The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-27
GREAT BRITAIN's, PUBLIC DEBT.
OF Comparatively Modern Origin
Custom Had Been Not to Pay.
Bankers Magazine - .iiE

Custom Had Been Not to Pay.
Bankers Magazine. e'f
A little more than two hundred years ago.
in 1893 the British Parliament passed an
act granting to their Majesties. William
and Mary, certain excuses or duties on
malt liquors. These excuses or duties were
to be held as security, for loans to their
Majesties of a million pounds sterling, and
it was hoped in this way, to raise a mill
lion pounds to carry en- the war with
France. Each subscriber to, an amount of
one hundred pounds was entitled to name
a life which should receive an annuity dur
ing it's continuance-that is, to name some
individual who should. as long as he lived
receive a certain percentage on the loan
every year. As the number of lives dimin-
ished, the annuities or dividends We're to
be divided between the survivors until the
number decreased to seven. The loan was
speedily taken; and thus. only two hum
dred years ago, by a system AKIN 10 tom
tine life insurance, which the Italian, Tonti,
had brought to Cardinal Mazarin forty
years before, million pounds was raised
for the government, and the present ma
rated. That debt was afterward increased
to about four thousand millions OF dollars,
and yet, when William and Mary raised
the channel with anna cement and exc
claimed, My little cousin the Prince of
Orange, is fixed in the saddle.
/ may be criticised for agreeing with Mr..
knight that this loan of 1893 was the
foundation of the national debt of England.
l am aware that an eminent English judge
Has DSSlOWeQ lue uOIlDF 9Ol OH at VI 1871,
but do not see how he can ignore the act
Of 49,. And ! am aware, TOO that Mr..
Macauley says
There can be no greater error than to
ina CINE the device of meeting the exigen-
cies of the state by loans was imported into
our island byAWilliam Third From period
of immemorial antiquitysit had been the
practice of every English government to
contract debts. What the revolution intro
duced was the practice of honestly paying
them"
But it seems to me that Mr.. Macauley
must have been swayed by a feeling of in
sular pride when he made this statement.
He admits that the previous practice OF
the government had been not TO pay, and
it seems TO me that the previous. so-called,
debts were nothing but extort1ons and rob
berries.
For instance. the wife of Hugh de Neville
paid two hundred hens for visit to her
husband in prison. Richard the First forced
his subjects TO give up money IN proper
ton to their wealth for the deiiverance of
the Holy Sepulcher, and said ne would sell
London itself rather than give up the cru
SADIE. He sold, the property OF the king
dom, and, on his return. took II all back,
on the ground that he had no right TO alien
ate it, John imprisoned the mistresses of
the priests to- extort money from them.
Henry the Third sei~ed properly and Dor
rowed largely, promising high rates or in
tereSt, promises which Parliament refused
to ratify. Edward the First took the
money and plate OF the monasteries and
churches. feigning a voyage TO the Holy
the crown jewels Edward the Fourth, who
was called the handsomest tax gatherer,
kissed a widow who gave more tnan was
expected; WhereupOn she doubled the gift.