About nine millions are appropriated to the former; and the remainder, being nearly eight millions, to the latter.
As to the million, said to be applied to the reduction of the debt, it is so much like paying with one hand and taking out with the other, as not to merit much notice.

It happened, fortunately for France, that she possessed national domains for paying off her debt, and thereby lessening her taxes; but as this is not the case with England, her reduction of taxes can only take place by reducing the current expenses, which may now be done to the amount of four or five millions annually, as will hereafter appear.

When this is accomplished it will more than counter-balance the enormous charge of the American war; and the saving will be from the same source from whence the evil arose.

As to the national debt, however heavy the interest may be in taxes, yet, as it serves to keep alive a capital useful to commerce, it balances by its effects a considerable part of its own weight; and as the quantity of gold and silver is, by some means or other, short of its proper proportion, being not more than twenty millions, whereas it should be sixty (foreign intrigue, foreign wars, foreign dominions, will in a great measure account for the deficiency), it would, besides the injustice, be bad policy to extinguish a capital that serves to supply that defect.

But with respect to the current expense, whatever is saved therefrom is gain.