An Inquiry Concerning the Rise, and Progress, the Redemption, Present State, and Management, of the National Debt of Great Britain; From the 2D London Ed., Enl
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1816 edition. Excerpt: ...loans, by which means the amount of these loans would accumulate by compound interest against the public. The disengaged annuities under the second method, may be dissipated by profusion, and then there will be a difference between the methods equal to what Dr. Price states; but it is the profusion, and not the mode of application, that is the cause of that difference. They may be applied to the construction of canals, harbours, and other objects of national utility; and the benefits accruing from these to the public, may repay the expense of their execution, or otherwise; but the propriety of this mode of application of surplus revenue, does not belong to our present inquiry.. In war, let us adopt Dr. Price's supposition of three millions being required annually in addition to the sums raised within the year, and of continuing the application of L.200,000 as a sinking fund; which sum is comprehended in the loan of three millions. The debt contracted in three years, is nine millions; and the additional taxes for payment of interest at five per cent come to L.450,000. The national debt redeemed by a sinking fund of L.200,000, operating by compound interest in three years, is L.630,500, and therefore the additional unredeemed debt is L.8,369,500. If no sinking fund be continued during the war, a loan of L.2,800,000 only will be required the first year, the interest of which is L.140,000. But the taxes imposed that year amount to L.150,000, (for we suppose the extent of taxation in both methods equal, ) therefore there is a surplus of L.10,000 applicable to the service of the second year. The loan required for the second year will therefore be L.2,790,000; the two loans together, L.5,590,000; and the interest upon them L.279,500. The additional taxes...
- Paperback | 54 pages
- 189 x 246 x 3mm | 113g
- 28 Jun 2012
- Miami Fl, United States
- Illustrations, black and white