Account of the Principal and Annual Charge of the Public Debt at different Periods since the Revolution.*

Debt contracted from the accession of George II. till the peace of Paris in 1763, three years after the accession of George 111.

Total Funded and Unfunded Debt on the 1st of February, 1817, when the English}

*This account has been made up partly from the table in Dr. Hamilton's work on the National Debt (3rd ed. p. 100), partly from Price on the State of the Finances in 1784 (p. 8), and partly from the above Account

The reduction of the principal of the public debt since 1817 has been effected partly by applying surplus revenue to its discharge, and partly by the conversion of a portion of the interminable into terminable annuities. The reduction of the annual charge has been partly, of course, brought about by paying off the principal; but more by the reduction of the interest paid on the 5 and 4 per cent. stock existing in 1817, and by that paid on the unfunded debt, or on exchequer bills. The total saving of interest between 1822, when the first, and 1844, when the last, reduction was made, has been 3,051,8007.

We subjoin

A Return showing the Results of the Operations undertaken in 1822, 1824, 1825, 1830, 1834, and 1844, for reducing the Charge on account of the National Debt, and the Terms upon which such Reduction was made; also, showing the Annual Interest on the Funded Debt saved thereby.

An Account of the Total Number of Persons to whom a Half Year's Dividend was due at the last Half-yearly Payment thereof, on each Description of Public Stock, and on each Description of Terminable Annuities; distinguishing the Number respectively of those whose Dividends for the Half-year did not exceed 5l., 10l., 50l., 100l., 2001., 300l., 500l., 1,000l., 2,000l., 3,000l., 4,000l., 5,000l., and the Number of those whose Dividends exceed 5000l.; distinguishing also, in those above 1,000l., the Dividends due to any Public Company, or to more than a single Name.--(Parl. Paper, No. 202, Sess. 1833.)

THE force kept up for the defence of the empire against foreign attack, and for the maintenance of tranquillity and security at home, consists principally of the army and navy.

ARMY.-The military force of Great Britain, like that of all the contiguous states, has differed widely at different epochs. During the period posterior to the Conquest, when the feudal system was in its vigour, the whole lands of the kingdom were distributed into what were called knights' fees, of which there were above 60,000 in England only. And every tenant in capite, or person holding any such fee, was bound to hold himself in readiness, if called upon, to attend the sovereign in his wars, either at home or abroad, for forty days each year. Persons unable or unwilling to serve were obliged to provide unexceptionable substitutes, so that a force of about 60,000 men could thus be set on foot with but little or no cost to the Crown. When the forty days' service were accomplished, the feudal militia were en

titled to return home; those that kept the field for a longer period being paid by the sovereign for their services. But in those days, when there were few fortified places, and war was not carried on upon any scientific principles, the predatory and marauding campaigns of which it mostly consisted did not often extend beyond forty days.(Blackstone, i. p. 410. ed. 1775, &c.)

But though a militia of this sort answered tolerably well in a rude age for the defence of the country, it was speedily found to be very ill fitted for carrying on the foreign wars in which our princes of the House of Plantagenet were so often involved. Hence, the system of commuting military service abroad for a money payment, or scutage, as it was then termed, on knights' fees, was early introduced;* and as its advantages became more obvious, it was gradually substituted for military service at home. At length money payments having almost universally replaced feudal services, the latter were finally abolished by the 12 Charles II. c. 24.

Exclusive, however, of the feudal militia or constitutional force of the kingdom, our sovereigns always maintained bodies of stipendiary or mercenary troops in England, as well as in the Norman provinces. The expense was defiayed, for the most part, from the revenues and vast estates that then belonged to the Crown; but partly, also, by money obtained in commutation of feudal services, and sometimes, at a later period, by arliamentary grants. With the exception of those employed as guards in the Tower of London, Dover Castle, and other fortified places, and for protecting the marches, or borders of the kingdom along the Scotch frontier, the stipendiary troops were disbanded as soon as the occasion for their services had expired. They were a mercenary, but not a standing, army.

During the civil wars in the reign of Charles I., the royal army chiefly consisted of regiments raised by the nobility and gentry who espoused the cause of the king from among their tenants and dependants. The parliamentary forces consisted principally of stipendiary troops recruited in the great towns, which were, for the most part, hostile to the royal cause. Both parties, however, had recourse to every expedient for increasing their forces, whether it were consistent with law or not.

The origin of the present standing army dates as far back as 1660, or, perhaps, earlier. In that year Charles II. formed two regiments of guards, one of horse and one of foot, consisting principally of troops that had been previously embodied; and these, with the regiment of Royal Scotch, brought from France in 1661, and some other regiments that were soon after set on foot, formed in all a force of about 5,000 men, including the troops in garrison abroad. In the latter part of the reign of James II. this force was increased, including the troops

*The first instance of this sort of commutation is said to have occurred in the reign of Henry II. That prince, instead of requiring his vassals to accompany him in his war with the Earl of Thoulouse in 1159, imposed on them a scutage or tax which produced 180,000l. money of the time, being equal to 2,700,000l. of our money. By this means he consulted the prejudices of such of his English subjects as wished to remain at home, and procured the means of furnishing himself with a much more efficient army. (See Lyttelton's History of Henry II., 8vo. ed. vol. ii. p. 428, and the elaborate note on the same subject in the Appendix.)

in Ireland, to about 30,000 men: but parliament did not sanction the eurolment of these forces, nor did it vote the money required for their pay and subsistence. They were embodied by authority of the Crown only, and were paid for either from the civil list, or by diverting money intended for other objects to that purpose. The principal dependence of James II. for the success of his unconstitutional projects was placed in the devotedness of this great army. But his conduct disgusted the military as well as the rest of his subjects; and the cheers of the troops encamped on Hounslow Heath at the acquittal of the bishops proved that he had entirely lost their sympathy, and could no longer trust to them for support. In fact, no sooner had the Prince of Orange landed, than they went over to him almost to a

man.

The danger arising from so unconstitutional a prerogative was, however, too great not to be immediately provided against; and it was consequently declared in the Bill of Rights, that the raising or keeping a standing army within the kingdom in time of peace, unless with consent of parliament, is contrary to law. And from this epoch down to the present day, the army has been kept on foot under authority of an Act, annually renewed, called "An Act for punishing mutiny and desertion; and for the better payment of the army and their quarters." This Act specifies the number of men to be kept on foot; the conditions under which they are enlisted, paid, billeted, &c. ; and lays down a system of martial law for their government. His Majesty is authorised to issue articles of war in conformity with this Act. These are usually printed with, and subjoined to, the Mutiny Act, and to them the reader is referred for further particulars.

Government of the Army-The king is the supreme head, or generalissimo, of all the British forces by land and sea. He cannot, as already stated, raise or maintain forces without the authority of parliament; but in all that respects the distribution, officering, and organisation of the forces granted by parliament, he is supreme. He has, also, the sole government and disposal of all forts, arsenals, and fortified places. The military can receive no orders but such as emanate from the king; and these they are bound implicitly to obey, unless they be obviously at variance with the recognised laws of the land.

All measures with respect to the employment of the military force are, of course, decided upon by his Majesty in council; and ministers are as responsible for them as for any other acts of the government.

The command of the army, under the king, is committed to a commander-in-chief, enjoying the confidence of the ministry of the day. It is the duty of this officer to provide for the execution of such measures as may be determined upon by his Majesty in council in relation to the army, and to exercise a vigilant superintendence over all its concerns, so as to maintain it, at all times, in the highest state of efficiency and discipline.

The first parliament of Charles II. voted 1,200,000l. as the ordinary revenue of the Crown; but in the latter years of his reign it amounted to more. In the reign of James II. the revenue amounted to near 2,000,000l. (Hallam's Constitu tional History, iii. p. 156.)