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 THE UNIVERSITY 
 OF ILLINOIS 
 LIBRARY 

 
 AN 
 
 ADDRESS 
 
 MEMBERS OF THE HOUSE OF COMMONS, 
 
 UPON THE NECESSITY OF 
 
 »fformins otir Simnml *K£item, 
 
 And Establishing an 
 
 EFFICIENT SINKING FUND FOR THE REDUCTION 
 
 NATIONAL DEBT; 
 
 With tlie 
 
 OUTLINE OF A PLAN FOR THAT PURPOSE. 
 
 By one of themselves. 
 
 Eontfon : 
 
 PKl.STEQ FOR i. M. RICHARDSON, CORNHILL; G. COWIE AND CO. 
 POtLTRY; AND A. CONSTABLE AND CO. EDINBURGH. 
 
 Price Two ShUlings and Sixpence.
 
 W. Wilson, Printer, 4, Greville-Street, Hatton-Garden, London.
 
 NOTICE. 
 
 The Author of the following Address, 
 though firmly persuaded that the view which 
 he has taken of the present Situation and 
 Prospects of the Country is but too correct, 
 does not expect that all his readers will 
 concur in it, nor can he hope that those who 
 see them in a different light, will approve of 
 the measures which he recommends for the 
 public relief. He is himself indeed most 
 ready to acknowledge that if it be possible 
 for the State to fulfil its engagements with- 
 out sacrificing the future peace and pros- 
 perity of the Country, the slightest departure 
 from them would be wholly unjustifiable, 
 and the very suggestion of such a step, upon 
 any other ground than that of an urgent 
 necessity for it, would be criminal. But if 
 the Financial difficulties which already press 
 upon the Country must, by a continuance 
 of the present system, be so aggravated as to 
 exhaust all its resources, and reduce it to a 
 b
 
 VI 
 
 state of incurable wretchedness, or drive its 
 suffering population to seek relief by means 
 destructive of the peace, and perhaps of the 
 Constitution, of the State, tlie question for 
 consideration is how so frightful a danger 
 can be guarded against, and objections, 
 which, under other circumstances, would be 
 entitled to the greatest attention, will not be 
 weighed against the importance of effecting 
 this security. Upon those, therefore, who 
 think that the tendency of our present system 
 is such as it has been described, the author 
 feels justified in calling to promote the plan 
 which he now recommends, unless they have 
 others to propose which are less exception- 
 able. He conceives it to be, in its principle, 
 as equitable as any of which existing cir- 
 cumstances will admit, but he will heartily 
 concur in any modification of it by which 
 the restoration of Public Prosperity can be 
 laare perfectly combined with the protection 
 of Private Interests. 
 
 As the origination of all Financial Mear 
 sures belongs peculiarly to the House of 
 Commons, the author has thought that he 
 comld mot make his sentiments public in a
 
 Vll 
 
 more suitable form than that of an Address 
 to the Members of that House, and should 
 it but serve to fix their attention in the 
 ensuing Session more closely upon a sub- 
 ject in comparison with which all others 
 have now become of little moment, such an 
 effect must in itself be highly beneficial, 
 and the purpose of the author would in no 
 small degree be accomplished. 
 
 The Statements relating to the Progress 
 and Management of the National Debt, 
 previous to the French Revolution, are 
 taken from the works of Mr. Grellier and 
 Dr. Hamilton. In those which regard the 
 subsequent period the author has been 
 guided partly by Dr. Hamilton, and partly 
 by Papers laid before the House of Com- 
 mons in the Course of the last Session,
 
 ADDRESS. 
 
 Ix undertaking to call your attention to the 
 present state of the National Finances, and to 
 the necessity of placing them without delay on 
 such a footing as will afford the Country a rea- 
 sonable hope of Relief from the severe Difficul- 
 ties and Distresses under which it has for some 
 time laboured, I cannot but regret that no effi- 
 cient measure for that purpose has yet been 
 brought forward by those to whom such a task 
 more peculiarly belongs. 
 
 The motive by which I am actuated on this 
 occasion is a strong apprehension that the con- 
 tinuance of the system hitherto pursued will 
 eventually lead to some violent convulsion in 
 the state, the probable issue of which cannot be 
 contemplated without dismay. It is true that 
 this catastrophe may not happen in our days, 
 but shall we on that account neglect to use all 
 the means in our power for averting it, however 
 remote ? Ought not the happiness of our chil- 
 dren to be as dear to us as our own ? Besides, 
 
 B
 
 2 
 
 as the chief authors of the Evils which now 
 oppress and threaten the Country, we are bound 
 to provide a remedy, if possible, at any price ; 
 and with whatever difficulties the task may be 
 attended, there can be no doubt that they will be 
 much less if it be undertaken at once, than if it 
 be deferred, until continued suffering has wrought 
 the public mind to such a pitch of irritation as 
 to destroy all power of calm and dispassionate 
 reflection. Let us then no longer shut our eyes 
 to the dangers that await us, nor content our- 
 selves with mere palliatives and temporising ex- 
 pedients, but having, whilst there is yet time, 
 enquired carefully by what course the future 
 Prosperity of our Country may be best provided 
 for, let us pursue it with disinterestedness and 
 without wavering. 
 
 In order tj:iat our Labours may be really pro- 
 ductive of benefit, we must determine to reject 
 all fanciful theories and speculations, and not to 
 adopt any measure whose expediency is not 
 guaranteed by the Experience of private life, and 
 capable of being apprehended by any ordinary 
 Capacity. If it be wanting in either of these 
 respects, 1 declare beforehand that it will tend 
 rather to aggravate than relieve our Embarrass- 
 ments. The notion that the Financial Affairs of
 
 States require to be conducted on other prin- 
 ciples than those of Individuals, has, in my 
 opinion, contributed in no small degree to re- 
 duce us to our present situation. 1 trust that 
 such a sober and practical spirit as I have here 
 recommended, will be found to prevail through- 
 out this address, in which it will be my care 
 not to introduce any discussion on' collateral 
 subjects, further than may be necessary to illus- 
 trate and enforce my views on that immediately 
 under consideration. 
 
 Before we proceed further it may not be with- 
 out use to lay before you the Conduct pursued 
 by a neighbouring State, enjoying, like our- 
 selves, a popular form of Government, under 
 circumstances bearing a strong resemblance to 
 those in which we are now placed, and at the 
 recommendation of a Statesman of the highest and 
 most renowned talents. 
 
 During the arduous struggle which took place 
 between England and the United Provinces in 
 the time of our Commonwealth, the Govern- 
 ment of the latter Country was under the 
 necessity of raising large Sums of Money by 
 Loans. By these means a heavy burthen was 
 brought upon the People, whilst the injury
 
 4 
 
 which their Trade had receive<J through our 
 Navigation Act greatly reduced their means of 
 supporting it. 
 
 The first plan of relief that suggested itself to 
 the great De Witt, then at the head of affairs, 
 was to open new markets in the distant parts 
 of the Globe for those which had been lost 
 nearer home, but through peculiar circum- 
 stances, then affecting the Trade to those parts, 
 this purpose was unfortunately defeated. He 
 was therefore forced to have recourse to 
 another measure ; and in order to appreciate 
 fully the difficulties which he had to en- 
 counter in accomplishing it, we must bear }n 
 mind the peculiar construction of the Dutch 
 State — that it is composed of a number of in- 
 dependent Communities, and that the separate 
 sanction of each of these must be obtained before 
 any public Act can be passed. Arduous as the 
 task which De Witt had proposed to himself 
 must, under such circumstances, have been, he 
 was not deterred from pursuing that course 
 which the Exigencies of the State demanded. 
 Convinced that in the fallen State of the Com- 
 merce of the Country, it would not be possible 
 to increase the Revenue by additional Taxes, 
 and that, unless some means were adopted for
 
 the gradual Extinction of the Public Debt, ruin 
 must ensue both to the State and its Creditors, he 
 submitted to the States-General a Resolution for 
 reducing the Interest of the Public Debt from 
 5 to 4 per Cent, and for applying the 1 per Cent, 
 thus saved, as a Siiiking Fund for the reduction 
 of the Capital. This proposal met, as might be 
 expected, with considerable opposition, parti- 
 cularly from some of the towns in Holland, but 
 was at length acceded to by all parties, and car- 
 ried into effect accordingly. Thus by one bold 
 act the State was relieved from all its embar- 
 rassments, nor was its credit impaired by it, as 
 might have been apprehended, for when at any 
 subsequent period it had occasion to borrow 
 money, it does not appear that it was forced to 
 do so on usurious or unreasonable terms*. 
 
 Let us now turn our attention to our own 
 case, and if after mature deliberation we find 
 that the welfare of ourselves and our posterity 
 cannot be secured without some decided mea- 
 sure, I am persuaded that no want of Patri- 
 otism, nor narrow views of Interest, will prevent 
 my Countrymen from acceding to such as mav 
 be proved necessary, with whatever apparent 
 Sacrifice it may be attended : I say apparent Sa- 
 
 * See Appendix.
 
 6 
 
 crifice, because I am sure that no present reduc- 
 tion of Profits to any Class can be put in com- 
 petition with the substantial and permanent 
 advantages which all will derive from the finances 
 of the country being placed on a secure founda- 
 tion. 
 
 The first step towards curing a Disease is to 
 ascertain its Cause. The excessive amount of 
 the National Debt is generally acknowledged 
 to be the immediate source of all our distress, 
 but I am persuaded that the primary cause of 
 no inconsiderable part of it, is the improvident 
 system which has for some years been pursued 
 by those who have successively had the direc- 
 tion of our Finances, of Funding by Increase of 
 Capital, or in other words, of borrowing a small 
 sum, and engaging to pay a large one, and I 
 apprehend that without correcting, as far as is 
 now in our power, this fatal Error, all attempts 
 to provide effectual relief will prove fruitless. 
 
 That the Extent of the Evil I have mentioned 
 may be more clearly seen, it will be necessary 
 for us to take a view of the progress of the Na- 
 tional Debt, from its Commencement soon after 
 the Revolution. In doing this we need not en- 
 ter into a minute examination of all the different
 
 The foregoing Statement is, I think, sufficient 
 to shew how faint and distant a prospect of 
 relief is held out by the present financial System, 
 and how imperiously necessary it is that the 
 work of reformation should be immediately and 
 vigorously entered upon. A system founded on 
 the hope of Perpetual Peace is proved by ex- 
 perience to be in the highest degree dangerous: 
 it is a house built on sand, which is every day 
 in danger of being thrown down. But should 
 the duration of Peace be equal to our utmost 
 hopes, or even wishes, will that alone be suffi- 
 cient to extricate us from our present embarrass- 
 ments ? What proof of its efficiency has the 
 Sinking Fund yet given ? Have we not seen 
 the greater part of its produce found neces- 
 sary year after year to make up the difference 
 between the National Income and Expenditure, 
 instead of being applied to the reduction of the 
 Public Debt ? and is there any reason to hope 
 that there will be no occasion to resort to it again 
 and again for the same purpose ? To obviate
 
 . .^... i^v:; nuCcesstul. 
 With regard to reduction of Expenditure, 
 though the most rigid Economy ought undoubt- 
 edly to be practised, I have no hope that it will 
 suffice to create a real and efficient Sinking 
 Fund, capable of reducing our present Debt to 
 such an Extent as all admit to be necessary, 
 within any period not wholly beyond the utmost 
 reach of Human Foresight. 
 
 If our condition be really such as I have re- 
 presented it, if there be no prospect of relief to us 
 or to our children but in the immediate reform- 
 ation of our Financial System, let me indulge a 
 hope that another Session will not be suffered 
 to pass without some steps being taken for that 
 purpose, and that you will not be diverted from 
 it by any temporary improvement of the Re- 
 venue, nor by the too sanguine anticipations of 
 the Chancellor of the Exchequer. 
 
 Before I proceed to lay down the Plan to 
 which I have determined to call your attention,
 
 31 
 
 I beg leave to submit to you some observations 
 upon the Interests of the Fundholders and other 
 classes, as they have respectively been affected 
 by the events of the last 28 years, calculated to 
 obviate the objections usually raised against every 
 measure for the reduction of the National Debt, 
 which does not literally correspond with the 
 terms upon which it was contracted. 
 
 I am not at all disposed to join in the out- 
 cry sometimes raised against the Fundholders, as 
 persons unjustly enriched by the distresses of 
 the Country, and therefore entitled to no con- 
 sideration when the Interests of other classes 
 are in question ; but if it can be shown that the 
 Fundholders have for many years been enjoying 
 advantages greatly beyond every other class of 
 their Countrymen, it will be sufficient to satisfy 
 us that a measure, which, though it does not 
 permit the full realization of all their expected 
 profits, subjects them to no positive loss, if it be 
 a deviation from the strict letter of the Contract, 
 is not at variance with any principle of equity. 
 
 In the following Outline of the course of 
 reasoning upon which my conclusion on this 
 point is founded, the case of the Land-owner is 
 partcularly dwelt on, as forming the most
 
 32 
 
 -striking contrast to that of the Fund-holder; 
 but the cases of the Manufacturer, Merchant, 
 and Ship-owner, are corroborative of the ar- 
 gument. 
 
 Shortly after the breaking out of the War 
 with France, her Colonies began to fall into our 
 hands, and when Holland was forced into the 
 Confederacy against us, our Naval Superiority 
 gave us almost the entire Commerce of the 
 Raltic and Mediterranean. Hence there arose a 
 new demand for our Manufactures, which went 
 on increasing during the continuance of the War. 
 The different Master Manufacturers vied with 
 each other in their exertions to produce an 
 adequate supply of their various Commodities. 
 The additional opportunities thus afforded for 
 the profitable employment of Capital occasioned 
 an advance in the Interest or Rent of Money, 
 whilst the increased demand for Labour was 
 followed by a rise of Wages. These effects 
 began to manifest themselves at an early stage 
 of the War, and were afterwards increased from 
 month to month and year to year by a course of 
 events to which History affords no parallel. 
 This rise of Wages was naturally attended with 
 an increased consumption of Provisions, for, as 
 in times when the supply of Labour exceeds
 
 33 
 
 the demand and its price is consequently low, 
 the expenditure of the Laboiirermust be propor- 
 tionatel}^ small, and his diet stinted, so when, 
 through an increased demand, he obtains higher 
 Wages, a more profuse expenditure and con- 
 sumption ensues, and continues, until by an 
 increase of Population the supply of Labour is 
 again brought to equal or exceed the demand, 
 which could not be said to be the case in this 
 Country until after the last Peace. Mr. Burke 
 tells us that in the Parish where he resided 
 Wages had risen by 1797 from seven to nine 
 Shillings, the quantity of work performed being 
 the same. Here was an increase in three years 
 of about 28 per cent. The increased consump- 
 tion of Grain and other Provisions, which was 
 the consequence, must have produced a rise in 
 their prices, and when these had been further 
 'raised by years of Scarcily, the progressive de- 
 mand occasioned by the still increasing means 
 of the Labourer, would prevent them from fall- 
 ing back, even when the Scarcity or diminished 
 production had ceased. The rise in the Rent of 
 Money and Wages of Labour, with the con- 
 sequent advance in the price of Provisions, 
 would in time be followed by a rise in the Rent 
 of Land and Houses, for such is the nature of 
 ^he Social System, that, when the unskilful banc}
 
 34 
 
 of man does not derange it, any impression pro- 
 duced upon one part of it must in a propor- 
 tionate degree, and in process of time, be com- 
 municated to the rest, just as a continued affec- 
 tion of one member of the Human body will 
 extend its influence to the whole frame. The 
 sympathy thus subsisting between the different 
 classes of the community will prevent any one 
 from enjoying, permanently, an advantage over 
 the rest. Circumstances may occur of a tran- 
 sient nature, attended with very important con- 
 sequences to one class, and yet ceasing before 
 they have produced any sensible effect upon the 
 general body, but where they are lasting, the 
 equalising principle will not fail to appear. 
 Thus jn a case like that before us, when time 
 has allowed the falling in and renewal of Leasesi 
 the Land and House-proprietor will enjoy some 
 participation in the profits which the monied 
 Capitalist has before derived from the course of 
 events which has been described, but the benefit 
 of transient occurrences will be confined to the 
 Capitalist, his property being so much more 
 quickly convertible than any other. 
 
 From the best information that I can collect I 
 take the highest advance in the Rent of Land 
 and Houses, and in the Wages of Labour, since
 
 35 
 
 1793, to be equal'to about 9-3rcls or 3-4ths of 
 what they were before that time. Now compare 
 the advance in the Rent or Interest of Money 
 with this. It appears from the average price of 
 Stocks in 1792 that the Interest of Money was 
 then under 3r per cent, but in 1793 and 1795 
 Navy Bills were funded in the 5 per cents, with 
 an increase of Capital, by which an Interest of 
 more than 5 per cent, was obtained, and it will 
 be found by comparing the amount of all the 
 Loans raised between 1792 and 1816 with the 
 annual dividends on the Stock and Annuities 
 created during the same period, that the Interest 
 received by the Fundholders is not less than 
 L.6. 3s. per cent, without taking into account 
 the profit arising from Bonuses and discount, at 
 whatever that might have been estimated by 
 the Loan Contractors. We must not, however, 
 lose sight of the important advantage enjoyed 
 by the Fundholders, of punctuality in the pay- 
 ment of their dividends, without any deduction 
 for Agency or other charge. 
 
 Taking the rate of Interest then previous to 
 1793 at 3t per cent, and reckoning the average 
 rate since paid by Government at only 5 per 
 cent, we find that the monied men gained an 
 immediate advance of M per cent, or in other
 
 36 
 
 Avords, their rents were raised about 43 per cent, 
 upon their former amount. Now the proprietors 
 of Land and Houses could not derive any bene- 
 fit from the change in the state of Public affairs 
 till the expiration of their existing Leases, so 
 that assuming 14 years as the average term of 
 such Leases, those who had let their property 
 just before the War could obtain no advance in 
 their rents till 1806. In the meantime their con- 
 dition was not only no better than in 1792, but 
 much worse, from the advance which had taken 
 place in all the necessaries and conveniences of 
 Life. Again, as Leases fell in between 1793 
 and the latter end of the War, when Land had 
 reached its highest value, which as to some 
 estates would happen more than once, they 
 would in each case be renewed on terms pro- 
 portioned only to its value at the time of such 
 renewal, and the proprietors would thus be ex- 
 cluded from any participation in the rise which 
 subsequently took place : making allowance 
 therefore for all these circumstances, I think 
 we may fairly conclude that the advance of 
 Rent or Additional Interest on Capital enjoyed 
 by the Land and House proprietors from 1792 
 to the end of the War, did not, in the whole, 
 exceed 30 per cent, which leaves them far be- 
 hind the monied State Renter. And though the
 
 Advance in the Rents of Land and Houses 
 amounted towards the conclusion of the War to 
 76 per cent, what duration has it had ? Ifpthe 
 proprietors receive more at this day than they did 
 in 1793, they are in all the excess oppressing 
 their tenants and blindly injuring themselves. 
 
 The Change in our national Condition, which 
 has taken place since the Peace, and to which 
 the reduction in the rent and value of land is to 
 be attributed, has been productive of similar 
 consequences to 8*11 other Interests except the 
 Fundholder. By the destruction of the Com* 
 mercial Monopoly, particularly that with Asia 
 and America, which we enjoyed during the 
 war, the reverse of what had raised the price 
 and value of all things has reduced them to 
 their former level, and placed us on that footing 
 with regard to other nations, above which, as 
 members of the same society, we cannot long be 
 exalted. By the falling off of our trade the 
 demand for capital has become less, and a reduc- 
 tion of rent or interest has followed. The same 
 cause has occasioned a reduction of wages, and 
 this has necessarily diminished the demand for 
 Agricultural produce, the labourer being obliged 
 to adopt a more economical and spare diet than 
 he had before accustomed himself to ; in which
 
 38 
 
 those who are acquainted with the human iVamcj 
 and the power with which it is so admirably 
 furnished of accommodating itself to the various 
 circumstances in which it may be placed, will 
 discover an ample reason for that redundant 
 supply of Human food which has of late existed. 
 The Consumption of the Country may safely 
 he estimated at one-twelfth part less now than 
 during the activity of the War, a circumstance 
 more than sufficient to produce all the reduction 
 of prices and rents, and all the present distress 
 of the Agricultural Interest. The reduction in 
 the price of Labour was the first step towards 
 our rejoining the Society of the Nations of 
 Europe, of which we now form a connected part. 
 Every Interest has now retrograded to that state 
 with regard to profit, in which it stood before the 
 War, or shortly must, for the reward of Labour 
 regulates every thing, and is the standard of 
 national prosperity. In private life this is already 
 in a great degree the case, and amongst great 
 bodies and in the public departments, the pay of 
 tlie persons employed is undergoing a reduction 
 proportioned to the decline in the prices of all 
 the necessaries and conveniences of life. In the 
 mean time how stand the Fundholders, those 
 whose Capital has been invested since 1792 ? 
 (for we. have Mr. Vansittart*s authority for
 
 39 . 
 
 assuming that all the t'ublic debt contracted 
 before that time has been paid off.) We have 
 seen that from the beginning to the end of the 
 War they enjoyed a much larger profit on their 
 Capital than any other class of fixed Capitalists 
 whatever. Have they since suffered any reduc- 
 tion ? Whilst the incomes of every industrious 
 class of His Majesty's Subjects have fallen, those 
 of the State renters have increased, and now 
 command a greater share of the labour of their 
 countrymen, and more of the conveniences and 
 luxuries of life than before. Now I have ever 
 conceived the very essence of a well organized 
 State to be a constitution of its several parts so 
 regulated that each should participate in the 
 good or bad fortunes of the whole, as equally as 
 possible ; that in prosperity the enjoyments of all 
 should be alike increased, and that in the stormy 
 seasons of adversity, none should be exempted 
 from taking a part in the general struggle. 
 Where a contrary stale of things is suffered to 
 prevail, jealousies and divisions will necessarily 
 arise, and, if a remedy be not speedily applied, 
 the dissolution and ruin of the whole body may 
 be apprehended. This 1 take to be the tendency 
 of our present financial system. The Fund- 
 holder bears no part of the Privations which all 
 other Classes are now suffering. Beassured that
 
 40 
 
 the Country in-general is deeply sensible of this 
 injustice, and longs to have it corrected, but it is 
 to Parliament., and more particularly to the 
 House of Commons, that it must look for an 
 effectual remedy. It is that House alone that 
 has power to dispel the gloom that now prevails, 
 and to unite again all classes into one harmonious 
 -whole, by the bonds of a common prosperity. 
 
 Having stated the advantages which I con- 
 sider the Fundholders to have enjoyed, and to be 
 still enjoying, over all other Classes of the Com- 
 munity, it is proper to notice the loss which they 
 are represented to have sustained from the Depre- 
 ciation of our Currency during the latter part of 
 the War. It would lead me too far from my 
 present purpose to enquire at length into the 
 grounds of the conclusion implied in this repre- 
 sentation ; I shall therefore content myself with 
 remarking, that, notwithstanding all that has 
 been written on the subject, the question 
 whether our Currency was really and sensibly 
 depreciated does not yet appear to be definitively 
 settled. We may at all events venture to affirm 
 that whatever inconvenience some of the fund- 
 holders piay have suffered from those Circuiri- 
 stances which have been regarded as proofs of a 
 depreciated Currency, has been common to every
 
 41 
 
 other class of fixed annuitants, and cannot Jbe 
 considered any set off against the advantages 
 which have belonged exclusively to the Fund- 
 holders. 
 
 It now becomes my duty to point out by 
 what means our Financial embarrassments, and 
 their consequent evils, are to be remedied. 
 When the important and extensive consequences 
 involved in the state of a nation's finances are 
 considered, no surprise will be felt at the general 
 interest excited by the present magnitude of our 
 National Debt, nor that many schemes should 
 have been devised for its reduction. None 
 however have yet come to my knowledge which 
 are not liable to very serious, if not insuperable, 
 objections. It would be as vain in this as in 
 every other case, to expect a perfect piece, 
 but I trust that the plan, of which I am about to 
 present you with an outline, if it be not entirely 
 unexceptionable, will be found upon the whole 
 Just, practicable, and effectual. 
 
 In order to form a correct estimate of the 
 Claims of the Public Creditor, it will be neces- 
 sary to take into consideration not only the 
 letter of his contract, but also the circumstances 
 under which it was entered into: nor are the
 
 42 
 
 examples of former times to be lost sight of; 
 for if they furnish no case strictly applicable 
 to our present circumstances, we may derive 
 hints from the conduct of our forefathers that 
 will be highly useful for the direction of our 
 own. 
 
 1 must set out by assuming with the Chan- 
 cellor of the Exchequer and the House of 
 Commons, that all the public debt now existing 
 has been contracted since 1792. This indeed is 
 not strictly the case, either with regard to the 
 Long Annuities, or to the four or five per Cent. 
 Stocks ; but as I have no intention of touching 
 the first, and as the portions of the two last, to 
 which the assumption does not apply, are com- 
 paratively small, there will be no inconvenience 
 in adopting it without limitation. By so doing 
 our view will be more clear than if extended 
 to a more remote period, whilst the individuals 
 whose Cases form the exceptions, will, I ap- 
 prehend, suffer no injury by being blended with 
 the general body. 
 
 Taking then the amount of the dividends 
 on Stock created from 1793 to 1815, and com- 
 paring it with that of the sums raised, we find 
 that the Fundholders have, upon an average.
 
 43 
 
 received full L. 5 per Cei)t. on their Capital 
 advanced — a remuneration which, when com- 
 pared with what was paid in \7^f) and 1740", a 
 time of sncli imminent danger to the Govern- 
 ment and the Country, we might well consider 
 most liberal. Our Financiers, however, appear 
 to have thought otherwise; for they have been 
 in the habit of granting further a deferred Be lus 
 of L. 40 or L. 50. If the value of this be added 
 to the direct Interest upon the money ad- 
 vanced, the profits of the Fundholders may 
 fairly be reckoned at least L. 6 per Cent, which 
 is nearly as much as was paid by King William, 
 when the Wealth of the Country was not to be 
 compared with what it now is — when the gene- 
 ral value of money was consequently higher 
 — and when the Government, being newly, 
 and not yet firmly established, the security 
 which it had to offer was necessarily doubtful. 
 
 When any modification of our present Fi- 
 nancial System is proposed, the tocsin of alarm 
 is usually sounded, and a cry is raised that the 
 Credit of the Government will be endangered. 
 Now, if the terms upon which our Govern- 
 ment has latterly been raising money are really 
 the best that could be obtained, its Credit is 
 already gone, or at least is considerably lower
 
 44 
 
 than it \Vas during the War and Rebellion ill 
 1745 and 1746. But I will not submit to 
 such a huniiliating conclusion, being persuaded 
 tiiat the ruinous conditions of the Public Loans 
 during the late War sprang solely from the impro- 
 vidence of our Financiers, and not from any 
 real or supposed insufficiency of the National 
 Resbifrces. 
 
 That a System so injurious to the greatness 
 and happiness of the Country may no longer 
 be continued, nor ever again resorted to, I am 
 arixious that it should at once be marked with 
 the strongest reprobation of Parliament ; and 
 I would recommend the appointment of a Com- 
 iriitte^ to concert such measures for the reduc- 
 tion of the National Debt as would secure to 
 the Fundholders the repayment of their real 
 Capital with liberal Interest, and would re- 
 lieve the State from a charge created by a 
 fiction. It would be the business of this Com- 
 mittee to enquire, what part of our present no- 
 minal debt consists of Capital really advanced to 
 the State, and to what Interest the Public Cre- 
 ditor is entitled for the use of it, which must be 
 determined by a consideration of the circum- 
 stances under which the advance was made. 
 U it shall be found that the annual dividends
 
 45 
 
 which he has been receiving are insufficient, it 
 will be proper to allow him a proportionate ad- 
 ditional annuity, to be computed from the time 
 when the debt was contracted, the amount of the 
 arrears of such annuity, with interest from year 
 to year to be added to the Capital originally^, 
 advanced, and this amount to constitute the 
 price of Redemption, or rate at which the debt 
 is to be discharged. 
 
 The high moral feeling by which the proceed- 
 ings of Parliament have ever been guided, with, 
 its tender regard for the interests of the Pubhq 
 Creditors, which was so strongly displayed 
 in the days of Sir Robert Walpole and Mr^ 
 Sandys, and has since been repeatedly testified^ 
 cannot but give assurance to the present Fund- 
 holders that the enquiry pf the Committee 
 will be conducted with the utmost attention to 
 their interests, and that every question which, 
 may arise will be decided in their fiivor. 
 
 The task to be impose.d on the Committee 
 may at first sight appear an endless one ; — it 
 may be imagined that it will be necessary for it 
 to ascertain of what particular Loans^ and of 
 what portions of each, our present debt is made, 
 up. The same notion once occurred to uiC;
 
 46 
 
 but I found that such an attempt, even if suc- 
 cessful, would not answer any really useful 
 purpose. The whole Public Debt has aheady 
 been declared to be one indiscriminate mass, and 
 I am not aware of the existence of any public 
 accounts by which such a subdivision of it as I 
 have alluded to could be effected ; but even if 
 it could — if the portion of each Loan now out- 
 standing could be ascertained ever so accurately, 
 what use could be made of the discovery? If 
 it is thought necessary to ascertain what was 
 the exact sum advanced by every individual 
 Stockholder for the Stock which he now holds, 
 a Commission to enquire into the private affairs 
 of every family in the kingdom would not be 
 sufficient for that purpose. Such notions as 
 these may have the semblance of justice, but, 
 if indulged, will prove an insurmountable ob- 
 stacle to every scheme of public utility. Every 
 purpose of substantial justice will be answered 
 by a much shorter and simpler process. As the 
 debt is an indiscriminate mass, so the Fund- 
 holders can only be dealt with as an indiscrimi- 
 nate bod^. Regarding them in this light, it will 
 be sufficient for the Committee to enquire what 
 is the aggregate of the sums raised by funding from 
 the commencement of the War, in 1793, to the 
 present time, and what the amounts of the
 
 47 
 
 sevora] Slocks so created. The proportions which 
 these amounts of money raised and Stock 
 created bear to each othei', will shew what por- 
 tion of the several Stocks which now constitute 
 the Unredeemed National Debt, consists of 
 Capital r eally advan ceij; and a comparison of the 
 amount of the present annual Dividends on the 
 several Stocks with that of such real Capital, 
 will ascertain the average rate of Interest hitherto 
 received by the present Fundholders for the use 
 of their money. If, with regard to individuals, 
 this course should in one case occasion a loss, 
 it will in another create a profit, and these 
 effects are only such as have ever been liable to 
 be produced by the fluctuations in the value of 
 Government Securities, for which the Govern- 
 ment itself was never supposed to be an- 
 swerable. 
 
 The next point for the Committee to deter- 
 mine will be, whether any, and what, additional 
 Interest would have been required by the Public 
 Creditor beyond that which the dividends on his 
 Stock have actually afforded, had his money 
 been originally funded without increase of Ca- 
 pital, it being the object of the whole arrange- 
 ment to place both the Fundholder and the 
 Public as nearly as possible in the same situa-
 
 48 
 
 tion as if that had really been the case. 1 have 
 already supposed that the increased Capital, 
 remote and uncertain as the adv^antage of it was 
 when the Loans were made, might have in- 
 duced the Subscribers to give up something in 
 respect of immediate Interest, though I am 
 firmly persuaded that this temporary benefit to 
 the Public bore no proportion to the ultimate 
 loss that it occasioned. To the individual 
 lenders a greater suai at an indefinite distance is 
 of less importance than a greater immediate In*- 
 terest, but to the nation it is otherwise. Re^ 
 mote consequences are more interesting to the 
 nation than to individuals, who may not expect 
 to see them accomplished. In fixing the rates 
 of additional interest, the Committee will be 
 guided by the state of Public Credit, and the 
 general rate of Interest at the times when the 
 several Loans were contracted, and by the 
 value of the additional Capital granted on each. 
 On the last point, however, I conceive, that a mi- 
 nute investigation will not be necessary. The 
 different rates of interest that have been actually 
 paid on the different Loans may, I think, be con- 
 sidered as bearing a pretty uniform proportion to 
 what would have been required on advances to be 
 repaid without increase. By whatever mode 
 the additional Interest due from the Public upon
 
 49 
 
 each Stock is determined, the amount must be 
 divided upon the whole of such Stock now 
 outstanding. 
 
 Tlie Sum due to the Fundholders for original 
 Capital and arrears of Interest being thus ascer- 
 tained, I would recommend that all the various 
 Funds now existing should be united into one, 
 to bear from henceforth until redeemed, such a 
 rate of Interest as Parliament shall determine 
 to be equitable ; and, should this amount to 
 more than the present dividends, the deficiency 
 must be supplied from the Sinking Fund. The 
 redemption, however, of the present funds, to 
 which their union is only a preparatory step, 
 would soon put an end to any such charge. 
 
 It may be thought that the union of the pre- 
 sent funds previous to their redemption, is super- 
 fluous : if the object which 1 have in view, 
 which is simply to enable the State to relieve 
 itself from its present embarrassments, by repay- 
 ing to its Creditors what it has actually received 
 from 'them, and to put them all upon an equality, 
 can be attained, it is of comparatively little mo- 
 ment by what process we effect so desirable a 
 Consummation ; but there appears to me an ad- 
 vantage in a single fund, as facilitating the nlte- 
 
 E
 
 oO 
 
 rior proceedings, that greatly outweighs the trou- 
 ble it may seem calculated to create at first, 
 either in the Government Offices or to the Fund- 
 holders. With regard to the latter, every difficul- 
 ty might be obviated by Tables shewing the pro- 
 portions between the nominal amount of the old 
 Stock and the real amount of the new. The 
 Calculation of such Tables would be a very easy 
 task, and there can be no doubt that they would 
 be readily comprehended : their general Circu- 
 lation, especially amongst the small Annuitants, 
 should be provided for. 
 
 When the arrangements which I have pointed 
 out have been concluded, and received the Sanc- 
 tion of Parliament, the Government will be en- 
 abled to take immediate advantage of the reduc- 
 tion in the general rate of Interest which the 
 present abundance of unemployed Capital has 
 occasioned, and of which it might long ago 
 have availed itself, but for the fetters of that 
 vicious System which it has so blindly pursued. 
 
 This may be done, as in former times, either 
 by new Loans to be applied to the Redemption 
 of old Stock, or by converting old Stock into 
 new ; but this last course can only be taken with 
 the consent of the Proprietors. They cannot be
 
 51 
 
 compelled to allow us the use of their money at 
 a lower rate of Interest than that originally sti- 
 pulated ; on the other hand, we are under no 
 obligation to retain their money at a higher rate 
 than we can borrow at from others. The Re- 
 demption of the Stock, therefore, will rest with 
 Government, but its Commutation must depend 
 upon the Proprietors. It will, however, be pro- 
 per to give every one the choice between Re- 
 demption and Commutation. For this purpose, 
 Books might, if thought necessary, be opened at 
 the Treasury, Bank, and other convenient places, 
 also at Edinburgh and Dublin, to receive sub- 
 scriptions, and when the Power of the Govern- 
 ment to pay off dissentients was once known, 
 we may be assured that their number would not 
 be great. It will of course be understood, that 
 in creating the new Stock, the Government 
 should reserve to itself the right of redeeming it 
 at any time, upon payment of the Sunri. actually 
 subscribed. 
 
 The first consequence of these measures would 
 be the Establishment of a real Sinking Fund, 
 not an imaginary one, like that by which we 
 have so long been deluded, but one whose effi- 
 ciency would every year become more and more 
 manifest by the progressive reduction of the
 
 o2 
 
 Public debt, and which would ultimately pro- 
 duce a relief from those burthens which an erro- 
 neous System of Finance, no less than the un- 
 precedented circumstances of our times, has 
 heaped so heavily upon us. Let not, however, an 
 impatience to seize this Blessing hurry us into a 
 premature abolition of Taxes, A temporary 
 continuance of our Burthens may be easily 
 borne, when we are once assured of ultimate and 
 substantial relief; but this can never be our case 
 whilst the Sinking Fund is sufifered to be in- 
 vaded, as it has hitherto been, for the sake of 
 avoiding an occasional pressure. 
 
 Having now stated generally the principle of 
 the Plan which I have to propose, and the ad- 
 vantages with which it would be attended, it 
 will be proper for me to give you a more par- 
 ticular description of it. This, therefore, I will 
 endeavour to do, premising, that as my present 
 means of information are not very perfect, some 
 inaccuracies may probably be found in the 
 sketch which I am about to draw ; but I am dis- 
 posed to believe that they will not be to such 
 an extent as materially to affect the result : it 
 will at all events serve to illustrate my views, 
 and such corrections as it may require will be 
 readily made.
 
 5S 
 
 ' I take the liberty of repeating once more, tliat 
 the principle of my plan is that of paying the 
 Fundholder, by returning to him the sum which 
 he originally advanced, with such Interest as it 
 may reasonably be supposed he would have been 
 willing to accept, had no prospect of an Increase 
 of Capital been held out to him. The first 
 question, therefore, is, how much did he origi- 
 nally advance for the Stock which he now 
 holds ? To answer this, I have compared the 
 amount of the sums funded in the different 
 vStocks with that of the Stock so created, and I 
 find, by this comparison, the average rate of 
 funding in the 3 per cents, during the War to 
 have been about L.59 per cent, that of the 4 per 
 cents, about Z.80. 105. andthatofthe 5 per cents, 
 about Z.91 per cent. In estimating the rate of 
 Interest at which money might have been raised 
 by the Government during the War without 
 granting an Increase of Capital, I have been 
 guided by the average rate of funding in the 
 5 per cents, because the increase of Capital 
 granted in this Stock being smaller than in any 
 other, the field for speculation was more con- 
 tracted, and any wide difference as to its value 
 was less likely to arise. Taking then the average 
 rate of funding in the 5 per cents, at Z.91, we 
 find that the average rate of Interest already
 
 54 
 
 received by the holders of that Stock is L.5.9s. \ 1 d. 
 per cent, and that the increased Capital to be 
 hereafter claimed is LS- Without attempting 
 to fix the precise value of this remote benefit 
 at the time of funding, I think we shall do no 
 injustice to the funders in assuming that they 
 would have been willing to commute it for an 
 additional Interest of a quarter per cent, which 
 would have made the whole Interest on the 
 money advanced L.5. 14s. lie?, or, to use round 
 numbers, L.5. \5s. percent. This therefore 1 
 fix as the average rate at which money might 
 have been raised during the War, by funding 
 without Increase of Capital, and which should 
 now be made good to the Fundholders. 
 
 It remains to be considered for how many 
 years the arrears of additional Interest, thus 
 found due, ought to be allowed. From the con- 
 traction of the first Loan after the commence- 
 of the War in 1793, to the first year of Peace, 
 1816, is 23 years. Had therefore the sums 
 raised in each year been the same, it would be 
 proper, according to the usual rule of equation, 
 to allow the additional Interest on the whole 
 present amount of the Debt for twelve years ; 
 but as a much larger portion of the Debt was 
 contracted in the later than in the earlier years
 
 61 
 
 idle, I add that employed in Stock Exchange 
 Speculations, which, should the proposed plan 
 be adopted, will be contracted into a very 
 narrow compass: considering ail these cir- 
 cumstances, I see no reason to suppose that the 
 general rate of Interest in this country will be 
 permanently higher than 3 per cent. Should it 
 indeed come down to this, we shall be able to 
 effect a further annual Saving in the charge on 
 the Public Revenue of about 6 millions*. " The 
 Sinking Fund which would thus be established 
 would, if kept inviolate, go far towards defraying 
 the expense of any War in which the country 
 might hereafter be engaged, and should be ap- 
 plied accordingly, a Sinking Fund at such a time 
 having proved a gross and mischievous delusion. 
 
 * It has for some time been stated to be in the contempla- 
 tion of Government to pay off the 5 per Cents, or rather to 
 make an arrangement with the Proprietors so as to exchange 
 them for 3 per Cents. I know not on what terms it is pro- 
 posed to make this exchange, but apprehend from the present 
 price of Stocks that the new 3 per Cents, cannot be valued 
 higher than L.80 per Cent. At this rate there will be a 
 Saving in the Interest of L. 1,937,500 per Annum, but there 
 will be an increase in the capital Debt, for which our Pos- 
 terity will become answerable, of more than 38 millions. 
 Let the advantages of this Scheme be compared with that now 
 proposed, by which, in addition to an immediate Saving in 
 Interest of above 3 millions, we have the prospect of a fur- 
 ther annual reduction of about 6 millions, besides reducing 
 the Capital Debt about 180 millions.
 
 62 
 
 Whatever further supply might be reijuired 
 would, I think, be best raised by an Income or 
 Property .Tax, so that whilst we were disabled 
 from reducing our debt, we might as much as 
 possible avoid increasing it. 
 
 Having set forth the advantages which I con- 
 ceive might reasonably be expected to result 
 from the plan which I have proposed, it is pro- 
 per that I should advert to the objections that 
 are likely to be raised against it, which must be 
 founded either on its present effect on the In- 
 terests of the Fundholders, or on that which it 
 may hereafter produce upon the credit of the 
 Government. The former I have already en- 
 deavoured to obviate — I have shewn that no 
 real injustice will be done to the Fundholders — 
 that they will receive their own with liberal 
 encrease. To insist upon more, to plead the 
 terms of a Bond granted improvidently and with- 
 out any adequate consideration, would be extor- 
 tion worsethan Shylock's, and like his, mustdefeat 
 its own end : it is not possible that they should 
 be for ever placed above the fortunes of the State. 
 There is, however, another consideration found- 
 ed on the very nature of the Contract between 
 the State and the Fundholders (ever regarding 
 them as an indiscriminate body) which may
 
 63 
 
 serve to justify the proposed measure. When 
 they originally advanced their money they re- 
 ceived immediately a high rate of Interest for 
 the use of it, and there was besides held out to 
 them the chance of an Increase of Capital at 
 some future period. Such advantages could not 
 have been required but as a compensation for 
 some risk of loss which they were supposed to 
 incur, and which loss might either arise from the 
 direct Bankruptcy of the State, or from some 
 measure which, upon an occasion of great neces- 
 sity, Parliament might think proper to adopt for 
 its relief. The acknowledged power of Par- 
 liament to interfere under such circumstances, 
 warrants us in concluding that the possibility at 
 least of such interference was not overlooked by 
 the Fundholders. Now, if this were really the 
 case — if at the very time when they advanced 
 their money, they considered the terms of repay- 
 ment to depend at all upon the will of Parlia- 
 ment — can such a measure as that which I have 
 recommended be complained of as an injustice ? 
 On the contrary, does it not secure to them far 
 greater advantages than they had originally any 
 reasonable ground to consider as certain ? After 
 all, anxious as I am to make good to the Fund- 
 holders all that was ever promised to them by 
 the State, and all that they have ever promised
 
 64 
 
 themselves, to secure them not only from actual 
 loss, but from disappointment also, 1 feel that it 
 is not by a reoard to them alone that our pro- 
 ceedino^s ought now to l)e regulated. The dis- 
 tressed situation of the country at large, calls 
 imperatively for some effectual measure torelieve 
 it, and if no certain and permanent relief can be 
 afforded without a total change in our Financial 
 System, all particular Interests that may be affect- 
 ed by it must give way to the general Welfare. 
 
 But it may be asked, if Parliament now thinks 
 proper, upon whatever ground, to deprive the 
 Public Creditor of any part of that profit, by the 
 prospect of which he was induced in times of 
 danger and necessity to advance his money for 
 the service of the State, what security can he 
 have that it will not again interfere, and take 
 away those reduced profits which it now leaves 
 him ? and how, with the general distrust which 
 such a precedent must create, will it hereafter be 
 possible for the Government to raise the money 
 for which it may have occasion? To this I 
 would answer, that the interference of Par- 
 liament on this occasion is dictated by absolute 
 necessity, arising from the universally acknow- 
 ledged distress of the Country, incurable by any 
 Other means ; and that the Justice of Parlia-
 
 65 
 
 ment, which has been so repeatedly and unequi- 
 vocally proved, is a guarantee that a measure, 
 which the overwhelming power of peculiar cir- 
 cumstances now forces upon it, will never be 
 made a precedent for any arbitrary or oppressive 
 Act; — that the abolition of that System which 
 has created the present necessity for the inter- 
 ference of Parliament, is the best mode of pre- 
 venting its recurrence ; — that the contract be- 
 tween the State and its Creditors will hereafter 
 be such as to secure to them a just profit on 
 their Capital, without deluding them with hopes 
 that can never be realised ; — and that pursuing 
 this plain and upright course, the Government 
 will at all times be able to raise whatever sums 
 it may have occasion for, on terms quite as 
 favourable as are demanded on private securi- 
 ties ; for should circumstances ever occur to 
 impose upon Parliament the painful necessity 
 of authorising the least departure from those en- 
 gagements which it has before sanctioned, it will 
 not be until after the same circumstances have 
 riBndered the performance of private engagements 
 impossible, and the securities given for then) 
 unavailing. Whatever disables the State from 
 fulfilling Its engagements, must have already had 
 an equal, if not greater, effect upon the general 
 body of the Community.
 
 66 
 
 Enough has now been stated to enable you to 
 determine the merits of the Plan which I have 
 proposed. To your attentive consideration theie- 
 fore I beg leave to recommend it, nor will I run 
 the hazard of fatiguing your patience by entering 
 into a discussion upon other subjects not imme- 
 diately connected with that which we have been 
 considering. I cannot, however, refrain from 
 saying a few words upon one or two measures 
 which appear to form appropriate accompani- 
 ments to the Reformation of our Financial 
 System. 
 
 I have already alluded to the large Capital at 
 present employed in the Stock Exchange, and 
 to the Effect which is likely to be produced 
 upon the general Rate of Interest, by a restric- 
 tion of the means of so employing it. 
 
 When the British funds no longer afford a 
 field for speculation, a part of this Capital will 
 probably be invested in Foreign Funds; but I 
 am disposed to think that the chief mass of it 
 will be kept at Home ; and as our Merchants 
 and Manufacturers have no opportunity of em- 
 ploying more than they already possess, the only 
 method of turning it to profitable account will be 
 advances on such securities as the Landed Inte-
 
 67 
 
 rest of Great Britain and Ireland have to give. 
 In order that the Landed Interest may have the 
 full benefit of this abundance of Capital, I am of 
 opinion that some modification of our present 
 Usury Laws will be advisable. Probably the 
 total Repeal of these Laws will ultimately be ex- 
 pedient, but I think that a temporary Act re- 
 ducing the legal rate of Interest in this Country 
 to 4 per cent, would at first be best, and this Act 
 should be so framed as to enable the parties to 
 any Deed or Instrument of Security previously 
 executed, to reduce the stipulated Interest to 
 the new legal rate, without any fresh expense for 
 Stamps. When the present extent of such secu- 
 rities, and the large annual charge to wliich the 
 Landed Interest are subject in respect of them, 
 are considered, there can be no doubt that the 
 relief afforded by such an Act as I have suggested, 
 would be very considerable. It would also have 
 the effect of placing all classes of monied 
 Capitalists upon an equal footing, and would 
 thus prove to the Fundholders that the sacrifice 
 which they had been called upon to make was 
 not an arbitrary or partial exaction. 
 
 Having thus relieved the Landed Interest, we 
 might proceed with great advantage to a recon- 
 sideration of the present Corn Laws, which ap-
 
 68 
 
 pear to me not only to be founded on erroneous 
 principles, but to be productive of consequences 
 highly injurious to that very class for whose 
 benefit they were chiefly framed. The sudden 
 influx of foreign corn which takes place when, 
 in consequence of a falling-ofF in the home 
 supply, prices have once reached the importa- 
 tion point, immediately reduces the price of 
 native corn below what it is in times of com- 
 parative abundance — so that the farmer has to 
 struggle at once against a short crop and low 
 prices. Now, a protecting duty, equal to the 
 difference between the expense of cultivation 
 here and on the Continent, would always se- 
 cure to the public an adequate supply at a rea- 
 sonable price, without producing those occa- 
 sional gluts, which are so ruinous to the 
 farmer. It has been stated as an objection to an 
 Import Duty on Corn, that it could not be 
 levied when symptoms of scarcity appeared, — 
 but it is not by an apprehension of what may 
 happen iti a particular case that our general 
 policy should be regulated. Under ordinary 
 circumstances, there could be no greater objec- 
 tion to levying a duty, than to prohibiting the 
 importation altogether, until prices have reached 
 a certain point. In a season of extreme scar- 
 city it would certainly be expedient to remit the
 
 69 
 
 duty, particularly should any foreign Govern- 
 ment think proper to follow the unfeeling ex- 
 ample formerly set by Prussia, and turn our 
 necessities into a source of revenue, by imposing 
 a duty on the Exportation of Corn. Before, 
 however, prices had reached such a height as 
 to render the remission of our import duty ne-» 
 cessary, I apprehend that nearly all the Corn 
 with which our Continental neighbours could 
 supply us, would have been received. I am, 
 therefore, strongly in f\ivour of afree Importation 
 of Corn, under such a duty as would secure our 
 farmers against an unequal competition with 
 those on the Continent, and the saving which 
 would be produced to them by a Reduction 
 of Interest, would authorise us to fix the duty 
 proportionately lower than would now be just. 
 The immediate effect of this measure would be 
 to lower the price of provisions, thus compen- 
 sating the small annuitant for the reduction ©f 
 his dividends or interest, and increasing the 
 comforts of all the labouring classes; whilst its 
 advantages would at no distant period be further 
 illustrated by the extension of our foreign 
 commerce. 
 
 That I may not be suspected of going beyond 
 those sober views which I professed at the com-
 
 70 
 
 mencemeiit of this address, 1 think it proper to 
 remark, that though the two measures which I 
 have just suggested appear to me to be capable 
 of o-ivin^ increased effect to the Financial ar- 
 rangement before proposed, I do not by any 
 means consider them as necessary appendages 
 to it; nor'do I feel that it requires any further 
 recommendation than those high advantages, 
 which, as I have endeavoured to shew, would 
 immediately result from it. Upon them, there- 
 fore, I would particularly fix your attention — 
 reminding you once more, and, in conclusion, 
 of the urgent necessity of employing without de- 
 lay themeansvvhich we now possess of securing 
 them. Too much time has been already lost ; 
 six years of Peace have been suffered to pass 
 without one effectual step being taken for the 
 reduction of our overwhelming debt— and who 
 can tell how long we shall continue to enjoy 
 the opportunity thus neglected? The events 
 which have of late been passing in different 
 parts of Europe are but ill calculated to en- 
 courage a belief, that the time when wars shall 
 cease is yet arrived. What then must be the 
 fate of England, should she be called upon to 
 draw the sword before she has relieved herself 
 from some of her present incumbrances, and 
 established her Finances on such a basis as will
 
 71 
 
 enable her to defray the expenses of a contest ? 
 It becomes the deputed Guardians of the Public 
 Welfare seriously to ask themselves this ques- 
 tion.
 
 APPENDIX 
 
 The following is extracted from a Book printed at 
 Amsterdam in 17'^5j entitled, Resolutions importantes de 
 Leurs Nobles et Grandes Puissances les Etats de Hol- 
 lande et de West Frise, pendant leMinisterede Monsieur 
 Jean De Witt, Conseiller Pensionnaire. — ^Traduites du 
 Hollandois. 
 
 REDUCTION DES RENTES ET INTERETS DE 
 5 a 4 pour CENT. 
 
 Les Etats de HoUande et de West Frise, consid«^rant 
 et faisant attention a la bonte du Tout-Puissant, qui, par 
 ^e moyen de la Paix conclue I'annde derni^re aveclaRdpub- 
 lique d'Angleterre, a bien voulu r^tablir la Puissance et le 
 Credit de I'Etat ; ils ont resolu et entendu, apres meure 
 deliberation, et apres avoir pris I'avis de leurs Conseillers 
 D^putez des deux Quartiers, sur la proposition faite par 
 ^crit le 1 1 Mars de cette Annee par les Membres D€- 
 putez de I'Assembiee de Leurs N. & G. P. conjointe- 
 ment et avec les Commissaires des deux Colleges de 
 leurs susdits Conseillers D^putez ; que, pour r^tablir 
 les Finances, les d^charger de terns en terns, et les 
 mettre sur un pied sdr et certain, tous les inter^ts et 
 rentes remboorsables a la charge de la Province de
 
 74 
 
 Hollande et de West Frise, n^goci^s taut sur les Coiup- 
 joirs des Domaines de Leurs N. & G. P. que sur les 
 Revenus sans aucune exception, seront r^duits de 5 
 a 4 pour Cent : que les deniers dont la dite Province 
 profitera par cette reduction, seront employes a rem- 
 bourser les Capitaux, et ne pourront etre employes a 
 d'autres usages. Et afin que les Membres de I'As- 
 semblee de Leurs N. & G. P. puissent etre enti^re- 
 ment en repos k cet ^gard, en donnant ordre a I'^xecu- 
 tion de la presente resolution, il sera dcrit aux Receveurs 
 resjiectifs, avec ordre d'avoir soin de rembourser les 
 Capitaux a proportion des Sommes qui resteront en 
 caisse dans leurs Comptoirs en vertu de la presente 
 reduction, en sorte que ces remboursemens augmentent 
 tous les ans a la coucurrence des Inter^ts des Capitaux 
 renibourses les annees precedentes, ajodtant encore bien 
 expressement que d'ann^e a autre les Rentes et Intdr^ts 
 seront retianchez a proportion sur leurs Comptes : enfin, 
 qu'ils n'auront a obeir a aucun ordre contraire a cette 
 resolution de Leurs N. G. & P. quelque part qu'il 
 leur vint, a moins qu'on ne leur ^crivit de nouveau, 
 et a moins d'une Resolution expresse de Leurs N. & G. P. 
 De plus, on ecrira a Messieurs de la Chambre des 
 Comptes, de se regler sur cette resolution, en recevant 
 les Comptes susdits. Et pour rendre la presente d'au- 
 tant plus solide, les Membres respectifs de I'Assembl^e 
 de Leurs N. & G. P. ont consent!, et, (a I'egard des 
 Deputez des Villes du noms de leurs Superieurs respec- 
 tifs,) ont accord^ qu'il ne se fera aucun changement 
 dans ce R^glement pour la d^charge des Finances, 
 et le remboursement des Capitaux, qu'apres en avoir 
 fait un point de deliberation dans les lettres de Con-
 
 75 
 
 vocation, et par une unanimity des voix de tous les 
 Membres de I'Assembl^e, sans qu'il soit permis de n^- 
 gliger la voix d'un seul membre. 
 
 Fait a la Haye, le 7 Aoilt, 1C55. 
 
 THE END. 
 
 W. Wilson, Printer, 4, Greville-Street, Hatton-Garden, London.
 
 / 
 
 . i .,
 
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