And it will appear, that our Debts are not in reality increased from the Year 1717, to the Year 1724; but, on the contrary, are diminished by the Sum of 2106149 1. or thereabouts. The fame Thing will appear from enumerating the Particulars of the real Increase or Decrease of our Debts from one Time to the other; of which the following is very nearly a true Account, vizu Money at different Times bor-7 rowed on the Duty on Coals for Building Churches, more than in the mean Time has been paid off by the particular Provision made for that purpose, Money borrowed for the Service of the Year 1719, more than paid off by the Provifion made for that purpose on the 31ft of December 1724, Money borrowed on the Plate A&t for the Service the Year 1720. 92778 02 00 439300 00 00 312000 00 00 Total 844078 02 00 And this Sum of 844078 02 00 is the whole Sum that our Debts can, with any Propriety, be faid to be increased by, from the Year 1717. Such other Sums as have been fince that Time borrowed having been employ'd in Aid of the Sinking Fund, and applied in Difcharge of fome other Debts at a higher Intereft; of which the following (except what of this kind has been already mentioned) is likewife a true Account, viz. Borrowed in the Year 1719 by Lottery, ? by } 500000 00 00 Advan C. Advanced in the fame Year by the South Sea Company on the Increase of their Stock and Funds, about Advanced in the Year 1723, towards the Difcharge of the Lottery Annuities unfubfcribed to the South-Sea Company, about 544142 00 00 1000000 00 00 Total 2044142 00 0 By which Sum, together with the Sinking Fund, have been paid off from 1717 to 1724, viz. Of Exchequer Notes Lottery Annuities unfubfcribed Bank Annuities unfubfcribed Deficiency of the East India Company's Fund 235297 00 00 ·India 191028 00 00. Befides, paid in part of a Prin-, cipal Debt contracted by two Lottories in the Years 1713 and 1714, by Provision for that purpose at the fame Time made, about 429490 00 00 Total 4985213 00 00 From whence the Total of the laft above-mentioned Loans be-2044142 00 00 ing deducted, viz. The Remainder 2941071 00 00 will be the Sum of what has been paid off from the Year 1717 to the Year 1724 by the Sinking Fund, or otherwifes without the Affiftance of thofe Loans. And from thence, let us farther deduct the Total of the aforefaid Articles by which our Debts have really, in the mean Time, been encreased, vizi 2941071 00 00 ·844078 00 00 And And that Remainder 2096993 00 00 will be the Sum by which our Debts, within the aforefaid Seven Years, appear by this Computation really to have been diminished; differing, indeed, from that Sum which I have from the firft Computation ftated to be the Decrease of the Publick Debts in the fame Time by near 10000 l. but which Difference, if I pretended to the utmoft Exactnefs, might be removed, by either adding to the laft Remainder, or reckoning amongft the Particulars by which our Debts have decreased within the Time aforefaid, the Value of fuch Annuitles for Lives as within that Time havé reverted to the Crown. This Sum, if it be farther reduced by the Deduction of One Million, at Two different Times, borrowed, to fupply the Deficiencies of his Majefty's Civil Lift, confider'd as an Addition to our Publick Debts, may be thought too inconfiderable a Diminution of our Debts, to be boafted of as the Effects of this Expedient for fo great a Length of Time. But as it is no real Objection to the Truth of thofe Computations which I have made, of the Progrefs of the Sinking Fund, from the Year 1727, I prefume it will likewife be no Difcouragement to our Dependance on this Provifion for the Payment of our Debts; especially after we have confidered the great Addition that will be made to the Sinking Fund in the Year 1727, and have farther obferved the much greater Difpatch which a yearly Sum applied to the Payment of any determined Debt at Intereft, and increafing annually in the manner above defcribed, will make in the Dif charge of fuch a Debt in a few Years after the firft Application of it to that purpose, than it will do when it firft begins in that Manner to be applied. The little Progrefs however hitherto made in the Diminution of our Debts, leads me to the Examination amination of another Opinion, which I have obferved to prevail with the fame Perfons who affirm our Publick Debts to have increafed upon us; which is, that upon the Suppofition that fuch Debts are really in creafing upon us by new Loans equal to or exceeding the Difcharges made in the fame Time by the Sinking Fund, the Sinking Fund is, in fuch Cafe, making no effectual Progrefs at all in the Diminution of our Debts. It is perhaps the more material to confider here, how far this Opinion is true, for this Reason, that tho this Suppofition on which it is founded has not been true hitherto, it must be however admitted to be not improbable, that fome future Exigencies of the Government may make fuch new Loans ne ceffary, as may exceed any Sums in the fame Com pafs of Time produced by or applied to the Discharge of our Debts from the Sinking Fund. And in this Cafe, upon the Suppofition that fuch new Loans are made upon farther Funds found out for Payment of the Intereft of the Money fo to be advanced upon them, this Opinion, that the Sinking Fund, applied as aforefaid, would be making no effectual Advance to the compleat Discharge of the Whole of our Publick Debts, would not be true. This will be beft explained, if during the Time that the above supposed Sinking Funds are imployed in the Discharge of the Debt of Jo Mila lions, the Whole of our Debts fhould be fuppofed, by new Loans upon further Funds borrowed at 4 or 3 per Cent. Intereft, to be increafed by a further Sum of 50 Millions, and that Sum to be difcharged in the fame Manner, and by the fame Sinking Funds, after the Discharge of the first 50 Millions; or if the Account of the Pro grefs of the above fuppofed Sinking Funds be carried on, till inftead of so Millions they fhall have difcharged a principal Debt of 100 Millions. 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