If the above course of proceeding is justly characterised as prudent, what must be said of the scheme of a directly opposite tendency which was brought forward and partially carried into effect by the govern ment in 1822 ? When the measure for commuting the half-pay and pensions usually denominated the "dead weight" was adopted in that year, the annual charge to which those obligations amounted was about five millions. From year to year the public would have been relieved from a part of this burthen through the falling in of lives, until, ac cording to the most accurate computa tion, the whole would have ceased in forty-five years. The measure above alluded to was an attempt to commute these diminishing payments into an un varying annuity of forty-five years cer tain ; and the calculation which was made assumed that by the sale of such a fixed annuity of 2,800,0001. funds might be procured enough to meet the diminishing demands of the claimants. Only a part of this annuity was sold. The Bank of England purchased an an nuity, payable half-yearly until 1867, for 585,740l., and paid for the same be tween 1823 and 1828, in nearly equal quarterly instalments, the sum of 13,089,4191. For the sake of obtaining a partial relief during those six years, to the amount of 94 millions, we have thus had fixed upon the country for thirty nine subsequent years an annual payment of 585,7401. It is not possible to allow that both the courses, so directly opposed to each other, could have been wise. Without inquiring further into the mat ter, it may be said that the plan of taking a larger burthen neon ourselves, that we may relieve those who come after us, has at least the recommendation of being the most generous ; and considering that our successors will have had no hand in the contracting of the debts, the burthen of which they will have to bear, it might also be said that such a course is the most just.
Some saving has been effected since 1816 in the charges of management. This saving was part of the bargain made by the government with the Bank of Eng land on the renewal of its charter in 1833 and 1844, and may be considered as a part of the price paid by that esta blishment for the prolongation of certain of its privileges. [BANK, p. 267.] The functions intrusted to the Bank of Eng land with reference to the National Debt do not extend to the transaction of any mat ter connected with its reduction. Such business is placed under the control of a body of commissioners, who act ex Ode snider the provisions of an act of parlia ment. This board is composed of the speaker of the House of Commons, the chancellor of the exchequer, the master of the rolls, the lord chief baron of the Court of Exchequer, the accountant general of the Court of Chancery, and the governor and the deputy-governor of the Bank of England. The greater part of these commissioners do not take any part in the management of the business, the details of which are attended to by permanent officers, viz. a secretary and comptroller-general, and an actuary, with an adequate establishment of assistants and clerks : the ultimate control is exer cised by the chancellor of the exchequer for the time being, assisted by the go vernor and deputy-governor of the Bank of England.
The Unfunded Debt consists chiefly of Exchequer Bills,and their use is explained under the head UNFUNDED DEBT.