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of the lauded proprietors, in the legislation of the kingdom, affords sufficient assurance, that such limitation would not be removed without their assent and concurrence; and consequently, that if any limitation, in respect of the importation of foreign grain, should be necessary to the support of the interests of the landed proprietors, such Timitation'would be continued. The public debt being liquidated, the rate of rent, so far as might depend upon the regulation of the import of foreign grain, would be in their own hands. The public debt being liquidated, 'what interest in this country could or ought to prevail against any reasonable purpose of the landed proprietors!

The MERCHANT, MANUFACTURER, AND TRADER, might be protected, in respect of any description of goods, the duty on which might be the subject of reduction' or '' repeal, as already suggested,' by the return of the duty paid by them on goods on hatid, agt far as the previous payment of the duty could be ascertained. To this extent a decline of price would not prejudice the dealer:

And in regard to the further decline of' money prices, most. descriptions of goods in the wholesale markety are at this time mich depressed in price, the markets for goods, both domestic and foreign, have been so lowered, as to leave litile ground of apprehension of any further immediate decline of price, from the proposed measure, (abstracted from the cotísideration of that constituent of price which consists of the direct duty) and against any tendency to further iniinediate decline,' may be opposed the calculation of the effect of the general improvement of the country; and in particular, the consideration of the removal of the impediments, which the high duties present, to the advantageous revision of the British commercial system.

Eventitally, lower money prices (than the mere reduction or repeal of duties would in the first instance justify) are to be expected; but there does not appear to be any grouod for the apprehension of a sudden shock 18 niarket value, nor to apprehend that a decline in money prices would' outstep the fair and desirable provision of the means of sale, under the advantage of less cost.

In respect of debits and credits, the public, on the balance, must be indebted to the merchant, manufacturer, and particularly to the tradesman, (unimportant as respects any alteration in the value of the currency, in the detail, to the debtor; but important in the aggregate, to the creditor) and the advantage of the improvement in the effective value of the currency, would be in their favor, in the proportion to which the public is so indebted.

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1 « Further Observations," pp. 70, 71.


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As between themselves, the balance is due from the tradesman to the merchant and manufacturer; which latter would receive the benefit to be derived from the change in the value of the currency: but as the debt due from the tradesman would again be found to


, be due from the public to him, he would not suffer loss. :/

Some partial instances of prejudice or loss, in this respect, must, however, be expected to occur ; but even in these cases, of

, exception, something may be opposed, in the share and syropathy of all, in the great and general improvement of the country, A

29197 1789 toalh9r.37186439HT "In the Tract which preceded this publication', it is stated, that the British tish nation had ret

had retired from the late war, with the advantage of great increase of the national means, and yet did not enjoy

, the ease and comfort which are the proper fruits of national power; but, on the contrary, was involved in distress and suffering; and the system of public debt having been assigned, as a principal cause of this anomaly, an inquiry is made into the nature and effect of a public debt, and into the means and consequences of its liquidation.

In the result of this inquiry it appears ;
That the national advancement in ease and happiness," is ng

greatly checked or altogether prevented, by the burthen of a public

debt. That the public debt admits of being liquidated, without any dán

gerous or mischievous disturbance of property. That, if this impediment to the prosperity of the country were

removed, a state of tranquillity, order, and comparative improvement in the condition and happiness of all, might fairly be expected; that every class and order of society would, in that event, esperience benefit correspondent to the increase of the national power, and that the landed proprietor, and the capitalist in particular, would be placed in the enjoyment of 'very extensive advantages. The advantages which might be expected to result, from the great advancement of the country in riches and power....... And, indeed, it might be pronounced,' a priori, i morfozis

The immediate and entire cessation of the annual demand for the public service, of fourteen millions, which would no longer be required, if the effective system here suggested, for the liquidation of the public debt, were adopted.”

to's: Visa, The assessment upon property, the income from which is now ! Elements of a Plan for the Liquidation of the Public Debt, pp. 1, 2: 7th Edition,

2 « Further Observations," pp. 41, 42.

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either expended in other countries, or becomes the subject of accumulation.

The repression of illicit trade and dealing.

The removal of the great weight on the springs of industry and enterprise, and of the legislative checks to the effectual improvemept of the British commercial systeni. The extensive reduction of the public expenses. And,

yurt! The extensive reduction of parish rates ; Would produce beneficial effects, fully equal to the advantages which have been deduced, from the adoption of the proposal which has been suggested, for the liquidation of the public debt.

i gulmeve 14w 22. oktobra del .591

Summary of the Author's Publications on the Liquidation its to E99190 pseudo bof the Public Debt.

It is endeavoured to be shown; That the increase in the British Empire, of the means of national

riches and power, has been very considerable during the last That individual ease and comfort are not experienced in any pro

portion to this increase of means, but that, on the contrary, ibe increasing prevalence of suffering and distress, is generally admitted and deplored. D.

fa 19., Dy That the public debt is a chief cause of this anomalous state. That the public debt admits of an early and complete, liquidation,

upon the basis of a contribution of fifteen per cent., to be levied upon every description of private property, including the amount

of the public dębt.. That such liquidation of the debt may be effected, without any

dangerous or mischievous disturbance of the state of property. That relief from duties, to the extent of thirty millions per annum,

nearly, might precede any levy in respect of the proposed con

tribution of fifteen per cent. That such remission of duties would, in effect, relieve the country

from the payment of at least thirty-six millions per annum, because the consumer pays a considerable advance upon the duty paid by the merchant or dealer, to the Exchequer. That the same remission of duties would be the means of repres

sing, to a great extent, the fraudulent and injurious practice of

thirty years.

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he United

Elements of a Plan for the Liquidation of the Public Debt Kingdom, 7th edition. And the present work.

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smuggling, of preventing other descrip:ions of fraudulent dealing, and of reducing the parish rates in a very considerable degree; and would also admit the establishment of a system, under which the great evil, of a population exceeding the demand for employment, might be prevented. ["Further Observations,"

Appendix E, p. 75.] That upon comparing, in the event contemplated, the probable rate

of rent from land and dwelling-houses, the probable rate of interest of money, and the presumed rate of public, official, and stipendiary income, with the expected and consequent' advance in the value of money; the present proprietors of lands, houses, and government stock, and all persons receiving public income and pay, would experience a clear improvement, in respect of income, considered with reference to British expenditure, varying, in the respective classes, between thirteen and seventy per cent. And, in particular, that in respect of income from land, the improvement would be in the proportion which 20001. bears to 12001. per annum. (pp. 4-7, or “ Further Observations,"

Addenda, pp. 128, 129.] That the anticipated change in the effective value of money, as respects the reduction of money prices, does not lead to the apprehension of any consequences prejudicial to the holders of agricultural stock, or of goods in stock; because this change would ensue, in a great degree, from the remission of duties ; the immediate effect of which, upon money prices, would admit of remedy to considerable extent, by the restitution of duty to the merchant and dealer, on the stock on hand ; and also, because the further decline of money prices would, in some degree, be checked in its progress, by countervailing causes, and might be graduated by legislative means, so as to sustain the price, particularly of agricultural stock, from time to time, until successive supplies, at diminished cost, should enable the grower or dealer to vend at lower rates of price, without loss or preju

dice. That by the means proposed, the farmer would be placed in a

condition to support the peasant, to maintain his own family in the state of comfort suited to his station in society, and to make a proper return of rent to the proprietor of the soil. That by the means proposed, also, the interests of the merchant,

manufacturer, and trader, would be essentially promoted and advanced, particularly by the repression of smuggling, and by the removal of the obstructions which a high revenue system presents, to the advantageous revision of the British commercial system.

And, consequently;

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That the positions assumed by the writer are sufficiently esta

blished for imniediate practical application : namely; That the ease and comfort of the British people are reduced, inter

cepted, or prevented, by means of the public debt; and that the liquidation of the public debt would place all classes and orders in the enjoyment of the advantages which they have so well earned, by their skill and industry, by their constancy and fortitude; and to which they are entitled, by the valor and conduct of those who have fought and conquered for them, on the ocean and in the field.

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