Page:William Blackstone, Commentaries on the Laws of England (3rd ed, 1768, vol I).djvu/342

 326 wars, as principals, on the continent, for the ecurity of the Dutch barrier, reducing the French monarchy, ettling the Spanih ucceion, upporting the houe of Autria, maintaining the liberties of the Germanic body, and other purpoes, increaed to an unuual degree: inomuch that it was not thought adviable to raie all the expenes of any one year by taxes to be levied within that year, left the unaccutomed weight of them hould create murmurs among the people. It was therefore the policy of the times, to anticipate the revenues of their poterity, by borrowing immene ums for the current ervice of the tate, and to lay no more taxes upon the ubject than would uffice to pay the annual interet of the ums o borrowed: by this means converting the principal debt into a new pecies of property, transferrable from one man to another at any time and in any quantity. A ytem which eems to have had it's original in the tate of Florence, A. D. 1344: which government then owed about 60000𝑙. terling, and, being unable to pay it, formed the principal into an aggregate um, called metaphorically a mount or bank, the hares whereof were transferrable like our flocks, with interet at 5 per cent. the prices varying according to the exigencies of the tate. This laid the foundation of what is called the national debt: for a few long annuities created in the reign of Charles II will hardly deerve that name. And the example then et has been o cloely followed during the long wars in the reign of queen Anne, and ince, that the capital of the national debt, (funded and unfunded) amounted in January 1765 to upwards of 145,000,000𝑙. to pay the interet of which, and the charges for management, amounting annually to about four millions and three quarters, the extraordinary revenues jut now enumerated (excepting only the land-tax and annual malt-tax) are in the firt place mortgaged, and made perpetual by parliament. Perpetual, I ay; but till redeemable by the ame authority that impoed them: which, if it at any time can pay off the Rh