things, that my own language may at least be understood, in what little I shall say on the subject.

The interest of our debt amounts to near upon five millions a year; all annuities for lives or years, every thing redeemable or irredeemable included. The civil list is eight hundred thousand Pounds a year. The surplus of the Sinking Fund is changing and uncertain, that being composed of very many variable parts. It is impossible to fix it; but I will, at an average, for the sake of round numbers, suppose it to be two millions and more, about as much more as will answer to what the interest of the debt may want of five millions. We shall then have about seven millions and three-quarters for the produce of our perpetual taxes and funds. Our annual taxes remain then only to be considered, which are easily reckoned; the Land Tax granted for a million and a half, at three Shillings in the Pound, as it now is; the Malt Tax always granted at three-quarters of a million. These sums put together, give us about ten millions of Pounds sterling, being our present annual national income, and likewise our present annual national expense, including what may at times be paid towards the discharge of the publick debt, and besides the collection, which is not to my present purpose. Should any one be of opinion, that the surplus of the Sinking Fund is either overcharged or undercharged, he has my consent to make such addition to it, or subtraction from it, as he shall please. Neither the one or the other will affect the argument which I am upon. Our receipts and disbursements will in either case go hand in band. I shall therefore, without any more nice disquisition, take these at the medium of about ten millions sterling each.

So much for our income and our expenses. Let us next consider our resources; I mean what resources we may be supposed to have in our power, without creating any new debt. The first to occur will be the surplus of the Sinking Fund. We apply of course to this on almost all occasions. We are by law obliged to discharge regularly the interest of our debt; but whatever prudence and a proper care of ourselves, and of those after us, may confessedly require, we are commonly understood to be, by no contract or engagement, bound to do more, or to pay off any part of the principal of it. This surplus we will therefore suppose to be one resource; but it is such no otherwise or further than it can be spared from our current expenses, towards which it is commonly in whole or in part taken. We can for our present purpose, reckon only on so much of it, as might otherwise be employed towards lessening the capital of our debt. We have now had between eleven and twelve years of peace, in which time, I reckon that we have discharged about eight millions of that capital. This will, therefore, supposing no part of it to be balanced by any debt or arrears incurred and unprovided for, give us, by the year, about seven hundred thousand Pounds. This is what we may look to for one of our resources. But we have likewise another, which is the Land Tax. That is now at three Shillings in the Pound, but it is sometimes at four. We may therefore count, in case of exigency, on one Shilling more; that is on half a million. These two sums amount together, to about one million two hundred thousand Pounds. These are our resources, and without borrowing, these are all.

Let us next turn in our thoughts, whether these twelve hundred thousand Pounds a year, being somewhat more than a ninth part of our present income, are likely to be sufficient for this American occasion. Fleets and Armies, Ships-of-War and Regiments, are the means and the instruments of executing the measures in question. A million goes but a very little way with us in such articles. This business must in it include a supposition, that all our Colonies, all our ancient Colonies on that Continent, may in the progress of it, be combined and united in one common association, interest and defence. There can be no reasonable hopes of success; nothing but mortification and disappointment directly in view, by proceeding on any plan which does not comprehend the probability of that circumstance. What a field is then here opened. Are our twelve hundred thousand Pounds to furnish us there likewise? However, these things concern only our expenses. Let us consider the other side of our situation; how much our income is at the same time likely to be lessened. Four millions sterling yearly of the produce of America; as many of the merchandise of Great Britain; more of debts here at home, withheld and kept back from our Duties, our Customs, and our Excise. What an operation on the Revenue! Is our million two hundred thousand Pounds to supply all this besides? How is it possible either on the one hand, that a person with these circumstances before his eyes, should set on foot the present measures against our Colonies, or on the other, that any one having capacity and understanding to be at the head of the Government and Administration of a great Kingdom, should oversee and overlook them? This seems to be like not discerning the Sun at noon day, or the Moon and the Stars by night.

There is from the general condition of our country, and perhaps from the publick accounts themselves, but too much reason to apprehend, that the National Revenue is at this time, without these additional causes sinking and decreasing. This could not but add greatly to our difficulties in the situation before described. But a particular investigation of this might lead into too long a labyrinth. I shall therefore not take it into the present account; but most assuredly, any one at the head of our affairs, ought not to forget it in his, if it is true.

But it may be said, that we will, in the supposed exigency, borrow, as our predecessors have done before us. I answer, that this may very probably be then out of our power. I will not go upon a general discussion, whether we should enter into another war with the same credit we have hitherto had; although this may in itself be a subject of the utmost importance, and whereon we have but too much reason to reflect. But the consideration properly before us is, what would be the state of our credit under a revolt and separation of our settlements in America, that great and essential source of our riches and Revenue? Loans and money advanced to us have as yet been reckoned equally secure; there has been no doubt made of the regular payment of the interest, nor in consequence of a publick market for the principal, whether we should ourselves happen to be more or less successful on any occasion, wherein we were at the time concerned, and for which they were borrowed. They were as safe under the defeats and disappointments of the war before, as upon the victories and conquests of the last. However, things could not in this case but be much changed. The security of millions lent must depend upon the future chance and fortune of war. It might be made a doubt, what fruits would, for some years to come, be received from Provinces mangled and mutilated in a severe contest decided to their disadvantage, should these at last return to us again; but no one could overlook what must be the case, if the event should terminate against us, and end, after an expense of much treasure and blood in so fatal and inestimable a loss on our side, as that of these Colonies would be. However, no man knows whether this dispute might run into a very long trial. There are ways of anticipating some parts of the Publick Revenue, and likewise of running behindhand some of the publick services. Things may perhaps be for a short space carried on in that manner, without much notice. But should we once come publickly and professedly to borrowing, and to funding in what some may affect to call a Yankee war, it will be well if the whole fabrick of our credit does not at that moment shake and tremble to its very foundation. A general breach and defection of these Colonies, would withal cut the sinew's of our power. We could not, most probably, in such a situation, long continue to provide and pay the interest of our most enormous debt already incurred and subsisting. It need not be repeated, that it, is the assistance received from their commerce and produce, which enables us now to do it. Deprived of that, it will be but to little purpose for us to be inventing new-funds at home. We have enough of them already. More would only run foul of one another. We may, then, without the operations of a war in America, without the sending or supplying Fleets or Armies at a distance, without creating new Debts, new Funds, and new Taxes, have at our own homes, from our actual situation, business enough on our hands to engage and employ us. We need not, perhaps, be at this time nice in comparing and measuring our force with that of the Americans; the evil of such a day will be but too sufficient to decide the contest.

But it may be asked, what will then be the consequence, should we from these causes become unable to pay the