be reserved to defend it in
case of necessity. The interest we now pay for our debts would be
nearly sufficient to maintain any war, that any national motives could
require. And if our ancestors in king William's time had annually
paid, so long as their exigences lasted, even a less sum than we now
annually raise upon their accounts, they would in the time of war have
borne no greater burdens, than they have bequeathed to and settled
upon their posterity in time of peace; and might have been eased the
instant the exigence was over.

THE produce of the several taxes beforementioned were originally
separate and distinct funds; being securities for the sums advanced on
each several tax, and for them only. But at last it became necessary,
in order to avoid confusion, as they multiplied yearly, to reduce the
number of these separate funds, by uniting and blending them together;
superadding the faith of parliament for the general security of the
whole. So that there are now only three capital funds of any account,
the _aggregate_ fund, and the _general_ fund, so called from such
union and addition; and the _south sea_ fund, being the produce of the
taxes appropriated to pay the interest of such part of the national
debt as was advanced by that company and it's annuitants. Whereby the
separate funds, which were thus united, are become mutual securities
for each other; and the whole produce of them, thus aggregated, is
liable to pay such interest or annuities as were formerly charged upon
each distinct fund; the faith of the legislature being moreover
engaged to supply any casual deficiences.

THE customs, excises, and other taxes, which are to support these
funds, depending on contingencies, upon exports, imports, and
consumptions, must necessarily be of a very uncertain amount; but they
have always been considerably more than was sufficient to answer the
charge upon them. The surplusses therefore of the three great national
funds, the aggregate, general, and south sea funds, over and above
the interest and annuities charged upon them, are directed by statute
3 Geo. I. c. 7. to be carried together, and to attend the disposition
of parliament; and are usually denominated the _sinking_ fund, because
originally destined to sink and lower the national debt. To this have
been since added many other intire duties, granted in subsequent
years; and the annual interest of the sums borrowed on their
respective credits is charged on a