EXPENDITURE INCAPABLE OF

REDUCTION.

ermanent mat (Terminable Mat.

RESPECTING the National Debt, much might be said, but there is little to be done, unless it be to consolidate the various funds which bear the

same rate of interest. This would not, indeed,. lessen the burden, but it would simplify the account, and perhaps- diminish the charges of management.

It were absurd to deny that the interest of the Debt presses heavily on the springs of industry ; but its comparative pressure has been greatly exaggerated by the advocates of "an action on the currency." In stating that a return to cash payments has "doubled' (sometimes it is "trebled") the weight of the Debt, they seem to be arguing in the teeth of the' most obvious facts. The present amount drawn from the taxes on account of the National Debt (which constitutes the annual income of the Fundholders) is twenty-eight millions. In 1814, the amount so drawn was thirty-nine millions and a half; all of villa was paid either to the Fundholders or on account of the Sinking Fund.* The average depreciation of the Bank-note was about fifteen per cent. or one sixth ; but we see that the annual pressure on the public, on .account of the National Debt, has diminished, since 1814, in the pro- portion of 391 to 28, or very nearly one third. We may test the doe. trine in another way : since 1812-14, the period of the Paper Mil- lennium, taxes to the amount of thirty millions have been remitted- more th-n the whole stun now levied on account of the National Debt. Reserving the respective merits of gold and paper, and any other points connected with the subject generally, or with its effects upon the pres- sure of taxation in particular, for the Supplement on CURRENCY AND BANKING, we may observe, that if the charge of the Debt has been de- creased in a ratio nearly corresponding to the alleged rise in the value of money, and if the whole amount of taxation has been diminished by. more than the annual interest of the Fundholder,-the Currency-doctors are unscrupulous in their assertions.

The subjoined table exhibits the National Debt classed under its respective heads, and shows the sums paid during the last year to the national creditors as stated in the Finance Accounts. We have added the amount of the Russian Loan, which forms in the Government documents a part of the " Miscellaneous Payments."

SUMMARY OF ANNUAL CHARGE ON THE PERMANENT DEBT.

Interest on Funded Debt £24,099,067

Unfunded 649,832 4: 24,748,919

FUNDED DEBT. Paid in 1531.

Interest on the South Sea Company's Annuities £304,532 Interest of the Stock created by Loans advanced to Go- vernment at various perio Is by the Bank of England . 440,604

* Animal Register lot 1814. Interest ou 31. per Cent. Consolidated Annuities, i. e., f

911 : 3 per Cent. Consols 10.47 - . .. Reduced 3,732,755 12 George I 26,294 . • .. 3/. 10s. per Cent. Annuities, HIS 441.637 .... Reduced Annuities 2,233.552 ....

.... 3/. per Cent. (New) Annuities. 4,840:5,034

.... ' 4/. per Cent. Annuities 45 ....

ditto 1826 432,186

....

.. .. 5/. per Cent. Annuities 23,136

IRELAND.

Interest on 3/. and 4/. per Cent. Bank Annuities 115,334

497346,843097366

3/. per Cent. Consolidated Annuities Reduced Annuities 31. 10;. per Cent. Annuities, 1518 Reduced Annuities 45,063 .... Annuities (New) 411,725

5/. 1.);;: 'Cent. Annuities 333 Deduct . X 24,104,579 Interest on Stock purchased by the Commissioners for the Reduction of the National Debt (i.e. Commissioners of the Sinking Fund) on account of Donations and Bequests 5,492

Total Interest on Funded Debt (exclusive of Management) £ 24,099,087

UNFUNDED DEBT.

Interest on Exchequer Bills issued . upon the Credit of the Consolidated Fund Interest on Exchequer Bills issued upon the Credit of the Duties on Sugar Interest on Exchequer Bills issued upon the Credit of the Aids, 1803-L31 Total Unfunded Debt £649,532 ANNUAL CHARGE ON TERMINABLE DEBT,

FCINDED (or quasi Funded) Debt. Paid in 1331.

Exchequer Annuities £3,912 , Tontine Annuities £41,971

'2 Deduct ' • •

The amount of the Shares the property of the Pub- lic, in respect of the Government Nominees 22,836

Long Annuities, expire 1860

Lire Annuities and Annuities for Terms of Years Irish Life Annuities, with the benefit of Survivor- . ship granted by Acts 13 and 14. 15 and 16, and 19 and 20 George 111.,payable in Great BritainX47.667 Ditto, Ireland 3,928 Bank of England. on account of the annuity purchased of the Trustees or Naval and Military Pensions, and Civil Superannuations, per Act 4 George IV., c. 22.... 585,740 3,318,687 Interest and Sinking Fund on Russian Loan 113,519 Annual Payment on account of Terminable Debt.... £3,432,206 45,463 16,746 587,618 19.135 1,193,582 1,464,723 51,595