PAGE

The circumstances and contingencies of the national

debt, apparently not understood, yet palpable if con-

sidered through the medium of plain simple honesty. 163

The identity of the debtor not duly considered, and

much injustice arising from the error

164

Without taking the most disadvantageous bargain, it
appears that the money borrowed by government in
1799, fifteen millions, has been all repaid, besides
five per cent. interest per annum, except 3,513,000l.,
yet the public creditor holds the country as a debtor
for thirty-four millions for that transaction: is this
fair? and the loan of the preceding year 1,620,000l.
is already repaid in full, both principal and interest,
at five per cent., and some hundred thousands over,
yet, though entirely paid, the public creditor still
holds us for 3,669,300l. for that one transaction: is
this fair?.
Our government, in continuing to pay more than they
owe, are depriving themselves or their successors of
continuing the finances of the country should great
and extensive calamities befal the nation, which would
add greatly to the general distress and fall particularly
heavy on infancy, old age, and widowhood; and it is
no pleasant thing to fancy ourselves exactly in the
same situation as insolvent governments.
Every principle of honour and interest demands that

the non-resident should be taxed in his property re-
maining in this country, and which is perfectly prac-
ticable.

According to the law of the land, in individual cases,

the fundholder forfeited his claim on receipt of his

first usurious half-yearly dividend, and, according to

right reason, as they have received the bulk of the

principal, they have only a right to the remainder;

168

187

yet if all the unjust gain was suffered to go by
default and half the unjust interest continued, the
arrangement would clear off many millions a-year.
Such conduct as loan-mongers exhibit towards needy
governments would, in the affairs of private life, fix
on their characters great odium; and this unjust
portion of the bargain occasions our government
twice a-year to exhibit a state something like insol-
vency, and the resources of the poor are continually
put in requisition to fulfil an unjust bargain which
presses heavily upon them.
An arrangement which, though still inequitable, yet
approaching nearer to equity in its every step, would
be practicable and very desirable.

The arguments of a loan-monger against it utterly ri-
diculous.

Sinking-fund altogether absurd. .

Propriety of effecting an arrangement

PAGE

193

196

CHAPTER IX.

REVENUE DUTIES, DRAWBACKS, AND BOUNTIES.

Relative advantages and disadvantages of various taxes
All unfavourable to general production by unnaturally
increasing some and diminishing others, yet indispen-
sable to revenue
If all governments would mutually agree to the prin-
ciple of free trade, it would be a great advantage on
the whole. But if our produce and ships are checked
by other nations, and we check not theirs, we are
minus the difference, and we are particularly minus.
by the non-residents

A mode for greatly diminishing smuggling

197

198

201

206

CHAPTER X.

CLAIMS OF THE WEST INDIA AND MAURITIUS INTEREST

TO PERPETUAL EXCLUSIVE PRIVILEGES, AND CLAIMS

PAGE

OF THE NATION FOR THE ABOLITION OF SLAVERY. . 210

NATIONAL

PEACE.

CHAPTER XI.

PEACE MUCH PROMOTED BY INDIVIDUAL

The principles of national peace best promoted by its

advocates in the cultivation of peace in their own

breasts.

216

TO THE KING

AND

ROYAL FAMILY.

In presuming to dedicate the following pages to the honourable, magnanimous, and beloved King of England, as the head of that interesting family so important to the interests and welfare of my country, the writer is not altogether unmindful of the vast difference between the most potent of Sovereigns and a simple individual of his hundred million subjects: yet having always, so far as he recollects, felt cordially towards his king and country, and seeing, hearing, and reading of much crime

B

and much distress, particularly among the working classes, and apprehending that it is neither inherent in the nature of man, nor inseparable from his indispensable circumstances, and that it admits of easy remedy, he has endeavoured to exhibit some of his ideas on the subject, and earnestly, though with diffidence, entreats that they may not be altogether disregarded.

Surely this truth must be peculiarly interesting to the King, that, according to the talents bestowed, will be the fruits looked for; and if our King fully avail himself of his perhaps unprecedented opportunity of conferring happiness upon, and greatly increasing in every sense the respectability of millions, according to the great gifts of his mind, and the still greater gifts of his heart, how peculiarly interesting must be his situation, while the consciousness of even more than doubling the great benefit he has hitherto conferred upon the country would enhance every suitable