wealbk05-第72章

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European　governments　have　been　incapable　of　those　attentions。

They　have　frequently　overloaded　the　fund　even　upon　the　first

anticipation；　and　when　this　happened　not　to　be　the　case；　they

have　generally　taken　care　to　overload　it　by　anticipating　a　second

and　a　third　time　before　the　expiration　of　the　first　anticipation。

The　fund　becoming　in　this　manner　altogether　insufficient　for

paying　both　principal　and　interest　of　the　money　borrowed　upon　it；

it　became　necessary　to　charge　it　with　the　interest　only；　or　a

perpetual　annuity　equal　to　the　interest；　and　such　unprovident

anticipations　necessarily　gave　birth　to　the　more　ruinous　practice

of　perpetual　funding。　But　though　this　practice　necessarily　puts

off　the　liberation　of　the　public　revenue　from　a　fixed　period　to

one　so　indefinite　that　it　is　not　very　likely　ever　to　arrive；　yet

as　a　greater　sum　can　in　all　cases　be　raised　by　this　new　practice

than　by　the　old　one　of　anticipations；　the　former；　when　men　have

once　become　familiar　with　it；　has　in　the　great　exigencies　of　the

state　been　universally　preferred　to　the　latter。　To　relieve　the

present　exigency　is　always　the　object　which　principally　interests

those　immediately　concerned　in　the　administration　of　public

affairs。　The　future　liberation　of　the　public　revenue　they　leave

to　the　care　of　posterity。

　　　　　During　the　reign　of　Queen　Anne；　the　market　rate　of　interest

had　fallen　from　six　to　five　per　cent；　and　in　the　twelfth　year　of

her　reign　five　per　cent　was　declared　to　be　the　highest　rate　which

could　lawfully　be　taken　for　money　borrowed　upon　private　security。

Soon　after　the　greater　part　of　the　temporary　taxes　of　Great

Britain　had　been　rendered　perpetual；　and　distributed　into　the

Aggregate；　South　Sea；　and　General　Funds；　the　creditors　of　the

public；　like　those　of　private　persons；　were　induced　to　accept　of

five　per　cent　for　the　interest　of　their　money；　which　occasioned　a

saving　of　one　per　cent　upon　the　capital　of　the　greater　part　of

the　debts　which　had　been　thus　funded　for　perpetuity；　or　of

one…sixth　of　the　greater　part　of　the　annuities　which　were　paid

out　of　the　three　great　funds　above　mentioned。　This　saving　left　a

considerable　surplus　in　the　produce　of　the　different　taxes　which

had　been　accumulated　into　those　funds　over　and　above　what　was

necessary　for　paying　the　annuities　which　were　now　charged　upon

them；　and　laid　the　foundation　of　what　has　since　been　called　the

Sinking　Fund。　In　1717；　it　amounted　to　L323；434　7s。　7　1/2d。　In

1727；　the　interest　of　the　greater　part　of　the　public　debts　was

still　further　reduced　to　four　per　cent；　and　in　1753　and　1757；　to

three　and　a　half　and　three　per　cent；　which　reductions　still

further　augmented　the　sinking　fund。

　　　　　A　sinking　fund；　though　instituted　for　the　payment　of　old；

facilitates　very　much　the　contracting　of　new　debts。　It　is　a

subsidiary　fund　always　at　hand　to　be　mortgaged　in　aid　of　any

other　doubtful　fund　upon　which　money　is　proposed　to　be　raised　in

an　exigency　of　the　state。　Whether　the　sinking　fund　of　Great

Britain　has　been　more　frequently　applied　to　the　one　or　to　the

other　of　those　two　purposes　will　sufficiently　appear　by　and　by。

　　　　　Besides　those　two　methods　of　borrowing；　by　anticipations　and

by　perpetual　funding；　there　are　two　other　methods　which　hold　a

sort　of　middle　place　between　them。　These　are；　that　of　borrowing

upon　annuities　for　terms　of　years；　and　that　of　borrowing　upon

annuities　for　lives。

　　　　　During　the　reigns　of　King　William　and　Queen　Anne；　large　sums

were　frequently　borrowed　upon　annuities　for　terms　of　years；　which

were　sometimes　longer　and　sometimes　shorter。　In　1693；　an　act　was

passed　for　borrowing　one　million　upon　an　annuity　of　fourteen　per

cent；　or　of　L140；000　a　year　for　sixteen　years。　In　1691；　an　act

was　passed　for　borrowing　a　million　upon　annuities　for　lives；　upon

terms　which　in　the　present　times　would　appear　very　advantageous。

But　the　subscription　was　not　filled　up。　In　the　following　year　the

deficiency　was　made　good　by　borrowing　upon　annuities　for　lives　at

fourteen　per　cent；　or　at　little　more　than　seven　years'　purchase。

In　1695；　the　persons　who　had　purchased　those　annuities　were

allowed　to　exchange　them　for　others　of　ninety…six　years　upon

paying　into　the　Exchequer　sixty…three　pounds　in　the　hundred；　that

is；　the　difference　between　fourteen　per　cent　for　life；　and

fourteen　per　cent　for　ninety…six　years；　was　sold　for　sixty…three

pounds；　or　for　four　and　a　half　years'　purchase。　Such　was　the

supposed　instability　of　government　that　even　these　terms　procured

few　purchasers。　In　the　reign　of　Queen　Anne　money　was　upon

different　occasions　borrowed　both　upon　annuities　for　lives；　and

upon　annuities　for　terms　of　thirty…two；　of　eighty…nine；　of

ninety…eight；　and　of　ninety…nine　years。　In　1719；　the　proprietors

of　the　annuities　for　thirty…two　years　were　induced　to　accept　in

lieu　of　them　South　Sea　stock　to　the　amount　of　eleven　and　a　half

years'　purchase　of　the　annuities；　together　with　an　additional

quantity　of　stock　equal　to　the　arrears　which　happened　then　to　be

due　upon　them。　In　1720；　the　greater　part　of　the　other　annuities

for　terms　of　years　both　long　and　short　were　subscribed　into　the

same　fund。　The　long　annuities　at　that　time　amounted　to　L666；821

8s。　3　1/2d。　a　year。　On　the　5th　of　January　1775；　the　remainder　of

them；　or　what　was　not　subscribed　at　that　time；　amounted　only　to

L136；453　12s。　8d。

　　　　　During　the　two　wars　which　began　in　1739　and　in　1755；　little

money　was　borrowed　either　upon　annuities　for　terms　of　years；　or

upon　those　for　lives。　An　annuity　for　ninety…eight　or　ninety…nine

years；　however；　is　worth　nearly　as　much　money　as　a　perpetuity；

and　should；　therefore；　one　might　think；　be　a　fund　for　borrowing

nearly　as　much。　But　those　who；　in　order　to　make　family

settlements；　and　to　provide　for　remote　futurity；　buy　into　the

public　stocks；　would　not　care　to　purchase　into　one　of　which　the

value　was　continually　diminishing；　and　such　people　make　a　very

considerable　proportion　both　of　the　proprietors　and　purchasers　of

stock。　An　annuity　for　a　long　term　of　years；　therefore；　though　its

intrinsic　value　may　be　very　nearly　the　same　with　that　of　a

perpetual　annuity；　will　not　find　nearly　the　same　number　of

purchasers。　The　subscribers　to　a　new　loan；　who　mean　generally　to

sell　their　subscriptions　as　soon　as　possible；　prefer　greatly　a

perpetual　annuity　redeemable　by　Parliament　to　an　irredeemable

annuity　for　a　long　term　of　years　of　only　equal　amount。　The　value

of　the　former　may　be　supposed　always　the　same；　or　very　nearly　the

same；　and　it　makes；　therefore；　a　more　convenient　transferable

stock　than　the　latter。

　　　　　During　the　two　last…mentioned　wars；　annuities；　either　for

terms　of　years　or　for　lives；　were　seldom　granted　but　as　premiums

to　the　subscribers　to　a　new　loan　over　and　above　the　redeemable

annuity　or　interest　upon　the　credit　of　which　the　loan　was

supposed　to　be　made。　They　were　granted；　not　as　the　proper　fund

upon　which　the　money　was　borrowed；　but　as　an　additional

encouragement　to　the　lender。

　　　　　Annuities　for　lives　have　occasionally　been　granted　in　two

different　ways；　either　upon　separate　lives；　or　upon　lots　of

lives；　which　in　French　are　called　Tontines；　from　the　name　of

their　inventor。　When　annuities　are　granted　upon　separate　lives；

the　death　of　every　individual　annuitant　disburthens　the　public

revenue　so　far　as　it　was　affected　by　his　annuity。　When　annuities

are　granted　upon　tontines；　the　liberation　of　the　public　revenue

does　not　commence　till　the　death　of　all　annuitants　comprehended

in　one　lot；　which　may　sometimes　consist　of　twenty　or　thirty

persons；　of　whom　the　survivors　succeed　to　the　annuities　of　all

those　who　die　before　them；　the　last　survivor　succeeding　to　the

annuities　of　the　whole　lot。　Upon　the　same　revenue　more　money　can

always　be　raised　by　tontines　than　by　annuities　for　separate

lives。　An　annuity；　with　a　right　of　survivorship；　is　really　worth

more　than　an　equal　annuity　for　a　separate　life；　and　from　the

confidence　which　every　man　naturally　h