DEBT

In Political Economy and Finance, the amount of the sums or obligations owing by a nation or state. In modern times, it has been customary, in most countries, on the occurrence of any circumstances that occasioned any considerable increase of expense, to borrow either the whole or some portion thereof, paying a certain stipulated interest for the same. In this country, the practice of borrowing money, in order to defray part of the war expenditure, was introduced In the reign of William III. And how much soever opinions may differ as to the policy of borrowing or fending in ordinary times, it could not, at its introduction into Great Britain, be dispensed with. The Revolution involved us in a bloody and expensive contest with Louis XIV., then in the zenith of his power, who espoused the the exiled family of Stuart. But, though great and imminent, the danger from without was inferior to that from within. A numerous and powerful party were favorable to the views of the Pretender; and the imposition of such additional taxes as would have been required to defray the heavy cost of the contest we were forced to wage for our Liberties and religion, would have given a violent shock to III. Deb! in 1763 Paid during peace, from 1763 to 1775 Debt at the commencement of the American war, in 1775 •••••..... Debt contracted during the American war Debt at the conclusion of the American war, in 1784 Paid during peace, from 17S4 to 1793 •••••... Debt at the commencement of the French war, in 1792 Debt contracted during the French war Total funded an! unfunded debt on the 1st of February, 1817, whea the English and Irish consolidated Debt cancelled from the 1st of February, 1817, to the 5th of January, 1841 Debt, and charge thereon. 5th of January, 1841..... * This account has been made up partly from the table in Dr. Hamilton's work on the National 66, Seas. 1834; and partly from the Annual Finance Booh lor the year ending 6th of January, [s. 825]