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of the public revenue which yet remains unmortgaged is thusregularly spent before it comes in. Like an improvidentspendthrift, whose pressing occasions will not allow him towait for the regular payment of his revenue, the state is in theconstant practice of borrowing of its own factors and agents,and ofpaying interest for the use of its own money.

In the reign of king William , and during a great part ofthat of queen Anne, before we had become so familiar as weare now with the practice of perpetual funding, the greaterpart of the new taxes were imposed but for a short period oftime (for four, live, six, or seven years only), and a great partof the grants of every yearconsisted in loans upon anticipationsof the produce of those taxes. The produce being frequentlyinsufficient for paying within the limited term the principaland interest of the money borrowed, deficiencies arose, tomake good which it became necessary to prolong the term.

In 1097, by the 8th of William III . c. 20. the deficienciesof several taxes were charged upon what was then called thefirst general mortgage or fund consisting of a prolongation tothe first of August, 1706, of several different taxes, whichwould have expired within a shorter term, and of which theproduce was accumulated into one general fund. The defi-ciencies charged upon this prolonged term amounted to5,100,459/. 14*. 9 \d.

In 1701, those duties, with some others, were still furtherprolonged for the like purposes till the first of August, 1710,and were called the second general mortgage or fund. Thedeficiencies charged upon it amounted to 2,055,999/. 7*. 11 Id.

In 1707, those duties were still further prolonged, as afund for new loans, to the first of August, 1712, and werecalled the third general mortgage or fund. The sum borrowedupon it was 983,254/. 11*. 9 \d.

In 1708, those duties were all (except the old subsidy oftonnage and poundage, of which one moiety only was made apart of this fund, and a duty upon the importation of Scotchlinen, which had been taken off by the articles of union)still further continued, as a fund for new loans, to the first ofAugust, 1714, and were called the fourth general mortgage orfund. The sum borrowed upon it was 925,170/. 9*. 2 \d.

In 1709, those duties were all (except the old subsidy oftonnage and poundage, which was now left out of this fundaltogether) still further continued for the same purpose to thefirst ot August, 1710, and were called the fifth general mort-