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poses difficulties on one kind of revolution, the Russian annals prove that it can facilitate another.

Let us then cherish the hope, that more reflection will teach all those engaged in the negotiations upon this subject, that war will bring home danger to the aggressors as well as to the victims, and that it is no longer possible for one nation to impose the chains of servile acquiescence on another. If too, the Spanish government could be persuaded by their friends to yield a little of the letter of their constitution, while they maintain its spiritand reject the semblance of dictation, the interests of humanity would be more consulted. For there are defects of principle in this constitution, which must ultimately produce intestine disorder.

It was a maxim of our celebrated champion of public liberty, that "it is better to concede a little to a friend, than a great deal to an enemy." By yielding to the reasonable suggestions of an amicable government, the Peninsula may be freed from that great sacrifice, which a war, with whatever result, must impose upon itself, as well as on its enemies.

RELATIVE TO

THE NATIONAL DEBT,

AND

OPERATIONS OF THE SINKING FUND:

ORDERED TO BE PRINTED

BY THE HOUSE OF COMMONS, JULY, 1822 ;

BEING PARLIAMENTARY PAPER NO. 557.

(Moved pro forma, with the view of their being entered on the Journals

of the House, Jovis 25° die Julii, 1822.- See Votes and Proceedings of the House of Commons of that date.]

WITH ADDITIONAL

NOTES AND OBSERVATIONS.

LONDON:

PROPOSED RESOLUTIONS, &c.

No. I. That the National Debt of Great Britain, unredeemed on the 5th Jan. 1793, was 239,350,148l.;' consisting of 227,989,1481. of funded, and of 11,361,000l. of Exchequer Bills, * at an annual charge of 9,203,9741..

No. II. That, from the 1st Feb. 1793 to the 5th Jan. 1817, including 600,0001. for the service of Portugal, 6,220,000/. for the service of Austria, and 69,250,0001.+ for the service of Ireland, and guaranteed by England (and exclusive of 2,500,0001. for the service of the East India Company in 1812), there has been raised by Loans and the funding of Navy, Victualling, Transport, and Exchequer Bills

! Parliamentary Paper, No. 35, of 1819; page 3*--page 9.
2 Vide Vol. 12, Finance Reports, folio edition, page 1.

Interest in perpetuity on Funded Debt ........... 7,831,837 6 2
Terminable Annuities (various) 704,7401., termin-
able in 1860 ........

1,373,751 2 6 Charges of Management ...................... 120,277 15 7

Making a Total of .......... £9,325.866 4 3
On Unfunded Exchequer Bills, Appendix 7, of
No. 35. .....

297,445 16 1

£9,623,312 04 Deduct Redeemed and Expired Annuities, as per

col. 5, of Parliamentary Paper, No. 35, of 1819,
page 3 .......

419,338 0 0

...............

Net Charge for the year 1793 £9,203,974 0 4

+ Vide page 8, No. 145, of 1822 .....

In 1811 raised for Ireland, but not charged ..........

64,750,000

4,500,000

£69,250,000

in Great Britain, the sum of 584,874,5577.;' and that during the same period, there has been an increase in the issue of Exchequer Bills unfunded, and outstanding on the 5th Jan. 1817, to the amount of 33,289,3001.; making a total sum raised in the 24 years of no less than 618,163,8571. funded and unfunded, independently of advances made by the Bank, and remaining unsettled on the 5th Jan. 1817.

No. III. That there was paid into the Treasury, on account of the 581,874,5571., as stated in the preceding resolution, the sum of 484,359,4801,3 in money; that the Bills funded amounted to 86,183,1761.; that the loan of 4,600,0001. raised for the service of Austria in 1795, is stated not to have been directed to be paid into the Exchequer; and that the Bank of England retained out of the subscriptions to the Loans of 14,500,0001. and 1,620,0001. in 1797, the sum of 4,648,7311. 16s. 3d., making the total sum of money received and accounted for, on account of the 584,874,5571., to amount to 579,791,3881. ;4 leaving a deficit of 5,083,1691. retained for discount on prompt payment, and for expenses of receiving at the Bank. 'Sum funded as per col. 1 of Parliamentary Paper 145, of 1822 ..in

584,874,557 Excess of Exchequer Bills ............ 33,289,300

Total Sum raised .......... £618,163,857 2 Vide Parliamentary Paper, No. 35, of 1819, page 9: . Amount of Exchequer Bills, on 5th Jan. 1817......... 44,650,300 Do. Do. Do. 5th Jan. 1793 ........ . 11,361,000

Excess of Exchequer Bills, issued and ·

outstanding ........................ £33,289,300

3 Vide Col. 2 of No. 145.

Cash paid to the Treasury ...
From which deduct Debentures, 1813 .... 786,698

--Loan to E. I.C. 1812.. 2,500,000

487,646,178

3,286,698

£484,359,480 Add Bills funded (vide col. 1.) ............

..... 86,183,176 Austrian Loan of 1795 not paid into the Exchequer .. 4,600,000 Retained by the Bank, 1797, part of Loans of

14,500,000l. and 1,620,0001. . . . . . * 4,648,732

£579,791,388 4 Vide col. 2 of No. 145, of 1822.

* Vide page 144 of vol. 13 of Com. Reports, folio edition.

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