OPINIONS 
 
 AS TO THE 
 
 REAL STATE OF THE NATION, 
 
 WITH 
 
 STRICTURES ON A PAMPHLET INTITLED 
 
 *THE ADMINISTRATION 
 
 OF THE 
 
 AFFAIRS OF GREAT BRITAIN,' 
 
 4'C. ^'C. 
 
 Strictures on a Paiuplilct said to be Demi- 
 
 Official. 
 Defence of the Diplomacy of the late 
 
 Marquess. 
 Explanation of the Six Acts. 
 England, a powerful Neutral. 
 Her Commerce necessary to other States. 
 
 CONTAINING 
 
 Public Credit- 
 Inviolability of the Sinking Fund. 
 Agricultural Distress. 
 New System of Poor Laws. 
 Principles on which tlie Commutation of 
 Tithe may be effected. 
 
 &c. &c. 
 
 BY 
 
 THE GHOST 
 
 OF 
 
 THE MARQUESS OF LONDONDERRY. 
 
 SECOND EDITION, WITH ADDITIONS. 
 
 LONDON :- 1823.
 
 OPINIONS, 
 
 Why, or by what means,! tmd myself " nor man nor spirit," 
 are yet concealed from my knowledge. 1 perceive the forms both 
 of the dead and the living ; but both alike appear unconscious of 
 my approach. I enter the palace, the council, the senate ; I find 
 myself replaced ; yet remember not my disgrace. I wish to regain 
 my home, but, restrained by a superior power, I am for the 
 attempt confined to a narrovi* cell, which seems as if it were 
 a tomb. Among the living I ask myself, ' Am I dead ?' — of the 
 dead I enquire, (but they answer not,) 'Am I not alive ?' 
 
 The Fates are still spinning the thread of my natural existence ; 
 and in this intermediate state of suspended animation and unen- 
 joyed immortality, it is permitted to me to feel and be actuated by 
 that zealous and ardent anxiety for the best interests of my country, 
 the overpowering weight of which has mystified my mortal frame. 
 Still it is permitted to me, to feel a proud satisfaction at the glory 
 of the British Empire, and to anticipate a continuance of its great- 
 ness, founded, as it is, upon a basis of noble, disinterested, and in- 
 telligent principles of government and policy. It is still permitted 
 to me to watch the tree which is planted by the water-side, and 
 which bringetli forth fruit abundantly. 
 
 1 cannot but speak of the Minister whom I perceive sitting in 
 my official chair — of him, who was once my political rival, and is 
 now my unenvied successor. 
 
 He is a statesman of brilliant imagination, of commanding elo- 
 quence ; and of such enlarged views, that his chief difficulty will 
 be to confine his orbit to the more secure range of practicability. 
 His connections are commercial — his views will be commercial ; 
 but he will find his way smoothed, and his task lightened, by the
 
 3] Opinions as to the real State of the Nation. 521 
 
 previous labors of the Board of Trade ; and now that the balance 
 of Europe is poised, he may enter into commercial treaties. But 
 the principles of free trade, which are daily and generally gaining 
 ground, will render such treaties (which, after all, are but " uncer- 
 tain special contracts,") of less importance than formerly. If it 
 be necessary further to pourtray the character of, and more deci- 
 dedly to explain what may be expected from, one who, leaning 
 upon the present Cabinet, holds a net as it were towards its op- 
 ponents ; I shall do it by comparing him with his colleague in 
 office, the Home Secretary of State ; of whom (if 1 may indulge 
 in a pun) I would assert, that his claims upon public confidence 
 are indeed of a sterling nature. Of these two responsible Minis- 
 ters 1 would say — that what the one undertakes he will execute 
 brilliantly ; what duties fall to the share of the other will be per- 
 formed steadily, consistently, and conscientiously. The one is 
 more of a philosopher, and less of a religionist ; the other is a re- 
 ligionist, with enough of philosophy about him to answer every 
 useful purpose. The effect of the administration of the one would 
 be splendid, but possibly transient ; that of the other modest and 
 lasting : — the one would aim at great results ; the other perform 
 every possible practicability. The marked and distinguishing cha- 
 racteristics of each, in the same Cabinet, can hardly fail to produce 
 great national advantages ; and I cannot but pause to observe, how 
 complimentary it is to the democratic influence of the nation, that 
 two such men should, by the force of talent alone, arrive at such 
 high posts of official responsibility. 
 
 I propose, rather, to draw the attention of the public to princi- 
 ples which are productive of results, than to the results themselves. 
 If the one are soundly bottomed, partial evils do not disprove their 
 excellence ; and, in such case, it is much more noble to stand by 
 a soinid principle, and bear its adverse changes, than, yielding to a 
 temporary evil, to be guilty of a dereliction from it. 
 
 In our financial concerns, that primary and wholesome principle 
 ifl — "Public Faith to the National Crrditou." His 
 money supported us through a fearful contest to a brilliant peace ; 
 and having profited by his purse in the hour of danger, is he to be 
 robbed as an equipoise to partial embarrassment f' In our internal 
 policy, the clashing of nu-.tual interests should be softened by a 
 spirit of conciliation. " Public faith inviolate," and " conciliation 
 in our political disputes" — are the two main principles upon which 
 we may safely rt.'ly for the duration and enj(;yuicnt of peace, and 
 yet preserve a fearlessness of war. 
 
 Before I proceed to offer some remarks upon the leading topics 
 likely to engage the attention of the Parliament, 1 cannot !)nl observe 
 upon a puinplilct, inlillcd, " Administration of the Affairs of Great
 
 52*2 Opinions as to the f4 
 
 Britain." (The term " Great Britain" might, 1 should think, b< 
 well superseded, on proper occasions, by the more conmianding 
 style of " British Empire.") 
 
 I am inclined to think, that semi-official announcements are 
 often dangerous, at most times impolitic, and always open to sus- 
 picion. If they arc intended to usher in ministerial statements, or 
 projected measures, they atford timely means and notice to all 
 who are interested in tlnvariing them, or creating a prejudice in the 
 public opinion against them ; they also detract much from the 
 eft'ect of the responsible statements, which, to be n)ade effectively 
 and commandingly, can only be suitably announced in the Houses 
 of Parliament. Besides, they are not tangible. If erroneous, they 
 are disavowed, or left in a state of doubt as to their presumed char- 
 acter ; and thus the Government has two mouth-pieces ; one of 
 official responsibility, and one of an experimental convenience. ] 
 would not be understood to say, that there are no occasions in 
 which it might not be advantageous and convenient to collect, or 
 try public opinion through the press, by a channel which can trace 
 itself back to the official executive : there may be many such occa- 
 sions; but on so high and important a topic as "the Administra- 
 tion of the Affairs of Great Britain," (than which none can be 
 higher or more important,) such a feeler as the one 1 am alluding 
 to, is derogatory to the dignity of government. Many matters 
 therein treated, to be relied on, should be, and ought to be only, 
 from an official source ; all other mode of communication is spec- 
 ulative ; and I am certain, that is the least characteristic of the 
 Cabinet of which my mortal part once formed a portion. 
 
 But what shall 1 say of a publication, which (if not presump- 
 tuously assuming a character of semi-official rank,) certainly does 
 contain a few data which could only be obtained through responsi- 
 ble official channels; if I can show errors in it, striking at the root of 
 all the late financial measures ? But it is not merely error of which 
 I complain, but of omission also. A general statement of the 
 principles and plans of an administration should comprehend every 
 branch entrusted to its protection and vigilance. How comes it, 
 then, that the paramount interest of the country, that of Agriculture, 
 is only glanced at, with a half-significant hint that Commerce is 
 thriving upon its distress, for which no means of alleviation can be 
 devised ? 
 
 The error to which I allude (an error in itself sufficently alarming 
 to destroy the whole character of the publication) is, its explanation 
 of the purposes of the New Sinking Fund. 
 
 Now, unless I have misunderstood the proceedings of the last 
 Session of Parliament, and all the financial system of the Chancel- 
 lor of the Exchecjuer, 1 should assert, — that the Sinking Fund of 
 
 <t >
 
 5] real State of the Natio?i. 523 
 
 five millions, to arise from a surplus of revenue, was to be under 
 all circLimslances most religiously preserved ; and, consequently, 
 that in default of any branch of revenue, or of partial defalcation, 
 such deficiency should either be made good, not by loan, but by 
 taxation, or a temporary issue of Exchequer bills. Else, what was 
 termed the principle of a real Sinking fund would be again viola- 
 ted, and wliat was paid into one hand would be expended with the 
 other ; and thus the second attempt at a real Sinking Fund would 
 fail, as did the first. 
 
 If I at all understood the principle upon which a small but stea- 
 dy Sinking Fund was voted by Parliament, it was — that though 
 by no means commensurate with the proportionate annihilation of 
 the public debt in forty-five years, yet, that still it being an actual 
 and real surplus, though small, it kept alive this constant truism — 
 ''The public debt is decreasing." 
 
 i( I comprehended the full extent to which this principle of a 
 moderate Sinking Fund was to be carried, it was — that even in the 
 event of a war, the annual surplus of five millions was to be pre- 
 served, whatever might be the necessary amount of taxation for the 
 conduct of such war. 1 looked to the wholesome and moderate 
 principle of this actual surplus of five millions, as in time forming 
 a capital, of which the dividends should of themselves furnish a 
 surplus, and render no longer, any annual grant necessary for 
 such purpose. 
 
 If I did not misunderstand the true meaning and intent of a mea- 
 sure, which checked all inclination to dishonor the public faith, and 
 defraud the funded creditor, it was — that in a period of about fif- 
 teen years, the income of the annual excess of five millions above 
 the expenditure for that period, would (acting at compound inte- 
 rest) create a perpetual Sinking Fund, requiring no longer to be 
 fed by an annual grant. 
 
 I may be allowed, therefore, to express my satisfaction upon 
 reading the following passage at page 17: — " It was, therefore, 
 under this experience of the present, and this just apprehension for 
 the future, (an apprehension too justly verified) that the Chancel- 
 lor of the ]Aclie(|Ucr adopted what may be regarded as his new 
 system of finance, nan;ely — To meet the expenditure of the year by 
 the actual uioueij incouic, without the aid of loans and new taxes; 
 Out to maiutaiu the Siulcini^ Fund at Jive millions, and with that 
 amount increased hi/ gradual reductions in the expenditure, and by 
 the progressive jnoductiveness in the sources of revenue, to operate 
 from time to time in the money market, in buying up, exchanging, 
 and reducing the public stocks, so as to reduce the capital debt front 
 a higher to a lower denomination. 
 
 *' III order to execute this system in its detail, it became the daily
 
 524 Opinions as to the [(> 
 
 object of llie Chancel lor of the Exchequer to give a constant atten- 
 tion to the following main points : first, to the maintenance, at all 
 events, of the Sinking Fund at five millions." 
 
 The authors go on to enumerate other points ; but so far so 
 good ; and the preceding quotations bear out all the views in which 
 I had ministerially considered the measure. Butjudgeof my sur- 
 prise on reading, at page 24, the following further comments upon 
 Mr, Vansittart's financial measures: — 
 
 " But we live in times in which every thing is again to be called 
 into contest and dispute. Accordingly, a class of writers has 
 arisen, which now denies altogether, for the first time, the utility 
 of the Sinking Fund, and holds it forth as a financial delusion 
 upon the Parliament and country. Perhaps in this case, as in most 
 others, the controversy has been produced by the opposite parties 
 affixing different significations to the terms. The objections, 
 therefore, may be best answered by setting down in clear and brief 
 words what his Majesty's Ministers regard to be the true nature 
 and use of the Sinking Fund. 
 
 " Briefly, therefore, they consider the Sinking Fund to be emi- 
 nently useful in the following three points of view : — 
 
 ** 1. As a surplus, for giving to his Majesty's Ministers (through 
 the Commissioners for the Reduction of the National Debt) a due 
 weight and control in the money market, and more particularly for 
 upholding the credit of Government under any casual deficiency 
 of the revenue, arising from the fluctuation in the produce of the 
 taxes. 
 
 " 2. As a fund, to be employed according to the occasions of 
 the money market, and especially in reducing the Interest of the 
 National Debt to the common level of a three per cent, stock. 
 
 " 3. As an accumulation of treasure, and of disposable income, 
 for any emergency of the state." 
 
 Now, 1 cannot conceive a greater confusion of explanation than 
 the quoted paragraphs evince. First we are told — that his Majes- 
 ty's Ministers determined, as part of their system of finance, to 
 maintain, at all events, a Sinking Fund of five millions: and when 
 the same parties proceed to explain what his Majesty's Ministers re- 
 gard to be " the true nature and use of the Sinking Fund," they give 
 us three reasons ; two very indistinct, and liable to various construc- 
 tion ; and the third quite distinct, and which cannot be miscon- 
 strued ; namely— that the Sinking Fund is to be regarded as an ac- 
 cumulation of treasure, and of disposable income, for any emergency 
 of the state. 
 
 I take it for granted that Parliament is to allow this freedom 
 with the Sinking Fund ; but if this is its real nature, and is to 
 be its possible use ; all I can say is — that this new Sinking Fund,
 
 7) real State of the Nation. 525 
 
 arising out of a surplus of revenue, and fed by no new imposition 
 of taxes, is, instead of being (as it was intended) the soundest, best, 
 and most honorable principle in our system of finance, nothing but 
 a farce. 
 
 The old Sinking Fund, when its income was equalled by a fresh 
 accumulation of debt, ceased to be a Sinking Fund, because it be- 
 came balanced by a new debt. The old Sinking Fund, in this 
 case, was eventually made a disposable income, and is at this mo- 
 ment part of the ways and means applicable to the public expen- 
 diture ; and much as it has been cried down, and its principle 
 abused, yet it should not be forgotten, that at this moment its in- 
 come supplies the place of what must othenvise hare been made up 
 of taxes ; and it has crept upon us (as it were) into an important 
 purpose, without our feeling the weight of its original creation. 
 
 1 cannot believe, I do not, I will not believe, that the writers 
 of this semi-official pamphlet have the authority of the higher pow- 
 ers for this explanation of the nature and use of the Sinking Fund, 
 voted by Parliament, and created in its last Session. If such be 
 in reality its nature and use ; then did I, in supporting it, support 
 that which I did not understand, and have been guilty involuntarily, 
 and unconsciously, of a deception upon the country. 
 
 But though 1 point out this third reason as one subversive of 
 every purpose of a real Sinking Fund, and (as I think) of the one 
 alluded to ; yet the first and second reasons are not exactly such as 
 i should presume would be the true interpretation of Government ; 
 for the first reason seems also to imply " a power of conversion from 
 its use as a Sinking Fund, to become a stop-gap in any deficiency 
 of the revenue." If the parties had said " that the regulated pur- 
 chases made in the stock market out of the proceeds of the Sink- 
 ing Fund, introduced a considerable amount of bond fide transac- 
 tions, and, to an extent sufliicient for the support of public credit, 
 created a sale, and a demand for national securities at all times, and 
 under all political circumstances ;" 1 think such a reason would 
 have been much more likely to be truly ministerial, than the one 
 which states the purpose of the Sinking Fund to be the means of 
 upholding the credit of Government under any casual deficiency of 
 the revenue. 
 
 Then, as to the second reason — that it is a fund to be employed 
 according to the occasions of the market, and especially in reducing 
 the interest of the Natio)ial Debt — it does appear to me, that an 
 occasional or accidental is a speculative exercise of the powers 
 confided with the Commissioners for the Reduction of the Na- 
 tional Debt ; and tends rather to make them great jobbers in the 
 Funds, than steady supporters of them at specified and regulated 
 . periods, when llie holders can always be certain of a customer ;
 
 526 Opinions as to the [8 
 
 and it is rather disparaging the real purpose of the Sinking Fund, 
 and creating a very unfair and prejudicial opinion as to its true use 
 and purpose, to couple its execution with a future intention to di- 
 minish the stock-holder's income. Tor, though the operation of a 
 boiiii fide Sinking Fund must inevitably tend to raise the value of 
 the remaining stock, and decrease the rate of interest; (inasmuch 
 as the money produce of the Sinking Fund will be so much capi- 
 tal seeking a new investment ;) still it is a very different argument 
 to call that ** the object," which, in reality, is ** the unavoidable re- 
 sult." In the one case, the measure may be looked upon as 
 obnoxious ; but arising from true and correct financial calculation 
 or system, it may be considered a public benefit realized. 
 
 7'here are some few minor errors in this Expose, which, in an 
 official pamphlet, would be inexcusable, and almost fatal ; par- 
 ticularly in calculating the proportion which the reduction of 
 taxation bears to the yearly estimate, which the demi-officials 
 call one-sixth, or sixteen per cent. ; but they commit an error 
 in taking as a deduction the whole of' the dead charge, or war 
 pensions, amounting to five millions; whereas, they should take 
 credit only for 2,200,000/., as Government contract to pay a pen- 
 sion of 2,800,000/., the remaining balance of the five milhons. 
 The ratio of diminution is twelve and a /icrZ/'per cent. 
 
 Acceding as I do to many of the general principles of the state- 
 ment, yet 1 could.not refrain from pointing out this vital error, or, if 
 not an error, this misconception of the nature and use of the present 
 Sinking Fund ; which, if admitted, goes to the complete subversion 
 of the measures determined upon during the last Session for the 
 support of public credit, and the solidity of our financial system : 
 and I the more earnestly deprecate and point out this objectionable 
 part ; because the same writers, at page 33, repeat again their des- 
 tructive doctrine. They say, " the capital of the Sinking Fund is, 
 in fact, a mass of treasure always at the call of Government upon 
 real or distressing emergencies. In this point of view, it puts the 
 Minister above the condition of lying at the mercy of the money 
 market, when any great crisis, such as a sudden foreign war, or 
 other events more easily to be conceived than decorously mentioned, 
 shall require a prompt application of vast resources and consequent 
 expense." 
 
 Now, I do not hesitate to assert, that the whole and sole object 
 in the creation of the New Sinking Fund of five millions, was — to 
 operate slowly and steadily and uninterruptedly a bonajide reduc- 
 tion of the National Debt, and with no view to its future applica- 
 tion as a war fund. 
 
 I think, therefore, that the observations 1 have made, bear me 
 out in the position I laid down, " that semi-official announcements
 
 9] real State of the Nation. 527 
 
 are often dangerous, at most times impolitic, and always open to 
 suspicion :" and 1 do tlie more press the rejection of these erro- 
 neous conclusions of this pamphlet ; because I am certain, that if 
 any thing tended to cheer up the Agricultural Interest, under their 
 temporary embarrassment ; it was the fact, that a real Sinking 
 fund should be constituted out of the surplus revenue ; not merely 
 without the creation of new taxes, but in the face of a great reduc- 
 tion of taxation. The capability to do this astonished the country 
 gentlemen ; and upon such a foundation, promising a low rate of 
 interest, by which the weight of their incumbrances and mortgages 
 might be reduced, (for the redemption of stock must naturally rest 
 in landed securities,) they laid their hopes of better days. But if 
 they are now to be told, that even the newly-constituted Sinking 
 Fund is to be appropriated on the first great emergency which may 
 occur, (when it would, by such niisapplication, cease to be a Sink- 
 ing Fund, and become a War Fund,) then, I contend, that they 
 are deceived, and their hopes destroyed. Nor can I conceive, at 
 this present moment, so destructive, so mischievous, and so false 
 a financial averment, as " that the last Sinking Fund is, in fact, but 
 a mass of treasure alwai/s at the call of Government upon real or 
 distressing emergencies." 
 
 If the pamphlet alluded to be really a demi-official bratling, 1 
 do hope and trust, that Ministers in their places, and my Right 
 Honorable and sterling friend Peel in particular, will scout the 
 insinuation of an intention to convert the security of the Fundhold- 
 er, into an easy means of breaking out into another war. I con- 
 tend that the Sinking Fund is virtually the property of the Fund- 
 holder ; for in his loan it is contracted to him, that there shall be 
 a redemption of his, stock ; and how, without an adequate reserve, 
 can such redemption take place r 
 
 Of tlie influence of a Sinking Fund upon landed property, I 
 shall hereafter have occasion to remark. 1 therefore conclude 
 this part of my subject with declaring — " 1. That the New Sink- 
 ing Fund must, under all circumstances, be fed annually by Go- 
 vernment with five millions ; till the capital so contributed shall 
 afford dividends equal to the same amount. — 2. That to do this, 
 the expenses of any future war must be paitl within its duration. — 
 Or, 3. an addition be made to the existing Sinking Fund equal to 
 the li(|iii(lation of any new debt; to be maintained upon the same 
 inviolable footing." 
 
 I'hus will the principle of ultimate extinction be preserved, 
 under all circumstances ; and the national credit be placed on an 
 uriimpeachal)Ie basis. 
 
 I am anxious upon this point. Let me, llicrtfore, (that I may 
 not be misunderstood) be rather thought prolix, than fail in making 
 an impression.
 
 528 Opin tons as to the [10 
 
 I conceive that the Now Sinkinjr Fund, to the anminl extent of 
 five millions, is to be considered unalioiahle to any other than its 
 original purpose, under all circumstances whether of war or peace. 
 
 That when its dividends amount to five millions, which will be 
 when the capital has accumulated to 170 millions ; then, and not 
 till then, the annual surplus of taxation may be given up, and taxes 
 to that amount be relinquished ; and as every purpose of public 
 confidence and national credit will be sanctioned by a bona Jjde 
 contribution of five millions annually and unalienahh/ ; so, during 
 its operation, it would be much more encouraging and gracious to 
 give up in taxation all further surplus of revenue ; and that such 
 will arise I have no doubt. 
 
 The practical result of such plan would be this. Supposing 
 the Chancellor of the I^xchequer to speak, what a volume of 
 meaning and satisfaction would not be contained in the following 
 short declaration : — 
 
 Gentlemen — " This year, after the Annual Sinking Fund is pro- 
 vided for, 1 can, from a surplus of revenue, remit five shillings in 
 the pound upon the assessed taxes ; so that fifteen shillings in the 
 pound on the last year's amount need only be collected ; and 1 
 trust, that a continued surplus of revenue beyond expenditure, will 
 prevent my calling upon the country, at any future time, for its full 
 amount. I do not mean, Gentlemen, that the five shillings in the 
 pound are merely suspended— they are this year absolutely abated 
 and expunged from the Annual Estimate." 
 
 Thus the unalienable Sinking Fund of five millions, coupled 
 with an occasional remission of assessment, would form a new era in 
 finance ; and a most gracious and conciliatory system of taxation. It 
 would come home to the bosom of every family : it would be under- 
 stood, be felt by, and be participated in by all housekeepers. 
 
 I may not here misplace some passing observations upon the 
 subject of the National Debt, in answer to those who rashly, and 
 in my mind most ignorantly, advocate its sudden redemption in 
 part, or its partial annihilation. I cannot but congratulate the 
 country on the late financial measures, which appear to have swept 
 away, as so many cobwebs, the various plans for robbing the pub- 
 lic creditor; because his property was public. 
 
 I pass by with unfeigned contempt, the projects for scattering 
 bundles of forged Bank notes, and^ other violent attacks upon the 
 principal or dividend of the national creditor ; such could only 
 have originated with, and have been entertained by persons pos- 
 sessed of no property. But now and then, propositions apparently 
 conscientious, for the equitable reduction of the debt by payment 
 to the public creditor, (with the exception only of such part as 
 would fall to his own share of liquidation) have been suggested.
 
 11] real State oj the Nation. 529 
 
 The fairest and most plausible was — a proposition for liquidating I 
 5CX) millions of the debt, and 29 millions of income, by an assess- ' 
 ment of 15 per cent upon all property — of which 125 would be 
 furnished by the fundholder, and 375 by the remaining properties 
 of the kingdom. Without stopping to consider what a mass of 
 confusion and depreciation, the transfer of so immense a sum from 
 lands, houses, goods, chattels, and implements, into money or 
 securities, would occasion ; it may be sufficient for the purpose to 
 observe,, that the whole transaction would resolve itself into the 
 simple purchase of 29 millions of taxation, at a rate of about six 
 per cent. Now, at all events, some benefits should accrue to 
 those thus redeeming the load of their taxation ; and I think, 
 men of business would hardly be found willing to sink 500 millions 
 to redeem an annuity of 29 millions at such rate ; when, at a mo- 
 derate scale of profit, they may expect ten per cent., (being 50 
 millions ;) and thus gain a surplus of 21 millions beyond such 
 amount of taxation ; and also retain their capital for the purpose 
 of a succeeding operation. 
 
 As I never met with any nearer approach than this to a fairness 
 of principle, I need not remark upon any others less honest. The 
 one alluded to is conclusive against the measure as one of profit ; 
 and may satisfy those, who think to relieve themselves en masse, 
 from the pressure of a heavy National Debt. 
 
 1 can hardly be expected to enter into long and tedious details 
 of calculation ; but 1 would make one short and tremendous sum- 
 mary, as being one of a comparative nature ; and which may 
 serve to open the eyes of hundreds of thousands, and enable thcni 
 to know what Great Jiritain (that snug little Island) is composed of. 
 
 I submit then, that the capital of the British Empire in all its 
 mighty interests, cannot be estimated at a much less sum than 
 four thousand milliona ; and that the productive annual value of 
 such capital, is not estimated at less than rtme hnudred mil/ions. 
 Thus her debt, as compared to her capital, is as 1 to 5 ; as com- 
 pared w ith her annually created property, as 8 to 9 ; but the iiilcrosi 
 of her debt, and aniomit of her taxation as compared with the in- 
 come of her itidiislrj/, is as 1 to 15 — being not quite 7 per cent. 
 
 This statement is correct, as far as calculations of such magni- 
 tude and of such infinite detail can admit of; and may serve to 
 give my countrymen some insight into the greatness of their trans- 
 actions, and at least make them ashdiiied of talking of, or listening 
 to, any plan of National liankruptcy. 
 
 The eflect of a brirach of faith appears to be a matter of no mo- 
 ment to some men, and to some understandings ; yet what con- 
 sternalion in the money market has not so trilling a transaction as 
 the Colun)bian Loan created, whcu it was suspected to be nnautho- 
 
 !
 
 530 Opinions as to the [12 
 
 riscd, or doubtful of ratification ? Compare this (a mere bubble to 
 the ocean, in reference to the debt of Great Britain) with the effect 
 of a breach of faith by the British Empire. Were the sea which 
 surrounds us to swallow us up, it would scarcely produce a more 
 electric efi'ect through created nature, than in the commercial world 
 would a stain upon the credit of Great Britain ! For great as is 
 her debt, yet it is rendered, by the pursuits of trade and facility of 
 conversion, a mass of capital so constantly changing hands, that it 
 may be fairly said to be " a mint of ready coin." /// /^^ ^td^ 
 
 The eyes of the world are upon England, steadily, and eagerly, 
 and anxiously, and enviously looking at the financial situation of 
 lier, who in the hour of danger was fearless; in the moment of 
 victory, disinterested ; and who, in an unnatural state of warfare, 
 became more powerful and more rich. Let then England con- 
 quer her finance — learn to respect herself — to know better her 
 own means and her own importance : let the maintenance of public 
 faith be to her a new and solemn commandment, and she will con- 
 tinue what she now is — the Umpire of the Christian World ! Let 
 her depart from it ; and those countries who have not to struggle 
 against such a burthen, will profit by her errors, and supercede 
 her importance. 
 
 By divesting the National Debt of much of its terror, and by 
 contrasting it with the resources and capital of the empire, it may 
 be insinuated that \ am an advocate for unremitted taxation. 
 I am no further its advocate, than it becomes necessary to pay the 
 just debts of the whole nation, due to others of its community. 
 If, in an anxious and hasty moment, 1 accused the country of *' an 
 impatience of taxation," in reference to the repeal of the Income 
 Tax ; I am not disposed to apologise for an honest though some- 
 what an uncourteous expression. No other term was more suita- 
 ble to the cry of the moment, and nothing could be more ruinously 
 dexterous, than the mode in which that cry was originated. 
 
 Every day which succeeded that ministerial defeat, I saw just 
 reason to deplore its effect ; for by thus forcing the executive at an 
 early period of the peace to propose three millions of new ad valo- 
 rem taxes', a clamor was raised, which led to false conclusions, 
 upon all their financial measures : but in fact, and in fairness, such 
 new taxation was not so much an addition of impost, as a recovery^ 
 of that balance of income and expenditure which " an impatience 
 of taxation" had destroyed. Had the property tax been allowed 
 to continue, the assessed taxes might have been dispensed with, and 
 also much of the excise ; and there was this beneficial feature in 
 the property tax, namely — that whilst it adapted itself to every 
 presumed change and fluctuation in the value of the circulating me- 
 dium, it brought within its grasp the income of absentees and of
 
 13] reat State of the Nation. 531 
 
 the fundholdhers ; whilst the assessed taxes and excise continued 
 to be collected at their old rates, without regard to the character 
 of the currency, and became lessened in proportion to the number 
 of country-seats and houses remaining unoccupied. The continua- 
 tion of the principle of the property tax would therefore have car- 
 ried within itself, to a certain extent, relief to the agricultural in- 
 terest. 
 
 In treating upon the National Debt, too many view it as an 
 inert mass, or load of obligation, kept up and supported (the money 
 being spent) by an oppressive taxation, of which they feel the im- 
 mediate pressure ; but such are forgetful of the interesting circum- 
 stances from which it has arisen, or the advantages which its ex- 
 penditure procured. I am of opinion, that when Ministers call 
 upon the nation to maintain the public credit, the public are 
 entitled to a most rigid and upright application of their resources. 
 But economy carried to spoliation is the greatest of all extrava- 
 gance. To dismantle our fleet, or destroy the materiel of our ar- 
 senals, the ordnace, or of the army, is only to lay the foundation 
 for an immense demand for their regeneration, the moment a war 
 should be forced upon us : to say nothing of the delay of equip- 
 ment, during which, an active and enterprising enemy may first 
 take the field and snatch a victory. 
 
 But the National Debt answers many most important public, 
 mercantile, and private purposes. As a batik of deposit it is of 
 most extended utility, in all cases of trusts, litigations, and guaran- 
 tee — as a means of income, it is a simple, certain, and unexpensive 
 investment — as a circulating medium, its regularly paid and un- 
 fluctuating dividends supply to creditors a stream of payment from 
 their debtors, of which, though they feel the influence, they too sel- 
 dom acknowledge or suspect the source — in larger mercantile 
 transactions, it supplies by an increased facility of discount, tem- 
 porary capital, and individual accommodation — and among the lower 
 classes, the means and facility of saving the smallest surplus of 
 their industry, and thus leading to a provision for old age, gifts to 
 children, establishments in retail trade, and many other applications, 
 of which the opportunity will become more and more estimated ; 
 and 1 am certain, that there are thousands who clamor for the ruin 
 of the fundliolder and reduction of the National Debt, who vn- 
 consciouslij receive from them and it, through intermediate chan- 
 nels, their main support. 
 
 Notwillistanding its annual pressure, (not slightly balanced by the 
 modes of application already pointed out,) the very accumulation 
 of the debt may be viewed as the proof of national security : for if 
 so great a mass of money has been borrowed by the Government 
 and expended, could it have been borrowed without the means to 
 lend ? Riches spring not up like mushrooms in the night. There
 
 532 Opuiiom as to the [14 
 
 niust have been some source from wiicnce this accumulated debt 
 arose. It has arisen from the produce of industry — I should ra- 
 ther say from the profits of industry ; because it is a surplus 
 capital, distinct from all other possessions ; and at any time being 
 wanted for other investment, for the active use of mercantile pur- 
 suits, or landed purchase ; its abstracted part can only be obtained 
 by another supplying its place. To all intents and in fact, there- 
 fore, it is a source of capital, and yet is distinct from, and interferes 
 not with any other required for different purposes. 1 therefore 
 repeat, that though the interest may be considered burthensome, 
 still that the capability of amassing the amount of the debt is a proof 
 of our national security. 
 
 Let us suppose, for one moment, that one half (400 millio is,) 
 could be paid off. What could be done with the money ? I know 
 of no other mode than investing it in land, to yield an interest of 
 about one per cent., or having it coined into silver chairs and ta- 
 bles, to be melted when wanted. Besides, such re-payment would 
 be worse than useless — it would be ruinous. And, 1 think, as a 
 general rule, that none but a rich, great, and powerful nation can 
 <:reate or bear a National Debt, There is however a limit, beyond 
 which to pass, is destruction — to that limit Engl and has appr oach- 
 ed — she should go no further — but she neecTnot rob her con- 
 fiding creditors. loJ iiut ■ 
 
 Immense as is her debt, it will sink before an increasing popu- 
 lation, actively and profitably employed, and consuming articles of 
 taxation. In this state is England ; and without any fresh imposi- 
 tions, a surplus of revenue must arise from all exciseable articles. 
 For an increasing and consuming population is a profit to such a 
 system of revenue. Whilst the war lasted, the influence of a grow- 
 ing population was not perceptible in reducing taxation, which 
 went on in too overpowering a nation ; but now taxation is retro- 
 grading, the power of a population actively and profitably employ- 
 ed, and increasing, as it must do, under such circumstances, will 
 operate to create a surplus of revenue ; and thus, our system of 
 finance will upon examination be found to possess a quality of elas- 
 ticity and expansion, {without increased individual pressure,) 
 which will gradually perform that, which if done hastily and un- 
 warily, would depreciate the currency far below any rate to which 
 it may be supposed to have fallen. 
 
 There is yet another point in which the effect of the National 
 Debt may be viewed ; and that is, as a former source of profit to die 
 trade and manufactures of the country, and to its agriculture. 
 Thisbenefitisnow forgotten, because its effect is not so predominant. 
 Indeed it w ould seem, that the country deplores the loss of that ex- 
 penditure, which, during its existence, was by many so much de- 
 precated.
 
 15] real Stale of the Nation. 533 
 
 VViihout calculatinur on the immense sums which have been ac- 
 tually paid, and do not remain in the shape of an unliquidated 
 debt, 1 will merely conliiie my observation to the sum of eight 
 hundred millions, the present amount of public unredeemed securities. 
 The case of this expenditure is applicable to any other, with the ex- 
 ception of such portion as may have gone in the shape of actual re- 
 mittances for foreign subsidies. 
 
 Supposing the loans to have been contracted on an average at 
 75, redeemable at 100; the amount of the present public debt, as 
 received by the Government, would be about six hundred millions. 
 Government contracts are usually paid by bills on the Treasury at 
 ninety days' sight; and I think, that upon an extensive trade so 
 conducted, a profit of 15 percent, would be absolutely realised, 
 notwithstanding all the competition which may arise. 
 
 Now we have been told and have heard much of the gains and 
 profits of stock-jobbers and fund-holders, (a gain perfectly distinct 
 from the original contract between the lender and the Government, 
 which can only be calculated when the time of repayment arrives,) 
 but the amount of profit to the public commerce, manufactures, 
 and agriculture of the country, is overlooked, yet can hardly be 
 taken, (as I have before observed,) at less than fifteen per cent, 
 upon transactions of ninety days' credit : so that, even upon the 
 amount of the present public debt, (to calculate no further,) " no 
 less a sum than ninety millions" has been thrown back to the pub- 
 lic, iu the shape vj a projit upon industry. 
 
 And in fact, this National Debt, which appears to some as a hy- 
 dra or an amount of capital hernjetically sealed up, is at this very 
 moment in evident existence, in every variety of shape which the 
 property of the country can assume. 
 
 Estates have been purchased, mortgages created, manufactures 
 established, lands drained and enclosed, and ships set afloat, upon 
 the proceeds or produce of securities making part and parcel of 
 the National Debt; and no sooner are claims made upon it for 
 such purposes, than others retiring from similar pursuits become 
 possessed of the portion which is for sale. 
 
 In tho National Debt there is no vacuum or inactivity. 
 
 Let me not be misunderstood in this my endeavour to shake oft' 
 the fear and dread which some led, (the fear perhaps of ignorance, 
 or misconception, or prejudice,) of the amount and eflect of the 
 National Debt, i dipr«!cate its increase; and my sincere aim 
 and object is, to furnish reasons of triumphant congratulation as to 
 the mi'Uiis of supporting and liquidating it : and to encourage a 
 feeling of confidence, 1 would add one more stimulating datum; 
 namely — that even the iiuproduclive capital of the United King- 
 doms in the shape of palaces, churches, public buildings, dock- 
 
 VOL. XXI. ram. NO. XLU. '2 M
 
 534 Opinions as to Ihe [16 
 
 yards, bai racks, ships of war, ordnance, military and naval stores, 
 luniseliold goods, plate, jewels, pictures, wearing apparel, waste 
 lands, &,c. &.C. is of itself, at a moderate calculation, worth little 
 less than the whole amount of the National J3ebt. 
 
 The fact is, I'^ngland has great establishments, great resources, 
 great industry, great weallh ; and a great debt not disproportionate 
 to this scale of general greatness ; to which she is so accustomed, 
 that its existence seems not much calculated upon. 
 
 As yet 1 have spoken chiefly of the debt, and but little of the 
 mode and ability to raise its annual interest, and of its relative pro- 
 portion of burden upon each class of the community. This will be 
 appropriately alluded to, in discussing the means of remedy to the 
 present " agricultural embarrassujent." I do not say distress, be- 
 cause that term is too beggarly to be applied to so vast a bodi/. 
 
 Not wishing to throw myself upon the plea of participated re- 
 sponsibility ; and inasmuch as I was Minister of England, specially 
 delegated by the King to meet the Allies in Congress; 1 may be 
 allowed to make a few observations upon the charge often urged 
 against me, *' tliat I was utterly neglectful of the commercial in- 
 terests of the country, and omitted to procure for her such advanta- 
 ges as her influence might have commanded." 
 
 If any one reason pressed upon my mind more strongly than 
 another, it was " the very existence of that influence" which might 
 have prescribed such advantages. That influence was either mo- 
 mentary or lasting. Nations are ungrateful: and I believed that 
 such influence might only be momentary ; and my aim was to render 
 it lasting. 
 
 / kneiv, that the state of monopoly in which the trade of the world 
 luid for many years been carried on by my country, had given such 
 an accelerating and forward power to all her means of productive 
 manufacture, that years must pass away before any rival could com- 
 pete with her. / knew, that such period would be so sufficiently 
 long, that during it, the attempt would be proved to be useless; 
 because / k)iez€, that whilst the attempt was making, England 
 w-ould not relax in her exertions, or lose one inch of the vantage- 
 ground of her acquirements, but would preserve her relative situa- 
 tion of advanced miprovement. / knew, that every attempt would 
 be made to revive the ancient streams of commerce, and to give 
 activity to interrupted manufactures. It had become necessary, 
 by the generally impoverished state of the Continent. I knew^ 
 that a great part of the trade of the Continent was carried on by 
 British capital, and that the claims of British merchants were im- 
 mense. The trade of the country therefore needed no protection ;
 
 17] real State oj the Nation. 535 
 
 it had made itself master of, and had conquered many of the petty 
 jealousies in which commercial treaties are bottomed; and was 
 becoming necessary, as a matter of financial resource, to most of 
 the l^uropean States; and in so important a manner, that it could 
 not be suddenly or easily dispensed with. 
 
 Feeling therefore, that commerce required no security, that it 
 M-as bottomed on its own gigantic influence ; it was not for me to 
 beliay a wi>.h for indulgences or protection, when the very wants 
 of Europe rendered those protections and indulgences unneces- 
 sary ; and 1 felt that the only chance to the Continent of extending 
 or preserving its tiade, was by more free communication and trans- 
 fer with us; and f anticipated the time when a competition with 
 England, as a manufacturing country, should be found to be im- 
 practicable ; and the merchants of all nations should adopt a more 
 pure, unfettered, and unrestricted system of barter. 
 
 iSothing coulil be more nobly disinterested than the part which 
 England took in the Continental contests ; it was not her natural 
 element ; no conquest to be made by her could be retained, or 
 territorial benefit accrue to her ; any selfish attempt to gain a mo- 
 mentary advantage (and it would only have been momentary) would 
 have been derogatory to the high calling of her principles, and her 
 rank of Pacificator and Umpire of Europe would have been lowered 
 to that of a n^ercenary ally. 
 
 Besides, when constitutions were to be prescribed to kingdoms, 
 and boundaries given to states, and new equipoises and indemni- 
 ties to be established, in which every community and dependency 
 of Europe were connected and concerned ; surely it was not a time, 
 or a fit occasion, (whilst such mighty and elementary arrange- 
 ments were making) to press forward the specialities of commerce. 
 In fact, until possession had been taken, and the lines of territorial 
 deniarcation had been fully agreed upon, no certainty of commer- 
 cial treaty could exist, or guarantee be given for its performance. 
 
 'I'hc merchants of J'ingland know full well the extreme of jea- 
 lousy with which their unceasing enterprise and speculation are 
 viewed ; an<l that they arc considered as having already forced 
 from less active nations every advantage, unaccompanied by pro- 
 portionate reciprocity. 
 
 At the moment therefore, in which it is urged against me, that 
 I left the interests of connnerce neglected ; it may be said, and 
 said with truth, that the discussion of commercial treaties would 
 havi; been attended rather with a demand for the sacrilice of ad- 
 vantages already possessed, than with any chance of obtaining an 
 extension of tliose already enjoyed. 
 
 1 do not fnid that ronmicrce is left unprotected in any of its 
 niuUifaiiuus ramilicatiou5 ; and thai too, without the incumbrance
 
 530 Op'uno)is as to the [18 
 
 (if coniniorcia! treaties and privileges. The act of Parliament in 
 tlic last session, which makes this country an entrepot for such 
 loreisrn manulactures as are not admissihle as articles of con- 
 Mimption, is but an act for the reception oi so many pledges for 
 llivi export of our own g<jods. 
 
 1 think moreover, that to have pressed for still further advanta- 
 ges at the juncture alluded to, would have beau derogatory to the 
 j.ioud eminence on which England stood ; selfish in policy ; ill- 
 tiined ; and foreign to the objects of the Congress ; which were to 
 M illc the destinies of empires, and not the fractions of a more or 
 less alteration in a tariff or commercial treaty. Besides, the total 
 iiijsence of all immediate views or personal interests, which actua- 
 ted at that time the Cabinet of St. James's, has contributed in a 
 hidi deifrec to exalt the character of the country and conciliate 
 aud disarm that feeling of envy, with which she had been formerly 
 treated. By refraining also from the exercise of a powerful in- 
 fluence at a moment when it could not easily have been withstood, 
 was only to secure eventually, silently, and more willingly, any 
 modification of mercantile intercourse, which the altered disposi- 
 tions of surrounding nations might be disposed to accord. 
 
 '^riius much for the old-established foreign commerce. As to 
 tl'.at which was to be derived from the secession of colonies from 
 the mother country, there were two questions involved — " the 
 attainment of commercial advantages ;" and " the maintenance of 
 peace with those parent and European states, upon whose interests 
 England might be about to tread.' 
 
 How much the interposition of France and Spain in our con- 
 Icst with America was deprecated by Great Britain, is a matter 
 of historv. With what pretence then to consistency of policy, 
 could I'^ngland (as regarded the South American provinces of 
 Spain) interfere in the face of her own former declarations ? The 
 accession of France and Spain to the interests of the United States, 
 at a mon)eiit when the distant means of England were apparently 
 inadequate to success, brought on a war between those countries 
 and England. 
 
 A hasty acknowledgment of the republican or of any other 
 governujtnts of the trans-atlantic Continent, would have brouglit 
 us in contact with the parent states in Europe. In such case, 
 wculd not the presumed advantages of a new commerce have been 
 overbalanced by a new European war ? 
 
 A strict system of honorable neutrality unambiguous to both 
 parties, has enabled us to trade with both, and to demand from the 
 parent state satisfaction for insults committed towards the trade 
 and flag of England ; whilst a facility of commercial intercourse 
 haa been originated between England and the newly instituted
 
 19] real State of the Nation. 537 
 
 governniciits, by allowing them to make their sliipmcnts in 
 other bottoms than their own. 
 
 Thus, without any direct acknowledgment of their various and 
 yet vacillating governments, they have been allowed privileges 
 beyond what had heretofore been granted to the most favored fo- 
 reign nations. 
 
 It is supposed by some, that the first acknowledgment of th© 
 Columbian llepublic by the United States of America will be 
 prejudicial to our interests. Such fear is visionary ; such a ste{> 
 on the part of the United States was expected — it was natural ; 
 and having gained the Floridas from Spain, what had America to 
 fear or hope further from that distracted country:' But what ad- 
 vantage will America gain from such earlier acknowledgment? 
 None but what England will partake of. For if America should 
 carry direct, and have the advantage for a short duration, of a 
 lower rate of import duty, she will trade greatly upon English 
 capital, and lake out from English ports assorted cargoes and 
 British goods. 
 
 Besides, is the acknowledgment by Republican America of 
 Republican Columbia, equal to a similar recognition of her inde- 
 pendence by Great Britain? Republican America had every thing 
 to gain, and little to concede in return. She is a great, but as yet 
 a young, speculative, theoretical state, as compared to Great 
 Britain. Did Republican Columbia, upon such acknowledgment 
 of her independence and existence as a distinct state, send t(» 
 Washington and Philadelphia to negotiate for a loan ? No! She 
 M'isely contracted a debt with Old England, and thus laid the foun- 
 dation of more solid reciprocal advantages than a mere diplomatic 
 civility ; for as sucli only do I regard what has passed between the 
 Northern and Southern Itepublics. 
 
 \\ hether Spain is fighting for theories, whilst much of her sub- 
 stantial territory has been wrested from her, I stop not here to 
 enfjuire. But, would it have been consistent with the noble cha- 
 racter of England, to have taken advantage of Old Spain, and have 
 acknowledged her colonies, whilst she was embroiled in the form- 
 ation of a doiiHslic constitutit)n ? Do the? lihcralK of England 
 say — yes ? 1 reply — that the policy of England is not, iemporari/ 
 or casual advantage, but suiid reaulls. 
 
 The Constitution of England does not permit to its King that 
 personal intcrfeience in negotiation or treaty, or conference with 
 other monarclis, which the Continental governments are cap:il>le 
 of; nor docs the thaiatttr of her (li])lonKuy allow her to beconic
 
 538 Opliihms as to the [20 
 
 a party to any system or combination, vvhicli may not be the sub- 
 ject of a tietineil and categorical treaty. 
 
 The Holy Alhance was an experinient in politics, which, as it 
 sprung certainly from good intentions, was, if not virtually effective 
 in itself, at all events harmless and unwarlike. 
 
 To suppose that the personal conference of the leading Crowns 
 of Europe, surrounded by the Ministers of almost every European 
 State of great or minor rank, could be an instrument of plotting 
 against the good of the people of each particular country, was one 
 of the most preposterous ideas which could be well imagined. 
 The very nature of the meeting, that of personal and amicable con- 
 ference, was an answer at once to such a supposition; and the 
 time is past when Kings can be denominated or act as tyrants. 
 
 The great facility which these occasional assemblies will give to 
 diplomacy, and the death-blow which they are capable of affording 
 to n)inor political intrigues, the readier possibility of explanation, 
 and the promptness of decision which may accompany them, are 
 advantages which may favor greatly a long continuance of peace. 
 
 England may or may not accede to or recede from them, with- 
 out the questioning of her motives, or supposing her hostile to their 
 proceedmgs. When attending by the Plenipotentiary of her King, 
 she attends as a disinterested party, for she would never admit any 
 of her interests to be for one moment discussed at such a meeting. 
 The Plenipotentiary of the King of England would hear, mark, and 
 learn ; but beyond that, take no steps simultaneously or in concert.. 
 He would give his advice, his opinion ; and if called upon to 
 decide, would decide as a friendly umpire, having interests to con- 
 tinue with all. At such a Congress, the Ministerial Representative 
 of B'ngland might be asked — ** how he would act under such and 
 such circumstances ?" and the weight of his opinion would be pla- 
 ced in the scale ; but without being called upon to make any decla- 
 ration amounting to decisive action. And at this moment I am 
 certain, that though Spain may refuse to be actuated by opinions 
 and declarations transmitted from the Congress of Verona, yet 
 that she will listen to any advice which n)ay be offered to her by 
 the British Ambassador resident at her Court ; for of this I feel 
 confident, that no Ambassador from the Cabinet of St. James's 
 would satisfy the Allied Sovereigns of the line of policy which 
 England would adopt in the event of an attack upon Spain by 
 France ; though he might give an opinion for or against the mea- 
 sure, founded upon the principles upon which it might, or might 
 not be, undertaken. 
 
 A Congress followed up on the principle upon which that of 
 the Holy Alliance professes to proceed, cannot be of 2i mischievous 
 tendency ; because its object is not, to consider " what country is
 
 •Jl] real State of the Nation. 539 
 
 next to be the theatre of war," but rather, " what countries being 
 in a slate of hostile attitude towards one another, can by its in- 
 fluence be restored to mutual harmony." 
 
 It cannot be of adismenibering tendency; because it aims not to 
 prevent political improvements; but to direct them in a way, 
 so as to render them really beneficial, and productive of an unity 
 of principle among all Governments ; in contradiction to that 
 spirit of military movenient, by which an army has only to desert 
 the colors of its King, in spite of its oath and allegiance, and be 
 transformed into pa'riots and revolutionary militia- men. 
 
 That political renovations can be made without violence, or 
 civil feud, or public irritation, is evidenced at this moment in 
 Prussia, whose King has so often been calumniated, and called 
 upon so audaciously to give his people the Constitution he so 
 often had promised. The people confided in those promises; 
 they believed the word of their Monarch ; and that renovation 
 and improvement which are rendered necessary by the spirit of the 
 times, and the previous attainment of other countries, have been 
 consistently and deeply discussed and matured ; and tiie equipoise 
 of the three orders of the state fundamentally determined. 
 
 In Portugal, nearly a similar transaction has taken place; 
 possibly witli more restraint upon the kingly authority ; but if the 
 Monarch of that country is satisfied with the quantum of power 
 by which the rights of his crown are surrounded, what pretence has 
 any nation to complain or interfere? VVuh this JSation, no Con- 
 gress has interfered or attempted to dictate terms of approbation 
 or otiicrwise ; and it does not follow, that because in the first 
 impulse of a national renovation, some branch of the monarchical 
 prerogative may be infringed upon, that when time has shown its 
 incon\cnience, the popular feeling niai/ not restore it. An evil, 
 when it proves itself an evil, is seldom unremedied. 
 
 Thus in the instance of the King of Spain, (vacillating from 
 one opinion to another of opposite tendency, and forgi tting that 
 between two such extremes, he might have formed to himself a 
 party, and saved his country from civil war, and the threat of 
 foreign invasion,) he has only to look to the w eakncss of his own 
 character for all the miseries of his iine country. The Spaniards 
 are attached to Monarchy, and would have settled it eventually, 
 not merely upon a firm, but a splendid principle. For with what 
 constancy did tiiey not adhere to their allegiance, when deserted 
 by this same Sovereign ? And what has been the measure of inter- 
 ference by the Congress of Verona with regard to Spain f None! 
 On the contrarv, the notes of Kussia, Austria, and l*russia, all alike 
 express regret at what is passing, disclaim the principle of inteifer-
 
 540 Opimohs as to the [22 
 
 iiig with lier internal aftaiis ; and as a mark of displeasure, with- 
 draw their Ambassadors. 
 
 And to what does all this anioimt ? To a mere diplomatic 
 declaration — " J'hat we, liussia, Austria, and Prussia, consider the 
 new fundamentals of yon (Spain) erroneous, and therefore place 
 you in a state of political abeyance, in which yon may possibly 
 consider of the past, retrace some of your proceedings ; and, by 
 so doing, recover your own internal quietude, and become again 
 ^^jtwrtUy. of^ovr Rtgi^^coiN^deration," Or, in other words, "Assimilate 
 the principles of your Government to such as are likely to accord 
 with those which alone can, in our opinion, tend to preserve in- 
 ternal quietude and public peace, and we are again ready to 
 renew with you our ancient ties ; to do which, ii is only necessary 
 to direct the return of our Ambassadors." 
 
 France, a more immediate neighbour, threatens a possibility of 
 taking up the sword ; but, in fact and in truth, the war which 
 has been impending, will end in paper — not even in smoke. The 
 threat of war sounds grand, and makes fmo leading articles for the 
 public journals ; but to what, again 1 ask, does it all amount ? 
 To the avoidance of war — and, if the Bourbons of France think 
 to make themselves popular hi/ a campaign, it must be for some 
 other cause than to settle the Constitution of her sister kingdom. 
 No sooner would a French army reach Madrid on such an errand, 
 than it would be recalled to protect Paris. 
 
 But if the Holy Alliance, however bottomed upon good in- 
 tentions and pure principles, (which I believe it to be,) is thus 
 powerless in action, in what a state of comparative superiority does 
 it not serve to place England ? 
 
 Whilst the Ambassadors of four of the leading powers of Europe 
 are quitting Madrid in a fit of displeasure, that of England is 
 maintaining and consolidating her connections, and has actually 
 succeeded in obtaining compensation from her for injuries com- 
 mitted to her merchants, contrary to the law of nations. And yet 
 upon such conduct, the four great powers do not utter one syllable 
 of con)plaint at her line of policy ; and, as it would appear that 
 Portugal is disposed to assist Spain in the event of her invasion, 
 and, in so doing, would involve herself in a war with France, the 
 language of England to her ancient ally is — "Assist Spain if you 
 please; in that you may act upon your own discretion, and 1 shall 
 remain neuter ; but should you be attacked, 1 shall not look at the 
 cause which has led to it, but shall interpose in your favor." Thus 
 — if France should attack Spain, and Portugal aid the latter power, 
 and therefore bring upon herself also a French invasion, England 
 would in such case become a party to the conflict, not as against
 
 23] real State of the Nation. -34 1 
 
 France for attacking Spain, but for violating the integrity of 
 Portugal ; aud upon no other grounds. 
 
 There was not time to change the policy (had there been any 
 intention of so doing) of the Cabinet of St. James's: 1 may, there- 
 fore, fairly take to myself the credit of having placed England 
 in a state to be respected and feared by all the Continental Powers 
 — to be privy to their policy, and yet remain unpledged to its re- 
 sult — to be closely, amicably, and frankly connected with them — » 
 and yet fear not to adopt a single-handed line of diplomacy. 
 
 1 have now explained ihe principles by which 1 was actuated at 
 the personal conferences held by the leading Continental powers, 
 'i'hose principles suggested themselves to me; by the existing 
 preponderating state of the influence of F.ngland, both in policy and 
 con)mcrce ; by which, altliongh declining to l)ecoine a party to the 
 Holy Alliance, she could not be excluded without olfence, from its 
 deliberations and objects ; and was also enabled to leave her con»- 
 merce w ithout stipulation, upon a foundation far more solid than 
 any precarious or temporary treaty ; namely, " that of a necessity 
 for its continuance as a means of revenue to other countries." 
 
 I will now (before I enter into more important matters) offer a 
 few words, eii passanl, upon the Six Acts, of which the odium has 
 been fastened upon me, and which odium 1 am most willing to 
 bear. 
 
 The first of these was " to prevent the unlawful training of 
 persons to the use of arms, and to the practice of military evolutions 
 and exercise." 
 
 The Constitution of England vests the connnand of the army 
 in the King. The army of England, once placed as to its amount 
 and supplies in the hands of the King, is " the army of the King," to 
 whom it is bound by oath. Now the object of the act was two- 
 fold : Jirst, to take from the King's subjects an usurped power — 
 thai of nnlilary discipluie ; and next, to prevent such abuse of the 
 royal prerogative from giving additional terror, force, and combina- 
 tion to civil commotions. No matter upon what occasion ; the 
 very fact, that the lunnilitary portion of the community could be 
 formed into the skeleton of an arn«y, and required only muskets to 
 be placed in its hands to complete its martial character, was an 
 approach to insurrection, uudt i which no community could be safe; 
 it was an overt rebellion. The act makes a mercifid distinction 
 between the trainers and the trained ; subjecting the former to a 
 greater degree of puni'^linM lit, and restricting all actions upon the 
 statute to SIX ni<)iitlis tioin the time of offence. 
 
 The act has not been repealed, because the plain common sense 
 of Its clauses, and ib tendency to preserve the peace of the com-
 
 542 Opinions as to the [24 
 
 nuinity by preventing traitorous conibinations, arc too evident. 
 The act is one of self-preservation. 
 
 The next act, "enabling Justices of the peace to seize and 
 detain arms collected or kept for purposes dangerous to tlie public 
 peace/' is expired and defunct. It was local in its application ; 
 and the 0}ius probandi lay upon the magistrate putting it into force, 
 to justify such detention and seizure, on an appeal to the Quarter 
 Sessions. 
 
 The third act is, ** to prevent delay in the administration of 
 justice in cases of misdemeanour.' This act is highly favorable 
 to the liberty of the subject, and contains two most important 
 ameliorations of the law : the one, tht allowance to defendant, 
 free of expense, of a copy of the indictment ; and the other, the obli' 
 gation on the part of the Lata Officers of the Crown, to proceed 
 in such indictments ivithin twelve calendar months. AwA tiius 
 this act, passed at a turbulent moment, has the effect of giving 
 additional facility of trial, and preventing prosecutions from being 
 kept suspended over the fate of a defendant. Both these deficiencies 
 had been frequently and vehemently demanded by parties in whose 
 favor these alterations have taken place ; of course they cannot 
 complain, and I am certain no other persons will. 
 
 The fourth act is, *' for more effectually preventing seditious 
 meetings and assemblies." In other words, " to give greater 
 effect to local and county meetings." This act expires next year ; 
 and, in favor of its principle, need I do more than refer to the 
 last county meetings of York, Norfolk, Hereford, and Somerset ? 
 I may say, vvitliout contradiction, that popular meetings may now 
 carry with them more weight, and have a claim to a higher share 
 of consideration, than as formerly constituted and collected 
 •together. The principle of the act is, to give eff'ect to locality, 
 -so that the petition shall be, in parliamentary acceptation, the peti- 
 tion of the county, town, or place from whence it purports to 
 come ; it also encourages public discussions, by discountenancing 
 •private political clubs, where, if mischief be not intended, there 
 can be no need of secrecy and mystery. Upon the expiration of 
 this act, the question of its renewal may possibly l)e agitated, or it 
 becomes a dead letter. 1 have not then deprived the subject very 
 long of his right of petition ; possibly I may have rendered it more 
 valuable, weighty, and respectable. No Member can now, in his 
 place in the House of Commons, stand up and say — " This is not 
 the petition of the county, town, or place from which it is slated 
 to come, but of a rabble having no right to attend ;" for if the 
 persons present had no right to attend, then the meethig should 
 have been legally dissolved ; but in failure of such step, the peti- 
 tion (come from county or town) is the true, real, and legal petition
 
 25] real State of the Nation. 643 
 
 of the freeliolders and inlialjitants, as designated in such petition. 
 1 think, therefore, 1 have eft'ected a reform in the constitution of 
 popular meetings, by giving to theui a distinctive and more im- 
 portant rank. 
 
 The ffth act is, " for the more effectual prevention and pu- 
 nishment of blasphemous and seditious libels." I am not going to 
 define what is blasphemy, or what is sedition ; but this I will 
 say, that they may vary in different countries, and yet have a local 
 interpretation. 
 
 To deny the one Holy Apostolic Church, would, at Rome, be 
 blasphemy ; at least it would be treated as such; but to deny the 
 doctrine of the Protestant Church is not blasphemy in London. 
 But to say in direct terms, (which is not argument) that our 
 blessed Redeemer was an impostor, and Christianity is a farce, 
 is blasphemy. It is by this act permiited to a man, to write so 
 once ; and upon conviction, the work which contains such laiiguage 
 (and which, to all intents and purposes, is " the mouth-piece 
 of the man, and the instrument of the mischief,") becomes forfeited 
 provisioiia//^, till judgment is afKrmed, and defnitiveh/, after it is 
 passed. For the second offence, the law, considering that how- 
 ever Christians may look upon it as a crime ; yet that human 
 nature may be so depraved or so obscured, as that such crime may 
 be committed conscientiously — that is, that the blasphemer may 
 really, by some preconceived prejudice of example or education, 
 think himself right — the law says to hin), upon the second occa- 
 sion — " This is a Christian conutri/ ; Cliristianiti/ is the Unu of 
 the land ; against that /aw you have once o f ended ; and, for the 
 repetition, it does not transport you as a felon, hut it commands 
 and forces you to leave a country which may be contaminated hy^ 
 your princijdes." And I think, the distinction of being transported 
 " as a felon," and conducted out of the country " as a mauvais 
 siijct," nicely adjusted to the variance of the two cases. 
 
 So as to sedition : — The Constitution of the country is of a 
 mixed nature — monarchical — aristocratical — democrat ical. The 
 nice balaiK e of the three qualities is the perfection of the British 
 Constitution. To promote reform in either branch as an im- 
 provenient, is laudable and constitutional ; but to say — either that 
 the Kin;; should be dethroned — the iiobilitv annihilated — or the 
 doors of the I louse of Commons be closed — Is sedition — because 
 it tends to alter the form of govtrnmcnt in one of its three estates. 
 
 I can frame no clearer defniition of sedition than this : That 
 the liberty of speech and wriliug, which tends to improve, and 
 alter by amelioration, is not sedition — that which anus to annihilate 
 or dissever, is — and it can be conmiitted either towards the Kinpf, 
 tlie nobles, or the pcoph- ; and the difference of opinion which
 
 544 Opinioim as to the [20 
 
 exists, as to what constitutes sedition, arises from the preference 
 which some entertain towards one branch of the Constitution 
 beyond tlie other. Thus the Whio; and Tory (if such creatures are 
 still in being) differ in their interpretation of tlie word sedition. 
 Blasphemy and sedition are put upon equal footing in this act — 
 par 7iubUe fratnuu ! 
 
 The sixth and last of tiiese acts (which I am sorry to find my 
 quondam friend J^ord Milton quote as reasons for his political 
 conversion ; and which he designates as preventing the last year of 
 the reign of his most sacred Majesty George the Third, from being 
 a year of jubilee,) is partly of financial regulation, and partly of 
 a restraining nature. It is designated — ** An act to subject cer- 
 tain publications to the duties on newspapers, and to make other 
 regulations for restraining the abuses arising from the publication 
 of blasphemous and seditious libels." 
 
 Newspapering is a trade, having two brandies ; — the promulga- 
 tion of intelligence and of political opinions, and the putting 
 money into the pockets of the persons carrying it on. Depend 
 upon it, the proprietors of a public journal consider the first 
 operation as accessory to the last. * Get money, Jack ! get it ho- 
 nestly if you can ; but get money, Jack !' is the universal axiom of 
 the periodical journalist. — No matter of which side the question ; 
 it is this principle, and by no means a high and disinterested regard 
 for the best interests of the country, which actuates newspaper- 
 ing of both sides. It is this which has led to base anonymous 
 assassination, and attacks upon private character, under the pre- 
 tence of political exigency. Of the abuse of certain papers of 
 both sides, it may be truly said, that " it is but the pot calling the 
 kettle black." 
 
 Generally speaking, and speaking generally upon an enlarged 
 sense, the provincial press is conducted upon much more honora- 
 ble and conscientious and consistent principles than the metropoli- 
 tan ; and this arises from the editors in the country being perso- 
 nally known. Upon this identity is founded responsibility ; and 
 he who may in a few hours, and is every day challenged by his 
 acquaintance and neighbours, with the/?;o and con of his opinions, 
 and having also a station to preserve in his own city or town, is 
 careful at least, of giving personal oltence, or of departing grossly 
 from truth. The act in question made little or no impression in 
 the country, (1 speak as in contradistinction from London) because 
 there, its principle, if not legally, had at all events been vir- 
 tually acted upon. 
 
 In the metropolis, this identity and responsibility were lost: — 
 prosecutions under the old act turned judicial proceedings into a 
 farce — produced a sentence without its completion — an irritation
 
 27J real State of tJie Nation. 5-15 
 
 of the public mind — a plunder of its generous credulity — and 
 ended generally on the part of the defendant, in a mean, pitiful 
 appeal for a release or a commutation of sentence, upon the most 
 hollow and insincere expressions of regret. 
 
 This was, because the men prosecuted were "men of straw;'* 
 llie real offenders being too obscurely behind the curtain, to be at 
 ail attacked with any prospect of certainty. 
 
 The act, in a tinancial sense, was intended to stop certain pub- 
 lications, (which were professedly and avowedly designed to rouse 
 what was called the physical force of the country ;) or, failing to 
 do so, to make them contribute to the revenue in the same manner 
 in which the regular newspapers did ; to make them responsible ; 
 and to produce somebody upon his recognizance or bond, who, 
 when the sworn proprietors were prosecuted, should satisfy the 
 just sentence of the law. 
 
 The liberty of thought or opinion was by no means re- 
 strained ; but the law was no longer allowed to remain as a dead 
 letter, or an object of complete mockery. 
 
 iSow I hold responsibility to be the very best security for the 
 liberty of the press, and the free discussion both of policy and 
 religion ; and it is from the shrinking of men of high talents, 
 manly deportment, and of those gentlemanly feelings which know 
 how to conliue discussion within decorum — of men who, when 
 they write, utter their own sentiments, and can and dare defend 
 ihem — it is because the press is not in such hands, but in those of 
 mechanical traders, hirins; words bv the hour or sentence — that so 
 much abuse has arisen. Olherwise, there would not have arisen 
 Coiistilutional Associators to set up a college of troublesome and 
 indiscreet patriotism, and an opposition to the constitutional oflicers 
 of the Crown. 
 
 And as to the press generally ; it is too powerful and influential 
 a nieans to be wholly neglected by the executive of an adminislra- 
 tion. There may be occasions when information ought to be 
 given to it ; but 1 cannot deprecate too much, men of high respon- 
 sible ofticial situations becoming parties to, or supporters of any 
 paper — I mean as |)roprietors, or contributors by writing. '1 heir 
 interest or their zeal may betray them into derelictions of, or con- 
 inidictions to their oflicial duties ; and if there is one thing more 
 usr lul than another to a free executive government, acting consci- 
 entiously and upon avowed and discussed principles, it is, to know 
 and collect tlw free and disconnected opinions of a various and 
 varied pi ess. "iJut I again and again repeat, that responsibility 
 acted upon as if principle, (as it is in the bill alluded to> is als<K 
 another wholesome rc/unu, altemplcd, if not absolutely eflccltd.
 
 540 Opinions as to the [28 
 
 by tlie Six Acts — of wIikIi I was ever willing to bear more than 
 my proportionate sliare of responsibility. 
 
 Possibly niy l-.ord Milton "the convert" may see, that of the 
 Six Acts — 
 
 The first \s — to confine public agitations within the bounds of 
 civil war, by preventing unlawful training. T/te second was for a 
 similar purpose — it was local — it has expired — it is expunged from 
 the Statute Book. The third is — to expedite justice, (and the 
 third gaol delivery is for the same experiment,) to allow defendant 
 a co|)y of his indictment gratis ; and to prevent those much abused 
 persons, called Attorney and Solicitor-General, from suspending 
 an information over tlie head of an accused beyond twelve 
 months. Can these points be prejudicial to the subject, which 
 were enacted in very turbulent times, in favour of the subject ? 
 Under the fourth act, the county of York, has just exhibited the 
 model of a Public Meeting, which men of all parties must admire ; 
 and I shall therefore expect my Lord Milton to be the means of 
 proposing its duration. The fifth act only banishes twice convicted 
 blasphemers and revolutionists. There was a time, when heads 
 were cut off for a hundredth part of that which may now be 
 said or written, without fear of punishment at all. The sixth act 
 protects the fair trader in newspapers, by putting all on an equality 
 of stamp-duty ; and very properly makes persons really responsible 
 for libel, (from which no man of courage ought to shrink, and to 
 which no man of respectability can object,) whose weapon stabbed 
 in the dark, or was moved by the hand of a puppet. 
 
 The time I hope will come, when '* the principle of responsi- 
 bility" will give a higher and more valuable tone to the press, and 
 effect its reform. 
 
 In all matters upon which I intended to give any explanation, (it 
 may be called defence, 1 have no objection,) 1 have now ncju-ly 
 concluded. 
 
 1 foresaw that the formation of " the Holy Alliance" would 
 force it to submit its policy from time to time to the opinions of 
 the world — that it would be a new step in diplomacy, but power- 
 less in action, however amicably intended : that England would 
 possess the advantage of being privy to its deliberations and ultima- 
 tums ; and attend it, in her rank as a preponderating and media- 
 ting power. 
 
 1 felt, that the commerce of England was no longer in its infancy, 
 requiring support, or seeking encouragement; that it was become, 
 not merely gigantic in itself, but invigorating to others ; that it 
 <;ould not be dispensed with, or outrivalled ; and tlrat its admission 
 would become a system in other states ; that any demand of fresh
 
 29] real State of ihe Nation. 547 
 
 protections would have been met possibly by attempts to curtail 
 those so extensively enjoyed ; and that in gaining or procuring pre- 
 ferences from new governments, it became equally necessary to 
 preserve peace with the old. 
 
 Except as to the term of " turbulent times," 1 have avoided all 
 allusion to the circumstances under which the six infamous acts, 
 (but which I call the six famous ones,) were passed. 1 may be- 
 lieve that they can now be regarded dispassionately. 
 
 T/iefrst checks overt rebellion, and would be supported under 
 all changes of party in the administration. Will any set of poli- 
 ticians annul it, and proclaim to the country — that mobs mai/ as- 
 semble at all times and on all occasions of public discontent vr of 
 private quarrel, (for the law is applicable to both causes,) and await 
 only a supply of arms to become instantaneously a military body ? 
 The value of this act will be better understood when any attempt 
 shall be made to repeal it. 
 
 The second is defunct ; but the law allows a search-warrant in 
 detection of a thief — should it not, in detection of rebellion in its 
 infancy ? Is it policy to await the conflagration when the match 
 can be extinguished ? 
 
 The third contains two most important ameliorations in favor of 
 facility of trial, and on the side of the party accused. It is houum 
 ex main. 
 
 'The J'ourth gives greater effect, influence, and dignity, to popular 
 njeelings. I repeat again, look at the York County Meeting, as a 
 model formed under its enactments ; and to that of Hereford, 
 where the High Sheriff" conscientiously refused to call the meeting; 
 knowing, however, that there was an appeal from his decision. In 
 the exercise of his discretion, therefore, he despised contumely. 
 
 The fifth is in protection of the Religion and Constitution of 
 England. They are inseparable. 
 
 The sixth establishes "responsibility" as a principle upon which 
 a reform of the press will eventually take place. 
 
 There is no passion, or perversion of language, or of intention, 
 in this explanation. Possibly my excelleut friend Lord Milton 
 mav rr-n))isit/rr the grounds of his conversion, as founded on these 
 six acts. 
 
 I now enter upon the (|n<sti()n of " A(; uicu LTUR AL Emh\u- 
 uassmi.nt:" a topic iiiliiiitely more important than any excidj)a- 
 tjon uf my posthumous fume. 
 
 A» the Constitution of England is divided into three estates, so 
 also is the commerce of England. 'I'he distinctions of the latter 
 ar«' agiiculliiial, manulactuiing, and commercial. If the polituuil 
 tianfjMilHty i>( England depend upon the wtU-urdcrcd adjuslmont of
 
 548 Opinions as to tJie [.*K) 
 
 such three estates, so is the prosperity of ILnglaiul identitied with 
 the fair balance of its llirce sources of wealth. 
 
 It will happen, that one n)ay casually preponderate more than 
 anotiier ; yet neither can for a long period maintain a superiority of 
 success beyond the other. Since the peace, manufactures and com- 
 merce liave soonest revived ; because, for them there was not only 
 the field of home demand, but of foreign supply. Agriculture still 
 lingers behind, because her n\arket is limited to the boundary of an 
 Island, and to its own population. 
 
 To the one are opened an expansion of enterprise, and a variety 
 of market ; the other is conhned to its own internal demand. 
 
 The one may lose upon its outward consignment, yet by the pro- 
 duce of its homeward freight realize an average protit ; but the sale 
 of the agriculturist determines at once his chance of profit or loss. 
 
 When demand presses upon the manufacturer, he adds an extra 
 hour to tlie play of his machinery, and such demand is supplied. 
 
 When the wants of population press upon agriculture, the far- 
 mer has recourse to inferior soils ; but the measure is one of al- 
 most certain ruin ; for the very instant the price of the day fails to 
 remunerate the cultivation of such soils, they become not merely 
 unprofitable, but they leave him amenable to all the burdens of the 
 state and of their locality. 
 
 When manufactures languish, their laborers return disproportion- 
 ately to be supported by the parent soil ; and the idle machinist 
 settles upon the industrious village. 
 
 The power of machinery materially counteracts the effect of a 
 rise in corn, in reference to manufacturing labor; but a high price 
 to the farmer brings with it proportionately increasing local bur- 
 dens. 
 
 These are some few of the disparities of agriculture and manu- 
 facture, by which commerce both external and internal are affected. 
 
 i will rather dwell upon a few distinct points. — 1. Is agricultural 
 depression occasioned by taxation, change of currency, or over- 
 production ? 2. From whatever cause it may arise, is it temporary 
 and open to relief? 3. By what means, or to what system may it 
 look for relief ? Can it be placed permanently upon a footing of 
 less uncertainty of fluctuation ? 5. Are the many remedies proposed, 
 applicable or not to its relief? 
 
 1. Is agricultural depression occasioned by taxation, change of 
 currency, or over-production ? 
 
 Since 1814, when the farmers succeeded in fixing the importa- 
 tion price of wheat at 80s. per quarter, and other grain in propor- 
 tion, the taxation of the country, direct and indirect, has been re- 
 duced about one-third ; and has taken place much in favor of the 
 agricultural interest ; as the great reduction of the salt, leather, and
 
 31] real State of the Nation. 549 
 
 malt duties, and the total repeal of the horse husbandry tax, evi- 
 dence. To the plea of government taxation, it may therefore be 
 truly said, that the balance of relief has greatly preponderated in 
 favor of the agricultural interest. 
 
 If, then, taxation was really the cause ; some benefit would 
 surely arise from its reduction. But none has arisen ; on the con- 
 trary, the price of grain falls and continues to fall, and does not 
 enable the farmer to grow his corn cheaper, in a ratio to such reduced 
 taxation. And here I may remark, that the lesser burden of taxa- 
 tion is not intended to raise the price, but to enable the farmer to 
 bear tlie price ; for, provided the farmer can realise a profit, the 
 lower the price, the better for all branches of the community. 
 
 NovVj if ease of taxation gives no relief to the farmer, but that 
 the price of his produce fails comparatively lower than the amount 
 of such reduction ; I am led to re-conaider and deny the doctrine, 
 " that the producer can repay his taxation by imposing an additio- 
 nal price equivalent to the tax." And if 1 was entrapped at the 
 moment by the maze of a political economist, I must only the more 
 forcibly express the conviction of my error. The power to im- 
 pose an additional price, equivalent to taxation, can take place only 
 where a command of the market can be maintained by the produ- 
 cers. Tims the manufacturers, having a new tax imposed upon any 
 of their articles of production, or upon the materials of their produc- 
 tion, can remunerate themselves by an additional price, equivalent to 
 such taxation, " because they can controul the suppli/ of their goods." 
 -But corn stands in a diiferent situation ; its abundance or its 
 scarcity are affected by the seasons. Till how he may, let him be 
 as expert, and as careful, and as watchful, as he please; it is still to 
 Providence that the farmer must look vp for the success of his 
 labors. 
 
 Demand and supply mat/ for a season be fictitiously regulated, 
 but never for a period ; and by them the price of grain must be, 
 and will be, ultunately regulated ; and there is no power whatever 
 in the hands of the grower of corn to impose an additional price 
 equivalent to taxation. Therefore it follows, that an existing taxa- 
 tion, not compensated by the current price, must destroy rent — and 
 it destroys rent; because the landlord has a claim upon his tenant 
 after both |)iiblic and local assessments are satisfied. These may 
 continue, by the operation of the laws, to be collected ; but their 
 colleclicju, (if It take from the tenant the ujeans of paying his land- 
 lord,) cannot surely be brought forward as a proof of national pros- 
 perity. Jt ])roves the obedience of tljc people, but not their pros- 
 perity. 
 
 J do not, however, for one moment, admit that taxation is the 
 cause of aijricullural depression — ^^on the contrary, as a caiiH', it 
 VOL. XXI. raui. NO. XLII. 2 JN
 
 550 Opiniuns as to the [32 
 
 has little or notliing to do with it ; but the pressure of taxation is 
 the result of agricultural distress. For, if it were the cause, then 
 its reducti(»n of one (luarter, or twenty-five per cent., would now 
 leave 7s. 6^/- h bushel, a remunerating price, as 10s. was in 1814: 
 but corn is, at this moment, 33 per cent. lower than such compa- 
 rative remunerating price. If it could be shown that corn fell and 
 rose with taxation, then 1 would admit that there existed a sympa- 
 thy between them. But grain is influenced in its price by a cause 
 far beyond the finite one of taxation : it is " season" which regu- 
 lates supply and demand, and acts upon price. 
 
 And though supply and demand may be affected by two agents ; 
 namely — an abundance arising from land already in tillage — or by 
 an addition to the quantity of grain from newly cultivated lands; 
 —yet, as the latter circumstance is the effect of iucreasing popu- 
 lation, 1 think the proposition " that supply and demand regulate 
 price by a power superior to taxation," is not altered by the fact 
 of increased tillage. 
 
 Then, as to change of currency — T am still an unconverted sin- 
 ner to the doctrine of the depreciation of the Bank note. 1 never 
 read it yet proved, and 1 do not believe it ever was. I always 
 conceived that assertion to be erroneous. It oftered too tempting 
 an immediate advantage, and one which the country could not 
 withstand; it operated as a rise upon all capital; and under the 
 effect of this delusion, the man who went to bed at night, be- 
 lieving himself w orth only twenty thousand pounds ; by becoming 
 a convert, at twelve the next day, to the doctrine of the deprecia- 
 tion of the Bank note, imagined himself worth twenty-two thou- 
 sand five hundred. But it was imaginary ; for as the rise took 
 place generally, the larger sum exchanged for no more of the 
 wants and conveniences of life than did formerly the smaller 
 amount. 
 
 But if the Bank restriction act had the effect of depreciating 
 the Bank note, and was argued upon as an act of insolvency ; was 
 it not reasonable to presume that the depreciation would take 
 place at the moment? Yet, as to corn, the average price for five 
 years preceding the Bank restriction act, was 58s. 1 U/. ; and 
 (omitting 1801 and 1802, years of acknowledged and intense scar- 
 city) for five yearsyo//o?^??<g the Bank restriction act it was also 
 68s. lie?. Here, therefore, is fact against theory. Here is evi- 
 dence ana proof, that in 1792, 3, 4, o and 6, the Bank note, pay- 
 able in coin, bought wheat at an average of o8s. \\d. per quarter ; 
 and that in 1798, y. 1803, 4 and 5, the same Bank note (become 
 a legal tender) was payment also for the same commodity, at the 
 very same average rate. 
 
 A standard of value is ideal, unless the quantity of precious 
 metals throughout the world can be accurately ascertained, and
 
 33] real State of the Nation. ool 
 
 all furlher supply from mines be stopped. Tlien, such defined 
 amount aud precise extent of circulation might be adapted to the 
 commerce of the world, and a maximum and minimum unite to 
 form a standard. But the nearest approach which can be made 
 to a standard of value, is by fixing coin to a definite pureness and 
 weight, by which *' a standard of reference," and not of value, is 
 attamed. 
 
 It was to maintain and preserve this " standard of reference" 
 that, at the moment when all England had discovered that a guinea 
 would divide into more than twenty-one shillings, Parliament sanc- 
 tioned the legal position, *' that a Bank note, expressing the pay- 
 ment of one pound, was, with the addition of a shilling, equal to a 
 guinea." 
 
 Rather than go into this question, so as to fatigue attention, I 
 uill take credit at once for this fact; that all the accounts " of 
 taxation," " of the amount of the Bank issues," " of the price of 
 gold," and " of the average of the quarter of wheat," prove ; 
 that there is no siinultaneotisly connecting operation one upon the 
 other ; and that, consequent!}, they are all acted upon by various 
 and most differing causes. 
 
 These tables will prove, that the Bank issues have been dimi- 
 nished, when gold has risen ; that they have been extended, and 
 still gold has risen ; that they have been extended, when gold has 
 fallen; been again diminished and gold has fallen ; and so in reference 
 to the Corn Market. 
 
 But I will for one moment suppose agricultjiral distress to arise 
 from a change of currency, and that variation or depreciation to 
 amount to twenty per cent. Then, if currency operates upon the 
 price of grain, its eft'ect would be the amount of the depreciation 
 — or difference between a metallic and a paper circulation. Now, 
 in 17<J->, wheat was J^ls. 2(1.; twenty years after, it was ()4s. 4d. 
 In 179() it was 77s. \d.; and twenty years after, it was 755. \0d. 
 In 1793 it was 48.s-. l\d.; and twenty years after, it was lOSs. f)d. 
 In 17f)2 it was 4CVs-. I \d. ; and thirty years after, it was about the 
 same price ; and at this present moinent it is about 4(),s. If we 
 go further back, we shall find the same fluctuation, the same burst- 
 mg of all those fictitious bonds of curri'iicy and taxation. 
 
 In penod-i when litile or no National l)(*bt existtd, prices v.i- 
 ried in shori cycles ot ye:ir-) from .'JO to jO per cent., and again 
 back from 50 to d. In l()97 wheat was 7s. per bushel, ten years 
 after, it was o.s. 3d. In 17(X) it was .'>5. 3d. ; in 1710, 1 \s. 6d. ; 
 in 170."), it was 4?. ; in 171-3, it was 4.s. f)r/, ; in 175f) it was 
 4s. did. ; and in the following year 8s. (id., but varying to Gs. Gd. 
 
 In short, no commodity on earth is so fickle or |)rccarious in 
 price as corn, because it depends u[»on .seasons, and not on cnrren- 
 c\ and taxation. The cry of the depre< iation nf the Bank note
 
 052 Op'imons as to the [34 
 
 was partly political, and partly self-interested. Those who scouted 
 it as a political dogma, adopted it as asclf-benelitmgone; and thus 
 a vast majority followed in the hunt. 
 
 But how conies it ; if the Bank note, as a legal tender, and 
 when not referential to gold, was stigmatised as depreciated, that 
 the very politicians who then undervalued it, want now to resort 
 to the same despised depreciated note ? This appears to nie to 
 be the most extraordinary and contradictory political juggle I ever 
 remember to have witnessed. A return back to the poor despised 
 depreciated Bank note ; now when the original cause (a casual 
 draining of specie to the Continent, where credit was annihilated,) 
 has ceased to operate ; is to get up a counter cry ; namely, " that 
 gold is depreciated, and the Bank note, made of rags, is the more 
 precious of the two." 
 
 I do not arrogate to myself the supposition, that I have shown 
 beyond all fear of contradiction, that the alternatives of taxation 
 and currency are not the engines of agricultural depression : but 1 
 have shown, that no sympathy exists between them ; and that the 
 course of seasons, (by which abundance and scarcity are produced,) 
 is a much more influential cause in the purlieu of Mark-lane : that 
 corn continues to fall, thougVi taxation has been reduced in its fa- 
 vor ; and that the variations of price are in no settled ratio to cur- 
 rency of any denomination, whether of paper or of precious metal. 
 
 The trade in corn is different from all others ; it is an open 
 market. T.'he fields themselves proclaim dearth or abundance ; 
 and those who contend, that a supply far beyond demand is not 
 at this moment the cause of depressed price, must prove — that its 
 opposite (scarcity) would not, in spite of taxation and currency, 
 raise it again to a remunerating level. And 1 may remark here, 
 that low price arising from abundance of produce, upon land not 
 more than equal in extent to an average supply of the population, 
 is not ruinous, but, on the contrary, profitable to the farmer : but 
 if it arise from a forced system of culture upon lands not adapted 
 to the growth of wheat ; or upon an excessive extent of acres un- 
 der tillage; it arises then from a system which the agriculturists 
 themselves must adjust ; for themselves are in such case the au- 
 thors of their own evil. 
 
 I now come to the second question : — From whatever came 
 agricultural depressio7i arises, is it temporary, and promising of 
 relief? 
 
 if all the ofliicial returns of the price cf corn for upwards of 
 one hundred and twenty years, are examined; it will be seen — 'that 
 no low price continued long, and that no high price maintained it- 
 self; — and this principle and fact are to be found under a variety 
 of circumstances: — under a state of almost freedom from public 
 debt, and of immense taxation — in a state of war, in a state of
 
 36] real State of the Nation, 553 
 
 peace — under ameliorations of the currency, (as in the time of 
 King William and Mary) and under the later substitution of a pa- 
 per for a metallic currency, and a return to it — under various mo- 
 difications of the Corn Laws, whether by bounty on exportation, 
 or restrictive import duties ; — under all these various circumstan- 
 ces and impulses, the price of man's subsistence has bafiled the 
 ingenuity of the legislature, the fine-spun theory of the political 
 economist, and the speculation of trade. In the years 170(j, 1707, 
 1732, and 1744, (within the memory, and beyond the memory of 
 man,) it was exactly '3s. Gf/. per bushel. In 1079, 1704, 1711, 
 1740, 1738,1771, 1782, 1794, 1803, 18l6, and 1820— in all this 
 long and varied period, the price of wheat has been from 7s. to 
 7.";. 6(1. ; and, at this present moment, is of less price than one 
 hundred aiul twenty years ago. 
 
 The contemplation of these prices, and of these facts, will, I 
 trust, show — that the present depression is one of the moment — 
 that it cannot be expected to last ; and I hope, that both despon- 
 dency on tlie one hand, and a fictitious adjustment of remedy on 
 the other, will, on the present occasion, be avoided. 
 
 When the season preceding the harvest of 1822 appeared to 
 forebode a bad crop, was there not a dread of the opening of the 
 ports to foreign shipments i L pon such a thread, then, hangs the 
 alteration from low to high price. 
 
 The irregular course of Nature, which is wisely intended to 
 keep alive hope, and to perpetuate a spirit of industry, will (Be- 
 lieve me, beloved countrymen !) do that for you in due lime, which 
 neither speculative writers nur artful partisans can effect, by their 
 theory or their promises, or their deceitful remedies. And what do i 
 strive so anxiously to lay before you ? Why ! Tiiai nothing can su- 
 persede in importance the trade in'thc articles of human subsistence. 
 'I'hat in times of dL'arth, their price does and will torcc itself beyond 
 all the bounds of fictitious regulation : that in opposition to this 
 princii)le, it will, in abundant times, sink below its possible means 
 of production. Between these two extremes is to be found " the 
 average of the most iluctuating trade in die habitable world :" and 
 if any assert, that this depression is more than temporary ; let him 
 produce, within these hundred and fifty years, five successive years 
 of steady and unchanging value in the price of corn. I'he fourth 
 year is now in jvrogress. Kven a change of system (according to 
 the fpiality of the soil) from 3 to 4 field husbandry, or from 4 to 
 5, or from .3 to 6; the having an extra fallow, or a longer laying 
 of the clover or samtfoin plant, will introduce no little alteration 
 in the balance of the corn niaiket. 
 
 I mav now be allowc<l to submit — that tin; experience of the 
 past furnishes hi»|)e for the future; and that, from the very pursuit 
 of agriculture, a rcnu'd^ is not impobsible.
 
 554 Opinions (L\ to tlic [:^6 
 
 1 come now to the third question : — i>j/ w/ud means, or lo what 
 si/stcm, ma)/ agricalture look for relief'^ 
 
 Much of what lias been said in the immediately preceding ob- 
 servations, may serve to answer this query. 'J'o it 1 will add — that 
 no means can be so efficacious to the relief of agricultural embar- 
 rassment, and no system so sound, as a perseverance m maintain- 
 ing the inviolability of public credit, and in the support of the 
 Sinking Fund — the real Sinking Fund — not one applicable to the 
 emergency of the moment, but a sacred fund. And if Emperors 
 and Kings will, in an amicable mood, have a Holy Alliance as 
 preservative of peace, let England have " her sacred fund" as pre- 
 servative of her credit. 
 
 Generally speaking, the National Debt is the surplus of wealth, 
 not required for other pursuits either of commerce or landed in- 
 vestment. A true and real, and unalienable Sinking Fund, must 
 every year throw into circulation a large sum of money seeking a 
 new investment. Heretofore, the money laid out by the Commis- 
 sioners for Redeeming the National Debt, was absorbed by new 
 loans ; but if the present system is religiously adhered to, it cannot 
 but partially be so re-invested. If re-nivestment under fresh cir- 
 cumstances is carried to any extent, the funds must rise, and interest 
 fall, in proportion as they reach the par of then- redeeming price ; 
 the funds bearing the greater rate of interest will then, without any 
 convulsion, sink into a stock of lower rate. The contest for in- 
 vestment will be, between funded and landed property. Land for 
 sale may be expected to increase gradually in the number of years 
 purchase ; and estates for mortgage will be able to procure pecu- 
 niary advantages at a decreasing rate of interest. These results 
 must (I should think) follow the gradual dispersion of the public 
 debt, by means of a Sinking Fund. 
 
 In four years from this period, the sum of twenty millions of 
 redeemed debt will make no inconsiderable difference in the rela- 
 tive value of landed property. If incumbrances are then required 
 to be actually discharged, a less quantity of any given estate will do 
 it ; and if mortgages are required to be created, a less rate of in- 
 terest will be taken- Nor will this be a casual operation, if the 
 new Sinking Fund is preserved under all circnmsla)ices. — 'J'hat 
 which relieves the landlord operates to the comfort of the tenant ; 
 and so vice versa; for both interests are mutual. 1 may rest my 
 argument here ; but 1 would observe, that these consequences will 
 not be done away even in a state of war, if the supplies are raised 
 within the year: but if a system of loan is again resorted to, then 
 my calculation will be poised, and the country will have again to 
 originate a third Sinking Fund. 
 
 4. Can agriculture be placed permanenth/ upon a footing oj less 
 uncertaintij of Ji actual ion ? Permanently, not — foi it lias been seen.
 
 37j real Stale of the Nation. 666 
 
 liow completely the price of the food of human subsistence bursts 
 through, or retreats beyond, the bounds of generally intluential 
 causes : but as the causes become more and more apparent, 
 some alteration of remedy may possibly be found. 
 
 The price of food is a tax upon industry ; that which we are com- 
 pelled to purchase, we desire to purchase cheap: — but cheap is a 
 relative term ; and one which implies profit to ihe purchaser. It 
 does not however always follow, that to sell cheap is to sell at 
 a loss. If the farmer can raise clieap corn, it must be in favor of 
 the manufacturer ; but to be able to do so, the cost of its raising 
 must be as unartiticial as possible. 
 
 If there existed no National Debt, which introduces a fictitious 
 state of commercial dealing; I should say, " throw open the corn 
 trade to the whole world:" but if the growing of corn is to con- 
 tribute to such National Debt, it must be protected into a condi- 
 tion to do so. 
 
 The natural state of a country requires that corn should be 
 cheap ; the artificial state of this country requires it to be as cheap 
 as possible ; and the great desideratum is, to obtain a steady 
 price. 
 
 If the price of corn is cheap, the manufacturing interests can 
 barter their goods in return for it, at a more reasonable rate ; be- 
 cause the capital saved in the price of labor goes to increase the 
 stock of their goods ; and they make more at a less rate ot expense. 
 Il corn is dear, the manufacturer raises the puce ol his goods to 
 pay the taxation of dear corn ; and generally more in proportion 
 than the diflerence requires. 
 
 \\ hen corn is cheap, (I speak of a cheapm-ss incliidiiig profit) 
 the farmer has a greater quantity to sell ; and 'J4 bushels an acre 
 at 6s. are better than Id at 8.s. ; for though he has more labor to 
 pay for at the barn, so also he has more straw with which to make 
 ilinig for his next crop. 
 
 I lie interest of the agriculturist is, to be abh- to grow cheap ; of 
 the manufacturer, to buy cheap; and in the barter between both, 
 the former obtains more goods for his cheap corn than he would 
 by a high price. 
 
 But then comes the (|uestion — Can this, under existing circum- 
 stances be done ; and what is at the same time a remuneratnig 
 price to the farmer, and a cheap one to the manufacturer!' To 
 effect this nice ad)usttnent, and to conquer this diflicully, (the diffi- 
 culty of ages,) is the point at issue. 
 
 The agriculturists in IHll, applied for, and gamed a protectmg 
 price up to 80s. per quarter for wheat, and for other gram in pio- 
 poilioii. h was all tluy askrd, and it was aicedefl to tlum. ihii 
 the law was dtftctiNc in this ; that uiukr it.'; cnactmciils, a rush of
 
 55() Opiniona as to the [38 
 
 foreign corn might take place, and such a quantity be instantane- 
 ously poured in, as would affect the price ior several successive 
 years. The present act tends greatly to remedy this ; and by a 
 system of graduated duties, renders iniportation regular, and re- 
 stores an equilibrium ot price. J3ut there still remains under bond 
 in the warehouses, an immense stock of foreign corn ; which may 
 be brought into consumption under the old law of 52 Geo. 111. 
 cap. 9. 
 
 Wow if the present law corrects too sudden and overpower- 
 ing an influx of foreign corn ; still it is counteracted by the quan- 
 tity warehoused under the former act ; and therefore as one 
 means of attaining a less uncertainty of fluctuation ; and inasmuch 
 as the price of corn is not cheap, but ruinously low, and a partial 
 remedy is absolutely necessary ; I submit — Whether it might not 
 be advisable to grant a freight hotuitij on the exportatio)i of this 
 foreign corn, and so unload the warehouses, and have only the 
 new corn law to look toforfutnre regulation of import. 
 
 It might be said — "grant A bounty upon corn of home growth!" 
 But that would be a remedy of indetinite amount; and introduce 
 a new system. Whereas, the other would act as a bonus under 
 special circumstances ; and not to be converted into a fundamental 
 principle, or to be acted upon at a future time as a precedent. 
 
 1 am not exactly prepared to say what is the amount of the 
 quantity of wheat bonded ; possibly 800,000 bushels. A freight 
 bounty of four shillings per quarter would amount to twenty 
 thousand pounds. This sum would clear out the warehouses : and 
 as it is said of retrenchment, that it is not more the amount, than 
 the principle which creates contidence ; so in this case — 1 think 
 such concession to the agriculturist would at least relieve that de- 
 pressed feeling under which he now labors, and by which he is so 
 disheartened. 
 
 1 ani aware how dangerous a principle it is to repress abundance; 
 and to spurn as it were at the bounty of Providence — but it by no 
 means follows that the same corn may not again re-enter the ports 
 of England, should prices rise ; but then it will so re-enter, under 
 the provisions of the new corn law ; whereas it hangs now as an 
 incubus upon agriculture — a dead weight upon its hopes. 
 
 Upon this part of the subject 1 have done ; having coniined my- 
 self to the question of sending back the foreign corn. But in dis- 
 cussing the many remedies proposed by others, 1 shall have an op- 
 portunity of entering into the subject matter of *' the peculiar and 
 local taxation" to which agiiculture is liable; and which places it 
 in an unnatural situation as to liie other great interests of the com- 
 munity. 
 
 iw examining the question whether the many remedies proposed,
 
 39] real State of the Nation. 557 
 
 are applicable or not to the relief of agriculture ; I shall have 
 many opportunities of alluding to internal measures, calculated to 
 place it upon a footing of less fluctuation; and 1 shall rather look- 
 to the proceedings of country meetings than notice the variety of 
 publications which have swarmed upon the subject. 
 
 The county of Norfolk may possibly feel as much pressure, 
 probably more than any other county. Its system of agriculture 
 is artificial ; the soil ilself does little towards the crop ; it is the 
 expensive system of tillage, and outlay of capital, which have con- 
 verted a light sand into clean arable, requiring constant expense 
 and unremitted attention. But if this is its general character, no 
 class of farmers has more capability of bearing up against a casual 
 depreciation. Their capital, and their skill, have remunerated 
 their exertions ; and though at this moment they are not subsist- 
 ing or paying rent out of profit, they are doing it " out of wealth, 
 created by agriculture ;" and this is the general result of a system, 
 which never has been, can be, and never will be, any other, than 
 of an average nature. 
 
 Upon its immediate pressure ; upon its alternation of success ; 
 upon its cycle of depression, a very suitable experiment has been 
 made. Mr. Coke may learn from the result of the late county 
 meeting how dangerous it is to turn farmers and tenants into po- 
 litical economists ; and may begin to think, the union of politics 
 and agriculture is rather of an unharmonious nature. But having 
 joined hands, he is now able to appreciate the effect of an union. 
 
 1 will waste as little time upon that meeting as possible ; but 
 will merely recount the remedies, with a brief observation or two 
 npon them. The remedies proposed were of two kinds, prospec- 
 tive and immediate — 
 
 PROSPECTIVE REMEDIES. 
 
 1. An appropriation of part of the public projicrly, commonly 
 called (/'liurch properly, to the liquidation of the debt. 
 
 l*ublic propurty is here evidently intended to mean " national 
 property;" and in that sense, conveys a right of ownership, and 
 power of redemption. I deny that the Church property is, in that 
 sense, public property — 1 assert that the church has as nuich right 
 to her estates as Mr. Coke to his own. i propose, therefore, 
 " that part <f Mr. Coke's proj)crti/ he appropriated to the liqui- 
 dation of th'z said deht."' The one principle h as just as the 
 other. 
 
 '2. A reduction of the -jlandnig army, mcluding stall, barracks
 
 508 Opiuions as lo the [40 
 
 and colleges, to the scale of expense, as low as ihat of the army 
 before tlie late war. 
 
 Agreed — provided the country will give up and cede the pro- 
 perty acquired by her during the war, with all its mercantile in- 
 terests ; and which, at a very moderate calculation, may be esti- 
 mated at one hinidred and fifty millions. 
 
 3. A total abolition of all sinecures, pensions, grants and emo- 
 luments, not merited by public services. 
 
 Agreed to on the part of the Tories — provided Mr. Coke will 
 consent to the same on behalf of the Whigs ; and the Whigs ratify 
 the contract. 
 
 4. " A sale of numerous public estates, commonly called Crown 
 lands, and an application of the money towards the liquidation of 
 the debt." 
 
 The Crown lands, which can hardly now Ue so called, (they 
 having nothing to do with the support of the Crown) from part of 
 the public revenue of the state. All fines, forfeitures, rents and 
 renewals, go to the national account ; and subject to these casual 
 and periodical payments are private properly. Jf not sold, the 
 Crown lands are (if I may use the ternj) alienated. 
 
 5. *' An equitable adjustment with regard to the public debt, 
 and also with regard to all debts and contracts between man and 
 njan." 
 
 As to an equitable adjustment of the national debt, the term is 
 very indefinite : — paying it off is an equitable adjustment,- and it 
 is in such course : — as between man and man, those to whom 
 debts are due, contracted before 1797, in a metallic currency, may 
 receive payment in a metallic currency — those who borrowed in 
 paper money, may repay in paper money, or gold at their option — 
 and the rate of interest now is in favor of the borrower. An equi- 
 table adjustment has also taken place, by the fall in price of every 
 ai tide of con)merce — and by a great decrease of taxation. 
 
 IMMEDIATE REMEDIES. 
 
 1. " To suspend by law, for one year, all distraints for rent, 
 and to cause distraints to be set aside where they have been be- 
 gun." 
 
 'I'hal is ; A. cannot pay this year his rent of 600, but next year 
 he will be able to pay one JOOO. This is a very exhilarating 
 prospect, but one certainly not meant. The plain English is: be- 
 gin a little system of robbery, and let us stc where it will end. Or 
 — .-ell your goods, cheat U)ur Inndkirds, and tran.sport to Ameiica. 
 
 2. " lo suspend all process for lithe lor the same period."
 
 41] real State of the Nation* 559 
 
 'J^lie ground is now so very unproductive, that there is liardly a 
 shock of grain for the parson to put his bongli in ; but next year 
 there will be double crops: — delightful anticipation ! 
 
 3. To suspend for the same period, all processes arising out of 
 mortgage, bond, annuity, or other contract affectnig house or 
 land. 
 
 That is, having robbed the landlord and the parson, rob one ano- 
 ther. 
 
 4. To repeal the whole of the tax on malt, hops, leather, soap 
 and candles. 
 
 That is, having robbed the landlord, the parson, and one ano- 
 ther, stop the dividend of the fundholder. 
 
 Was there ever a more ignorant, roguish and ruinous system 
 broached.'' this too called a system of remedy, and which amounts 
 to this; " destroy income, and spend your capital." — A pretty re- 
 medy this, truly ! 
 
 It would be extremely indecent to conmient upon any petitions 
 which are yet to he presented to the popular branch of the legis- 
 lature ; but from the language of the speakers at public meetings, 
 1 may collect the list of causes to which agricultural embarrass- 
 ment is referred ; and the remedies proposed for its termination. 
 
 In moments of actual distress, it is very seldom but that the 
 consequent irritation is laid hold of to sanction violent measures 
 which promise instant remedy, rather than adopt a slower and 
 more efficacious method, requiring the burden yet to be borne, but 
 pn^mising of eventual and effectual alleviation. 
 
 'I'hose who couple politics with agriculture mix up with it such 
 terms — as arbitrary government, enormous and uncontroulled ex- 
 penditure, unforUniate wars, pr(jHigate confusion and corruption, 
 inconsistent and contradictory expedients, subserviency of public 
 men to the minister of the day, and silent revolution steadily pro- 
 ceeding to its consummation, necessity of reform. 
 
 These are the clap-ti:ips of party ; they have been in the con- 
 stant use of the opponents of evt ly adniinislration from the days 
 of the revolution to the present moment; they are words of course, 
 made usefid as preludes to propositions, which otherwise without 
 such high seasoning would never be foicetl upon men's judg- 
 ments. 
 
 l)Ut those who acknowledge the existence of agricultural dis- 
 tress, and seek not to make it the hobby-horse of disaftection, con- 
 fine themselves to tin; (pustions, ol national debt, currency, taxa- 
 tion, p(j()r rales, and tithes; and to these I will icstram my further 
 obs( rvations. 
 
 As a boon t<», not as a principle in favor of the landed inlrrrst, 
 J have alieady slated; thai if tije foreign wheat now bonded under
 
 5(K) Op'uiwiis as to the [42 
 
 the old act, couKl be sent back upon a small freight-bounty, it 
 might tend to remove one cause of obstruction to a fair equihbrium 
 of price ; — for the present existing power of introducing tliat rush 
 of quantity into the markets, would affect the price for two years in 
 ordinary seasons ; and would by that period prolong the present 
 pressure, by throwing into private warehouses a quantity of grain 
 unrestricted as to its period or j)roportion of supply. 
 
 1 am aware tiiat the cry would be raised, that such a plan was 
 intended to make corn dear: but what are the manufacturing or 
 retail interests to do, if the landlords and tenants have no surplus 
 to expend with them for their commodities? If they are so re- 
 stricted in their means, as to be able to purchase the necessaries 
 only, and none of the comforts of life ; corn is then too low, even 
 for the interests of the manufacturer and the retail trader ; and is 
 so at this moment. 
 
 A partial remedy is therefore in the lirst place wanted ; and 
 next, an approach to some system which may turn the past into a 
 lesson of instruction. I repeat therefore, that the re-shipment of 
 this particular quantity of foreign corn would be in the nature of 
 a bonus, and not as an adopted principle. 
 
 Of the National Debt, and of taxation, I have already said 
 something. Of taxation, specially affecting agriculture in the 
 form of poor and coun'y rates, and of tithes, 1 shall hereafter ob- 
 serve. 
 
 As to currency ; I fear that the agriculturists do not see their 
 interests clearly ; that they look back to the past, and sigh for corn 
 at 12s. or 14s. paid in paper, and forget that it was no benefit to 
 them: they almost wholly overlook the great advantage to be even- 
 tually derived from Mr. Peel's bill. 
 
 Do they call the Bank note depreciated, when on one ^Monday 
 they shall in Mark Lane receive .SO/, for 100 bushels of corn ; and 
 when supply has ceased to glut the market, on the following week, 
 they may receive for the same quantity 40/. .' Will they call the 
 Bank note depreciated then, because what in one week was paid 
 ioxm three \0l. Bank notes, shall in the following week require 
 four similar notes ? Because it is upon this principle mainly that 
 the argument of depreciation is carried on ; namely, that the mo- 
 ment the power of the Bank note is lessened in purchase it then be- 
 comes depreciated. Thus political economists would argue the 
 Bank note is depreciated 33 per cent. ; because one week 100 
 bushels of corn were bought for 30/., which afterwards required 
 40/. for the same transaction. 
 
 But then it will be said ; the Bank note vow is payable in coin. 
 Change it to payment in sovereigns, and what is the difference i 
 None. I'he B;uik note when not demandabU in coin, had the same 
 powers, the same properties, the same principle of conversion.
 
 4.3] real State of the Nation. 561 
 
 Let me adduce a case in point. In 1813 tiie average of wheat 
 was 108s. 9rf., 1 will say 108s. ; one hundred bushels would cost 
 54/. In the following year of 1814, it was exactly 73s. \\d. i will 
 call it 74s. ; then the hundred bushels would cost 37/. 
 
 Is the difference between the 54/, and the 37/. a difference of 
 depreciation, or of supply and demand, which constitute price? 
 
 But I shall be possibly told, that there was an amount or 
 certain portion of depreciation in both transactions. But gold in 
 1813 was 5/. 4s. per ounce, and in 1814 4/. 15s. 8c7. So that one 
 hundred pounds in Bank notes would buy more gold in 1814 than 
 it would in the preceding year, and more corn ; and in addition to 
 this, there was in 1814 (when gold was lower) an issue of about 
 three millions more of Bank notes than in the preceding year, 
 when gold was dearer. 
 
 Yet the clamorers about a depreciated currency, and the ill 
 effects of a sudden return to a metallic one, tell us, *' that the 
 greater the quantity of Bank notes issued, the higher would gold 
 rise ;" as if 13ank notes and gold were always lighting for the 
 mastery of one over the other. Now the instances of the two years 
 just adduced prove the contrary. Let us take 1813, a period of 
 six years before Mr. Peel's bill, and 1819, the very year of its en- 
 actment. In 1813 the price of gold was 5/. Is. (if?, per oz., and 
 the Bank issues '23,939,093/. In 1819 the price of gold was 
 4/. Q.'i. (}d., and the Bank issues were 25,794,460/. So that in 
 iy]3, when the issue of the Bank was the less, it required more of 
 their notes to purchase ten ounces of gold; and in 1819, vvhen 
 their issue was increased, it required less of their notes to purchase 
 a like quantity of gold. 
 
 But there are some of a bewildered imagination, and giddy 
 with the unexpected height to which a lucky hit has exalted them ; 
 who tell us — that the Bank of England can, by the management 
 of its issues, affect tlie price of gold, and cither raise or depress it 
 at its pleasure, according as it ailopts this or that system. 
 
 When evidence was taken in the Bullion Committee of 1810, 
 uiuler the management of the alarmists, what said the Bank Bro- 
 ker, Mr. A. i\. Goldsmid ? lie was asked, "Whether he had 
 remarked, that as the quantity of Bank notes increased, gold got 
 proporlionally deartr r" To which lie replied — l^ot perceitin<r 
 tluil the increase of Banlc notes has am/ eoiineclion zcilh, or iii- 
 flueine iipo/i the price oj' f^uld ; Kc hace paid no nUention /<> tlitit 
 subject. And upon the same occasion, the Chairman and J>e|)uly 
 Chairman of tli(; Bank Directors staled, that, ///tv/ ?ievcr re^^ulated 
 their discounts tnj a reference to the foreii^n exchanges, which are 
 dependant upon the value oj' the precious metals ; except that thci/
 
 5(>-i Opifiioi/s as to the [4\ 
 
 irf lined to (incouvt. for those, whom they knew or suspectcil, to be 
 en^mred in the export of go Id coin. 
 
 This may be called interested evidence, yet it was given in the 
 face of the country, and before a committee of men ot" all parties. 
 And what is the result of all the documents which have appeared 
 upon the subject ? Why ! A confirmation of the truth of their 
 testimony. 
 
 Failing then to establish a sympathy, or connection between 
 Bank paper and gold, or between Bank notes and foreign ex- 
 changes, what other cause could have extended the issues of the 
 Bank of England ? Nothing more or less, depend upon it I than 
 the extension of British trade. Every rise in the price of commo- 
 dities required a greater circulating medium ; every fall in the 
 same contracted it : prices are now fallen, and the issues of circu- 
 lating medium are consequently narrowed. Let them again ad- 
 vance, and the issue of the circulating medium will meet their 
 demands. 
 
 J may be told, that it is not so much the return from a paper 
 to a metallic currency, as the suddenness of it, which has created 
 the mischief, in reply, { must again refer to the state of the 
 Bank issues in 18 19- Gold for the three previous years had 
 averaged about 4/. per oz. ; now, without acceding to the doctrine 
 that the Bank issues regulated the price of gold, or the price of 
 gold affected the amount of the Bank issues ; it so happened, that 
 an approach of gold to the mint price (by which our coin is regu- 
 lated) had arrived to within four per cent. If tlierefore there was 
 any connection, the Bank note of one hundred pounds would at 
 least purchase ninety-six pounds worth of bullion. 
 
 And can the difficulty of the agricultural interest be attributed 
 to a difference of value or of depreciation, so slight as four per 
 cent.? Does the success of agriculture, its florishing or despond- 
 ing state, depend upon such a thread ? — Impossible. 
 
 1 can very readily imagine that the idea of a depreciation of the 
 Bank note has obtained more generally in the country than in 
 London, and for this reason ; the Banking establishments in the 
 country were greatly carried on upon a very different footing to 
 that of "The Ba«ik." In the country, the Bankers entered into 
 private speculations, and created notes for their own purchases : if the 
 deposits of others came in in time to meet their circulation, or they 
 could obtain mojiey upon mortgage, all was well — but failing to do 
 either, they stopped payment. The paper of the country bunks was 
 depreciated. 
 
 But " the Bank" was always, and is strictly, " a Bank of depo- 
 sit, and returnable issue ;" and the mode of its business was in 
 principle like that of a mine. A surplus of circulation returned 
 upon the Bank her issues ; and in the transactions of two months,
 
 45] real State of the Nation. 563 
 
 "the Bank" could jutlge, whether trade was in a fictitious slate of 
 currency, or carrying on in a bona Jide manner. Besides, the 
 ready resource for surplus capital which the funds afforded, greatly 
 tended to keep circulation within wholesome bounds. 
 
 When in 1797 the retriction act took place, it would devolve 
 upon the Bank to supply the. hiatus of circulation which would 
 occur in coin. In subsequent years, did or did not the trade of 
 England increase r If it did (as it is a position few will deny) 
 then the circulating medium must necessarily have expanded to 
 meet such increase of trade. But as far as '* the Bank" is con- 
 cerned, the documents laid before Parliament and the public do 
 Hot show a greater amount of issue of Bank notes unh/, than 
 would have taken place of Bank notes and coin. Jf the issues of 
 the Bank supplied the place, and no more, of the coin which had 
 absconded ; how could it then be said that the paper of the Bank 
 was depreciated .'' Depreciation, which is a fashionable word, 
 for "fall in price," arises from excess of supply or want of de- 
 mand. 
 
 At this moment, about fifteen millions of gold have been coined 
 and issued from the Mint. In 1797 the average of the Bank 
 issues in notes was about eleven millions, accompanied by a me- 
 tallic currency. Now the issue of " the Bank" (all her small notes 
 being called in) is nearly twenty millions, accom[)anied with a 
 greater proportion of gold coin than in 1797; being an excess 
 nearly ten millions. Yet this supply produces no depreciation, 
 because it is not an excess beyond the demands of traile. Had 
 the note of the bank then really been depreciated, its issues would 
 on the return of cash payments assimilate to the standard of 1797 ; 
 but they are almost double in the midst of a metallic circulation. 
 
 I should say upon these various facts, (for 1 have been stating 
 rather facts than arguments,) that the pleas of a sudden return to 
 cash payujents; or a depreciation of currency ; or the adjustment 
 of old contracts between debtor and creditor ; will not on the pre- 
 sent occasion stand the test of sound reasoning or reference to dis- 
 interested data. He who borrowed before 1797 in coin, may pay 
 back in 1823 in coin ; he who lent in 1797, niay be repaid in IS'i'} 
 with the same metal. Is this atijustment or not 't Is this a 
 return to the old system or not .' I .'^uspect "the political econo- 
 mist politicians" want to perj)etuate the reign of that despicable 
 thing called a depreciated Bank note. 
 
 i may be allowed liere to recount an anecdote of a transaction, 
 which ([ hear) took place a little while ago at the Bank, A 
 countryman went to receive his dividends : they amounted to up- 
 wards of a thousand pounds — ^I'll ha' it nil in gold, (speaking to 
 the cashier) if you please, sir ! It was counlcil out to him. You'll 
 lend me a bag to carry it awa', wont ye ? Mv business (said the
 
 5G4 Ophiiofis as to the [4(i 
 
 cashier) is only to pay you. Nay, but ye'll lend me a bag, or else 
 liow shall I carr' it awa ? I (lon't lind bags, said the cashier. The 
 coiintrynuin began to fill his pockets ; they would not hold his 
 money. Here, sir, take back your money, and gi' 1 notes if you 
 please. I have paid your dividend as you wished, I cannot (said 
 the cashier) change it. Well then, will ye watch the money till 
 I gets a coach ? 1 have other business (said the cashier,) to attend 
 to. However, a Bank-porter was dispatched for a coach, and the 
 countryman was helped to a bag, to carry away his dividend ; in 
 the demanding which in gold he thought he was a second Lord 
 King. 
 
 For thirty years past, from 1792 to 1821, (both inclusive) the 
 average of corn imported, after deducting the amount of exports, 
 was about 4G0,000 quarters ; and during the whole of that peri- 
 od, when in one year that average has been exceeded, it has not 
 recovered itself for two or three years. In 1797 the excess of 
 import was 854,920, and it did not recover itself till 1801 ; when 
 in that, and in the following year, it was nearly trebled. Jn 1806 
 it again began to increase ; and in 1811 it again was nearly tre- 
 bled. In 1815 it exceeded the average by about 4^th ; but on the 
 following year, this country had a small excess of export. The 
 years 1818, 1819; 1820, and 1821, are the only years of successive 
 excess of importation which have occurred in this period ; and of 
 this Irish, or foreign corn passed for Irish, has formed the greater 
 part. It cannot be denied but that this over supply, coupled with 
 the foreign grain in the bonded warehouse, must give the consumer 
 an advantage over the grower. It will be seen, that nearly in four 
 years, an occasional pressure of supply is felt, (with the exception 
 of the last instance, the principal cause of agricultural embarrass- 
 ment,) and I see no obstacle to the same effect of season again 
 taking place. I believe the depression to be temporary ; but any 
 alteration in the system of legislation, which promises to produce a 
 less uncertainty of fluctuation, is most advisable. 
 
 I cannot admit that the taxation of the State presses with an 
 undue or disproportionate weight upon agriculture ; for when the 
 price of grain rises, (and it will rise) taxation will not follow in an 
 increasing ratio : if, therefore, it is now felt, the time is coming 
 when that pressure will be removed. It has been thought by 
 some, that the imposition of a property tax, in lieu of the assessed 
 taxes, and of the malt or other exciseable duties, would relieve 
 certain classes of the community, reach the dividends ri' the fun'l- 
 holder, and the income of the absentees. Had the property tax 
 never been repealed ; some such arrangement might have taken 
 place, and probably would have taken place ; but, in themselves, 
 the assessed taxes are a species of property tax, well arranged, and 
 ready of collection ; and the malt duty is a growing duty. The
 
 47] real State of the Nation. 666 
 
 abandonment of the malt duty in toto, would not raise the price of 
 barley, which is materially regulated by wheat; for if it encouraged 
 its growth, it would increase the quantity, and soon equipoise any 
 immediate rise of price which might take place on the lirst aban- 
 donment of the duty. A non-imposition of duty on malt would 
 not act to raise the price of barley, but to make beer cheaper. 
 
 In all articles of consumption liable to excise, the whole com- 
 munity is upon an equality ; therefore as to exemption on that 
 score, neither interest can claim what must not consequently be 
 granted to the other. 
 
 I come now to local taxation — in the shape of poor's rates, 
 liighways, and county rates. 
 
 The forty-third of Elizabeth (in whose reign there was no 
 public debt) clearly points to every species of then existing pro- 
 perty as being liable to contribution for the j)oor's rate ; and 1 
 believe it has been decided, that property in the public funds may 
 be rated to the poor ; but whether that principle can be carried 
 beyond the assessing of an inhabitant of the parish in which the di- 
 vidend becomes juiyahle, is a matter of considerable doubt. The 
 act of Elizabeth contemplated the education of the young, the 
 support of the impotent, and the employment of the idle. 
 
 The Poor Laws, general throughout England and Wales, are 
 carried into effect upon a principle of locality ; namely — " that 
 those who make the poor shall support the poor." But even this 
 principle may be legally broken through, and, under special cir- 
 cumstances, an adjoining parish be called upon to contribute to 
 the relief of the neighbouring poor. 
 
 The principle, " that those who make the poor shall maintain 
 the poor," is in many instances wrong, for the increase of poor is 
 a proof of increasing poverty ; and to make the cause contribute to 
 the disease, is an anomaly not easily reconciled. 
 
 I should submit, that " property should maintain the i)oor, and 
 not locality." 
 
 In altering the system of the Poor's Law, both as to its mode of 
 support and means of collection, one point must be religiously 
 j)reserved ; namely — " that the poor thenisclves shall not be placed 
 in a worse situation, or be entitled to less consideration than at 
 this moment." I would rather conciliate the poor into better 
 liabits, than add a severer system of legislation to the one by which 
 they are now governed. 
 
 Great as appear the diflicultics of the task, they shrink much 
 before the species of regulation which is already in activity. 
 
 Ill the first place, there exists an unpaid magistracy, capable and 
 willing to take upon themselves the honorable trouble ol aiding 
 an<l assistiiiii in carrying into ( ffctt any lit \v anangeincnt which 
 
 VOL. XXI. Pam. NO. XLII. '2 O
 
 ■HUi Opinions an io the [4tt 
 
 ]*arli;in)cnt niay sunction, 'I'iiere is already very generally io ope- 
 jalion, a sysleiii of select vestries and assistant overseers. 
 
 With the fundamentals of the Poor Laws there needs no inter- 
 ference ; but the magistrates, the select vestries, and the assistant 
 overseers, may all be made additionally useful. It is to bring 
 lliese into one system of action, and mode of management, that 1 
 should propose an alteration. 
 
 Select vestries should be general ; but parishes should be uni- 
 versally united to such an extent, as to render it beneficial to 
 appoint and pay an assistant overseer. 
 
 These select vestries should report at certain times, to one or 
 two magistrates, according to the divisions of the county ; which 
 magistrate should be chosen by the Bench at the Quarter Sessions, 
 and be remunerated. 
 
 These inspecting magistrates should report to a Board in 
 London, formed of five Commissioners, of whom the Secretary of 
 Slate for the Home Department should always be chairman, with 
 a deputy. Such Board in London should decide all points con- 
 nected with the poor — have power to advance money for public 
 works, productive of employment — loans to encourage industry, 
 and prevent pauperism — aid colonization — superintend Saving 
 Banks — and prevent mendicity. 
 
 From this Board a report to Parliament should be annually 
 made. 
 
 The principle of removal should be altered. If a pauper has 
 himself removed from his parish, he shall not claim to be sent 
 back to his parish ; but either remain where he is, or, having him- 
 self migrated, may be sent where labour is wanted, under the 
 order of the public Board, whose correspondence with the acting 
 magistrates will always enable it to know the state of the popu- 
 lation and the local demand for labour. No resident pauper, not 
 having migrated, shall be moved. 
 
 This alteration of the principle of removal will save to the coun- 
 ties an expense of about three hundred and fifty thousand 
 pounds ; — less about fifty thousand, which the establishment of a 
 public Board and corresponding magistrates would cost. 
 
 But as the principle of location will be materially altered, so 
 must the principle of the collection of the rate. 
 
 A% the Board would be a board of inquiry, through the corre- 
 sponding magistrates ; so a new act might empower an extra as- 
 sessment, as by way of fine, upon any parish neglecting to obey 
 its orders, and having more poor in proportion to its extent, and 
 in comparison with others siinilarly situated. 
 
 1 should propose to abolish the poor's rate, and raise the requi- 
 site amount by assessed taxes ; and to include in the rate inhabi- 
 tant lodgers, and llic houses of absentees.
 
 49] real State nf the Nation. 567 
 
 The general principle of the public Board should be — to direct 
 employment to all v ho are able-bodied ; to support the young and 
 the aged and the impotent ; — to encourage the children of those 
 who did not marry till 30 years of age; and, in all cases of actual 
 relief, to tind out what relations the pauper had, within a certain 
 degree of atfinity, and call upon them to contribute (if able) to 
 the support of their own kindred ; and in such cases, to contribute 
 to no other. 
 
 From such a Board general circulars would issue, by which 
 important facts would be easily ascertained, important regulations 
 be simultaneously carried into effect, and pauperism be half anni- 
 hilated. Not a beggar should l.ave existence. 
 
 The apportionment of succour, with reference to casual want, 
 would be immediate ; but the principle on which it should be 
 granted would be defined. 'J^he accounts would pass the ordeal 
 of a public Board, after they had passed through the inspection of 
 the corresponding magistrates, and the review of the Quarter Ses- 
 sions, if the latter was necessary at all. And by paying the acting 
 overseers, not wholly in proportion to the amount of the rate, but 
 partly in the ratio of its diminution, a wasteful application of funds 
 would be materially checked. 
 
 I throw out this arrangement, as furnishing means of conside- 
 ration. Certain it is, that the poor's rate does impoverish the far- 
 mer ; and if it be objected, that to be rated to a double amount of 
 assessed taxes would press on other classes as hard as the present 
 system does upon the farmers; I can only reply — that it would be 
 repaid to thenj in a better regulated average price of the quartern 
 loaf. For in this country of mixed interests, it is the balance of 
 expenditure, and not the dearness of one article, and the cheapness 
 of another, which should be looked upon steadily. 
 
 In some countries living and house-rent are cheap, and clothes 
 dear. In others the former are dear, and the latter cheap. All 
 countries have some commodity or manufacture which soil and 
 circun)stance enable them to produce at less rate than any otlier 
 competitor can. The coal and machinery of this country set all 
 rivalship at defiance. 
 
 Compare the poor of England with that of any other in the 
 world. The balance of comfort is paramount in their favor : and 
 at this present moment such is the stale of, and demand for la- 
 bor, (its price not being lowered in ratio to the means of subsis- 
 tence,) that a general peace and harmony exist among the lower, 
 but valuabh; oiders of society. 
 
 I'!i)gl;iii(i ought not to have a beggar within her forty counties', 
 or a pauper liavmg strength to woik. 
 
 '1\) the same Board ruuntv rales might l)e referred ; because,
 
 5(j8 Opi/iiom as to ilic [50 
 
 as sources of labor and employment, bridges, and roads, and 
 prisons, would come under its infiuence. 
 
 Some have argued, that upon the principle of the act of Eliza- 
 beth, a direct property-tax is the fairest mode of raising a poor's 
 rale ; intending, no doubt, that the public funds sljould be brought 
 in, in aid of its collection. But it nmst be borne in mind, that 
 the poor laws are local as to England and Wales. To found a 
 rate upon property inc/ tiding the funds, would be impracticable 
 in execution ; because such part as belonged to Foreigners, Colo- 
 nists, Irish and Scotch, is not liable, and must be separated : an 
 operation so full of confusion, and so productive of evasion, that 
 the mode would fail. 
 
 Now by taking the assessed taxes as a guide, property to a cer- 
 tain extent is rated, and rated too upon an equitable principle ; a 
 scale of allowances being already in existence and operation, in 
 favor of manufacturing establishments, where the space and extent 
 of window is too great to be wholly charged upon the general 
 computation. By making lodgers liable in certain cases, thou- 
 sands would be brought to contribute who live upon income with- 
 out the payment of one direct (ax. Too many have recourse to 
 lodgings for the very purpose of avoiding taxation. 
 
 To those who argue that this partial shifting of the burden of 
 the poor's rate, from land to property in general, would be injuri- 
 ous, 1 would reply — that what tends to equalise will also promote 
 an average ; and by removing from agriculture one of the grounds 
 upon which it complains of depression, you remove also one cause 
 of very high price. And if upon the amount of the baker's bill in 
 a year, a family having children procures an advantage of 20 per 
 cent., (which I think would be the case) it would leave a profit 
 upon the rate of assessment, and in favor of the consumers of 
 bread. 
 
 1 have suggested the principles ; there are many minor details, 
 to which a longer discussion would lead ; but this is not the moment 
 for entering upon minutiae. 
 
 1 come now to the question of Tithes. The same principle 
 upon which 1 defend the property of the public creditor I extend 
 to the protection of the property of the Church — a right of legal 
 possession. The same principle which secures to the landholder 
 the fee-simple of his estate has, by a prior existence, given to him 
 only nine-tenths of such property. He purchases under an existing 
 covenant to the Church, that he shall till for her one-tenth of the 
 soil, and his purchase money is regulated accordingly. That which 
 he has never bought he has no right to alienate or claim. 
 
 The Church property is not public or national property. It 
 belongs to the Crown, (to whom it is of no further advantage than 
 as a means of rewarding or favoring ecclesiastical merit,) to
 
 51] real State of tilt Nation. 569 
 
 Colleges, Corporations, and (in a much greater extent) to private 
 individuals. JJy private individuals, and by no others, is it, or can 
 Church preferment be made, a matter of traffic ; — a practice 
 scandalous in itself, but the odium of which rests only upon those 
 who practise it : it is against the letter and the spirit of the law ; 
 yet it is not half so obnoxious as the building and hiring out for 
 profit of dissenting meeting-houses. Notwithstanding this principle 
 of strict legal possession, 1 do think, that the enlightened spirit 
 of the age, the wishes of no small part of the clergy themselves, 
 and the changes in society which have been produced by a National 
 Debt, conspire to render the commutation of the tithes of the clergy 
 an object of preponderating importance. 
 
 And to these iiiHuences I would add, that I most sincerely and 
 conscientiously believe that such a measure, if it can be brought 
 about, would tend more to the security of the religion of the state, 
 to its internal harmony, and to check the progress of schism and 
 secession, than any other circumstance which could possibly 
 happen. 
 
 My Secretary, upon this occasion, knows intimately and deter- 
 minately the plan which I should adopt. At present it will suffice 
 to give the outline of the principles upon which it should be con- 
 ducted, and to suggest, that it is a measure which can only be 
 temperately, safely, and effectually debated in the House of Com- 
 mons. I mean, that societies formed for the furtherance of such 
 a measure would proceed from sectarians and be founded upon 
 principles of hostility ; end in nothing, and produce public 
 irritation, possibly commotion. In the House of Commons the 
 measure would be proposed and met by its friends and opponents, 
 in the face of the whole country, and upon motives which, if 
 erroneous, would be open to instant detection. 
 
 1 ilicrefure submit tlic following propositions : 
 
 1. That tithe is inherent in the soil, and is acknowledged and 
 protected as property by the law of the realm. 
 
 2. That laud is purchased anc) leased, with a full knowledge 
 of this inherent and primitive right. 
 
 3. That tithe is an endowment in perpetuity to the Church as an 
 establishment ; but of lifehold occupation, as to its immediate 
 produce. 
 
 4. That tillie is connected with four interests — with the Church, 
 as an establishment in perpetuity — with the incumbent, as to actual 
 enjoyment — with the patron, as a d(jnalive, or reversion — and with 
 the farmer, as to payment. 
 
 .0. 'I'hat by a siizuro of the revenues of the Church, tithe has 
 becouje the pruperty of laymen. 
 
 0. 'I hat tliough lilhe, in the hands of laymen, his lost its original 
 character, it has not lost its inherent right.
 
 '>7() O pinions as to the [52 
 
 7. That the pnyniciit of tithe is due from the soil, without 
 regard to the rehgious or conscientious opinions of the freeholder 
 or farmer, 
 
 8. That tithe, being an inherent and primitive right in the pro- 
 duce of the soil, and having been payable and receivable from time 
 immemorial, and is no new burden, and cannot affect agriculture 
 otherwise than it always has done. 
 
 9. That the mode and custom of taking tithe in kind is a greater 
 grievance than the payment of its actual value, 
 
 10. That such modeand custom frequently oppose the temporal 
 interests of the Church to its spiritual, and turn from witiiin its 
 pale tens of thousands, who would otherwise remain as her 
 members. 
 
 11. That the temporal interests of the Church may florish, 
 whilst its religious influence may become weakened ; and that the 
 progress of such alteration may, in turbulent times, endanger the 
 e.xistence of the Church. 
 
 Upon such previous resolutions I should propose, not a bill 
 ^0 compel the commutation; but a facilitating and enabling act, 
 to be carried into local execution, with the consent of all parties, 
 heretofore necessary to the exchange of tithe for land. 
 
 Besides the principle of existing property, it must not be for- 
 gotten, that no commutation can be fair which does not itself 
 contain " a power of adjustment" to the varying values of which 
 titheable articles are composed. 
 
 Those, however, who imagine that the commutation of tithe 
 will increase rent, and render corn dearer, are mistaken. The com- 
 mutation of tithe (upon the plan which may hereafter be the sub- 
 ject of further discussion) will give greater power to agricultural 
 capital, and increase produce ; and consequently tend to that best of 
 all principles, " the enabling the farmer to raise his crops at a pro- 
 Jitable but cheap rate." 
 
 lu exchan^insf tithe into land, it is usual to take owe i^/wV^ of 
 arable land; so that a parish of 1200 acres of tillage would 
 give 400 to the clergyman ; down land would contribute a seventh; 
 and meadow land a Jifth : thus a grazing farm of 1000 acres 
 would contribute 200 to the incumbent ; one of pasturage 143. 
 
 The fundamental axioms on which 1 propose to proceed com- 
 prehend all the rights of the Church to her property ; meddle not 
 with her system, or power of donative ; but confine themselves, 
 distinctly, to the question — whether any act of parliament can be 
 framed to meet commutation and avoid modus. 
 
 I contend that it can be done, and be done without 
 REVULSION, irritation, OR INJUSTICE; and 1 do not fear 
 to assert that the church will be grateful for ns
 
 -33] real State of the Nation. 571 
 
 SUCCESS. I am not called upon here to defend the character of 
 the clergy of the Church of England ; as a body, they need no 
 defence ; as men subject to human frailties, and to human vicissi- 
 tudes, they cannot be without error ; but as a body of men, their 
 excellence cannot be approached by anv other distinct class of the 
 community, whether in England, or Europe, or in the world. 
 
 In all discussion respecting them, look to the source from 
 whence it comes, and it will be found to arise from political parti- 
 sans, sectarians, or what are termed lil)erals. 
 
 To the coterie of the latter, established in pandemonium, a 
 spectre has just flitted on, laden with '* The Edinburgh Review, 
 or Critical journal, No. LXXIV. November, ISCS." With 
 what grins will they not read, by the light of their bonfires — the 
 articles on the Durham Case — Clerical Abuses — Mr. Canning 
 and Reform — the Bishop of Peterborough and his Clergy ! 
 
 I should be ashamed to waste many words upon the question of 
 " Reform in Parliament." 1 perfectly agree with "The Times," 
 that every word which was really uttered at the meeting of the 
 freeholders of the County of York should be circulated through- 
 out the kingdom. Will any reasonable man believe that such 
 meeting was any other than the meeting of a party ? And what 
 does it prove ? Why ! that one man in ten is an advocate for re- 
 form, throughout the extensive county of York. But that is of 
 less importance than the fact, that one man, a true lion-hearted 
 Englishman, stood, with one second only by his side, and stem- 
 med the torrent (as he has done before), and faced Earl Fitzwil- 
 liam's converted Son, and the County of York. 
 
 But I would put a few questions : — Is reform intended to raise 
 the price of corn i* for the clamorists are large landholders — and 
 how happens it, that the question is always brought forward in 
 troublesome times .^ When trade and manufactures languished, re- 
 form in parliament was the sovereign plaster ; now agriculture is 
 depressed, reform in parliament is the certain and undoubted re- 
 medy ; reform in parliament cures then the blister of trade, com- 
 merce, and agriculture. Wonderful specific, truly ! But commerce 
 has recovered her more than wonted strength, aurl yet no reform 
 in parliament has taken place : but a reform in the princi[)les of 
 our shipping and mercantile interests has, which will in no short 
 time extend its iiinuence to the primary branch of agriculture. 
 This unreformed house (whose rusty key J. C. H. would throw 
 into the 'I'hamcs) can therefore be tlie parent of reform. 
 
 Without looking to history, the question of representation divides 
 itself into many points. 
 
 Is the mode of returning the mendxr of the representative as- 
 sembly of so mvich, or of more importance, than the return of 
 good, true, aufl honest men." Is lip eloquence to be preferred to
 
 572 Opinions as to iJic [54 
 
 the language of honor, truth, and education ? Are poUtical tinkers, 
 men without any slake in the country, family connection, or sense 
 of shame, ht representatives for moral and honest England ? 
 Among the ancients have not the best, and the wisest men, the 
 most disinterested legislators, and the bravest of warriors, fallen 
 sacrifices to the ingratitude of mobs ? Has not the madness of 
 mobs raised the worst of men into situations of trust and com- 
 mand, to the ruin of their country ? 
 
 Is it not possible that a body of twelve, or twenty-four, or forty 
 men, small enough to be capable of deliberation, may return a 
 much more fit person to be a member of parliament, than a larger 
 body acted upon by influence ? In the smaller assembly, may not 
 the particular merits and useful qualifications of any one or two 
 persons, be better known and appreciated than in a mob ? 
 
 It is begging the question to presume that a smaller body can 
 be corrupted. It is a gross insult upon the national character, 
 and such as Englishmen in their individual caj)acities do not de- 
 serve. And it is a high compliment to the gentlemen of England ; 
 to its freeholders, its burgesses, and its scot-and-lot men ; that the 
 question of reform is always agitated upon the admission of the 
 intelligence and enlightened spirit of the age. Flattery the most 
 gross, is the main instrument of its working. — It says : 
 
 You Englishmen are the most moral, the most enlightened, the 
 most public-spirited fellows in the world ; hut you want to be re- 
 formed. What ! Reform the most moral, the most enlightened and 
 the most public-spirited fellows in the world ! I would ask, what 
 has made you so ? — 1 reply, Your constitution and your represen- 
 tation. 
 
 Suspect two things — " political-economist politicians," and 
 ** reform attempted in times of public pressure." 
 
 I will suppose two such men as Mr, Wortley and Lord John 
 Russell shut out of the House of Commons. Which is best, 
 that they may creep in through the key-hole of a close borough, 
 or the nation lose the benefit of their character and their talents ? 
 In truth, a variety of interests require a variety of management. 
 To decide single and abstract questions, one unvarying mode of 
 representation may be adequate. To understand and discuss the 
 multifarious interests of England, it is talent which is necessary : 
 and it is a choice of talent, which confined and various modes of 
 election ensure to be returned to the House of Commons. A 
 county election is a popular election ; the qualification is easy : 
 a borough election is an election within a county. Thus in fact, 
 the system on which inembers are returned to the House partakes of 
 " popular representation," and a ** representation of interests." And 
 I assert that the popular representation, that is the representation of
 
 0'5] real State of the Nation. o73 
 
 every man in the kingdom, worth forty shillings a year, can over- 
 power the ministers of the day. Yes ! but I shall be told, that the 
 County Members are corrupt. 
 
 I again repeat, that such language is a libel against the gentle- 
 men of England, of whatever party they may be. And I assert, 
 that however restricted the mode of returning a member to Par- 
 liament may be ; that he is, and acts, and considers himself to be, 
 the representative de fhcto, if not de jure, of the w hole interests 
 of the city or borough, from whence his return is made. 
 
 Talk of representation ! Who does not remember the care, time, 
 attention and discussion which were bestowed on the factory chil- 
 dren, and the chinmey-sweejiing, bills ; that the children should be 
 plactd under the protecting an! paternal care of the law ? W hat 
 members did they send to Farliament ? Yet they were represented, 
 and powerfully too. \\ hy ! The very beasts of the field are repre- 
 sented in the House of Commons; as witness the bill to prevent 
 cruelty to animals. The negroes of Africa are represented in the 
 House of Commons, by a member from a rotten borough. In 
 truth, and in fact, the more " reform" is agitated, the more it will 
 be found that the House of Conmions represents interests, 
 which is of as extensive importance as population. 
 
 Of " econoniy" and " retrenchment," I may be allowed 
 to say a few words, and but few. Smce the peace, taxation has 
 undergone a diminution equal to one-third of all the present in- 
 come of the Btate ; and in consequence, most articles of consump- 
 tion have fallen in the same proportion. 
 
 Thrf)ugh every department of the state, a thorough dismissal of 
 every idle and supernumerary clerk has taken place. 
 
 \\ ith regard to those remaining ; and in all cases of allowance, 
 remuneration, and retirement ; a legislative scale has been adopted, 
 to which the executive government is pledged. 
 
 Sinecures and future reversions are abolished ; and as far as le- 
 gislation and prudence can go, (and they should go hand-in-hand) 
 they have gone. 
 
 If the scale of 1792 is to be the standard, then it can only be 
 attained by reducitiif Engldud \.o the scale of I7i)2, Is I'^ngland 
 wdlmg to give up Malta, St. Helena, Ceylon, Mauritius, Suri- 
 nam, Trini(iad, lierbice, Kssequilx), St. Lucie, Tobago, the Afri- 
 can seltlciiieiils, :md our East Indian conquests ? Tlun her naval 
 and military establishments can be reduced. IC\p( lulilure is 
 coniparaiive ; pounds shillings and pence have no reasoning facul- 
 ties, and convey no argument, till the cause of the multiplication 
 is applied. 
 
 As to the ( :inpl(>)uu-nt and pay of servants of the Crown ; it can- 
 not but be remarked, that tlinMigh all the departments of the public 
 
 VOL. XXI. r,im. NO. XLIL 'i V
 
 574 Opuiioiis (IS to the [•'5(1 
 
 offices, tlieic is n greater ;iir of respectability, of rank, and charac- 
 ter, than formerly. Much of this arises from long establishment, 
 and much from care and attention in the principle of admission. 
 
 There are thousands who can attest, that nothing was more com- 
 mon, when a man was unfortunate, than that his friends should say 
 — " Oh, we nmst get him a place under Government." I am 
 far from objecting to a principle of such a nature — it should not be 
 carried to too great an extent; though the experience of many an 
 unfortunate man has been found valuable to the executive. Go- 
 vernment often has to contend for tiie attainment of proper and fit 
 persons for responsible situations, and offices requiring certain 
 qualifications. The acquirements of many can be turned to 
 greater advantage in private undertakings ; but in these there is 
 risk ; therefore, the certain pay of government is equal to a larger 
 remuneration,acquiredwithgreater anxiety, and more chance of loss. 
 
 The public expect frotu the executive, the strict, punctual, and 
 unerring performance of its duties; and these can only be attained 
 by a principle of responsibility, from the heads of offices to the 
 lowest and last-admitted clerk ; and it is not merely responsibility, 
 but confidence must be placed in tens of thousands. 1 do not 
 mean that a cunning spirit of secrecy is to pervade the public de- 
 partments ; but that faith must be placed in the due performance 
 of the most subordinate duties. 
 
 The qualities of official men differ so much, that five hundred 
 a year is economical, for the services of some, where a hundred 
 would be dear for those of others. 
 
 " Any body will do for a government-clerk" was once the cry ; 
 but " every body will not do;" and it is (I say it with pride) the 
 precision, the regularity, and the character of the public offices, 
 which tend greatly to a courteous and efficient dispatch of public 
 business, in which private interests are more or less involved. 
 
 All economy is not retrenchment. The question is not merely 
 — " can this be dispensed with ?" but, what will the replacing cost ? 
 and every thing found to be useless, has long ago been discarded. 
 
 Those only acquainted with public offices can tell the mean acts, 
 the invitations to fraud, the bribery and corruption which have been 
 employed in detecting what are called "Government abuses." The 
 members of a Committee out of doors, employing discharged, dis- 
 missed, and disgraced servants, (once of the Crown,) can hardly be 
 relied upon for correct information : and many charges have been 
 attempted, upon evidence which would not hang a dog, or convict 
 a known thief. 
 
 I now approach the end of this (I fear, but hope not,) tedious 
 address ; and, to refresh the memory, will recapitulate its results :• — 
 
 1. That lilngland is "The Umpire of Europe." 
 
 2. That the National credit must be preserved.
 
 57] real State of the Xutiou. -575 
 
 .S, Tliat the Sinking Fund must be inviolate. 
 
 4. That the National Debt is an active medium ; a bank of 
 deposit — a means of income — productive of a regular circulating 
 payment — and of importance to the lower classes, as enabling them 
 to save upon interest. 
 
 5. That the commerce of England is most floris>hing ; and its 
 interests have not been neglected. 
 
 G. That the internal peace of England was never in more cer- 
 tainty of repose, notwithstanding five out of six of my acts are in 
 existence ; and that popular meetings have under them, acquired 
 a greater rank, and tend to more influential consequences. 
 
 7. That agricultural embarrassment must and will pass away ; 
 but, that its immediate distress justifies the measure of sending 
 back the foreign corn now bonded. 
 
 8. That a new arrangement of the Poor's Law, by placing them 
 under a public board, might produce important results, and de- 
 crease the amount of the rates. 
 
 9- That the commutation of tithe would give greater scope to 
 the employment of agricultural capital — benefit the Church — and 
 enable the farmer to afford corn c/ieap, by a more spirited mode of 
 cultivation. 
 
 10. That the three last measures are applicable to agricultural 
 distress. 
 
 1 1. That " reform" is not applicable at all. 
 
 1^. That economy and retrenchment are applicable, and when 
 any case for their further exertion can be made out — Government 
 will not delay its duty. 
 
 My spirit will hover over the British Empire ; and should it ever 
 be intended to record my memory, 1 would only desire to be thus 
 noticed : — 
 
 "here lies 
 
 HENRY ROBERT STEWART, 
 
 .f)CConti iBiirqucj^.b" o£ ILonCionocrrn ; 
 
 SECRETARY OF STATE FOR FOREIGN AFIAIUS, AND 
 
 KNIGHT OF THE MOST NOBLE ORDER O !• 
 
 THE GARTER, Scc. &C. 
 
 Born 17()9; 
 Who, m the full bloonj of Manhood, fell a Mental Sacrifice 
 to an ardent and zealous performance of his 
 Ministerial and Parliamentary functions, 
 
 ON TMK VZiii DAY OF Al'CUST, AN. DOM. 182i. 
 
 Aw\ ill (lie Third Year of the Kci^n of Ili.s most (Jiacious Majoly 
 
 (jEoiiGK Till-: FOLirm."
 
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 Return this material to the library from which it was borrowed. 
 
 *Kr.o;.. . .1 I ix "" "" "'^ various provinces of 
 
 nnu Ob ;r''f '?fi ''T ^'"'^"^"^'^ "^^^^i'^"« '^ ' -^d " '« far from 
 improbable, but that the stale of that country will m«t.n.ll„ n"^ 
 
 fluence the grain- market 
 
 of England. 
 
 ;ountr3? will materially in- 
 
 THE END OF NO. XLII.