Note 34 — PART IV. OF PUBLIC CREDIT. (continued 2)

When the bad consequences of shutting up the sinking fund were discovered, the King opened subscriptions, such as were the tontines of the last year, this of 60 millions, and one the next year of 30 millions; in which the discredited paper was received, in part payment of the sum. This I suppose is the reason why the supplies of 1759 and 1760 appear so high, and also why money appears to have been borrowed at so low a rate as 5 per cent. upon tontines, and 3 per cent. on article 4th of this year; because the interest of that part only which was paid in specie is stated; not the interest upon the discredited paper subscribed, which was paid out of the first twentieth.