... was in essence created to pay off the national debt, every year the government paid a certain amount into the fund and the interest from this fund would go forward to pay off the national debt. This idea was not Pitt's as he had copied the ideas of Richard Price neither was this new, it had been attempted before but with minimal success as often the fund was raided to finance wars and such. Pitt passed a bill through parliament which forced the government to pay a certain amount into the fund each year. Pitt setup a committee to watch over the sinking fund to make sure everything was running smoothly. Although the sinking fund was used to pay off the national debt it also had another use, it exclaimed to the lenders of the time that the government could be trusted and that any money lent to the government ...

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