Page:The wealth of nations, volume 3.djvu/375

 tration of Mr. Pelham was not able to pay off an old debt of six millions. During a war of nearly the same continuance, a new debt of more than seventy-five millions was contracted.

On the 5th of January, 1775, the funded debt of Great Britain amounted to £124,996,086 1s. 6¼d. The unfunded, exclusive of a large civil list debt, to £4,150,236 3s. 11⅞d. Both together, to £129,146,322 5s. 6d. According to this account the whole debt paid off during eleven years' profound peace amounted only to £10,415,474 16s. 9⅞d. Even this small reduction of debt, however, has not been all made from the savings out of the ordinary revenue of the State. Several extraneous sums, altogether independent of that ordinary revenue, have contributed toward it. Among these we may reckon an additional shilling in the pound land tax for three years; the two millions received from the East India Company, as indemnification for their territorial acquisitions; and the one hundred and ten thousand pounds received from the bank for the renewal of their charter. To these must be added several other sums which, as they arose out of the late war, ought perhaps to be considered as deductions from the expenses of it. The principal are:

If we add to this sum the balance of the Earl of Chatham's and Mr. Calcraft's accounts, and other army savings of the same kind, together with what has been received from the