Saturday, March 1, 1806

Monthly Magazine

Location: London, Middlesex

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Monthly Magazine (Newspaper) - March 1, 1806, London, Middlesex THE- MONTHLY MAGAZINE. No. 140.] MARCH], [No. 2, of Vol. 21a ORIGINAL COMMUNICATIONS. To the Editor of the Monthly Magazine, SIR., A' T a moment when every thing that regards our Welfare as a Nation is juttly viewed with thedeepeft Intereft, and when, by the recent change of Adminif-tration, the country appears likely to awake from that Night of political Biind-ncf� in which it lias been fo long involved, it may nor be improper to draw the attention of your readers to the aclual ftate of cur Finances, and to ihew that a wife Ad. miniftration, fupported by the Confidence of the People, may without much difficulty refcue us from that gulph of National Bankruptcy towards which, in the opinion of many perfons, we were rapidly whirled by the corrupt and overbearing fyftem of the late Minifter. I (hi 11 in the fir ft place ftate correSUy the amount of the National Debt at the begining of the prefent year ; and I (hall then demonftrate that the National Creditors, under a fuitable arrangement, have nothing to apprehend from the amount of that debt; but, on the contrary, fhall;prove that they will be paid off fooner probably than they would defire, The amount of the public funded debt of Great-Sri-tain on the 5th January, 1805 (according to the accounts prefented to the Houfe of Commons) was �.603,925,794 The flock, created by loan of 1805, was - �.38,700,000 �.64.2,6*5,792 There has been transferred for the redemption of the land.tfi'x - �.24,000,000 �.620,625,792 And there has been redeemed by the Commifiloners for management of theiinking-fund - ' �-xi3�5oo,ooo Leaving as the amount on the 31ft of January, 1806 �.507,125,792 * Inthelaft year 1805, 7,615,1671. 7s. 91k were expended by the Commifiloners; and 1,906,104!. 17s. jjd. will be applied in the quarter between the ift of February and the * ft of May 1806. It appears that the fallowing ftock has been purchafed between the Monthly Mao. No. 140. <pf this debt of 537 millions, nearly 100 millions confift of 4 and .5 per cent, flock, which being converted into 3 per cents., makes the total amount in 3 per cent, ftock 557 millions 5 and valuing the 3 per cent, ftock at 60 per cent, (which is the prefent average price), the total capital of the debt in money is 334. millions of pounds fterling. The original provifion of the Sinking-Fund of a Million per annum, with the additions that have fince been made to it, and the dividends on ftock bought up by the Commifiloners who manage that fund for the nation, amount altogether at this time to about 8,000,000 per annum. We have thus the evidence of faSts, and of about Twenty years experience, to prove that the plan of that great political arithmetician tne late Dr. Richard Price is alone adequate to counteract the fyftem of lavifti corruption and prodigal expenditure which marked the career of the late Minifter. A (ingle million per annum, laid by fmce 17 86 for purpofes of accumulation* has multiplied itfelf* on principles of copi-pound intereft, fo as to amount at this time to eight millions per annum ; and has created a capital in the hands of the National Commiffloners of upwards of One Hundred and Thirteen Millions, t! I In other words, by the plan of chafe acute calculator, the nation began about twenty years, iince to buy up its own debts. The fund appropriated! for t,his purpofe was to be one million per annum, to be laid out in the purchafe of fuch portions of ftock as might be brought to market by the public. The Commifiloners have fince applied the intereft arif-ing from the ftock which they have pur-chafed, to the increafe of their fund's 5 , _^_ �__. 3d of February, 1805, and 3ift/of January laft, viz. Capital Stock- Cafh paid, , � 57�,'573 6,468,49'2Red. An. Confol.3,804,4$$ iS 161,400 OldS. Sea Ann. 96,562 133,000 New S.Sea Ann--. 77*374 22,000 3 per Ct. Ann. 1751 12,8*6 5 o 92,021 Imp. 3 per Ct. An. 53,403 26 6 ^^B^^^^^B^^^^^^^^^^^^^^^^^^^^^" ^^^^^^^^^^^^^^^^^^^^ 12,97^913 The intereft of this 12,972,9/131. of ftock is 389,1871. 73- Qd. which added to the amount of laft year gives nearly eight millions to be applied in the prefenc year* O and 5 6 is r 7 S 3 o 6