THE UNIVERSITY 
 
 4 • 
 
 OF Illinois' 
 
 LIBRARY 
 
 33Z 
 B875 
 
 V.5 
 
 'BIMMRM
 
 LETTER 
 
 TO 
 
 THOMAS PAINE, 
 
 IN REPLY TO HIS 
 
 DECLINE AND FALL 
 
 ©F THE 
 
 ENGLISH SYSTEM OF FINANCE. 
 
 BY DANIEL WAKEFIELD. 
 
 LONDON: 
 
 frinted for f, and c. rivington, no. 62, st. 
 Paul's church-yard. 
 
 1796.
 
 LETTER, &c. 
 
 IT was far from being my intention to have 
 addrefled you in reply to your Decline and 
 Fall of the Englifh Syftem of Finance, as I had 
 flattered myfelf that more able advocates would 
 have ftepped forward, and for the credit and 
 profperity of their country, been willing to oc* 
 cupy a fmall portion of their time in difproving 
 the falfe conclufions you have drawn of the 
 financial ftate of Britain. 
 
 My expectations in this refpecl have been 
 difappointed. The gentlemen who have pub- 
 liflied ftriclures upon your work, have not, in 
 my judgment, fatisfadorily proved the folvency 
 of the Britilh government ; I fhall therefore, in 
 this addrefs, endeavour to give you my opinion 
 of the credit and refources of ray country ; which 
 after an attentive examination, I am convinced 
 are in -is flourifliing and profperous a condition 
 as at any time lince the commencement of the 
 funding fyftem. 
 
 A 2 Your
 
 C 4 ] 
 
 Your mode of reafoning on this fubjcdt re- 
 quires that I (liould much more readily acknow- 
 ledge your fhrevvdnefs and plaufibility than your 
 honefty or your candour; for you cannot be con- 
 fidered as exhibiting any fpecimcn of either, in 
 repeatedly concealing thofe numerous and clTential 
 fadls, by a fair difcuflion of which, your argu- 
 ments would be refuted, the fallacy of your con- 
 clufions demonflratcd, and your boaftfu-1 theorj-' 
 totally overthrown. 
 
 Your idea of a ratio to be applied to the pro- 
 greflive increafe of the national expences, flruck 
 me, I confefs, with its fpecioufnefs, and before 
 Tefledion c:xn\e to my aid, I began to imagine 
 that we were indeed, as your motto exprefsly 
 fays, *' on the verge, nay in the very gulf of 
 " bankruptcy," but a very little confideration 
 convinced me otherwife, and pointed out the 
 fallacy of your ratio. On referring to the works 
 of thofe who have flated the amount of the na- 
 tional debt in all its various ftages, I difcovered 
 that though your device to mi (lead the unwary 
 who trufted to the name of Paine, might be in- 
 genious, yet that your mifreprefentation of the 
 true amount of the Britifli funds at the periods 
 you mention was not lefs apparent; and though 
 I lamented your want of candour, I rejoiced for 
 my country. It appeared to me favourably om^i- 
 
 nous
 
 [S3 
 
 nous for the credit of Britain, that her enemies 
 were driven to the neceflity of employing the 
 engines of falfehood in their attacks. 
 
 How is it pofTible for any perfon who refledls, 
 to continue in the belief of your fuppofed ratio, 
 \vhen even theory itfelf refutes it? Do not fome 
 wars lad one year, fome two, three, four or more; 
 are not fome wars fought at the extremities of 
 the world, while others are contended at home? 
 Arc not fome entered into with allies poor and 
 exhaufled ; fome with allies whofe finances are 
 in order, and fome without allies, as was the 
 cafe in the American war? Can there, under cir- 
 cumftances fo very different, fo oppofite, be any 
 fimilarity, and can the expence on fuch unequal 
 exertions bear any proportion ? But I will not 
 wafle rny time in labouring to difprove your 
 theories ; I will not, by anfwering with theory 
 only, give any caufc for the difcontented to be 
 gratified, the loyal to doubt, or the rich to de- 
 fpond. I will oppofe you with facls equally 
 ftubborn and notorious ; fads which you fliould 
 have examined and have been acquainted with, 
 before you had publickly attacked the credit of 
 your country : had you examined firft, and 
 Written afterwards, it would have faved your 
 charader as a writer in the firft place, faved 
 you as a man, the difgrace of being proved to 
 A ^ have
 
 • C 6 ] 
 
 have publifhcd what was falfc in the fccond; and 
 in the third, if your malignity againft your 
 country and its profperity was too powerful to 
 be retrained, it would have enabled you with 
 more fpecioufnefs, and perhaps fucccfs, to have 
 endeavoured to undermine the well-grounded 
 confidence repofed on the faith and credit of the 
 Britifh govcrPxment. 
 
 In the fiatements yon have given of the pub- 
 lick debt at the conclufion of the different wars 
 of the laft century, you pretend* to draw your 
 . information from the juftly famed work of Dr. 
 Adam Smith. As you have appealed to his au- 
 thority I will be guided by it, and from his 
 work fhall likewife be taken the fiatements I 
 now oppofe to your falfe, though fpecious theory. 
 
 * Mr. Paine, to fupport the application of his ratio, quotes 
 Dr. Adam Smith, as faying that the expence ot" the war of 
 1756, was feventy-two millions and a quarter j on the contrary. 
 Dr. Smith fays, that " during a war of nearly feven years con- 
 '* tinuance, a new debt of more than feventy-five millions was 
 ** contrai5^ed." Had this been a mere difference of calculation 
 it might have pafled unnoticed, but when it is confidered that 
 this quotation was made falfely, for the purpofe of fupportiirg a 
 ratio he wifhed to impofe upon the world, it merits the fevereft 
 cenfure; for what credit can be placed on the afTertions of a writer 
 whofe very quotations are purpofely made erroneoufly, that 
 they may fquare with his ratio, and that not only in this one 
 inftance, but in many others can it alfo be proved to have 
 been done, to aflift in accomplifhing the fame fmifter end. 
 
 Whert
 
 C 7 ] 
 
 When applying your ratio to the debts of 
 Britain, you fay that the war of 1688 ending in 
 1697, left this country burthened with a debt 
 of twenty-one millions and an half — it really 
 anriounted to ^^2 1,5 15,743; you then proceeding 
 to the application of your felf-invented ratio 
 fay, that agreeable to its rules, the debt at the 
 cortclufion of the war of 1702, ending in 1714* 
 will be fifty-four millions ; the increafe to the 
 national incumbrances being by your theory to 
 amount to thirty-two millions and a quarter; it 
 really amounted to ;{"37, 2 86,375, ^^^ ^^^^ total 
 amount of the debt at the peace, was no more 
 than /53,68i,076. Now will you not readily 
 perceive by this fl^ement of fads taken from 
 your favourite authority, that your ratio is, in 
 the very beginning, erroneous and falfe ? But 
 it is probable you thought a difference of little 
 more than five millions too trifling, far too 
 trifling to impede the giant ftrides you were 
 haftily endeavouring to make towards the de- 
 flrudlion of Britifh credit. 
 
 Perhaps the fond afi^edtion which every inventor 
 feels for his own difcoveries, hid from you the 
 glaring abfurdity of the idea you introduced to the 
 notice of the world. Having no fuch parental 
 affeclion for your theory, I fliall treat it with 
 A 4 lefs
 
 I 8 3 
 
 Icfs indulgence ; and bad it only been fupported 
 by its own merits, I would on this firft difco* 
 very of its inefficacy have abandoned it. Since, 
 however, it has been offered to the world by 
 Thomas Paine — fince your notoriety gives it a 
 certain fort of celebrity, I will devote a few more 
 pages to the examination of its pretenfions to 
 infallibility ; and as you have brought your the- 
 oretical calculations down to the pfefcnt time, 
 fo will I follow you alfo down to the fame pe- 
 riod* 
 
 Proceeding then to the war of 1739, ending 
 in 1748, which according to your theory Ihould 
 have coft forty-eight millions, making the total 
 of the publick debt one hundred and two mil- 
 lions, the real increafe to the national debt from 
 the war, was no more than ,^3 1,63 1,546, and the 
 amount of the whole debt was only ^f 78, 293, 3 13. 
 Thus is your theory falfe in its application to 
 the three wars you have been plcafed to adduce 
 as examples of its truth, for there is a difference 
 between the fad: and your theory, in the ex-» 
 pences of the war of 1739, of fixteen millions 
 and a quarter. The difference, however, is ft ill 
 greater in the amount of the debt left at the con- 
 clufion of the war, for it is nearly twenty-four 
 millions. 
 
 The
 
 T 9 1 
 
 The next application of your theory, is to 
 the war of 1754, ending in 1763. Agreeably 
 to your theory, it fhould have coft feventy-two 
 millions, and the publick debts fi^ould have 
 amounted to one hundred and feventy-four mil- 
 lions. Yet how different are the fads, and how 
 falfe is the theory ! The real addition was only 
 jr67,227,i34; and the national debt amounted at 
 that time to no more than ^^146, 682, 844. The 
 difference then between the fadls and your the- 
 ory in the expences of the war is nearly five 
 millions, and upwards of twenty-feven millions 
 in the total amount of the national debt. 
 
 The next war to which your theory is ap- 
 plied is the American, beginning in the year 
 I775> ^"d ending in 1783 : but here again will 
 your ratio be found defcclive ; for by your theo- 
 retical calculation, the v.ar fliould have coif one 
 hundred and eight millions; and when concluded, 
 lliould have left this country two hundred and 
 eighty-two millions in debt. On the contrary, 
 the war added only ;^i03, 21 1,829 to the na- 
 tional debt J the total amount of which, at the 
 commencement of the peace, was no mere than 
 ^,^239,1 54,880 *. The difference then between 
 
 • Mr. Morgan makes it amount to upwards of two hundred 
 and fifty millions; but his ftatement, like other of his calcu- 
 lations, is much over eftiroated. 
 
 your
 
 [ "0 D 
 
 your ratio and the fad, is nearly five millions 
 in the expenccs of the war; and in the total 
 amount of the national incumbrances, it amounts 
 to the enormous fum of forty-two millions and 
 three quarters ; a fum, I fliould imagine, fuffi- 
 cient to convince the mofl fanguine of your ad- 
 mirers, that you have cither written on a fub- 
 jed:, with which you were by no means fuffici- 
 ently acquainted, or elfc, that for the fmifter 
 purpofe of overthrowing the credit of your 
 country, you have knowingly miftated facts, 
 and concealed the truth. The talk of expofing 
 the incfficacy of your ratio is now drawing to a 
 conclufion; and I have only to examine the ap- 
 plication of your theory to the prefent War. 
 You calculate it to coft one hundred and fixty- 
 two millions, prediding that the national bur- 
 thens will, at the conclulion of the war, amounc 
 to four hundred and forty-four millions. 
 
 As the account you have given of the finances 
 of this country has been (from what caufe you 
 beft know] fo falfe and erroneous; your pre- 
 tenfions to the infallibility of a prophet may 
 juftly be doubted, and before I allow you the 
 merit of being able to afcertain, by your ratio, 
 the expence of the war in which we are now en- 
 gaged, I will ftate a few fimple fads, draw a 
 few plain and unambiguous conclufions, and then 
 
 fugged
 
 fuggeft to you, the propriety of recalling youf 
 idle boaft of having difcovered an infallible rule 
 of calculation, to afcertain thfe expence of every- 
 fiicceeding war in which Britain fliall in future 
 be engaged, and by which you have ventured to 
 limit the exiftence of the funding fyftem in this 
 country. 
 
 The war has now Lifted three years and a 
 half, during which time, debts have been con- 
 rradied to the amount of about ninety millions ; 
 it fhould, however, be recollected, that the ex- 
 pences of the prefent year are provided for, and 
 that therefore a war, which for extent of opera- 
 tion and greatnefs of exertion has never before 
 been equalled, has coft in four years, no more 
 than ninety millions, out of which fum, we 
 have aflifted the deranged finances of the vari- 
 ous princes, compofmg the grand alliance againft 
 France, have increafed our navy to a magnitude 
 which will enable us to cope with all the marl* 
 time power of Europe; and that while making' 
 exertions hitherto thought beyond our ftrength, 
 we have difcovered no fymptoms of either an 
 exhaufted treafury or of worn-out refources, for 
 we have continued in the redudion of the na- 
 tional debt, as begun before the war ; and not 
 only fo, but have alfo provided for the liquida- 
 tion of every new loan, and for the difcharge of 
 ^ every
 
 every new debt incurred lince its commence- 
 ment ; while our enemy, on the other hand, has 
 been bankrupt, ruined and exhaufted. 
 
 Returning from this digrefTion to the exami- 
 nation of your theory, fuppofe, though it is far 
 from probable, that the war fliould lall: two 
 years longer, and even for the fake of allowing 
 you every advantage, I will eftimatc the an- 
 nual expence, during its continuance, by the 
 preceding four years ; we fhall then only have 
 incurred an increafe to our incumbrances, of 
 one hundred and thirty-five millions. But it is 
 far from being likely, that it will continue fo 
 long, and it is dill more unlikely that any future 
 year of it fhould coft fo much as the former 
 ones, for we have now lelTened the extent of 
 our operations ; and from the annihilation of 
 the French navy, our exertions by fea are ne- 
 celTarily lefs expenftve, and we have now no 
 army on the continent, which has always proved 
 the mofl expenfive part of the wars in which 
 this country has ever engaged. Admitting then 
 all that I have done, there ftill exifts a differ- 
 ence of twenty-feven millions between your 
 theory and the ellimated expence of the war> 
 •which of the two it is moft likely to be, time 
 tnuft decide, but which appears moft probable 
 1 hefitate not to fay, for your concluiion is drawn 
 
 from
 
 [ '3 ] 
 
 from a theory (hewn to be falfc, while my cftl- 
 rnate is grounded on facts and experience *. 
 
 Thus then is the examination of your ratio 
 terminated, and its inefficacy proved, though 
 introduced by a pompous and egotiftical attempt 
 of its author to place himfelf on a level with 
 the immortal Newton. And I will now diredt 
 my pen to the refutation of your flimfy compa- 
 rifon of the duration of the French and Britifli 
 fyftems of finance, between which no more 
 fimilarity fublifts than there does between the 
 falfenefs of your ratio and the truth of the fadls 
 I have oppofed to it. 
 
 Taking as a foundation your own vifionary 
 eftimate of the amount of circulating bank pa- 
 per to be (ixty millions, I will proceed to ex- 
 pofe the fallacy of your alfertion, that " let 
 *' financiers diverfify fyflems of credit as they 
 " will, it is neverthelefs true, that every fyftem 
 " of credit is a fyflem of paper money; two ex- 
 *' periments have already been had upon paper 
 " money; the one in America, and the other 
 *' in France : in both thofe cafes, the whole 
 ** capital, which in America was called conti- 
 *' nental money, and in France aflignats, ap- 
 
 * The reader is requefted to turn to the table at the end of 
 the work, where he will at one view difcover the whole of Mr, 
 Paine's errors* 
 
 " peared
 
 C 14 1 
 
 pcared in circulation ; the confequence of 
 which was, that the quantity became fo enor- 
 mous, and fo difproportioned to the quantity 
 of population, and to the objeds upon which 
 it could be employed, that the market, if I 
 may fo exprefs it, was glutted with it, and 
 the value of it fell; between five and fix years 
 determined thofe experiments : the fame fate 
 would have happened to gold and filver, could 
 gold and filver have been iflhed in the fame 
 abundant manner as paper had been, and 
 confined within the country as paper al- 
 ways is, by having no circulation out of it; or 
 to fpeak on a larger fcale, the fame thing 
 would happen in the world, could the world 
 be glutted with gold and filver, as America 
 and France have been with paper*." 
 " The Englifh fyftem differs from that of 
 America and France in this one particular, 
 that its capital is kept out of fight, that is, 
 that it does not appear in circulation. Were 
 the whole capital of the national debt, which 
 at the time I write this, is almoft four hun- 
 dred millions flcrling, to be emitted in ailig- 
 nats or bills, and that whole quantity put 
 
 • Mr. Paine certainly forgets that gold and filver have an in- 
 herent value in thenifelves, which paper neither does, nor caa 
 
 ever poflcfs, 
 
 into
 
 t '5 ] 
 
 into circulation, as was done in America and 
 in France, thofe Englifh affignats or bills 
 would fink in value, as thofe of America and 
 France have done, and that in a' greater de- 
 gree, becaufe the quantity of them would be 
 more difproportioned to the quantity of po- 
 pulation in England, than was the cafe in 
 either of the other two countries. A nomi- 
 nal pound flerling in fuch bills would not be 
 worth one penny." 
 
 *' But though the Englifli fyflem by thus 
 keeping the capital out of fight, is preferved 
 from hafty deflrudion, as in the cafe of Ame- 
 rica and France, it neverthelefs approaches 
 to the fame fate, and will arrive at it with 
 the fame certainty, though by a flower pro- 
 grefs. The difference is altogether in the 
 degree of fpeed, by which the two fyflems 
 approach their fate, which to fpeak in round 
 numbers, is as twenty to one, that is the 
 Englifh fyftem : that of funding the capital 
 inftead of ifluing it, contains within itfelf a 
 capacity of enduring twenty times longer than 
 the fyftem adopted by America and France; 
 and at the end of that time it will arrive at 
 the fame common grave, the potter's field 
 of paper money." 
 
 '* The
 
 C -6 ] 
 
 f* The datum I take for this proportion of 
 ** twenty to one, is the difFerence between the 
 *• capital and the intercft at five per cent * i 
 *' twenty times the intereft is equal to the ca- 
 '* pital. The accumulation of paper money in 
 " England is in proportion to the accumulation 
 " of the intereft upon eyery hew loan,.and thcre- 
 ** fore the progrefs to diftblution is twenty 
 '* times flower than if the capital were to be 
 ** emitted and put into circulation immediately^ 
 ** every twenty years of the Englifh fyftem is 
 *' equal to one year of the French and Americarl 
 ?' fyftems. t" 
 
 Unlefs you can prove that an emiflion of pa- 
 per is annually made, to the amount of the in- 
 tereft. of the debt funded, your theory convidls 
 itfelf of abfurdity. The monied market can 
 
 * The reader is rcquefted tp obfcrve Mr. Paine's perverfion 
 of fad^s, while thus eftimating the duration of" the Englifh 
 fyftem of finance, for how could he have been ignorant that 
 the great amount of the national debt confifts of the three per 
 cents, and that the trifling capital of the four and five per cent^ 
 will be liquidated in the courfe of a few years ? Thus then; 
 even allowing his abfurd conclufion of its diflblution being 
 in proportion to the difference between the capital and its in- 
 tereft, infiead of twenty, it will be thirty-^hree to one. 
 
 + The wifh to prevent its being fuppofed that Mr. Paine's 
 argument was mifreprefcnted, is a fuiRcient apology for the 
 kngth oC this cxtrad. 
 
 never
 
 E 17 ] 
 
 uevcr'be dcprefled by the amoynt (hpwever 
 large) of the funded debt, it can only feel itfelf 
 burthened by an cmilTion of paper bearing no in* 
 tered, and as eafily transferable as calh to a 
 fuffigient extent, tobaniihthe confidence at pre^ 
 fent given to the notes of the b.an,k of England. 
 But this is noc likely to be the cafe, Cpr Ame- 
 rican continental money amounted toroore tha^ 
 the value of its annual rental, taken at twentjf 
 years purchafe, before it began to be at any con-i 
 fidcrable difcount, and the french affignats cgn-* 
 tinued to enjoy the publick confi^ience, and tQ 
 pafs at par, long after they amounted to the value 
 of the national rental. 
 
 Admitting then, for the fake of the iirgum^i)t^ 
 that bank notes are emilTions of government, to 
 pay the intcreft of the debts they have contr^Kr^edi 
 (than which nothing can be more ^Ife^ yq^ 
 will find that in an hundred years, which is 
 nearly the age of the funding fyftem in this 
 country, th^t no more than fixty millions of 
 b*nk paper have accumulated *i and that during 
 
 * This h Mr. Paine's own afiertion, and allpwe4 opiy bec^jj/g 
 ^0 data can be taken, from which the amount of bank nom 
 emitted, can with any certainty be eftimated ; though at thg 
 facoe time the reader is cautioned againft concluding from thit 
 aflenion, being calculated upoq, that ihereis (\^ty millions «f 
 
 £ bank
 
 [ "8 ] 
 
 this period, more than three hundred and fixty 
 millions has been paid as intereft on the national 
 incumbrances. Now proceeding in this reafon- 
 ing on fa6ls, we have feen, as before ftated, that 
 in America and France, a fum equal to the 
 value of the annual rental may be thrown into 
 circulation without experiencing depreciation. 
 *rhe annual rental of this country is twenty mil- 
 lions, which at twenty years purchafe, amounts 
 to four hundred millions : fhould then the bank 
 find themfclves under the ncceflity of emitting 
 notes in the fame proportion as they have hitherto 
 done, the Britilh fyftem of finance night (with- 
 out tranfgreffing the bounds of theory) be pro J 
 nounced likely to laft, even fix hundred years 
 before the monied market would be overftocked 
 by the amount, or the paper itfelf experience a. 
 material deprelTion. 
 
 I will, however, view its probable ftability in 
 another light, for you have certainly prefump- 
 tuoufly aflerted that the Britifh fyfiem of credit 
 is to that of America and France, as twenty to 
 6ne; but in this I widely differ, and give as a 
 
 bank paper in circulation, for there is every reafon to believe 
 that the amount is very much exaggerated ; indeed no data can 
 be more difputable, for Mr. Paine, while he affumes the faft, 
 forgets the immenfe circulation of private paper, and the un- 
 Kmited emiffions of country banks, 
 
 reafon.
 
 C ^9 J 
 
 reafon, that in the coiirfe of the hundred years 
 of the funding fyftem, no more than fixty mil- 
 lions of paper have been emitted by the bank, 
 yet upwards of three hundred and fixty millions 
 of intcreft have been paid on the public funds ; 
 therefore, if we proceed in the fame proportion, 
 if even we liquidate no more of the principal, 
 and continue increafing the national debt with 
 the fame rapidity we have hitherto done, the 
 liability of the Britifli credit, is to that of Ame- 
 rica and France, not as twenty, but as an hun- 
 dred and twenty to one. 
 
 When you advanced the falfe affertion of the 
 Britifh fyfiem of credit being to that of America 
 and France as twenty to one, you proceeded with 
 your fuppofcd analogy, by faying, that as they 
 had laftcd only five years, fo in this proportion 
 the Briti(h fyfiem muft break up in an hundred 
 years ; and as it had already lafted this hundred 
 years, its diiTolution is near at hand. Allowing 
 even that this analogy does exifl, yet as it has 
 been iliewn to be not as twenty, but as an hun- 
 dred and twenty to one, the BritiHi fyfiem might 
 poflibly extend to a period as long as that I have 
 recently fuppofed. 
 
 Here I will make a few obfervations on the 
 
 revenue of the country, for to me it appears, 
 
 that it is not the amount of the capital of our 
 
 B 2 debt.
 
 [ 20 ] 
 
 debt, or the quantity of paper in circulation 
 which is likely to undermine the confidence re- 
 pofed in, and deftroy the credit of the Britifli 
 government, but that the exigence of the fund- 
 ing fyftem depends, and that wholly, on the 
 power of government to impofe, and the ability 
 df the people to pay taxes fufficient to raife a re- 
 venue capable of paying the intereft of the 
 funded debt, and of devoting a certain fum pro- 
 greflivcly increafmg, to the difcharge of the prin- 
 cipal. 
 
 You allow that taxes can always be raifcd to 
 the amount of a quarter of the circulation, whe- 
 ther that circulation conlifls of fpccie or of 
 paper, provided the paper is not depreciated. 
 In a former part of this letter I fliew you from 
 the example of other countries, that paper might 
 be ifllied to the amount of the value of the an- 
 fiUal rental, without being depreciated, and alfo 
 at the fame time ftated, that the value of the 
 Britifli rental was four hundred millions. 
 
 Permit me here then to eftimate, that as in an 
 hundred yca'rS our taxes have increafed about 
 twenty millions*, fo in the fame proportion 
 it will be fix hundred from the commencement 
 
 * At the revolution, the revenue was nearly three millions, 
 iind is now about twenty .three. 
 
 of
 
 [ 2. ] 
 
 of the funding fyflern before the taxes .wiU 
 amount to a quarter of the then circulation. 
 
 When I fir ft began to calculate on the dat^ 
 which you allowed, I little imagined that ii) 
 three totally different modes of confidering th^ 
 fubjedl, the conclutions would have exactly 
 agreed, and I am gratified in perceiving that 
 the eftimates I have made of the duration of 
 the Britifli credit, the {lability of the Britifh 
 funds, and the extent of the Britifh refources, 
 arc fupported by the correfponding conclufions 
 of three calculations, raifed from data by your- 
 fclf not only allowed, but defended with the 
 utmoft force of your ability. 
 
 Thus reafoning from premifes admitted by 
 yourfelf, I draw a widely different conclufion, 
 and have the pleafure of being able confidently 
 to alTert, that the Britifh fyflem of finance, fo 
 far from being in its decline, is not yet arrived 
 to maturity ; that fo far from its being likely to 
 bankrupt our government within twenty years, 
 that there is no reafonable data upon which to 
 go, whereby its difTolution can be calculated to 
 take place for fome centuries to come *. Lpn§ 
 
 before 
 
 * The reader is requeued to recoiled that thefe conclufions 
 might be drawn from the ralh aflertions of thofe who have aU 
 tacked the Britilh credit, and that though |he author ha« m^dc 
 
 B 3 thefe
 
 [ " ] 
 
 before "\vhich time, if the able and energetic 
 meafuresof ourprefent ad mini ft ration arcfleadily 
 purfued, the whole of the Britilh debts will be 
 paid off, and the nation freed from its incum- 
 brances *. 
 
 In 
 
 thefe eftimates, he has not done it under the idea that the Britifh 
 fyftem of finance will endure fix hundrrd years and no longer ; 
 nor yet, that it muft neceffarily endure fo long. This is far 
 from being the inference he wifhcs to draw ; he fimply wilhes 
 to expofe to the world the wanton and fpecious attack of Mr. 
 Paine ; and it occurred to him, that nothing would fo efFeflually 
 fhew the fallacy of Mr. Paine's affertions and conclufions, as a 
 calculation made from his own premifes, afcertaining the fol- 
 vency of the Britilh government, and incontrovertibly proving 
 (as much as theory and figures from fuch foundations could) its 
 {lability. Having effeded this defign, the author leaves to his 
 readers individually to draw their own conclufions from thefe 
 eftimates, which have fully anfwered his view, if they ferve to 
 render fufpicious or expofe to ridicule, this malignant attack on 
 the profperity of the country. 
 
 * A cafual reader of Mr. Paine would conclude, that though 
 we have progreffively accumulated our debts for the laft century, 
 no provifion had been made for their liquidation: far, however, 
 is this from being the cafe, for befides the million (now in« 
 creafed to ^1,872,200) annually appropriated for that purpofc, 
 there has been one per cent on the amount of every new loan, 
 provided for its difcharge ; and even the defponding Mr. Mor- 
 gan is obliged to allow, that this provifion will difcharge every 
 debt contrafted during the war, within thirfy-feven years. 
 Where then is the threatened ruin, which makes the friend of his 
 country defpair? it can only exift in the imaginations of theorifis, 
 
 while
 
 [ 23 ] 
 
 In this refutation of your predidlion,- 1 have 
 argued from your own vague and indefinite afler- 
 tions : but if you rcfled: on the emifllons of pa- 
 per by the bank, you will quickly find that not 
 {o much as one lingle folitary note has been 
 iflued for the payment of the dividends on the 
 funds. For if you will trouble yourfelf to ex- 
 amine any authentic account of the revenue an- 
 nually received fince the commencement of the 
 funding fyftem, and of its application, you will 
 perceive that taxes to the amount of the intereft 
 on the national debt have been always raifed, 
 and that in no one period has government been 
 I'cduced to the neceility of emitting paper to fup- 
 ply the deficiency. 
 
 You will perceive your aflertions, that this 
 " fecond debt (that contained in bank notes) 
 *' has in a great meafure been incurred to 
 " pay the intereft on the firft debt ; fo that 
 *' in fadl, little or no real intereft has been paid 
 ** by government ;" that ** the whole has been 
 " dclufton and fraud;" that ^'government firft 
 " contraded a debt in the form of loans to one 
 ** clafs of people, and then run clandeftinely 
 *• into debt with another clafs, by means of 
 
 while the country is thus enabled to limit the exiftence of her 
 incumbrances by the creation of a fund, whofe operation muft, 
 wilhin a fpecific period, relieve her burthens. 
 
 B 4 " bank
 
 C 24 ] 
 
 ^' bank notes to pay the intereft;" that •* go- 
 •* vernrtient a6ted of itfelf, in contracfting the 
 *' firft debt, and made a machine of the bank to 
 ■^** cbnttaft the fetond/' to be falfe. And you 
 tntift, lat the fame time, perceive, that not the 
 ifmalleft analogy fubfifls between the Englifh, 
 f'rench, and American fyftems ; for the one 
 "funds its debt, raifes a revenue to pay the in- 
 tereft, and by degrees the principal : the others 
 'trhit the whole principal into circulation, pay 
 HO intereft, and redeem nothing. How any 
 iimilarity can exift in circumflances fo oppofite, 
 To totally different'' I am at a lofs to imagine. 
 
 However fmall your eftimation with the pub- 
 lick may be for wifdom, as a politician, and 
 lionefly as a financier, it cannot be fufpefted that 
 you were ignorant of this elfential difference : 
 indeed, the reafon why you conceal it is obvious; 
 you yourfelf difclofe it, when laying, " that 
 '** every cafe of a failure in finances fince the 
 "** fyffem of paper began, has produ<:cd a revo- 
 ** lution in government, either total or partial. 
 "•* A failure in the finances of France produce(i 
 *' the French revolution ; a failure in the finances 
 '" of the aflignats broke up the revolutionary 
 " government, and produced theprefent French 
 *' conftitution i a failure- in the finances of the 
 .J *<old
 
 C '=5 ] 
 
 ** old congrefs of America, and the embarrafT- 
 " ments it brought upon commerce, broke up 
 *' the fyftem of the old federation, and pro- 
 *' duced the prefent federaj conllitution. If 
 ^* then we admit of reafoning by comparifon of 
 " caufes and events: a failure in the Englifli 
 ** finances will produce fomc change in the go- 
 " vernment of that country." When wantonly 
 declaring your hatred to this country, when ex- 
 plicitly difcovering your wi(h to fee it involved 
 in the fame deftruclive anarchy, the fame ruin- 
 ous confufion, which has rendered France the 
 deplorable picture of rapine and injuftice, which 
 has fhewn that once happy country to the vievr 
 of affrighted Europe as the grand depot of mi- 
 fery and difcord ; and which proclaims to the 
 world the depravity of the human race, when 
 fpurning the wholefome reftraints of eftablifhed 
 government, and the guardian protedion of 
 law. Their efforts have indeed been fuccefsful, 
 and their vidories brilliant: but how have they 
 been obtained? why by public infolvency ; by 
 the negled and fubfequent ruin of their navy ; 
 by the annihilation of their commerce; by at- 
 tacks on the property of individuals ; by the 
 moil cruel oppreffions, difguifcd under the name 
 of liberty. If external glory is then only to 
 
 be
 
 ;[ ^6 ] 
 
 he obtained by internal mifery, happy the nltion 
 deflincd to mediocrity. 
 
 The only emifiions of pcpcr by the Britifh 
 government are exchequer and navy bills ; both 
 -which, however, differ effentialiy from the con- 
 tinental money of America, and the afiignats of 
 France ; for with a well grounded apprehenfion 
 of the baneful cffccls of a government paper, it 
 has been the guarded policy of Mr. Pitt's ad- 
 minirtration, to annually fund the floating debt, 
 which has at no period incrcafcd to more than 
 fifteen millions, a fum comparatively trifling, 
 and indeed of inconlidcrable moment, when we 
 recollc(5t that the wide extended paper cmiflions 
 of private individuals, authorize it to be com- 
 pared to a drop of water call into the fca. 
 Though from the fmallnefs of its amount it 
 bears no comparifon to the difcreditcd paper 
 of either America or France; yet there exifls 
 the ftill more important difference of its having 
 an interefl: paid upon it, and of its not being ^ 
 legal tender. This difference may not ffrike a 
 cafual obferver, m.ay be overlooked by thofe who 
 have an interefl: to have thern confidered as ana^ 
 logous ; but reflecliion will difcover a wide dif-» 
 ferencc between that paper on which an interefl; 
 is. paid, an4 that,pi> which, there is none; be-^ 
 tween that paper, the currency of which is 
 
 optional.
 
 C 27 ] 
 
 optional, and that the receipt of which is forced j 
 between that paper which forms the monied 
 tranfadions of fpeculatifls, and that which is 
 forcibly introduced into the common occurrences 
 of life as a fubftitute for fpecie ; between that 
 paper, which it is known will be funded, and 
 that, which it is equally known will be depre- 
 ciated ; between that paper, -v hofe fecurity is 
 of an hundred years ftanding, and that whofe fe- 
 curity has not exifted an hundred months ; whofe 
 vilionarv credit, founded in robbery and ex^ 
 tortion, has been fliakcn by a ruinous depre- 
 ciation, and a deftrudivc bankruptcy. 
 
 Thus have I fhewn that there fubfifts not the 
 fmallefl: trace of fimilarity between the funded 
 debt of Britain, and the paper of either America 
 or France ; and that the unfunded debt of this 
 country bears no refemblance, either in its origin, 
 or progrefs, to the French afilgnats. 
 
 Having finifhed my examination of, and re- 
 ply to your attack on the (lability of the Britifh 
 funds ; and having concluded fuch a defence of 
 them as will, I truft, dertroy the baneful ten- 
 dency of your unfounded afiertions and invi- 
 dious remarks ; I fliould ghdly have been ex- 
 cufed the unpleafant tafk of treating you as one 
 M'ho, in the purfuit of his objed (whatever may 
 
 be
 
 C =3 ] 
 
 be his prctcnfions to pubUck virtue) adopts the 
 Machiavclian principle of politics, which direds 
 that to gain your end, no acceflary means, how- 
 ever infamous, are to be negleded: for not con- 
 tented with a wanton attack on the credit of your 
 country; you have alfo, with the fame malignant 
 fpirit which has ever diftinguifncd your publick 
 condu6t towards Britain, attempted to undermine 
 the confidence repofed in the bank ; and by the 
 overthrow of this great commercial engine, in- 
 volve the country in ruin and bankruptcy. For- 
 tunately, your attack made on ground, the moll: 
 untenable, has failed ; and even jour own party fee 
 that they muft no longergivc faith to the aflertions 
 of one who has worn out the very web of credibi- 
 lity. The view with which you fay, that " a ftop- 
 *' page of payment at the bank is not a new thing, 
 " for Smith, in his Wealth of Nations, book 2, 
 *' chap. 2, fays, that in the year 1696, exchequer 
 " bills fell forty, fifty, and fixty per cent; bank 
 " notes twenty per cent, and the bank ftopt pay- 
 *' ment;" and that " which happened in 1696, 
 */ may happen again in 1796," is fufficiently ob- 
 vious. A plain ftatement of the remark of Dr. 
 Adam Smith is a fufficient refutation of the infe- 
 rence you draw; for who cannot perceive, that; 
 though " during the great recoixiage of filvcr 
 
 " which
 
 C ^9 J 
 
 ^' v/hich was going on at that time, the bank 
 ** thought proper to difcontinue the payment of 
 ** its notes, which necelTarily occafioned their 
 ^•' difcredit." That this was caufed, not by the 
 want of capita!, not by infolvency, but that it arofo 
 from the temporary want of fpecie ; though at 
 the time there was bullion and other fecuritie^ 
 fufficient to anfwcr the demand ; and does hot 
 the fact bear out the aficrtion, that the bank has 
 never been infolvent, for as foon as the rccoin- 
 age was over, did it not go on with renovated 
 credit? And though there hasfmce been one 
 or two hard runs on the bank, though its credit 
 was attacked by a flrongly cemented confpiracy, 
 for the pufpofe of deltroying the well-grounded 
 confidence it had obtained, and was aided by the 
 march of an army into the very centre of the 
 kingdom, though the government then exifted 
 in the moft perilous uncertainty: yet. what was 
 the rcfulr ? the mercantile intereft knew, that if 
 by thefe machinations the bank Ihould fail, that 
 inevitable ruin would fall upon themfelvcs* This 
 Convidlion roufed them, and a publick agree- 
 ment was entered into for its fupport. For 
 though, as you fneeringly fay, reduced to 'the 
 ncceflity of paying in fix-pences, yet the com-r 
 mercial, and mofl: refpetftable part of the people 
 were confident of its folvency, and this. conti» 
 
 dence,
 
 [ JO ] 
 
 dcncc, experience has fully julVified. From that 
 period to the prefent time, the bank has neither 
 fuffcrcd a diminution of its credit, nor have its 
 operations been cramped by the fetters of an in- 
 creafing infolvency. 
 
 - For the purpofe of fupporting your attack, 
 you enter into llrange and curious kind of rea- 
 foning, to fhevv that the bank docs not polTefs 
 two millions of fpecie, and that therefore as 
 your aflertion, no doubt, is true, of its having 
 iflued notes to the amount of lixty millions, that 
 it cannot pay ten-pence in the pound, fhould 
 payment be demanded. The coin of the country 
 is calculated from data, taken from the mint, 
 to amount to twenty millions; what portion the 
 bank polfefTes, no individuals, (the diredors ex- 
 cepted) either of this, or any other country can 
 be informed ; one may eftimate it as fuits his 
 argument, another as it fuits his. It is of little 
 confequence what cftimates are formed of it, 
 unlefs thofe eftimates are founded on fomething 
 befides mere theory j and as it is impoflible to 
 obtain a knowledge of the faft, I, fliall decline 
 entering into the difcuflion ; and fhall therefore, 
 as I have done in the fimilar cafe of the amount 
 of bank notes in circulation, build my argument 
 on your own afiertion; for if, from the affert ions 
 of its enemies, its folvency is proved : how rnuch 
 
 more
 
 [ 3> ] 
 
 more would it be fnewn if the (aSis were made 
 publick? 
 
 On your unprecedented mode of endeavouring 
 to prove the infolvency of the bank, you feera 
 to banifn from your calculation the various fe- 
 ciiritics in which they have invelled ihcir im- 
 menfe property. While ue hear of its being m 
 advance to government many millions — while 
 we are informed of the extent of its difcounts — 
 and while we know the large amount of its 
 property in the funds, we cannot conclutie that 
 it is infolvent ; fuch an infolvency would in- 
 deed be unprecedented. For who can difcover 
 in a concern which makes the immenfe profit 
 of a million* annually, any trace of an approach- 
 ing bankruptcy ? 
 
 Before allov/ing your unfupported conclufion 
 of the infolvency of the bank, I would requcit 
 you to refle<fl: on the immenfe paper currency of 
 individuals. It is generally allowed that there is 
 circulating private paper, to the amount of more 
 than one hundred and fifty millions. The con- 
 
 * This is faid under the idea that it has, agreeably, to Mr. 
 Paine's afferrion, a balance of fifty-eight millions in its hands ; 
 for if on this fum it gains no more tlian three per cent, its 
 profits, after fubilrafting the amount of the dividend on its ca- 
 pital, will be ^995,400. 
 
 clufion
 
 C 3» ] 
 
 clufion from this, that the twenty millions of 
 fpccie in circulation, cannot pay all thcfe bills, 
 if offered for payment, is obvious ; but igno- 
 rant indeed, mull he be of monied tranfuelions, if 
 from this he was to conclude, that the private 
 banks were infolvent. For though they cer- 
 tainly do not polfefs fpecie to anfwer their emif- 
 iions, yet they pofTefs fecurity and property to 
 the amount ; for was it not the cafe of feveral 
 of the firft merchants (whofe paper experienced 
 depreciation in 1792} to be obliged to a tem- 
 porary celTation of their payments, and yet did 
 not their affairs, on examination, prove folvent ? 
 If then, from any unforcfeen caufe j if fron^ 
 any arts of our enemies, credit was to be fhaken, 
 and confidence banifhed, do you imagine that 
 infolvency muft enfue ? certainly not, for al- 
 lowing your own exaggerated eftimate, that the 
 bank has ilTued fixty millions of paper; that 
 private paper amounts to one hundred and fifty 
 millions, and that the circulating fpecie is only 
 twenty miUions, there remains one hundred and 
 ninety millions unpaid j and as you would wifh 
 to have'it believed, without property or fecurity^ 
 in either capital or land to anfwer it, how 
 erroneous would this conclufion be I for was it 
 not eftimated laft year in the Houfe of Com-» 
 
 mons.
 
 I 33 ] 
 
 mons *, that the national capital was thirteen 
 hundred millions. Trifling indeed, mufl be the 
 confidence exifting between individuals, and 
 fmall the credit enjoyed by the bank of England, 
 if a capital of thirteen hundred millions will 
 not fupport the credit of an emiflion of no 
 more than two hundred and ten millions of 
 paper. Experience has indeed (hewn, that the 
 fteady confidence which has been fo long and 
 fo juftly placed in the capital and refources of 
 the Britifli nation, will bear no analogy to your 
 abfurd definition that, " publick credit is only 
 " fufpicion afleep." This, however, is not the 
 only inftance in which you mufl be confcious 
 of attempting to influence the opinions of your 
 readers, by whimfical conceits and epigram- 
 matick turns of exprefllon, equally unconnedled 
 with argument, truth, or candour. 
 
 Having now compleated a reply to your at- 
 tacks on the Britifli funds, and on the credit of the 
 Englifh bank, I conclude, by exprefllng the 
 wifli, that fliould you again attack the profpcrity 
 of your country, it may be on the fame falfe and 
 fiimfy foundation; it may be urged with the 
 
 * As this eftimate was uncontradi«Jted by any member of the 
 houfe, it is certainly a ^lata of fuiHcient acknowledged truth to /f^ 
 form a calculation from. 
 
 C fame. 
 
 , /t^'^
 
 C 3+ ] 
 
 fame defaltory declamation ; it may be fupported 
 with the fame number of uaproved affertions, 
 and the fame want of folid argument, which 
 .diftinguifhes your prefent performance. 
 
 Old yewry, 
 20fb Ju/y, ijgb. 
 
 DANIEL WAKEFIELD, 
 
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