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The discontinuance of the Sinking fund, would only rendes un
necessary the levy and repayment by the Government, of assum of money equal to the amount of that fund. The reduction of demand on the nation by the public
dio ba, 299KR would, in like manner, only render unnecessary the leyy and repayment of a sum of money equal to such reduction, sciva g3 493
The proportion of the payment to be made by the landed and other proprietor, în money, would pass through the Exchequer to the stock-holder, who would become the buyer or mortgagee of land or other property,
to the same extent, as the proprietor, to pay his contribution, might become the seller or mortgager; money must circulate for this purpose, but there would not be any increase of capital. SSR SILVO
There could not, in either case, be any increase or diminution of capital: whether more or less amount of money be passed through the Exchequer, the sum of capital remains the same. The real effect, would, indeed, be the reverse of that which is supposed in the objection; the relief which the country would experience under an extensive remission of duties and taxes, would cause activity to capital, and consequently, would; in the first instance, tend to the want, rather than the superabundance of capital. elutuba odset
The question of the half-yearly dividends turns upon a similar consideration; the means of those payments are first derived from the public. In the instance of a village, containing fifty heads of families, who may contribute directly and indirectly to those issues, at the rate of 51. per annum, each; if not so called upon, each in. dividual (supposing the rate of wages to be the same) would find at his disposal, five pounds, yearly, more than he now commands,
, , which he would expend within his own sphere, and would thus be the instrument of a better circulation, for all social and political purposes, than can be produced by any other means ; so with respect to all other classes of society,. The instrumentality of the taxgatherer, cannot be necessary to the healthy circulation of the body
0970s vo The inconvenience
incidentto ah imandan iboratdan ngga
an inquisition into the estate and property of every individual, is undoubtedly, very considerable, and for any inferior purpose ought not to be proposed : the purpose in question, is, however, of the deepest concern to all who feel the value of social existence, distress and danger press, and if the i
measures now brought into view, comprehend the means of extensive relief, of what comparative weight is the inconvenience objected ? It is admitted that the stock-holder would enjoy an apparent
Habaldugang noisbrupit oda advantage, as objected : three per cent. stock, under the influence of the measures recommended, would advance to 100; the con
tribution of the stock-holder being only 15 per cent.! he would receive 88l. for what would, now, in the market, produce only 701.; upon the reinvestment of his money on government security, at 8 per cent. he would, however, receive but 21. Ils. per annum ; say 3 per cent. on 851. instead of 1001, : his income would be
3 reduced 15 per cent, and, in that way, an equality with the situation of the landed proprietor would be produced:' if indeed, the capital should not again be adyanced on government security, or when finally paid off, the stock-holder would obtain an advantage, but not more than he would have obtained in the market, as now constituted, whenever any considerable reduction in the quantity of stock should have been effected : and it will not be contended, that the nation, is, for ever, to be oppressed with debt, to prevent the stock-holder from obtaining 100l. for the 1001. which the books of the Bank of England, record in his name. The objection applies rather to the principle on which the stock has been created, than to the principle on which it is proposed that it be redeemed.
It is also admitted that inconvenience would epsue to various establishments and classes of persons, if the Government were, at any time, wholly to decline all guarantee of interest for money, and it is not, now, necessary to determine, definitively, whether, after the liquidation of the amount of the present debt, such guarantee should again, in any or what degree, and under what circumstances, be accorded or not the incompatibility of such engagements, with first principles, has been shown, and in any event, it would be grateful to the country, to find her security the object of solicitude, and that the lender of money, on the security of the British Nation, no longer considered himself entitled to the terms of singular advantage which he has hitherto enjoyed,
The immediate effect of the measures proposed may be consi dered as represented in the following table :
It may fairly be presumed that the Accountant-general, most of all the corporate and other public bodies, and charitable institutions, the generalitý of trustees, and many individuals, on their own account, would avail them. selves af an opportunity of re-investing the amount of stock held by them of in their names, on government security, if paid off, and the opportunity were présented.
The Public obligations in respect of the national đebt, have been stated, page 3, as follows :
Interest and Annui.
ties for Lives or for Principal. Terms of Years, in
cluding Charges of
L. 8. d.
312,410,077 92 15,620,503 17 54
797,401.119 0 103 48,191,187 3 75 Unfunded Delst.
51,992,095 14 291 2,079,683 16 7 Annuities for Lives or for Terms of Years.
2,098,619 18 37
(1161,803,292 7,859,987 15 11 Immediate Reduction.
Principal Interest, &c.
£. 8. d. £. & d.
312,410,077 9 2 15,620,503 17.5
7.798,814 7 1 311,950 11 6 437,569.059 18 4 20,072,757 13 10 The Debt and Interest would immediately be simplified and reduced to
724,234,232 10 11 | 29,787,230 % 1 The Application of the Assessment on the property estimated at 2500 millions would also be immediate, in relief of the in.
dustry and exertion of the country, and the principal sum of the Assessment being collected, the principal of the Debt
375,000,000 0 0
349,934,232 10 11 Or for interest, and Anonities for lives and for terms of years, and charges of management, the sum of
in respect of Interest would vary ;' so long as the whole sum of 375 millious remained
£12,421,107 0 3
2,028,612 18 33
14,449.719 18 7 In the event, the amount would vary between the two extremes, that is between £9,087,920 . 1d. and £14,449,719 18s. 7d., and may be taken at 13 millions.
: The Interest for which Taxes must, for a time, be provided, would increase on the satisfaction or payment of the principal sum of the contribution, because so much
at 5 per cent. ; an individual being assessed in respect of landed or other property, of the value of one million, would be required on that account to pay £150,000, which,
£4,500 only, but by cancelling his stock, he would be relieved from the annual payment of £7,500—this consideration would accelerate the liquidation of the debt, but it would, in its operation, increase, proportionally, the sum of £9,037,230 2s. 1d. above mentioned. The same effect would follow on the redemption of 3 per cent. 34 per cent and * per cento stock, by means of the application of monies received at the Exchequer for that purpose.
For the present purpose, the principal sum of funded and unfunded debt, remaining to be provided for, after the cessation i of the sinking fund, and the application of the principle of a contribution of fifteen per cent, to the funded, and unfunded debtyzand to the private property in the United Kingdom ; may be taken at three hundred and fifty, millions, and the interest thereonuand annuities for lives or for terms of years, at thirteen millions nett, as represented in the preceding etable. sta yoda slow sd 759d of The means
and resources for the liquidation of the principal sum of 1 350 millions have not been strictly defined, but it has been shewn that they are ample, and might be adoptedys wholly, or in part, as should be deemed expediente y sa mobgaiši botin 10 to These means and resources may be recapitulated as follows, Yl3ixphoto toggs.ypm ano 1999 199.1199017 lo soitudinimo s sils British Colonial and Asiatic Incomeksów 1039170019 yy9v9 tud
Propertybus stotsd 18. 7119007q aid to itsq to noise bois Excess of Taxes, magna s smooed blow orl sdy hoglobni sd
Stock unclaimed. d bus bogasteb's le busteni 2Uonsqeoig bos Onni 915
The probable greater amount of the private property, than 2,500 millions. Tuostos lo ingusta sd to noisub
• 1 ,ន nasd Expiration of Annuities for lives bot for terms of years, by
ping srom i 921609d ebapistog non a review of the preceding statement, it appears, that the burthen to be borne by the combined property and exertion of the United Kingdom, amounts to one thousand one hundred and şixty-one millions and upwards, besides annuities for lives and for terms of years, amounting to two millions and upwards ; equal to an aggregate principal sum of one thousand two hundred millions or thereabouts ; and that the annual charge in tespect thereof, amounts to forty-eight millions, nearly, exclusive of the heavy charges of collection. The whole of the private property in the United
been stated at two thousand five hundred millions; it may be somewhat more or less, but it will not be questioned that the relation of the debt to the property is as one to two, or approaching thereto.d doi joqotq edt szla 41 By this brief summary, it will become manifest, that the conceptions which have been disclosed, do not involve the principle of individual or personal sacrifice a អៃយ។
having recourse to analysis, that the
pressure of the debt, already, falls heavily on the proprietor the husbandman," the artificet, all in the subordinate ranks of life, are distressed and in a country, so knit by the social ties, what distressean a fict the poor that does not re-act upon the wealthy ? the wealthy bear, not only their own immediate proportion of the burthen, but, by re-action
from those who are below them in the scale of society, are destined, eventually, to bear the whole ; they are the last to feel the whole weight of consequences, but they are the responsible members of the firm, and on them the consequences will aceumulate and finally fall the burthen is equal to fifty per cents Property throughout the United Kingdom may be considered as mortgaged for fifty per cerstol. The redemption proposed, proceeds on the calculation of a contribution of fifteen per cent. only: it may appear paradoxical, but every proprietor would, relatively,
be much richer, after the alienation of part of his property, than before, and the expectation might be indulged, that he would become a member of a well-regulated, and prosperous, instead of a deranged and harassed cothmunity.
а & These explanations have been deemed necessary to the introduction of the Draught of Declaration annexed. The nation requires immediate relief, and the form of a declaration has been preferred, because it is more manly, quite as constitutional, and, in all respects, more becoming, that measures, comprehending the reduction, as to extent, though not in efficient value, of the property of severy individual, should originate with the subject, rather than with the Executive Government, on whom, this peculiar and weighty duty, cannot fairly, be devolved, without the previous favourable manifestation of public -sentiment and opinions and if persons, whom the question, from extent of possession and weight of influence, more nearly coficerns, should, in any instance, assemble to deliberate on the subject, the conceptions are thus presented to them in the form most convenient for that purpose. d yeni tienoillifini bubnud av ysteqorg 1 of id9b 9d: 15 noisloi 90: sel bonoitagup ad son lliw
Unless the proposition be qualified by the consideration of the propor tion of the burden borne by the pul·lic creditor, sin respect of bis anduity or interest expended within the kingdom: if, however, the amount of annuity and interest receivable by the public creditor, which may be supposed to be applied to the further purchase of annuities, and the amount remitted to foreigners and for foreign expenditure by British subjects, be subtracted from the whole sum of the publicó annuity and interest, and it be also considered that domestic residence cannot be renforced, the position assimed even so qualified, does not vary materiallypora ofi'lo noso loqsont si zidoh Isaoiss od 10 droitaaltro Isud seslisow jatomski saborais zovil no1 esidivans yds bas 2noillior Oce to cause laçluing sites acis
un 31039d bloow 129281 st stotle s barber 9791 to nevar 70 70
Sequang goinister sds to gasilogth od osldsalg