!<«5(?J^^ 
 
 THE UNIVERSITY 
 
 OF ILLINOIS 
 
 LIBRARY 
 
 1)875

 
 A i' L A N ^ ^ 
 
 FOR REALIZING 
 
 PERFECTION OF MONEY; 
 
 IN WHICH 
 
 IT IS DEMONSTRATED, 
 
 "paper is capable of being made, a much more perfect, true, 
 
 AND unvarying STANDARD OF VALUE, THAN IT IS POSSIBLE 
 THAT EITHER GOLD OR SILVER CAN BE." 
 
 TO THE RIGHT HON. EARL GREY, 
 
 BT 
 
 CHARLES JONES, 
 
 RIDGWAY, PICCADILLY, LONDONj 
 BARLOW, BIRMINGHAM!. 
 
 M.DCCC.XXXII.
 
 TO THE RIGHT HON. EARL GREY, K. G. 
 
 First Lord of the Treasury, &.c. &c. 
 
 ]My Lord, 
 
 Before your Lordship determines on the measures 
 to be adopted with regard to the renewal, or otherwise dealing 
 with the Charter of the Bank of England ; I respectfully request 
 your Lordship to do me the honour of perusing the pages of this 
 small Pamphlet; emanating, it is true, from the pen of a very 
 humble individual, but containing, as he believes, matter worthy 
 of your Lordship's profound consideration. 
 
 Your Lordship's predecessors in office have so crippled the 
 energies and deranged the order and functions of the State, that 
 it has become impossible to rectify their errors, and remove thji 
 mischiefs which have resulted from those errors, except by effecting 
 great changes in the system of Government ; this you have nobly 
 begun by passing the Bill for reforming the House of Commons : 
 that bill will, I trust, either in its present, or, in an immediately 
 amended state, enable your Lordship to effect all that remains 
 wanting to be done.
 
 The glory of restoring England to its' proper state of peace, 
 order, prosperity and power, is now offered to your Lordship ; 
 and by your success or failure in this transcendently important 
 undertaking, will your character as a statesman, and the durabi- 
 lity of your power, be determined. 
 
 That your power may terminate only with your life, and 
 that the glory of your name may transcend that of all other 
 statesmen, is the ardent wish of. 
 
 My Lord. 
 Your Lordship's humble Servant, 
 
 Charles Jones. 
 
 Birmingham, N'ov, 1832
 
 A PLAN, &c. 
 
 I. — In the primitive state of man, his simple commerce was 
 carried on by direct barter. 
 
 II. — The inconvenience, the labour, and the privations atten- 
 dent upon that system, would soon teach him the advantage of 
 adopting some "medium of exchtmge;" some common repre- 
 sentative of things of value. 
 
 III. — In this first stage of advancement towards civilization, 
 before men had accumulated things of value about them, indeed 
 before they had acquired a permanent local habitation; it was 
 natural that they should seek for something to constitute this 
 medium of exchange, which would require as much labour to 
 obtain it, as the thing does for which it is given; exchanging in 
 fact, one intrinsic value for ajwther ; and thus we are led, at the 
 outset, to see that it is Labour which is the true, and indeed, the 
 only true measureof value. 
 
 IV. In this state of society, when men were divided into 
 small communitcs, a variety of substances would be adopted as 
 money, according to the convenience of each little community; 
 in most cases, it would no doubt , be something of general use
 
 among them; thus, we know^ that some nations have adopted 
 Salt, as their money. 
 
 V. But any article of general consumption, to be used as 
 money, would soon be found to be attended with great inconveni- 
 ences; being, for the most part, bulky, and of a perishable nature. 
 These practical difficulties, would push men on another step in 
 civilization; and they would look out for a money, at least, not 
 subject to the inconveniences they had already experienced; and 
 especially, they would seek one that was portable, so that a large 
 amount might be represented in a small compass : and again, it 
 would be required to be so divisible, that they might have parts 
 small enough, to represent their smallest transactions; and lastly, 
 it wouldbe very important that it should be something |jenna«ew<, — 
 something which would not readily deteriorate by decay. These 
 three qualities, viz. — portability, divisibility, and durability, would 
 be seen, to be essentially necessary to a good medium of exchange, 
 such as is here contemplated; but these qualities would not be 
 found combined, in any article of general consumption; hence, man 
 would be forced upon the resources of his own mind, to discover 
 something which would answer the purpose; and we know, that 
 some nations, hit upon the expedient of adopting sea shells for 
 their money; choosing such as were 7'are, and of a small size: and 
 here, be it observed, we see exhibited a good deal of philosophy, 
 and the establishment of a really excellent kind of a money; 
 a money, based upon exactly the same principle, as gold and silver 
 money is, and one really better suited to the state of society when 
 it was adopted, than gold and silver is now to ours! 
 
 VI. But, although this was a really excellent money for 
 the community which had adopted it, it would be held in no 
 estimation by those who had adopted a different kind ; and thus, 
 as the mind, and wants, and intercojirse of man extended, new 
 difficulties would present themselves, and new schemes be devised 
 for surmounting them ; and, in process of time, when the nature
 
 and qualities of the metals became understood, gold and silver 
 would naturally present themselves to the mind as admirabli/ 
 adapted for the uses of money j and that more especially, as, from 
 their beauty, they must have soon acquired an independent value 
 as articles of merchandise ; and, in this natural way, they became 
 the general media of exchange ; and thus was established what we 
 may very well call a nnivcrsal money ! This universal money was, 
 unquestionably, at that period of the world, the most powerful 
 agent of its civilization and wealth, that had then ever emanated 
 from the mind of man ! It was to commerce what a universal 
 language would now be to science, and seems, as it were, the 
 natural forerunner to prepare the way for the accomplishment of 
 that great desideratum ! 
 
 VII. But vast as even this improvement in money was, it 
 was stiU, in some respects, very imperfect. For example, — if a 
 man undertook a commercial enterprize to a distant country, for 
 the purpose of purchasing the commodities of that country, he must 
 convert his property into money, which money he must take away 
 from his own country, and thereby causing a scarcity of it there, 
 and a corresponding begree of embarrassment among people hav- 
 ing debts to pay : moreover, he must encounter the trouble, 
 the anxiety, the expense, and the risk of transmitting this mo- 
 ney to a distant country ; this operation, too, would some- 
 times be attended by total or partial loss, by robbery, ship- 
 wreck, &c. These were great obstacles, and weighty con- 
 siderations against undertaking such enterprises ; and thus the 
 commerce of the world would be much more limited and re- 
 stricted than it otherwise need be. 
 
 VIII. The pressure of these difficulties constantly operating 
 on the fertile mind of man, led him, in process of time, to the 
 discovery of a remedy for so great an evil ; which, at length, he 
 triuuipliantly accomplished, by introducing credit into commerce —
 
 8 
 
 setting aside gold and silver, and substituting in tlieir stead, 
 " The Bill of Exchange." 
 
 IX. This Bill of Exchange, the establishing of which, doubt- 
 less, took hundreds of years to accomplish, is now become the 
 main instrument of adjusting, not only the foreign commerce of 
 States, but their internal trade also ! and by its vast instrumenta- 
 lity the interchanges of wealth among men have been multiplied 
 
 A THOUSAND-FOLD ! 
 
 X. But this simple instrument has stiU further benefits in 
 store for mankind, and especially for this nation, entangled as the 
 country is in the intricate mazes of pecuniary difficulties ; for, the 
 bill of exchange, not only points out to us the way of escaping 
 from all these difficulties, but, at the same time, and by the same 
 means, of accomplishing " the perfection op money \" and 
 that, by our simply discontinuing the use of gold money — and, in- 
 deed, of silver money also, excepting for the fractional parts of the 
 integer, or pound sterling ; and of adopting, exclusively, paper 
 in their stead ! 
 
 XI. The practical use of the bill of exchange has now, for 
 hundreds of years, proved, that all the great transactions of com- 
 merce can be adjusted without the use of gold or silver money ; 
 excepting indeed for the occasional payment of trifling balances 
 between nations — and in which cases, gold or silver would be 
 just as efficient in the shape of hullioii, as they are in that of 
 money ; and that, too, without the disadvantage of disturbing 
 the measure of value in the nation having to pay. But, though 
 all the great transactions of commerce are actually adjusted 
 without the use of gold or silver money, the world appears 
 to suppose that, somekotv or other, the small transactions can- 
 not be so adjusted ! I wiU not stop to shew the fallacy of 
 this, but proceed at once to prove, that paper is capable of
 
 9 
 
 being made o much more rERFRCT, trt'e, and invaiiying \ 
 STANDARD OF VALUE, tkoii it is possible that either gold or sil- J 
 VER can he ; and tliat^ therefore, it is greatly superior to gold or 
 silver, for the uses of money .' 
 
 XII This proposition may startle the prejudice!, and per- 
 haps surprise the unreflecting; but there is, I am pari; tied, no 
 rational doubt of the truth of it; for my own part, the thing is 
 so clear, that I think it impossible to conceal the matter much 
 longer, from the eyes of any man ; but that, within the nexty//7y 
 years, all men will see it, and, that paper will become the uni- 
 versal money of the civilized world. 
 
 XIII. The monetary system of Europe, like the feudal 
 
 system of Government, under which it was adopted, and to which 
 
 it was well enough suited, is worn out; it is no longer suited to 
 
 the genius or the habits of mankind, and it is incompetent to 
 
 effect his present purposes and wants. This great truth is, at 
 
 this moment, and has been for the last fifteen years, proclaimed 
 
 throughout all the world! All nations are suffering under the 
 
 pressure of pecuniary difficulties; and their diflSculties are almost 
 
 exclusively pecuniary ! The simple proof of this important fact, 
 
 lies in the acknowledged ability of all nations, to produce much 
 
 greater quantities of all the good things which conduce to, and 
 
 indeed constitute, the comfort, and enjoyment, and happiness of 
 
 life, than they ever could do at any former period ! and yet 
 
 there is hardly a nation upon the earih, which is not in a state of 
 
 distress ! How is it then, that amidst all this general profusion 
 
 of wealth, there is almost universal distress among its producers? 
 
 This is the answer;— 
 
 XIV. The governments of Europe, and especially that of 
 England^ a great many years ago, adopted an extended, but crude 
 and indigested system of paper money, to enable them to accom-
 
 10 
 
 plish things, which they wore unable to accomplish under the 
 old restricted system of gold and silver money. 
 
 XV. During the operation of this extend system, C If indeed 
 anything so indefinite may he called a system,) the value of money 
 was depreciated^/?/?^ per cent., and the calculations, pm'suits, 
 and Jiabits of all men, were greatly changed; and vast masses of 
 permanent debts, both national and individual, were every where 
 contracted; and thus, society was placed upon a new basis. But 
 after the lapse of a quarter of a century, in order to rectify 
 the irregularities of the monetary system, it was most un- 
 wisely, and most unfotunately proposed, to break up the exist- 
 ing basis, and the calculations, and pursuits, and habits of society, 
 and to cause all things to retrograde, except debt! but this, it 
 was proposed to advance ''cent per cent!" by converting all 
 the paper obligations in existence, into debts of solid gold, at the 
 old standard of value! This retrograding scheme, (when all that 
 was wanted, was, simply to adjust the value of money to 
 the actual state and condition of society), is, to be sure, a 
 a most extraordinary, ufiparalleled, and impracticable undertaking. 
 IJet it be observed, that the debts contracted, were easily enough 
 sustained, through the means which the system aflPorded, under 
 which they were contracted; indeed, to deny this, would be to 
 acknowledge the extreme folly, of adding to the pressure of those 
 debts! And I here confidently assert, that, this increased pres- 
 sure, must be removed, or, that the foundations of society must be 
 broken up, the ownership of all property must be set aside, and 
 we must begin again, de novo! 
 
 XVI, Now the effect of depreciating money, fifty per cent, 
 was the doubling of the prices of commodities ; for any given 
 range of the prices of commodities, is the result of the proportion, 
 which the quantity of money in actual circulation bears to the 
 quantity qf goods in transitu. Therefore, the effect of the reduc-
 
 11 
 
 tion of the circu luting medium, necessary to the re-cstablishmcnt 
 of the old standard of value, is such, as to reduce the prices of 
 commodities, below the range of the fixed charges of production, 
 bearing down the wages of the labourer, on the one hand, and 
 annihilating the profits of capital on the other; and causing uni- 
 versal distress among the producers of wealth! a class, which 
 above all others, ought never to know distress. 
 
 XVII. The attempt to re-establish the old standard of value, 
 was begun in the year 1815 ; and although the force of necessity 
 has twice compelled the authors of it, to desist from the pursuit of 
 their object, yet, they have most unaccountably renewed that 
 pursuit, again and again! Notwithstanding, it is manifest to 
 great numbers, that it is pursuing an ignis-fatuns, which wiU 
 lead to the destruction of the present frame of society. 
 
 XVIII. We are now for the the third, and I think for the 
 last time, forced to the verge of the frightful abyss of national 
 convulsion: but, there are now, thousands upon thousands of men 
 in England, who clearly perceive the cause of the danger; 
 and who are earnestly exerting themselves, to avert the impending 
 ruin: and, indeed, there is a general coincidence of opinion, even 
 among those who do not yet understand the cause of the evils 
 which they are suffering, that, " we are on the eve of some great 
 change ;" and it is undoubtedly true that we are. It, therefore, 
 behoves us to consider well, what that change shall be? It 
 is truly a monetary question ! A question of no less a magni- 
 tude, than, whether this, the mightiest nation that has ever 
 existed, shall continue to increase in power and true greatness, 
 at the head and to the advantage of the civilized world; whether 
 its venerable, and glorious institutions of a thousand years, 
 which have been the solid foundations of its power, shall be 
 perfected and perpetuated; or, whether they shall be broken to 
 atoms, and utterly destroyed, by the barbarous hand of ignorance 
 and misrule? 
 
 /ti ft 
 
 //■./« -^"^
 
 12 
 
 XIX. That tlic evil is of a monetary nature, is clearly estab- 
 lished; and if it is intended to preserve the present fabric of 
 society, the remedy must be monetary also! In paragraph the 
 13th, I have said, "The monetary system of Europe, like the 
 feudal system under which it was established, is worn out; that 
 it is no longer suitable to the condition or wants of man;" — or, to 
 speak more correctly, that, that condition, and those wants, have 
 out-grown its powers ! It is therefore an imperious duty of the 
 Legislature, to enquire into this matter; and if it be found to be 
 as it is here stated, to set it aside, and to establish in its stead, a 
 system which is suitable to that conditioji, and to those wants; 
 and to this end, I propose, to abolish the Gold, and to make 
 Paper the standard of value. 
 
 XX. In paragraph the 11th, I have said, "I am ready to 
 prove, that Paper is capable of being made, a much more perfect, 
 true, and unvarying standard of value, than it is possible that, 
 either gold or silver can be:" this, then, is the all-important mat- 
 ter to look to; for upon the establishing of this point, depends 
 the assumed paramount superiority of the proposed system. 
 Although, if it were shewn, that paper may be made only as good 
 a standard, as either gold or silver, the case would still be suf- 
 ficiently established; for I presume it must be granted, that, if a 
 thing of so little intrinsic value as Paper, can be made as good a 
 standard of value, as the costly thing called Gold is; the wisdom 
 of abolishing the gold standard, and of adopting the Paper one, 
 will be irrefragably established! 
 
 XXI. Now there is no doubt, but, that at any given time, 
 a given quantity of paper money, may as truly represent a given 
 quantity of property, as any other money can ; that is to say, the 
 paper money in question, has at a given time, a definite value; 
 (witness the bank note, at the present moment,) now, in order 
 that it may permanently retain that value, it is only necessary.
 
 13 
 
 that its issues he properly regulated ; and to this end I propose, to 
 cstahlish a "National Bank," under the direction of a hoard of 
 control, answerahle to parliament; the profits of which, shall be 
 paid into the national exchequer, and that this hank alo?ie shall 
 have the power of issuing paper money. And, in order that its 
 notes may really represent bonajide property, I propose, to put it 
 in posession of so much of the national property, as shall he 
 equivalent to the inliole amcnint of its issues. And to shew that 
 we have property, that we can conveniently so apply, I name at 
 once, the national property called, "Crown Lands," and also, 
 certain portions of that other national property called "Church 
 "Lands." I presume that so much of this property, as will pro- 
 duce a rental of two millions a year, will he amply sufficient for 
 the purpose. And thus, we lay an immoveable foundation for our 
 National Bank ; with a credit, superior to that of the Mines 
 OF Peru! 
 
 XXIL The Country Banks may remain as they are, carry- 
 ing on their business through the medium of the national notes ; 
 or, which I should prefer, they may be made the sub-agents of 
 the National Bank; each of them taking a certain share of the 
 profits, according to the amount of the business, they respectively 
 transact: I prefer this latter arrangement, because, in that 
 case, the Country Banks would become part and parcel of the 
 scheme, and be immediately subject to the National Board of 
 Controul. 
 
 XXin. Tlie next consideration is, the mode of issuing 
 the Notes of this Bank; and this I propose to do as follows, 
 viz. — First, in paying off the debt due to the present Bank 
 of England. — Secondly, in the purchasing and cancelling of 
 National Debt, (at a price fixed by law.) And Thirdly, 
 in the discounting of mercantile bills. — Thus issuing in all, say, 
 fifty millions sterling: — these fifty millions, (which I presume 
 will he about the proper quantity, to give a jusl remuncralivg price
 
 14 
 
 to the producers of all kinds of commodities,) to be legal tenders. 
 The Gold standard to be abolished^ and the circulation of all 
 other Cash Notes forbidden ! To complete the system, we shall 
 require silver to be a legal tender, to the amount of nineteen 
 shillings and six-pence, and copper, to five-pence three farthings; 
 as it would not be worth while to alter these parts, farther than 
 to render them in conformity with the rest; and therefore, to 
 make our silver harmonize with our proposed plan, I calculate, 
 that it will be necessary to coin it at the rate of seven shillings 
 and six-pence an ounce; or the pound Troy, into ninety shillings. 
 Observe, this coining of silver, at seven shillings and six-pence an 
 ounce, is not a necessary condition, for the establishing of a National 
 Bank; it is necessary only, that it may agree with the proposed 
 range of remunerating prices, which it is calculated, would be the 
 result of having fifty millions of legal tenders in circulation. 
 
 XXIV. It is now our business to establish our main position; 
 viz. — That paper may be made an unvarying standard of value; 
 this is the so^d of the whole proposition, and ought to determine 
 the question of its adoption or rejection; presuming then, that 
 our new paper money is established in general circulation, our 
 first business will be, to ascertain its relative value, compared 
 with commodities; and for this purpose, I take Trventy of 
 the greatest staples of the country; viz. — wheat, malt, 
 MEAT, TAiiLOW, TEA, (the China trade being thrown open,) 
 
 SUGAR, COFFEE, RICE, LEATHER, TIMBER, WOOL, HEMP, COTTON, 
 
 SILK;, IRON, COPPER, LEAD, TIN, SILVER and GOLD; and ascertain 
 their respective prices. In this way we shall see, that a load of 
 WHEAT is worth a given quantity of the money in circulation; or, 
 in other words, for these are convertable terms, that so much of 
 this money, is worth a load of wheat; and so on, to the end of 
 the list; by these means, we should in a very short time, ascertain 
 the true value of our new money; and all that remains to be 
 done, when it is once properly adjusted, is, is to regulate it, 
 so that it shall not vary from that value.
 
 15 
 
 XXV. To effect this, I would have a return of the prices of 
 all the af ore-named articles made weekly, to the Board of Con- 
 troul, from the fifty largest towns in England, Ireland, and 
 Scotland. Thus it would be immediately perceived if there was 
 any variation in these prices. I would also have notes accompa- 
 ny these weekly returns, whenever any variation did occur, as 
 to whether there was anything unusual, either in the supply of, 
 or in the demand for, such articles as had varied in price. I 
 would also have a weekly return, from every bank in the king- 
 dom of the amount of notes each has in circulation ; so that the 
 exact amount of the circulating medium may be known, and the 
 Board of Controul enabled at all times to compare the prices of 
 commodities with the amount of money in circulation. I would 
 further have these returns published weekly in the London 
 Gazette. 
 
 XXVI. The practical use to be made of the above informa- 
 tion, is this : — if the prices of the great staples appear to be fall- 
 ing, the bank should immediately buy up and cancel a given quan- 
 tity more of the national debt ; and thereby put an additional 
 quantity of money into circulation: on the other hand, if prices 
 appear to be rising, the bank would, in that case, lessen its discounts 
 a little ; and thereby diminish the quartity of money in circulation : 
 and thus, either way, easily rectify any slight variation which 
 may have taken place, and that even without the world knowing 
 that any such variation has occurred ; and in this manner 
 most accurately maintain the established value of money. 
 
 XXVII. If any given article in the list of staples were 
 operated upon by any cause, either local or general, so as to be 
 made to rise or fall independently of the rest, that article should 
 be struck out of the list, so long as it should continue to be so 
 operated upon. 
 
 XXVIII. — By these easy and simple means, I think, it must
 
 ]l 
 
 "be manifest to all who arc competent to judge of such a subject, 
 that the value of this money may be maintained with an exacti- 
 tude which it is utterly impossible to attain with money composed 
 of the precious metals ; and the reasons of this superiority are 
 ohviou.s ; — in the first case, the supply and regulation of our 
 money are entirely dependent upon our own judgment and dis- 
 cretion ; biit, in the second, they are, in some essential points, 
 above our controul ; being dependent, to a great extent, upon the 
 supply of the metals from the mines; also upon the extent, success 
 or failure of certain commercial transactions ; but much more 
 than either, upon the wars and the pecuniary transactions of 
 foreign nations. There are many other disturbing causes, but we 
 have here amply sufficient to prove our case. 
 
 XXIX. In paragraph the 24th, I have shewn that the 
 value of commodities in money, and the value of money in com- 
 modities are convertible terms; if, therefore, this single postula- 
 tum be granted to me, viz., that increasing the circulating medium 
 causes the prices of commodities to rise, and that decreasing it 
 causes them to fall, then I have demonstrated that which 1 
 undertook to do, viz. — that paper is capable of being made a 
 much more perfect, true, a7id unvarying standard of value, 
 than it is possible that either gold or silver can be : And that, 
 therefore, as was hypothetically observed in paragraph the 20th, 
 the wisdom of abolishing the gold standard, and of adopting the 
 PAPER one, is irrefragably established! 
 
 XXX. It is now proper to remark, that the adoption of the 
 proposed new standard of value, does not necessarily involve a 
 departure from the value of the old standard : for, although I 
 have given it as my decided opinion that the preservation 
 of the existing frame of society, requires the removal of the 
 pressure of the present standard ; yet, this is a matter entirely for 
 the consideration of Parliament. That the proposition for esta- 
 blishing a perfect measure of value, stands quite independent
 
 17 
 
 »f all coiisiderations of the present necessities of the nation : 
 falihougli it is ccrlainlij time that those necessities arc the real 
 parc7it of the proposition ) , and although I think it indispensably 
 necessary to alter the standard, in order to restore the nation to 
 its wonted prosperity and strength ; yet, if the legislature should 
 think otherwise, it will be perfectly easy to adapt the iiew stand- 
 ard to the old value of money ; — that is to say, instead of issuing 
 fifty millions of legal tenders, thirty millions only may be 
 issued ; and instead of coining silver at seven shillings and six- 
 pence an ounce, the silver coinage may be maintained as it now 
 staixdjs. 
 
 XXXI. I beg further to remark, that, in proposing to make 
 the Crown Lands and certain portions of the superfluous Church 
 Lands, the capital stock of the National Bank, I do not contem- 
 plate the necessity of setting aside any existing vested interest. — 
 It will be sufficient that the Parliament enact, that the crown 
 property, as it now stands, shall be conveyed to, and permanently 
 vested in, the trustees of the National Bank; and, that the 
 estates of certain Bishopricks, Deaneries, Colleges, Collegiate- 
 churches, &c., shall likewise be so vested, as fast as the present 
 incumbents die off"; and that the successors of the present Bishops, 
 Deans and Chapters, &c., &c., be paid a suitable stipend, out of 
 the revenues of the said Bank. To this, if the Church be wise, ii 
 will give its most cordial assent! 
 
 XXXII. In conclusion, I think it not improper, to enumer- 
 ate a few of the most obvious advantages, which would imme- 
 diately result, from the adoption of the proposed system. To say 
 nothing of the paramount importance, of restoring the nation to 
 a state oi solid prosperity ; or, of the vast advantage of estabUsh- 
 iug a perfect measure of [value ; which moreover shall render us, 
 so far as money is concerned, entirely independent of the affairs 
 of all other nations; I say, to say nothing of these paramount 
 matters, the system would enable us at once, to effect savings
 
 18 
 
 and profits to a vciy gi-cat amount : — First, it would enable us to 
 save the interest, and wear and tear, of maintaining, say, twenty- 
 five millions of gold currency, this, I estimate at about .€1,500,000 
 a year; sccondlij, the interest of fifty millions of debt cancelled, 
 this I call .€2,000,000, more; thirdly, I estimate the profits of 
 tlie National Bank, at not less than £1,500,000. more; and 
 fourlhltj, there would be paid into the Exehequer, at least, 
 €500,000, more of the rents and profits of Crown Lands, which 
 now, never find their way there. Here, then, we have a total of 
 €5,500,000, per annum ; a sum sufficient to enable us at the out- 
 set, to repeal the Taxes on MALT and HOPS and SOAP! 
 These are articles of prime necessity! and the repealing of the taxes 
 upon which, would afford most important relief to the middle and 
 ivorking classes of the nation. 
 
 XXXni. It is too obvious to need enforcing, that if the 
 Government, acting in the true spirit of reform, shall put a stop 
 to all unnecessary expenditure, the prosperity which the nation 
 would enjoy, under the proposed system of money, together with 
 the gradual falling in, of the aforesaid Church Estates, would soon 
 give to that Government, ar large surplus of income above its expen- 
 diture; and thus enable it to be regularly pajang off" debt, and 
 and as regularly remitting taxes, to the amount of the interest of 
 the debt so paid; and in this way, the people would be made 
 contented and happy, in constantly feeling and enjoying, the ad- 
 vantages of a just, wise, energetic, and jjaternal Government! 
 
 XXXIV. Thus, I humbly think, I have shewn, that we 
 have the power of accomplishing one of the greatest, and 
 unquestionably, one of the most important and bene/icial changes, 
 ever effected in civil society; without violating or disturbing a 
 single existing interest. 
 
 XXX"\^. I do not offer the scheme, herein propounded to the 
 world, as one Avhich is, in its present form, perfect in all its
 
 19 
 
 details; these, as well as the general principle, are doubtless, 
 matters for the deliberate consideration and determination, of 
 competent authorities, to be appointed for that purpose: I offer it 
 only as a scheme, containing, at least the rudiments of a system 
 capable of being perfected, and made so beneficial to man- 
 kind, that I believe, the interests of the world, will, at no distant 
 period, cause it to be universally adopted. 
 
 FINIS. 
 
 Barlow, Printer, Tiirmiiighum,

 
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 UNIVERSITY OF ILLINOIS-URBANA 
 
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