The Sun.
London, England, 1859-09-05 00:00:00

FUNDED DEBT.

11-ink of England; at 3 per cent
Bank of Ireland, at 34 per cent 2,630,769
5 per Cent. Annuities
New 3k per Cent. Annuities (1553)
New 3i per Cent. Annuities -
New 3 per Cent. Annuities .
New 3 per Cent. Reduced Annuities 115,227,112
3 per Cent. Consolidated Annuities
24 per Cent Annuities (1853) - -
- 2,988,552
Exchequer Bonds (1853)

Total.

£786,801,154

UNFUNDED DEBT.

Exchequer Bills (Supply)
Exchequer Bonds (1854 and 1855)

£13,277,400
5,000,000

18,277,400

Grand total of funded and unfunded debt £805,078,554
The annual charge in respect to this sum amounts
fo 28,181,2611., which is made up as follows :
Interest of Unredeemed Capital....... £23,611,056
Interest of Exchequer Bonds (1853) 11,503
Sinking Fund, 21 per Cent. Annuities 6,907
Long nnuities expiring 1860 .. 1,293,067
_ _

Annuities for 30 years to 1885: „ 116,060
Life Annuities
Annuities for terms of years
Bank Annuity
Exchequer Annuities
Interest of Exchequer Bills (Supply)
Interest of Exchequer Bonds (1854 and 18:;5) 135,000
Interest of Deficiency Bills
Interest of Ways and Means Bills
Management of Funded Debt

90,020

V 28,181,261
There is no unfnndcd debt in Ireland, but the
funded debt of that country is returned at
43,114,8761., a very small sum as compared with
the gross national obligation of 805,000,0001. It
would seem that we were at war in 1694, when the
first debt of 1,200,0001. was contracted to the Bank
of England, and that of the 168 years which
elapsed between 1694 and 1859 we were at war
with some Power or other during 116 of them.
Previously to the reign of King William 111.,
during which our national debt in its present form
was commenced by the creation of a funded debt
and of life and terminable annuities payable by the
State, as well as by the first issue of Exchequer-
bills, the public debt consisted almost wholly of
sums borrowed upon the security of tallies of loan
and orders of repayment, the principal and interest
of which were charged upon various taxes or duties
granted by'Parliament. This more ancient mode
of raising money by loan was not, indeed, discon-
tinued until a much later period, the alternative
power of raising money on the security of tallies of
loan and orders of repayment, as well as by Ex-
chequer-bills, being continued in the annual land
tax and malt acts until the year 1808. The prac-
tice of anticipating revenue appears to have existed
from the earliest period of the establishment of the
Exchequer in this country soon after the Norman
conquest, and as the tally was the sole instrument
by which the receipt of money at the Exchequer
was acknowledged, it became also a security for
repayment of loans. Tallies were thus used from
a very early period, under the name of tallies of
loan, as securities for money lent. Madox, in his
" History of the Exchequer," refers to a writ issued
out of the Exchequer to the sheriff of Gloucester-
shire in 1242 (27 Henry III.), ordering him to
bring before the King "all the ehirographs and
tallies made to the Jews for debts." He quotes
also, from a roll of the 15th Edward I. (anno
1287), that " the King appointed the sheriff of
Oxfordshire to place a chest in the town of
Oxford, and to choose certain chirographers,
Christians and Jews, and in their presence to
put into it all the charters, writings, tallies,
and other securities which they had then in their
custody." No interest appears to have been
paid upon the amounts raised on tallies of loan
previously to the time of Charles the Second, in
whose reign a more systematic mode of raising
money was established. Another instrument which
served as a security for money was termed a deben-
ture from the first word " debentur," used in its
form by way of acknowledgment of the debt. These
instruments in tl e ancient form were ordinarily
employed for making numerous periodical pay-
ments at the Exchequer up to the year 1834. Privy
seals were also commonly used as a security for
loans to the Crown. In the 35th Henry VIII. (anno
1544) it is stated that the King " had borrowe.
divers sums of money of different people, giving
them privy seals for their security Letters pa-
tent were also used as securities for loans. In the
issue rolls of the Exchequer there is an order of
payment, in the 20th Ed. I. (ar.no 1292) To
the venerable father, John Bishop of Winchester,
1,000 marks, which he lent us in the 19th year of
our reign, and receive from him our letters ,pateet
acknowledging the receipt thereof." The King's
creditors were not always satisfied with letters pa-
tent, but required more tangible security. There
arc many instances of loans upon the security of
the King's jewels in the time of Henry VI., and one
of these contains some curious ani minute details
of the transaction, which may deserve mention. In
the 6th year of Henry VI. (anno 1428), Noy. .25,
there appears a payment of Richard Crosby, prior
of the cathedral church of the Blessed Mary of Co-
ventry, agent and lawful attorney to the venerable
i4Pler in -Christ, Thomas Peverall, late Bishop of

Total .