1776. Sketch of the Money raised by Taxes. Produce of the SINKING FUND, reckoned from Lady-day to Lady-day. 1770 2.486,836 dinary charge of 100,000l. on the Aggregate fund. If there has been a deficiency, it is a debt contracted last year, which must be added to other debts arifing from deficiencies in the provifion made for the expences of laft year. This provifion amounted to 3.703,4761; but it is faid to have fallen fhort above a million. ANNUAL EXPENDITUR E. Peace Eftablishment, including the annual increase of the Navy and Interest at 24 of 3.600,000l. unfunded debt, which must be paid out of the unappropriated revenue These two methods of deducing the furplus of the revenue confirm one another, as nearly as could have been expected. They cannot agree exactly, unlets the mean produce of the Sinking Fund, and of all the taxes, are taken for the fame years, and from the fame quarter in every year. There is a third method of proving that the permanent furplus of the re-. venue cannot exceed the fum now ftated. I have learnt from the highest authority, that the national debt, about a year ago, had been diminished near 9 millions and a half, fince the peace in 1763; including a million of the 3 per cents. difcharged last year.The money employed in making this reduction, must have been derived from the furplus of the ordinary and ftated revenue, added to the extraordinary receipts. The fe extraordinary receipts have confifted of the following articles.1. The Land Tax at 4s. Total Surplus 4.050,000 90,000 4.140,000 320,759 Annual income £.4.460,759 in the pound in 1764, 1765, and 1771; or is. in the pound extraordinary for three years, making 1.300,000l. 2. The profits of nine lotteries making (at 150,000l. each lottery) 1.350,000l. 3. A contribution of 400,000!. per ann. from the India company for five years, making 2.000,000l. 4. 110,000l. paid by the Bank in 1764 for the privilege of exclufive banking. Alfo the money paid by France for maintaining their prifoners; and the money arifing from the fale of French prizes, taken before the declaration of war; from faving on particular grants at the end of the war, &c. &c. which, all together, I will fuppofe a million. Add 3.300,000l. arifing from a furplus of 300,000l. for eleven years; and the total will be 8 950,000l. which is a fum more than fufficient for difcharging 9 millions and a half of the public debt. Sketch of an Account of the Money drawn from the Public by the Taxes. Nett Revenue Expence of collecting the Excifes in England, being the average of the years 1767 and 1768, when their produce was 4.531,0751. per ann. 6 per cent. of the gross produce Expence of collecting the Excifes in Scotland, being the medium N 2 £.. 30.000,000 297,887 of The author of the Prefent State of the Nation, published in 1768, makes all thefe extraordinary receipts to amount to above two millions and a half. But the greatest part of them were applied to fatisfy German claims, and fome other debts, not properly included in the current national expenditure, 92 Scheme for reducing the National Debt. of the years 1772 and 1773, and the difference between the grofs and nett produce-31 per cent. of the grofs produce Expence of collecting the Cuftoms in England being the average of 1771 and 1772; bounties included-15 per cent. of the grofs produce of drawbacks and over-entries N. B. The bounties for 1771 were 202,8401. for 1772, 172,4681. Perquifites, &c. to Custom-houfe officers, &c. fuppofed to be Expence of collecting the duties on stamps, cards, advertisements, &c. 5 per cent. Expence of collecting the Land Tax at 38.-2 nominal produce Feb. 43,254 458,703 250,000 27,000 18,000 18,000 per cent. of the 43,500 It must be feen that this account is imperfect. It is, however, fufficient to prove, that the whole money rifed directly by the taxes, exceeds confiderably eleven millions. But as the increafed price of one commodity has a tendency to raise the price of other commodities; and as alfo dealers generally add more than the value of a tax to the price of a commodity, befides charging intereft for the money they advance on the taxes; for thele reafons, it feems certain, that the taxes have an indirect effect of great confequence; and that a larger fum is drawn by them from the public, than their gros produce. It is farther to be confidered, that many of the perfons who are now fupported by colJecting the taxes, would have fupported themselves by commerce or agriculture; and therefore instead of taking away from the public stock, would have been employed in increafing it. Some have reckoned, that on all thefe accounts the expence of the taxes is doubled; but let us fuppofe a quarter only added; and it will follow, that the money drawn from the public by the taxes (exclufive of thofe which maintain the poor) is near fourteen millions per annum; a fum almost equal to the whole fpecie of the kingdom; which, therefore, had we no paper currency, would be totally inadequate to the wants of the kingdom. Without all doubt such a state of things, in a great commercial nation, is most dangerous and frightful; but it admits of no remedy, while the public debt continues what it is... Total 11.166,344 With a view therefore to the quick reduction of this debt, I will throw away the following propofals. It has appeared, that, fuppofing the taxes not to become lefs productive, and the current national expence to continue the fame that it had been for ten years before 1775, a furplus may be expected in the revenue of about 300,000l. per annum With a furplus fo trifling nothing can be done; but it might be increated : First of all, by keeping the Land Tax for the future at 4s. in the pound. As rents have been almost doubled, this will not be much more to the prefent proprietors of land, than 28. in the pound was formerly. It is therefore equitable; and it will add to the national income near 450,000l. Secondly, All the money now (pent in maintaining troops in America might be faved. The colonies are able to defend themfelves. They wish to be allowed to do it. Should they ever want the aid of our troops, they will certainly be very willing to pay us for them. Indeed I am of opinion, they will never be willing to make peace with us, without ftipulating that we fhall withdraw our troops from them. Were there any external power that claimed and exercifed a right of ftationing troops in this country, without our confent, we fhould certainly think ourfelves entirely undone. I will eftimate this faving at no more than 200,000l. per annum. Thirdly, I do not fee why the peace-establishment might not be redaced to what it was, at an average, 1776. Memoirs of a young Tradesman. in 1768, 1769, and 1770. This would produce a faving of 350,000l. per annum. I might here propofe reducing the peace-establishment for the Navy to what it always was before the last war, or from 16,000 to 10,000 men. But it would be infinitely better to reduce the Army; and this might produce a farther faving of great confequence. But waving this, I fhall only mention, Fourthly, That contributions might be obtained from North America and other parts of the British empire, on the principles already stated. I will eftimate this at no more than 300,000l. per annum.---Add the furplus now in our poffeffion; and the total will be 1 600,000l. In the Introduction to the third edition of the treatife on Reverfionary Payments, I have explained a method of paying off, with a faking fund of a million per annum *, a hundred millions of the national debt in forty years. What then might not be done with fuch a fund as this? In five years 18.986,300l. will fall from an intereft of 4 per cent. to 3 per cent. Allo 4.500,000l. 31⁄2 per cent. 1758, will fall in fix years to an intereft of 3 per cent. The Long An 93 nuities granted in K. William's time, amounting to 136,4531. will in eighteen years become moftly extinct; as will alfo the greatest part of the Life Annuities fpecified in p. 88. All thefe favings amount to more than 400,000l. per annum. And, were they to be added to the fund as they fall in, its operations would be fo much accelerated, that in a few years we fhould fee this country above all its difficulties. Still more might be done by ftriking off unneceffary places and penfions; by giving up all the means of corruption; by reducing the pay of the great officers of state; and fimplifying the taxes. A miniiter who appeared determined to carry into execution fuch a fystem, would foon gain the confidence of the public; endear himself to all honest men; and in time come to be bletted as the faviour of his country. But what am I doing?--. We have no fuch happy period before us. Our minifters are active in pursuing meafures which must increase our bur. dens. A horrid civil war is begun; and it may foon leave us nothing to be anxious about. At the time of writing the Introduction here referred to, above three years ago, I thought, or rather hoped, that the furplus of the revenue might be taken at 900,000l per ann. But it must be confidered, that the nation was then in poffeffion of a contribution of 400,000l. per ann. from the India Company, which has been fince loft. I To the EDITOR of the LONDON MAGAZINE. SIR, Cannot help frequently comparing the human mind to the fluttering leaf of the afpen, which is faid to be perpetually in motion. No fooner is one object obtained, than another prefents itself to our wishes, and the purfuit of it engroes the whole of our attention. My father, according to the modern phrate, was born before me. He was an induftrious tradefman, and, by the moft careful and frugal management, left me poffeffed of fome thousands at his death. He had early placed me at a very capital school, where I became the gentleman and the fcholar; for, out of the goodness of his heart, he determined to make me, what he himfelf never affected to appear, a man of learning and addrefs. The course of nature called him from me when I was at the age of two and twenty; and, as I was his only child, I became poffeffed of his whole estate. Though I really lamented his death, yet my affliction was not a little foftened by the thoughts of the large fortune, of which I was then fole master. The first thing that entered my mind, was to quit all connections with trade, to which my father had, for a year or two paft, very closely confined me. I had heard and read much of the charms of a country life, and the pleafures of rural am fements. "How fweet (faid I to myself) muft it be, in the day, to haunt the folitary groves, and liften to the artlefs language of the inchanting inhabitants of the trees: at 94 Metamorphofed into a Buck, Author, Officer, at night when the filent moon darts her rays on the enamelled flowers, when every thing is hushed into filence, and all nature seems to take its repose in fleep, I will teal into my arbour, there view the pleafing, filent profpect, listen to the folemn echo of fome neighbouring cafcade, and fink into raptures at the plaintive note of the nightingale. O, the fe innocent pleafures-fithing-hunting-fhooting!" Full of thefe pleafing ideas, I purchased a neat box at some distance from the metropolis. Alas! Sir, the fish would not bite, I could not kill a bird, and was the last in the chace: at this disappointment I grew fretful and peevish, and hence became difagreeable in company. Inftead of receiving that pleasure I expected from the charms of a moonlight night, the fall of a neighbouring cafcade, or the plaintive notes of the nightingale, they threw me into the vapours, which would have perhaps foon finished my days, had I not fold my box, and returned to the metropolis. On my return to town, as I had fome knowledge of the Belles Lettres, I commenced author, merely for the fake of reputation and amufement. I was determined to attempt something above the common level of mankind, and to make fome bufile in the literary world. To exceed Pope appeared to me great; I therefore refolved to oblige the world with a new tranflation of Homer. As I knew nothing of the Greek language, I procured a French translation; and, in the courfe of a twelvemonth, finifhed my work to my entire fatisfaction. Alas, Sir, the last sheet of this fummit of my ambition was at prefs, before I was roufed from my delirium, when I difcovered, that I had been tranflating Herodotus instead of Homer. This unhappy mistake for ever spoiled me for an author: I threw afide my pen in difguft. A day or two afterwards, while ruminating this matter in my mind, pentively feated in the Park, I was awakened from my reverie by the found of martial mufic. The relief guard paffed by me; and there appeared to me fomething fo great in the majestic ftride and pompous parade of the officers, that I determined to purchase a commiffion. As the dif Feb. putes between England and the colo nies were then rifing to a high pitch, the American fervice became very difagreeable to many officers; by which means I purchased a lieutenant's commiffion on very moderate terms. After the neceffary preparations, I embarked for the land of Liberty, and had but juft joined my corps, when I was ordered on the fatal expedition to Concord, where, during the ac tion, I loft by a mufket-fhot, what my colonel faid he confidered as the better part of my head-my hat. I muft confefs, Sir, that the undaunted and terrifying looks of those American rebels, the horrible roar of our ar tillery, the groans of our expiring foldiers, and above all the narrow escape I had for my life, made the hour, in which I got back to Boston, the sweeteft I ever experienced. The next morning I threw up my commiffion. I took the first opportunity to quit Bofton, and fet fail for England, where I arrived after a fhort and pleasant paffage. What to do with myself was now the question: to be totally idle was what would by no means agree. with my natural difpofition. I confulted a friend on this head, who thus freely addreffed me: "You are a good Latin fcholar, and have read fome law books. This is as much as can be faid of one half of our counfellors. Your joily face, fet off with a majestic wig, will command respect from the bench; and, let me add, you ́ do not want the molt necessary ingredient of a counsellor, a modeft affurance. You fhall be a counfellor!" I liked the propofal well, and I found it no very difficult matter to pafs my examinations properly, in order to be admitted to the bar. I cut a very refpectable figure in my new drefs, and had foon an opportunity, in a very capital caufe, of amply dif playing my oratorial abilities. Unfortunately for me, a brother coun- . fellor, my antagonist, was a man at the head of the profeffion, who fo turned and twisted me, that he at last abfolutely brought me to plead againit my own client. This raifed upon me a general laugh in the court, and the judge, in a very friendly manner, admonithed me never more to appear at the bar. I took his advice, and threw off my gown in a rage. My 1776. Counsellor, Phyfician, and Clergyman. My friend, who advised me into this profeffion, called on me the next day, and found me in a very penfive, melancholy fituation. "Do not be dejected, (faid he to me in a merry tone) though you do not fucceed in one thing, why not in another? Defpair is the child of Folly, and Diffidence is the offspring of Cowardice. What think you of being a phyfician? You are perfectly acquainted with the nature and ufe of fimples; and this knowledge, with a little good management and parade, is the best friend to the faculty. If you should now and then kill a patient, it is no more than they all do; and in this cafe, like them, you muft lay it to the carelessnefs of the nurse, the obftinacy of the patient, or to fome noxious quality of the air. If nature performs a cure, be fure to take all the credit to your. felf, and fink into raptures and amazement, that you have been fo happy as to fave a patient, who was in fo desperate a way!" I ftarted from my chair, and took him by the hand, thanking him most A 95 earnestly for his advice. By his means, I foon got into good practice, and had even befpoke a chariot and a fine pair of horses; but, Sir, alas! at this very juncture, in an ill-fated hour, having ordered bleeding in a dropfical case, I killed my patient, and at once loft all my reputation and practice. Under thefe accuinulated difappointments, I fhould have certainly funk into defpair, had not my friend again called upon me, "Chear up, (faid he to me) we will purchase you a living in the church, when you will have nothing to do but to buy a few dozens of manufcript fermons, and there will ferve you all the rest of your life." I once more took his advice, purchased a living without being guilty of fimony, and am now in a manner idolized by all the old women of the parish. Thus, Sir, in the course of one revolving fun, have I been a foldier, lawyer, phyfician, and divine; but nothing now can difturb my happiness, more especially, fince I have this day taken unto myself-a wife! For the LONDON MAGAZINE. SIR, Few years ago having a call to the county, I mounted my trusty fteed, and let out. It was a delightful fpring morning, and I travelled on for many miles, entertained by the warblings of birds, and cheered by the freshness of the ir; a difficulty however at length arofe, that greatly counterbalanced my former pleasure. I was now got into a part of the county, in which I was a ftranger; and, at a certain interfection of the roads, a magnificent guide. poft prefented itself. This at firft fight was no little comfort; but human joy is feldom long-lived. On one arm of the faid poft I read the following infcription, This is the right road to York; and on another standing at a right angle with the former, was equally legibly inscribed, This is the meareft road to York. What was to be done at fuch a puzzle? The afs between two bundles of hay was not at a greater nonplus. All my wits were in immediate confultation, and the arguments pro and con were advanced moft logically. The right road could J. not be wrong, and the nearest would be travelled in the shortest time; and time faved was time gained. If I took the former it might be tediously long, and I was already not much at ease upon my faddle; if the latter, it might be broken, and bad, and full of dangerous floughs, and the farthefi way about is the weareft way home. Hamper ed in many fuch important discussions, I lamented that a third arm had not informed me, This is the best road to York. In fhort, I could fee no end of the debate, and, but for an expedient that fuggefted itself, might have remained motionless till York had come to me; for I was not at all likely to go to York. The expedient was this; I turned my beast about, and rode fome hundred yards directly back, and then wheeling again, fuffered him to chufe for us both. He, either happy in a fuperior fagacity, or becaule, in this cafe, providence patronized the right, ftruck into the right road, and I arrived without any dif after, but not without terrible mifgivings as I proceeded, that in the end I might |