Domestic debt-six per cent. stock, $1,946,026 92 Those, who have a curiosity to see the increase of the national debt of Great-Britain, from the time of the revolution, in 1689, to February 1st, 1813; together with the amount of money applied to the redemption of the national debt of that country, from the commencement of the sinking fund in 1786, to February 1st, 1813, and the produce of the sinking fund, at the latter period, may consult Tables No. I. and II. taken from Hamilton's late enquiry, concerning the national debt of Great-Britain. From these, it will be seen, that, in 1689, the British national debt, was only £1,054,921 sterling, and that on the 1st of February, 1813, the funded debt of that Kingdom amounted to £812,013,135 sterling; that of this sum £210,461,356 had been redeemed by the Commissioners of the sinking fund, £1,961,582 converted for life annuities, and that £24,378,804, had been transferred, for the purpose of the land tax, making £236,801,742 redeemed, leaving the unredeemed amount of funded debt, February 1st, 1813, £575,211,393; that this debt was invested in the following funds, viz. Bank annuities, Loan of 1726, South Sea annuities, including loan of 1751, Three per cent. consolidated, Three per cent. reduced, £11,686,800 1,000,000 16,125,684 - 312,894,703 78,760,033 £420,467,222 61,060,921 Four per cent. consolidated, Five per cent. consolidated, £92,060,254 Loyalty loan, 1,622,994 93,683,248 £575,211,393 The three per cents. were redeemed, at an average nearly That the produce of the sinking fund, on the 1st of February, 1813, was £13,013,914 sterling. Besides the funded debt of Great-Britain, the floating debt, as it is called, consisting of navy debt, and exchequer bills outstanding, amounted, on the 5th of January, 1813, to £53,155,372. (See No. VI. Appendix No. II.) For the amount of the funded debt of Great-Britain, redeemed and unredeemed, the annual charges of the same, with the sinking fund, applicable to the reduction of the debt, for each year, from 1804 to 1813, see No. IV. in Appendix No. II. The amount of capital funded in Great-Britain, has greatly exceeded the sums raised, as most of the loans have been taken in the three per cents. This excess, during the war of the American revolution, and from 1793 to 1812 inclusive, is stated by Mr. Hamilton, as fol In consequence of the operation of the sinking fund in Great-Britain, the national funded debt of that Kingdom has increased but about ninety-one millions sterling, from 1804 to 1813, a period of nine years; notwithstanding the loans, obtained in each year, were large. In 1804, the unredeemed amount of funded debt was £484,162,622, and in 1813, was £575,211,393. The difference is £91,048,771, or about $400,000,000, principally in the three per cents. being an annual increase, of about forty-four millions of dollars. The British sinking fund, in 1804, was £6,282,947, being in proportion to the debt, as one to seventy-seven, and in 1813, was £13,013,914, being in proportion to the debt, at that time,as one to forty-four. (See No. IV. in Appendix No. II.) What will be the annual increase of the debt of the United States, in consequence of the late war, cannot yet be ascertained with precision. Making an allowance, for the difference between the value of stock at three per cent. and six per cent. the annual increase of the American national debt, during the late war, cannot fall much short of the annual increase of the British funded debt, for the above period of nine years. That the United States, however, while they remain at peace, will be able to pay the interest of their debt, as well as the other necessary expenses of the government, and also to extinguish the principal of the debt, within a reasonable time, with a proper application of their funds, there can be no doubt. TABLE No. I. The amount of the National Debt of Great-Britain, at the Revolution, and at the commencement and termination of each war, to February 1st, 1813, has been as follows: 1740 46,449,568 1748 78,293,313 1756 72,289,673 1763 133,959,270 Funded debt at the peace of Aix la Chapelle, including what was contracted in sub- at the commencement of the American war, 1775 122,963,254 1783 238,231,248 1793 227,989,148| 1802 £567,008,978 67,225,915 There was no reduction of the national debt dur ing the short peace which followed the treaty of Amiens. Funded debt 1st February, 499,783,063 1813 £812,013,135 Of which redeemed or converted into life annuities, 212,422,938 In this statement the value of annuities granted for years is not included. 599,590,197 |