THE WEEKLY REGISTER- -TREASON, REBELLION, REVOLUTION. 59 usurper upon it, a cold-blooded tyrant and deliberate rebels: and, in all cases to which their power ex assassin-witness the destruction of the clan of tends, treat them with less mercy than Bonaparte Glencoe, by William III. metes to their associates (whom he calls rebels) when The people of France, infuriated by suffering, taken in arms against him. It is patriotism” to cast off their allegiance to Louis (a good man, fight against the emperor of France who forced though the administration of his government was Ferdinand to sign an act of abdication of the crown most corrupt) and put him to death. They esta of Spain-but it is rebellion to renounce allegiance blished a government for themselves-they carried to Ferdinand, who forced king Charles to resign the the tri-colored flag through blood and slaughter sceptre to him. Thus are different meanings attriumphant, and humbled in the dust the associated tached to things that are substantially the same, by kings who conspired to dismember their territory, different persons under different circumstances and punish them for rebelling. From the unpa and they become, treason, rebellion or revolution. ralleled successes that attended their arms, the fer- But how stands the people of the United States ment in this country was called a revolution; but as to these matters? The warm feelings of thoueven yet were a Bourbon to ascend the throne, it sands are enlisted on behalf of the European Spawould be stiled a rebellion. Against this govern-niards-the brave defence they have made, and the ment, sealed with the blood of so many millions, sanctity of their cause, are favorite themes amongst NAPOLEON BONAPARTE rebelled. Forgetfu. of us. The success of their arms is called "glorious all his professions in favor of freedom and his oft news," our public prints give columns upon corepeated vows, he aimed at the diadem and suc-lumns of details of events in that country, as most ceeded and thousands of those who at the time interesting matter; and from the hall of congress of his usurpation would have planted a dagger into to the school house debating club, we find orators his bosom, now lowly bending in his presence extolling, and magnifying, her struggles for Ferdi round the throne, would be as ready to bring de-nand and a king. How, then, is it that a gloomy struction on the hardy republican who should ven- silence prevails regarding the American Spaniards, ture to presume that his assumption of the sove-and that a short flippant paragraph is only occa reignty was not a " glorious revolution." If Bona- sionally found respecting them? They-Venezuela parte had failed, his head would have been the at least, have established governments like our own forfeit. Should any man or body of men now at-they have adopted representative systems; and tempt to do what he himself accomplished and not the law is built on the will of the people, to be succeed-would not their fate be instant death from administered for the common good, bearing en ally upon all. Ought we not to feel more interesed in his hands? the matter. I mere " If Spain shall triumph in the gallant struggle of such events, occurring, as it were at our own doors, her people-a struggle worthy of better hopes than than in the choice of masters in Europe? Like nas can be entertained from a government conducted by turally seeks it like; and, if truly attached to the so miserable a creature as Ferdinand or the corrupt republic of North America, ought we to be indif ed Cortes that now usurp it-the affair will be re-ferent as to the establishment of a republic in the corded in history as a revolution-if the mighty ef- southern continent, a sister, of whom we may enter fort fails, and Joseph shall obtain peaceable posses-tain the happiest anticipations? I apprehend there is sion of the throne, the world will call it a rebellion some e foreign influence in this apathy--perhaps, we -the difference of the terms ensuing the success of feel ourselves so intimately connected with Euro pean politics, that we are weaned from our own, If ever a people were justified by the laws of and regard them as matters of a secondary nature. nature and nature's God, in dissolving the political The thought seems worthy of serious consideration. bonds that held them to another, it is the people of fear the insinuation is too well founded on truth. what is commonly called "Spanish America.”I have been led to these remarks by the following What outrages, indignities and insults have not been article, translated for an American paper, inserted heaped upon the heads of these colonists!-most without comment, and in which the patriots (as I of their precious productions, as well agriculture as call them) of Mexico, are unfeelingly treated as mineral, were monopolized by the INSURGENTS" by an American editor: governmentthey were restricted and restrained at every point-Official account of the execution of the chiefs of their substance was destroyed by swarms of offi the Mexican insurgents, taken from the Havana eers from Spain, who fell upon them like the locusts Messenger, of the 23d November, 1811. of the desarts upon the fertile regions of Asia, GUADALAXARA, 16th September, 1811.--By or "consuming eve y green thing :"-denied the free-der of his excellency, the general in chief of the dom of action, they were almost forbidden the li- army of reserve, don Josef de la Cruz, the comberty of thought; and intercourse with the world mittee of public safety of this capital, informs the was refused lest they might become sensible of their inhabitants of the city and province, that it has recondition, and attempt to change it. Despotism ceived the following list of the principal chiefs of existed in all in its purity, and most oppressive the insurrection which have been shot at Chibua form. One horde of tyrants, were succeeded by hua at the different periods hereafter mentioned. another; each finding out some new vexation to the On the 1st of May, 1811.-Ignacio Camargo, exhausted people, to enrich themselves the more major general; Juan Baurista Carrasco, brigadier; speedily, and enable them to return "home," to Augustin Marrequin, hangman. riot and luxury. Some of the colonies have revolted, and assumed for themselves a rank and name among the nations of the earth-and others are still embarked in a deadly contest for their rights-whigs against tories, Americans against "the Gods!??* The "patriotic" junta at Cadiz call the Americans On the 26th June-Ignacio Allende, generalissi mo; Mariano Ximenez, captain-general and go. The native Spaniards are so called from their vernor of Monterry: Juan de Midama, lieutenant arrogance. On the 11th of same month Francisco Lauząs gorta, major general; Luis Mircles, colonel. On the 6th June-Juan Ignacio Bamon, cap tain; Nicolas Zapata, major-general; Joseph San tos Villa, colonel; Pedro Leon, town master. generat On the 27th said month-Joseph Maria Chico, by the British government, though afamiliar topic lawyer; Josef Solis, intendant of the army of the of conversation, and a fruitful subject of criticism, insurgents; Vicente Valencia; Onofre Portugal, is very imperfectly understood. Some of the ablest brigadier-general. political riters have regarded it as the surest proof On the 27th July, 1811-The curate HIDALGO, of the strength of the country; while others, not chief of the rebellion. The following were sentenced to hard labor ::Andres Molano, during life; Aranda, Jacinto, Norina, Charles, Martinez, Ignacio, Maldonado, and Abasolo, for 10 years at Encinillas; their estates confiscated and their descendants attained. Town of Xerez, 5th Sestember, 1811. (Signed) JOSEF MANUEL DE OCHOA." less wise, nor patriotic, deprecate it as the harbin. ger of inevitable ruin. Conviction seldom attends political reasoning. There seems to be a natural attachment, in every man, to his own opinion, more especially on the two important subjects of religion and government; from which a powerful argument might be drawn in favor of republics. We shall not, however, so far forget our present purpose, as Now let us suppose that Napoleon Bonaparte to lead the reader into metaphysical discussions.— were to obtain possession of Romana, Blake, and The intention of the writer is simply to explain, as some ten or twelve others of the leaders of the concisely and as intelligibly as possible, the meanSpaniards-to put some to death, sentence others to ing of terms which are frequently used; but which hard labor for life, confiscate the estates of all, and it is not in every one's power to make himself ac"attain their DESCENDANTS?"-Would not the quainted with. He has been particular in adducwhole world be called upon to rise in vengeance ing the authorities upon which his statements are at the bloody deed, and heaven, earth and hell be founded, that the reader might have an opportunity interceded with to destroy and punish the infamous of knowing from what sources he can collect a fultyrant? The American press would groan under ler information, should the present abstract not be the weight of its criminations; and the chosen sufficient to satisfy his curiosity. curses of Suthorax be too light to express our horror at the barbarous story. * * * but the patriots of Merino, men of high souls and generous pursuits, have descended to the tomb unpitied and un lamered In 1422 the revenue of the monarch who then swayed the the English sceptre (Henry V.) amounted only to the sum of £55,714, and a few shillings; which left the small surplus over and above the or dinary expences of his government of about £3,200; and from this sum the king was not only obliged to anctity of their cause could have insured support his household, but to pay the expence of ཆ ་ these men had not perished.-A reverse embassies, &c. To supply the expences of the nuto that preserved Hancock and Adams from merous wars in which he was engaged, and for brought death to HIDALGO and his com which the grants by parliament were insufficient, he patio friends. But for these adverse circumstan was often obliged to borrow money upon the pawn ces a representive system of government would of his jewels and sometimes of the crown itself.have established in Mexico; and Hidalgo, perhans, At the accession of Mary in 1553, the revenue of hailed as the Washington of his native land, might the kingdom had increased to 300,000 pounds, but have directed its concerns to the happiest destinies. so considerably also had the expences of govern-But while my very soul mourns for the fate of ment been augmented, that this sum was found inthose chiefs, I thank Heaven for the gleam of hope adequate even to the support of a peace establishafforded by many accounts from that country; ment; and, to meet her exigencies, the queen trusting the seat of royalty is shaken to its centre, found it necessary to levy large sums upon her suband that the bloody archbishop and viceroy will jects, as well as to anticipate the supplies from parsoon pay the forfeit of his murders. Respect shall liament. The ordinary disbursements of James I. then be paid to the manes of the illustrious dead, exceeded his revenue to the amount of £36,000.3— and the despised "insurgents" be held up to future But the civil war which ended in the protectorship generations as examples of patriotism, of virtue and suffering. British Statistics. H. N. HISTORY OF THE SINKING FUND, &c. of Oliver Cromwell had increased the expenditures of government to such an enormous amount, that though his son Richard had a revenue of nearly two millions, he was under the necessity of demanding an additional supply from Parliament of more than £300,000.+ The revenue of Charles II. at the restoration, did not amount to so much by upwards DERIVED FROM VARIOUS SOURCES. of £500,000; and having a great portion of the -"Mobilitate viget-Viresque acquirit eundo."- debt, contracted during the existence of the comIn the early ages of the world, even down to the monwealth, thrown upon him, and having also to sixteenth century, when Princes or other supreme sustain several expensive wars; it is not wonderful heads of governments were in want of money to that he exceeded his income. Upon the shutting up supply their exigencies, either real or imaginary, it of the exchequer in 1672 he forcibly detained from was the common custom for them to mortgage their the bankers the sum of £1,200.000, for which he territories in security for the re payment of the sums paid them an interest of 6 per centum; but notwiththey found it necessary to borrow. Under such cir-standing this outrage upon faith and common hocumstances it eventually depended on the success or nesty, his credit was so good as to enable him to good faith of the potentate whether the lenders were borrow money a few years afterwards at the former ever reimbursed; and the facility of horrowing was, rate of 8 per cent interest.$ consequently, extremely limited. Whether an in crease of that facility by the invention of other modes of insurance less problematical, has added either to the aggrandizement of the prince, or to the happiness of the people, is a question involving so many adverse interests, that a satisfactory solution can hardly be expected. The nature of the debt due slb. Vol. VIII. In order to avoid the necessity of increasing the Hume's England, Vol. III. 2Hume's England. Vol. IV. 31b. Vol. VI. 4lb. Vol. VII. taxes upon the people, to keep pace with the un war against the American colonies, about ten mil precedented increase of the national expenditures, lions were paid off, which left at the beginning of which at the revolution in 1688 exceeded the amount 1775 a debt of £129,146,322. The American war, of revenue by the enormous sum of £1,051,925: which in every instance proved so disastrous to the the government resorted to the policy which had mother country, increased it to the enormous sum of been adopted by Florence in the year 1344. This 262,318,198, an average of more than sixteen milwas neither more nor less than throwing the bur-ions per annum. The same war cost the United then of the debt upon posterity; and thus by borrow-States only 135,103,703 dollars, 10 and gained them ing every year the sums necessary for the current independence with an empire of incalculable value. services of the state, and creating thereof a trans- From the year 1786 to 1793 the debt was reduced ferable fund, they imposed no more taxes than suf- about nineteen millions and an half, and in the next ficed to pay the interest of the sums borrowed. seven years, again nearly doubled amounting in Thus originated the national debt of Great BriJanuary 1800 to £ 463,878,034 " In 1804 it amountain. Upon each sum borrowed, a specific tax was ted to £ 531,463,361 The amount at the comimposed to pay its interest; and the produce of each mencement of the present year (1812) is variously tax was in the first instance made to constitute a dis-stated by different calculators, none of whom howtinct fund: But the sums to be borrowed becoming ever, have made it less that LIGHT HUNDRED MILmore numerous every year, it soon became neces- LIONS; for the payment of the various interests of sary, in order to avoid the confusion of creating so which prodigious sum, the people of the kingdom many separate funds,to unite them all into three under are now burthened to the utmost stretch of their the denomination of the Aggregate, the South Sea, capacities. and the General Fund. The first of these consisted of However light it might have been deemed in the various taxes, surplusses, and duties consolidated in first instance to discharge the interest of the public 1715, and given as a security to the bank of Eng debt; the necessary increase of taxes towards the land. The South Sea fund consisted of a duty on commencement of the 18th century became a subcandles, and imposts on wines, vinegar, tobacco, ject of serious apprehension and alarm, not only to and East India goods, and was appropriated to pay the people but to the minister; and early in the the interest of the South Sea Company's capital. year 1717, Sir Robert Walpole, then first lor The General Fund consisted of a subsidy on goods commissioner of the treasury, introduced a bill jato exported, a tax on hackney coaches and chairs, du parliament by which it was enacted that all the ph ties on soap, hides, stamps, policies of insurance, lic funds redeemable by law, and bearing highe &c. This was appropriated to the discharge of the interest than 5 per cent be redeemed according to interest of the South Sea annuities.? Besides the their respective provisoes, or, with the consent o debt under these three heads, which is called the the proprietors, be converted into an annuity 308 funded debt, there is likewise a considerable sum due exceeding 5 per cent. And the surplusses arising, by government under the appellation of the unfunded as well from the proposed reduction of interest from debt. This accrues from those subjects of expence 6 to 5 per cent as from the excesses of the several for which the provision made has been inadequate, taxes appropriated to the payment of the interest, and consists principally of exchequer bills and navy were declared to be solely and unalienably applica bills. The chancellor of the exchequer, and the board of admiralty are empowered, during the re cess of parliament, to issue notes to the amount of their several exigencies, bearing interest, which notes, the parliament standing pledged to pay them, have the same currency with bank notes. ble to the discharge of the principal of the public debt; under the denomination of a SINKING FUND.13 But the undisguised corruption and bribery praelised by the government in those days, and of which sir Robert Walpole is justly accused of being the father, did not long suffer this fund, though legally Various rates of interest have been paid upon the unalienable, to remain devoted to its original purdebt, according to different acts of parliament or pose. In 1727 a further reduction of interest took according to the nature of the contracts which place from five to four per cent. by which the surcould be made with the lenders; and this variety plusses annually saved and applied to accumulation, of interest, creates an additional variety of stock were increased to the very considerable sum of in the national debt.--The following brief state 1,200,000. Whether the acute eye of the miment will shew the great facility with whichnister foresaw the embarrassment which would arise the government were enabled to borrow mo from this curtailment of the general circulation, or ney, and the consequent rapid accumulation of the whether he found this sum necessary to his system debt. In the year 1688, as has been before observed, of corruption as Dr. Price's more than insinuates, the public debt amounted only to little more than certain it is that in 1733 he carried a motion in parone million. On the 31st December 1697 it was liament for the appropriation of half a million out 21,515,472 pounds. Of this sum & 5,121,071 were of the sinking fund for current services 16 Sir Ropaid, so as to leave at the commencement of 1700 a bert endeavoured to defend this direct attack upon balance of £16,394,401. The next fourteen years increased it to £ 55,681,076. An uninterrupted peace of seventeen years, namely from 1722 to 1739 again reduced it to £ 46,954,623. In the next nine years it increased to £78,293,303. About four mil lions were paid off in the succeeding seven years of peace, and the war which followed to 1763 again increased it to 139,561,806. In the interval be tween this period and the commencement of the "Blackst. comment. • Vid. Financial and polilical facts, by Mr. M'Arthur, p. 325. p. 10 Blodgett's statistical manuel. 12 Guthrie's Geo. gram. article England. 13 Vid. Memoirs of George I. by Bélskurn, vol 1 169. 14 Vid. Estimates of the comparative strength of Great Britain, by George Chalmers, F. R. S. S. A. P. 110. Vid. Resources of the British empire, by John is Vid. Appeal to the public on the subjeci of the naBristed. Hume's England vol. VIII p. 219. tional debt, by Dr. Price. 16 Resham, memoirs &c. vol. 1 p.527. his own favorite measure by asserting that the great, riod of twenty years, will prove that personal intermaturity to which the sinking fund had grown, had est did not influence his ministry. The favorite become a terror to all the individual proprietors of object of his administration was to preserve his the public debt. The high state of credit, the low country in a state of peace, and thus encourage rate of interest, and the advanced price of all public manufactures, commerce and agriculture. It was stocks and funds above par, made the great monied to maintain an uninterrupted state of tranquility, companies, and all their proprietors, apprehend be that his plan of bribery was put in practice; and ing obliged to receive their principal too fast; and that he found it necessary, or that he found it suc it became almost the universal consent of mankind, cessful, is surely at least as great a reproach to the that a million a year was as much as the creditors of integrity of his countrymen as it is a blot in his the public could bear to receive in discharge of part own escutcheon. Walpole himself made no seru. of their principal. The great contest among the ple of acknowledging the means he employed to public creditors at that fortunate epoch, was not so allay the refractory spirits of the members of parlia much who should be paid his capital as who should ment. Madame Pompadour the favorite of Louis be suffered to remain the creditors of the state 1-XV. among many other curious state secrets which And the south sea company, who were by far the she has given to the world in her very interesting largest creditors, were so far from looking upon memoirs, has the following extract from the cortheir being first paid off, as a privilege or beneficial respondence of the British minister with the celepreference that they expressly provided against it.19 brated Cardinal de Fleury, which was put into her Nor will this seem at all extraordinary when it is hands by the king. "I pay a subsidy to one half of considered that the capital thus forced upon the the parliament to keep it within pacific bounds; stockholders must have remained in their hands un- but as the king (George II.) has not money enough, employed; or they must have been forced to employ and as those to whom I have given none declare ta diminished profit; and this must have con themselves openly for war, it would be proper for Ged progressively till capital became so abundant, your eminence to send me three millions tournois, its prouts so diminished, that the proprietors for lowering the voice of those who cry out loudest. 4 have been induced to remove it to other Gold is here a metal that has a prodigious effect in s where it might to be more wanted and cooling hot blood and martial spirits. There is no Where it would be employed to greater advantage.20 impetuous warrior in the parliament, but a pension Dr. Price, who as a political economist ranks of two thousand pounds would make exceeding genervedly high, was of a different opinion; and tie."24 Pope, who in various parts of his works nstead of allowing credit to sir Robert, which if has done justice to the private virtues of sir Robert, prehensions were real he certainly deserved, confirms this universal prevalence of corruption in ndoning a system pregnant with so many se- the following nervous lines: sit, asserts that it would have rendered Great the envy and terror of the world, had it not Les prematurely destroyed by the unnatural hand of its own parent. And Chalmers affirms it to be of greater importance to the country than the acquisition of the American mines,22 " "See thronging millions to the Pagod run, "From tail to mouth they feed and they carouse: The last full fairly gives it to the house."25 It would be difficult at this remote period, amidst The Baron of Melcombe Regis, better known as the various contradictory suggestions of the parti Mr. Doddington,expresses himself in equally strong gaus and opponents of sir Robert Walpole, to find language upon this subject; he says that baseness, out the real motives which actuated his conduct in degeneracy and corruption were carried to such a regard to the sinking fund. He was undeniably the height as to destroy all pretensions of the people to Divine favor or interposition. Such were the father of a system of corruption, which, under a little disguise, has been closely followed by minis patriots of England, somewhat less than a century ters to the present day; but might he not have easiago. Whether any succeeding minister has found ly supplied himself with the means of carrying on his them equally flexible must remain to be discovered plans, without resorting to the fund which his own by some future madame Pompadour. ingenuity had devised for other purposes? If an After this period (1733) though the name of a Experience of sixteen years had convinced him of sinking fund existed, and sums were occasionally the beneficial operation of the sinking fund, is it appropriated to the purchase of the public debt; not fair to conclude, without derogating from the many years elapsed before any thing like regularity respectability of Dr. Price, that he would not have was restored to the system of accumulation.25 suffered so solid a foundation to fall, upon which to From its establishment to the year 1776 a period of paise the superstructure of an immortal fame? The sixty years, this boasted fund had redeemed no more private character of sir Robert Walpole was unim than eight millions and an half of the public debt.27 prached. His most violent political opponents But as this was attributed rather to the outrages have not denied him to possess the domestic virtues committed upon it, than to any inadequacy of the scheme itself, Mr. Pitt, in the year 1786, then in a pre-eminent degree; and his having died in cır. Gumstances by no means affluent 23 although he had prime minister of England and chancellor of the had the revenues of Britain at his disposal for a pe for the appropriation of one million annually to the exchequer, brought forward a bill in parliament purposes of the sinking fund; to be vested in the hands of commissioners: And as the surplus of the revenue amounted only to £900,000, Mr. Pitt proposed an additional duty on spirits, on certain 24 Vid. Memoires de Mad. la Marquise de Pompadour. 17 Considerations concerning the public funds, &c. by sir R. Walpole. Estimates of the comp. strength of G. B. p 114. 12. Appeal to the public &c. &c. 20 Vid. Lauderdale on the nature and origin f. public wealth. 31 Appeal to the public, &c. &c. 42 Vid. Chalmers' Estimate, &c. p. 183. 23 Belsham's Memoirs, vol. II. page 158. 25 Pope's Epilogue to the Satires. 16 Nature and origin of public wealth p. 232. 37 Resources of the British empire. third year of £3,152,500 and so on progressively.-Thus from the year 1786, the time of the establishment of Mr. Pitt's sinking fund, to the year 1792, a period of six years, £8,200,000 of the capital of the public debt had been redeemed, as it is somewhat fancifully termed. But the portion thus said to be redeemed, is not extinguished, and of course the burthen of the people is not rendered lighter by any kinds of timber imported, and on perfumery, which place; for the interest which was before paid to the he calculated would yield more than enough to make individuals who held the stock, is still paid, to the up the deficiency.28 The commissioners, named government; and the commissioners, for the second by the minister in the bill, were the speaker of year, in addition to the annual million, will receive the house of commons, the chancellor of the ex- an interest on the first of £50,000; making their cachequer, the master of the rolls, the governor and pital for that year 2,050,000; the interest on which deputy governor of the bank of England, and the being 102,500, will give them a capital for the accomptant general of the high court of chancery; such were the distinguished persons which Mr. Pitt proposed to appoint to this important trust; and still further to secure it from violation he recommended that no sum might be left in their hands, at any time sufficiently large to tempt a minister to infringe upon this national fund; and to this end proposed that £250,000 should be applied quarterly to the purchase of stock, for the period of twenty diminution of the taxes. eight years, at the end of which time it was calcu The object of the minister, as avowed in his orilated that this annual million would produce an inginal scheme, was to limit the annual income of the come of four millions per annum.29 Mr. Fox the sinking fund to a maximum of four millions, and by great leader of the opposition, offered an amendment extinguishing so much of the public stock, reduce empowering the commissioners, whenever a new the yearly taxes to the same amount. But seduced loan should thereafter be made, to accept so much by the dazzling glare of wealth which he saw flowof it as should be equal to the cash then in their fing in upon the nation, by his fallacious computahands-for example, if, when a new loan of six tions, he suffered this restriction to be removed, as millions was proposed, there should be one million has been seen, in 1802, when the old and newsinkin the hands of the commissioners, they should ining funds were consolidated. such case take a million of the loan; and the bonus Notwithstanding all the praise which has been so or douceur of that million should be received by lavishly bestowed upon Mr. Pitt for the wisdom, them for the public; so that in fact the public would and ingenuity of this financial arrangement; which only have five millions to borrow. This amend- has been considered as the only practicable e nment was readily agreed to by Mr. Pitt, and after trivance that could be devised, to save the n zion some frivolous objections from other members the from impending bankruptcy; it seems evidently bill finally passed with very general approbation.30 rather calculated to increase the number of spenIn 1792 the Parliament voted an additional appro-lating stockjobbers, than to produce any import priation of £200,000, thus making the sum of ant benefit to the community at large. It certainly £1,200,000 the basis of the annual income of what does not, in any degree, disminish the debt. By is now called the old sinking fund; and by another always furnishing a market for the stock, it affords act of parliament passed in the same year, it was to the government a facility of borrowing money, provided that on all future loans, in addition to the which, indeed, seems to be the only advantage oytaxes necessary for the payment of their interest, a pected from it, by its most strenuous supporter 5. surplus of one per cent. should be imposed, to be Unless the purchases made by the commissioners applied to the redemption of the capital. This con were nearly equivalent to the daily redundance of stituted what was termed the new sinking fund. 3 stock, it is contended that the large stockholders These two funds were combined or consolidated in would find no ready-money purchasers; the funds 1802, the limitation of the yearly income of the old would depreciate, whenever a tendency to sell had sinking fund to a maximum of four millions was done once begun; government would of course he comaway, and the income of their joint operation per pelled to borrow at a double rate of interest; ad mitted to go on, progressively increasing to any it would soon become impossible to keep afloat so amount which parliament, in its discretion, may vast a national debt 33 On the other hand it is. think proper to allow. The annual appropriation argued, that the fluctuating value of the funds iaof £200,000 (made in 1792) was rendered a perma- troduces a system of stock jobbing, and withdraws nent grant; and thereby the necessity for the addi capitals from agriculture, manufactures, and com. tional one per cent. on new loans was abolished. 32merce to be employed in the more idle business of Various minor provisions have been made,from time speculation; that money brokers and gamblers ae. to time, towards a further augmentation of this fund, cumulate large fortunes, while the public are imwhich are not, however, of material importance to poverished; in short, that it is just so many míl. the general plan-we have given its principal out lions a year raised upon the people, for the purpose lines. A few words will suffice to explain the naof keeping up the price of stock.34 The earl of ture of its accumulating operation. For the sake of Lauderdale in his very valuable work, already perspicuity, we will suppose the annual appropria-quoted, has in the most ample manner exposed the tion to be (what it originally was) the round sum of fallacy of those golden dreams with which Mr. Pitt one million, and that with this sum, the commissi so long continued to amuse the parliament and the oners of the sinking fund purchase stock, bearing people, through the medium of his calculations, 35 an interest of 5 per centum. The purchase of this stock, is the purchase of so much of the national debt, though no actual diminution of the debt takes 28 Belsham's Memoirs of Geo. III, vol. IV, p.93. Resources of the British empire. P. 241. 32Inquiry into the nature and origin of public wealth. p. 261. His arguments are founded on the truth of a props. sition, accorded by almost all writers on political economy, that the whole quantity of industry employed to bring any commodity to market, naturai |