So that in 1832, if the present course be followed (of which there is no immediate cause to doubt) the whole amount of borrowed money for 1799 will have been paid off with five per cent. per annum for the total amount owing at the time throughout the

whole period, and over and beyond an excess or over-payment of three hundred and twentysix thousand six hundred pounds; yet the fundholder, so far from giving back any portion of this sum, or paying interest for it, will yet require that we shall continue to pay double interest for the nominal debt, or buy it at nearly two-fold, although we shall have already redeemed it. I have a general wish not to mislead on any account, and should be sorry that this were taken as an average of the terms on which loans have been contracted for by our government: there were few on terms quite so outrageously impoverishing. However, I will give one other case, which was somewhat about the worst I have seen the particulars of, being the history of the loan of the preceding year.

In 1798, one million six hundred and twenty thousand pounds were borrowed, the terms for which were, that for every one hundred pounds received there should be two hundred and twenty-six pounds ten shillings, three per cents. given as an acknowledgment, so that the stock created was three millions six

hundred and sixty nine thousand and three hundred pounds. The annual charge incurred was one hundred and ten thousand and seventy-nine pounds, and the interest at five per cent. (any thing beyond which is declared usury by that same government) would have come to eighty-one thousand pounds, whereby the public lost to the loan contractor and his successors, every year, twenty-nine thousand and seventy-nine pounds. Proceeding then with the calculation, as in the preceding case, I say