ing the date of the bill; these bills are renewed every year upon public notice being given by government, and the interest is paid at the period of renewal, according to the number of days that the bill has been in circulation; if the bill is not presented for renewal by the time appointed by the commissioners, the interest ceases from that period. Exchequer-bills were first issued in the year 1695, in consequence of the scarcity of specie occasioned by the recoinage in that year; they were then made out for sums of £5 and upwards, and bore an interest of 7 per cent., but either the interest was not regularly paid, or a great want of confidence in the new government prevailed among the people, for we find these floating obligations in 1697 at a discount of 40 per cent.; in order to remedy this, the Bank of England was empowered to augment its capital by receiving subscriptions partly in Exchequer-bills, which were held by the corporation as security for the money, and on which they received interest from government; this had the effect of restoring the bills to their proper value. Since this period Exchequer-bills have frequently been at a discount, and the government have been obliged either to raise the interest, or to convert them into permanent stock. The amount of Exchequer-bills usually in circulation is about £27,500,000, but during the war it was much larger, having been in 1815 upwards of £67,000,000; the statement previously given exhibits the change which has taken place in this portion of the public debt since that period. The amount of Exchequer-bills in circulation on the 5th of January, 1837, was £26,976,000. That division of the national debt which consists of terminable annuities, is not included in the official statements of the amount of the debt, but only in the annual charge. On the 5th of January, 1837, the existing annuities created an annual charge of £4,220,751 18s. 6d., and consisted of the following descriptions of terminable debt. Long Annuities.-These annuities originated in 1780, and have since received numerous additions; a part of most of the loans having been raised by the creation of a certain proportion of long annuities, with the permanent stock. The long annuities expire on the 5th of January, 1860, and amounted on the 5th of January, 1837, to £1,294,586 6s. 10d. Annuities for terms of Years.-These annuities have been granted at various times, and expire at several different periods; they are granted by the commissioners for the reduction of the national debt, under the Act 4 Geo. IV., c. 24, and 3 Will. IV., c. 14, in exchange for stock or money transferred to the said commissioners. The annual charge thus created according to the annuities outstanding on the 5th of January, 1837, was £1,402,363 18s. 6d. Life Annuities.-These are granted by the commissioners for the reduction of the national debt, by virtue of the same Acts as the certain annuities in exchange for stock or money, either on single or joint lives. The amount of life annuities on the 5th of January, 1837, was £874,232 4s. 6d. The Dead Weight Annuity.-At the conclusion of the war in 1815, the pensions to those who had served in the army and navy, amounted to upwards of £4,000,000 annually; it was found that these pensions had continued to decrease gradually every year, and it was estimated that in forty-five years they would be nearly annihilated; this induced the government in 1822, to endeavour to equalize the charge annually throughout this period, and by the Act 4 Geo. IV., c. 22 an annuity was authorized to be granted to any corporation who would pay a certain sum annually for a fixed term of years, such sum to decrease according to a scale proposed by government. The annuity authorized to be contracted for, was £2,800,000. The Bank of England agreed to take a portion amounting to £585,740, for which they advanced during the years from 1823 to 1828, both inclusive, the sum of £13,089,419, the annuity expires in 1867. This being the only part of the annuity sold by government, the Act of Parliament authorizing the contract was repealed by 9 Geo. IV., c. 79, so far as relates to that portion of the annuity unsold. The annuity was valued by Mr. Finlaison, the actuary at the National Debt Office, in June, 1832, at £10,935,227. The Bank have not yet disposed of any part of this security. The remainder of the government annuities consists chiefly of tontines, granted at various periods during the last war; a statement of them is given in the annexed account of the condition of the public debt and annual charge, on the 5th of January, 1837, taken from parliamentary returns. From a return laid before parliament in the session of 1833, it appeared that the number of public creditors was 279,751, but as many of the accounts were in joint names, and in the names of incorporated associations, it is not easy to ascertain the precise number of persons interested in the public funds; as the statement referred to contains some interesting information, it is here subjoined. An Account of the State of the Public Debt of Great Britain and Ireland, on the 5th of January, 1837. 761,422,570 18 9 26,976,000 00 Total funded Debt of the United Kingdom Exchequer-bills outstanding, 5th of January, 1837 Total funded and unfunded Debt of the United' Kingdom, unredeemed on 5th January, 1837788,398,570 18 9 Stock transferred to the commissioners for the reduction of the national debt, on account of Dona tions and Bequests Ditto on account of Stock unclaimed 234,617 19 0 293,206 16 3 Ditto unclaimed Dividends 849,200 0 0 428,276 4 4 Charge of the Public Debt of the United Kingdom in the year ending the 5th of January, 1837. Annuities per 4 Geo. IV., c. 22, expire 1867 585,740 0 0 1,402,363 18 6 2,900 0 0 874,232 4 6 Total charge of the British funded debt 27,347,580 8 1 and annuities Ireland. Interest on unredeemed capital Tontines and other life annuities debt} 1,178,788 18 9 6,823 7 3 Total charge of Irish debt and annuities £ 1,185,612 6 0 |