sembled. He thanked the electors for their support, and assured them, that if they returned him, they would have no cause to repent of their choice. Mr. Hume, before concluding his address, said, that though unable himself to address them to-morrow, he trusted that they would give Sir Charle Forbes, if he should present himself, a full and impartial hearing, that he might frankly declare his sentiments, that they might fully understand him, and that he and his friends might not have the charge of partiality to prefer against any Middlesex electors. POULETT THOMSON. I TAKE the following from the Morning Chronicle of the 20. December. My friends of OLDHAM and MANCHESTER, do read this, and then judge you of the correctness of my opinion, expressed in the former part of this Register. Do pity poor Mr. THOMSON! Good God! What a life he is destined to lead! How quickly they have begun upon him. "A deputation from Manchester waited on the Right Honourable "Poulett Thomson, the Vice-President of the Board of Trade, yesterday morning, at his residence in Somersetplace." (From the True Sun of the 20. instant.) OUR readers will not fail to peruse with satisfaction and pleasure the admirable letter from the new members of Oldham, addressed through our paper of to-night, to the electors of that town. We feel proud of being the channel of communication to the people of Oldham, of such sentiments as are contained in this address, in which we are at no loss to trace the pen of that impressive and distinguished writer, whose absence from Parliament we have long lamented, and whose services we have at last the gratification of seeing transplanted to the sphere which will afford a still wider field for their exercise. We are sure the country looks forward to no event with more interest and expectation than the entrance into parliamentary life of a man whose career has been as extraordinary as his powers. Sir J. S. LILLIE thanked the electors.. for the noble and independent feelings which had placed him so high on the poll. He begged leave to observe, with respect to the alleged coalition mentioned by Mr. Hume, as put forth in the placards, that he knew as little of those placards as Mr. Hume. He would only observe, that the electors who approved of Mr. Hume's principles would approve also of his; that there certainly was a coalition between him and Mr. Hume, but it was of measures, not men; and if they had the vote by ballot, he knew whom they would send with Mr. Hume into Parliament. He had learned that most of the voters who had voted for Mr. Hume had also polled for him, and he also learned that the number of those who had voted for Sir Charles Forbes, in conjunction with Mr. Byng, was also very numerous. (Cries of No, no!). It was very extraordinary that Mr. Byng, who at the last election had stated decidedly, that if returned, he would not offer himself again ("No, he did'nt"-"Yes, he did!"). As he before stated, if he thought he had the slightest idea that his coming forward would in any way impede the return of Mr. Hume, he should never have thought of doing so; but as he felt that Mr. Hume's return was undoubted, he trusted that the electors would show their approbation of a man with principles exactly similar to those" of Mr. Hume, by voting for him. He thanked the electors for what they had this day done for him. PAPER AGAINST GOLD. LETTER VI. "It is not altogether improbable, that, "when the nation becomes heartily sick of its debts, and is cruelly oppressed by them, some daring projector may arise with vi public credit will begin, by that time, to he "sionary schemes for their discharge; and, as a little frail, the least touch will destroy it; and in this manner it will die of the Doctor. "But, it is more probable, that the breach of "national faith will be the necessary effect of wars, defeats, misfortunes, and public cala"mities, or even, perhaps, of victories and conquests."-Hume on Public Credit. seen to be in good temper, while his opponent scarcely ever fails to discover impatience and anger, and, in but too many cases, to give way to personal invective and false accusation; and, be you well assured, gentlemen, that even the venal men above described, answer me by saying that I write from a prison, only because they have no other answer to give. Leaving them in the full possession and unenvied enjoyment of all the advantage and of all the honour which such a mode of answering can give, let us proceed with our inquiry into the effects of the SINKING FUND, just casting our eye back first, and refreshing our memory as to the foregone facts; namely, that the Sinking Fund Acts of PITT, which provided for the cutting off of some part of the interest upon the Debt in 180S; that these provisions, which led this poor nation to hope for a taking off of part of its taxes in 1808; that these provisions, which, as we have seen, were held forth to the believing people of England, in the pamphlet of GEORGE ROSE, as the sure and undoubted pledge for the taking off of taxes in 180S, or thereabouts; that these provisions, in order to begin to taste the benefit of which, the people were to pay a million a year of additional taxes for twenty-two years; that these provisions, yes, we must bear in mind that these provisions, after the people had gone on hoping for sixteen years out of the twenty-two; that these provisions were, by ADDINGTON's Act of 1802, repealed, done away, made of no more effect than if they never had been enacted by the Parlia ment. GENTLEMEN,It was naturally to be expected, that those venal men, who, for want of industry to "labour with their hands the thing that is good," and from a desire to live upon the labour of others, have chosen the occupation of writing instead of obeying the voice of nature, which bade use the brush and not the pen, to blacken shoes and not paper; it was naturally to be expected that those venal men, who gain their livelihood by serving the corrupt and by deceiving the weak, and the number of whom, in this town, is, unfortunately, but too great; it was naturally to be expected that this description of men would feel alarmed at the progress of these letters, which, by making honest and useful truths so familiar to the minds of the people, threatened literary venality with destruction. Accordingly these instruments of corruption have shown their anger and resentment against me; but, the only answer they have offered to me is this: " that I discharge my gun from a stone-battery;" meaning that I write from a prison; therein giving the public a specimen of their wit as well as of their manliness. This is always the way; it is the constant practice of those, who, while they are, from whatever motive, impelled to oppose a writer, want either the materials or the ability to show that he is wrong; and, gentlemen, you may lay it down as a maxim, that when any publication is answered by abuse, and especially personal abuse, the author of such publication is right, or, at least, that his abusers want the ability to show that he is wrong. Facts and reasoning, if erroneous, always admit of refutation: but, if correct, no one can refute them; "Well," you will "but upon and, if erroneous, to refute may still re- "what ground was this measure adoptquire some ability; whereas, to abuse" ed? What end was it proposed to the person from whom they have pro- "answer?" Oh! why it was to pay off ceeded is within the power of every one, a gift not denied to any creature capable of uttering articulate sounds or of making marks upon paper. The great cause, however, of abuse in such cases, is the weight of the truths against which such abuse is opposed: for it is here as in common verbal disputes, he who has the truth clearly on his side, is always say, the debt, new as well as old; for, by this time, the debt contracted since the existence of the sinking fund, was become greater than the one contracted before. It was to pay off the debt, new as well as old, sooner than they would have been paid off, if this new act had not been passed. And it was said, in support of the measure, that it would Gentlemen, need I say more? Certainly it is not necessary; but there are still some views to take of this matter, which having taken, we may defy all the world to puzzle us upon this subject again. We have seen that we still pay interest upon the whole of the debt; we have seen, in lettter IV. that, since the sinking fund was established, the interest we pay has increased from nine millions and upwards to thirty-two millions and upwards: and we humbly think, at least I do, that so long as I am compelled to pay interest for a debt, it is no matter to whom, or under what name, I pay it. This is an obvious truth. There is something so consummately ridiculous in the idea of a nation's getting money by paying interest to itself upon its own stock, that the mind of every rational man naturally rejects it. It is, really, something little short of madness to suppose, that a nation can increase its wealth; increase its means of paying others; that it can do this by paying interest to itself. When time is taken to reflect, no rational man will attempt to maintain a proposition so shockingly absurd. I put the thing in this way in an article, published by me in 1804, and I requested the late Rev. JoHN BRAND, who had written a great deal upon the subject, to look at the article, and to tell me what sort of answer he could find to this part of it. He did so, and the following was his answer: be better for us (good God, what a less another act should be passed, be"thinking" people we are!) not to have tween this time and that, for rendering any of our taxes taken off in 1808; but the last-made act "MORE EFFECto go on paying interest upon the whole TUAL." of the debt, as before, till our sinkingfund commissioners had bought up the whole of the stock, and that, then, (Oh, then!) then, my boys, huzza! for, then we should be completely out of debt. "Thinking people" of England, when do you think that that then was to arrive? When do you think that it was supposed that our commissioners would have bought up the whole of the stock existing when the new act was passed? When do you think that the day, the happy day, the new day of promise was to come? When do you think we were, according to this act for rendering the sinking fund "MORE EFFECTUAL;" when, aye, when do you think that we were, according to this improved plan, to begin to feel the effects of it, in the lessening of our taxes? How many years do you think we were to wait; how many years to keep paying additional taxes for the purpose of paying off the debt, before we began to taste of any redemption of taxes in consequence of it? Only FORTY-FIVE! Forty-five years only had we to wait; and now we have only THIRTY-NINE to wait, and to pay taxes all the time over and above the interest upon the debt; only thirty-nine years before we shall cease to pay interest upon the whole of the debt existing in 1802; about five-eighths of the debt now existing. We have been waiting ever since the year 1786; we have been waiting for twenty-four years; we have been paying taxes all that time, over and above the interest of the debt; "I have looked at your observations we have, for twenty-four years, been" on the sinking fund; and the followpaying taxes for the purpose of paying "ing is my answer to your great arguoff the debt; and now, at the end of "ment; namely, that the debt said to these twenty-four years, those of us" be redeemed is an imaginary diswho are alive have the consolation to "charge, because INTEREST there reflect, that we have only thirty-nine" on continues to be paid.'—If the years more to wait and to pay these" interest does continue to be paid, the sinking-fund taxes, before we shall be- conclusion is just; and this is the gin to taste the fruit of all this patience" fundamental principle of much of and all these sacrifices, and that, at the" what you have said.—It is reduced, blessed time here mentioned, some of our taxes will be taken off. un * * Register, vol. v., page 591. "therefore, to a question of fact, Bank, on their account. And what is " and I should say the interest the language of the accounts laid be"does not continue to be paid. The fore Parliament? Why, in the account "same tax continues to be levied, of the nation's expenditure of last year, "it is paid also away, but it is paid for there is the following item: "INTER"another purpose; it is yearly applied EST on Debt of Great Britain RE"to the paying off more principal; no DEEMED, 4,443,5197." So that, either. “ part of it is applied to the payment the Acts of Parliament and the public "of interest. Take an example in a accounts make use of misnomers, or, I "private concern: A has on his estate a was right in calling it interest. Besides, "mortgage of 70,000l. at 3 per cent., how completely does this denial of Mr. "which he has the liberty to pay off as BRAND dissipate all our fine dreams about "he pleases. He determines to diminish the gains of the sinking fund! Is it not "his expenditure by 1,000l. a year; at the commonly-received notion, that we "the end of the year he pays the in- gain money by this fund? Are we not "terest 2,100%., and part of the princi- continually told, by the venal writers of "pal 1,000l.; his payment that year is the day, about what the fund yields? “3,100, and this sum he continues to Were we not told by them, less than pay annually till the debt is annihi- six weeks ago, that this fund had pro-, "lated; it is now reduced to 69,000l.; duced such and such sums? And, what "at the end of the second year there is meant by a fund's yielding and pro"will be due for interest 2,070l., being ducing, if you cast the notion of in"301. less than the year before; when. terest aside? In what other way is it "therefore, the second payment of to yield? In what other way can it "3,100/. is made, it will consist of two produce an addition to its amount? parts, 1,0301. for principal, and 2,070l. Yet, on the other hand, it is impossible "for interest. The interest of the to adhere to this notion of interest, " 1,000l. paid off the first year does not "continue to be paid in the second, and "the 30l. interest of the part of the "capital redeemed or paid off is now "applied to the payment of more capi"tal. Such morgagor at the end of the “year has actually paid off 1,000l., of year two 2,0304, and of year three "3,060l. 188. And that he continues "to pay annually the same sum on ac"count of debt, that is, on account of "principal and interest jointly, does not "in the least affect this conclusion." 66 without falling into the gross absurdity, before mentioned, of supposing that the nation can get money; that it can increase its means of paying others, by paying interest to itself, by becoming the lender of money to itself, by becoming its own creditor; an absurdity, which, as we have seen, Mr. BRAND dared not risk his reputation in attempting to support. ex We now come to Mr. BRAND'S ample in a private concern." And here, Gentlemen, suffer me once more, and in a more pressing manner than before, to solicit your attention; because we have now before us the ground-work of all the sad delusion which has so long existed, and which does still exist, upon this subject. Now, in the first place, you see, Mr. BRAND takes up "a new position," as most combatants do, when they are afraid to meet their antagonist. He is obliged to say, that we DO NOT continue to pay interest upon the part of the debt, which is bought up, or, as it It is a natural propensity of the mind is called, redeemed. Aye! but what say of man, to assimilate things which he the Acts of Parliament? They say, wishes to understand, with things which that interest is continued to be paid he does understand. Hence the applithereon: they say, that, when any cation of the terms mortgage, redempstock, or parts of the debt, are bought tion, and others, to the debt of the naup, or redeemed, by the commissioners, tion. But, in this work of assimilation, "the dividends thereon shall be received or bringing things to a resemblance for by the said commissioners," or by the the purpose of illustration, we ought to take the greatest care not to make of the whole debt. This is an odd sort of use of violence, not to regard as alike way to do the thing, but it is THRIFTY'S things which are essentially different in humour, and there can be no doubt, that, their properties; for, if we do this, in time, he will thus pay off his morterror must be the result, and I think, gage. But again, I ask, what similarity you will find, that this has been done is there in the case of THRIFTY and the by all those who have reasoned like case of a NATION? Mr. BRAND; that is to say, the whole of those writers and speakers, who have held forth the sinking fund as likely to produce relief to the country. THRIFTY, we are told, "determines to diminish his expenditure." Can a NATION do this? THRIFTY knows to a certainly what his income and what his expenditure will be; the former is fired, and over the latter he has complete control. Is this the case with a NATION? Prudent THRIFTY does not, and, indeed, the supposition will not let him, contract a debt with SILVERLOCKS, while he is clearing off with GOLDHAIR. Is this the case with a NATION? But suppose, for We know, we daily see, that private persons pay off incumbrances upon their estates; and we know, very well and very familiarly, how fast the money of private persons increases by being permitted to lie at compound interest. This very common portion of knowledge appears to have been quite enough for our financiers, who had, therefore, argument's sake, that, as to all these, nothing to do but to look into interest tables, where they would not fail to find that a million a year set apart, in 1786, would, at compound interest, pay off the then existing debt, in the space of sixty years from that time. They ask no more. This quite satisfies them. They have no doubts upon the subject; and, accordingly, they set apart the million a year, that is to say, they make a law for applying, as we have seen, a million a year of taxes, raised upon the nation, to the paying of the nation's debts. But, where is the real similarity between this proceeding and the proceeding of the individual as supposed by Mr. Brand, Mr. M'Arthur, Mr. Pitt and others? for they have all made use of the same sort of illustration. Where is the similarity in the cases? Mr. BRAND's individual, to whom, for the sake of clearness, we will give the name of THRIFTY, diminishes his expenditure by a thousand a year; that is, he, instead of spending it upon beer, wine, bread, beef, and servants, pays it annually to GOLDHAIR, who has the mortgage upon his estate. Now, this you will clearly see, is to be a thousand a year SAVED by THRIFTY; and, besides this, he resolves to pay to GOLDHAIR (who has the mortgage on the estate, mind), as much more every year as will make each payment equal to what he formerly paid on account of the interest there is a perfect similarity; still there is But, what we are now going to view |