Supposing, then, that the wars that India has occasioned have cost (or the proportion of the debt they have occasioned) one-sixth part of the whole of our debt, and that the profits on goods to India, and private fortunes, came into the public treasury, there would still have been a great loss to the state; but this has not been the case, the interest of the debt has been levied on the people, and will continue to be so, till all is paid off; which, according to the plan of the sinking fund, will be in thirty-five years, so that we shall have about 750,000,000 L. more to pay, {169} supposing we have peace all that time, and continue to possess India.

There is something very gloomy in this view of national affairs, and yet there is no apparent method of making it more pleasing.

It is, on the contrary, very possible, that as Malta, on account of its being supposed the key to India, has cost us 20,000,000 L. within a few years, that, in less than thirty-five years, it may cost us something more; and, it is not by any means impossible, that, before that period, we may either lose India, or give it away; on either of which suppositions, the arithmetical balance of profit and loss will be greatly altered, to our farther disadvantage.

On the possessions in India, and the complicated manner in which our imports (again exported) affect the nation, a volume might be written, but it would be to very little purpose, in a general inquiry of this sort.  It is sufficient to shew here that the wealth obtained by that channel is not of great magnitude, in comparison either of the

—–­ {168} The nearness of the balance of trade, to the amount of debt contracted, will naturally excite attention, but it appears merely accidental, and to have not any real connection.

Debt borrowed L500,000,000
Interest paid L590,000,000
                                         ______________
          
                               L1,090,000,000

[Transcriber’s note:  L=GBP/Pounds Sterling.]

{169} Let the future profits and expenses be set against each other, like the last. -=-

[end of page #207]

wealth acquired by foreign trade, or by our industry at home; and that, at the same time, we see that it excites more envy and jealousy than all the rest of the advantages we enjoy put together.

Badly as men act in matters of interest, and much as envy blinds them in cases of rivalship, yet still there is a certain degree of justice predominant in the mind, that admits the claim of merit and true desert.  Every person, who has heard the conversation, or read the opinions of people in other nations, on the wealth and greatness of England, will allow, that, as commercial men, and as manufacturers, we are the wonder of the world, and excite admiration; but, concerning our dominion over India, and our plantations in the American islands, foreigners speak very differently.