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Home > History and Archaeology > History > 1,000 Answers to 1,000 Questions, a Reprint of the First (-Sixth) 1,000 Questions in the Tit-Bits Inquiry Column, with the Replies Thereto
1,000 Answers to 1,000 Questions, a Reprint of the First (-Sixth) 1,000 Questions in the Tit-Bits Inquiry Column, with the Replies Thereto

1,000 Answers to 1,000 Questions, a Reprint of the First (-Sixth) 1,000 Questions in the Tit-Bits Inquiry Column, with the Replies Thereto


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About the Book

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. 1884. Excerpt: ... 197.--In what year did the National Debt arise, and how has it attained its present sum f Towards the middle of the 17th century, as the principle of credit came into use in the mercantile communities of England, Italy, and Holland, the Governments of Europe gradually relinquished their old custom of extorting "benevolences," "aids," &c, from the people, and began to borrow money for public exigencies, binding the State to pay for what they borrowed a certain rate of interest per annum till the money was repaid, or the debt, to use the language of financiers, redeemed. The National Debt may be said to have arisen on the 6th of January, 1672, when Charles II. seized the bankers' deposits in the Exchequer, amounting to 1,328,526, and to still the panic which ensued promised to pay interest on the sum appropriated; but he failed to keep his promise, and the bankers accepted a composition in 1699, when an Act was passed allowing permanent interest at 3 per cent. This money still forms part of our funded debt. In 1693 some merchants subscribed 12,000,000 and lent it to the Government at 8 per cent, interest, for the purpose of carrying on the war with France. When the annual income of the country became inadequate to meet the charges of the foreign wars in which we were engaged, it became necessary to borrow the deficiency, and the National Debt has thus increased from time to time until it has attained its present vast proportions. The "splendid victories" of Marlborough raised the amount to 54 millions. In the 21st year of George II., who was "fond of war," the debt had reached the enormous total of 78 millions. The American War of Independence left it at 139 millions; in 1815, the year of Waterloo, the figure was 885 millions, the Crimean War ad...


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Product Details
  • ISBN-13: 9781150530166
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 152
  • Spine Width: 8 mm
  • Width: 189 mm
  • ISBN-10: 1150530162
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 286 gr

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1,000 Answers to 1,000 Questions, a Reprint of the First (-Sixth) 1,000 Questions in the Tit-Bits Inquiry Column, with the Replies Thereto
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