wealbk05- 第59部分

either　averse　to　marry；　or　whose　condition　of　life　renders　it

either　improper　or　inconvenient　for　them　to　do　so；　is　much

greater　in　France　than　in　England。　To　such　people；　who　have

little　or　no　care　for　posterity；　nothing　can　be　more　convenient

than　to　exchange　their　capital　for　a　revenue　which　is　to　last

just　as　long；　and　no　longer；　than　they　wish　it　to　do。

　　　　　The　ordinary　expense　of　the　greater　part　of　modern

governments　in　time　of　peace　being　equal　or　nearly　equal　to　their

ordinary　revenue；　when　war　comes　they　are　both　unwilling　and

unable　to　increase　their　revenue　in　proportion　to　the　increase　of

their　expense。　They　are　unwilling　for　fear　of　offending　the

people；　who；　by　so　great　and　so　sudden　an　increase　of　taxes；

would　soon　be　disgusted　with　the　war；　and　they　are　unable　from

not　well　knowing　what　taxes　would　be　sufficient　to　produce　the

revenue　wanted。　The　facility　of　borrowing　delivers　them　from　the

embarrassment　which　this　fear　and　inability　would　otherwise

occasion。　By　means　of　borrowing　they　are　enabled；　with　a　very

moderate　increase　of　taxes；　to　raise；　from　year　to　year；　money

sufficient　for　carrying　on　the　war；　and　by　the　practice　of

perpetually　funding　they　are　enabled；　with　the　smallest　possible

increase　of　taxes；　to　raise　annually　the　largest　possible　sum　of

money。　In　great　empires　the　people　who　live　in　the　capital；　and

in　the　provinces　remote　from　the　scene　of　action；　feel；　many　of

them；　scarce　any　inconveniency　from　the　war；　but　enjoy；　at　their

ease；　the　amusement　of　reading　in　the　newspapers　the　exploits　of

their　own　fleets　and　armies。　To　them　this　amusement　compensates

the　small　difference　between　the　taxes　which　they　pay　on　account

of　the　war；　and　those　which　they　had　been　accustomed　to　pay　in

time　of　peace。　They　are　commonly　dissatisfied　with　the　return　of

peace；　which　puts　an　end　to　their　amusement；　and　to　a　thousand

visionary　hopes　of　conquest　and　national　glory　from　a　longer

continuance　of　the　war。

　　　　　The　return　of　peace；　indeed；　seldom　relieves　them　from　the

greater　part　of　the　taxes　imposed　during　the　war。　These　are

mortgaged　for　the　interest　of　the　debt　contracted　in　order　to

carry　it　on。　If；　over　and　above　paying　the　interest　of　this　debt；

and　defraying　the　ordinary　expense　of　government；　the　old

revenue；　together　with　the　new　taxes；　produce　some　surplus

revenue；　it　may　perhaps　be　converted　into　a　sinking　fund　for

paying　off　the　debt。　But；　in　the　first　place；　this　sinking　fund；

even　supposing　it　should　be　applied　to　no　other　purpose；　is

generally　altogether　inadequate　for　paying；　in　the　course　of　any

period　during　which　it　can　reasonably　be　expected　that　peace

should　continue；　the　whole　debt　contracted　during　the　war；　and；

in　the　second　place；　this　fund　is　almost　always　applied　to　other

purposes。

　　　　　The　new　taxes　were　imposed　for　the　sole　purpose　of　paying

the　interest　of　the　money　borrowed　upon　them。　If　they　produce

more；　it　is　generally　something　which　was　neither　intended　nor

expected；　and　is　therefore　seldom　very　considerable。　Sinking

funds　have　generally　arisen　not　so　much　from　any　surplus　of　the

taxes　which　was　over　and　above　what　was　necessary　for　paying　the

interest　or　annuity　originally　charged　upon　them；　as　from　a

subsequent　reduction　of　that　interest。　That　of　Holland　in　1655；

and　that　of　the　ecclesiastical　state　in　1685；　were　both　formed　in

this　manner。　Hence　the　usual　insufficiency　of　such　funds。

　　　　　During　the　most　profound　peace　various　events　occur　which

require　an　extraordinary　expense；　and　government　finds　it　always

more　convenient　to　defray　this　expense　by　misapplying　the　sinking

fund　than　by　imposing　a　new　tax。　Every　new　tax　is　immediately

felt　more　or　less　by　the　people。　It　occasions　always　some　murmur；

and　meets　with　some　opposition。　The　more　taxes　may　have　been

multiplied；　the　higher　they　may　have　been　raised　upon　every

different　subject　of　taxation；　the　more　loudly　the　people

complain　of　every　new　tax；　the　more　difficult　it　becomes；　too；

either　to　find　out　new　subjects　of　taxation；　or　to　raise　much

higher　the　taxes　already　imposed　upon　the　old。　A　momentary

suspension　of　the　payment　of　debt　is　not　immediately　felt　by　the

people；　and　occasions　neither　murmur　nor　complaint。　To　borrow　of

the　sinking　fund　is　always　an　obvious　and　easy　expedient　for

getting　out　of　the　present　difficulty。　The　more　the　public　debts

may　have　been　accumulated；　the　more　necessary　it　may　have　become

to　study　to　reduce　them；　the　more　dangerous；　the　more　ruinous　it

may　be　to　misapply　any　part　of　the　sinking　fund；　the　less　likely

is　the　public　debt　to　be　reduced　to　any　considerable　degree；　the

more　likely；　the　more　certainly　is　the　sinking　fund　to　be

misapplied　towards　defraying　all　the　extraordinary　expenses　which

occur　in　time　of　peace。　When　a　nation　is　already　overburdened

with　taxes；　nothing　but　the　necessities　of　a　new　war；　nothing　but

either　the　animosity　of　national　vengeance；　or　the　anxiety　for

national　security；　can　induce　the　people　to　submit；　with

tolerable　patience；　to　a　new　tax。　Hence　the　usual　misapplication

of　the　sinking　fund。

　　　　　In　Great　Britain；　from　the　time　that　we　had　first　recourse

to　the　ruinous　expedient　of　perpetual　funding；　the　reduction　of

the　public　debt　in　time　of　peace　has　never　borne　any　proportion

to　its　accumulation　in　time　of　war。　It　was　in　the　war　which　began

in　1688；　and　was　concluded　by　the　Treaty　of　Ryswick　in　1697；　that

the　foundation　of　the　present　enormous　debt　of　Great　Britain　was

first　laid。

　　　　　On　the　31st　of　December　1697；　the　public　debts　of　Great

Britain；　funded　and　unfunded；　amounted　to　L21；515；742　13s。　8

1/2d。　A　great　part　of　those　debts　had　been　contracted　upon　short

anticipations；　and　some　part　upon　annuities　for　lives；　so　that

before　the　31st　of　December　1701；　in　less　than　four　years；　there

had　partly　been　paid　off；　and　partly　reverted　to　the　public；　the

sum　of　L5；121；041　12s。　0　3/4d。；　a　greater　reduction　of　the　public

debt　than　has　ever　since　been　brought　about　in　so　short　a　period

of　time。　The　remaining　debt；　therefore；　amounted　only　to

L16；394；701　1s。　7　1/4d。

　　　　　In　the　war　which　began　in　1709。；　and　which　was　concluded　by

the　Treaty　of　Utrecht；　the　public　debts　were　still　more

accumulated。　On　the　31st　of　December　1714；　they　amounted　to

L53；681；076　5s。　6　1/2d。　The　subscription　into　the　South　Sea　fund

of　the　short　and　long　annuities　increased　the　capital　of　the

public　debts；　so　that　on　the　31st　of　December　1722　it　amounted　to

L55；282；978　1s。　3　5/6d。　The　reduction　of　the　debt　began　in　1723；

and　went　on　so　slowly　that；　on　the　31st　of　December　1739；　during

seventeen　years　of　profound　peace；　the　whole　sum　paid　off　was　no

more　than　L8；328；354　17s。　11　3/12d。；　the　capital　of　the　public

debt　at　that　time　amounting　to　L46；954；623　3s。　4　7/12d。

　　　　　The　Spanish　war；　which　began　in　1739；　and　the　French　war

which　soon　followed　it　occasioned　further　increase　of　the　debt；

which；　on　the　31st　of　December　1748；　after　the　war　had　been

concluded　by　the　Treaty　of　Aix…la…Chapelle；　amounted　to

L78；293；313　1s。　10　3/4d。　The　most　profound　peace　of　seventeen

years　continuance　had　taken　no　more　than　L8；328；354　17s。　11

3/12d。　from　it。　A　war　of　less　than　nine　years'　continuance　added

L31；338；689　18s。　6　1/6d。　to　it。

　　　　　During　the　administration　of　Mr。　Pelham；　the　interest　of　the

public　debt　was　reduced；　or　at　least　measures　were　taken　for

reducing　it；　from　four　to　three　per　cent；　the　sinking　fund　was

increased；　and　some　part　of　the　public　debt　was　paid　off。　In

1755；　before　the　breaking　out　of　the　late　war；　the　funded　debt　of

Great　Britain　amounted　to　L72；289；673。　On　the　5th　of　January

1763；　at　the　conclusion　of　the　peace；　the　funded　debt　amounted　to

L122；603；336　8s。　2　1/4d。　The　unfunded　debt　has　been　stated　at

L13；927；589　2s。　2d。　But　the　expense　occasioned　by　the　war　did　not

end　with　the　conclusion　of　the　peace；　so　that　though；　on　the　5th

of　January　1764；　the　funded　debt　was　increased　（partly　by　a　new

loan；　and　partly　by　funding　a　part　of　the　unfunded　debt）　to

L129；586；789　10s。　1　3/4d。；　there　still　remained　（according　to　the

very　well　informed　author　of　the　Considerations　on　the　Trade　and

Finances　of　Great　Britain）　an　unfunded　debt　which　was　brought　to

account　in　that　and　the　following　year　of　L9；975；017　12s。　2

15/44d。　In　1764；　therefore；　the　public　debt　of　Great　Britain；

funded　and　unfunded　together；　amounted；　according　to　this　author；

to　L139；516；807　2s。　4d。　The　annuities　for　lives；　too；　which　had

been　granted　as　premiums　to　the　subscribers　to　the　new　loans　in

1757；　estimated　at　fourteen　years'　purchase；　were　valued　at

L472；500；　and　the　annuities　for　long　terms　of　years；　granted　as

premiums　likewise　in　1761　and　1762；　estimated　at　twenty…seven　and

a　half　years'　purchase；　were　valued　at　L6；826；875。　During　a　peace

of　about　seven　years'　continuance；　the　prudent　and　truly　patriot

administration　of　Mr。　Pelham　was　not　able　to　pay　off　an　old　debt

of　six　millions。　During　a　war　of　nearly　the　same　continuance；　a

new　debt　of　more　than　seventy…five　millions　was　contracted。

　　　　　On　the　5th　of　January　1775；　the　funded　debt　of　Great　Britain

amounted　to　L124；996；086　1s。　6　1/4d。　The　unfunded；　exclusive　of　a

large　civil　list　debt；　to　L4；150；263　3s。　11　7/8d。　Both　together；

to　L129；146；322　5s。　6d。　According　to　this　account　the　whole　debt

paid　off　during　eleven　years'　profound　peace　amounted　only　to

L10；415；474　16s。　9　7/8d。　Even　this　small　reduction　of　debt；

however；　has　not　been　all　made　from　the　savings　out　of　the

ordinary　revenue　of　the　state。　Several　extraneous　sums；

altogether　independent　of　that　ordinary　revenue；　have　contributed

towards　it。　Amongst　these　we　may　reckon　an　additional　shilling　in

the　pound　land…tax　for　three　years；　the　two　millions　received

from　the　East　India　Company　as　indemnification　for　their

territorial　acquisitions；　and　the　one　hundred　and　ten　thousand

pounds　received　from　the　bank　for　the　renewal　of　their　ch