During this first war of George the Second, the land-tax was constantly at 4_s._ in the pound; and new branches of customs, excise, or other inland duties, were created in proportion to the swelling of the national debts, which, on the 31st of December 1748, amounted to 78 293 313_l._ sterling, bearing 3 005 325_l._ interest; and the sinking fund, or surplus of all permanent taxes then imposed, after paying the civil list, and the interest upon this capital, amounted to 1 060 948_l._ sterling. During this war, the debts were increased above what they were at the end of 1738, by 31 631 546_l._ sterling capital, and by 1 043 272_l._ of interest or annuities. The war was no sooner over, and the national expence diminished, than money began to regorge in the hands of the monied interest: an infallible consequence of such a violent revolution, when extraneous circumstances, such as occurred after the peace 1763, do not prevent it. To profit of this conjuncture, government, early in 1749, proposed that all the public creditors upon capitals bearing 4 _per cent._ interest, redeemable by parliament, and amounting to upwards of 57 millions, who should accept of 3 _per cent._ from December 1757, should have their debts made irredeemable until that time; and in the interval should continue to have 4 _per cent._ till December 1750; and 3½ _per cent._ from thence, until the total reduction to _per cent._ in December 1757. This bold undertaking had the desired effect. Many obstacles were thrown in the way; but the regorging capitals in the hands of many, made every one fear the reimbursement for himself; and the credit of France was then so low, that very few chose its funds as an outlet for their superfluous money. But an outlet, unfortunately, was not wanting at the end of the last war in 1763, as we shall shew in its proper place. Here then is a notable instance of the effects of regorging money. A small sum, when compared with a nation’s debt, operates upon the whole capital; as a small balance upon trade affects the whole mass of reciprocal payments.