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usage has annexed terms to the the recital of the then sublisting pagrant, which liinit the right of the tents : this patent describes his ofexecutive power to resume or take fice, with its objects and emoluit away, the rcafon seems to be the ments. The power of auditing expedience of leaving the płficer in the bank and South Sea house acthe exercise of the duties of his of. counts, seems to be derived from lice, independent of the influence the general words of “auditing and of that power, which might other determining all accounts of all per. wift, at pleasure, remove him: but fons whatsoever, being accountwhen it is no longer for public con- able for any fums received by the venience that such duties thould be name of impreit.” The issue, exercised, or when the excrcise of thcrefore, by way of impreft, is them becomes an unnecessary ex- the circumstance that gives the au. pence to the public, it would be an ditor the power to examine the ex. inversion of the principle that go- penditure. Whether a fum fhall verns such establishments, to suffer be issued by way of imprest, or that private emolument, which was not, depends upon the authority
motive for the institution, that directs the issue ; which is eito prevent or retard the abolition of ther the royal sign manual, or an them. It matters not what the du- act of parliament; and, conseration or condition of the interest quently, the exercise of this power may be, whether for life or years, of auditing muit depend upon
the during good behaviour or pleasure; will and pleasure either of the all are equally subject to that go. crown, or the legislature. verning principle for the sake of The office of the auditors of the imwhich it was created the good of prest exilled before the mode of the public : hence, in every pro- borrowing upon funds was first aposed official regulation, the ad- dopted. Upon the creation of anvantage or disadvantage of the of- nuities, the legislature thought proficer can never be properly a sub- per to direct that the money to be ject of discussion ; the only quef- issued for the payment of them tion is, whether the neceility or should be accounted for according good of the state actually requires to the due course of the excheit? This decides the propriety of quer; and thereby gave the audithe regulation; and the determina- tors a new object. Should the letion of it belongs only to the su- gislature see good reason for alterpreme power that watches orer the ing the mode of issue; should they public good, for its improvement find by experience that the examinas well as protection. The regula- ation of the accounts by the audittion we have here suggested affects ors of the imprest is unnecessary; the auditors of the impreit, by a or the advantage of it in no degree diminution of their business, and adequate to the expence ; can there consequently of their profits : it is be a doubt of their having a right, necessary therefore to examine par- without injustice, to take from ticularly, whether it interferes with them again that object, and to di. any right vested in that officer by rect the issue for the future to be virtue of his office. We have pro- without account? cured, and inserted in the appen- There is another limitation also, dix, a copy of the last patent for upou the power of the auditor, inthe grant of this office, omitting serted in his patent; that is, the 6
consent of the treasury: he is “to under the head of principal debe, audit and determine, by and with oppolite to the first, fecond, third, the advice, authority, and consent and fifth articles of annuities payof the high treasurer of Great able at the exchequer, are the purBritain, or the committioners of the chase money originally paid for treasury, chancellor, and under- them into the exchequer. This treasurer of the exchequer for the purchafcmoney does not seem to us to time being." This neceffarily im- conititute a part of the public debt; plies a power in the treasury, if the public are in no event bound to they fee reason, to with-hold their pay it: they are bound to pay the aflent; and, confequently, renders annuities purchased with these fums the exercise of the power of the au- for the duration of the terms, and ditor dependent upon their difere- the exiftence of the lives for which tion. If this mode of reasoning be they were granted; but upon the solid and conclusive; if the pro- expiration of the annuities, either priety of continuing an office, by effluction of time, or death, the or particular branches of the bufi- debt is at an end; an event that ness of an office, be tried by the has happened, as to the second aradvantage it produces to the com- ticle, of annuities for lives with the munity; it the officer can have no benefit of survivoríhip, fince the right in his office, independent of since the 5th of july last, the date the public good; we suggest the of the account.
This annuity is infringement of no private right, now expired, by the death of the when we deliver it as our opinion, lait nominee ; and therefore we that the money for the annuities have omiited this article, as well payable at the bank of England as those other principal fums, in and South Sea house, ought for the our state of the public debt. future to be issued without account The first article of 131,2031. from the exchequer: and we have 125. 8d. annuities for long terms, not violated any private right, by being complicated, we obtained an fuggesting the necessity of an im- account of the annuities that commediate abolition of uteless and ex- pose it. This fum confifts of an. pensive offices, and reduction of nuities for years, granted for diffcunnecessary and redundant expen- rent terms, at seven different perices ; convinced as we are, by the ouls, between the years 1692 and irresisible evidence of the state of 1708; and they will all expire the national debt exhibited to us, between the years 1790 and 1807. of the absolute and indispenfible The annuities in the third article, necessity of an immediate attention for two and three lives amounting to every practicable retrenchment. to 8,2071. 128. were finally granted
This account of the public debt in the year 1763, by the act of the being transmitted to us from the 2d and 3d of queen Anne, chap. exchequer in the usual oficial 3. : the lives were all named by the form, required fome explanation ; itt of May 1704. The original with which we were fupplied by the sum of these annuities was 37,0131. examination of Mr. John Hugh. 15. 7d. : the number of orders was fon, clerk of the debentures in the 1701 ; of which 440 are now conoffice of the auditor of the receipt tinued upon the books at the exof his majeity's exchequer. chequer, as containing lives in beThe sums inserted in the column ing; notwithstanding most of these
may be, and probably are, ex• safely be erased from among the pired. The act directs, that the debts of the public, and have omit: contributor, or his representatives ted it accordingly. The million shall, within one month after the raised in the year 1726, not having death of the nominee, certify it to been paid into the exchequer, but the auditor of the receipt of ihe ex- applied in cancelling exchequer chequer; and, within three months bills issued for the discharge of the after notice of the determination of civil list debrs, has never been inthe annuity, deliver up his tally serted among the debts of the pub. and order into the exchequer; and lic, standing out at the exchequer; until this is done the life is conti- but it seems to us as if the pub.ic pued upon the books as exitting, have made themselves liable to the Many of the contributors, and payınent of this debt. By the act persons named in these orders, were of the 7th of George I. chap.27. foreigners, and might be ignorant 500,000l. was raised by annuities of, or inattentive to, the directions to discharge the debts of the civil of the act. Every nomince now liit: they were made a charge upon living must be at least seventy-nine the hereditary revenues, and to be years and an half old: that 440, redeemed by the crown. To en. out of 5103 persons, fuppuling able the crown to reimburse itself originally three lives in each order, the sums to be paid to these annui. thould attain that age, is not pro- ties, and for their redemption, the bable upon any calculation. lis-penny duty was granted, and ap
In order to obtain the payment propriated. of this annuity, a formal certifi. By the uth of George I. chap. çate inuit he produced of the life 17. a million was railed by excheof the nominee : the last life that qiier bills, for the fame purpose; was certified was upon the ift of and sco.oool. of it applied in the January 1781, But notwithstand- redemption of these annuities : the ing the probability that the greatest bills were charged upon the herepart of these annuities are expired, ditary revenues; the six-penny duty they cannot, upon that ground on- was continued; and the furplus exly, be omitted ; they must be con- pressly appropriated for the can. tinued as part of the public debt, celling them. The next year, by until the auditor of the exchequer the iath of George I. chap. 2. has an authority for leaving them a million was raised by a lottery,
and converted into annuities, at 31. The fourth article of 2200l. ex- per cent. and applied in cancelling chequer bills, made out, for inte. 990,cool. of the exchequer bills. reit of old bills, has been inserted The king was empowered to conamong the public debts ever fince tinue the fix-penny duty; and out the year 1727: the old bills were of it 30,ocol. a year was made a then cancelled ; and this interest specific fund for the payment of the upon them was supposed to be due annuity; the king was empowered in the year 1719: it no where ap- also to redeem them, but out of pcars
such bills were ever what fund is not mentioned : the made out, or to whom this interest whole produce of the duty was ap, belongs : no demand has been made propriated towards paying and dif. for them at the exchequer; and charging the said annuitics; and, therefore we think this sum may should it produce a surplus, it was
be reserved in the exchequer, and exchequer: they were all premiums not issued or applied, but hy au- granted to the tubscribers, in addithority of parliament. This duty tion to redeemablc annuities. To having for many years produced a compute the principal debt incurfurplus, the act of the 19th of his red on account of these annuities for present majesty, chap. 6;. appio- lives and years, at any given time, priates it towards augmenting the the value of each species mut be falaries of the judges. Aš the estimated by the age and circummillion raised by exchequer bills, Itances of the nominees, or the and the next year converted into time they have to run, and the annuities, was expressly charged market price at that time - a calcuupon the hereditary resenues of the lation not very practicable, and, if crown, which by the act of the 11t it were, of no great utility. of his present majefty, are carried The tum of 52501. the first arto the aggregate tund; and the fur- ticle in the column under the title plus of that fund is, by the act of of management, is paid, pursuant the first of George I. chap. 12. to various treasury warrants, to the which created it, difpotable for the auditor, the clerk of the pells, and public fervice; and as the surplus cellers of the exchequer, in certain of the fix-penny duty, the whole of proportions, for their trouble in which was appropriated to p:ay the transacting the annuities payable ia annuities, and cancel the exchequer that office. bills, has been taken for, and is All these debts may be classed now appropriated to, a public fer- under two heads, the redeemable, vice, the public have poflefled them and the irredeemable ; the first, are felves of the revenues chargeable those which the legislature, purlu. with this million, and with the ing the forms and terins specified fund created to reimburse thosc rc. in the acts that created them, may venues; and, therefore, we think redeem, without the consent of this ourselves well warranted to infert proprietors; the latter, are those this million among the debts due which being granted for certain from the public.
specificd periods, cannot be redeemThe sum of 1,164, 2621. gs. in ed without the consent of the prothe column of annual interest, con- prietors : in the creation of fome of titts of a variety of annuities grant. the firft, the right of redemption is ed by different acts : some for lives, restrained in favour of the subscri. and others for years for different bers, until after a limited period. periods, they are digested in two Corresponding with these obfer. Supplemental accounts we received vations, and consequently deviating from the exchequer. The lum for somewhat from the form pursued ia lives, granted in tive different years, the exchequer, we have set forth payable at the exchequer, and it and the present state, as it appears to ing out upon the 5th of July last, us, of the national debt itanding is 71,0551. 165.7d. The annuities out at the exchequer; in which for long and short terms, granted the redecmable debt amounts to in eight different years, amount to 211,363,2541. 155. 4!d. and the 1,098,52; 1. 75.
annuity attending it to 6,642,3971. In the column of principal debt, 125. od.: which annuity will ex. opposite to these annuities, no sum pire upon the redemption, annihiis inserted, because no sums were lation, or purchasing in of the capaid fpecifically for them into the pital. The irredeemablo annuity
(K 4) amounts
amounts to the annual sum of rears remains behind; debts for 1,309,5321. 8. 3d. ; which, unless which no provision has as yet been purchased in, must continue for the made by government. periods for which the several parts We required, from the lords of it were granted. The charges commissioners of his majesty's treaof managing this debt amount to sury, an account of the unfunded 134,2911. 135. id.
debt, as it stood upon the ift of From the materials thus col- October last; distinguishing those lected, we are enabled to state, at debrs, that carry interest, from one ricw, with precision, the total those which carry no interest, with sum paid by the public in conse- the interest due on each species, quence of their debts in this, and computed to the ist of October last. to be paid in every succeeding year, Four accounts were transmitted to until a reduction shall take place. us, pursuant to this requisition; The sum paid in annuities on the the first contains the debt due at capital, and for lives and years, is the navy and vi&tualling offices; the 7,951,930l. is; the charges of ma- second, at the office of ordnance; nagement are 134,2911. 135. 1d.: the third, at the exchequer ; the the fees to the auditors of the im• fourth, for the extraordinaries of prest, on the bank and South Sea the army. house accounts, 19,8741. 28. 8d.:
As some of the bills in the na. the fees at the other offices, taken vy account, and a sum in the cxat the same rate as stated in the chequer account, have been paid bank and South Sea house memo- fince the 1st of October last, we rials above alluded to, 6961. 125. have collected the subsisting ar4d.; forming together, as flowing ticles, and dispofed them in such from and incidental to the debt they order as to hew, at onc view, the have contracted, the annual sum of present state of this unfunded debt; 8,106,7921. gs. id.
and from thence it appears, that We have omitted to add to this the principal of this debt amounts account, as unnecessary, we hope, to 18,856,5411. 115. 45d. of which .for the future, the expence in the sum of 15,694,11 21. 15. 11d. curred in the year of a loan by an- carries interest; and the interest nuities and a lottery, and allowed due upon it the ift of October last, to the bank for receiving, paying, was 517,5791. 45. 3d. : the amount and accounting for the contribue of the annual interest is 612,7421. tions: this article, in the year omitting fractions. The remain. 1781, as fated in the bank memo. der of this principal, being rial, amounted to 10,66cl. 105.; 3,162,4291. gs. 5 d. carries no inand, in the year 1782, as stated interest. The principal of this debt, account transmitted to us from the being added to 211,363,2541. 155. auditors of the impreft, to i 2,7021. 4 d. the capital of the funded debt, 115. 3d.
makes the present capital debt of This is the state of the funded this nation 230,219,7961. 6s. 9 d. debt; that is, certain funds have and the annual intereit of this debt, been created, and appropriated by being added to 7,951,9301. 15. the the legislature, as a provision for sum of annuities l'ated in the acthe payment of all the annuities count of the funded debt, increases therein enumerated: but this is not the sum to be paid every year, for the whole debt; a heavy list of ar- annuities and interest to 8,564,6721.