made the administration seem easy, since the war went on without any new taxes raised, except the very last year they were in power; not considering what a mighty fund was exhausted, and must be perpetuated, although extremely injurious to trade, and to the true interest of the nation.
This great fund of the general mortgage, was not only loaded, year after year, by mighty sums borrowed upon it, but with the interest due upon those sums: for which the treasury was forced to strike tallies, payable out of that fund, after all the money already borrowed upon it, there being no other provision of interest for three or four years; till at last, the fund was so overloaded, that it could neither pay principal nor interest; and tallies were struck for both, which occasioned their great discount.
But, to avoid mistakes upon a subject where I am not very well versed either in the style or matter, I will transcribe an account sent me by sir John Blunt, who is thoroughly instructed in these affairs:
"In the year 1707, the sum of eight hundred twenty-two thousand three hundred and eighty-one pounds, fifteen shillings, and sixpence, was raised, by continuing part of the general mortgage from 1710 to 1712; but with no provision of interest till August the first, 1710, otherwise than by striking tallies for it on that fund, payable after all the other money borrowed.
"In 1708, the same funds were continued from 1712 to 1714, to raise seven hundred twenty-nine thousand sixty-seven pounds, fifteen shillings, and sixpence; but no provision for interest till August the first, 1712; otherwise than as be-
