 on a capital of half a million1   
yet their growing savings1 from the     
falling in of lives1 have been such1    
that1 when their annuity ceases in      
#agia1 they will1 ,i am informed1 have  
accumulated a fund considerably larger1 
than the capital on which they have made
 their dividends4 ,but to return4       
99       99       99       99       99  
,these ,,exchequer ,annuities consist   
farther of           4    s4  d4        
#cj1djj    #f    #h    purchased for #ii
 years from ,christmas                  
#agje1 by #b;d and #c;d of ,anne1 with  

#adejl4 for management4        #bc1bcd  
#af    #f    purchased for #ii years    
from ,lady-day1                         
#agjf1 by #d ,anne1 with #adgjl4        
per ann4 for management4         #g1ggf 
#aj    #j    purchased for #ii years    
from ,lady-day1                         
#agjg1 by #e ,anne1 with #cgel4 #abs4   
per ann4 for management4         #d1gaj 
#j     #j    purchased for #ii years    
from ,lady-day1                         
#agjh1 by #fth of ,anne1 with #bjhl4    
#bs4 per ann4 for management4           
#aj1aha   #j     #j    purchased for #ii
 years from ,lady-day1                  
#agjg1 by a #b;d ,act of #eth of ,anne1 
with #dafl4 per ann4 for management4    
,add  #ed1ijj  #ad     #f               
-----------------       #aca1bjc   #g   
#h    ,total4  ,the original sum        
contributed for these annuities was     
#a4hcf1bgfl4 ,they are even now worth   
more than this sum4 ,the public has     
already paid above ,,ten ,,millions2 and
 by the time they are all extinct1 it   

will have paid above ,,thirteen         
,,millions1 on their account4 ,this is  
great extravagance2 but it is nothing to
 the extravagance constantly practised  
of borrowing on perpetual annuities1    
without putting them into a fixed course
 of redemption4         99       99     
99       99       99  ,,note            
7#ad74--,,tontine by an act of #f ,geo4 
,,iii4 ,see page #abd4--,the intention  
of this ,act was to raise #cjj1jjjl4    
towards paying off navy bills1 by       
offering to subscribers for every #ajjl4
 advanced1 an annuity of #cl4 for their 
lives1 with benefit of survivorship4    
,but the scheme did not succeed1 and    
only #ahjjjl4 was subscribed4         99
       99       99       99       99    
,,note 7#ae74--,,life ,,annuities4 ,see 
page #abd4--,the annuities on two lives 
in #afid1 were sold at #abl4 per ann4   
during two lives1 of any ages1 and the  
annuities on three lives1 at #ajl4 per  
ann4 during three lives1 for every      
#ajjl4 advanced4--,this was very        

extravagant2 for1 supposing the         
annuitants in general1 about the age of 
#bj or #cj1 it was the same1 in the case
 of two lives1 with giving above #aj per
 cent4 for money1 and in the case of    
three lives1 #i per cent4--,it is1      
likewise1 extremely absurd in these     
cases to pay no regard to difference of 
ages4 ,a single life at the age of #fj1 
supposing money improved at #d per cent4
 is intitled to #aa per cent4 but at the
 age of #aj1 scarcely to #f per cent4   
,two lives at #fj1 are entitled1 on the 
same supposition1 to #h per cent4 but at
 #aj1 not to #e per cent4--,the original
 amount of these annuities was #bb1gjjl4
 nearly4 ,in #agfb1 that is1 in #fh     
years1 they were reduced by deaths no   
lower than #i1bael4  ,the other         
life-annuities mentioned in the         
preceding account were douceurs granted 
for loans in #agde1 #agdf1 and #ageg4   
,an account of the annuities granted in 
the last of these years may be seen in  
page #aja4  ,the life-annuities in      

#agde1 amounted to #bb1ejjl4 and were   
granted1 together with the profits of a 
lottery1 for a loan of two millions at  
#d per cent4  ,the life-annuities in    
#agdf1 amounted to #de1jjjl4 and were   
granted1 with the profits of another    
lottery1 for a loan of three millions1  
at the same interest4--,the remarks made
 in the #c;d section of the last part1  
and particularly in the note1 p4 #aja1  
are applicable to these two loans4 ,the 
value of the life-annuities1 and the    
profits of the lotteries1 were made a   
part of the public debt4 ,and1 supposing
 the life-annuities worth1 one with     
another1 only #ad years purchase1 and   
the profits of the two lotteries worth  
#cjj1jjjl4 it will follow1 that the     
capital created by these loans1 instead 
of being #e4jjj1jjjl4 should have been  
only #c4gee1jjjl4  ,but there is another
 remark1 which it is proper to mention  
here4 ,the life-annuities granted in    
#ageg1 amounting to #cc1gejl4 were1 in  
,january #agge1 that is in #ah years1   

reduced by deaths to #bh1gcbl4 or but a 
little more than a seventh part4 ,but1  
supposing the annuitants all in the     
firmest stage of life1 or between the   
age of #aj and #cj1 they ought1         
according to some of the best tables of 
observations1 to have been reduced a    
quarter4 ,these life-annuities have1    
therefore1 fallen in much more slowly   
than could have been expected2 and ,i   
have found the same to be true of all   
the other life-annuities4--,the reason1 
undoubtedly1 is1 that the tables exhibit
 the rate of mortality among all sorts  
and orders of men taken together2       
whereas1 the lives on which annuities   
are bought1 are a selection of the      
better sort of lives from the general   
mass1 and therefore must be of greater  
value4--,indeed ,i am not acquainted    
with any table of observations which    
gives the probabilities of the duration 
of life high enough to be a guide in    
this case2 except that which was formed 
by ,mr4 ,de ,parcieux1 from the ,french 

,tontines4--,a calculation1 therefore1  
of the values of lives1 agreeably to    
this table1 would be of considerable    
use4         99       99       99       
99       99  ,,note 7#af74--,,unfunded  
,,debt4 ,see page #abd4--;,i have given 
the navy debt1 as it was in ,january1   
#agge4--,the civil list debt in #agge1  
was probably more than the sum at which 
,i have reckoned it4 ,lord ,,stair1 in  
his account of the national debt1       
income1 and expenditure1 reckons it at  
#hjj1jjjl4  ,much the greatest part of  
the foregoing debts1 with the taxes for 
paying the interest1 including the      
duties composing the ,aggregate1        
,south-,sea1 and ,general ,funds1 have1 
by the #beth of ,george the ,second1    
#agea1 and several subsequent acts of   
,parliament1 been thrown into one       
general account2 and the surplus of the 
whole1 after deducting the interest1    
#hjj1jjjl4 per ann4 to the civil list1  
and a few other payments1 forms the     
,,sinking ,,fund4--,the debts not       

brought to this account are about seven 
millions and a half in the ,south-,sea  
,house2 #aa4ahf1hjjl4 of the ,bank      
capital2 the ,civil ,list million2 four 
millions and a half borrowed at #c per  
cent4 in #ageh2 the capital of the      
,east-,india annuity2 and the ,exchequer
 long and life annuities1 except those  
granted in #ageh4 ,but the surplusses of
 the duties which pay the interest of   
these debts are either carried          
immediately into the ,sinking ,fund     
account2 or brought first to the        
,aggregate ,fund1 and from thence       
carried into that account4--,on the     
contrary4 ,deficiencies in these duties 
when they happen1 are made good out of  
the ,sinking ,fund2 and afterwards      
replaced from the supplies4  ,for       
example4 ,three old nine-penny excises  
on beer1 with an additional three-pence 
per barrel1 producing above half a      
million annually2 also1 #c1gjjl4 per    
week out of the hereditary excise on    
beer1 together with some duties on      

paper1 coals1 c4 and  additional subsidy
 of tonnage and poundage1 are           
appropriated to the payment of the      
,banker's ,annuity2 the ,life ,annuities
 granted in #afic and #afid2 the        
,exchequer ,long ,annuities2 and        
annuities on various sums subscribed to 
the ,south-,sea ,company in #agbj4 ,the 
surplusses make a part of the ,aggregate
 ,fund2 and after contributing to       
satisfy the charge on that fund1 are    
carried into the ,sinking               
,fund4--,again4 ,certain additional     
duties on soap1 parchment1 coals1 c4 are
 appropriated to pay the interest of    
#a4bej1jjjl4 and of #a4gej1jjjl4 parts  
of the ,bank capital4--,the surplusses  
are carried directly to the ,sinking    
,fund4--,in like manner4 ,the duties on 
houses and windows imposed by an act of 
the #bjth of ,george the ,second1       
#agdg1aaf after deducting from them     
#ia1dhel4 per ann4 to satisfy certain   
charges on old house-duties in the      
,aggregate ,fund2 and1 also1 other      

duties on houses and windows imposed by 
the #b;d and #fth of ,george the ,third1
 amounting in all to about #bje1jjjl4   
per ann4 are carried into the ,sinking  
,fund1 together with the capitals1 the  
interest of which has been charged upon 
them4 ,but the addition to these duties 
7with a tax on pensions7 granted in     
#ageh1 and charged with the interest 7at
 #c per cent47 of the loan in that year1
 having not been carried into the       
,sinking ,fund1 and proving deficient2  
the deficiency is constantly made good  
out of this fund1 and afterwards        
replaced from the supplies4   ,state and
 ,amount of the ,,national ,,debt at    
,christmas #agec2 with the ,charges of  
,management4                            
,,bank ,,of ,,england4                  
,principal4  ,interest4                 
4         4    ,,bank capital           
#aa4fhf1hjj    #cic1jch    ,of this     
capital #c4bjj1jjjl4 bore at this time  
#c     per cent4 interest2 and the      
remainder bore #c     per cent4 till    

#ageg1 by #bc;d ,geo4 ,,ii4 #agdi4--,see
     note 7#a7 p4 #abe4    ,management  
#e1hihl4 per ann4    ,three per cent4   
,,bank ,annuities consolidated by       
#be ,geo4 ,,ii4 #agea4--,see note 7#f7  
p4 #abg4             #i4acg1hba         
#bgd1ace    ,management #d1dejl4 per    
ann4    ,,bank ,annuities consolidated  
by #be ,geo4 ,,ii4     #b4gac1fahl4     
carrying #c per cent4 interest     till 
#agee2 and #ad4heg1iefl4 carrying the   
same     interest till #ageg4 ,see note 
7#g7 p4 #abh4          #ag4gdj1acb      
#fai1edf    ,management #i1hhdl4 per    
ann4    ,civil ,list million1 #agbf     
#a4jjj1jjj     #cj1jjj    ,management   
#cfjl4 per ann4    ,whole charge of     
,management at the ,bank in             
#agec--bj1eibl4 per ann4                
,,south-,,sea ,,company4                
,,south-,,sea ,,stock carrying #d per   
cent4 till #ageg     #c4ffb1ghd         
#adf1eaa    ,old and ,new ,,south-,,sea 
,annuities carrying #c     per cent4    
till #ageg                              

#ba4cfb1ebe    #gdg1fhh    ,three per   
cent4 #agea--,see note 7#aj7 p4 #aca4   
#b4ajj1jjj     #fc1jjj    ,whole charge 
of management at the ,south-,sea-,house 
on stock and annuities1 #ae1gdhl4 per   
ann4                                    
,,east-,,india ,,house4                 
,,east-,,india ,,stock1 reduced to #c   
till #ageg            #c4bjj1jjj        
#aab1jjj    ,,east-,,india annuity #agdd
                              #a4jjj1jjj
     #cj1jjj    ,management #a1fhgl4    
#ajs4 per ann4                          
---------------------                   
,total#aag      4 #gj1hea1bed           
#b4dae1iah                              
,,exchequer4    ,,annuities for #if and 
#ii years from various dates     in     
,king ,william's and ,queen ,anne's     
times     being the original sum        
contributed4 ,see note     7#ac7 page   
#acb4                                   
#a4hcf1bgf    #aca1bjc    ,management   
#e1bcjl4 per ann4 inclusive of          
management for the two next articles4   

,,annuities for lives with benefit of   
survivorship1     being the original sum
 contributed                   #ajh1ajj 
#g1efg    ,,annuities for two and three 
lives1 being the     remainder after    
deducting the annuities fallen     in by
 deaths1 and reckoned worth #aj years   
purchase                                
#ajf1fej     #aj1ffe    ,,annuities for 
single lives #agde1 being the           
remainder after deducting the annuities 
fallen     in by deaths2 and reckoned   
worth #ad years     purchase            
#bif1adb     #ba1aec    ,,annuities for 
single lives #agdf1 being the           
remainder after the lives fallen in     
#ehb1bgd     #da1eia    ,navy debt in   
#aged--;,interest reckoned at #b     per
 cent4                                  
#a4bif1efh     #be1ica                  
---------------------   ,total of the   
principal and interest of the     public
 debts in #agec                         
4 #ge4jgg1bfd  #b4fed1jbh   ,,state and 
,,amount of the ,,national ,,debt in    

#agci4                                  
,,bank ,,of ,,england4                  
,principal4  ,interest4                 
4         4    ,,bank ,,capital1        
consisting of #a4fjj1jjjl4 old capital  
carrying #f per cent2 and #g4ejj1jjjl4  
carrying #d     per cent4 ,see note #a1 
p4 #abc4                    #i4ajj1jjj  
#cif1jjj    ,,bank ,,annuities at #c per
 cent4 for the lottery in     #agca4    
#hjj1jjj     #bd1jjj                    
,,south-,,sea ,,company4    ,stock and  
annuities bearing #d per cent4          
#bg4cjb1bjc  #a4jib1jhh                 
,,east-,,india ,,company4               
,,east-,,india stock carrying #d per    
cent4              #c4bjj1jjj           
#abh1jjj                                
,,exchequer ,,annuities4    ,annuities  
at #c by #d ,geo4 ,,ii4 paid off in     
#ageb         #djj1jjj     #ad1jjj      
,,annuities at #d per cent4 charged on  
the duty on     wrought plate by #f     
,geo4 ,i4 #agbj                         
#cab1jjj     #ab1dhj    #ahb1bejl4 of   

this capital was paid off in #agej4     
,the remainder is now included in the   
capital     of the reduced #c per cent4 
annuities4    ,,annuities at #c per     
cent4 charged on the ,sinking     ,fund 
by #i and #aj ,geo4 ,,ii4 ,now included 
in the     consolidated #c per cent4    
annuities                 #ijj1jjj      
#bg1jjj    ,,annuities on ,nevis and    
,st4 ,christopher ,debentures     at #c 
per cent4 ,now included in the          
consolidated     #c per cents4          
#cg1hba      #a1ace    ,,exchequer      
,,bills charged on a duty upon          
victuallers     by #ab ,geo4 ,i4        
#agbf--;,carrying #c per cent4          
#dhj1jjj     #ad1djj    ,,exchequer     
,,bills charged on a duty on sweets by  
#aj of     ,geo4 ,,ii4 #agcg--;,carrying
 #c per cent4 and paid off     in       
#aged--,see the note p4 #adj4           
#dii1fjj     #ad1ihh    ,,annuities for 
long terms from various dates           
#a4hcf1bgf    #aca1bjc    ,,annuities   
for lives with benefit of ,survivorship 

granted in #afic                        
#ajh1ajj      #g1efg    ,,annuities for 
two and three lives1 #afid              
#ajf1fej     #ae1jjj    ,navy debt#aah  
#a4cjj1jjj     #bf1jjj                  
---------------------   ,total of the   
,principal and ,interest of the         
,national ,debt in #agciaai             
4 #df4chb1fej  #a4ijc1hfa  ,from the    
account in the ,,postscript1 at the end 
of this tract1 it will appear1 that     
#aj4fci1gicl4 of the public debt was    
discharged between the years #agfc and  
#agge2 and also that the funded debt    
was1 in #agge1 #a4djj1jjjl4 greater than
 it was at the end of the last war4     
,from hence1 and from the amount of the 
public debt in #agge1 as stated in page 
#abd1 it follows1 that the funded debt  
at the end of the war was #acj4idc1jeal4
 and the whole debt #adf4ehb1hddl4 and1 
consequently1 that the war left upon the
 nation an unfunded debt amounting      
to#abj #ae4fci1gicl4 ,this unfunded debt
 consisted of the following             

particulars--,of #c4ejj1jjjl4 borrowed  
after the peace in #agfc1 and applied   
towards bearing such expences of the war
 as could not immediately cease with its
 operations4--,of near eight millions in
 navy1 victualling1 ordnance1 and       
transport debts4--,of #a4hjj1jjjl4      
,exchequer bills2 and the remainder1 of 
subsidies to foreign princes1           
extraordinaries of the army1 and ,german
 demands4  ,in the interval of peace    
between #agdh and #agee the following   
debts were paid off4                    
4    ,bank ,annuities bearing #d per    
cent4                                   
#a4jac1adh    ,,south-,,sea ,annuities  
bearing #d per cent4                    
#agf1hic    ,annuities bearing #c per   
cent4 charged by #d ,geo4 ,,ii4 on      
additional ,stamp-duties                
#djj1jjj    ,,exchequer ,bills bearing  
#c per cent4 charged by #aj ,geo4 ,,ii4 
#agcg on the duties on sweets           
#dii1fjj    ,borrowed in #agde at #c per
 cent4 on the credit of the ,salt       

duties                                  
#a4jjj1jjj      ,see note1 page #adj4   
-----------                             
#aba,total   4 #c4jhi1fda  ,from the    
whole1 the following account of the     
progress of the ,national ,debt1 from   
#agci to #agge1 may be deduced4         
,principal4     ,interest4              
4              4    ,amount of the      
principal and interest     of the       
national debt before the war     which  
begun in #agdj                          
#df4chb1fej     #a4ijc1hfa    ,amount in
 #agdi immediately after the war        
#gh4aff1ijf     #b4gfe1fjh    ,increased
 by the war                             
#ca4ghd1bef       #hfa1gdg              
,diminished by the ,peace from #agdh to 
#agee        #c4jhi1fda       #aaa1eij  
,amount at the commencement of the last 
war      #ge4jgg1bfd     #b4fed1jah     
,amount at the end of the war in #agfc  
#adf4ehb1hdd     #d4hdj1hba             
,increased by the last war              
#ga4eje1ehj     #b4ahf1hjc              

,diminished by the ,peace1 in twelve    
years from     #agfc to #agge           
#aj4fci1gic  #abbdjj1jjj    ,amount at  
,midsummer1 #agge                       
#ace4idc1jea     #d4ddj1hba  ,we are now
 involved in another war1 and the public
 debts are increasing again fast4       
,exchequer ,bills have been increased   
from #a4bej1jjjl4 to #a4ejj1jjjl4 ,a new
 capital of #b4aej1jjjl4 has been added 
to the #c per cent4 ,consolidated       
,annuities4 ,and a vote of credit was   
given in the last session of ,parliament
 for a million4 ,the last year1         
therefore1 has added #c4djj1jjjl4 to our
 debts1 besides a vast sum not yet      
provided for1 consisting of navy1       
ordnance1 victualling1 transport and    
army debts4--,the present year 7#aggg7  
must make another great addition to     
them2 and what they will be at the end  
of these troubles1 no one can           
tell4--,the union of a foreign war to   
the present civil war might perhaps     
raise them to ,,two ,,hundred           

,,millions2 but1 more probably1 it would
 sink them to--,,nothing4   ,,sect4     
,,iii4  ,of the ,,debts and ,,resources 
of ,france4  ,ministers have of late    
sought to remove the public             
apprehensions by general accounts of the
 weakness of powers1 which1 from the    
circumstances of former wars as well as 
national prejudices1 have been felt by  
the people as jealous rivals or         
formidable enemies4--,i wish it was     
possible for me to confirm these        
accounts2 and by contrasting the        
preceding state of our own debts with a 
similar one of those of ,,france1 to    
shew1 that from this power in particular
 we have nothing to fear4 ,the following
 particulars1 on the correctness of     
which ,i can rely1 may give some        
assistance in judging of this subject4  
99       99       99       99       99  
,the whole expence of the last war to   
,,france was #a4aah4cjg1jdg livres2 that
 is1 #di4gjb1jjjl4 sterling3 of which   
#bc4aeb1jjjl4 7#ebj4ibf1jjj livres7     

consisted of money procured by the sale 
of taxes1 by free-gifts1 and            
extra-impositions during the war1 which 
left behind them no debts3 ,and         
#bf4eej1jjjl4 7#eig4chj1ajj livres7     
consisted of ,,loans1 or money raised on
 perpetual annuities1 life-annuities1   
and lotteries4--,at the beginning of    
#agfi the whole amount of the debts of  
,france1 including all arrears and      
capitals advanced on annuities and      
lotteries1 was #abh4fbb1jjjl4 sterling1 
or #b4hid4jec1faf livres4 ,the annual   
charge derived from this debt was       
#f4gjg1ejjl4 sterling 7#aej4iai1bhd     
livres7--,all the appropriations        
amounted to #h4bah1ejjl4 sterling       
7#ahd4iai1bhd livres74--,the expences of
 the army1 navy1 king's houshold1       
prince's houshold1 foreign affairs1 c4  
amounted to #h4idg1jjjl4 or #bja4cjg1cab
 livres4 ,so that the whole annual      
expence was #ag4afe1jjjl4 7#chf4bbf1eif 
livres74--,the whole revenue had        
amounted1 before #agfi1 to #ac4dhd1ejjl4

 sterling 7#cjc4dja1fif livres74--,the  
public expence1 therefore1 had exceeded 
the revenue #c4fha1jjjl4 7#hb4hjj1jjj   
livres47 per ann4  ,from the year #agfi 
to the present ,king's ,accession1 by   
forced reductions of interest1 and by   
new taxes1 the public revenue was       
carried to #af4bhi1jjjl4 sterling       
7#cff4ejh1jjj livres7 and the public    
expence was reduced so as not to exceed 
the revenue above #gff1hjjl4 per annum  
7#ag4bec1jjj livres74--,the             
anticipations also of the revenue1 which
 before #agfi had extended to seventeen 
months1 were reduced to five            
months4--,such was the progress of      
reformation2 namely1 an increase of     
revenue amounting to little less than   
,,three ,,millions sterling per ann4 in 
a few years1 under an unpopular         
minister1 in the latter days of a reign 
never characterized by an attention to  
oeconomy1 or a regard to the public     
interest2 and at this time particularly 
stamped by unprecedented profusion and a

 general relaxation4  ,a new reign      
produced a new minister of finance whose
 name will be respected by posterity for
 a set of measures as new to the        
political world1 as any late discoveries
 in the system of nature have been to   
the philosophical world4--,doubtful in  
their operation1 as all unproved        
measures must be1 but distinguished by  
their tendency to lay a solid foundation
 for endless peace1 industry1 and a     
general enjoyment of the gifts of       
nature1 arts1 and commerce4--,the edicts
 issued during his administration       
exhibit indeed a phnomenon of the most  
extraordinary kind4 ,an absolute king   
rendering a voluntary account to his    
subjects1 and inciting his people to    
think2 a right which it has been the    
business of all absolute princes and    
their ministers to extinguish in the    
minds of men4--,in these edicts the king
 declared in the most distinct terms    
against a bankruptcy1 an augmentation of
 taxes1 and new loans2 while the        

minister applied himself to increase    
every public resource by principles more
 liberal than ,france1 or any part of   
,europe1 ever had in serious            
contemplation4--,it is much to be       
regretted1 that the opposition he met   
with1 and the intrigues of a court1     
should have deprived the world of those 
lights which must have resulted from the
 example of such an administration4     
,after a short interval1 a nomination1  
in some respects still more             
extraordinary1 has taken place in the   
court of ,,france4 ,a court which a few 
years since was distinguished by its    
bigotry and intolerance1 has raised a   
,protestant1 the subject of a small but 
virtuous republic1 to a decisive lead in
 the regulation of its finances4 ,it is 
to be presumed1 that so singular a      
preference will produce an equally      
singular exertion of integrity and      
talents4 ,though differing from         
,monsieur ,,turgot in several           
principles1 which regard the larger     

lines of government1 he appears by his  
first steps1 and1 particularly1 the     
preamble to a late edict for raising #bd
 millions of livres by a lottery1 to put
 his foot on the same great basis of    
general justice1 and a strict           
conservation of the faith o the king2   
and points more particularly at the     
surest of all resources in any modern   
states1 a simplification of taxes and a 
reformation in the collection of them4  
,this administration1 making            
improvements in the ,revenue its        
immediate object1 is more capable of    
present exertion2 and1 as such1 is more 
formidable4  ,from these facts and      
observations it is impossible not to    
conclude1 that if we trust our safety to
 the difficulties of ,,france1 we may   
find ourselves fatally deceived4 ,i will
 add1 that though 7like the #cs4        
land-tax and lotteries among ourselves7 
some of the extraordinary impositions of
 the last war have been continued in    
,france1 there are some which ceased    

with the war1 and which they can renew4 
,it is1 particularly1 an advantage of   
unspeakable importance to them1 that    
they can carry on a war1 as they did the
 last1 at half our expence2 and that1   
having no dependence on the flattering  
delusion of paper1 they can1 as they did
 in #agei1 bear even a bankruptcy in the
 middle of a war1 and yet carry it on   
vigorously4--,their debts time itself is
 sinking fast4 ,of #c4aaa1jjjl4 7seventy
 millions of livres7 in annuities on the
 ,hotel de ,ville at ,paris1            
#a4ggg1jjjl4 7forty millions of livres7 
consisted in #aggd of ,life ,annuities1 
which were falling by deaths at the rate
 of #ga1jjjl4 7#a4fjj1jjj livres7 every 
year4--,even their loss of credit1      
whatever present embarrassment attends  
it1 favours them upon the whole4 ,to    
this they owe the advantages just       
mentioned4 ,the facility with which our 
high credit has enabled us to run in    
debt ensnares us2 and1 if a change of   
measures does not take place1#abc must  

ruin us4 ,experience has given them a   
just horror at borrowing on permanent   
funds2 and were they inclined to do it1 
they are not able to do it to any great 
amount2 and1 consequently1 they cannot  
go on mortgaging one resource after     
another till none is left4--,while we   
lose sight of the capital in the        
interest1 they carry their views chiefly
 to the reimbursement of the capital2   
and after receiving high interest1 for  
some years1 can be satisfied with       
receiving back a part of their          
capital4--,their debts1 being confined  
in a great measure to the ,farmers      
,general and others at ,,paris1 are not 
circulated and diffused among the body  
of the people in the manner ours are3   
,and it is well known1 that they can    
make use of methods to discharge them   
which our government must never think   
of4 ,the acts of arbitrary power and    
unjust expedients to which1 on many     
occasions1 they have had recourse for   
this purpose without producing any      

tumults1 are such as appear to us almost
 incredible2 and should the time ever   
come1 when it will be necessary in this 
country to make use of any violence of  
the same kind1 all government will      
probably be at an end4  ,in point of    
territory and number of inhabitants1 the
 two countries will bear no             
comparison#abd4 ,we have hitherto       
opposed ,france by our free spirit1 and 
our colonies2 and to them chiefly we owe
 our prosperity and victories4 ,our     
colonies once separated from us1 the    
islands will soon follow4 ,but should   
they remain ours1 our comparative       
advantages will best appear from the    
following authentic account of the      
imports into ,france from their islands4
                            ,in #aggd4  
,weight in ,pounds4    ,sugar imported  
into ,france              #adg4ihf1iei  
,indigo                                 
#a4gcd1bjf   ,rocou                     
#baj1ahg   ,coffee                      
#eh4bdg1acc                             

-----------                             
#bjh4agh1dhe                            
,in #agge4                              
,weight in ,pounds4    ,sugar imported  
into ,france              #aga4icb1igb  
,indigo                                 
#b4acd1bdg   ,rocou                     
#afi1hca   ,coffee                      
#eh4ede1jjj                             
-----------                             
#abebcb4ghb1jej  ,value of the above    
commodities re-exported from ,france1   
taken upon the average price4           
,livres4    ,sterling4    ,in #aggd     
#ge4ija1cgc    #c4cgc1jjj   ,in #agge   
#gd4ifa1cah    #c4cca1jjj  ,the whole   
importation from the ,west ,indies into 
,britain is about three millions per    
ann4  ,but ,i have gone much beyond the 
views with which ,i begun this section4 
,the facts which have been stated1 and  
the reflections which they have         
occasioned1 are intended principally to 
shew that we ought not to suffer        
ourselves to be drawn into security by  

any assurances of the weakness of       
,france4--,may she1 however1 find       
herself the weakest of kingdoms         
whenever1 from motives of interest or   
ambition1 she shall attempt to injure   
any of her neighbours4--,may ,britain1  
hitherto the most favoured spot under   
heaven1 always preserve her             
distinguished happiness1 and escape the 
danger which now threatens her4 ,and may
 the time soon come1 when all mankind1  
sensible of the value of the blessings  
of peace and equal liberty1 shall suffer
 one another to enjoy them1 and learn   
war no more4   ,,sect4 ,,iv4            
,containing an ,account of the ,national
 ,income and ,expenditure2 the ,surplus 
of the ,revenue2 and the ,money drawn   
from the ,public by the ,taxes2 with    
,remarks on ,lord ,,stair',s ,account4  
,,appropriated ,,revenue at ,midsummer1 
#agge4                                  
4    ,interest of the national debt     
#d4ddj1hba    ,civil list revenue4 ,see 
the note in page #afc                   

#hjj1jjj    ,expences of management     
attending the national debt2 of which   
#ga1dcb l4 is the expence of management 
at the ,bank1 ,south-,sea     ,house1   
and ,india ,house2 and #e4ijj l4        
salaries to ,exchequer     ,officers4   
,see ,page #aai1 c4                     
#gg1ccb    ,annuities payable out of the
 ,aggregate ,fund to the ,,duke ,,of    
,,gloucester1 #hjjj l4--,,duke ,,of     
,,cumberland1 #hjjj l4--the             
,representatives of ,,arthur ,,onslow1  
,esq2 #cjjj l4--,and the     ,sheriffs  
of ,,england and ,,wales1 #djjj l4--,in 
all                    #bc1jjj    ,clerk
 of the ,hanaper in                     
,chancery--,coinage#abf expence--,tenths
     and first-fruits of the ,clergy    
appropriated to the     augmentation of 
small livings--,extra revenues of the   
crown1 consisting of ,american          
quit-rents2 duty of #d     per cent4 in 
the ,leeward ,islands2 revenues of      
,gibraltar     and dutchy of ,cornwall1 
c4--,fees for warrants and orders1      

for auditing and engrossing accounts of 
dividend warrants1     and other charges
 at the ,,exchequer and ,,treasury#abg  
#ajj1jjj                                
---------   ,total of the ,appropriated 
,revenue                            4   
#e4dda1aec   ,state of the ,,surplus of 
the ,,revenue for #aa years ended at    
#agge4                                  
,,unappropriated ,,revenue4    ,,neat   
,,produce of the ,sinking ,fund1 for    
five years1 including     casual        
surplusses1 reckoning to ,christmas in  
every year2     being the annual medium1
 after deducting from it about          
#de1jjjl4 always carried to it from the 
supplies1 in order     to replace so    
much taken from it every year to make   
good     a deficiency in a ,fund        
established in #ageh4                4  
#b4faj1gei    ,neat annual produce of   
,land ,tax at #cs4 militia deducted2    
and of the ,malt ,tax#abh               
#a4hjj1jjj    7,n4 ,b4 ,these two taxes 
in #aggc1 brought in only #a4ffe1dgel47 

,there are some casual ,receipts1 not   
included in the ,sinking     ,fund1 such
 as ,savings in ,pay-,office1 duties on 
,gum ,senega1     ,american ,revenue1 c4
 ,but they are so uncertain and         
inconsiderable1 that it is scarcely     
proper to give them as     a part of the
 permanent ,revenue4 ,add however on    
this account     #ej1jjj                
---------   ,total of unappropriated    
,revenue                              4 
#d4dfj1gei   ,produce of the ,,sinking  
,,fund1 reckoned to ,christmas in every 
,year4    #aggj           4 #b4dhf1hcf  
#agga              #b4eec1eje   #aggb   
#b4fhc1hca   #aggc                      
#b4hbc1aej   #aggd                      
#b4gca1dgf  ,the average of these five  
years is #b4fee1geil4 or1 deducting     
#de1jjjl4 7as directed in the last      
page71 #b4faj1geil4  ,in #agge1 the     
,sinking ,fund was taken for            
#b4ijj1jjjl4 including an extraordinary 
charge of #ajj1jjjl4 on the ,aggregate  
,fund2 but it produced #b4iag1hfil4 ,the

 average of six years1 including #agge1 
was #b4fed1ddcl4 ,the average of five   
years before #aggj1 was #b4bcd1ghjl4    
,,annual ,,expenditure4                 
4    ,peace ,establishment1 for the     
,navy and ,army1 including    all       
miscellaneous and incidental expences   
#c4gjj1jjj    ,annual increase of the   
,navy and ,civil ,list debts            
#cej1jjj    ,interest at #b per cent4 of
 #c4fjj1jjjl4 unfunded debt1     which  
must be paid out of the unappropriated  
,revenue      #gb1jjj                   
---------                               
,total  #d4abb1jjj                      
,,annual ,,surplus of the ,revenue      
#cch1gei                                
---------                               
,annual income 4  #d4dfj1gei  ,the      
estimate for the peace establishment1   
including miscellaneous expences1       
amounted1 in #agge1 to                  
#c4gjc1dgfl4--,but the extraordinary    
expences1 occasioned by the war with    
,america1 made it fall very short4--,in 

#aggd it amounted to #c4ghd1debl4       
exclusive of #bej1jjjl4 raised by       
,exchequer ,bills1 towards defraying the
 expence of calling in the gold coin4   
,and the medium for eleven years1 from  
#agfe1 has been nearly                  
#c4gjj1jjjl4--,according to the accounts
 which ,i have collected1 the expence of
 the peace establishment 7including     
miscellaneous expences7 was in #agfe1   
#agff1 and #agfg1 #c4edj1jjjl4 per      
ann4--,in #agfh1 #agfi1 and #aggj1 it   
was #c4ced1jjjl4 per ann4--,in #agga1   
#aggb1 #aggc1 #aggd1 and #agge1 the     
average has been nearly four millions   
per ann4 exclusive of the expence of    
calling in the coin4         99       99
       99       99       99  ,the       
parliament votes for the sea service    
#dl4 per month per man1 including wages1
 wear and tear1 victuals and ordnance4  
,this allowance is insufficient1 and    
falls short every year more or less1 in 
proportion to the number of men voted4  
,from hence1 in a great measure1 arises 

that annual increase of the navy debt1  
mentioned in the second article of the  
,national ,expenditure4 ,this increase  
in #aggb and #aggc was #ffi1iifl4 or    
#cce1jjjl4 per ann4 ,the number of men  
voted in those two years1 was #bj1jjj4  
,i have supposed them reduced to        
#af1jjj1 and the annual increase of the 
,navy ,debt to be only #bej1jjjl4--,add 
#ajj1jjjl4 for the annual increase of   
the ,civil ,list ,debt1 and the total   
will be #cej1jjjl4         99       99  
99       99       99  ,soon after the   
publication of the preceding account in 
,february last year1 the ,,earl ,,of    
,,stair obliged the public with another 
account of the same kind1 which brings  
out a conclusion much more unfavourable4
 ,according to this account1 were       
lotteries abolished1 and the land-tax at
 #cs4 in the pound only1 there would be 
a deficiency in the revenue1 instead of 
such a surplus as ,i have stated4 ,the  
following remarks will shew the reason  
of this difference4  ,the ,,earl ,,of   

,,stair has taken the annual produce of 
the ,sinking ,fund at #b4ejf1djjl4 being
 the average produce of ,,eight years   
ended at ,lady day #agge4--;,i have     
taken it at #b4faj1geil4 being the      
average of ,,five years ended at        
,christmas #agge4--,the neat produce of 
the land and malt taxes has been also   
taken near #ej1jjjl4 higher in my       
account2 and ,i have besides admitted   
#ej1jjjl4 per ann4 for casual supplies1 
which his ,lordship has not charged4    
,the annual increase of the ,navy ,debt1
 ,,lord ,,stair states at #cjj1jjjl4 and
 of the ,civil ,list at #bjj1jjjl4 ,i   
have stated the former at #bej1jjjl4 and
 the latter at #ajj1jjjl4--,in order    
also to avoid1 as much as possible1 all 
exaggeration1 ,i have thrown out the    
expence of the new coinage4 ,lord ,stair
 has admitted it1 and given an yearly   
expence derived from hence of           
#ajj1jjjl4--,he has also taken the      
,peace ,establishment for #aggd1 as a   
fair medium for common years of peace1  

because it was lower in that year than  
in the three years preceding #agge4 ,i  
have taken the average of eleven years  
of peace1 which is #ge1jjjl4 less4  ,in 
consequence of these differences1 the   
national ,,peace expenditure in ,lord   
,stair's account comes out #cbe1jjjl4   
per ann4 higher than in mine2 and the   
national income comes out #bjd1ceil4    
lower2 from whence it follows1 that     
without lotteries1 and the land being at
 #cs4 in the pound1 the kingdom must1   
according to his ,lordship's            
calculation1 run out at the rate of     
about #bjj1jjjl4 every year4  ,in some  
of the particulars ,i have mentioned1   
this account is probably nearest to the 
truth2 but1 ,i hope1 it will be         
considered1 that ,i have studied to give
 moderate accounts1 and aimed at erring 
always rather on the favourable than the
 unfavourable side4   ,second ,method of
 deducing the ,,surplus of the          
,,revenue4  ,from the year #agfc to the 
year #agge1 or during a period of #ab   

years1 #aj4fci1gicl4 of the public#abi  
debt was paid off4--,the money employed 
for this purpose must have been derived 
from the surplus of the ordinary        
revenue1 added to the extraordinary     
receipts4 ,these receipts have consisted
 of the following articles4--#ast4 ,the 
land-tax at #ds4 in the pound in #agfd1 
#agfe1 #agff1 and #agga2 or #as4 in the 
pound extraordinary for four years1     
making #a4gej1jjjl4--#b4 ,the profits of
 ten lotteries#acj making 7at #aej1jjjl4
 each lottery7 #a4ejj1jjjl4--#c4 ,a     
contribution of #djj1jjjl4 per ann4 for 
five years from the ,,east ,,india      
,company1 making #b4jjj1jjjl4--#d4      
,savings by debts discharged at a       
discount1#aca making at least           
#djj1jjjl4--#e4 ,paid by the ,bank in   
#agfd for the renewal of their charter1 
#aaj1jjjl4--#f4 ,savings on high grants 
during the war2 produce of ,french      
prizes taken before the declaration of  
war2 sale of lands in the ceded islands2
 and composition for maintaining ,french

 prisoners1#acb making                  
#b4ebj1jjjl4--,all these sums amount to 
#h4bhj1jjjl4 ,there remains to make up  
#aj4fci1gicl4 7the whole debt           
discharged7 #b4cei1gicl4 and this1      
therefore1 is the amount of the whole   
surplus of the ordinary revenue for     
twelve years2 or #aif1jjjl4 per ann4#acc
  ,the ,earl of ,,stair has also1 in    
this method1 calculated the surplus of  
the ,revenue2 and makes the total1 for  
eleven years1 to be no more than        
#b4eeg1cghl4 even with the assistance of
 lotteries1 and the land-tax at #ds4 in 
the pound for five years2 from whence it
 follows1 that without these            
assistances1 there would have been a    
deficiency of near #fj1jjjl4 per        
ann4--,the reason is1 that his ,lordship
 has taken the whole debt paid since    
#agfc1 at no more than #g4jec1heel4 or  
three millions and a half less than ,i  
have made it2 and he has taken it so    
much less1 chiefly in consequence of    
including in the amount of the public   

debt in #agge1 the excess of the        
expences of that year above the common  
peace expences4 ,this excess is to be   
charged to the present war2 and1 in     
determining the ordinary peace surplus1 
which is my object1 it was proper to    
exclude it1 and to terminate the account
 at the commencement of the war4--,i    
will only add1 that ,lord ,,stair has   
also included more in the extraordinary 
receipts than ,i have2 and1             
particularly1 #gjj1jjjl4 which he       
supposes the public gained by the ,,tea 
,,indemnity4--,but this was only a      
compensation made by the ,east-,india   
,company for the loss which the public  
sustained by taking off1 in #agff1 a    
part 7or #as4 per pound7 of the duty on 
tea4 ,in #aggb it was restored2 and the 
excise upon tea has since1 if ,i am     
rightly informed1 produced as much as   
ever4 ,before #agff1 it produced        
annually #dgd1jial4 ,immediately#acd    
after #agff1 it produced                
#cda1bhdl4--,but in #agge1 it produced  

near half a million4   ,sketch of an    
,account of the ,money drawn from the   
,public by the ,taxes1 before the ,year 
#aggf4                                  
4    ,,customs in ,,england1 being the  
medium of the payments     into the     
,exchequer1 for #c years ending in      
#aggcace           #b4ebh1bge    ,amount
 of the ,,excises in ,,england1         
including the malt tax1     being the   
medium of #c years ending in #aggc      
#d4fdi1hib    ,land ,tax at #cs4        
#a4cjj1jjj    ,land ,tax at #as4 in the 
pound                                   
#dej1jjj    ,,salt ,,duties1 being the  
medium of the years #agfe and #agff     
#bah1gci    ,duties on ,stamps1 ,cards1 
,dice1 ,advertisements1 ,bonds1 ,leases1
     ,indentures1 ,news-papers1         
,almanacks1 c4                          
#bhj1ghh    ,duties on houses and       
windows1 being the medium of #c years   
ending in #agga                         
#che1cfi    ,post ,office1 ,seizures1   
,wine ,licences1 ,hackney ,coaches1     

,tenths     of the ,clergy1 c4          
#bej1jjj    ,,excises in ,,scotland1    
being the medium of #c years ending in  
#aggc    #ie1bbi    ,,customs in        
,,scotland1 being the medium of #c years
 ending in #aggc    #fh1cfi    ,annual  
profit from ,lotteries                  
#aej1jjj    ,inland taxes in ,,scotland1
 coinage duties1 casual revenues1 such  
as the duties on ,gum-,senega1 ,american
 revenue1 c4              #aej1jjj      
,,expence of collecting the ,,excises in
 ,,england1 being the average     of the
 years #agfg and #agfh1 when their      
produce was #d4eca1jgel4     per        
ann4--#f per cent4 of the gross produce 
#big1hhg    ,,expence of collecting the 
,excises in ,,scotland1 being the medium
     of the years #aggb and #aggc1 and  
the difference between the     gross and
 nett produce--#ca per cent4 of the     
gross produce       #dc1bed    ,,expence
 of collecting the ,,customs in         
,,england1 being the average     of     
#agga and #aggb1 bounties included1 and 

#ae per cent4 of     the gross produce1 
exclusive of drawbacks and over-entries 
#dfh1gjc    ,n4 ,b4 ,the bounties for   
#agga were #bjb1hdjl4--for #aggb1       
#agb1dfhl4    ,the charges of management
 for #agga1 were #bgf1dcdl4    ,for     
#aggb1 #bhe1gfdl4 or #aj per cent4      
nearly4    ,interest of loans on the    
land tax at #ds4 expences of collection1
     militia1 c4                        
#bej1jjj    ,,perquisites1 c4 to        
,custom-house officers1 c4 supposed     
#bej1jjj    ,,expence of collecting the 
,salt-duties in ,,england1 #aj per cent4
  #bg1jjj    ,bounties on fish exported 
#ah1jjj    ,,expence of collecting the  
duties on ,stamps1 ,cards1              
,advertisements1     c4 #e per cent4    
#ah1jjj                                 
----------                              
,total    4 #aa4ijj1eje                 
----------  ,it must be seen1 that this 
account is imperfect and defective4 ,it 
is1 however1 sufficient to prove1 that  
the whole money raised ,,directly by the

 taxes1 7exclusive of tithes1 county    
rates1 and the taxes which support the  
poor17 cannot be much less than ,,twelve
 ,,millions4 ,the ,earl of ,stair has in
 his papers made it to be above         
#djj1jjjl4 more1 by including in his    
estimate several articles which ,i have 
omitted2 particularly1 the interest and 
management on the equivalent to         
,scotland1 the ,scotch crown ,revenues1 
,dutchy of ,cornwall and ,lancaster     
,fines1 c4 ,he has also given an        
estimate of the fees and perquisites of 
office of every kind1 and reckoned them 
at half a million2 whereas1 ,i have only
 reckoned the perquisites of office at  
the ,custom-house4  ,i should be        
inexcusable were ,i to quit this        
subject1 without taking notice of the   
particular gratitude due from the public
 to ,lord ,stair1 for publishing his    
papers2 and for stepping forth at this  
time to draw attention1 by the weight of
 his name and character1 to             
calculations1 which1 as he justly says1 

8it becomes every man of property among 
us to understand2 to awaken the nation  
from the lethargy into which the mockery
 of paper wealth has plunged it2 and to 
bear his testimony against the present  
unnatural war40     ,,postscript4   ,the
 following ,,postscript has been        
published only in a few of the last     
,editions of the ,observations on ,civil
 ,liberty4 ,it has been often referred  
to in the preceding work2 and1          
therefore1 it is necessary to give it a 
place here4   ,,account of ,public      
,debts discharged1 ,money borrowed1 and 
,annual ,interest saved from #agfc to   
#agge4    ,debts paid off since #agfc4  
,annuity decreased4             4       
4    s4   #agfe    #hgj1hhh funded1     
bearing interest at                     
#d per cent4         #cd1hce  #aj       
#a4ejj1jjj unfunded1 #d per cent4       
#fj1jjj  #jj   #agff  #j4hgj1hhh funded1
   #d per cent4         #cd1hce  #aj    
#a4bjj1jjj unfunded1 #d     --          
#dh1jjj  #jj   #agfg  #b4faf1ggg funded1

   #d     --              #ajd1fga   #j 
#agfh  #b4fbe1jjj funded1   #d     --   
#aje1jjj   #j   #agga  #a4ejj1jjj       
funded1   #c per cent4         #de1jjj  
#j   #aggb  #a4ejj1jjj funded1   #c per 
cent4         #de1jjj   #j   #aggc      
#hjj1jjj unfunded1 #c     --            
#bd1jjj   #j   #aggd  #a4jjj1jjj funded1
   #c     --               #cj1jjj   #j 
#agge  #a4jjj1jjj funded1   #c     --   
#cj1jjj   #j         ----------         
----------   ,total #ae4dhc1eec         
,total  #efa1cdb   #j  ,in #agfd1 there 
was paid off #fej1jjjl4 navy-debt2 but  
this ,i have not charged1 because       
scarcely equal to that annual increase  
of the navy-debt for #agfd1 #agfe1 and  
#agff1 which forms a part of the        
ordinary peace establishment4 ,the same 
is true of #cjj1jjjl4 navy-debt1 paid in
 #agfg2 of #djj1jjjl4 paid in #agfi2 of 
#ajj1bjjl4 paid in #aggj2 #bjj1jjjl4 in 
#agga2 #bae1hhcl4 in #aggb2 and         
#bjj1jjjl4 in #aggd4   ,account of money
 borrowed and debts contracted since    

#agfc4                                  
,annual interest                        
increased4   ,borrowed and funded1      
at #c per cent4       in   #agfe        
#a4ejj1jjj        #de1jjj               
in   #agff         #a4ejj1jjj           
#de1jjj                            in   
#agfg         #a4ejj1jjj        #de1jjj 
in   #agfh         #a4ijj1jjj           
#eg1jjj                   ,unfunded in  
#aggd           #bej1jjj         #g1ejj 
,civil list debt in   #agge             
#ejj1jjjacf                             
---------       -------                 
,total         #g4aej1jjj       #aii1ejj
  ,from #ae4dhc1eecl4 the total of debts
 discharged1 subtract #g4aej1jjjl4 the  
total of debts contracted2 and the      
remainder1 or #h4ccc1eecl4 will be the  
diminution of the public debts since    
#agfc4 ,also1 from #efa1cdbl4 the total 
of the decrease of the annual interest1 
subtract #aii1ejjl4 7the total of its   
increase71 and the remainder1 or        
#cfa1hdbl4 will be the interest or      

annuity saved since #agfc4--,to this    
must be added #ab1ecgl4 per ann4 saved  
by changing a capital of #a4bec1gjjl4   
7part of #bj4bdj1jjjl47 from an interest
 of #d to #c per cent4 pursuant to an   
act of the #ajth of ,george ,,iii42 also
 the life-annuities that have fallen in2
 and #g1ejjl4 per ann4 gained by the    
falling 7in #agga7 of #a4ejj1jjjl4 from 
an interest of #c to #c per cent42 which
 will make a saving in the whole of near
 #djj1jjjl4 per annum3 ,and it is to    
this saving1 together with the increase 
of luxury1 that the increase of the     
,sinking-,fund for the last ten years   
has been owing4  ,to the debts          
discharged the following additions must 
be made4  ,in #agfd there was paid      
towards discharging the extraordinary   
expences of the army1 #ihg1dcdl43 ,in   
#agfe1 these expences amounted to       
#djd1difl43 ,in #agff1 to               
#dgi1jhhl4--,total #a4hga1jahl4--,this  
sum is at least a million higher than   
the extraordinary expences of the army  

for three years in a time of peace4     
,this excess1 being derived from the    
preceding war1 must be reckoned a debt  
left by the war4 ,and the same is true  
of #a4ajf1jjjl4 applied1 in #agfd1      
#agfe1 and #agff1 towards satisfying    
,german demands4--,there are likewise   
some smaller sums of the same kind2 such
 as subsidies to ,hesse-,cassel1        
,brunswick1 c4 ,and they may be taken at
 #bjj1jjjl4--,the total of all these    
sums is #b4cjf1bdjl42 which1 added to   
#h4ccc1eecl4 makes the whole diminution 
of the public debt since #agfc1 to be   
#aj4fci1gicl4  ,soon after the peace in 
#agfc1 an unfunded debt1 amounting to   
#f4ihc1eecl4 was funded on the ,sinking 
,fund1 and on new duties on wine and    
cyder1 at #d per cent4 ,there has been  
since borrowed and funded on coals      
exported1 window-lights1 c4 #f4djj1jjjl4
 ,the funded debt1 therefore1 has       
increased since the war #ac4chc1eecl4   
,it has decreased 7as appears from page 
#aga7 #aa4ihc1eecl42 and1 consequently1 

there has been on the whole an addition 
to it of #a4djj1jjjl4--,during seven    
years1 from #agfg to #aggd1 #a4dae1hhcl4
 navy-debt was paid off4 ,see page #agb4
 ,but1 as this is a debt arising from   
constant deficiencies in the peace      
estimates for the navy1 it is a part of 
the current peace expences4--,in #agfh  
this debt was#acg #a4bbf1iael4--,in     
#aggd it was #a4hej1jjjl42 and          
consequently1 though #a4dae1hhcl4 was   
paid off1 an addition was made to it1 in
 seven years1 of #fbc1jhel4 ,it         
increased1 therefore1 at the rate of    
#bia1jjjl4 per ann4  ,the paper from    
which ,i have taken the following       
account1 came into my hands after almost
 the whole of this work had been printed
 off4 ,it contains a fact of so much    
importance1 that ,i cannot satisfy      
myself without laying it before the     
public4--,in a ,committee of ,,congress 
in ,june #agge1 a declaration was drawn 
up containing an offer to ,,great       
,,britain1 8that the ,colonies would not

 only continue to grant extraordinary   
aids in time of war1 but also1 if       
allowed a free commerce1 pay into the   
,,sinking ,,fund such a sum annually for
 ,,one ,,hundred ,,years1 as should be  
more than sufficient in that time1 if   
faithfully applied1 to extinguish all   
the present debts of ,,britain4 ,or1    
provided this was not accepted1 that1 to
 remove the groundless jealousy of      
,britain that the ,colonies aimed at    
,independence and an abolition of the   
,navigation ,act1 which1 in truth1 they 
had never intended2 and also1 to avoid  
all future disputes about the right of  
making that and other ,acts for         
regulating their commerce for the       
general benefit1 they would enter into a
 covenant with ,britain1 that she should
 fully possess and exercise that right  
for one hundred years to come40  ,at the
 end of the ,observations on ,civil     
,liberty1 ,i had the honor of laying    
before the public the ,earl of          
,shelburne's plan of ,pacification with 

the ,colonies4 ,in that plan1 it is     
particularly proposed1 that the         
,colonies should grant an annual supply 
to be carried to the ,sinking ,fund1 and
 unalienably appropriated to the        
discharge of the public debt4--,it must 
give this excellent ,peer great pleasure
 to learn1 from this resolution1 that   
even this part of his plan1 as well as  
all the other parts1 would1 most        
probably1 have been accepted by the     
,colonies4 ,for though the resolution   
only offers the alternative of either a 
free trade1 with extraordinary aids and 
an annual supply1 or an exclusive trade 
confirmed and extended2 yet there can be
 little reason to doubt1 but that to    
avoid the calamities of the present     
contest1 both would have been consented 
to2 particularly1 if1 on our part1 such 
a revisal of the laws of trade had been 
offered as was proposed in ,lord        
,shelburne's plan4  ,the preceding      
resolution was1 ,i have said1 drawn up  
in a ,committee of the ,congress4 ,but  

it was not entered in their minutes2 a  
severe ,act of ,parliament happening to 
arrive at that time1 which determined   
them not to give the sum proposed in it4
  ,,finis4     ,,postscript4   ,the     
following ,,postscript was published    
only in a few of the last ,editions of  
the ,observations on ,civil ,liberty4   
,it has been often referred to in the   
preceding work2 and therefore1 it is    
necessary to give it a place here4      
,,account of ,public ,debts discharged1 
,money borrowed1 and ,annual ,interest  
saved from #agfc to #agge4    ,debts    
paid off since #agfc4                   
,annuity decreased4               4     
4   s4   #agfe     #hgf1hhh funded1     
bearing interest at                     
#d  per cent4      #cd1hce  #aj         
#a4ejj1jjj unfunded1 #d  per cent4      
#fj1jjj  #jj   #agff    #j4hgj1hhh      
funded1   #d  per cent4      #cd1hce    
#aj           #a4bjj1jjj unfunded1 #d   
--            #dh1jjj  #jj   #agfg      
#b4faf1ggg funded1   #d      --         

#ajd1fga   #j   #agfh    #b4fbe1jjj     
funded1   #d      --           #aje1jjj 
#j   #agga    #a4ejj1jjj funded1   #c   
per cent4      #eb1ejj   #j   #aggb     
#a4ejj1jjj funded1   #c  per cent4      
#de1jjj   #j   #aggc      #hjj1jjj      
unfunded1 #c      --            #bd1jjj 
#j   #aggd    #a4jjj1jjj funded1   #c   
--            #cj1jjj   #j   #agge      
#a4jjj1jjj funded1   #c      --         
#cj1jjj   #j           ----------       
-----------   ,total  #ae4dhc1eec       
,total #efh1hdb   #j  ,in #agfd1 there  
was paid off #fej1jjjl4 navy-debt2 but  
this ,i have not charged1 because       
scarcely equal to that annual increase  
of the navy-debt for #agfd1 #agfe1 and  
#agff1 which forms a part of the        
ordinary peace establishment4 ,the same 
is true of #cjj1jjjl4 navy-debt1 paid in
 #agfg2 of #djj1jjjl4 paid in #agfi2 of 
#ajj1bjjl4 paid in #aggj2 #bjj1jjjl4 in 
#agga2 #bae1hhcl4 in #aggb2 and         
#bjj1jjjl4 in #aggd4   ,account of money
 borrowed and debts contracted since    

#agfc4                                  
,annual interest                        
increased4   ,borrowed and funded1      
at #c per cent4         in   #agfe      
#a4ejj1jjj    #de1jjj                   
in   #agff     #a4ejj1jjj    #de1jjj    
in   #agfg     #a4ejj1jjj    #de1jjj    
in   #agfh     #a4ijj1jjj    #eg1jjj    
,unfunded in   #aggd       #bej1jjj     
#g1ejj              ,civil list debt in 
#agge       #ejj1jjjach                 
---------   -------                     
,total   #g4aej1jjj   #aii1ejj  ,from   
#ae4dhc1eecl4 the total of debts        
discharged1 subtract #g4aej1jjjl4 the   
total of debts contracted2 and the      
remainder1 or #h4ccc1eecl4 will be the  
diminution of the public debts since    
#agfc4 ,also1 from #efh1hdbl4 the total 
of the decrease of the annual interest1 
subtract #aii1ejjl4 7the total of its   
increase71 and the remainder1 or        
#cfi1cdbl4 will be the interest or      
annuity saved since #agfc4--,to this    
must be added #ab1ecgl per ann4 saved by

 changing a capital of #a4bec1gjjl4     
7part of #bj4bdj1jjjl47 from an interest
 of #d to #c per cent4 pursuant to an   
act of the #ajth of ,george ,,iii42 also
 the life-annuities that have fallen in2
 which will make a saving in the whole  
of near #djj1jjjl4 per annum3 ,and it is
 to this saving1 together with the      
increase of luxury1 that the increase of
 the ,sinking ,fund for the last ten    
years has been owing4  ,to the debts    
discharged the following additions must 
be made4  ,in #agfd there was paid      
towards discharging the extraordinary   
expences of the army1 #ihg1dcdl4 ,in    
#agfe1 these expences amounted to       
#djd1difl4 ,in #agff1 to                
#dgi1jhhl4--,total #a4hga1jahl4--,this  
sum is #a4ajj1jjjl4 higher than the     
extraordinary expences of the army for  
three years in a time of peace4 ,this   
excess1 being derived from the preceding
 war1 must be reckoned a debt left by   
the war4 ,and the same is true of       
#a4ajf1jjjl4 applied1 in #agfd1 #agfe1  

and #agff1 towards satisfying ,german   
demands4--,there are likewise some      
smaller sums of the same kind2 such as  
subsidies to ,hesse-,cassel1 ,brunswick1
 c4 ,and they may be taken at           
#bjj1jjjl4--,the total of all these sums
 is #b4djf1bdjl4 which1 added to        
#h4ccc1eecl4 makes the whole diminution 
of the public debts1 or the whole saving
 of the kingdom1 since #agfc1 to be     
#aj4gci1gicl4  ,soon after the peace in 
#agfc1 an unfunded debt1 amounting to   
#f4ihc1eecl4 was funded on the ,sinking 
,fund1 and on new duties on wine and    
cyder1 at #d per cent4 ,there has been  
since borrowed and funded on coals      
exported1 window-lights1 c4 #f4djj1jjjl4
 ,the funded debt1 therefore1 has       
increased since the war #ac4chc1eecl4   
,it has decreased 7as may appear from   
page #agg7 #aa4ihc1eecl4 and1           
consequently1 there has been on the     
whole an addition to it of              
#a4djj1jjjl4--,during seven years1 from 
#agfh to #aggd1 #a4aae1hhcl4 navy-debt  

was paid off4 ,see page #agh4 ,but1 as  
this is a debt arising from constant    
deficiencies in the peace estimates for 
the navy1 it is a part of the current   
peace expences4--,on the #cast of       
,december1 #agfg1 this debt was         
#a4bac1jgbl4--,on the #cast of          
,december1 #aggd1 it was #a4hej1jjjl4   
and consequently1 though #a4aae1hhcl4   
was paid off1 an addition was made to   
it1 in seven years1 of #fgc1jbhl4 ,it   
increased1 therefore1 at the rate of    
#bee1eehl4 per ann4   ,,supplement ,,to 
,,section ,,iii ,,part ,,ii4            
,containing additional ,observations on 
,schemes for raising ,money by ,public  
,loans4  ,it is impossible1 that any    
attentive person can reflect without    
concern1 on that monstrous accumulation 
of artificial debt for which no value   
has been received1 which has been       
pointed out in different parts of the   
preceding ,tract2 and1 particularly in  
the third ,section of the second ,part4 
,this being a subject which1 in the     

present state of our finances1 is highly
 interesting2 ,i have been induced to   
return to it in this place2 and to offer
 some further observations and proposals
 which have occurred to me in           
reconsidering it1 and which ,i think    
necessary to explain and confirm those  
which have been already offered4        
99       99       99       99       99  
,there are two methods in which money is
 capable of being borrowed for public   
services4 ,the first is1 by offering    
such high interest as may of itself be  
sufficient to induce lenders to advance 
the sums that are wanted3 ,and the      
second is1 by offering a low interest1  
with a gratuity or douceur to produce   
the acceptance of it4--,the last has    
been the method in which our government 
has most commonly borrowed money2 and   
the gratuity offered has been either a  
right to a greater capital than the sum 
advanced1 or a long or short or life    
annuity1 or the profits of a lottery1 or
 some advantages of trade4--,the first  

without doubt1 is the most rational     
method of borrowing2 and the latter is  
so absurd and extravagant as to be      
incapable of being adopted in the common
 transactions of life4--,in order to    
give a just and full idea of this1 ,i   
shall instance in the last loan2        
specifying the manner in which it would 
have been made if the usual method of   
borrowing had been followed2 and        
comparing this with the manner in which 
it was made2 and the manner in which1 ,i
 think1 it might have been made to the  
greatest advantage4  ,,five ,,millions1 
it is well known1 were borrowed last    
year2 and1 had the old plan of borrowing
 been adopted1 this sum would have been 
borrowed by some such scheme as one of  
the two following4  ,first4 ,interest in
 the public funds being then near #d per
 cent4 per ann4 an interest of only #c  
per cent4 would have been offered2 or1  
in other words1 for every #ajjl4 in     
money1 #ajjl4 stock carrying #c per     
cent4 7worth then #ghl47 would have been

 given2 but at the same time1 as a      
premium or compensation for accepting   
such low interest1 a life-annuity1 or a 
short annuity would have been offered   
worth somewhat more than the difference 
between #ajjl4 and #ghl4 or about #bdl4 
,the whole premium1 therefore1 in       
raising five millions1 would have been  
equal in value to about #a4bjj1jjjl4    
and1 supposing it to have been either a 
life-annuity1 or a short annuity for #ag
 years of #bl4 worth #ab years purchase1
 annexed to every #ajjl4 stock1 the     
whole annual charge incurred by the loan
 would have been #bej1jjjl4 for a term  
of years1 and #aej1jjjl4 for ever till  
the capital is redeemed4  ,it is        
manifest that the capital including in  
it according to this account almost the 
whole premium1 the public makes itself1 
by this mode of borrowing1 a debtor for 
the very thing it gives2 and1 besides   
paying the annuity1 obliges itself to   
advance at redemption the whole value of
 it4--,it is proper to add1 that this is

 done unnecessarily1 because #a4bjj1jjj 
might have been procured by selling the 
annuity1 and the remaining #c4hjj1jjjl4 
necessary to make up five millions1     
might have been procured1 as will be    
shewn presently1 without any douceur by 
giving higher interest4  ,but there is  
another method of borrowing which has   
been practised by government on former  
occasions1 and which might have been    
adopted in the last loan4  ,for every   
#ajjl4 advanced a new capital in the #c 
per cent4 funds worth that sum would    
have been sold1 including a funded #ajl4
 lottery ticket4 ,this new capital would
 have been nearly #abgl4 three per cent4
 stock for every #ajjl4 in money1 or    
#f4cdc1iedl4 stock for ,,five ,,millions
 in money2 of which stock #e4gah1iedl4  
would have been sold1 to encourage      
subscriptions1 at #b per cent4 below the
 market price1 that is1 at #gfl4 2 and  
the remaining stock1 having a lottery   
annexed1 would have been sold at par4 ,a
 fictitious or artificial capital1      

therefore1 would have been created1 or a
 debt incurred more than the value      
received1 of #a4cdc1iedl4 besides       
relinquishing about #aej1jjjl4 which    
might have been obtained by the profits 
of the lottery4  ,i have been seldom    
more surprized than at the preference of
 this scheme1 which1 at the time of     
settling the last loan1 was expressed by
 some very respectable members of the   
,house of ,commons2 nor can this        
preference be easily accounted for on   
any other supposition than that they    
consider the public debts as            
incumbrances1 never to be removed1 and1 
therefore1 think it of no consequence   
with what difficulties the redemption of
 them is loaded by an increase of       
capitals bearing low interest4 ,it must 
be acknowledged indeed that this method 
of borrowing would have been attended   
with a small present advantage2 for the 
interest of #f4cdc1iedl4 at #c per cent4
 is #aij1cahl4 and this1 together with  
the interest of #aej1jjjl4 or #fjjjl4   

per ann4 lost by giving up the profits  
of a lottery1 would have been the whole 
present annual charge it would have     
brought on the public4 ,but if this be a
 sufficient reason for preferring such a
 scheme1 it would perhaps be best to    
create capitals bearing #b per cent4 or 
even #a per cent4 interest2 for probably
 such capitals would bear a better      
price1 in proportion to the rates of    
interest1 than any #c per cent4         
capitals1 and consequently1 a greater   
present saving might be made by selling 
them4 ,no other objection can be made to
 this than that by lowering interest1   
and laying the public under an          
obligation to return double or triple   
every sum it receives2 the redemption of
 the public debts might be rendered so  
expensive and difficult as to be        
entirely impracticable4 ,but this would 
be of no consequence if indeed their    
redemption is already become            
impracticable2 and if1 therefore1 every 
new charge they bring on the public is  

to be considered as laid on for         
eternity4         99       99       99  
99       99  ,with these schemes let us 
now compare the scheme actually adopted 
for the last loan4  ,instead of a #c per
 cent4 capital1 a new capital bearing #d
 per cent4 interest1 irredeemable for   
ten years1 was offered at #iel4 for     
every #ajjl4 stock1 with two douceurs to
 raise the value of the stock above     
#ajjl4 in money2 namely1 a short annuity
 of a ,,half per cent4 for ten years1   
7reckoned worth #dl4 #bs47 and the      
profit 7reckoned at #cl47 of one ticket 
in a money lottery consisting of #ej1jjj
 tickets4  ,the chief difference between
 this scheme and the first ,i have      
described is1 that the new stock created
 is a ,,four per cent4 instead of a     
,,three per cent4 stock4 ,but this is a 
difference of particular importance1 and
 brings it near to such plans of        
borrowing as appear to me the best4--,in
 the first scheme1 the artificial       
capital is #a4bjj1jjjl4 ,in the second1 

#a4cdc1iedl4 ,in this third scheme it is
 only #bej1jjjl4 ,this scheme1          
therefore1 has evidently great merit2   
and perhaps1 in the present state of the
 public debts1 it does not admit of any 
great improvement4 ,there is1 however1  
an easy alteration which1 ,i think1     
would have been an improvement1 and     
which ,i shall take the liberty to      
mention4  ,according to a preceding     
observation1 the two douceurs being     
included in the capital1 are granted1   
and must be paid twice over4 ,this is so
 absurd and extravagant that it ought to
 be avoided as far as possible2 and it  
might have been avoided1 in a great     
measure1 by offering for every #ajjl4   
advanced #iel4 stock1 carrying #d and a 
quarter interest irredeemable for ten   
years1 with the same short annuity and a
 lottery ticket annexed4#aci ,in this   
case1 the new capital would have been   
#d4gej1jjjl4 carrying 7at #d per cent47 
#bja1hgel4 per ann4 interest4 ,there    
would1 therefore1 have been a saving of 

#bej1jjjl4 in the capital2 and the      
annual charge would have been nearly the
 same4  ,it must be observed that this  
scheme supposes that a stock bearing #d 
per cent4 interest would have been      
valued nearly at par2 and1 according to 
the principles on which the scheme was  
calculated1 it could not have been      
valued at much less2 or1 supposing it   
valued at #a or #b per cent4 less1 the  
difference might have been made up by   
only adding two or three years to the   
duration of the short annuity and the   
term of irredeemableness4--,had a stock 
been offered bearing #d per cent4       
interest irredeemable for ten years1 one
 half at least of the short annuity     
might have been saved4 ,the annual      
charge for ten years would have been    
somewhat less2#adj and the excess       
afterwards would have been much more    
than compensated by the advantages at   
redemption attending a higher interest  
and a smaller capital4  ,but1 perhaps1  
such a scheme as the following would    

have been preferable to any of those now
 proposed4  ,for every #ajjl4 in money  
#gel4 stock irredeemable for #aj years  
and carrying #d per cent4 interest1     
might have been offered1 together with  
an annuity for #bg years of #a per cent4
 7valued cheap at #af years purchase1 or
 #bdl47 and the advantage of a lottery  
ticket4 ,this scheme would have been as 
likely to be attended with a profit as  
that which was adopted4 ,the new capital
 would have been only #c4gej1jjjl4      
bearing #aei1cgel4 interest4 ,the short 
annuity would have been #ge1jjjl4 and   
the whole annual charge 7supposing no   
redemptions of the capital to take place
 after ten years7 #bcd1cgel4 for #bg    
years1 and afterwards #aei1cgel4 ,it    
appears1 therefore1 that #a4bej1jjjl4 or
 a quarter of the capital that was      
actually created1 would have been saved2
 and also a rent charge on the public   
after #bg years of #dj1gejl4 per ann4   
for ever4--,the additional expence to   
balance these advantages would have been

 #i4fejl4 per ann4 for ten years1 and   
#cd1cgel4 per ann4 for #ag years4 ,in   
other words2 the public would have      
absolutely secured the redemption of a  
quarter of the loan1 7or of             
#a4bej1jjjl47 besides an easier         
redemption of the remainder1 at the     
expence of #fhj1hgel4 in the whole1#ada 
to be paid annually in small sums during
 the course of #bg years4         99    
99       99       99       99  ,all that
 has been now said has gone on the      
supposition that1 agreeably to the      
calculations on which the last loan was 
formed1 #ajjl4 stock irredeemable for   
ten years and bearing #d per cent4      
interest1 would sell at #agl4 more than 
#ajjl4 stock bearing #c per cent4       
interest2 7or at #iel4 when the latter  
stock is at #ghl47 and also1 that a     
short annuity for ten years would sell  
at #h years purchase4--,but events have 
shewn that these valuations were too    
high4 ,the new subscription 7including  
#ajjl4 four per cent4 stock1 a half per 

cent4 short annuity1 and the profit of a
 lottery ticket7 should have sold1      
according to these valuations1 at about 
#ajb4 ,but it never bore so high a      
price2 and in a little time it fell to  
par1 and at last to #c per cent4        
discount4--,various reasons have been   
assigned for this2 but the true reasons 
were the following4  ,first4 ,a general 
fall of near #b per cent4 which took    
place in the stocks soon after the loan 
was settled4  ,secondly4 ,a lower       
valuation of the new #d per cent4 stock 
and the short annuity which took place  
in the ,,alley4--,this was the principal
 reason2 and it will be proper          
particularly to explain it4 ,in doing   
this1 it will be necessary to look back 
a little to the history of the public   
funds4         99       99       99     
99       99  ,in #agag the public debts 
were reduced from an interest of #f per 
cent4 to #e per cent4 and in #agbg1 from
 #e per cent4 to #d per cent4 ,in #agcg 
a bill was brought into the ,,house ,,of

 ,,commons by ,sir ,john ,barnard1 for a
 farther reduction from #d to #c per    
cent4 ,at this time the #c per cents4   
were above par2 and even1 during the    
three first years of the war which began
 in #agdj1 they continued so high that  
government was able to raise the        
necessary supplies by borrowing at #c   
per cent4--,in such circumstances1 it   
was impossible the public creditors     
should avoid expecting a third          
reduction2 and this expectation would   
necessarily link the value of the ,,four
 ,,per ,,cents4 by leading the public to
 consider them as no more than a ,,three
 per cent4 stock having a short annuity 
of ,,one per cent4 annexed4             
,accordingly2 before the war the        
difference of price between the ,,three 
and the ,,four per cent4 stocks was     
about #aj or #aa per cent4 ,after the   
commencement of the war1 a reduction    
becoming more doubtful and more distant1
 this difference became greater1 and    
generally kept between #ad and #ag per  

cent4 ,at the approach of the ,,peace in
 #agdh1 it sunk to #aa per cent4 and    
soon after the ,,peace1 the #c per      
cents4 having risen considerably above  
par1#adb and an universal expectation of
 a speedy reduction taking place1 it    
sunk to #f per cent4--,it is evident1   
therefore1 that the price of the ,,four 
per cents4 has been governed by the     
expectation of their reduction1#adc and 
that1 had there been no such            
expectation1 their price1 compared with 
the #c per cents4 would have been much  
higher4 ,it will appear presently to be 
most probable1 that had it not been for 
this expectation1 the prices of these   
stocks would not have differed much from
 the proportion of the rates of         
interest4  ,in taking this account1 ,i  
have only compared the ,,three per      
cents4 with the ,,south-,,sea ,,four per
 cent4 capitals before their reduction  
in #agdi1 at which time they amounted to
 above #bg millions1 and were 7as the   
consolidated three per cent4 annuities  

are now7 the grand staple stock of the  
kingdom4 ,in #agdf and #agdg1 two new   
,,four per cent4 capitals were created  
redeemable at any time1 and transferable
 at the ,,bank4 ,the price of these new 
capitals kept for some time after their 
creation1 considerably below the price  
of the old ,,south-,,sea four per cents4
 the reasons of which were1 ,i suppose1 
the general reasons which make new funds
 bear a lower price than old ones2 and1 
particularly1 their having less traffic 
in them1 and being small and detached   
parcels likely to be first selected for 
the operations of finance4         99   
99       99       99       99  ,were the
 cause now assigned1 or the expectation 
of a reduction of interest1 the only    
cause that governed the comparative     
prices of #c per cent4 and #d per cent4 
capitals1 the excess of one above the   
other would never be more than the      
supposed value of a short annuity of    
#al4 till reduction4--,but there is     
another cause which may operate in this 

instance1 and which ought not to be     
overlooked2 ,i mean1 the expectation of 
a greater payment at redemption4 ,the   
effect of the former is to diminish1 and
 of the latter to increase the value of 
,,four per cent4 capitals4--,in order to
 understand this it must be remembered1 
that when the #c per cents4 are at any  
considerable discount1 it becomes       
practicable to redeem them under par1   
while debts bearing #d per cent4        
interest must be redeemed at par4 ,this 
will make a difference in favour of the 
latter1 which will be greater or less in
 proportion to the greater or less      
discount at which the three per cents4  
are sold1 the greater or less quantity  
of stock bearing #d per cent4 interest1 
and the greater or less probability that
 the whole or a considerable part of it 
will be soon redeemed#add--,let us      
suppose1 for instance1 that all the     
public debts bearing #d per cent4       
interest1 consist of a single capital of
 ,,five ,,millions redeemable at any    

time2 and that all the rest of the      
public debts are ,,three per cent4      
capitals sold at a discount of #ab per  
cent4 or at #hhl4 for every #ajjl4      
stock4 ,in these circumstances1 there   
would be a certainty that the small     
stock bearing #d per cent4 interest     
would be selected for redemption as soon
 as possible2 and1 as a stock carrying  
such high interest could not be         
expected1 when the #c per cents4 are at 
#hh1 to be redeemed under par1 its real 
value would on this account exceed that 
of the ,,three per cents4 more or less  
in proportion as its redemption was more
 or less distant4 ,and its whole excess 
of value in these circumstances is to be
 computed in the following manner4--,it 
would consist of a #c per cent4 capital1
 for every #ajjl4 of which #ajjl4 in    
money is to be received2 and of an      
additional annuity of #a per cent4 till 
redemption4 ,its excess of value1       
therefore1 if the whole capital was to  
be redeemed immediately1 would be the   

same with the discount of the #c per    
cents4 or #ab per cent4 ,if the capital 
was not to be redeemed till the end of  
#g years1 its excess of value would     
consist of #ab per cent4 payable seven  
years hence1 and the present worth of an
 annuity of #a per cent4 for the        
intermediate term of seven years4 #abl4 
payable at the end of #g years is worth 
in present money 7allowing compound     
interest at #d per cent47 #il4 #bs4     
#f;d4 ,an annuity of #al4 for seven     
years is worth 7reckoning the same      
interest7 #fl4 ,the whole excess of     
value1 therefore1 will be #ael4 #bs4    
#f;d4 for every #ajjl4 stock4 ,if the   
redemption of the capital is to be      
delayed #ae years1 the excess of value  
computed in the same manner will be     
#agl4 #aes4 #f;d4--if #bj years1 #ail4  
#as4--if #cj years1 #bal4  ,if the #c   
per cents4 had been supposed at a       
greater discount1 it is evident that    
these several values would have been    
likewise greater2 and had the quantity  

of #d per cent4 stock been supposed     
double or triple1 the effect would have 
been the same with a delay of           
redemption2 and had it been supposed    
thirty or forty millions1 the effect 7in
 consequence of our slow progress in    
redeeming our debts7 would not have     
fallen very short of an eternal delay of
 redemption4  ,before #agdi1 the amount 
of the public debts carrying #d per     
cent4 interest was near #eh millions4   
,the expectation1 therefore1 of the     
advantage now explained could not then  
have any effect2 and the only cause     
which could have influenced1 in any     
considerable degree1 the comparative    
prices of these stocks must have been   
the first ,i have assigned1 or the      
expectation of their reduction2 that is1
 in other words1 the expectation of a   
sudden redemption of them1 as soon as   
the #c per cents4 got above par1 by     
borrowing money at that interest4 ,had  
not this been foreseen1 or had there    
been an act of parliament rendering it  

impracticable1 there is no reason to    
doubt but the price of the ,,four per   
cents4 compared with the ,,three per    
cents4 would have approached nearly to  
the proportion of the rates of interest1
 agreeably to what is said in 7page     
#aia74  ,the state of the public funds  
has been much changed since the two last
 wars2 but it is an alteration that has 
increased the comparative value of #d   
per cent4 capitals4  ,i have already    
observed1 that during the last war there
 was reason to expect1 that1 as soon as 
peace came1 the ,,three per cents4 would
 rise above par4 ,no one can now        
entertain any such expectation4 ,on the 
contrary2 it is most probable1 that they
 will never again rise to that which has
 been their average price during the    
last peace from #agfc to #agge1 and     
which1 ,i think1 may be stated at #hg or
 #hh4--,my reason for this assertion is1
  ,first1 that after the present war1   
should we be so happy as to escape the  
ruin with which it threatens us1 our    

taxes and expences will be so much      
increased1 and at the same time our     
resources so much diminished1 as        
necessarily to leave the credit and     
value of our public securities lower    
than ever4  ,secondly4 ,though our      
credit and resources should continue    
undiminished1 yet the great addition    
which the present war will make to the  
public debt1 is alone likely to sink    
their value1 because every increase of a
 saleable commodity has always a        
tendency to lower its price4--,it       
follows from hence1 that the purchasers 
of ,,four per cent4 capitals have now a 
prospect of an advantage of #ab or #ad  
per cent4 at redemption1 which they     
could not have had before the last      
peace4  ,in connexion with this it must 
be considered1 that it is now highly    
probable1 that it will never be again   
practicable to reduce the interest of   
any #d per cent4 capitals4 ,in order to 
such a reduction1 government must be    
able to offer to the proprietors of     

these capitals their principal1 should  
they not chuse to take lower interest1  
and consequently to borrow at an        
interest of #c or #c per cent4 ,but no  
sums will be lent on such lower         
interest1 unless it can be depended     
,upon that capitals bearing that        
interest1 when brought to market1 will  
bear a premium of #a or #b per cent42   
and this1 when the three per cents4 are 
not higher than #hg or #hh1 would       
require the excess of value of such     
capitals to be estimated at #ad or #ae  
per cent4 whereas it has been lately    
found1 that even ,,four per cent4       
capitals irredeemable for ten years1    
will not bear such an excess of         
value4--,a reduction1 therefore1 of the 
interest of ,,four per cent4 capitals1  
or a redemption of them by borrowed     
money1 cannot now be reckoned upon2 and 
the only cause that can ,,reasonably    
sink their value compared with the      
,,three per cents4 below the ratio of   
the rates of interest1 is the           

probability of a redemption of them by  
the surplus of the national revenue4 ,i 
need not say how little is to be        
expected from hence4 ,supposing1        
however1 that much may be expected1 ,i  
have shewn what effect it ought to have2
 and from the observations ,i have made1
 and particularly the computation in    
7page #aid71 c4 it appears1 ,i think1   
that the price of the capital of five   
millions four per cent4 annuities lately
 created ought to have been near #ah per
 cent4 more than the price of the       
,,three per cents4 ,this appears to be  
true on the supposition that this       
capital will be redeemed in fifteen     
years2 7that is1 in five years after the
 expiration of the term for which it is 
made irredeemable7 that the #c per      
cents4 will rise to as high a price as  
they bore during the last peace2 and    
that purchasers are allowed to make     
,,four per cent4 compound interest of   
their money4--,were we to suppose this  
capital discharged even in two years    

after it becomes redeemable1 the value1 
made out in the same way1 would be      
nearly #agl4  ,he who will consider all 
this1 and also recollect the general    
price of the #d per cents4 before their 
reduction in #agdi1 7see page #aij7 must
 be convinced that the ,,treasury1 at   
the time the last loan was settled1 had 
good reason for taking the price of the 
new four per cent4 capitals #ag per     
cent4 higher than the price of the three
 per cents4--,it has1 however1 been     
found that this was too high a          
valuation4 ,instead of being sold at    
#agl4 more for every #ajjl4 stock than  
the #c per cents4 they have been sold at
 only #acl4 or #adl4 more2 and this has 
been the chief reason of the discount to
 which the last subscription fell4--,it 
is hard to say1 by what principles the  
money'd men who traffic in the funds    
have governed themselves in this        
instance2 but certain it is1 that they  
have not been guided by any of the rules
 of just calculation3 ,and the same must

 be said of the value at which they have
 reckoned the short annuity of a half   
per cent4 for ten years annexed to the  
new #d per cents4 ,in forming the scheme
 for the last loan this annuity was1 ,i 
have said1 estimated at #h years        
purchase1 agreeably to its real value1  
supposing the payments yearly1 the first
 payment to be made at the distance of a
 year1 and money improved at #d per     
cent4 compound interest4 ,but it has in 
general been sold at about #g years     
purchase2 which is less than its value1 
supposing money improved at #e per cent4
 compound interest4#ade  ,from this     
account it appears1 that could the      
caprice of the public have been         
foreseen1 the price of the new four per 
cents4 should not have been reckoned at 
more than #ial42 7the #c per cents4     
being at #ghl47 and that1 consequently1 
to make up a value which would have     
produced #ajbl4 for every #ajjl4        
advanced1 either the term of            
irredeemableness and of the short       

annuity should have been lengthened2 or1
 supposing this term the same1 the short
 annuity should have been more than     
doubled4 ,an artificial capital1 indeed1
 of near half a million would in this   
case have been created4 ,but this       
disadvantage might have been avoided1   
without bringing any additional expence 
on the public1 by such alterations as ,i
 have before proposed2 and by increasing
 in the corrected schemes1 7page #ahf71 
c4 either the term of irredeemableness1 
or the short annuity1 or the rate of    
interest1 or all of them together4      
99       99       99       99       99  
,the preceding account will1 ,i fancy1  
help to shew what is practicable1 taking
 things as they are1 in borrowing money 
for public uses4 ,it proves1 that the   
nation loses greatly by the low price of
 all capitals bearing a higher interest 
than #c per cent4 and that could their  
value be raised1 it would be greatly    
benefited4--,for example4 ,could the new
 ,,four per cents4 have been taken at   

#iil4 for every #ajjl4 stock1 instead of
 #iel4 the whole expence of the short   
annuity in the scheme of the last loan1 
and of a quarter per cent4 perpetual    
interest1 in the corrected schemes1     
7page #ahf71 c4 might have been saved4  
,but had the value of the #d per cents4 
been raised in proportion to the rate of
 interest1 or nearly in that proportion1
 a farther saving might have been made1 
in all the schemes1 of the profits of   
the lottery1 and1 consequently1 of      
#fjjjl4 per annum in the annual         
charge4--,my next enquiry1 therefore1   
shall be1 in what manner and by what    
regulations this may be done4 ,i have   
written in the section on loans1 on the 
supposition that such regulations are   
practicable2 and ,i have proposed one of
 them2 but ,i will here be more         
explicit4         99       99       99  
99       99  ,it has been shewn1 that   
before #agdi the cause which depressed  
the value of the #d per cents4 was the  
expectation of their being reduced2 and 

that now this cause is the expectation  
of their being soon redeemed4 ,remove1  
therefore1 these causes in any degree1  
and their value must rise in the same   
degree4--,with respect to the first1 it 
is in my opinion certain that it would  
be doing great service to the public to 
exclude it entirely4 ,our reductions of 
interest have proceeded from a policy   
too narrow2 and the nation is likely to 
suffer by them much more than it has    
gained4#adf ,the savings they produce1  
being expended on current services1     
tempt to extravagance2 give a fallacious
 appearance of opulence2 and1 by making 
our debts sit lighter1 render us less   
anxious about redeeming them1 and less  
apprehensive of danger from the increase
 of them4 ,at the same time they render 
their redemption a work of more         
difficulty1 and oblige government1 when 
under a necessity of contracting new    
debts1 either to give extravagant       
interest1 or to offer extravagant       
premiums4 ,that accumulation of         

artificial debts which ,i have pointed  
out has been owing principally to this  
cause2 and had it not been1 in          
particular1 for the reduction in #agdi1 
the public debts would now have been    
near #ad millions less2 and a debt of   
above a hundred millions1 instead of    
consisting of capitals bearing interest 
at #c per cent4 would have consisted of 
capitals bearing some of them #c1 some  
#d1 and some #d and #e per cent4        
interest1 which 7supposing them all at a
 medium to bear #d per cent47 a million 
per ann4 would have redeemed in six     
years less time1 and at twenty-one      
millions less expence4--,in short2      
reducing of interest is one of those    
unhappy ,,temporary ,,expedients to     
which statesmen are apt to betake       
themselves2 and by which present relief 
is gained at the expence of future      
safety1 and distress postponed by       
rendering it in the end more unavoidable
 and dreadful4--,there cannot1          
therefore1 be any sufficient reason     

against making the interest of the new  
capitals which may be created by any    
future loans1 ,,irreducible4#adg ,should
 this raise the price of capitals       
bearing high interest in proportion to  
the increase of interest1 government    
would be enabled to borrow to equal     
advantage whatever interest it offered2 
the new loans would not bring any       
greater annual charge on the nation than
 would have been necessary had the same 
sums been obtained by selling #c per    
cent4 capitals2 and1 at the same time1  
all the immense expence of douceurs and 
fictitious capitals would be saved1 and 
all the advantages in redeeming the     
public debts obtained1 arising from     
smaller capitals bearing higher         
interest4  ,such a regulation as that   
now proposed would be alone sufficient  
for these purposes1 when the amount of  
the debts bearing high interest and     
declared irreducible1 is considerable1  
as appears from what is said in 7page   
#aie74 ,but when a debt happens to bear 

a higher interest than any other1 and is
 at the same time small1 the probability
 of a quick redemption will operate in  
the same manner on its price with the   
expectation of a reduction2 and in this 
case1 therefore1 it will become         
necessary1 in order to avoid the        
inconveniences ,i have described1 to    
,,postpone ,,redemption2 and one of the 
best methods of doing this will be1 by  
ordering1 that such a debt shall be     
redeemed after some other given part of 
the funded public debts4--,so slow has  
been our progress in redeeming debts1   
that this 7supposing the part to be     
first redeemed considerable7 would be   
reckoned1 in the present circumstances  
of the funds1 the same with making the  
debt to be last redeemed1 irredeemable  
for ever4 ,and should such an           
apprehension prove right1 the public    
would lose nothing1 because the debt    
whose redemption was postponed1 would   
bring no greater annual charge on the   
public1 than if the same sum had been   

obtained by selling a capital bearing   
any lower interest4 ,but should it prove
 false1 or should our debts be ever put 
into a fixed course of redemption1 the  
public would gain greatly by being able1
 after discharging one part of its      
debts1 to discharge the remainder more  
expeditiously and easily4  ,i shall beg 
leave to illustrate what has been now   
said by having recourse again to the    
last loan of ,,five ,,millions4--,during
 the last #fj years1 or from the first  
establishment of the sinking fund to the
 year #aggg1 no more than about         
,,fifteen ,,millions of the public      
funded debts have been paid4 ,an order1 
therefore1 that the capital of five     
millions bearing #d per cent4 created by
 the last loan1 should not be discharged
 unless a capital of twenty-five or     
thirty millions in the three per cents4 
shall have been first discharged1 would 
have carried its redemption to so       
distant a period1 as might probably have
 raised it to the same comparative value

 with any #c per cent4 capitals4  ,let  
it1 however1 be supposed to advance its 
price only to #ajbl4 when the #c per    
cents4 are at #gh2 that is1 when the    
ratio of the rates of interest required 
the price to be at #ajd4 ,in these      
circumstances1 #d4hej1jjjl4 of the five 
millions would have been advanced for an
 equal capital carrying #aid1jjjl4      
interest at #d per cent42 and the       
remaining #aej1jjjl4 would have been    
advanced for the lottery3 ,and thus the 
whole expence of the short annuity1 and 
#aej1jjjl4 capital1 would have been     
saved4--,and had the same sum been      
obtained by selling a #c per cent4      
capital1 the amount of interest1 though 
the least possible1 would not have been 
much less2#adh but1 at redemption1 there
 would have been a necessity of paying  
above a ,,million ,,and ,a ,,quarter for
 which no value had been                
received4--,when such advantages1       
uncompensated by any loss1 can be       
obtained by so easy and simple a        

regulation as only changing the ,,order 
of paying the public debts1#adi what    
possible reason can there be against    
adopting it8  ,there is another method  
by which the value of any stocks bearing
 high interest might be raised1 which   
would probably be no less effectual2 ,i 
mean1 by ordering that no part of such  
stocks shall be redeemed1 without at the
 same time redeeming an equal1 or any   
larger sum1 in other capitals4 ,this is 
the regulation proposed in the section  
on public loans1 7page #ih72 and it will
 not be amiss here to give an           
illustration of it1 by supposing1 that  
,,eight ,,millions will be wanted for   
the necessary supplies of this year2 and
 that this sum will be procured by      
selling1 as was done in the last loan1 a
 capital equal to the sum advanced1     
bearing #d per cent4 interest4 ,were the
 interest in this case made irreducible1
 and the capital incapable of being     
redeemed without at the same time       
redeeming four times as much of the #c  

per ct4 or some other stocks1 an        
increase of value would be communicated 
to it which would render all ,,douceurs 
unnecessary4 ,for it would be a capital1
 the redemption of which could not be   
completed without discharging in all    
,,forty#aej ,,millions of the public    
debts4--,i cannot doubt but that1 in    
these circumstances 7supposing the price
 of the #c per cents4 to continue near  
#gh7 a #ajjl4 in money would be given   
for #ajjl4 in such a stock1 and the     
whole extravagant expence of short      
annuities1 lotteries1 and artificial    
capitals would be saved4  ,in short4    
,with the aid of such regulations as    
those now proposed1 ,,eight ,,millions  
might this year be borrowed 7supposing  
the #c per cents4 not lower than #gh or 
#gg7 probably at an interest of #d per  
cent41 but certainly at an interest an  
,,eighth or a ,,quarter higher1 without 
offering any premiums4 ,whereas1 if no  
such regulations are established1 either
 an artificial debt of near#aea two     

millions and a half must be created2 or 
#e per cent4 for #ae or #bj years       
certain1 together with the profits of a 
lottery1 must be given2 and a new tax   
laid which will produce #djj1jjjl4 per  
ann4  ,it may deserve to be added1 that 
an unprosperous state of public affairs1
 and apprehensions of public danger1    
would have a tendency1 by placing the   
redemption of our debts at a greater    
distance1 to promote1 rather than       
obstruct the success of schemes attended
 with such regulations4         99      
99       99       99       99  ,there   
remains one proposal more on this       
subject which ,i wish may be attended   
to4  ,i have observed1 that our         
reductions of interest have been the    
effect of too narrow a policy4 ,it seems
 to me1 that one of the best measures   
that could now be adopted1 would be to  
undo what we have done in this instance1
 by restoring the #c per cent4 capitals 
to a higher interest1 and making this   
restoration1 one of the means of raising

 the necessary supplies4 ,that this is  
practicable1 and that it would be       
advantageous1 will appear from the      
following scheme1 and observations4     
,for #bjl4 in money1 let #aajl4 stock   
bearing #c per cent4 interest1 be       
offered1 in exchange for every #ajjl4 of
 the #c per cent4 stocks2 and let the   
new #c per cent4 flock be capable of    
being redeemed at any time1 but never   
under par1 unless when the price of the 
#c per cents4 happens to be below       
#hel4--,by this scheme the public would 
procure #bjl4 from the conversion of    
every #ajjl4 #c per cent4 stock into    
#aajl4 stock carrying #c per cent42 or  
,,five ,,millions from the conversion of
 ,,twenty-,,five ,,millions4 ,the new   
additional capital would be only ,,two  
,,millions ,,and ,a ,,half1 7or #aj per 
cent4 of the old capital72 and the      
additional interest would be #ags4 7that
 is1 a half per cent4 added to #gs4 the 
interest of #ajl4 at #c per cent47 for  
every #bjl4 advanced2 or #d per cent4   

for the whole loan4  ,that such a scheme
 would afford ample encouragement to    
subscriptions1 supposing the #c per     
cents4 at or near #gh1 will appear from 
considering1 that the interest offered  
is above a quarter per cent4 more than  
could be made by purchasing any         
perpetual annuities1 and at the same    
time1 in consequence of forming a part  
of the interest of a ,,three ,,and ,a   
,,half per cent4 capital1 is incapable  
of reduction1 and therefore nearly on an
 equal footing with the interest of any 
#c per cent4 capital4--,but to be a     
little more explicit4  ,the new capital 
of #aajl4 bearing #c per cent4 interest 
would be better than the #ajjl4 ,,three 
per cent4 capitals for which it would be
 substituted1 in the following          
respects4--#ast4 ,it would carry #ags4  
per ann4 more interest2 and such an     
interest1 when the price of an annuity  
of #cl4 is #ghl41 ought to be worth     
#bbl4 #bs4 ,the additional interest1    
therefore1 would be disposed of at #bl4 

#bs4 for every sum of #bbl4 #bs4 7or at 
#i per cent47 less than its true value1 
compared with the price of the #c per   
cent4 annuities4  ,secondly4 ,the #c per
 cents4 when peace comes1 will probably 
be capable of being redeemed at         
#hhl4#aeb ,but this stock1 in the same  
circumstances1 must be redeemed at par4 
,it will1 therefore1 produce #abl4 more 
in every #ajjl4 at redemption4 ,add the 
#ajl4 additional stock2 and the whole   
additional sum to be received at        
redemption will be #bbl4--,there will1  
therefore1 be a profit at redemption of 
#ajl4 per cent4 of the money advanced2  
and this profit deserves the more       
notice1 because the stock to which it is
 annexed1 being redeemable at any time1 
and bearing a higher interest than the  
#c per cents4 will be selected for      
redemption before them2 and therefore   
its price will be so much the more      
likely always to keep near              
par4--,setting aside1 however1 this     
advantage1 and supposing only the #bjl4 

advanced likely to be received at       
redemption1 it may be found by          
calculating in the manner explained in  
7p4 #aid71 c4 that the substitution of  
#aajl4 flock carrying ,,three ,,and ,a  
,,half per cent4 for #ajjl4 carrying    
,,three per cent41 or1 in other words1  
that #bjl4 to be received some time     
hereafter1 besides an annuity of #ags4  
for the intermediate time1 is worth in  
present money more than #bjl41 reckoning
 compound interest at #d per cent4      
,such a scheme1 therefore1 in whatever  
way its value was rightly calculated1   
would appear to offer an advantageous   
bargain4 ,should there1 however1 be     
reason to fear that the public might    
judge otherwise2 or should the #c per   
cents4 be at #gd or #ge1 the value might
 be easily increased near nine per cent4
 by making the substituted stock #aabl4 
instead of #aajl4 in which case1 the    
interest for the #bjl4 advanced would   
become #ahs4 #e;d4 per ann41 or a little
 more than four and a half per cent4    

instead of four and a quarter4  ,the    
advantages to the public which would    
arise from such a scheme are--#ast4     
,that it would be one of the best       
preparations for measures that must some
 time or other be entered into for      
putting the public debts into a fixed   
course of redemption4#aec--;,in         
consequence of being raised to a higher 
interest1 a considerable part of them   
would be made capable of being redeemed 
with more ease and expedition2 and for  
this reason1 it is certain that1 if     
there remains a possibility of our      
escaping a public bankruptcy1 the time  
must come when we shall wish all our    
debts bore a high interest4#aed         
,secondly4 ,a capital of ,,two          
,,millions ,,and ,a ,,half would be     
saved in raising ,,five ,,millions4     
,that is2 the nation in procuring five  
millions would incur a debt of only half
 that sum2 and instead of having a      
,,quarter or a ,,third more to pay at   
redemption than had been received1 it   

would have ,,one ,,half less to pay4    
,thirdly4 ,such a scheme would keep up  
public credit2 and1 by its necessary    
operation1 contribute to carry itself   
into execution4 ,for the advantages     
attending it being grounded entirely    
upon the old #c per cent4 stocks1 few at
 such a time would chuse to sell them1  
but many would be induced to buy1 and1  
consequently1 their price would be      
advanced1 contrary to the common effect 
of public loans4--,these seem to me     
advantages so unspeakably important1    
that ,i cannot but think it would be    
right to go to some extraordinary       
expence1 in making at least one         
experiment of this kind4 ,if1 in        
consequence of offering high terms in   
one trial for a small sum1 such an      
experiment should succeed1 it might be  
renewed on lower terms2 and the way     
might be discovered of managing1 in the 
best manner1 larger loans on the same   
plan4--,i cannot help thinking indeed1  
that it would be found that in this way 

great sums might be raised without      
creating any new capitals1 or making any
 addition to the public debts4 ,i fancy1
 for instance1 that few1 when the #c per
 cents4 are about #gh1 would scruple to 
pay #bel4 for the conversion of #ajjl4  
,,three per cent4 stock into a #ajjl4   
,,four per cent4 stock1 provided this   
last stock was not to become redeemable 
till ,,thirty or ,,forty ,,millions of  
our present debts have been discharged3 
,and supposing this true1 money for     
public services would be raised at #d   
per cent4 or at an interest nearly as   
low as possible2 and1 at the same time1 
a sum equal to the whole money advanced 
would be saved4 ,but were it necessary  
to take for such a substitution #bdl4 or
 even #bcl4 7that is1 to pay about #d   
per cent4 for money7 the gain1 if our   
debts are ever to be redeemed1 would    
abundantly overbalance the increased    
expence of interest4   ,,footnotes  #dh 
,see ,observations on ,civil ,liberty1  
page #gd4  #di ,of all the writers      

against this war1 the learned ,dr4      
,,tucker is the severest4 ,for if1 as he
 maintains1 contrary to repeated        
declarations from the throne1 a         
separation from the ,colonies would be  
an advantage to us1 the attempt to keep 
them1 by invasion and bloodshed1        
deserves a harsher censure than words   
can convey4  #ej ,see ,observations on  
,civil ,liberty1 ,part ,i4 sect4 #a4    
#ea ,see ,observations1 ,part ,i4 sect4 
#b4  #eb ,the greatest part of ,mr4     
,goodricke's remarks are founded on this
 misunderstanding4 ,he is so candid that
 ,i know he did not mean to misrepresent
 me2 and yet ,i cannot help thinking it 
hard1 after repeated declarations of my 
preference of such a constitution as our
 own1 to be considered as an advocate   
for a pure ,democracy4 ,see             
,observations on ,dr4 ,price's ,theory  
and ,principles of ,civil ,liberty and  
,government1 by ,mr4 ,,goodricke4  #ec  
,one of the best plans of this kind has 
been with much ability1 described by    

,mr4 ,,de ,,lolme1 in his account of the
 ,constitution of ,england4  #ed 8,as in
 a free state1 every man who is supposed
 a free agent1 ought to be his own      
governor2 so the legislative power      
should reside in the whole body of the  
people40 ,spirit of ,laws1 ,book ,,xi4  
chap4 vi4 ,see likewise ,justice        
,blackstone's ,commentaries on the ,laws
 of ,england1 page #aeh4 #ast ,vol4 oct4
 edition4--,demosthenes speaking in his 
first ,philippic1 sect4 #c;d4 of certain
 free states1 calls them their own      
legislators1   4  #ee ,see ,remarks1    
printed for ,mr4 ,cadell1 on a pamphlet 
published by ,dr4 ,price4 ,in a letter  
from a gentleman in the country to a    
member of parliament1 page #aj4  #ef    
,rom4 vii4  #eg ,dr4 ,,priestly1 in his 
,essay on the first principles of       
,government1 makes a distinction between
 civil ,liberty and political ,liberty2 
the former of which he defines to be    
8the power which the members of a state 
ought to enjoy over their actions20 and 

the latter1 8their power of arriving at 
public offices1 or1 at least1 of having 
votes in the nomination of those who    
fill them40--,this distinction forms a  
very proper subdivision of the liberty  
of the citizen here mentioned2 and it   
may be accommodated to all ,i have said 
on this subject1 by only giving some    
less general name to that which ,dr4    
,priestly calls civil ,liberty4  #eh    
,see on this ,subject an excellent      
,sermon entitled1 ,the ,principles of   
the ,,revolution vindicated4 ,by ,dr4   
,watson1 ,regius ,professor of          
,divinity1 at ,cambridge4  #ei ,some who
 maintain this doctrine concerning      
government1 overthrow their own system  
by acknowledging the right of resistance
 in certain cases4 ,for1 if there is    
such a right1 the people must be judges 
when it ought to be exercised2 a right  
to resist only when civil governors     
think there is reason1 being a gross    
absurdity and nullity4--,the right of   
resistance1 therefore1 cannot mean less 

than a right in the people1 whenever    
they think it necessary1 to change their
 governors1 and to limit their power4   
,and from the moment this is done1      
government becomes the work of the      
people1 and governors become their      
trustees or agents4  #fj ,it has been   
commonly reckoned1 that it is the end of
 civil government and civil laws to     
protect the property and rights of men2 
but1 according to this writer1 civil    
government and civil laws create        
property and rights4 ,it follows        
therefore1 that1 antecedently to civil  
laws1 men could have no property or     
rights2 and that civil governors1 being 
the makers of civil laws1 it is a       
contradiction to suppose1 that mankind  
can have any property or rights which   
are valid against the claims of their   
governors4 ,see ,three ,letters to ,dr4 
,price1 p4 #ba1 c4 ,and ,remarks on the 
principal ,acts of the #acth ,parliament
 of ,great-,britain1 p4 #eh1 c4 and p4  
#aia4  #fa ,this has been done in a     

lower instance4 ,parents have been      
furnished with a particular affection   
for their children1 in order to prevent 
any abuse of their power over them4  #fb
 8,in ages of darkness1 and too often   
also in those of greater knowledge1 by  
the perfidious arts of designing        
princes1 and by the base servility of   
too many ecclesiastics1 who managed the 
superstition of the populace1 by the    
violent restraints put upon divulging   
any juster sentiments about the rights  
of mankind1 the natural notions of      
polity were erased out of the minds of  
men2 and they were filled with some     
confused imaginations of something      
adorable in monarchs1 some              
representation of the ,divinity2 and    
that even in the worst of them2 and of  
some certain ,divine claims in certain  
families4--,no wonder this6 that        
millions thus look upon themselves as a 
piece of property to one of their       
fellows as silly and worthless as the   
meanest of them2 when the like arts of  

superstition have made millions1 nay the
 very artificers themselves1 fall down  
before the block or stone they had set  
up2 or adore monkies1 cats1 and         
crocodiles1 as the sovereign disposers  
of their fortunes40 ,see ,dr4           
,,hutcheson',s ,system of ,moral        
,philosophy4 ,vol4 ii4 p4 #bhj4  #fc    
8,let not1 therefore1 these pretended   
masters of the people be allowed even to
 do good against the general            
consent4--,let it be considered1 that   
the condition of rulers is exactly the  
same as that of the ,cacique1 who being 
asked whether he had any slaves1        
answered2 ,slaves8 ,i know but one slave
 in all my district1 and that is        
myself40 ,see the ,philosophical and    
,political ,history of the ,settlements 
and ,trade of the ,europeans in the     
,,east ,,and ,,west ,,indies4           
,translated from the ,french of the     
,abbe ,raynal1 by ,mr4 ,justamond4 ,vol4
 v4 page #dad4  #fd ,see ,obs4 p4 #be4  
8,the rights of mankind are so sacred   

that no prescription of tyranny or      
arbitrary power can have authority      
enough to abolish them40 ,mr4 ,hume's   
,essays1 vol4 iii4 ,essay on the        
,coalition of ,parties4  #fe 8,mankind  
have been generally a great deal too    
tractable2 and hence so many wretched   
forms of power have always enslaved nine
 tenths of the nations of the world1    
where they have the fullest right to    
make all efforts for a change40 ,dr4    
,hutcheson's ,moral ,philosophy4 ,vol4  
ii4 p4 #bhj4  #ff ,see ,remarks on the  
,acts of the ,thirteenth ,parliament of 
,great ,britain4 ,p4 #cd1 c4--8,is not  
the same reasoning applicable to taxes  
paid for the support of civil           
government8 ,are not these too the      
property of the civil magistrate80      
,ibid4 p4 #ef4--;,if ,i understand this 
writer1 his meaning is1 not only that   
the taxes which the civil magistrate has
 imposed are his property2 but also1 any
 which he shall please to impose4  #fg  
,matth4 xxiii4 #h-ab4--;,john xiii4 #ad4

  #fh ,luke xxii4 #be1 c4  #fi #a ,pet4 
v4 #c4--b ,cor4 i4 #bd4  #gj ,he who    
wants to be convinced of the            
practicability1 even in this country1 of
 a complete representation1 should read 
a pamphlet lately published1 the title  
of which is1 ,,take ,,your ,,choice4    
#ga 8,a free subject of a free state0 is
 a contradiction in terms4 ,see the     
,proclamation for a ,fast4  #gb ,mr4    
,hume's ,essays4 ,vol4 i4 ,essay iv4 p4 
#ca4  #gc ,spirit of ,laws4 ,book xix4  
ch4 #bg4  #gd ,introduction to the      
,commentaries on the ,laws of ,england1 
p4 #dh4 ,see also ,book i4 ch4 #h4  #ge 
,in #afib ,king ,william rejected a bill
 for triennial ,parliaments1 after it   
had passed both ,houses4 ,but in a      
following year he thought proper to give
 his assent to it4  #gf ,spirit of      
,laws4 ,book xix4 ch4 #bg4  #gg ,history
 of ,civil ,society4 ,part vi4 sect4 #e4
  #gh ,political ,discourses4 ,essay    
xii4 p4 #cja4  #gi ,history of ,civil   
,society4 ,part iv4 sect4 #e4  #hj ,see 

,mr4 ,hume's ,essays4 ,vol4 i4 p4 #ia4  
#ha ,see the conclusion of the ,third   
,part4  #hb ,this was confirmed by the  
account of the noble ,lord at opening   
the last ,budget4  #hc ,i have mentioned
 this sum at random4 ,it is not of great
 consequence whether it is half a       
million too little or half a million too
 much4  #hd ,the quantity of coin within
 all equal degrees of deficiency would  
be equal1 were equal quantities issued  
every year1 and were there also no cause
 which diminished or destroyed it1      
except the uniform operation of time in 
wearing it4 ,any cause1 therefore1 which
 destroys it more1 or diminishes it     
faster at first than at last1 must      
render the quantity less in the first   
degrees of deficiency4 ,and the same    
must be the consequence of a greater    
proportion issued formerly1 in any given
 time1 than of late4--,the causes of    
diminution never probably operated so   
much on the gold coin as they did for   
about twelve years before #aggc2 and    

this will balance the greater proportion
 coined during that time4 ,the very     
reason of the increase of coinage in    
those years was1 a necessity created by 
the loss of the new coin1 and never     
before felt in an equal degree4 ,the    
coinage1 however1 in those years1 was   
not so much more than usual as some may 
imagine4 ,in ten years before #aggj1    
eight millions and a half were coined2  
and in twelve years after the           
,accession1 the same quantity was       
coined2 and in twenty-seven years after 
the ,accession1 more was coined than in 
twenty-seven years before #aggj4 ,see   
,considerations on ,money1 ,bullion1 c4 
p4 #b4--,the whole quantity of gold     
coined from the ,accession to #aggj1 was
 near #bi millions2 more than one half  
of which must have been melted and      
exported2 and1 the greatest part of the 
remainder must have been precipitated in
 its progress towards deficiency by     
being clipped and sweated4  #he ,when   
the silver specie was recoined in ,king 

,william's time1 it appeared1 that a    
great treasure had been hoarded before  
the ,revolution1 in consequence of the  
danger of public liberty at that time4  
,see ,davenant's ,works1 ,vol4 ,i4 p4   
#dci1 c4  ,in ,russia it is reckoned1   
that as much money lies buried under    
ground1 as exists above ground4  #hf ,in
 these sums is included all the coin    
which the late ,proclamations have      
brought in from ,,holland and other     
foreign countries2 and which1 ,i think1 
ought not to be deemed a part of the    
resting stock of the kingdom4  #hg ,or  
deducting a million for the ,irish coin1
 seventeen or eighteen millions4  #hh   
,this is said on the supposition1 that  
the last call would bring in no more    
than was expected1 or about three       
millions4 ,its having brought in above  
double this sum makes little difference4
 ,for it proves1 that the whole quantity
 of gold coin must have been 7according 
to ,lord ,,north's method of computing7 
#ba or #bb millions2 and the quantity   

deficient more than a grain about #ae   
millions2 and1 consequently1 six or     
seven millions 7that is1 near a third7  
will still remain to be the quantity    
deficient less than a grain4  #hi ,it   
has been thought very strange1 that a   
piece of metal should bear a higher     
price1 merely because it wants the stamp
 of the mint4 ,but the reason is1 that  
bullion alone being exportable in any   
considerable quantity1 the price of it  
must vary as the demand for it varies2  
or1 in other words1 as the balance of   
payment between us and the rest of the  
world is favourable or                  
unfavourable4--,this will be explained  
at the beginning of the ,third ,part1   
where it will appear that1 in           
consequence of the increase of luxury   
and the national debt1 this balance has 
been generally against us ever since the
 end of the last war4  #ij ,the coin    
brought in last ,summer1 added to near  
#ad millions coined from the beginning  
of #aggb to the time of the last call1  

amounts to about #bj millions and a     
half2 but only #af millions and a half  
have been brought in1 including the coin
 from ,ireland and foreign countries4   
#ia ,or ,,eighteen ,,millions ,,and ,a  
,,half4 ,see ,dr4 ,,davenant's ,works1  
,vol4 i4 p4 #cfc1 c4 #ddc1 c4 ,a great  
part of this specie was carried out of  
the nation in ,king ,,william's wars2   
and the consequence was1 that the taxes 
became unproductive2 and that           
,government fell under great            
difficulties1 from which it was         
afterwards relieved by the establishment
 of the ,bank and the increase of trade4
 ,see the beginning of the ,third ,part4
  #ib ,the paper currency of the        
,colonies is one of the greatest        
disadvantages under which they labour2  
but it is of a more safe and permanent  
nature than ours4 ,were it not so1 it   
could not have been of the least use to 
them for the last year and a half4 ,he  
who doubts this1 need only consider what
 our paper would be worth were we now   

invaded as they are4  ,this difference  
depends chiefly1 on the following       
circumstances4--,their paper is not     
payable on demand4--,it is a legal      
tender4--,it represents fixed property  
which is mortgaged for it4--,it does not
 support such a monstrous debt as       
ours4--,and when public emergencies     
require any extraordinary emissions1    
they are generally sunk by taxes in four
 or five years4--,it is the first of    
these circumstances that gives our paper
 its currency2 and it is also this      
circumstance that creates the danger    
attending it1 by rendering it incapable 
of sustaining any great shock or        
panic4--,the possession of securities   
equal in nominal value to the amount of 
the paper emitted1 or the debts         
contracted1 is of little consequence    
when the value of these securities      
depends on the paper1 and is created by 
it2 that is1 in other words1 when the   
debts themselves are the very cash which
 must pay the debts4--,nothing can be   

more unnatural than such a state of     
things2 and it may hereafter be a       
curious object of enquiry1 how it could 
be ever possible that it should subsist 
any long time4  ,in page #gh of the     
,observations on ,civil ,liberty1 ,i    
have said1 8that the kingdom of ,,france
 has no such dependence as we have on   
paper-credit2 and that its specie       
amounts to #fg millions sterling40 ,in  
mentioning this sum ,i took the lowest  
of different accounts which ,i had then 
received from different authorities4 ,i 
have since received accounts which make 
it #hg millions and a half2 or #bjjj    
millions of livres4 ,this1 in           
particular1 is the account of an author 
whom all know to be likely to be well   
informed on this subject2 ,i mean the   
author of the ,treatise on the          
,legislation and ,commerce of ,corn1    
,part ,i4 chap4 v4--,in the same        
treatise it is said1 7,part ,i4 chap4   
viii17 that it appears1 from the returns
 made by the intendants of the different

 ,provinces1 that the number of annual  
deaths in the whole kingdom of ,france1 
for three years ended in #aggb1 was     
#ghj1jdj4 ,i have been informed by the  
ingenious author1 that this account may 
be depended on2 and if so1 ,france must 
contain #bf millions of inhabitants2 for
 the best observations prove1 that no   
more than a thirty-third part of a whole
 kingdom dies annually4 ,see            
,observations on ,reversionary          
,payments1 page #bjj4--;,in ,sweden1    
though a nineteenth part die in the     
capital every year1 only a thirty-fifth 
part die in the whole kingdom4 ,see     
,philosophical ,transactions1 ,vol4 lxv4
 for #agge1 p4 #dbf4 ,the particulars   
now mentioned1 added to the nature of   
the debts of ,,france as mentioned in   
page #gh of the ,observations on ,civil 
,liberty1 form a striking contrast      
between the state of that kingdom and   
ours4 ,nothing gives us our superiority 
but the advantages we derive from our   
,,religion and our ,,liberty4 ,even in  

these respects1 however1 they seem to be
 improving1 while we are declining4     
,montesquieu1 ,abbe ,raynal1 and others 
of their most admired writers1 inculcate
 principles of government1 and breathe a
 spirit of ,liberty1 which1 to the shame
 of this country1 are become offensive  
in it4  #ic ,see the proposals and      
observations in a pamphlet lately       
published by ,lord ,viscount ,,mahon on 
this subject4  #id 8,there is something 
7says a great writer7 so unnatural in   
supposing a large society1 sufficient   
for all the good purposes of an         
independent political union1 remaining  
subject to the direction and government 
of a distant body of men who know not   
sufficiently the circumstances and      
exigencies of this society2 or in       
supposing this society obliged to be    
governed solely for the benefit of a    
distant country2 that it is not easy to 
imagine there can be any foundation for 
it in justice or equity4 ,the insisting 
on old claims and tacit conventions1 to 

extend civil power over distant nations1
 and form grand unwieldy empires1       
without regard to the obvious maxims of 
humanity1 has been one great source of  
human misery40 ,system of ,moral        
,philosophy1 by ,dr4 ,,hutcheson1 vol4  
ii4 p4 #cji4 ,in the section from whence
 this quotation is taken1 ,dr4          
,,hutcheson discusses the question1     
8,when colonies have a right to be      
released from the dominion of the parent
 state80 ,and his general sentiment     
seems to be1 that they acquire such a   
right1 8,whenever they are so increased 
in numbers and strength1 as to be       
sufficient by themselves for all the    
good ends of a political union40--,such 
a decision given by a wise man1 long    
before we had any disputes with the     
colonies1 deserves1 ,i think1 particular
 notice4  #ie ,see ,,common ,,sense1 and
 ,,plain ,,truth1 p4 #dd4 ,published for
 ,mr4 ,almon4  #if ,the ,colonies1 ,i am
 assured1 were not perfectly unanimous  
till they saw this answer4  #ig ,i am   

sorry to differ from those respectable  
persons who have proposed placing       
,america on the same ground with        
,ireland4 ,if the same ground of ,,law  
is meant1 it is already done2 for our   
laws give us the same power over        
,ireland1 that we claim over ,america4  
,if the same ground of ,,practice is    
meant2 it has been most unfortunate for 
,ireland1 and would be equally so for   
,america4  #ih ,see the ,abbe ,,raynal's
 ,reflections on this subject at the end
 of the #ahth book of his ,history of   
the ,european ,settlements in the ,east 
and ,west-,indies4--8,is it not likely1 
says this writer1 that the distrust and 
hatred which have of late taken place of
 that regard and attachment which the   
,english ,colonies felt for the parent  
country1 may hasten their separation    
from one another8 ,every thing conspires
 to produce this great disruption2 the  
ra of which it is impossible to         
know4--,every thing tends to this point3
 ,the progress of good in the new       

hemisphere1 and the progress of evil in 
the old4--,in proportion as our people  
are weakened1 and resign themselves to  
each other's dominion1 population and   
agriculture will flourish in ,america2  
and the arts make a rapid progress3 ,and
 that country rising out nothing1 will  
be fired with the ambition of appearing 
with glory in its turn on the face of   
the globe--,o posterity6 ye1            
peradventure1 will be more happy than   
your unfortunate and contemptible       
ancestors40--,mr4 ,justamond's          
,translation4  #ii ,had this interest   
been insufficient1 it might have been   
increased a #afth or even an #hth per   
cent4 without any material difference2  
or1 7which would have been better7 #c   
per cent4 might have been offered for   
four fifths of the sum borrowed1 and #d 
per cent4 for the remainder2 in which   
case1 the annuity payable by the public 
would have been #fe1gijl4  #ajj ,it     
should be remembered here1 that tho'    
,government1 when its debts are at a    

discount1 may be able1 with the consent 
of the creditors1 to redeem a given     
capital by paying a less sum than that  
capital2 yet it can never be obliged to 
pay more4--,in other words2 a #ajjl4    
capital in the #c per cents2 #c per     
cents2 or #d1 or #e per cents1          
,government is always at liberty to     
redeem by paying #ajjl4 whatever the    
market price of it may be1 and whether  
the creditors will consent or not4  #aja
 ,there is another very great advantage 
which would attend these                
annuities4--,one and the same surplus   
would discharge a given capital in less 
time4 ,for example4 ,a surplus of a     
million per ann4 invariably applied1 and
 the first payment to be made           
immediately1 would discharge a capital  
of a hundred millions bearing #c per    
cent4 interest in #df years4 ,but if the
 same capital bore #c per cent4         
interest1 it would be discharged in #dc 
years2 if #d per cent4 in #dj years2 if 
#e per cent4 in #cg years4--,a capital  

less than a #ajj millions1 in the same  
proportion that the interest is more    
than #c per cent4 and for which1        
therefore1 the same annuity is paid1 7as
 in the present case7 the same surplus  
would discharge in #ci years1 if the    
interest is #c2 in #cd years1 if the    
interest is #d per cent4 in #bg years if
 the interest is #e per                 
cent4--,supposing1 therefore1 #ge       
millions borrowed in the manner of our  
,government1 by creating a capital of a 
#ajj millions bearing #c per cent4 7that
 is1 by selling #c per cent4 stock for  
#gel4 in money7 which might have been   
borrowed by creating a capital of only  
#ge millions bearing #d per cent4 7that 
is by selling #d per cent4 stock at     
#ajj7 there will not only be a loss of  
#be millions by a needless increase of  
the capital2 but also a loss of #ad     
millions1 by an increase of the time in 
which one and the same saving will      
discharge the two capitals4--,this may  
be proved in the following manner4--,a  

million1 per ann4 will1 in #cd years and
 a quarter1 very nearly discharge a debt
 of #ge millions bearing interest at #d 
per cent42 but the same saving will1 in 
the same time1 discharge only a capital 
of #fa millions1 if it bears interest at
 #c per cent4 ,when1 therefore1 such a  
saving has compleated the redemption of 
the one capital1 there will remain      
unpaid of the other1 #ci                
millions4--,what has been now applied to
 a large sum holds true in proportion of
 any smaller sums4  ,it appears from    
hence to be a very wrong observation    
which some have made2 8that provided the
 annual charge is the same1 it signifies
 little what the principal of the public
 debt is40--,as there is no way of      
removing the annual charge but by paying
 the principal1 it is of just as much   
consequence what it is1 as whether it is
 practicable or impracticable1 to remove
 a burden which weakens and cripples1   
and must in time sink the public4 ,an   
annuity of ,,six ,,millions1 if the     

principal is ,,hundred ,,millions       
borrowed at #f per cent4 might be       
redeemed in #cc years with a million per
 ann4 surplus4 ,but if the principal is 
,,two ,,hundred ,,millions bearing #c   
per cent4 the same surplus would1 in the
 same time1 pay off only #ef millions2  
and but little more than a quarter of   
the annuity would be redeemed4 ,if1     
therefore1 the same sum might as well   
have been obtained by creating a        
principal of a hundred millions bearing 
#f per cent4 as by creating a capital of
 two hundred millions bearing #c per    
cent4 there will be a needless expence1 
in discharging the debt1 of #add        
millions4  #ajb ,the price of the #c per
 cents at the time of this loan 7in the 
beginning of ,feb4 #agei7 was #hh and   
#hi4  #ajc ,the #c per cents just before
 this loan were at #fil4 and1           
consequently1 #e per cent4 interest1 7or
 #cl4 per ann4 for #fjl47 would have    
afforded subscribers a profit of #il4   
for every #fjl4 advanced4 ,the long     

annuity was worth1 as the stocks then   
stood1 #ba years purchase1 and the short
 annuity1 #ac years purchase4 ,upon the 
whole loan1 therefore1 the profit would 
have been #c per cent4  #ajd ,that is1  
the difference between #ab millions1 and
 the sum bearing interest at #c per     
cent4 which a million per ann4 would pay
 off1 in five years and a quarter4  #aje
 ,the #c per cents being at this time at
 #hjl4 an annuity of #cl4 purchased for 
#gel4 would have produced a profit of   
#el4 ,therefore these schemes are of    
exactly the same value4 ,but they are   
too narrow2 and the subscription this   
year fell immediately to one per cent4  
discount4 ,but in the scheme ,i have    
proposed this might have been prevented 
by only offering #d per cent4 for #ggl4 
or #ghl4 7instead of #gel47 of every    
#ajjl4  #ajf ,it is plain1 that this    
capital1 as well as the former1 might   
have been a quarter 7or #fj1jjjl47 less1
 which would have made the whole saving 
of capital #b4jfj1jjjl4  #ajg ,at the   

time of this loan1 the #c per cents4    
were above #ge2 and1 therefore1 a       
perpetual annuity of #cl4 could not be  
purchased for #gel4 and an annuity of   
#al4 #bs4 #f;d4 for #ii years1 was worth
 at least #bgl4 ,this1 therefore1 would 
have been a scheme very profitable to   
subscribers4  #ajh ,the life-annuity    
granted in this case could not have been
 worth so little as #afl4 or #ad years  
purchase2 and1 therefore1 a capital of  
#ajjl4 in the #c per cents was sold for 
#hdl2 or a capital of three millions1   
for #b4ebj1jjjl4--,a premium1 therefore1
 was granted of #dhj1jjjl2 and this was 
done without the least reason4 ,for the 
#c per cents being at that time at #hg  
and #hh1 #b4ebj1jjjl4 would undoubtedly 
have been lent at #c per cent4 interest2
 and the remaining #dhj1jjjl4 necessary 
to make up three millions1 would have   
been given for the life annuities2 in   
which case1 the annual charge occasioned
 by the new capital would have been     
somewhat less2 and #dhj1jjjl4 would have

 been saved1 together with the          
additional expence occasioned by the    
longer time which a given surplus would 
require to discharge a debt bearing #c  
per cent4 interest1 as explained in the 
note1 p4 #id4  #aji ,it is a general and
 certain maxim 8that whenever money is  
borrowed by a lottery which gives a     
right to stock equal to the sum         
advanced1 there is a loss equal to the  
sum which might have been received for  
the profits of the lottery40--,when the 
#c per cents4 are at #gf or #gg1 half a 
million might be borrowed by a lottery1 
consisting of #ej1jjj tickets1 each of  
the same value with #ajl4 three per     
cent4 stock3 and hitherto such a method 
of borrowing has been reckoned          
advantageous4 ,but it only gives a      
fallacious appearance of borrowing at #c
 per cent4 ,it is the same with selling 
the profits of a lottery1 and at the    
same time absurdly converting the       
purchase-money into a debt due to the   
purchaser4--,since the last war we have 

had seven of these lotteries1 including 
two in #agfc2 and above a million has   
been lost by them4  ,in ,queen ,anne's  
time1 there were several lotteries1     
consisting of all prizes and no blanks4 
,this is so curious1 and most persons   
may be so much at a loss to conceive of 
the possibility of it1 that ,i cannot   
help explaining it4  ,a capital1 equal  
to the whole money advanced1 was        
distributed equally among all the       
tickets in the lottery2 and1 in order to
 make them prizes of different values1  
there was farther distributed among them
 different shares of an additional      
capital1 to which a right was given1    
though no money had been paid for       
it4--,for example--,in #agaa1 two       
millions were raised by a lottery of    
this kind1 called a class lottery4 ,the 
whole sum advanced was divided into     
#bj1jjj tickets1 each #ajjl4 stock      
bearing #f per cent4 interest4 ,this    
capital was increased by a gratuitous   
capital of #fjb1bjjl4 bearing the same  

interest1 and divided into shares which 
were added to the tickets1 in order to  
form prizes4--,this was the same with   
giving near #h per cent4 for money1     
besides a premium of #cj per cent4--,as 
the interest of money was at this time  
#f per cent4 the sum borrowed would most
 certainly have been advanced at #h per 
cent4 without any premium2 but it was1  
,i suppose1 reckoned necessary that     
government should not seem to give such 
high interest4--,in the same year1      
#a4ejj1jjjl4 was borrowed by another    
such lottery1 and creating a capital of 
#a4ibh1egjl4 ,and in #agab1 #c4fjj1jjjl4
 was borrowed by two more such          
lotteries1 and creating a capital of    
#d4fhc1jhjl4--,the greatest part of the 
debts contracted by these lotteries     
7amounting to #i4bac1hejl4 though only  
#g4ajj1jjjl4 was advanced7 remains at   
this hour an incumbrance on the public2 
and the duties constituting the general 
fund are charged with the interest of   
it4  ,in #agad1 the national interest   

was reduced to #e per cent4 ,but in that
 very year #a4djj1jjjl4 was borrowed by 
a lottery1 which gave a right to a      
capital of #a4hgf1jjjl4 bearing #d per  
cent4 that is1 by giving near #e per    
cent4 interest1 besides a premium of #cd
 per cent4--,thus have our debts been   
increased4 ,but even worse has been     
done4 ,the taxes charged with the       
interest of the public debts proving    
often deficient1 the shortest way of    
discharging the arrears has been often  
taken1 by adding them to the principal1 
and paying compound interest for        
money4--,is it a wonder1 that a nation  
which has been so careless in           
contracting debts1 should have done so  
little towards discharging them8  #aaj  
,that is1 in other words2 there is no   
one who would not be glad to lend to    
government on any higher interest than  
that which he can make in the funds4    
,there is no one1 for instance1 who     
would not be glad to lend #gel4 at #d   
per cent4 when the #c per cents4 are at 

#gf1 and when1 therefore1 he cannot make
 #d per cent4 by purchasing them4  #aaa 
,the expectation of receiving back some 
time or other the purchase-money would  
probably1 in private loans1 influence a 
purchaser4 ,but in the cases to which ,i
 allude1 this certainly was not         
considered1 and did not at all          
influence4 ,and if it had influenced1   
the observations ,i have made as ,i have
 gone along1 demonstrate that the same  
loans would have been made without any  
such expectation4  #aab ,see the        
,postscript4  #aac ,,sixteen ,,millions 
have been specified4 ,it will come in my
 way to mention above ,,four ,,millions 
more in the second section of the next  
part4 ,notes #a1 #ab1 #ad4--,no notice  
has been here taken of the loans of the 
war before the last2 but losses of the  
same kind to a great amount were        
incurred by them4  #aad ,in the exports1
 as delivered to the ,house of ,commons1
 is included bullion exported4 ,if this1
 as well as the other sums ,i have      

mentioned1 is deducted1 there will be   
still a balance left in favour of       
,britain during this period4 ,since     
#agfd1 it does not appear1 from the     
accounts laid before the ,house of      
,commons1 as published by ,sir ,charles 
,whitworth1 that any bullion has been   
entered for exportation4  #aae ,the #c  
per cent4 annuities were then at #aje2  
and1 during the first five years of the 
war which began in #agee1 they were     
higher than they have generally been    
since the war4  #aaf ,these duties were 
appropriated to the payment of the      
interest at #d per cent4 of a capital of
 #d4djj1jjjl4 created in #agdg1 for     
which four millions only had been       
advanced4 ,it is now a part of the      
capital of the reduced #c per cent4     
annuities4  #aag ,the whole of this sum1
 7except #af4dcg1hbal4 consisting of the
 old ,bank capital1 the consolidated #c 
per cents1 the ,south-,sea #c per cent4 
annuities #agea1 the ,civil ,list       
million1 and the ,east-,india annuity7  

that is1 #ed4dac1dccl4 was reduced by   
#bc ,geo4 ,,ii4 #agdi4 from an interest 
of #d per cent4 to #c till #ageg1 and   
afterwards to #c per cent4--,the        
proprietors of a capital of #c4bij1jdbl4
 refused to consent to this reduction1  
which1 therefore1 was paid off2         
#a4aij1jdbl4 with ,exchequer ,bills     
7afterwards cancelled72 and #b4ajj1jjjl4
 with money borrowed at #c per cent4 and
 added to the capital of the ,south-,sea
 annuities4 ,the whole sum1 therefore1  
reduced and paid off1 was #eg4gjc1dgel4 
which produced a saving to the public1  
and an addition to the ,sinking ,fund   
after #ageg1 of #fab1gcel4 per ann4     
,the ,,salt ,,duties in #agec had been  
for some time mortgaged to pay the      
principal and interest of a million     
borrowed in #agde4 ,in #ageg1 after     
clearing the mortgage1 they became free1
 and were carried into the ,sinking     
,fund1 of which they have ever since    
formed a part4 ,this produced a farther 
addition to the ,sinking ,fund1 after   

#ageg1 of about #bbj1jjjl4 per ann4  ,i 
have not included the million now       
mentioned in the account given above of 
the public debts in #agec1 because it   
was in a fixed course of redemption2 nor
 have ,i included #dii1fjjl4 in         
,exchequer ,bills charged on the duty on
 sweets1 because these ,exchequer ,bills
 were paid off in #aged4  #aah ,having  
met with no account of the ,navy ,debt  
at this time1 ,i have chosen1 rather    
than omit it1 to suppose it nearly the  
same that it was at the commencement of 
the last war2 which1 probably1 is       
reckoning it too high4  #aai ,in this   
account ,i have omitted a million       
borrowed in #agcd1 because the          
redemption of it was near being         
completed by the ,salt ,duties4 ,i have 
also omitted ,short ,annuities amounting
 to #bd1ccdl4 being the remainder of #i 
per cent4 annuities for #cb years       
created in #agaj1 because the term for  
which they were created was near        
expiring4  #abj ,the author of the      

,considerations on the ,trade and       
,finances of this ,kingdom makes this   
debt #a4cah1jjjl4 more than the sum at  
which ,i have here stated it4 ,see page 
#bb2 and ,state of the ,nation by the   
same author1 page #ae1 quarto           
editions4--,the reason of this          
difference is1 that this writer has     
included in the unfunded debt left by   
the war the deficiencies of grants and  
funds in #agfc and #agfd1 and the whole 
army debt not provided for in those     
years2 whereas ,i have excluded the     
former entirely2 and admitted only as   
much of the latter as exceeded the army 
debts common in subsequent years4 ,see  
the ,postscript4  #aba ,in #agea there  
was applied to the payment of ,navy     
debts #bjj1jjjl4 and in #ageb1 the sum  
of #ijj1jjjl4 ,but ,i have not reckoned 
these sums1 because they did little more
 than make up the constant deficiency in
 the ,peace ,establishment for the      
,navy4  #abb ,see the ,postscript4  #abc
 8,either the nation 7,mr4 ,hume says7  

must destroy public credit1 or public   
credit will destroy the nation40        
,political ,essays1 page #ace4  #abd    
,the number of inhabitants in ,france is
 #bf millions4 ,in ,britain it cannot   
exceed six or seven millions4 ,see p4   
#ff4 ,and ,observations on ,reversionary
 ,payments1 page #ahe1 third edition4   
#abe ,near one half of all this         
importation is made into ,bourdeaux     
only2 and the rest into ,rochelle1      
,marseilles1 ,nantz1 ,havre1 and        
,honfleur4  #abf ,in order to defray the
 expence of coinage1 a duty of #ajs4 per
 ton has been laid on wines imported2   
and1 as far as this duty happens to fall
 short of #ae1jjj l4 the deficiency is  
made good out of the supplies4  #abg ,i 
am not able to give the exact amount of 
this part of the appropriated revenue4  
,i have1 therefore1 reckoned it at such 
a round sum1 as1 ,i think1 cannot much  
exceed or fall short of it4  #abh ,the  
,land-tax at #cs4 is given by           
,parliament for #a4ejj1jjjl42 and the   

,malt-tax for #gej1jjjl4 but they are   
always greatly deficient4--,both these  
taxes 7and also sometimes the income of 
the ,sinking ,fund7 are borrowed of the 
,bank1 and spent long before they come  
into the ,exchequer2 and therefore1 are 
debts constantly due to the ,bank1 for  
which interest is paid4  #abi ,the      
account given by ,lord ,north at opening
 the ,budget in #agge1 was1 that the    
public debt had been diminished since   
#agfc1 near nine millions and a half4   
,the grounds on which ,i have stated    
this diminution at #aj4fci1gicl4 may be 
seen in the ,,postscript1 7p4 #aga74    
#acj ,four of these lotteries have been 
annexed to annuities2 but it would be a 
great mistake to think that they have   
not been equally profitable with the    
other lotteries4 ,for instance2 in      
#agfg1 a million and a half was borrowed
 on an annuity of #de1jjjl4 with a      
lottery of #fj1jjj tickets annexed4 ,in 
the same year1 #b4faf1gggl4 was paid    
off2 but1 had it not been for the       

lottery1 only #a4cej1jjjl4 could have   
been raised on the annuity2 and         
#aej1jjjl4 less must have been paid off4
  #aca ,the discounts on a million and a
 half paid off in #aggb1 and two        
millions paid off in #aggd and #agge1   
amounted nearly to this sum4  #acb ,the 
particular sums may be found in a       
pamphlet1 entitled1 ,the ,present ,state
 of the ,nation1 p4 #bh1 quarto edition4
 ,but ,i have not included all the sums 
there enumerated2 nor have ,i admitted  
the ,army savings in #aggb1 and some    
other smaller sums4  #acc ,this surplus1
 being the medium for the whole #ab     
years of peace1 is less than that in p4 
#afj1 which is the medium at the end of 
this period1 when the ,sinking-,fund    
produced above a quarter more than it   
did at the beginning of it4  #acd ,i    
have here taken the average of two years
 before and after #agff4  #ace ,the     
annual medium of the payments into the  
,exchequer from the ,,customs in        
,,england1 for the last five years1 has 

been #b4eba1gfil4--,in #aggd the payment
 into the ,exchequer was                
#b4edg1gagl4--,in #agge1 it was         
#b4dgf1cjbl4--,the produce of the       
,,customs1 therefore1 has been given    
rather too high4  ,the produce of the   
,,excises in ,england has been higher1  
in #aggb and #agge1 than in any two     
years before #aggf2 but the average of  
any three successive years1 or of all   
the five years since #aggj1 will not    
differ much from the sum ,i have        
given4--,in #aged1 or the year before   
the last war1 the ,,customs produced    
only #a4eeh1bedl4--,the ,excises1       
exclusive of the ,malt-tax1 produced    
#b4hai1gjbl1--,and the whole revenue1   
exclusive of the ,malt-tax and ,land-tax
 at #bs4 was #e4jig1fagl4--,in #agec the
 whole revenue was #e4ahi1gdel4 ,and the
 appropriation or annual charge upon it1
 7consisting of the ,civil ,list1       
#hcd1ddcl4 interest of the national     
debt1 exclusive of navy debt1           
#b4fbh1jhgl4 expences of management1    

#dc1fial4 #d per cent4 from the ,leeward
 ,islands #bg1cghl4 annuity to the late 
,duke of ,cumberland #be1jjjl4          
first-fruits and tenths of the ,clergy  
#ac1eigl4 c4 c47 was #c4gcc1gacl4 ,the  
,sinking-,fund1 therefore1 produced     
#a4def1jjjl42 which1 added to           
#a4ejj1jjjl4 7the neat produce1 at that 
time1 of ,land at #bs4 and ,malt-tax7   
made the unappropriated revenue         
#b4ief1jcbl4--,the expence of the peace 
establishment1 consisting of #aj1jjj    
seamen1 and #ah1heg landmen1 was1 in    
#agec and #aged1 7including an allowance
 for the increase of the ,navy-debt7    
#b4djj1jjjl4 nearly2 which left an      
annual surplus in the national income of
 #eef1jjjl4 without lotteries1 and land 
at #bs4 ,this surplus 7with land at     
#cs47 has of late scarcely exceeded     
#cjj1jjjl42 and1 therefore1 has not been
 a ,,third of what it was in the last   
peace1 and before the reduction of      
interest to #c per cent4 was compleated4
  #acf ,this article was omitted in the 

former editions of this ,postscript2 and
 its insertion here makes the diminution
 of the public debts1 since #agfc1 half 
a million less than the sum at which it 
is taken in p4 #ajd and #ajh4--;,it     
might have been proper also to add1 the 
excess of ,navy debts contracted above  
the ,navy debts discharged1 from #agfc  
to #agge2 and had this been done1 the   
surplus in p4 #afe1 would have been     
reduced to #aej1jjjl4  #acg ,see ,the   
,present ,state of the ,nation1 page    
#bf4  #ach ,this article was omitted in 
the first editions of this              
,postscript4--,it might have been proper
 to add1 the excess of ,navy debts      
contracted above the ,navy debts        
discharged1 from #agfc to #agge2 and had
 this been done1 the surplus in p4 #aff1
 would have been reduced to #aej1jjjl4  
per ann4  #aci ,or1 for every #ajel4    
contributed1 #ajjl4 ,,stock irredeemable
 for #aj years might have been given1   
carrying #d per cent4 interest1 with the
 same short annuity and a lottery ticket

 annexed2 and then the new capital would
 have been #d4gfb1jjjl4 carrying 7at #d 
per cent47 #bjb1chel4 per ann4 interest4
 ,the amount of the short annuity would 
have been #bc1hajl4 and the number of   
lottery tickets #dg1fbj4  #adj          
#baa1cgel4 the interest at #d of        
#d4gej1jjjl4 and #ab1ejjl4 a short      
annuity of a ,,quarter per cent4 annexed
 to every #ajjl4 contributed1 make      
#bbc1hgel4 ,this last sum1 therefore1   
would have been the annual charge for   
#aj years2 and the first sum the annual 
charge after ten years till redemption4 
#ada ,ten payments of #i1fejl4 and      
seventeen payments of #cd1cgel4 make    
#fhj1hgel4  #adb ,it may be worth       
observing1 that during this whole war   
they never fell below #hb1 except for a 
few months during the rebellion in      
#agde2 that after the ,,peace in #agdh  
they rose to #aje1 and in the succeeding
 war never fell so low as they are now1 
except in the two last years2 that after
 the ,,peace in #agfc it was expected   

they would again rise above par2 but    
that1 instead of this1 they have in     
general during the whole peace kept #ab 
or #ac per cent4 below par1 and #ae or  
#af per cent4 below the price they bore 
before the two last wars4--,one of the  
reasons of the great alteration which   
has taken place since the last war is1  
,i think1 pointed out in the #c;d       
,section of the #c;d ,part of this      
,tract4  #adc ,since the reduction in   
#agdi there has been no ,,four per cent4
 capital created except that of the last
 year4  #add ,what is here said has been
 verified1 in the particular instance of
 a million and a half borrowed in #agef1
 which was to carry #c per cent4        
interest till #agga1 and then to become 
redeemable4--,during the last war1 and  
for about three years after the         
commencement of peace1 there was a      
general expectation that the ,,three per
 cents4 would rise above par as they had
 done in the former peace2 and while    
this expectation continued1 this stock  

reckoned no better than a ,,three per   
cent4 stock with a short annuity of a   
half per cent4 annexed2 and for this    
reason it bore1 during that period1 a   
lower price than another stock of #d    
millions and a half which was to bear   
the same interest till #aghb1 and then  
to become redeemable1 and to sink to an 
interest of #c per cent4--,in the latter
 end of #agfg and beginning of #agfh the
 price of the former stock rose above   
that of the latter1 and continued not   
far from par from that time to the time 
of its redemption in #agga4 ,the reason 
must have been1 that being a small stock
 bearing a higher interest than the     
other stocks1 it was expected1 that it  
would be paid off at par1 and therefore 
with a considerable profit1 as soon as  
it became redeemable2 which accordingly 
happened4 ,see ,postscript1 7page #agg74
  #ade ,nothing has been more           
undervalued in the ,,alley than         
,annuities on lives4 ,they have been    
always granted1 very unreasonably1      

without any limitation of age2 and their
 value has been taken at no more than   
#ab or #ac years purchase2 tho' really  
worth one with another #af or #ag years 
purchase4 ,this is a strong reason for  
preferring short annuities to them in   
all schemes for raising money4 ,short   
annuities for #ba years will be taken   
for as much as life-annuities2 and yet  
experience has proved that in this time 
not a quarter of the life-annuities will
 drop2 and the whole expence brought by 
them on the public will not be removed  
in less than #gj or #hj years4 ,see     
,note #ae1 7,page #acd74  #adf ,i would 
except here the first reduction in      
#agag4 ,this was then necessary to gain 
a fund for sinking the public debts2 and
 had the fund thus gained been applied1 
as the laws required1 invariably to this
 purpose1 and all farther reductions    
been avoided1 we should now have been   
burthened with no debts4  #adg ,that is2
 never capable of being redeemed by     
substituting one debt for another2 or of

 being saved from redemption by         
accepting lower interest4  #adh         
,supposing the #c per cents4 sold at    
#gf1 the capital necessary to produce   
#d4hej1jjjl4 in money would be          
#f4cci1hfil4 the interest of which at #c
 per cent4 is #aij1aiel4  #adi ,when the
 amount of interest1 payable for a sum  
obtained by selling a #d per cent4      
capital1 is the same with the amount of 
interest1 payable for an equal sum      
obtained by selling a #c per cent4      
capital1 which is nearly the present    
case1 postponing1 in the manner ,i have 
proposed1 the redemption of the former1 
becomes as indifferent as it would be to
 postpone in the same manner the        
redemption of any #c per cents4  #aej   
,in this case only a ,,fifth of the     
surplus to be at any time employed in   
redeeming debts could be applied to the 
redemption of this particular loan4 ,the
 rest after nine years might be employed
 in redeeming the #d per cent4 stock    
created last year2 or jointly with it1  

such parts of future loans bearing high 
interest1 as1 in borrowing on the same  
plan1 might be left redeemable4 ,and    
thus no obligation would arise from this
 mode of borrowing to prefer the        
redemption of #c per cents4 to the      
redemption of capitals bearing higher   
interest4 ,in particular2 had this been 
the plan of borrowing through the last  
war1 all surplus monies might have been 
ever since employed intirely in paying  
off #d1 #d and #e per cent4 capitals    
preferably to any others2 and at the    
same time1 no douceurs would have been  
granted in order to procure the loans1  
no artificial debt contracted1 or       
extraordinary charge incurred4  #aea    
,should this be disregarded1 and a long 
annuity offered1 as a douceur1 of #a per
 cent4 for #ij or #ajj years1 eight     
millions might perhaps be borrowed at an
 interest1 including the long annuity1  
of #d per cent4 even though the #c per  
cents4 should fall as low as #gc4--;,and
 this1 probably1 would be the very      

scheme a minister would prefer1 who1    
minding chiefly present ease1 did not   
care how much he burdened the nation    
hereafter4  #aeb ,in #aggd1 a million of
 the #c per cents4 was redeemed at this 
price2 and in #aggb1 a million and a    
half at #ij4  #aec ,i mean such a course
 of redemption as should not be liable  
to interruption by a ,,war2 or1 as would
 be the effect of the establishment of  
such an unalienable sinking fund as has 
been described in the ,appeal to the    
,public on the ,subject of the ,national
 ,debt1 and the ,observations on        
reversionary ,payments4--,nothing can   
save us from bankruptcy but such a fund2
 and were it established1 the #c per    
cents41 when they came to be redeemed1  
would soon rise to par2 and1            
consequently1 the obligation implied in 
this scheme to pay a part of them at par
 would occasion no additional expence4  
,it is1 however1 so little to be        
expected1 that such a fund will be ever 
established1 that it would have been    

folly to have made the calculation given
 above1 on any supposition less         
favourable1 than that the #c per cents4 
will bear the same price after the      
present war1 that they bore after the   
last2 and that we shall go on as we have
 hitherto done1 paying off a million1 or
 a million and a half1 now and then in a
 time of peace4  #aed ,the conversion of
 a #c per cent4 stock into a #c per     
cent4 stock gives the same advantage in 
redeeming it1 that the power of         
redeeming it at #he for every #ajjl4    
would give4--,a million per ann4 surplus
 would redeem #aad millions and a       
quarter of the latter stock in the same 
time1 and therefore at the same expence1
 that it would redeem #ajj millions of  
the former4 ,i suppose here the #c per  
cents4 paid at par2 and this ,i have    
before observed will be found to be     
necessary should a time 7scarcely the   
object of hope7 ever come when          
government will set itself in earnest   
and with any effect to pay the public   

debts4     ,,corrections and            
,,additions4  ,transcriber's ,note3     
,whilst minor typesetting errors have   
been corrected in the course of         
producing this e-text1 the author's list
 of corrections and additions below has 
not been addressed4   ,in ,,the ,,second
 ,,tract1 7page #abj71 after the words  
,lent at #d per cent4 in #agdf1 charged 
on licences for retailing spirituous    
liquors1 and reduced to #c per cent4 by 
#bc;d of ,george ,,ii4 #agdi1 add1 and  
consisting of old ,exchequer ,bills then
 cancelled and converted into a debt    
from ,government to the ,bank1 for which
 the ,bank was allowed to add to its    
capital an equal sum by #aith ,george   
,,ii4 ,ch4 #f4  ,in 7page #abh71 instead
 of the words1 ,in #agea1 certain       
,exchequer tallies and orders1 amounting
 to #abi1gejl4 read1 ,in #agea1 the     
remainder of certain ,exchequer tallies 
and orders charged on the duties on     
wrought plate1 and amounting to         
#abi1gejl4  7,page #acf71 line #ag1     

instead of #ageh read #ageg4  7,page    
#acg71 line #b;d from the bottom1 for   
#bje1jjjl4 read #bae1jjjl4  7,page      
#aci71 for #ag4gdja1cbl4 read           
#ag4gja1cbdl4  7,page #add71 after      
,exchequer ,bills charged on a duty upon
 victuallers by #abth ,geo4 ,i4 #agbf1  
add1 and afterwards by #afth ,geo4 ,,ii4
 #agdc1 charged on the duties on        
licences for retailing spirituous       
liquors4 ,now included in the ,bank     
,capital by #aith ,geo4 ,,ii4 ,ch4 #f4  
7,page #add71 ,note 7b7 after the words1
 ,in this account ,i have omitted a     
million borrowed in #agcd1 add1 and half
 a million borrowed in #agcf2 because   
these debts had for some time been in a 
fixed course of redemption by the       
salt-duties4  ,in 7page #ade71 line     
#b;d1 for #aj4fci1gicl4 read            
#aj4gci1gicl4--,ibid1 line #ajth1 for   
#adf4ehb1hddl4 read #adf4fhb1hddl4--,ib4
 line #abth1 for #ae4fci1gicl4 read     
#ae4gci1gicl--,ibid4 note1 line #b;d1   
for #a4aah1jjjl4 read #a4bah1jjjl4  7,p4

 #adg74 ,for #adf4ehb1hddl4 read        
#adf4fhb1hddl4--,for #ga4eje1ehjl4 read 
#ga4fje1ehjl4--,and for #aj4fci1gicl4   
read #aj4gci1gic4  ,,finis4   ,a        
,,summary ,,view and ,,comparison of the
 different ,schemes of ,public ,loans   
described in the ,,supplement4  ,n4,b4  
,the ,sum borrowed is always supposed   
,,five ,,millions2 and the ,price of the
 #c per cents4 #ghl4 ,but all the       
,schemes may be accommodated to any     
other ,price of the #c per cents4 and to
 ,schemes for borrowing any greater or  
smaller ,sums4                          
----------------------------------------
------                                  
,,old ,,schemes4                        
,i4               ,,ii4      ,scheme of 
the                                     
--------------------------------loan in 
#aggg4                           ,scheme
 described,scheme described  ,page #ahe4
                                 ,page  
#ahb4       ,page #ahc4                 
,,iii4                                  

4                4             4        
,,sum ,,advanced                        
#e4jjj1jjj       #e4jjj1jjj             
#e4jjj1jjj                              
----------------------------------------
-----------------------------   ,,new   
,,capital1 or sum                       
payable at redemption    #e4jjj1jjj     
#f4cdc1ied      #e4jjj1jjj1             
----------------------------------------
-----------------------------           
,interest offered         #c per cent4  
#c per cent4  #d per cent4              
----------------------------------------
-----------------------------           
,,artificial ,,capital1                 
or sum payable at        #a4bjj1jjj     
#a4cdc1ied       #bej1jjj               
redemption more than                    
the value received                      
----------------------------------------
-----------------------------           
,,douceurs consisting of                
additional capitals        --#j--       
#a4cdc1ied        --#j--      ,short    

,annuity worth        #a4bjj1jjj        
--#j--         #bjj1jjj     ,lottery    
worth                --#j--             
#aej1jjj       #aej1jjj                 
----------------------------------------
-----------------------------           
,,annual ,,charge4                      
,perpetual                    #aej1jjj  
#ajj1cah       #bjj1jjj     ,temporary  
#ajj1jjj          --#j--                
#be1jjj                                 
,for lives or                  for #aj  
years4                                  
#ag yrs4                                
----------------------------------------
-----------------------------   ,total  
of ,annual ,charge       #bej1jjj       
#aij1cah       #bbe1jjj                 
----------------------------------------
-----------------------------           
----------------------------------------
------                                  
,scheme of #aggg1 altered    ,scheme of 
#aggg2                               to 
avoid douceurs and      supposing #ajjl4

                               an       
artificial capital4     four per ct4    
------------------------------ stock    
worth                               ,see
 ,page #ahf4  ,see ,page #ahh4  #ial4   
when the                                
#c per cts4                             
are at #ghl4                            
,page #bjj4                             
,,iv4           ,v4               ,,vi4 
4            4               4          
,,sum ,,advanced                        
#e4jjj1jjj     #e4jjj1jjj               
#e4jjj1jjj                              
----------------------------------------
-----------------------------   ,,new   
,,capital1 or sum                       
payable at redemption     #d4gej1jjj    
#c4gej1jjj      #e4jjj1jjj              
----------------------------------------
-----------------------------           
,interest offered         #d per cent4  
#d per cent4  #d per cent4              
----------------------------------------
-----------------------------           

,,artificial ,,capital1                 
or sum payable at         --#j--        
--#j--      #aeedej1jjj                 
redemption more than                    
the value received                      
----------------------------------------
-----------------------------           
,,douceurs consisting of                
additional capitals       --#j--        
--#j--            --#j--       ,short   
,annuity worth         --#j--           
--#j--           #dej1jjj      ,lottery 
worth              #aej1jjj             
#aej1jjj          #aej1jjj              
----------------------------------------
-----------------------------           
,,annual ,,charge4                      
,perpetual                  #bja1hge    
#aei1cge          #bjj1jjj              
,temporary                   #be1jjj    
#ge1jjj           #ef1bej               
,for #aj years4  for #bg years4   for   
#aj years4                              
----------------------------------------
-----------------------------   ,total  

of ,annual ,charge     #bbf1hge         
#bcd1cge          #bef1bej              
----------------------------------------
-----------------------------           
----------------------------------------
------                                  
,schemes of loans by changing           
,scheme       the #c per cent4 stocks to
                                founded 
stocks bearing higher                   
on the                 interest4        
regulations                             
------------------------------          
proposed     ,see ,page #bji4 ,see ,page
 #bad4                                  
,page #bje1 c4                          
,,vii4          ,,viii4            ,,ix4
                                        
4              4            4           
,,sum ,,advanced              #e4jjj1jjj
       #e4jjj1jjj     #e4jjj1jjj        
----------------------------------------
-----------------------------   ,,new   
,,capital1 or sum                       
payable at redemption   #d4hej1jjj      

#b4ejj1jjj       --#j--                 
----------------------------------------
-----------------------------           
,interest offered         #d per cent4  
#d per cent4  #d per cent4              
----------------------------------------
-----------------------------           
,,artificial ,,capital1                 
or sum payable at          --#j--       
--#j--         --#j--                   
redemption more than                    
the value received                      
----------------------------------------
-----------------------------           
,,douceurs consisting of                
additional capitals        --#j--       
--#j--         --#j--         ,short    
,annuity worth          --#j--          
--#j--         --#j--         ,lottery  
worth                --#j--             
--#j--         --#j--                   
----------------------------------------
-----------------------------           
,,annual ,,charge4                      
,perpetual                   #aid1jjj   

#bab1ejj      #bjj1jjj                  
,temporary                    --#j--    
--#j--         --#j--                   
----------------------------------------
-----------------------------   ,total  
of ,annual ,charge      #aid1jjj        
#bab1ejj      #bjj1jjj                  
----------------------------------------
-----------------------------  ,to be   
placed last of all1 facing ,page #baf4  
#aee ,this ,scheme may be altered to    
avoid the artificial ,capital and       
#dej1jjjl4 ,douceur 7preserving nearly  
the same annual ,charge7 in the ,manner 
directed in the #dth or #eth ,scheme4