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And poor Mr. WAITBUDAD said, | Debt for seven hundred years! that the Scotch were better than How this matter came to be talked the English, only because they of from the Bench I do not pretend. were better educated. But now, to know; but, for my part, I look behold, we are too well educated: upon a national debt as the greatest we are too knowing; we have curse that ever afflicted a people. approached too near to the go-In our country it has made a hapo vernment; and, therefore, new py people miserable, and a free laws have been passed to keep us people slaves. And, I am conat a greater distance; a more re- vinced, that, unless that debt be spectful distance.

got rid of, in some way or other, This precaution comes, how and that, too, in a short time, this ever, too late. We have bad our country will fall so low, that look behind the curtain. We a century will not see it revive. cannot be again deluded.

We

Those, who wish to make us be. cannot be made to unknow that lieve, that it is not the taxes that which we know. We know, that make us poor and miserable, the fruit of our labour is mortgag- tell us that they come back to us. ed to those, who have lent money This being a grand source of delu. to the government. We know, sion I will endeavour to explain that to pay the interest of this the matter to you. I have before mortgage; to pay a standing ar. done it many times; but, all eyes my in time of peace; to pay the are not opened at the first operatax-gatherers; and to pay place- tion; and, besides, there are, men and pensioners, we are so every month, some young persons heavily taxed, that we can no who are beginning to read about longer live in comfort, and that such things. many of us are wholly destitute of

BURKE, of whom many of you food, and are brought to our never heard, said, that tases were deaths by hunger.

dews, drawn up by the blessed Sun Endeavours have been made to of government, and sent down persuade us, that we are not hurt again upon the people in refresh. by the taxes. It has been said, ing and fructifying showers. This that taxes come back to us, and

a very pretty description, are a great blessing to us. And but very talse. For taxes, though Mr. Justice Bailey has lately taken they fall in heavy showers upon one occasion to say from the Bench, part of the community never rethat a National Debt is a good

turn to another part of it. To thing, and even a necessary thing.

those who live on tases, the taxes England did pretty well without a

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are, indeed, refreshing and fruc- | Mr. Cavendish are alive, the tifying showers; but, to those money is all of it still paid to the who pay them, they are a scorch-executors of Burke; these exeing san, and a blighting wind.cutors have already received, on They draw away the riches of the this account more than fifty thousoil, and they render it'sterile and

sand pounds in principal money; unproductive. But, how came

and, as there is no probability of this Bunke to talk in this way?

the death of the gentlemen above Why, he was one of those, who lived upon the taxes ! Very fine named, they may yet receive double

the sum. Burke's pension, while and refreshing and fertilizing showers fell upon him. He had a he was alive, cost the nation about pension of three thousand pounds twenty thousand pounds; and his a year for his life ; his wife, fir wife's about four thousand pounds. teen hundred pounds a year for her so that here are about seventy life ; and besides these, he ob- four thousand pounds already paid tained, in 1795, grants of money by the public on account of this to be paid yearly to his executors (one man, and that, too, in prin. after his death! And, not a trifle cipal money, without reckoning neither; for he took care to get interest! thus settled upon e.cecutors, two

This, you will allow, must have thousand five hundred pounds a

been to Burke, his wife and exeyear. The following is a copy of

cutors, an exceedingly refreshing the grant. * To the Executors of Ed- and fructifying shower! But, not so

to those, who have had to pay « mund Burke, 2,5001. a year. (this money. It has not tended to “ Granted by two patents,

refresh us. In the space of twenty 6 dated 24 October, 1795.« One for 1,1601. a year, to

seven years, seventy four thou.

sand pounds have been taken « be paid, during the life of from us, who pay the taxes, on “ Lord Royston, and the

account of this one. man. Now, « Rev. and Hon. Auchild "Grey. The other for 1,3401. the present were used in making

suppose a different mode from “ to be paid, during the life us pay taxes. The pensions have, 6 of the Princess Amelia, for the last 27 years, amounted « Lord Althorp, and William to 2,740 pounds a year. Suppose “Cavendish, Esq.

the amount of them to have been Now, as Mr. Grey is still raised upon fifty tradesmen, at alive, and as Lord Althorpe and 541. & year each. Would not

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FEBRUARY 19, 1820.

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each of these tradesmen be now | annual taxes from sizleen millions 2,700 pounds poorer than they a year in time of peace, to fifty would have been, if they had not three millions a year in time of had these "refreshing showers" peace, and the poor rates from to send off in dews? Suppose two millions a year to about twelde them to be raised upon 400 la- millions a year? These were the bourers at about 10 pounds each. services, which were so great, that Must not these 400 labourers be it was not sufficient to give him made poor and miserable, must three thousand pounds a year for they not be prevented from saving them during bis life-time, but we a penny; and must they not, at must still pay his executors two last, be brought to the poor- thousand five hundred pounds a house by these “ refreshing show-year; and may have to pay them ers.?” Is not this as plain as this for fifty years yet to come! the pose upon your face? Is Need we wonder that we are it not plain that this pension poor? Need we wonder, that we to the executors of this man are miserable? Need we wonder,

the

means that we have, at last, come to see of comfortable living from Englishmen harnessed and draw: nearly four hundred labourers fa-ing carts, loaded with grayel ? milies. Has not this been going And, if we complain of these on for twenty seven years; and thiogs, are we to be told, that we has one single man, in parlia-are seditious ? Are we to be told, ment, made even an effort to put that we wish to destroy the con, a stop to it? Has one single man stitution ? Are we to be imprimoved even for an inquiry into soned, fined and banished, the matter? And yet, the facts When we take a view of the are all before the parliament in effects of taxation, our wonder at their own printed reports ! all we see instantly ceases. 'We;

And what services did this look no further for the cause of Burke render the country? For, our misery. And, is there any to give such a man such enormous one, who proposes to lighten the sums, there must have been some load? Not a man.

On the con: reason. His services were these: trary, every measure has a tene, Hé deserted his party in the Oppo-dency to make it heavier and

sition: and he wrote three pamph-heavier. The aet, passed last · lets to urge the nation on to war, session, respecting the payment

and to cause it to persevere in the in gold bars has produced double war, against the 'republicans of the quantity of misery that beFrance! Which war raised the 'fore existed. It has diminished

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the quantity of paper money, and, /seil his shoes at 58. a pair instead in the same proportion, has ad- of 10s. and so on. ded to the weight of the taxes and This change would produce to the want of employment for injury to no one; because a pair artizans, manufacturers and la- of shoes would still bring a bushel bourers. Let me explain to you of wheat. There would be less how this effect is produced; for, money; but money is merely a it is fit that you all clearly under thing to be used as a measure of stand. what is the cause of your the value of useful things. This misery.

little community would still have When money, whether it be a just measure of value; and, paper or gold, is abundant, every though prices would fall one half, thing is high in price. Now sup- no soul would suffer from the pose there to be a community of change. But, suppose the shoeonly 'ten men, who have a given maker to have owed the farmer number of dealings amongst them fifty shillings before the change in a year, and who move from took place. The shoe-maker hand to hand a certain quan- would lose greatly by the change; tity of valuable things. Suppose but, the farmer would (if he were one of them to be a farmer, and a yeomanryman, at least), call that he has to sell wheat to the upon .poor Crispin to pay him; rest, and suppose his wheat to and Crispin must give him ten sell for 10s. a bushel. We will pair of shoes (or the price of ten suppose, next, that the quantity of pair) instead of five. So that, in money, possessed by the whole fact, Crispin's debt, though still community to be six hundred onlyfifty shillings in name, would, pounds. Every one has his due by the diminution in the whole proportion according to his pro- quantity of money, be doubled. perty: Now, suppose, that, by This is our case precisely! The some accident or other, every fund-holders, the army, the navy, man, just at the same moment, the placemen, the pensioners, lent loses one half of his money. The their money to the government, effect of this would be, that every took places and pensions under one could give for the things that the government, and, in fact, he would want of every other made the nation their debtor for one, only just half as much as he so much a year. But, now that gave before ; and, of course, the the quantity of the money is refarmer must sell his wheat for 55. duced in such a way as to bring a bushel. The shoe-maker must down prices nearly one half, the

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FEBRUARY 19, 1820. nation has to pay them all to the But, you will say, how can the | full nominal amount; which, Bank lessen the quantity of money,

though it be still called by the and ruin the people thus by dousame name, is, in fact, nearly bling the real amount of debts double what it was before the and salaries and pensions and quantity of money was reduced. other incomes of those who live Each of you has fifteen shillings on taxes ? I will tell you how.. tax to pay on a bushel of salt; | The Bank can make as much paand, so you had before : but, as per-money as it pleases. The fifteen shillings will now purchase cost of it is merely the paper and twice as much of your labour as the print. There are always they would purchase before, your borrowers enough. Now, I want salt tax is in fact doubled.

to borrow. I go to the Bank and Thus it is as to the whole na. give them a note for a hundred tion. It has about thirty millions pounds, which I promise to pay a year to pay to fund-holders, but them again in two months. They now, the thirty are equal to what take my note, and give me the sixty would have been when the hundred pounds in their papermoney was borrowed. Suppose a money, taking the two months' in. fund-holder to have lent the go-terest out. This interest is callvernment a hundred pounds twelve ed discount; and this is called disyears ago; and suppose, that he counting a note. The Bank can was to receive five per cent, for it. discount as much or as little as it Suppose a farmer had been to pay pleases. When I bring my hunthe interest in wheat. Six bushels dred pounds, and take the note and two thirds would have paid out of pawn, I may get another the five pounds. But, now it note discounted if the Bank would require thirteen bushels and choose ; and, in this way, the a third to pay the five pounds. paper-money gets about. But, Thus it is that the fund-holders, if the Bank have a mind to and all who are paid 'out of the cause the quantity of money taxes gain, and those who pay the in the country to grow less, it taxes lose, by a diminution in the refuses to discount, or, it discounts quantity of money. And this adds less than it did. Suppose the greatly to the evils, which na- Bank have ten hundred notes and turally arise out of heavy taxes. have lent out paper-money upon And thus it is, that a nation is them; and, suppose, when the scourged, not by God, but by those works of man, a national debt

paper-money is brought in to pay and a paper-money.

off the notes with, the Bank will

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