This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1818 Excerpt: ...will be sufficient, if it continue for a long time, and'-be faithfully applied, to discharge any national debt, however great. The doctrine maintained by Dr. Price is, that the formation and inviolable appropriation of a sinking fund, operating by compound interest, in war as well as in peace, is a measure of the ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1818 Excerpt: ...will be sufficient, if it continue for a long time, and'-be faithfully applied, to discharge any national debt, however great. The doctrine maintained by Dr. Price is, that the formation and inviolable appropriation of a sinking fund, operating by compound interest, in war as well as in peace, is a measure of the utmost consequencet and that the effects of this system are greatly superior to those of any other application of a surplus, the expenditure and taxation being equal. That this is his opinion, appears from the passages above quoted, and many others to the same purpose. His work means this, or it means nothing: for it was never called in ques tion, that saving of expenditure, or increase of taxation, have a powerful effect on the state of national finance. In opposition to Dr. Price's doctrine, it is maintained, that the separation of a sinking fund from the general revenue, is a measure of no efficacy whatever; that the first and second methods of applying a surplus abovementioned, are merely different modes of official arrangement, leading to the same result;--that in time of war, when the expenditure exceeds the revenue, the preservation of the sinking fund, and consequent increase of loans, is a system from which no advantage can arise;--if it could be conducted without expense, it would be nugatory; as it is necessarily attended with expense, it is pernicious;--that at the conclusion of a war, any surplus revenue applied for the discharge of debt during the subsequent peace, operates by compound interest, during the continuance of peace: But the notion of uniting that period to another period of peace, or to a still longer period of alternate war and peace, in order to obtain the powerful effect of compound interest acting for a great length of...
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