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fie dificulty of borrowing money had acute and patient calculators, both been greater
in and out of parliament, set them. Bat this system had been for more selves to shew by a variety of statethan a cen'ery adopted, for avoiding ments, though with what degree of ar. the immediate pressure of raising the curacy it is not here pretended to supplies within the year, and could judge, that the amount of taxes nem not ao# be abandoned. The impo. cessary to be imposed under the new sition of new taxes to any great plan, as it was called, or of debt in maust, would have been harsh and corred on account of compound in. curl, and might have been even a terest, in the twentieth yrar from daproas expedient. The raising raising any particular loan, would of the property tax to 10 per cent, be twice as much as under common (Thach certain financiers entertained funding, that is to say, borrowing, toughts of raising still higher) was and raising taxes within the year for
ir-rsally complained of as most payment of the interest of the sums sppressive, and tyrannical. It was borrowed. alled by thousands, not taxation, Of all the plans of finance sub. but confiscation.
mitted to the consideration of par. Lord Heary Petty therefore, in the liament, the most simple, solid, and Erdoar oi genius and youth, con. what would have been most genecrived the design of relieving the na- rally acceptable, was that of Sir James ton, at least for a time, by abstrac. Pulteney, who declared his opinion tion on abstraction, by refinements that the accumulation of the sinking o calculations, that stretched to fund should stop now, that is, that the utmost the finest and strongest the produce of this fund, during the Barres of political arithmetic. War. war, should be diverted to the serloans and supplementary loans; one vice of the year: which would save percent, sinking funds on supplemen. the trouble and expence attending ary loans, and five per cent. sinking the making and managing of new unts on war-loans; to raise the loans to that amount. The great last year a smaller supplementary partiality of ministers, or those who bean than in proportion to that of expected or wished to be ministers, other years; tables to shew how for the sinking fuud, was very gene. Each might be diverted out of the rally ascribed to the facility it ex risting sit:king fund; and calcula. tended, by keeping up the price of lumes on the rise and fall of consols, stocks, to the borro ving of money.
money capital of debt, and no. Lord H. Petty's confession that, in zinal capital...A'l this with the ac. his view of the matter, the great be. bowledged uncertainty of fature nefit of the sinkin, fund lay in the year on the people. In truth, this of the stockholders, clamorous benefit, if it be one, was tlie only be. vain for the regular payment of th nefit that accompanied the sinking dividends, would be drowned in fund. With regard to the nation, general uproar of the nation...! considered as an individual proprie. such a sudden and sad reverse, e tor, or one family, this scheme of though our open trade should making the family at once debtor and shut out from the continent of Euro creditor, taking from the one hand with all the world to trade with to give the other, robbing Peter to sides, is not to be apprehended. pay Paul, was merely a political so. national prosperity may reasona phism. It reminds us of the cove. be expected, if we may judge by w tous man in Moliere; who, chagrined has past since the termination of beyond measure at the loss of his mo. American war, to increase, not ney, and not knowing whom to accuse an arithmetical, but more nearly of the theft, seizes the left hand with a geometrical proportion to its p the right, and cries out in a paroxysm sent extent: in which case the fati of passion, " And myself too! I will depreciation of money must be charge myself with the robbery." tremely rapid; so great iodeed as Public credit would never be shaken defy all our calculation. Ilere the le while we could pay the interest, it is evident, would fall on the sto though we should never diminish the holders. The debt of the nat amount of our debts. The taxes rai. would be almost annihilated, mer sed for the sinking fund, may be consi. by a gradual decrease in the valve dered as a capital laid out at a very money. And as to the stock-hold low interest, instead of being suflered the depreciation in the real value to remain in the hands of industrious stock, that is, the necessaries it wo individuals, to be employed by them in purchase, while it continued to agriculture, manufactures, and trade, transferred from hand to hand, wo It is, as if a landholder, or farmer, not be very sensibly felt by any p instead of improving his estate or sessor. farm, should lock up, for the benefit It seems therefore to be the wis of his grandchildren, his guincas, as well as simplest political acol crowns, and shillings, in his strong- my, to apply, if necessary, the wh box. Without a sinking fund, the revenue of the current year to very progress of society would alle. service of the state, rather than viate the burthen of the national debt, oppress and overload the people and at last almost annihilate it.
dents, and the future deprecia. certainty it afforded of stock being Son of thoney, conveyed to minds a marketable commodity, was much A apable, or too inactive to follow commented on both in conversation per labyrinth of his combinations, and publications of the ress: in
idea of a machinery too cumher. which this benefit to stock-jobbers, one and intricate, and liable to too and ministers, ever prone to get the any unforeseen accidents, to be command of as much money as pos. acted upon by men of common sense, sible into their own hands, was viewed kadaltogether chimerical: while more as a tax of eight or nine millions a
taxes that cramp productive ind Either the navigation, commerce, try, for the purpose of raising or re and general exertion and improve. tinuing the accumulation of a sin ment of the British empire, must un ing fund..--Queen Elizabeth dergo a sudden and a sad reverse, or wont to say, that “ money was continue to flourish more and more: good to her, in her people's pock for in human affairs there is nothing as in lier own."'---If the people h absolutely stationary. In the first been suffered to live as comfortal case, the sinking fund would be swept as possible, and if possible to put away in the general crash ; public little money in their pockets inste credit would dwindle also away, and of the sinking fund, gorerum almost to nothing ; and the voice would have lost nothing. It see
to have been just as easy for govern. finances, like Mr. Pitt, had provi. ment, in the reign of George III, to ded, according to his calculations, a put their hands in the pockets of the sinking fund. But lo! instead of a propie, as in that of Queen Elizabeth. sinking fund, a great deficit. Mr. Its the yearly produce of the natio. Necker acknowledged that deficit, Daliadostry alone that can be consi. but by way of apology, gave an ac. dered as a permanent fund for de. count of the various unforeseen cir. frasing the expences of each year. cumstances to which it was owing. I'more be taken, by drawing bills Mr. de Calonne replied that reasons ta posterity, and loading the present why the deficit could not but exist,
Yation with the interest, the an. se ved only to prove the truth of its azal produce is every year suffering existence. The contingencies by dainution, which is also a diminution which it was occasioned, ought to of the sources of revenue.
have been taken into that average The controversy about lord H. Pet. on which the pretended sinking fund ty's plan of finance, and the nature was founded. and operation of the sinking fund in These false appearances of sinking general, in 1807, bore a near resem. funds, invite popular applause and blance to that between Mr. Necker confidence at first. But they do not and Nr. Calonne, in France, about seem calculated to stand the touch twenty years previous to that period. of reason, or the test of time. Mr. Necker, the comptroller of the
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I ***Myttetwas stron by the the porest principles of sorality. Laserbe variasent, to proside for an It will be recollected that twort MIUT HAM vagone'iture, the necessity solutions were passed by both house of which wamponued upon the state in the last session of parliament: th by the impariote au of „11-priser. One declaring that the African sları waton, did not sint the vant of the trade, being contrary to the prind prislature against the crux of suffer. ples of justice, humanity, and soun ing, and intro og hunanity.
policy, ought to be abolished with a A bill for the abolition of the slave, practicable expedition; and th trade wonit hand in hand with the other, to address his majesty, be proceedings rosporting finance and seeching him to take such measure o onomy. The Dritish parliament as might appear most effectual foi and nation had the generosity and obtaining, by negotiation, the con the courage, in the cause of humanity currence and concert of foreign pow and justice, to hazard an innovation, crs, in the abolition of the slave-trade which, in the opinion of most men, and the execution of the regulation throntened ruin to the most valuable adopted for that purpose.* branch of British commerce, and Inpursuance of these resolutions proved to the world, that this "nation lord Grenville on the 2d of Janu. of shopkeepers," as it had been sneer. ary brought into the house of peers! ingly styled by the French, was sus. a bill for abolishing the slave-trade ecutible of the finest feelings, and Lord Eldon wished to know whether
Vide l'ol. XLVII, 1806, History of Europe, p. 92.
Es bill was meant to extend to the spect to Portugal, it was not thought are trade in general, both in the expedient to make any communica. fest Indies and on the coast of Afri. tion on the subject, during the ne. 1, or if it was the African slave. gotiation with France.... These five rade only that was to be abolished. were the only powers materially Lord Grenville said that the bill ex. interested in the slave.trade. - led to the African tra.ie only..-- On the 4th of February, counsel Lord Eldon, however, thought that having been called in, pursuant to or.' nas node of proceeding, for the der, before the house of lords, Mr. bolition of the slave-trade, was im. Plumer and Mr. Dallas attended on Tracticable, and that, if their lord. behalf of the West-India merchants ; bigo consented to put an end to the Mr. Alexander for the merchants of made on the coast of Africa, the ap- Liverpool; Mr. Scarlett for the cation of the same principle would merchants and planters of Januai.
essarily compel them to extend ca and Trinidad; and Mr. Clarke be abolition to the West-India is. for the corporation of Liverpool, and Inds. The bill was read a first time, the trustees of the dock of that port and printed.
The counsels having concluded their January 12th, on the motion of pleadings, requested, according to mrd Grenville, for appointing a day the prayer of the petitioners for ir the second reading of the bill for whom they appeared, that witnesses be abolition of the slave-trade, lord might be called in ; which was not Lawkesbury moved an address to allowed, as it was not thought in any s majesty, praying, “ that he would respect necessary
graciously pleased to order to be The day appointed for the second had before the house, copies of all reading of the bill for abolishing the timmunications which had passed slave-trade, was Wednesday the 5th wtween his majesty and foreign of February ; on which day, lord $ers, respecting the abolition of Grenville having given a copious deke slave.trade, in consequence of the tail of the principal arguments on ddress of that house." Lord Gren. which the principle or spirit of the Füle said, that with respect to France bill was founded, concluded with De fact was, that during the late ne. moving, " that the bill be now read otiation with the government of that a second time." The abolition of Fountry, communications on this the slave-trade has been so repeatedly ubject did take place, to the pro. submitted to the consideration of par. lection of which he saw no objec. liament, and the proceedings and debaka. As to Spain and Holland, no bates on this subject so often noticed Communications had or could have in the Annual Register for the pre. akta place with those powers. ceding twenty years, that it is alto. Lumaunications respecting the slave. gether unnecessary, and might aptrade had passed between the pleni. pear even irksome to our readers, to potestaries of this country, and the follow the reiterated discussion united states of America, and an through the speeches in both houses,
Tentent on this subject actually in 1807. We shall therefore just oped one of the articles of the trea. state the progress of the bill till it was
sich bad been signed by one of passed into a law, and then take a ** Plenipotentiaries. With re. brief view of the question, not only as