The Works of the Right Honourable Edmund Burke, Vol. 01 (of 12)Burke, Edmund
Philosophy
The Works of the Right Honourable Edmund Burke, Vol. 01 (of 12)
Burke, Edmund
Great Britain -- Politics and government -- 1760-1820; Political science -- Early works to 1800
The interest of debt contracted during the war is stated by the author
at 2,614,892_l._ The particulars appear in pp. 14 and 15. Among them is
stated the unfunded debt, 9,975,017_l._, supposed to carry interest on a
medium at 3 per cent, which amounts to 299,250_l._ We are referred to
the "Considerations on the Trade and Finances of the Kingdom," p. 22,
for the particulars of that unfunded debt. Turn to the work, and to the
place referred to by the author himself, if you have a mind to see a
clear detection of a capital fallacy of this article in his account. You
will there see that this unfunded debt consists of the nine following
articles: the remaining subsidy to the Duke of Brunswick; the remaining
_dedommagement_ to the Landgrave of Hesse; the German demands; the army
and ordnance extraordinaries; the deficiencies of grants and funds; Mr.
Touchet's claim; the debts due to Nova Scotia and Barbadoes; exchequer
bills; and navy debt. The extreme fallacy of this state cannot escape
any reader who will be at the pains to compare the interest money, with
which he affirms us to have been loaded, in his "State of the Nation,"
with the items of the principal debt to which he refers in his
"Considerations." The reader must observe, that of this long list of
nine articles, only two, the exchequer bills, and part of the navy debt,
carried any interest at all. The first amounted to 1,800,000_l._; and
this undoubtedly carried interest. The whole navy debt indeed amounted
to 4,576,915_l._; but of this only a _part_ carried interest. The author
of the "Considerations," &c. labors to prove this very point in p. 18;
and Mr. G. has always defended himself upon the same ground, for the
insufficient provision he made for the discharge of that debt. The
reader may see their own authority for it.[56]
Mr. G. did in fact provide no more than 2,150,000_l._ for the discharge
of these bills in two years. It is much to be wished that these
gentlemen would lay their heads together, that they would consider well
this matter, and agree upon something. For when the scanty provision
made for the unfunded debt is to be vindicated, then we are told it is a
very _small part_ of that debt which carries interest. But when the
public is to be represented in a miserable condition, and the
consequences of the late war to be laid before us in dreadful colors,
then we are to be told that the unfunded debt is within a trifle of ten
millions, and so large a portion of it carries interest that we must not
compute less than 3 per cent upon the _whole_.
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