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Often appears with: unfunded debt of great britain · taxation, tribute, and revenue · public finance and debt · perpetual funding · navy and exchequer bills · general mortgage funds · borrowing by anticipation · billets d'état in france · bank of england discounting
Usually: argument (1) · detachment (1)
Smith distinguishes borrowing by anticipation versus perpetual funding, describing “general mortgages” in Britain that repeatedly prolonged tax funds to cover deficiencies for various years.
In 1701, those duties, with some others, were still further prolonged, for the like purposes, till the first of August 1710, and were called the second general mortgage or fund. The deficiencies charged upon it amounted to L.2,055,999 : 7 : 11-1/2. In 1707, those duties were still further prolonged, as a fund for new loans, to the first of August 1712, and were called the third general mortgage or fund. The sum borr…