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THE

ENTERTAINER.

For MONDAY, January 6, 1783.

Extra of a very important and interefting Pamphlet, just publifed, by the Right Hon. the Earl of Stair, entitled," A State of the Public Debts, and of the annual Intereft and Benefits paid for them, as they will stand on the 5th of January, 1783, and 1784;" to which the Attention of the Public is requested, before they decide as to PRACE or WAR, which is ftill a MatDoubt.

ter of great

OUR

UR prefent men in power, after reprobating, in the strongest and moft unequivocal terms, the prefent war, as a conteft too unequal to promife even a poffibility of fuccefs, have rufhed into the public administration without having concluded, or, as far as I can fee, having any probable hopes of concluding a peace. After their frequent, indeed their never-ceafing declarations, that fo enormous was our military expence, that even fuccefs might protract, but could not prevent our ruin, they have undertaken the government, and continued the war, without materially diminishing the expence of it; without even having it in their power to do fo: for the war, on our part, being almoft entirely defenfive, the state and limits of expence are in the option and power of our enemies, not in our's.

The experience of the time that has elapfed fince my last publication, and, above all, the facts authenticated by the report from the committee of the Houfe of Commons, appointed to enquire into the actual ftate of our finances, have made most VOL, I. I.

A

of

of what I then offered to the public as well-founded conjecture, now matters of truth, reality, and proof. A report from a committee of the Houfe of Commons, unanimously appointed, framed, though without prefumption or pretenfion, yet with great ability, openness, perfpicuity, impartiality, and candour, annihilates every weak or interested argument against the propriety of difclofing to the world the real ftate of our internal fituation and refources.

Indeed, without this aid, fo conclufive to the point in queftion, from what is, and must constantly, from the nature of our conftitution, be laid before parliament, none but those who are too dull to understand, or those who are too indolent to take the trouble of a very fimple and eafy investigation and deduction, need want any material information as to the true state of the nation; and to perfons of thefe defcriptions, no information whatever will be of any ufe. I mean, therefore, to adduce what additional facts have occurred in proof of the two propofitions I laid down in the pamphlet I published in the beginning of this year [1782], entitled, Facts and their Confequences.— The propofitions are:

ift. That the demands on the public from the creditors of the public, would, on the 5th of January, 1783, amount to fifteen millions annually, net money.

zd. That there are the most probable inducements to believe that the net annual revenue of this country can never be brought for a permanency, and average of years, to exceed twelve mil

lions.

I fhall now proceed to state the national debt as it will stand on the 5th of January, 1783, and the intereft that is, or will be to be paid for it. The capital debt (as none of it can ever be expected to be paid) is, I am afraid, but a mere matter of curiofity; though I could with it to be a matter of serious reflection, and on that account have ftated it. The funded debt on the 5th of January,

1783, amounts to

The value of 980,3381. of annuities, given as premiums, fome for life, fome for terms of years, at under the prices they fell at, may be efimated to amount to The balance of unfunded debt on the 5th of January, 1783,

Borrowed on the 6d. in the pound civil list duty

Equivalent to Scotland

£. 197,325,500

13,700,000

37,766,338

1,000,000

248,550

Total capital debt on the 5th of January, 1783, £, 250,040,388

For which is, or will be to be paid annually by the public. Intereft of debt already funded, Intereft on the million borrowed on the civil

lift 6d. duty,

Intereft on the Scotch equivalent, and 2000l.
paid yearly to Scotch fisheries, &c.
Intereft on the above 37,766,3381. unfunded
debt at 5 1-half per cent. charges at the
Bank included, nearly

The charges at the Bank on loans 1781 and
1782, not yet allowed, nearly

Total to be paid annually to the creditors of the public, on the 5th of January, 1783, The civil lift and peace establishments will require annually

Total annual charges on the public on the 5th of January, 1783, net money,

--

£.7,481,311

30,000

12,000

2,100,000

15,000

9,638,311

5,500,000

£. 15,138,311

It is believed the account is now juft, or fo to a trifle. If fo, and if the annual net amount of the public revenue cannot be brought to rife higher than twelve millions, (and we think we fhall in the fequel fhew that there is no great probability that it will rife higher, as government must be carried on,) the whole of the deficiency muft fall on the creditors of the public, who, inftead of receiving annually 9,638,311 1. will only receive 6,500,000l. or 13s. 6d. in the pound.

Should we be compelled to continue the war for another year, it may be fairly prefumed the charge will not be lefs for 1783 than it was for 1782. If fo, the public account will stand on the 5th of January, 1784, as follows:

To the loan as in 1782,

Provifions omitted, or fhort and defective

funds taken for more than they will produce in 1782,

Balance of the debt of the navy, after allowing the 1,500,000l. carried towards it from the fupplies 1782,

The whole encrease for the year ending the 31st of December 1781, being 4,145,7221. Balance therefore is

L. 2,641,722

£. 13,500,000

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The finking fund, taken for
more than it will produce, cre-
diting half a year more of the
difference gained by the re-
duction of the 3 1-half per
cent. to 3 per cent.
Deficiency of funds for 1783, by
the interest running before
the taxes commence, or at

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920,695

leaft can be made productive, 350,000
Deficiency of grants for 1782,
Intereft on Exchequer bills,
Exchequer bill office

To the Bank of England, for
receiving the loan, &c.

To difcount on prompt payment of the loan,

200,000

315,014

3,888

10,669

80,000

Total new debt, that must be contracted if the war continues during 1783,

Intereft on 18 millions only, at 6 per cent.
Charges at the Bank on 18 millions, nearly
Total additional annual burthen on the pub-
lic (if the war continues) on the 5th of
January, 1784,

4,521,988

£. 18,021,988

L. 1,080,000

11,000

£. 1,091,000

Capital debt on the 5th of January, 1783, was £. 250,040,000 Addition, if the war continues during 1783,

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Total capital debt on the 5th of January, 1784, L. 268,061,988

Interest payable to the creditors on the 5th

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of January, 1783,
Additional intereft for debt contracted, if
the war continues for 1783,

To the creditors of the public, on the 5th of
January, 1784,

To the amount of the peace and the civil
lift establishments
Total annual charge of net money on the
public, if the war continues for 1783,

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Which, on the moft probable fuppofition, that the public revenue cannot on a permanency, and average of years, be brought to exceed twelve millions net annually; the creditors, in that cafe, in place of 10,729,3111. will receive annually only 6,500,000l. or 12s. id. in the pound.

The foregoing accounts must certainly ftrike every thinking mind with astonishment, and apprehenfion for the confequences. They are, indeed, more like unto the feverish dreams of mad fpeculation, than unto the real unexaggerated ftate of the finances of a wife, enquiring, philofophical people. And, in truth, without fome one or other of the illuftrious competitors for the management of the treasures of this opulent country have, amongst their other great acquirements, of which we hear fo much, got poffeffion of the grand fecret, the great work, the Philofopher's Stone, (and I do not know that any of them have as yet urged that plea,) I cannot fee how they are to go on. Ridicule may, perhaps, do more, at leaft I am fure it cannot do lefs, than ferious admonition has done.

Avarice and credulity may promife any thing, on extravagant terms being offered; but, in the event of public misfortune, or even on the change of the caprice of public opinion, how are they to make good their promises? If they fail in time of war, the worst of ruins, anarchy enfues. In time of peace, the public not being able to completely fulfil their engagements to their creditors, will be a great calamity; but will not, I hope, endanger the fafety of the ftate. Indeed, moft of the few public creditors who look beyond the price of the day, fee that this laft event must neceffarily happen foon. The funds are now kept up at the rates they are at, only by an idea fo generally prevalent, that peace must be at hand, because we are no longer able to go on with the war; and confequently, as has generally happened on a peace, there will be a great rife in the value of government fecurities, which every-body hopes, by felling out to profit by; not reflecting, that if all croud to market with their stock at one time, the quantity on fale exceeding, as it needs muft, the demand, the price cannot advance.

A TUTOR's Account of the Family in which he was engaged, and-of bis PUPIL's Courfe of Studies.

My father bred me to the study of letters, and at his

death, left me in poffeffion of a fortune, not fufficient to check my industry in the purfuit of knowledge, but more than fufficient to fecure me from fervile dependence.

Through

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