European government borrowing

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Often appears with: taxation, tribute, and revenue · sinking fund origin · sinking fund · public finance and debt · perpetual funding · overloading the fund · mortgaging the sinking fund · interest rate reductions · anticipations of tax revenue

Usually: argument (1) · exhortation (1)

An Inquiry Into the Nature and Causes of the Wealth of Nations primary

Adam Smith · 1776 (composed/publication period); modern imprint not specified beyond a 1852 reprint
BOOK I. > L.323,434 : 7 : 7-1/2. In 1727, the interest of the greater part of the public debts was still further reduced to four per cent.; and, in 1753

Smith explains the origin of Britain’s sinking fund from interest-rate reductions (from six to three percent) and says sinking funds make it easier to contract new debts by serving as a backup mortgage.

and 1757, to three and a-half, and three per cent., which reductions still further augmented the sinking fund. A sinking fund, though instituted for the payment of old, facilitates very much the contracting of new debts. It is a subsidiary fund, always at hand, to be mortgaged in aid of any other doubtful fund, upon which money is proposed to be raised in any exigency of the state. Whether the sinking fund of Great …