would have the debtors borrow on at the old extorting rate, while they have any security to give.
Now to give the most ignorant reader some idea of our present circumstances, without troubling him or myself with computations in form; every body knows that our land and malt tax amount annually to about two millions and a half. All other branches of the revenue are mortgaged to pay interest for what we have already borrowed. The yearly charge of the war is usually about six millions; to make up which sum, we are forced to take up, on the credit of new funds, about three millions and a half. This last year, the computed charge of the war, came to above a million more than all the funds the parliament could contrive were sufficient to pay interest for; and so we have been forced to divide a deficiency of twelve hundred thousand pounds, among the several branches of our expense. This is a demonstration that if the war be to last another campaign, it will be impossible to find funds for supplying it, without mortgaging the malt tax, or by some other method equally desperate.
If the peace be made this winter, we are then to consider what circumstances we shall be in toward paying a debt of about fifty millions, which is a fourth part of the purchase of the whole island if it were to be sold.
Toward clearing ourselves of this monstrous incumbrance, some of these annuities will expire, or pay off the principal in thirty, forty, or a hundred years; the bulk of the debt must be lessened gradually by the best management we can, out of what will remain of the land and malt taxes, after paying
