more　than　an　equal　annuity　for　a　separate　life；　and　from　the
  confidence　which　every　man　naturally　has　in　his　own　good　fortune；
  the　principle　upon　which　is　founded　the　success　of　all　lotteries；
  such　an　annuity　generally　sells　for　something　more　than　it　is
  worth。　In　countries　where　it　is　usual　for　government　to　raise
  money　by　granting　annuities；　tontines　are　upon　this　account
  generally　preferred　to　annuities　for　separate　lives。　The
  expedient　which　will　raise　most　money　is　almost　always　preferred
  to　that　which　is　likely　to　bring　about　in　the　speediest　manner
  the　liberation　of　the　public　revenue。
  In　France　a　much　greater　proportion　of　the　public　debts
  consists　in　annuities　for　lives　than　in　England。　According　to　a
  memoir　presented　by　the　Parliament　of　Bordeaux　to　the　king　in
  1764；　the　whole　public　debt　of　France　is　estimated　at　twenty…four
  hundred　millions　of　livres；　of　which　the　capital　for　which
  annuities　for　lives　had　been　granted　is　supposed　to　amount　to
  three　hundred　millions；　the　eighth　part　of　the　whole　public　debt。
  The　annuities　themselves　are　computed　to　amount　to　thirty
  millions　a　year；　the　fourth　part　of　one　hundred　and　twenty
  millions；　the　supposed　interest　of　that　whole　debt。　These
  estimations；　I　know　very　well；　are　not　exact；　but　having　been
  presented　by　so　very　respectable　a　body　as　approximations　to　the
  truth；　they　may；　I　apprehend；　be　considered　as　such。　It　is　not
  the　different　degrees　of　anxiety　in　the　two　governments　of　France
  and　England　for　the　liberation　of　the　public　revenue　which
  occasions　this　difference　in　their　respective　modes　of　borrowing。
  It　arises　altogether　from　the　different　views　and　interests　of
  the　lenders。
  In　England；　the　seat　of　government　being　in　the　greatest
  mercantile　city　in　the　world；　the　merchants　are　generally　the
  people　who　advance　money　to　government。　By　advancing　it　they　do
  not　mean　to　diminish；　but；　on　the　contrary；　to　increase　their
  mercantile　capitals；　and　unless　they　expected　to　sell　with　some
  profit　their　share　in　the　subscription　for　a　new　loan；　they　never
  would　subscribe。　But　if　by　advancing　their　money　they　were　to
  purchase；　instead　of　perpetual　annuities；　annuities　for　lives
  only；　whether　their　own　or　those　of　other　people；　they　would　not
  always　be　so　likely　to　sell　them　with　a　profit。　Annuities　upon
  their　own　lives　they　would　always　sell　with　loss；　because　no　man
  will　give　for　an　annuity　upon　the　life　of　another；　whose　age　and
  state　of　health　are　nearly　the　same　with　his　own；　the　same　price
  which　he　would　give　for　one　upon　his　own。　An　annuity　upon　the
  life　of　a　third　person；　indeed；　is；　no　doubt；　of　equal　value　to
  the　buyer　and　the　seller；　but　its　real　value　begins　to　diminish
  from　the　moment　it　is　granted；　and　continues　to　do　so　more　and
  more　as　long　as　it　subsists。　It　can　never；　therefore；　make　so
  convenient　a　transferable　stock　as　a　perpetual　annuity；　of　which
  the　real　value　may　be　supposed　always　the　same；　or　very　nearly
  the　same。
  In　France；　the　seat　of　government　not　being　in　a　great
  mercantile　city；　merchants　do　not　make　so　great　a　proportion　of
  the　people　who　advance　money　to　government。　The　people　concerned
  in　the　finances；　the　farmers　general；　the　receivers　of　the　taxes
  which　are　not　in　farm；　the　court　bankers；　etc。；　make　the　greater
  part　of　those　who　advance　their　money　in　all　public　exigencies。
  Such　people　are　commonly　men　of　mean　birth；　but　of　great　wealth；
  and　frequently　of　great　pride。　They　are　too　proud　to　marry　their
  equals；　and　women　of　quality　disdain　to　marry　them。　They
  frequently　resolve；　therefore；　to　live　bachelors；　and　having
  neither　any　families　of　their　own；　nor　much　regard　for　those　of
  their　relations；　whom　they　are　not　always　very　fond　of
  acknowledging；　they　desire　only　to　live　in　splendour　during　their
  own　time；　and　are　not　unwilling　that　their　fortune　should　end
  with　themselves。　The　number　of　rich　people；　besides；　who　are
  either　averse　to　marry；　or　whose　condition　of　life　renders　it
  either　improper　or　inconvenient　for　them　to　do　so；　is　much
  greater　in　France　than　in　England。　To　such　people；　who　have
  little　or　no　care　for　posterity；　nothing　can　be　more　convenient
  than　to　exchange　their　capital　for　a　revenue　which　is　to　last
  just　as　long；　and　no　longer；　than　they　wish　it　to　do。
  The　ordinary　expense　of　the　greater　part　of　modern
  governments　in　time　of　peace　being　equal　or　nearly　equal　to　their
  ordinary　revenue；　when　war　comes　they　are　both　unwilling　and
  unable　to　increase　their　revenue　in　proportion　to　the　increase　of
  their　expense。　They　are　unwilling　for　fear　of　offending　the
  people；　who；　by　so　great　and　so　sudden　an　increase　of　taxes；
  would　soon　be　disgusted　with　the　war；　and　they　are　unable　from
  not　well　knowing　what　taxes　would　be　sufficient　to　produce　the
  revenue　wanted。　The　facility　of　borrowing　delivers　them　from　the
  embarrassment　which　this　fear　and　inability　would　otherwise
  occasion。　By　means　of　borrowing　they　are　enabled；　with　a　very
  moderate　increase　of　taxes；　to　raise；　from　year　to　year；　money
  sufficient　for　carrying　on　the　war；　and　by　the　practice　of
  perpetually　funding　they　are　enabled；　with　the　smallest　possible
  increase　of　taxes；　to　raise　annually　the　largest　possible　sum　of
  money。　In　great　empires　the　people　who　live　in　the　capital；　and
  in　the　provinces　remote　from　the　scene　of　action；　feel；　many　of
  them；　scarce　any　inconveniency　from　the　war；　but　enjoy；　at　their
  ease；　the　amusement　of　reading　in　the　newspapers　the　exploits　of
  their　own　fleets　and　armies。　To　them　this　amusement　compensates
  the　small　difference　between　the　taxes　which　they　pay　on　account
  of　the　war；　and　those　which　they　had　been　accustomed　to　pay　in
  time　of　peace。　They　are　commonly　dissatisfied　with　the　return　of
  peace；　which　puts　an　end　to　their　amusement；　and　to　a　thousand
  visionary　hopes　of　conquest　and　national　glory　from　a　longer
  continuance　of　the　war。
  The　return　of　peace；　indeed；　seldom　relieves　them　from　the
  greater　part　of　the　taxes　imposed　during　the　war。　These　are
  mortgaged　for　the　interest　of　the　debt　contracted　in　order　to
  carry　it　on。　If；　over　and　above　paying　the　interest　of　this　debt；
  and　defraying　the　ordinary　expense　of　government；　the　old
  revenue；　together　with　the　new　taxes；　produce　some　surplus
  revenue；　it　may　perhaps　be　converted　into　a　sinking　fund　for
  paying　off　the　debt。　But；　in　the　first　place；　this　sinking　fund；
  even　supposing　it　should　be　applied　to　no　other　purpose；　is
  generally　altogether　inadequate　for　paying；　in　the　course　of　any
  period　during　which　it　can　reasonably　be　expected　that　peace
  should　continue；　the　whole　debt　contracted　during　the　war；　and；
  in　the　second　place；　this　fund　is　almost　always　applied　to　other
  purposes。
  The　new　taxes　were　imposed　for　the　sole　purpose　of　paying
  the　interest　of　the　money　borrowed　upon　them。　If　they　produce
  more；　it　is　generally　something　which　was　neither　intended　nor
  expected；　and　is　therefore　seldom　very　considerable。　Sinking
  funds　have　generally　arisen　not　so　much　from　any　surplus　of　the
  taxes　which　was　over　and　above　what　was　necessary　for　paying　the
  interest　or　annuity　originally　charged　upon　them；　as　from　a
  subsequent　reduction　of　that　interest。　That　of　Holland　in　1655；
  and　that　of　the　ecclesiastical　state　in　1685；　were　both　formed　in
  this　manner。　Hence　the　usual　insufficiency　of　such　funds。
  During　the　most　profound　peace　various　events　occur　which
  require　an　extraordinary　expense；　and　government　finds　it　always
  more　convenient　to　defray　this　expense　by　misapplying　the　sinking
  fund　than　by　imposing　a　new　tax。　Every　new　tax　is　immediately
  felt　more　or　less　by　the　people。　It　occasions　always　some　murmur；
  and　meets　with　some　opposition。　The　more　taxes　may　have　been
  multiplied；　the　higher　they　may　have　been　raised　upon　every
  different　subject　of　taxation；　the　more　loudly　the　people
  complain　of　every　new　tax；　the　more　difficult　it　becomes；　too；
  either　to　find　out　new　subjects　of　taxation；　or　to　raise　much
  higher　the　taxes　already　imposed　upon　the　old。　A　momentary
  suspension　of　the　payment　of　debt　is　not　immediately　felt　by　the
  people；　and　occasions　neither　murmur　nor　complaint。　To　borrow　of
  the　sinking　fund　is　always　an　obvious　and　easy　expedient　for
  getting　out　of　the　present　difficulty。　The　more　the　public　debts
  may　have　been　accumulated；　the　more　necessary　it　may　have　become
  to　study　to　reduce　them；　the　more　dangerous；　the　more　ruinous　it
  may　be　to　misapply　any　part　of　the　sinking　fund；　the　less　likely
  is　the　public　debt　to　be　reduced　to　any　considerable　degree；　the
  more　likely；　the　more　certainly　is　the　sinking　fund　to　be
  misapplied　towards　defraying　all　the　extraordinary　expenses　which
  occur　in　time　of　peace。　When　a　nation　is　already　overburdened
  with　taxes；　nothing　but　the　necessities　of　a　new　war；　nothing　but
  either　the　animosity　of　national　vengeance；　or　the　anxiety　for
  national　security；　can　induce　the　people　to　submit；　with
  tolerable