The advantage government reaps by this way of borrowing, is, that the desire of gaming, raises the lottery tickets above their value, when thrown into the hands of the public; and this advanced value being a profit to those who receive them in part of their subscription, that profit they share with government. Example. In April 1766, when government borrowed 1 500 000_l._ at 3 _per cent._ the 3 _per cents._ were only at 89: consequently, the difference between 89 and 100, which is 11_l._ must have been supposed to be the sum which the subscribers, from the propensity of people to game, had a reasonable, or rather a certain expectation of gaining upon the sale of 4 lottery tickets, that is, 2_l._ 15_s._ upon every one. To know therefore the real par of a lottery ticket, you must proceed thus: it costs the subscribers 10_l._ for which they receive from government 3 _per cent._ This 10_l._ as 3 _per cents._ stood at 89, is worth at that rate no more than 8_l._ 18_s._ add to this sum what the public must pay for the liberty to play, which we have stated above at 2_l._ 15_s._ and you have the exact par of a lottery ticket at 11_l._ 13_s._ Whatever they sell at above 11_l._ 13_s._ is profit to the subscribers, whatever they sell below 11_l._ 13_s._ is a loss to them. This profit, though small in appearance, is greatly increased from another circumstance, viz. That the subscribers may sell their subscriptions at a time when they have really advanced but a small part of it. The first payment is commonly of 15 _per cent._ on their subscription: when they sell, they make this profit upon the whole capital. Suppose then 15 _per cent._ paid in: if the profit upon selling be no more than 1 _per cent._ upon the capital, that 1 _per cent._ turns out no less than 6⅔ _per cent._ upon the money they have advanced. Thus a person who is possessed of 1500_l._ only, may subscribe for 10 000_l._ in this loan: he pays in his 1500_l._ and receives his subscription; when he sells he sells 10 000_l._ subscription, upon which he gains 1 _per cent._: 1 _per cent._ of 10 000_l._ is 100_l._ so (in one month suppose) he gains by this means 100_l._ for the use of 1500_l._ But as a counterbalance for this profit, he runs the risk of the falling of the subscription, which involves him in a proportional loss if he sells out; or in the inconvenience of advancing more money than he had to employ in that way, in case he should prefer keeping his subscription for a longer time, in hopes of a rise in the public funds. By this mode of borrowing, government profits by the disposition of the people to game. But this propensity has its bounds, and at present it is found by experience not to exceed 60 000 lottery tickets, or 600 000_l._ Were, therefore, a subscription of 3 millions taken in upon the same plan with the present of 1 500 000_l._ the regorging number of tickets