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# * о упереу ? PLAVA 6,1 sentit: C18",1094 DRAUGHT OF DECLARATION: 53

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...nts have, with great anxiety, considered the state of the United Kingdom, on the well being of which we severally depend, in all the relations of sociál 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 societywe are persuaded, that clear, simple, and comprehensive atrangements, 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: 1;!**'. osn

1st. 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 pri vate and individual comfort and happiness.

Ind. 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 incons venience are experienced, in agriculture, in trade, and in manufac tures; by every order and class in active and social life.'12

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.on's, ? 4th. That, the abandonment of that system is indispensable to the full and proper exercise of the powers of this great community.

και 67037 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 na tional faith, and without any dangerous of mischievous distur bance of the state of property. T***

12.1 6th. That the annual sum payable, either to the government, anhuitant, 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 priticipal som of one thousand two hundred millions, or thereabouts w 2002190

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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, in, cluding the amount of stock created in favour of the publici creditor, and of all other public obligation in respect of the loan or advance of money.

*?*3**1,171 ili 10 tjent of studiilta 10th, That, it is therefore, expedient, that all private property in the United Kingdom, not being the property of ex-resident foreigners, in government of public annuities, be declared, liable and subject to a contribution of fifteen per cent on the value thereof. Dabei!!

11th. That, in the event of the adoption, by the legislature) of effectual measures for the general application of such (principle of contribution, the father operation of the sinking fund, would become unnecessary. 1

ni wengi: 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 annyities 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 claime amounting to twenty millions, nett, annualdyxor thereabouts

14th. That, the contribution of fifteen per cent. in respect of land, manufacturing, shipping commercial, and other property and capitali would, furtherg as we apprehend, relieve the nation, from claims amounting to fifteen millions, nett, annually, or thereabouts. W'.1: 108 LTE yul 5th. 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. meidfathThat, it appears to us, however, thaty, to great extent, a peculiar facility for the payment of satisfaction of such contribution of fifteen per cent. is presented a namely, in respect of all persons who are public aoņuitants of other public creditors, and who would become liable and subject to the contribution of fifteen per cent. in respect of other descriptions of property.

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14th. That; the conttibution on account of such other property, might be, effectually and readily, made, by such persons, by cana celinig an equal amount

or value in public annuities.it 1988h. 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 at annuity to them selves, from their own property, under a heavy loss, by means of the expence of management, sand under the

more severe conset quences of loss, prejudice, and inconvenience, by sympathy with, and participation in the public and general distress.ni di tuodaiw 13 19th! Thar, to assure the final and effectual relief of this United Kingdom from the disadvantages incident to a public debt, it is ext pedient that measures should forthwith be determined upon with a View to complete the liquidation of the debt. d) ont as 15 20th. That, various means and resources are presented for that

purpose, namely: 2h911 9:61 visus vltrowoq v15v sequiti 9w own contribution, for a time to be limited, in respect of property, . 108° be 'derived from the British Colonies, and from British Dis India:"71 3W ten ... 01154 nishid Sviag129 10192550

dsThe contribution, which might be tevidas fora time to be limited, -bs in respect of property, to be acquired and realized, hereafter, samiain the United Kingdom. 1's ? wobbicow only egystasy 450A surplus of taxes, after effecting the great reduction now indispensably and immediately required. 19: mon angupsenos The expiration of the annuities for lives or for terms of years,

by effluxion of time. 146".pp 151911.0w has : 951ead The probability that some part of the government debt will for au ever remain unclaimed, and that the amount of propertysiin

the United Kingdom, exceeds the sum of two thousand 1.2 five hundred millions, at which sum, the same has beenlesci

mated as the basis of the 14th paragraphdu 2995ıdms griques 21st. That, without offering any opinion as to the expediency of having recourse to all the measures suggested in the preceding paragraph, or as to the selection of measures, 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,xy od pangginsyba sds to Lisich au ** s:22nd, That, whilst the measutes now recommended suggested, would be in course of operation, weanticipate 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 anifual income, not exceeding three pounds.ssardines 1991. down to tow

23rd. That, the security of the British Government, for the

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principal and interest of money, is a security, of, a description, highly to be desired. in

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cu94119 ,91 24th. That, sums of money, varying from small to large sams, 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.y 1, 25th, That, in the contemplated event of the advance of all government stock to 100, we anticipate that a considerable proportion of sach 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 cento per annum.

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prin rrfi got 26th. That, the application of such monies, when şo 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 obligarion, of the present extensive Sinking Fund, and would, as we presume at no distant period, be terminated by the entire cessation of public debt. 19 27th. That, we are impressed with a deep conviction of the advantages which would low to this Empire, from the force of simple institutiones that we can not apprehend any mischievous or dangerous consequences from the temperate and gradual, but early and complese, xelief 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, comprehending the interests, in, their vital principle, of this mighty Empire, embraces the interests of the human race.iss Picos to yo 79 px 0;mirs MintysVIT ,P The juos **789219 rd glo SUPPLEMENT TO THE FOURTH EDITION.". ' 4:3197.271; 1012789

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It has been observed, by persons for whom the author has great reşpect, that a view, in detail, of the advantages to be expected from the measure suggested by

by this Tract, if adopted, would have added to its interest. son 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 en77 109 11619 707? raron siin

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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 endeavoure to condeuse his conceptions.

In T viragor od bac He avails himself, however, of the publication of a new Edition,

Exow hepsées ad otterranitos ysq 1 yasivno That the proposed contribution of fifteen per cent on the value of property in the United kingdom, is to be considered as a composition for Duties and Taxes and other public obligations, very much exceeding in amount, the rate of composition proposed s or

property Tax, of the like beneficial character, in respecti of persons to whore facilities for the payment of the composition might not be presented.

ya Th9895 Thusiai od hlaroy tprtloguja sit ters bisa od tibaobai II

The amount of the first and principal assessment, is estimated at five hundred millions and upwards, the anual value of which, as a considerable part would be contributed in 3, 3 and 4 per cent. Stock, may be taken at twenty millionse

, at noupady is The general relief, consequent immediately, upon the legislative imposition of that assessment, would be ; de

would be ;- dorque ad si ti 20 maigihitra od

on esitibonim £ad do In respect of the Sinking Fund,

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117,360,167 17 - 1 yno arries ar

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தா Unfunded Debt, hne asi od Biegow Private Property, bra 375,000,000 0 0

Procaines Sms botinpark.:

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£. 812,569,059' 13 gain!

* : , i Sveri in found 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.

KU The difference is thirty-six millions, to be remitted in relief of

from the necessity of raising money by Joan,lofof Page 9.

h 2 Table, page 15.''BBudy is dis page 16 charges of collection amount to the average sum of £7

Post

A id. per cent: See House of Commons Reports. If the revenue decline, the charges of collection will constitute a. higher average, in some proportion to dine dimitution of revenue. The sum of fifty, millions above mentioned come bines the charges of collection, on the proportiop, oply, of the sum of forty eight millions, supposed to be raised by Duties and Taxes.

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