A LETTER TO A MEMBER of the Late PARLIAMENT, CONCERNING The Debts OF THE NATION.  
Printed in the Year 1700.   

A LETTER TO A Member of the Late Parliament, &c.  
Dec. the 20th. 1700. SIR  
I Have received yours of the 4th Instant, in which you Desire an Account how much has been Raised by Parliament, from the 5th. of Nov. 1688, to the End of the Session of Parliament 1699. And likewise what the present Debt at Interest is, and how much Paid per Ann. for the same, and what may be Annually Paid off: With my Thoughts of the most Probable method, of soon discharging the Nation from the Debts contracted in the late War.  
I shall therefore in Obedience to your Command, endeavour according to my Power, to give you full satisfaction; and if I fall short in any particular, it's for want of better Information.  
For the Annual Grants I have taken the Stated Accounts of the Commissioners appointed by Parliament to the Year 1697. Since which I have referred to the Acts of Parliament. A List of which Grants you receive herewith.  
For an Account of the present Debts at Interest, I take the State of them as they were the 19th. of Dec. 1699, and what was then paid for the same: which Account I have Examined, and tho' there are some very small Errors, yet the charge not being greater than it ought to be, I have made that my Standard: And have added one Collume more, to show what each Article has repaid. from that day to this: which account you have likewise sent you.  
As for the other Debts without Interest; they are now under the Examination of Commissioners, who are to lay them before the House of Commons as soon as Stated; and therefore shall at this time pass them by, without any other remark, then that they may be more, than to the Amount of the Forfeited Estates it. Ireland. The Reversions of Annuities, are not in themselves a Debt: the Annuities being only chargeable with Interest: Tho' if that should be Reduced, they would then become a Debt, which makes me mention them.  
It is to be observed in the Account above, that there has been paid off and discharged from the Principal this Year 912. 512 l. By reason whereof, I must therefore show how much the Interest is run into, Arrear; there being several Deficient Funds, for which there is not provision of Interest, which will enable me to give a perfect Answer to your next question, viz. How much may be Annually paid of. I have therefore sent you the Estimate of all the Branches of the Revenue in the Year 1699, as also those of the Civil List. To which there is joined a list of the Deficient Funds with their Interest; and the balance how much may be paid off.  
Lastly, I have added an account of what may be paid off in Six Years, if the Interest should continue as it is; and that the Revenue should be the same. And have in an other account, shown what may be paid of and discharged in the like time, if Interest should be reduced to Five per C. which answers your last question.  
On all which I have made some short remarks; which with all due submission, I leave to your judgement, not doubting but they may be of some use to you, to improve, as your leisure and opportunity permits.  

An account of what has been Given by Parliament, from the 5th. of Nov. 1688, to the End of the Session of Parliament 1699 each Year.    l. s. d.   First 1-184-786 16 4   Second 2-535-452 1 2   Third 4-224-861 7 0 ¾   Fourth 3-337-268 8 9 ¾   Fifth 3-471-482 16 1   Sixth 5-030-581 9 9   Seventh 4-883-120 0 6   Eighth 7-961-469 0 0   Ninth 11-887-160   9 ¾     44-516-182   5 ¼ To the Conclusion of the Peace including the Civil List. Tenth 4-499-999 1 11 ¾   Eleventh 1-684-015 1 11 ¾     6-184-014 3 11 ½ Since the Peace Exclusive of the Civil List.   44-516-182   5 ¾     6-184-014 3 11 ½     50-700-196 4 4 ¾ In all( except some Arrears) Expended  

An Estimate of all the Branches of the revenue 1699 and of the Civil List.    l. s. d. Excise Old and New, on Bear, Ale, &c. 855-601 5 3 Customs Old, New, Add. and Continued Coals, &c. 1457-006 5 1 Wine, vinegar, Tobacco and East-India Goods. 1457-006 5 1 Post Office, or Letter Money 90 504 10 6 Births, Marriages, &c. 50-000 0 0 Double and Single stamped Paper, &c. 80-000 0 0 Houses, or Glass Windows 45-000 0 0 Salt in the several Branches 240-000 0 0 hackney Coaches 2-800 0 0 Hawkers and Pedlars 20-000 0 0 Small Branches 68-773 0 0   2-909-685 1 0  

Civil List.    l. s. d. Tonnage and Poundage, or Old customs 370-909 0 0 Hereditary and Temporary Excise 428-778 0 0 Post Office, or Letter Money 90-504 10 6 Small Branches 68-773 0 0 Out of all which is paid in Clear Money 700.000 l. per Ann. 958964 10 6 To Pay Principal and Interest there will Remains 1-950-720 10 6 The Interest then was 1-201-003 9 8 ¼ To Pay Principal 749-717 0 9 ¼ Interest Run into Arrear this Year 183-681 5 6 ¼   933-398 6 4  

An Account of the Deficient Funds.    l.   l. s. d. Leather from coals 504-438 at 7 per C. 35-310 13 2 ¼ Ex. Bills and Malt 1-505-000 at 7 12 1 per C. 114-442 14 1 2 / 4 Tickets 1-505-000 at 7 12 1 per C. 114-442 14 1 2 / 4; First 3 s. aid 424-099 at 8 per C. 33-927 18 2 ¾   2-433-537   183-681 5 6 ¼  

An Account of the several sums paid off from the Principal since the 19th. Dec. 1699.  l.   l. s. d. 22-600 at 5 per C. 1-130 0 0 64-225 at 6 per C. 3-853 10 0 616-107 at 7 per C. 43-127 9 9 ½ 30-000 at 7 12 1 per C. 2-281 5 0 179-580 at 8 per C. 14-366 8 0 912-512   64-758 12 9 ½  
A Computation of what may be paid off from the principal Debt in Six Years, according to the Proportion of Payment, betwixt the 19th. of Dec. 1699, and the 20th. of Dec. 1700, at 7 s. 2 ●. per C. which was the nearest the Interest then paid off: as per Acc t. of the Payments.  
  l. s. d. The First Year 912-512 0 0 Second 977-300 7 0 Third 1-046-688 13 6 Fourth 1-121-003 11 0 Fifth 1-200-694 16 6 Sixth 1-285-944 2 6   6-544-143 10 0  
A Computation of what may be Paid off and Discharged in the same Time if the Interest were Reduced to Five per C.  
Dec. the 20th. 1700. at 7 l. 2. per. C. The Debt stood thus  
    l.     l. s. d.   Rest at Interest 13-394-593   paid for the same 1-136-244 16 11 ¼     l. s.         l. Which at 5 per C. 669-729 13 more than 5 per C. 466-515 3 11 ¼   l.             

912-512 1-379-027  
466-515 1-379-027                  
  l. s. d. The First Year 1-379-027 0 0 Second 1-447-978 7 0 Third 1-520-377 5 4 Fourth 1-596-396 2 7 Fifth 1-676-215 18 8 Sixth 1-760-024 14 7   9-380-021 8 2  
The Argument for Reducing Interest, would by these Computations be much Stronger, if it were computed at what would be paid, were there nothing of Deficiences: the Interest of which is run into Arrears in both Estimates. In the First of which there is 2 l. 2 s. per C. Discounted for.  
FRom what has been shown of the Yearly Grants. The present Revenue:( Exclusive of the Currant Charge of each succeeding Year.) The Debt at Interest; And what is Paid per Ann. I think the Case stands thus.  
During the first Eleven Years, there was Expended Five Millions per Ann. which is just Ten Shillings in the Pound on the Lands and Houses of England( if it be Computed that Four Shillings in the Pound Raised but Two Millions.)  
According to which Computation the present Revenue, is Six Shillings in the Pound( within a trifle;) the Currant Charge something more than Two Shillings; and will make altogether in Time of Peace Eight Shillings in the Pound as aforesaid.  
Which must remain a Rent Charge on the Nation, so long as the Debts continue.  
It is to be Observed, That one Year with the other, there has not been Raised on Land during the War, above Three Shillings in the Pound; the other Seven having been upon Labour( under which notion, I reckon Trade of all sorts.)  
At present there is but Two on Land, and yet there are Six on Labour: Which shows of how great Consequence Labour ought to be Esteemed: And brings me to the reason we have to Lessen the public Interest.  
For otherwise, the Debt must long continue, and Trade of consequence must Decrease.  
For if it be Observed, that during the War, the best Estates have been raised by Trading with the Exchequer;( So that many of our Merchants and others have left off their former Employments, and turned their Money that way, or to Stock-jobbing; to the Prejudice of Trade in general.) We may conclude that upon the same Reason the like practise will continue, as long as they can make Eight or more per C. of their Money, without any other Hazard or Charge, then from the Exchange to the Exchequer: Where unto add, that such Money so employed, as it bears nothing of the burden or Charge of the Nation, so it keeps the sinews of Trade still under the Inconveniencies of War.  
I cannot end thus without taking notice of what remains of worse Consequence, whilst the Nation stands thus mortgage.  
For if any Foreign Nation should give us an Affront, in what Capacity shall we be to demand Satisfaction; when all the Branches of the Revenue are in engaged for so many Years to come: And must remain so for more Years then I will venture to say( unless such measures are taken as have been intimated,) seeing that after the Expiration of the Year 1706. to which time most of them are continued; there will remain many Million to be Repaid.  
I shall only hint to you what has been demonstrated in the balance of the Debt as above; that the Nation pays for one Year with the other, upwards of Four Hundred Thousand Pounds per Ann. more than Five per C. Interest.  
Which sums Rebated, would in a few Years Discharge the whole Debt, and free us from the great Imposts on Labour: And would by necessary consequence throw us into Trade; Disengage the Land of Taxes; and set us in an even balance of Trade with our Neighbours; secure all the Lenders their Principal and Five per Ct. And put all the Funds on an equal Par without Raising any new Tax, more than for the Currant service of each Year.  
I shall conclude with saying that I think it consistent with the Power and privilege of Parliament thus to do; Otherwise they would not in Cases of Indispensible Necessity, have varied the manner of Security to the Lenders: Or, instead of making good the Deficiencies of several Fonds out of the next aids as the Acts Promised; let them have continued to this day unprovided for.  
FINIS.