indiſputably certain, that the preſent magnitude of our national incumbrances very far exceeds all calculations of commercial benefit, and is productive of the greateſt inconveniences. For, firſt, the enormous taxes, that are raiſed upon the neceſſaries of life for the payment of the intereſt of this debt, are a hurt both to trade and manufactures, by raiſing the price as well of the artificer's ſubſiſtence, as of the raw material, and of courſe, in a much greater proportion, the price of the commodity itſelf. Secondly, if part of this debt be owing to foreigners, either they draw out of the kingdom annually a conſiderable quantity of ſpecie for the intereſt; or elſe it is made an argument to grant them unreaſonable privileges in order to induce them to reſide here. Thirdly, if the whole be owing to ſubjects only, it is then charging the active and induſtrious ſubject, who pays his mare of the taxes, to maintain the indolent and idle creditor who receives them. Laſtly, and principally, it weakens the internal ſtrength of a ſtate, by anticipating thoſe reſources which ſhould be reſerved to defend it in caſe of neceſſity. The intereſt we now pay for our debts would be nearly ſufficient to maintain any war, that any national motives could require. And if our anceſtors in king William's time had annually paid, ſo long as their exigencies laſted, even a leſs ſum than we now annually raiſe upon their accounts, they would in the time of war have born no greater burdens, than they have bequeathed to and ſettled upon their poſterity in time of peace; and might have been eaſed the inſtant the exigence was over.
The produce of the ſeveral taxes beforementioned were originally ſeparate and diſtinct funds; being ſecurities for the ſums advanced on each ſeveral tax, and for them only. But at laſt it became neceſſary, in order to avoid confuſion, as they multiplied yearly, to reduce the number of theſe ſeparate funds, by uniting and blending them together; ſuperadding the faith of parliament for the general ſecurity of the whole. So that there are now only three capital funds of any account, the aggregate fund, and the general fund, ſo called from ſuch union and addition; and the ſouth
