Page:The Works of the Rev. Jonathan Swift, Volume 4.djvu/122

114 of war and funds, would have clearly cast the balance on the monied side.

As to the second, this project of borrowing upon funds, was of mighty advantage to those who were in the management of it, as well as to their friends and dependants; for, funds proving often deficient, the government was obliged to strike tallies for making up the rest; which tallies were sometimes (to speak in the merchants phrase) at above forty per cent discount. At this price, those who were in the secret bought them up, and then took care to have that deficiency supplied in the next session of parliament; by which they doubled their principal in a few months: and for the encouragement of lenders, every new project of lotteries or annuities, proposed some farther advantage, either as to interest or premium.

In the year 1697, general mortgage was made of certain revenues and taxes already settled, which amounted to near a million a year. This mortgage was to continue till 1706, to be a fund for the payment of above five millions one hundred thousand pounds. In the first parliament of the queen the said mortgage was continued till 1710, to supply a deficiency of two millions three hundred thousand pounds, and interest of above a million; and in the intermediate years a great part of that fund was branched out into annuities for ninety-nine years: so that the late ministry raised all their money, to 1710, only by continuing funds, which were already granted to their hands. This deceived the people in general, who were satisfied to continue the payments they had been accustomed to; and made