anxiety, considered the state of the United Kingdom, on the well being of which we severally depend, in all the relations of social existence: we are actuated by an unfeigned and unmixed desire to contribute to the relief of the inconvenience and distress which press upon all orders of society; we are persuaded, that clear, simple, and comprehensive arrangements, in respect of the national debt, are necessary to that end, and under the influence of that con viction, we consider it a duty of indispensable obligation, to declare our sentiments, judgment, and opinion thereon: which we accor dingly, declare, as follows; namely a memo odtward) 611 st. That, the British Empire embraces a variety and extent of territory and population; comprehending the means of producing great increase of national wealth and power, and of advancing private and individual comfort and happiness. et 2nd. That, notwithstanding the possession and command of such means, the national duties and obligations are, with great difficulty, discharged, and severe and unusual pressure and inconvenience are experienced, in agriculture, in trade, and in manufactures; by every order and class in active and social life. 3rd. That, the great weight of taxes occasioned by the present system of the national debt, is a principal cause of the existing inconvenience and distress.ì 30 poi 4th. That, the abandonment of that system is indispensable to the full and proper exercise of the powers of this great community. ་ ་ ་ ་ ་ པར ས ། 5th. That, the immediate reduction of the amount now payable by the British Nation, by way of annuity, or otherwise, annually, and the eventual complete redemption of the public debt of the United Kingdom, may be effected, without violation of the national faith, and without any dangerous or mischievous distur bance of the state of property. * ** 6th. That the annual sum payable, either to the government, annuitant, holder of public floating securities, or to the commissioners for the redemption of the public debt, considered with reference to a principal sum of debt, is equal to a principal sum of one thousand two hundred millions, or thereabouts. {w anbaroq dos bez sidol wood Yaow tomb rollto do të jeni di davɔ pagam 7th. That, the sum payable in respect of the national debt, including the charges of collection and management, approximates to one million, sterling, weekly. 8th. That, the levy of that sum, combined with the levy of the further sum necessary for the current purposes of the state, oppresses the industrious, injures the capitalist, and threatens the most calamitous consequences. 1 9th. That, the national debt is susceptible of liquidationon the basis of a contribution of fifteen per cent. on private property, including the amount of stock created in favour of the public credi tor, and of all other public obligation in respect of the loan or advance of money... prema raosat sil 10 bisect of studiitra 10th. That, it is, therefore, expedient, that all private property, in the United Kingdom, not being the property of ex-resident foreigners, in government or public annuities, be declared liable and subject to a contribution of fifteen per cent on othe value thereof.ioma ; noobal tra L 1 11th. That, in the event of the adoption, by the legislature, of effectual measures for the general application of such principle of contribution, the further operation of the sinking fund would become unnecessary 12th. That, in such event, the contribution of fifteen per cent, to be paid by the public annuitant, or other public creditor, would be, virtually effected, by the permanent reduction of all public annuities payable to British subjects, and of all other public securities, to the extent of fifteen per cent. 13th. That, the nation would be immediately relieved by that measure, from claims amounting to twenty millions, nett, annually, or thereabouts. 14th. That, the contribution of fifteen per cent. in respect of land, manufacturing, shipping, commercial, and other property and capital, would, further, as we apprehend, relieve the nation, from claims amounting to fifteen millions, nett, annually, or thereabouts. wel. tare magna a 15th, That, it would not be necessary to press for the immediate payment of the contribution of fifteen per cent, in respect of the subject matter of the preceding paragraph, because, for the term during which the same should remain unpaid, an annual payment on the amount of the respective sums remaining unpaid, might be accepted, by way, or in lieu of interest, until paid. -16th. That, it appears to us, however, that, to great extent, peculiar facility for the payment, or satisfaction of such contribution of fifteen per cent is presented namely, in respect of all persons who are public annuitants or other public creditors, and who would become liable and subject to the contribution of fifteen per cent. in respect of other descriptions of property. 17th. That, the contribution on account of such other property, might be, effectually and readily, made, by such persons, by can celling an equal amount or value in public annuities. 18th. That we apprehend, that the class of persons referred to in the preceding paragraph is numerous, and that such persons are, under the present system, in effect, paying an annuity to them selves, from their own property, under a heavy loss, by means of the expence of management, and under the more severe conse quences of loss, prejudice, and inconvenience, by sympathy with, and participation in, the public and general distress. sdi tuodhiw * 19th. That, to assure the final and effectual relief of this United Kingdom from the disadvantages incident to a public debt, it te e pedient that measures should forthwith be determined upon with a View to complete the liquidation of the debt dies 20th. That, various means and resources are presented for that purpose, namely forth on iso View Ju contribution, for a time to be limited, in respect of property, 9.11 logobes derived from the British Colonies, and from British barani svets1x9 10198919 idsThe contribution, which might be levied, for a time to be limited, -DS 9 respect of property, to be acquired and realized, hereafter, iqin the United Kingdom. W w stary iqmianthe JOA surplus of taxes, after effecting the great reduction now indiv pensably and immediately required. senas The expiration of the annuities for lives or for terms of years, by effluxion of time. 791 has The probability that some part of the government debt will for ever remain unclaimed, and that the amount of property in the United Kingdom, exceeds the sum of two thousand five hundred millions, at which sum, the same has beenlestimated as the basis of the 14th paragraphs 29051dm9 xiq 21st. That, without offering any opinion as to the expediency of having recourse to all the measures, should not the whole be graph, or as to selection of the in the preceding para A combined, we recognize, therein, abundant means for the complete payment and satisfaction of the principal of the national debt, not provided for by the other measures recommended in this declartion 3d of sysvbe edt to listeb ni waiv 22nd. That, whilst measures now recommended and sugSt the gested, would be in course of operation, we anticipate that all government stock would advance to and remain at or above 100, and that the sum of one hundred pounds, invested in the purchase of three per cent. stock, would, consequently, produce an annual income, not exceeding three pounds. Bass down to dow 23rd. That, the security of the British Government, for the principal and interest of money, is a security, of a description, highly to be desired, an 24th. That, sums of money, varying from small to large sums, are in constant course of accumulation in this United Kingdom, as well by public bodies as by individuals, which monies are the frequent subject of investment in government securities. 25th, That, in the contemplated event of the advance of all government stock to 100, we anticipate that a considerable proportion of such monies would be tendered to the British Government, on loan, without the intervention of third parties, (as in the instance of a contract for a general loan) the principal sum advanced, simply, to be secured by debentures or otherwise, at a rate of interest of three per cent. per annum.gad 26th. That, the application of such monies, when so lent, and advanced, in aid of the liquidation of the existing debt, would, as we anticipate, very powerfully accelerate the discharge thereof, and, although a new debt would thus be created, the new contract would be plain, direct, and simple, unincumbered with the obligation of the present extensive Sinking Fund, and would, as we presume, at no distant period, be terminated by the entire cessation of public debt. 27th. That, we are impressed with a deep conviction of the advantages which would flow to this Empire, from the force of simple institutions so that we can not apprehend any mischievous or dangerous consequences from the temperate and gradual, but early and complete, relief of the nation, from the present complicated system of finance; and we do, therefore, hereby express our anxious and unqualified desire to witness the adoption, and to promote, by our individual example, the execution of any measures, founded on a principle of equal contribution, adequate to a purpose, which, com-prehending the interests, in their vital principle, of this mighty Empire, embraces the interests of the human race, hong ot *b16? ?7377 It has been observed, by persons for whom the author has great respect, that a view, in detail, of the advantages to be expected from the measure suggested by this Tract, if adopted, would have added to its interest. 1. It is obvious, that an extensive range of beneficial consequences might be anticipated, and that the subject might be dilated into a work of much larger compass; but the desire to produce an enede vot junemine rɔ? Barn& om in youona adt Jrd be. tire, unbroken view of the leading principles and calculations, which must decide the judgment, on this great question, has prevailed over every other consideration, and determined the Author to adhere to the arrangement, under which he originally endea voure to condense his conceptions. i'ladi bur He avails himself, however, of the publication of a new Edition, to remark: That the proposed contribution of fifteen per cent, on the value of property in the United kingdom, is to be considered as a com position for Duties and Taxes and other public obligations, very much exceeding in amount, the rate of composition proposed; or, as a property Tax, of the like beneficial character, in respect of persons to whore facilities for the payment of the composition might not be presented. Thusis I basbni 11 The e amount of the first and principal assessment, is estimated at five hundred millions and upwards, the annual value of which, as a considerable part would be contributed in 3, 3 and 4 per cent. Stock, may be taken at twenty millions. cent-Pi The general relief, consequent immediately, upon the legislative imposition of that assessment, would be; aniwells vd an Funded Debt, Unfunded Debt, 1995 eduti 10 .. 312,410,077 92 117,360,167 17 7,798,814 7 375,000,000 0 L. 812,569,059 13 4 in round numbers eight hundred and twelve Millions, and the annual demand, in respect of the national debt, would be reduced, from the nett sum of Forty-eight millions to the nett sum of thir teen millions, or thereabouts, which sums, including the charges of collection, may be taken, in round numbers, at the several sums of fifty millions and fourteen millions. The difference is thirty-six millions, to be remitted in relief of the country, from the necessity of raising money by loan, or of Table, page 15. Job in Page 161 1 £7. ' Page 9. The charges of collection amount to the average sum of 27.08. 43d. per cent. See House of Commons Reports. If the revenue decline, the charges of collection will constitute a higher average, in some proportion to the diminution of revenue. The sum of fifty millions above mentioned, com bines the charges of collection, on the proportion 9PX of the sum of fortym eight millions, supposed to by |