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neces 14.,?! TAVATA ***** DRAUGHT OF DECLARATION. #
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1.!!19:44 WE, the
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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 social existenee : 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 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
accord dingly, declare, as follows ; namely: 1,104'. ons is
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 private and individual comfort and happiness. 14*13,45
and. 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 á principal cause of the existing inconvenience and distress. * DO...
4th. That, the abandonment of that system is indispensable To the full and proper exercise of the powers of this great community
in 4700 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 disrurbance of the state of property. T***
C. 6th. That the annual sum payable, either to the government, anhuitant, holder of public floating securities, or to the combuissioners for the redemption of the public debt, considered with reference to a principal sum of debt, is equal to a principal 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 managements 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 public credi, tor, and of all other public obligation in respect of the loan, or advance of money.
1Oth, 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 walue thereof.a w doni: 0;','!'
India:19F IL' 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 unnecessaryas.Y X
2010/ 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, annualdyo or thereabouto.
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 thereaboutse we
1910ry: Spind 1.1.2015 eyJ15th. That it would not be necessary to press for the immediate payment of the contribution of fifteen percent, 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. meii6th. That, it appears to us, however, thaty, to great extent, a
peculiar facility for the payment of satisfaction of such contribution of fifteep per cent is presented a namely, in respect of all persons who are publie apņuitants 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.
17th. That; the contribution on account of such other propetty, celling an erectually and readily, made, by such persons, by can
g an equal amount of value in public annuities. 98th.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 expencel of management, sand under the more severe consequences of loss, prejudice, and inconvenience, by sympathy with, and participation in, the public and general distress.ni di tuorliw 91 19th. That, to assure the final and effectúal 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. Si 1 dias * 20th. "That, various means and resources are presented for that purpose, namely goib adt 9181iss yllingwoq y15y 31sqinitis Su contribution, for a time to be limited, in respect of property, ad 108° be derived from the British Colonies, and from British Onts India.979 9W as bluo husbau gaisaia svienss19 1192910 adsThe contribution, which might be levied, for a time to be limited, -be sin respect of property, to be acquired and realized, hereafter, alqman the United Kingdom. ulio wol bluow slid zoystasy ANA surplus of taxes, after effecting the great reduetion now indispensably and immediately required. amet ad montagasupsenos
The expiration of the annuities for lives or for terms of years, fiu borby efluxion of time. yderari 9101919di ob sw buissons பர்
The probability that some part of the government debt will for so bever remain unclaimed, and that the amount of propertyy in
209 the United Kingdom, exceeds the sum of two thousand pas gar five hundred millions, at which sum, the same has been lesti
mated as the basis of the 14th paragraph: 290xıdmg grignas 21st. That, without offering any opinion as to the expediency of having recourse to, all the measures suggested
in the preceding parathe 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. 990_01 asyba od to lisieh siswein $:22nd. That, whilst the measures now recommended and suggested, would be in course of operation, weanticipate that all government stock would advance to and remain at or above 108, and that the sum of one hundred
he hundred pounds, invested in the purchase of three per cent. stock, would, consequently, produce an attual income,
, not exceeding three pounds.de sandlads 13gal dumt to low
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.
ISSO!!Putgetto sito 24th. That, sums of money, varying from small to large soms, 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. mies de pompa 9,19* crf og
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. 1327th. 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 complete, relief of the nation, from the present complicated system of finance, and we do, therefore, hereby express our anxious and un
; qualified 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 other interests, in their vital principle, of this mighty Empire, embraces the interests of the human race. But to y=909X3ii popisy Vilf , Us *b169 219T
oprint. ou le SUPPLEMENT TO THE FOURTH EDITION, manje od
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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. -32. 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 enot, ni jast!.19707? nai'. in you992 ode to by
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 endean voure to condense his conceptions.
7'! soft by one He avails himself, however, of the publication of a new Edition,
ut His VII That the proposed contribution of fifteen per cent on the value of property in the United kingdom, is to be considered as a come position for Duties and Taxes and other public obligations, Very much exceeding in amount, the rate of composition proposed , ons as a property Tax, of the like beneficial character, in respeot of persons to whora facilities for the payment of the composition might not be presented.
1992 Thus, in quo
பார் The amount of the first and principal assessment, is estimated at five hundred millions and upwards, the alinual value of which, as a considerable part would be contributed in 3, 3 and 4 per: cent. Stock, may be taken at twenty millions
The general relief, consequent immediately, upon the legisla. tive imposition of that assessment, would be ;
doo In respect of the Sinking Fund,
312,410,077. 9. 2
us: 22empor Funded Debt,
117,360,167 17 1 na pia ? Unfunded Debt,
7,798,814 7. 1. 31.07.11 Private Property,
375,000,000 0 0
000 how sa
£. 812,569,059 13,4 2011, in pound 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 thirteen 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 Joan, ot of Page 9. nish 2 Table, page 15. 5.888 plus, Page 16
01 The charges of collection amount to the average sum of £7.' Os. 4 d. per cent: See House of Commons Reports. If the revenue decline, the charges of collection will constitute a higher average, in some proportion to che diminution of revenue. The sum uf fifty,millions above mentioned, come bines the charges of collection, on the proportion, oply, of the sum of fortyr eight millions, supposed to be raised by Duties
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