The Sun.
London, England, 1820-01-18 00:00:00

FINANCIAL FEARS.

FOR JOHN COMFORT.

QUESTION. What is the NATIONAL DEBT

ANSWER. A Debt literally National; being bor-
rowed from the PEOPLE of BRITAIN as indivi-
duals ; by the NorLe OF BRITAIN in the aggregate.

Q. How was it incurred ?

A. By WILLIAM, for the purpose of checking
the Continental Domination of FPANCE. By ANNE,
for the same purpose, and the defence of Euro-
pean Liberty. By GEottoe I , for the same pur-
poses, and the support of the Protestant Succes-
sion at home. By GEORGE. IL, for sitililar pur-
puscs, Tor the checking of Spani•li Outrage upon
.13titisii Commerce, for the defence of our Oriental
roscessioas front French ..-Ig.gression, and for the s.e-
ettlity of our North American Colonies against
17,eouh Lttrirrte and Outrage. By GkoliGE 1,1 , for

tie reservation of Briiish Dominion over those Co-

knies, tor it hose iv,: Ilarr nut blood and 1: eastire

It,+d been laviitily expended in flee preceding

reign; anti for the solcd,ioo of Britain, of Europe,
11,4 y of the WU? 111, clin thy thinoializ4tion rat
French Berolnlionpy Principles, and from the ra-
pacity of bench Insult n,nd
Q Whitt was its progress ?

A. 0,)ly a few miliions at the (lose of the 17th
century, but atnountm4 neatly to 50 millions in
the r. of GEORGE 1., it ,t as very coolly pro-
phesied, by the Quittnunts of that day, that if
ever it Jhould double that sum, the country nuts:
be ruined. Yet in the reign of GEonot=, 11. it had
more than doi,bltd during wars of n;,;ional en-
thusiasm and glory, when SuAME JENY NS first
%clouted to hint, though api,,rently in jest, that
the National Debt was a National Blessiag, At the
cinse of the Americ,in c:,ntest, it was 210 mil-

lions ; hot at the coo me icenieu t of the French

B evolution, liAd been reduced t. 228.

It now

rt moon; g to ficelre hundred millions it) the agg e-

goo, I1)a1 11, 11)C1lidi114 three hundred and ninety
millions Et:deemed, leaving a balance of 800 mil-
lions 4 (or rather less) in round numbers, for
Which about thirty millions are annually paid in
Dividends, besitles the interest of the Redeemed
Debt, arnotinting to fifteen nziliions, eiqier for a
Fond, or for :he a xv,•nct.s of the year.
Q What proportion dots rile interest bear to

the itmional capital and annual income ?

A. I; has been said that the nation can never

ber,nuo- 13,t krnpt Ithtii the Exch,cter receipts
are less than the annnal in.erest ; but that is fdl-

IJci-ns, for the tact is, that BRITAIN can 'lever
b;.conie Bankrupt tool! absolute, property is less
than lstr absolute Debt. Its answer, then, to the
question, if we take the late Income Tax at

willions in n,►nd ninnbers, it wilt give an annual
income of 130 millions ; every one knows
that one half ought to he added to that for deral-
carnw Btol concealment, and for the immense
n-tnber of labouring poor, and even of well-paid
mechanics, who escaped the Tax. This would
give an annual income of 225 millions• It is well
ascertained, however, by incontrovertible evidence
—evidence which is adopted by tl►e Edinburgh
Peview—that Agriculture and Fisheries produce
219 millions, Manufactures and Mines 1:4 mil-
lions, and general Commerce $8 millions of AN-

)UAL PROFIT, amounting in the aggregate to
431 Mt woNs,.of which the Annual Interest of
30 millious is scarcely ONE FOURTEENTH PART, or
equal to One Shilling in fourteen, of every man's
receipts, provided all men used the same propor-
tiou of Taxed Articles. But as half t•of our Po-
pulation do not use Taxed Articles in the same
proportion with the other half, it is evident that
the Laborious Poor pay a very small proportion
towards the Interest of the National Debt, so that
a National Bankruptcy could afford them no re-
lief in that respect, s hatever Cobbell, Hunt, or
TVooler may assert to the conttary : whilst its
evil consequences would he the ruin of all Stock-
holders, rich and poor, the downfall of National
Faith and Credit, the stagnation of circulation
and of.industrious employment, and the doubling
of the Moors' Rates, or rather the doubling of the
number of Poor, who could died receive no as-
Sklar:cc, for its effect would be not only to draw
30 millions from annual circulation and expendi-
ture, but to neutralize 800 millions of National
Capital, of which the National Debt forms is rely
important, nay, a very active part. For though
the money has been expended by the Gorernment,
it has not been expended by, or lost to the Nation,
having, cansid improved tillage, made Roads and
Canals, built ;Manufactories, Ships, and Houses,
improved our Colonies, increased our Population,
and extended our Commerce, n•hilet the whole of
that value of Improvement is annually brought
into action by the collection of the Taxes, and
tl:e expenditure of the Interest.

Q. From what source arose the Nazis:we!
1), ht

A. From the aggregate savings on National

c L. 721 ,1W7,313.