ſea fund, being the produce of the taxes appropriated to pay the intereſt of ſuch part of the national debt as was advanced by that company and it's annuitants. Whereby the ſeparate funds, which were thus united, are become mutual ſecurities for each other; and the whole produce of them, thus aggregated, liable to pay ſuch intereſt or annuities as were formerly charged upon each diſtinct fund; the faith of the legiſlature being moreover engaged to ſupply any caſual deficiences.
The cuſtoms, exciſes, and other taxes, which are to ſupport theſe funds, depending on contingencies, upon exports, imports, and conſumptions, muſt neceſſarily be of a very uncertain amount; but they have always been conſiderably more than was ſufficient to anſwer the charge upon them. The ſurpluſſes therefore of the three great national funds, the aggregate, general, and ſouth ſea funds, over and above the intereſt and annuities charged upon them, are directed by ſtatute 3 Geo. I. c. 7. to be carried together, and to attend the diſpoſition of parliament; and are uſually denominated the ſinking fund, becauſe originally deſtined to ſink and lower the national debt. To this have been ſince added many other intire duties, granted in ſubſequent years; and the annual intereſt of the ſums borrowed on their reſpective credits is charged on and payable out of the produce of the ſinking fund. However the neat ſurpluſſes and ſavings, after all deductions paid, amount annually to a very conſiderable ſum; particularly in the year ending at Chriſtmas 1764, to about two millions and a quarter. For, as the intereſt on the national debt has been at ſeveral times reduced, (by the conſent of the proprietors, who had their option either to lower their intereſt or be paid their principal) the ſavings from the appropriated revenues muſt needs be extremely large. This ſinking fund is the laſt reſort of the nation; it's only domeſtic reſource, on which muſt chiefly depend all the hopes we can entertain of ever diſcharging or moderating our incumbrances. And therefore the prudent application of the large ſums, now ariſing from this fund, is a point of the utmoſt importance, and well worthy the ſerious attention of parliament;
