found calculations with
such degrees of certainty as they are capable of. What, therefore, I
offer on this head is more the result of observation and reflection
than of received information; but I believe it will be found to agree
sufficiently with fact.

In the first place, taking twenty-one years as the epoch of maturity,
all the property of a nation, real and personal, is always in the
possession of persons above that age. It is then necessary to know, as a
datum of calculation, the average of years which persons above that age
will live. I take this average to be about thirty years, for though
many persons will live forty, fifty, or sixty years after the age of
twenty-one years, others will die much sooner, and some in every year of
that time.

Taking, then, thirty years as the average of time, it will give, without
any material variation one way or other, the average of time in which
the whole property or capital of a nation, or a sum equal thereto, will
have passed through one entire revolution in descent, that is, will have
gone by deaths to new possessors; for though, in many instances, some
parts of this capital will remain forty, fifty, or sixty years in the
possession of one person, other parts will have revolved two or three
times before those thirty years expire, which will bring it to that
average; for were one half the capital of a nation to revolve twice in
thirty years, it would produce the same fund as if the whole revolved
once.

Taking, then, thirty years as the average of time in which the whole
capital of a nation, or a sum equal thereto, will revolve once, the
thirtieth part thereof will be the sum that will revolve every year,
that is, will go by deaths to new possessors; and this last sum being
thus known, and the ratio per cent, to be subtracted from it determined,
it will give the annual amount or income of the proposed fund, to be
applied as already mentioned.

In looking over the discourse of the English minister, Pitt, in his
opening of what is called in England the budget, (the scheme of finance
for the year 1796,) I find an estimate of the national capital of that
country. As this estimate of a national capital is prepared ready to my
hand, I take it as a datum to act upon. When a calculation is made upon
the known capital of any nation, combined with its population, it will
serve as a scale for any other nation, in proportion as its capital and
population be more or less. I am the m