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 vert Sissi i
 
 CONSIDERATIONS 
 
 UTILITY 
 
 NATIONAL DEBT: 
 
 AND ON THE 
 
 PRESENT ALARMING CRISIS; 
 
 WITH 
 
 A SHORT PLAN OF A MODE OF RELIEF, 
 
 AND AM 
 
 EXPLANATION OF THE SOLID INHERENT GROUNDS O* 
 
 GREAT NATIONAL PROSPERITY, THAT EXIST 
 
 IN THIS COUNTRY* 
 
 By EDWARD KING, Esq. F.R.S. and F.A-S. 
 
 Ne aut temere defperct, propter ignaviam ; aul 
 nirau confidat, propter cupiditatem. 
 
 Cic. de OHkiis, L. i. S. u. 
 
 LONDON; 
 
 PRINTED FOR T. PAYNE, MEWS-GATE, 
 1793;
 
 StacR 
 Annex 
 
 ADVERTISEMENT 
 
 c> 
 
 TO THE READER. 
 
 . 
 
 is not any conceited dejire of obtruding new 
 ideas upon the Public, that has induced me to 
 <vfnture this pamphlet into the world; but a 
 fincere ivifh to afford, if poffible, feme little, 
 affijlance to my Country, in time ofnecefftty-, by 
 communicating the refult of long and deep 
 reflections ; which thofe whom it more mme- 
 fiately concerns may makejuch ufe of as they 
 think fa. 
 
 A man. who has been accuftomed to think 
 MOST INTENTLY on a few fubjctts, is inclined 
 to do-fo on alL And fuch an habit /* INTENT 
 THINKING has long caufed me to view many 
 
 thing 
 
 1140179
 
 it ADVERTISEMENT. 
 
 things in a light fomewhat different from poputdr 
 cpprehenfions and prejudices. 
 
 I therefore deem it an indifyenfable duty, 
 At leaft to make my ideas known ; if there may 
 inly be A POSSIBILITY of their becoming 
 ferviceable, even in the leaft degree, to thofe in 
 any departments, to wbomfucb ideas, for want* 
 offuch habit, may not have occurred. 
 
 *fhat long and clofe attention which I have 
 for fo many years bejlowed in the purfuit of 
 Pbilofophical enquiries ; in the invejiigation of 
 the mojl ferious fubjeffis ; and in fearching out 
 the progrefs of arts, and improvements, in 
 fuccejfive ages ; may perhaps be found to have 
 given occajion to reflections, that may be ufeful 
 in this VERY CRITICAL JERAJ when the 
 advance ofincreafmg arts and improvements u 
 become at laftfo rapid, that the machine of the 
 Body Politic can fcarce fuftain the violence of 
 the rapidity. 
 
 EDWARD KING. 
 
 Mansfield-ftreet, 
 May 16 1793.
 
 CONSIDERATIONS 
 
 ON THS f 
 
 UTILITY 
 
 or THE 
 
 " 
 
 NATIONAL DEBT. 
 
 
 
 E 
 
 1 VERY one who is acquainted with the 
 hiftory of this country, during this 
 laft century, well knows, that the moft ge- 
 neral fubje6t of Parliamentary Declamation, 
 in times of emergency -, and the rnoft frequent 
 caufe of vulgar and popular alarm and appre- 
 henfion, has been the magnitude of the Na- 
 tional Debt .-from the time that the lay- 
 B ing
 
 ing fuch a Jirm foundation for Public Credit* 
 and for Private Profperity^ was firft ventured 
 upon, as a matter of mere necej]ity> to this 
 very hour. And the alarm, and pretended 
 danger, it may be obferved, was no lefs, but 
 even greater, when the fum amounted to no 
 more than a few millions ; than it has been 
 even in thefe latter days, when we have had 
 the fuppofed danger arifing from a weight of 
 fo many millions, continually and loudly 
 founded in our ears. 
 
 Yet all this time we have found ourftlves, 
 by the unmerited mercy and blefling of Al- 
 mighty God, notwithftanding this outcry, 
 in a flate of great profperity and plenty : far 
 beyond that which exifted before the funding 
 Jyjlcm was adopted. A profperity that has con- 
 tinued, and is ftill likely to continue; fur- 
 mounting even the dreadful fliock to credit 
 in general, which the fpeculation.of inte- 
 refted individuals (too long unheeded by Go- 
 vernment) has now at length occafioned; 
 
 in 
 
 g
 
 ( 3 ) 
 
 in confequence of their venturing to raife an 
 additional loan upon the public, of fuch enor- 
 mous bulk, as even to bear no inconfiderable 
 proportion to that of the National Debt; 
 without any adequate funds ; and, indeed, in 
 many inftances, almoft without any funds at 
 all to fupport it. 
 
 There muft, therefore, exift fome truly 
 rational caufe for this long profperity, and 
 for fuch flable fupport ; notwithftanding 
 thofe received popular prejudices, which have 
 occafioned a great National Debt to be con- 
 flantly condemned, as being the means of 
 great National danger; and the fact muft, 
 in reality, t be quite otherwife than has been 
 fo generally apprehended. 
 
 It is, I am perfuaded, fo much otherwife - t 
 that the real matter of aftonimment, to a 
 penetrating and confiderate mind, ought 
 
 rather to have been ; not that public 
 
 credit was, from time to time, jftill firmly 
 
 eftablijhed, and even extended under the con- 
 
 B 2 du<5t
 
 ( 4 ) 
 
 duft of different adminiftrations; nor that 
 the Public Debt has even born increafe, 
 without any mifchievous effects being actually 
 produced i but rather that the con- 
 tinual perfe&fafefy of Public fecurities, during 
 a long fucceflion of events, for an hundred 
 years (many of which were fully fufficient to 
 have undermined their ftability, had there 
 not been an unjufpecled fupport founded in 
 the true reafon of things), that this continued 
 fafety and {lability, mould 'never have opened 
 the eyes of a fedate thinking people ; or have 
 removed their unfounded prejudices ; fo as to 
 convince them that there had been a grofs 
 miftake in their prior reafonings upon this 
 fubject ; which were indeed originally only 
 founded |in the whifperings of interefted 
 partizans. 
 
 A miftake there certainly was ; popular ; 
 and contrived to miflead : and one great caufe 
 of it was, the mifchief anting from the mere 
 imperfection of language, and the not pro- 
 perly
 
 ( s ) 
 
 perly diftinguifhing different things, called 
 by the fame name; and therefore from the 
 confounding the nature of what was called, 
 a Public Debt, with that of a Private Debt : 
 which latter is indeed, moft truly, ever ruin- 
 ous in its own nature. 
 
 In confequence of this confufion of ideas, 
 by fuch a mere fimilitude of names ; it was 
 concluded, that the effects of a debt, fo called 
 in both inftances, muft be juft the fame. - 
 Whereas, when the matter is clofely confider- 
 ed, with regard to their immediate opera- 
 tions, and ftill more, when the remote con- 
 fequences are duly taken into confederation, 
 no two things can be more widely different, 
 or more oppoiite in their effects, than a 
 Public, and a Private Debt. For a Public Dsbt 
 may even moft truly be called a Public Sup- 
 port. And this country has really received 
 (as I am perfuaded every perfon of reflection 
 will allow, when the matter is duly 
 weighed) more benefit/raw the very exijlenct 
 
 of
 
 ( 6 ) 
 
 of the Debt alone Jimply, for this laft century ; 
 than from any of thofe vaft efforts, or im- 
 portant caufes, which, unavoidably, occa- 
 iioned either the firft beginning of it ; or the 
 increafmg of it. 
 
 To a contemplative mind, this, I truft, 
 will in the end be moft obvious : as all thofe 
 very peculiar circumftances of our long prof- 
 perous fituation ; and that moft remarkable 
 chain of events which took place foon after 
 the introducing the funding fyflem ; and on 
 which the public profperity, by the bleffing 
 and merciful goodnefs of Divine Providence, 
 is at prefcnt founded ; do moft fully prove it. 
 
 For no fooner did the Public Debt begin 
 to be funded, than a totally new, unexpected, 
 and quite unheeded fum, to a great amount, 
 was annually flung into circulation ; for the 
 encouragement of the induftrious ; and for 
 the benefit of the poor artificer. This futn 
 was, neither more nor lefs, than the annual 
 intereji paid for what was called the Debt : 
 
 which
 
 ( 7 ) 
 
 which Turn it was impofTible for the flock- 
 holders either to annihilate, or to hoard up 
 (except for -a very fhort time) ; and which, 
 therefore, from this period, conftantly went 
 forth, either to furnifh the necefTaries, or to 
 procure the indulgences of civilized life ; 
 and became an hidden fource of fupply to 
 every tradefman, and to every member of 
 fociety, who was endeavouring 'to get an 
 honeft livelihood by ingenious and -com- 
 mendable employment in various branches, 
 either of mechanical labour, of agriculture, 
 and cultivation of all kinds, or of manufac- 
 turing. 
 
 This fum, when paid annually by Govern- 
 ment, did not (like the intereft of a mere 
 Private Debt) depart from its owner for 
 ever, as a real diminution of property; and as 
 an expenditure never to be made amends for : 
 but, if the Public was to be confidered as 
 the debtor, and as paying this intereft (as 
 was moft certainly the cafe), it even remained 
 flill employed for the advantage of the original
 
 ( 8 ) 
 
 for; only in a different form, and under 
 circumftances rendering it ftill more ufeful to 
 that original pofleflbr than it had been before : 
 it being now in continual circulation. 
 
 And whilft,from the beginning of this cen- 
 tury, to this day, feffion after fellion, thole 
 who thought themfelves moft interefted in the 
 welfare of this country, were declaiming, in 
 Parliament, again ft the danger of the National 
 Debt ; and foretelling the ruin they believed 
 muft needs enfue ; and whilft every pofleflbr 
 of perfonal property in the funds was conti- 
 nually trembling for the rifk that was fancied 
 to be run j yet it came to pafs, in the natural 
 courfe of things (though moft ftrangely in 
 contradiction to popular prejudices, and to 
 the great aftonifhment of all), that, on every 
 emergency, the Public Debt was eajily in- 
 creafed, without any real lofs to individuals -, 
 and even ftill more encouragement was found 
 continually to be given, on every fuch exer- 
 tion, to every fpecies of home manufacture ; 
 and more, people continually found a means 
 
 of
 
 ( 9 ) 
 
 of obtaining an honeft livelihood, and to 
 have wherewith to pay eafily ftill more and 
 greater taxes. And, at laft, after fuch an 
 accumulation of Public Debt, as our anx- 
 ious anceitors never believed to be poiTible, 
 the nation appeared in a more profperous 
 foliation than before; and the increafe of 
 buildings, in almoft every city and town, and 
 efpecially in the metropolis j and the increafe 
 of artizans of all forts ; plainly mewed, that 
 there was ftill, in reality, no impoverishment 
 of the community -, nor any want of fupply 
 to the calls of induftrious individuals. 
 
 In mort, the progrefs of the increafe of the 
 National Debt, and the danger of the mifchief . 
 enfuing from //, has been very Jimilar to the 
 mathematical progrefs of the Hyperbola and its. 
 Or dim**: they never have met - 3 nor ever c 
 meet -, as the increafe ef the former adds fuch S/ 
 afllftances and fupports to individuals to pay 
 taxes, as will probably for ever prevent, the 
 approach of the latter; unlefs Government 
 Jofe their ufual prudence. 
 
 C This
 
 This may appear, at firft fight, to ordinary 
 reafoners, problematical ; and even parodoxi- 
 cal : but to mature confideration ; to a mind 
 capable of deep and folid reafcning, nothing 
 can furely be plainer, or more confident with 
 truth. 
 
 The folution of the whole difficulty lies 
 merely in investigating a very obvious matter 
 of fal -, which the prejudices of mankind 
 have yet been unwilling to attend to. 
 
 The whole of the riches, of any country 
 on earth, depends upon, and folely confifts 
 in, the produce of the earth j the produce of 
 ingenuity i and of the improvement of rational 
 f acuities y and the produce of induflry. But 
 this produce, be it ^by the Divine gift) 
 great or fmall, is not a quantum of riches at 
 any time capable of being hoarde^Jip in 
 chefts as it is acquired; or fuch as can be 
 returned to the earth, and buried therein : 
 but is a continual annual groivtb, to be 
 annually ufed : and therefore is, and ought 
 to be conlidered only as the mere INTEREST 
 
 of
 
 of a vaft ideal capital. A capital, which, 
 inftead of being called the Public Debt, 
 mould rather be called the Public Ability, by 
 a more right ufe of language. A capital, 
 which never did exift as one great lump of 
 gold, or clay ; or as a great treafurc of money, 
 to be actually fubdivided into a certain num- 
 ber of parts : nor ever ought fo to exift. But 
 yet which is not, according to the vulgar ex- 
 preffion, merely in the clouds; but dees exift 
 fubftantially, and moft effectually, in the real 
 gifts of God to the country. In the abilities 
 and honeft exertions of multitudes of induf- 
 trious perfons. A fubftantial treafure far better 
 than mere hoards of gold : but a treafure 
 which, in order to be enjoyed, muft have the 
 opportunity offered of thofe abilities and ex- 
 ertions being fully employed : which they 
 cannot be, unlefs a fufficient quantity of 
 floating intereft, created by and properly be- 
 longing to what is called the Public Debt, be 
 kept in continual circulation. For fliould the 
 C 2 quantum
 
 quantum of fuch interefl at any time be, in 
 the whole, too much diminished ; or be 
 checked in its circulation : or mould numbers 
 of private families, whofe property is veiled 
 the public funds, by any diminution of 
 ieir annual income, ceafe to be enabled to 
 ake the ufual calls for the various necefla- 
 *es, or conveniences, or even luxuries of 
 life; the employment of thoufands and ten 
 thoufands of people, whofe fubfiflence de- 
 pends on the trades and avocations fupported 
 byfucb ca//s, mufl ceafe; and the abilities and 
 exertions of the multitude, that were before 
 fo fully and ufefully drawn forth, will be- 
 come dormant. 
 
 It is, therefore, perhaps, by no means too 
 bold a conclufion to affirm, that, inftead of 
 being terrified with thofe falfe fears, which 
 of late have had fuch undue weight and 
 encouragement given to them ; we might 
 even juftly venture now to confider, whether 
 the National Debt is not fo far from being a 
 
 public
 
 ( '3 ) 
 
 / i- ('- 
 
 public evil ; that it might even in future be 
 increafed, on fome proper occafion, with the 
 utmoft advantage to the whole community, 
 ia every clafs of life. 
 
 Candid reflection, and long obfervation, 
 may fairly lead us to conclude, that it may 
 fafely be fo increafed; and even advantage- 
 oufly to every individual, as well as to the 
 Public ; till the whole of the Nominal Ideal 
 Capital mall be fuch, as to call forth annu- 
 ally, as the mere annual circulating intereft 
 thereof, the whole produce of the land ; 
 the whole effect of manufacturing mechanic 
 art ; and all thofe efforts of the induftriouSj 
 in every clafs, which fupply families with 
 every neceflary and convenience of life. 
 
 Till fuch a full adjuflment of the annual 
 intereft, to the Great Ideal Capital, of the ' 
 National Debt, or rather of the National Abi- 
 lity, fhali have taken place, I am perfuaded 
 every noify alarm is juft as much without 
 foundation now, as it was the firfl day when 
 
 the
 
 ( 14 ) 
 
 the funding fyftem was fo happily introduced 
 into the world. 
 
 And fuch a period of adjufltr.ent probably 
 Vt// never arrive. Becaufe the continued and 
 increafing encouragement offered to induftry 
 and ingenuity, and the fre(h demands of all 
 kinds of fupplies of provifions, and conve- 
 niences, for houleholds (whofe numbers muft 
 by this very means be conftantly increafing), 
 will moft likely ever be injuft as progrej/ive a 
 Jlate as the increafe of the Ideal Capital it- 
 fclf in confequence of the continual addi- 
 tional funding. Provided only, the increafe of 
 funding be made with caution : at proper 
 times : and merely as the increafed ability of 
 the members of the community will admit. 
 And provided the taxation confequent there- 
 upon, be contrived to be clofely connevfled 
 with the a<Tcual circulation of the intererK 
 Which latter prorifo there are means of 
 effecting. 
 
 Now let us turn our attention, and con- 
 fidcr the converfe of thefe ideas. 
 
 Had
 
 ( '5 ) 
 
 Had the ancient apprehenfions of our fore- 
 fathers, and their ftrong prejudices, been able 
 to accomplim the object of their wifhes, the 
 paying off the National Debt, in any early 
 period of its exiftence j they had not only, in 
 truth, with-held from the prefent generation 
 the comfortable increafed means of fupport 
 and employment to thoufands and ten thou- 
 fands of honeft and induftrious perfons, in all 
 the various branches of trade; but would 
 themfelves have almofl inftantly experienced 
 inoft mifchievous effects, without at all ap- 
 prehending the caufe : for they would not 
 merely have been in the fame fituation 
 they \vere (as to employment for the in- 
 dufirious part of the community) before 
 the funding of the Debt began j but 
 would have found all thofe numerous addi- 
 tional families, who had lately obtained a 
 comfortable fubiiftence, by means of the late 
 increafed circulation of property, become 
 very rapidly destitute of their ufual fupport, 
 and of their conftant employment : and thefe 
 
 muft
 
 mud either have been provided for by a re- 
 vival of thofevaft herds of Retainers, and De- 
 pendants, attending the Manfions of the 
 Great as in former times ; and by a Refloration 
 of fomethingfimilar to the ancient ReJedories 
 of monafleries, and religious houfes j where 
 fo many idle paupers were entertained : or 
 elfe the unemployed muft have been fufTered 
 to remain in their flate of indigence, till 
 their necefTities prompted them to all man- 
 ner of violence and plunder. 
 
 And if, in thefe latter ages, either the 
 falfe alarms fpread j or the infidious defigns 
 of any who are defirous to create confufion ; 
 or the miftakes of any adminiftration ; or the 
 blundering eager willies of felfiih perfons, 
 not pofTefTed of any valuable property ; could 
 affedl either an overthrow of tfie public funds, 
 or a diminution of the quantum of intereft 
 paid, and of the money which is thereby 
 annually flung into circulation ; the confe- 
 quence wouM foon be, not merely the-private 
 lofs of each individual flockholder (mofl 
 
 of
 
 ( <7 ) 
 
 of whom would perhaps find means of fub- 
 fifting, although with hardmip, and in a re- 
 duced ftate) ; but it would become the abfolute 
 annihilation of the means of obtaining bread to 
 all the poorer and induftrious part of the com- 
 munity ; who would ceafe to have their ufual 
 employment, whenever the numerous Stock- 
 holders, now fubfifting, ceafed to be able to 
 purchafe thofc neceflaries, and thofe indul- 
 gences, and comforts of life (that are pur- 
 chafed, in fo many inftances, almoft folely by 
 the annual income received from the public 
 funds). Yet thefe unhappy, induftrious men, 
 would, from miftake, on any fuch event, ever 
 be too prone to fall to murmuring, and riot- 
 ing; and into a ftate of dire conufion. And 
 as this would be the confequence of a total 
 Jubverfion of the funds* or of any confiderable 
 diminution of the intereft continually in cir- 
 culation ; fo, even thejair paying off of any 
 GREAT part of the Public Debt, would, I 
 may be bold to affirm, be no real advantage: 
 but would, in a certain proportion, caufe a 
 degree of Ji 'agnation of employment for the 
 D inferior
 
 ( i8 ) 
 
 inferior branches of mankind, that would be 
 moft feverely felt ; and would render the pay- 
 ment of the taxes THAT STILL REMAINED, 
 much more an object of complaint than before 
 any were taken off; and would make it ft ill 
 more difficult, on any emergency, to raife 
 frejh fupplies ; or to exert the Public Ability 
 with energy. 
 
 It can never be too often repeated, that 
 the general vajl circulation of the money paid 
 as public intereft, is that which principally 
 enables all orders and ranks of men to pay 
 the neceflary taxes with eafe, and to obtain 
 fuch degrees of property as to contribute to 
 frefh fupplies. Nor {hould we ever lofe 
 fight of the confideration, that the various 
 induftrious employments, arifing from this 
 circulation of the public inter eft from the funds , 
 will ever increafe fafter than the taxes drawn 
 from the perfons fo obtaining a livelihood, 
 can poffibly do : if proper prudence be but 
 ufed by Government, as to the times of raifing 
 fuch fupplies, and the degrees of their quan- 
 tum j and as to the method of rendering each 
 
 fource
 
 ( '9 ) 
 
 fource of revenue permanent ; and as to -the 
 mode of taxation ; that it may always as nearly 
 as pojfible accompany the increafed circulation. 
 
 The mifchiefs furely that would have en- 
 fued from annihilating the National Debt ; 
 or from taking any confiderable part of the 
 intereft paid for it, out of circulation $ are 
 from all thefe confiderations fufficiently ma- 
 nifeft : and we can furely no longer avoid 
 perceiving, that multitudes have adtually 
 found employment fince its exiftence, who 
 did not do fo before -, and who could not 
 have found that employment, but for the 
 creation and exiftence of fuch debt. 
 
 And as far as experiment can go, in point 
 of facl, we may add ; that thofe perfons who 
 lived at the time, and were free from preju- 
 dices of party, or narrow felf-intereft ; and 
 who were either in fuch fituations, and of 
 fuch penetration and abilities, as rendered 
 them capable of making juft obfervations ; 
 muil have been aware, what an unexpected 
 and mifcbievous fort of ft agnation, as to the 
 emoluments of the induftrious poor, the inju- 
 D 2 dicious
 
 ( 20 ) 
 
 dicious ftep of lowering the public interdl, 
 on the fuggeftion of Sir John Bernard, occa- 
 fioned in almoft every part of the kingdom ; 
 aid mud remember that event with great 
 concern : and efpecially as none of the bene- 
 fits expected ever refulted from that flep, 
 
 Befides the affirmation of all thefe plain 
 facts, concerning the utility of the circula- 
 tijn occafioned by the intereft of the Public 
 Funds, it may alfo be added ; that all the 
 prejudices exifting in the minds of thofe who 
 wilh for the annihilation of the National 
 Debt; or for the diminution of its circulating 
 interefl ; are founded in falfehood and error. 
 
 For, in the firft place, it may be obferved, 
 the polTefTor of landed property would be by 
 no means benefited by any fuch event and 
 meafures : fince long and repeated experience 
 has now fhewn, wilh regard to the real value 
 even vitbat fpecies of property, thzt the price 
 of land has, upon the whole, ever rifen greatly 
 m every county* from the time cf the firjl com- 
 mencement of the National Debt. And when- 
 ever the funds have been in their moil de- 
 
 p relied
 
 prefTed fituation ; and whenever the world at 
 large have, by mifreprefentations, been inju- 
 rioully led to have the worft opinion of their 
 fecurity; the price of land (inftead of rifing, 
 from the fuppofed fuperior advantage of 
 landed pofTeffions, as one would expert it 
 fhould do) has always fallen in the greatcft 
 degree. 
 
 And with regard to the value of the fro* 
 duce of land j and the rents at which land will 
 let to the tenant 5 it may alfo be obferved, 
 nothing can be more certain, than that the 
 great consumption of every kind of produce of 
 land is greatly increafed by thofe many work- 
 ing hands and,tradefmen, who live by means 
 of the increafed circulation of money, arifing 
 from the various expences off/jofe who receive 
 the National Inter ejl. And if that fource was 
 once dried up in any confiderable degree;-* 
 whilft the poor workman ftarved for want of 
 his ufual employ, the landlord muft lofe his 
 rent for want of the tenant finding the ufoal 
 market. And it is utterly impoffible to con- 
 ceive, that any improvement, or further
 
 ( 2* ) 
 
 tivation of land whatever, could in any fhapc 
 produce fucb additional demand for the produce 
 of the. fruits of the earth; or fuch a means of 
 paying a good price for them - y as would at 
 all make good the deficiency : whilil, as to 
 any fancied increafe of commerce, or of trade, 
 that mould occafion a fimilar demand; from 
 what quarter imaginable could it fo furely 
 proceed as from the preient caufe? Or who 
 can be fo weak as to think, that commerce 
 mould flouriih more, under the diminiihed 
 borne confumption of every article of life, and 
 under the depreffure men muft feel from find- 
 ing property, when acquired, of fo much lefs 
 value ? Or that perfons who are backward to 
 truft their money with commercial perfons, 
 on private fecurity, NOW, whilft fuch com- 
 mercial perfons are careful to give the beft 
 fecurity they can find ; would truft it with 
 them, when money mould be (as the enemies 
 of the public funds with it to be) to mer- 
 chants a mere drug. 
 
 In the next place ; as to thofe, who it is 
 erroneoufly fuppofed would be relieved, by 
 
 havin?
 
 ( 33 ) 
 
 having the payment of taxes removed from 
 their fhoulders, when the National Debt 
 fhould be, in any confiderable degree, either 
 paid off, or annihilated : nothing can be 
 more manifeft, than that the being eafed from 
 faying land-tax, houfe-tax, window- tax, and 
 the taxes on all" the little various articles of 
 houfikeeping (whatever they are) t 'would be no 
 recompence for the lofs of trade and employment ', 
 to the induftrious part of the community 
 (who are by far the moft numerous) ; and 
 would be of no fort of benefit to the reft t in 
 proportion to the advantages they would lofe, 
 as to the improvement or ufes of their pro- 
 perty of any kind. 
 
 And laitly, with regard to Government 
 itfelf : fo far would // ^from being benefited 
 by the paying off the whole, or a great part 
 of the Public Debt ; that there is every reafon 
 to believe, that in confequence of the gradual 
 Jt agnation t which muft arife/rcw the want of 
 the ufual circulation* it would be fo far from 
 being an caller matter to raife a new fupply, 
 on any preffing occafion^ or to levy any new 
 
 or
 
 ( 24 ) 
 
 Orf refti taxes, in the room of thofe laid aficfe, 
 on paying off the debt ; that the very attempt 
 to do To, would create more unealinefs than 
 any the greateft augmentation of the debt 
 has ever yet done, or can do j and that the 
 attempt to levy any taxes at all then, would 
 be attended with moie danger of inquietude 
 than even 
 
 We may, therefore, confider the Public 
 Debt, as it is too often malicioufly called ; to 
 be rather a wonderful and moft advantageous 
 mode of creation of public Jlrength and confi- 
 dence, and of public advantage -, by throwing all 
 the riches proceeding from the produce of 
 the land, the produce of the induftry, 
 and the produce of the honeft ingenuity of 
 the country, into perpetual circulation ; 
 inftead of fuffering them, when produced, 
 to moulder away, or to be laid by as an ufelcfs 
 hoard, or buried in a ftate of torpid ftagna- 
 tion. 
 
 And that indeed the Public Debt has in 
 reality, at all times, been capable of a ftill 
 further increafe, beyond all cc.mmon appre-
 
 henfion, is obvious, from what has actually 
 Jilently taken place of late years. 
 
 For whilft men have been unjuftly mur. 
 muring; and complaining of the danger of 
 funding; and talking of the impossibility to 
 Government of proceeding further in raifing 
 fupplies; private individuals have actually 
 raifed fupplies ; raifed a further fund upon the 
 Public; which even bears no fmall proportion 
 to that raifed by Government itfelf. The 
 Fund I mean, is that raifed by Provincial 
 Bankers, to a vaft amount ; without proper 
 means in general, for its fupport.^The fad 
 inconvenience of permitting this is now at 
 laft too deeply felt. And for the fake of pre- 
 venting this, indeed, thefe very remarks were 
 originally penned : but through an unwilling, 
 nefs to interfere unneceflarily, they were not 
 publifhed in their original form ; hoping 
 the evil might cure itfelf. 
 
 Mifchievous as the effect is now become; yet 
 
 it muft ftill be confefled, that even the railing 
 
 of this vaft additional fund, fo much without 
 
 E fupport,
 
 fupport, was, for a time, fo far from being 
 injurious to the community, that it was even 
 of great advantage to it. But yet furely the 
 matter ought to have been fooner attended to : 
 and the whole advantage, (fo enticing to thofe 
 who could not fupport the undertaking) ought 
 to have been to Government; inftead of being 
 to private individuals, who were thus mifled. 
 And the fecurity ought to have been from 
 Government: in which cafe all had been 
 fafe. 
 
 No fooner did a Provincial banker 
 (poflefTed at firft perhaps but of fmall capital) 
 think of adopting that plan of bufinefs, for 
 the convenience of the neighbouring country j 
 (forfo in reality it wajj ; than he procured 
 a few books of neatly engraved cafti notes, 
 for the payment of Jive pouKfij, or Jive 
 guineas each-* the leaves of which books 
 (having firft figned them properly) he; 
 proceeded to cut out -, and then got them 
 very foon into circulation; to the amount 
 pf fifty, or fixty thoufand pounds; either 
 
 in
 
 v 47 ) 
 
 returii for cam paid into his ihop; or by 
 means of engaging in various branches of" 
 merchandize. 
 
 And no fooner was this done, than he inftantly 
 deemed himfelf worth that fum : depending 
 upon the being able to keep thofe notes in, 
 perpetual circulation. For fo long as he 
 could do that, he might difpofe of the cafh 
 paid in, juft as he pleafed. 
 
 In this ftrange manner ; to the utter aflo* 
 nifhment of all who before knew him ; many 
 a man has profefTedly become worth prodi- 
 gious fums on a fudden. Manifefting plainly 
 to the world that he was foj by actually 
 purchafingland; or flock in the public funds ; 
 or elfe vetting property on private fecurities, 
 to fuch amount. And, in truth, fo long as he 
 could keep thofe notes in perpetual circula- 
 tion ; (which, from the convenience of them 
 to the country round, he had almoft reafon to 
 flatter himfelf would be for ever), no kind 
 of property acquired could appear more ftable 
 or permanent 
 
 There was hardly an tnftanoe, for feveral 
 a years
 
 years, in any one of the Cities or Towns in 
 England, of any one of thofc Provincial 
 bankers Having failed ; or even of his having 
 been in danger : although it was well known 
 fome of them did pot ftand clear of engaging 
 in branches of buunefs, in which merchants, 
 under other circumftances, have often failed, 
 for fome of the very means, by which 
 certain of thefe perfons have effected the 
 getting their ca(h-notes the more rapidly 
 into circulation, has been ; their becoming 
 themfelves, all at once, timber merchants; 
 corn merchants j miners'- and tinners; or 
 very adventurous manufacturers. 
 
 Thus, by an undertaking, which, when 
 ftridUy and clofely analyfed, is in its ori- 
 ginal really neither more nor lefs than a 
 fpecies of coining*, has a fum of many 
 millions teen raifed upon the Public ; over 
 
 and 
 
 The fame kind of mifchief exadlly, only in a much 
 more formidable degree, has now arifen from the per- 
 mitting the coinage of country bankers five pound notet ; that 
 arofe formerly, in a fmaller degree, in confequence of per- 
 jitting to country tradefmen, tbeafiua! ctinaje of money ;
 
 and above tbefum total of the National Debt. 
 
 For all the total amount of the principal 
 
 fums poffefled by the numerous, and now fo 
 
 long profefledly rich Provincial bankers, is 
 
 really only an additional public fund: an 
 
 additional fupply drawn from the Public: the 
 
 exceeding utility of which, if it had but 
 
 been founded on a fair and juft fupport of 
 
 fubftantial funds, would have bsen moft 
 
 manifeft; inftead of our experiencing any fuch 
 
 injury from it, as we have now perceived. 
 
 Moft true it is, that without the help 
 
 of this very mode of increafed circulation, 
 
 there would long ago have been a moft 
 
 mifchievous ftagnation in every County 
 
 in England; juft fuch as we unhappily find 
 
 there is now. And the payment of rents, as 
 
 well as the negotiation of bufinefs, would have 
 
 fHH fooner become a matter of great difficulty. 
 
 Befides which, there would have been, for 
 
 hy means of their being permitted to iflue forth, what 
 were called TiaJesmt>fs Tokens ; the vaft variety, and 
 cumbers of which, and their once general circulation, is 
 well known to the curioiu, 
 
 want
 
 ( 30' ) 
 
 want of thefe banking notes, a mod horrible 
 increafe and influx of thofe fort of dangerous 
 negotiable bills, the uncertainty of the- 
 fecurity of which has often occafioned fo 
 many bankruptcies; and has afforded fo terrible 
 an opportunity of fraud. 
 
 Another confiderable fum, funded upon the 
 Public, has been, that raifed for the making 
 and fupporting the feveral turnpikes, and 
 canals in the kingdom. And I might indeed 
 mention very many others befides. 
 
 Yet all thefe new funds have ftill been 
 found advantageous (in many refpe&s) in their 
 effects. What then is the concluiion ? Why, 
 plainly, that an increafe of funds there mujl be 
 in fome fhape or other, if property is to be 
 maintained. 
 
 And that, in (hort, in the regular courfe 
 and nature of things, all property is verging 
 towards the becoming, openly, and clearly, 
 what the deepeft reafoning and reflection 
 will teach us it muft in its very propereft 
 cfTence be : that is, a matter only of exaft and 
 
 regular
 
 ( 3' > 
 
 regular PUBLIC ACCOUNT. The whole 
 ANNUAL PRODUCE of the country, in every 
 
 Jhape, BEING FLUNG AT LAST INTO 
 CIRCULATION, BY WAY OF MERE IN- 
 TEREST OF A NOMINAL CAPITAL; and 
 
 the property, and the right of each individual, 
 to hisjhare of the v aft principal, correfponding 
 to his foare of the inter eft, being fecured BY A 
 POSITIVE CLEAR ACCOUNT, like that of the 
 Bank, and of Bankers - 3 fubjett to no prevarica- 
 tion or deceit : but for ever under the public eye, 
 and open to the fair eft injpfflion, 
 
 The whole annual income of every man's 
 property, in whatever fliape it may have been 
 vefted, ought perhaps, in the eye of truth, 
 juftice, and reafon, to become as accurately 
 aftated account, under the eye of Government ; 
 as his expenditure at his private banker's 
 now is, under the eye of each banking houfe ; 
 and as his prefent pcfTeffipn of any mare in 
 the funds is, under the eye of the bank. 
 
 Whenever this vaft idea concerning the fta- 
 bility of property is realized in practice; which 
 I am perfuaded it will and mufl undoubtedly 
 
 in
 
 ( 3* ) 
 
 be in the end: cither by gradual ileps arifing 
 from mere neceffity ; fimilar to thofe whereby 
 the funding fyftem has firft been made known ; 
 Or elfe by means of wife and cautious opera- 
 tions and plans of Government : when once 
 this is brought to pafs: it will effectually 
 put a flop to thofe formidable evils, that 
 have hitherto been fo injurious to the 
 community ; the pqffibility of bankruptcies ; 
 and of frauds t either in titles to eftates, or 
 with regard to the Public finances ; and even 
 to the poffibility of forgeries. 
 
 To explain all this ; (although it may be 
 fully and accurately done, upon the moil: 
 mathematical principles), would not only 
 now be premature ; but would render thefe 
 obfervations too tedious; and be moreover 
 beyond the immediate purpose of them : which 
 is; after having previoufly (hewn the firm 
 foundation of what I have ventured to aflert 
 as a matter of the utmoft import, namely, 
 that the "National Debt is NO INJURY; ought 
 not to fa MATERIALLY LESSENED- andmay y 
 wen with advantage to the whole community. 
 
 L.
 
 ( 33 ) 
 
 be HEREAFTER INCREASED); tO fuggeft to 
 
 the public con fi deration, in the end, a few 
 thoughts concerning the methods that may 
 be ufed to reftore a free and confidential 
 circulation of bills and notes : and to 
 recover, with increafed benefit to the whole 
 community, and to Government, the advantage 
 hitherto fo fadly loft* by permitting Provincial 
 bankers virtually to fund fuch immenfe 
 Aims of money: of which funding, 
 Government itfelf ought to have had the 
 original benefit on the one hand j and to have 
 rendered the effe&fafe to every individual on 
 the other. 
 
 Firft, however, I muft ftill venture to 
 make one more material obfervation. 
 
 It cannot have efcaped the penetration of 
 a thoughtful mind, on confidering this fub- 
 jecft; that, after all, however advantageous 
 the continuance, or even increafe of the Na- 
 tional Debt may be, on account of the increafed 
 circulation of the annual produce of the country 
 in every Jhape and mode-, yet that one objec- 
 F tion
 
 ( 34 ) 
 
 tion may arife, from the fharc foreigners are. 
 permitted to have in the funds : who, when 
 tbey receive the intereft paid, may carry it 
 entirely out of this country, to be flung into 
 the circulation of property in another coun- 
 try, inflead of being cpntinued here. An.d 
 who, alfo, in confequencepf being permitted 
 to have a vail degree of property thus vefted, 
 might, on any ir.t^rc fling emergency, greatly 
 depreciate the value of the funds, by- felling 
 out immenfe fums. But to ttyis it may furely 
 be anhvered; that, in gcneial, the difadvant- 
 age arifing from foreigner^ haying fuch a 
 {hare, is perhaps more than counterbalanced 
 by the advantage which conffantly accrues to 
 Public credit ', by their pouring money and pro- 
 perty from abroad, thus continually into 
 the circulation in this country. 
 
 And if, at any time, the wifdom of Par- 
 liament ihoula fee fit to diredt the interejl 
 paid on any of the great increasing fums, 
 vejlcd in the hands of the Commijjionersyfor the 
 purfofe qf Liquidating the National Debt, to 
 
 ceafe
 
 ( 35 ) 
 
 'ceafe being applied to the further liquidation 
 'thereof: and inftead of Continuing to be added 
 yearly, as it now Is; towards 'diminifoing the 
 debt; to be wifely ufed for any other purpofes : 
 then, arid in fuch cafe namely, in any period 
 when the number si foreign proprietors of 
 flock mould be found on the whole no great > 
 and any ways difadvantageous to the country, 
 on the account above mentioned ; the applica- 
 tion of the interefi of thofe vaft Aims hitherto 
 appropriated to fuch liquidation, might be 
 applied to the paying off foreign ftockbolders* 
 without arty injury to fuch foreigners; and 
 even with their fulleft approbation; and 
 to their utrnoft fatisfa?on : by the 
 commirlidners being impowered, by Par- 
 liament, to give public notice of their 
 intention to purchafe the Jkares of foreigners 
 tnfy, for foine time to come. And then, after 
 fuch purchafe, by fuffering the annihilation of 
 fo much ftock to take place, and the intereft 
 to ceafe only there. By this means, the part 
 of the Debt annihilated will be continually 
 F a that
 
 ( 36 ) 
 
 that alone, the intereft of which was n6t in 
 circulation, in this country. 
 
 And even fuppofmg that by fuch notice, 
 an opportunity mould be given to fuch 
 foreigners, to take advantage of the times > 
 and to make profit ; yet it would only make 
 them the more fatisfied to truft us on future 
 emergencies : and the lofs to the Public would 
 be trifling in companion of the real gain* And 
 any fteps foreigners might take, if they 
 thought it defirable to do fo, to counteract; 
 this meafure, would only tend to raife the 
 value of the remaining Public Funds, and to 
 increafe Public Credit. 
 
 Having made this one laft obfervation, 
 .1 proceed to fuggeft the plain hints I 
 mentioned. 
 
 Notwithstanding what has hitherto been 
 fo inadvertently permitted to he done by 
 Provincial Bankers, in getting fuch vafl num- 
 bers of their five guinea, and five pound notes, 
 into circulation, to the amount of fuch an 
 immenfe fum > nothing can be more clear, 
 
 upon
 
 ( 37 ) 
 
 Upon the moft fundamental principles, thafl 
 that theifluing out Q{ any notes for general cir- 
 culation ought to be as facred to Government* 
 and, under its authority, to thofe whom it 
 {hall depute ; (that is, in the prefent ftate of 
 things, to the Bank of England) -, as the 
 iffuing out of gold or iilver coin is facred 
 to Government ; and to the Mint at the 
 tower. 
 
 A contrary fyftem has inadvertently been 
 permitted to go too far. It may, however, 
 probably, be fet right even yet, greatly to the 
 advantage of Government, and for the Public 
 welfare, by degrees. 
 
 Confidering therefore Government, and the 
 Bank of England, as one body, or at leaft as 
 clofely united in one common intereft : what 
 I would venture, in the fir ft place, to propofe 
 is as follows. 
 
 I do not mean to propofe, that any ftep fhould 
 
 be dire&ly taken to controul, or to reftrain 
 
 Juch Provincial bankers, as can by the aid 
 
 now held out keep their ground; but I wifli 
 
 10
 
 ( 38 ) 
 
 to propofe, that Government iliould, bf a'# 
 of Parliament, eftablifh henceforth a pubtik 
 banking houfe in each of the feveral great 
 provincial cities arid towns; under fhecondu<^ 
 and direction of Commiffioners, orGovernors^ 
 and of proper public officers, to conduct thd 
 bufinefs; in the fame manner as the bufineft 
 is conducted at the Bank of England j and 
 with the fame caution ; and under the fame 
 kind of controul. And that thefe banks 
 fhould have the power of iffuing out, under 
 the fan&ion of Gzvernmenf, and the Bank of 
 "England^ five poundv and five guinea notes; 
 for value received : to be rn' perpetual 
 circulation, like bank notes. 
 
 Thefe banks would be no more ah 
 infringement on the remaining profits or 
 advantages of the Provincial bankers, thafi 
 the fetting up of any new banker in each 
 town at any time is. Which is continually 
 done at pleafure : and has ever been deemed 
 an advantage to the Public circulation. Arid 
 the fuperior credit, and fecurity of fuch Public 
 
 Bank
 
 { 39 ) 
 
 Bank Notes, would foon caufe them, of 
 courfe, to be preferred -, and filently to come 
 into general ufe, more than the Provincial 
 bankers notes ; and would give the Provincial 
 tankers time to retire, and to fecure their 
 acquirements. 
 
 And then, after that, as the next ftep: if the 
 Provincial Bankers notes do not of themfelves, 
 and without any noticebeing taken of them, 
 go out of ufe, and fo leave the greateft benefit 
 of this increafed fund to Government : and 
 if others will ftill venture to increafe fuch 
 impofition on the public; then the next 
 ftep, in due time, may be, for Parliament 
 to prohibit any notes for general circulation, to 
 be at all iffued out, except by Government, 
 1 and the Bank of England; juft as gold or 
 filver coin is prohibited to be coined for 
 circulation, except by public authority : but 
 at the fame time allowing all drafts upon 
 Provincial bankers, fuch as are now drawn 
 upon bankers in London, to pafs from hand 
 IP hand, juft as they now do : which kind of 
 
 drafts
 
 ( 4 ) 
 
 drafts will, in reality, be fufficient to fupport 
 all the juji advantages and profits of the 
 Provincial bankers, upon exactly the fame 
 fcale with the prefent advantages of bankers, 
 in the moft capital banking houfes in 
 London. 
 
 And, after fuch prohibition, let all notes 
 TOR GENERAL CIRCUL AT ION be taken from 
 the offices of Government, and the Bank of 
 England only, for value paid down in cajh, 
 juft as bank notes are taken out from the 
 Bank of England. 
 
 By this means, the whole power of 
 coining and iffuing notes will be henceforth 
 referved, as it ought to be, to Government,; 
 and to its proper agent, the National Bank of 
 England; jufl as coming of money is kept facred 
 to Government; and to its proper agent, 
 in that inftance, the Mint, in the tower. 
 A power moil necefiary to be referved, 
 jn this manner, for the facred firm 
 eilablimment of all private property. And 
 pill the advantage of the vafl fums funded 
 
 virtually
 
 v { 4I ) 
 
 virtually by the ifTuing out of notes needful 
 for the increafed and increafing circulation 
 of property ; and the fyftem of things that 
 will gradually take place by this means ; will 
 facilitate the bringing to pafs that deferable 
 great event ; which is indeed haftening for- 
 wards even of itfelf ; and which will in the 
 end be found the greateft and beft fecurity 
 of all private property; the rendering the 
 WHOLE a matter of public and moft certain 
 account. The final accomplishment of which 
 event, is a thing that will be above all 
 others, furely, the moft confiftent with the 
 true abArac} idea of fecure and permanent 
 property, 
 
 In the next place, it may now be fuggefted, 
 as a matter well deferving.the consideration of 
 the legislature AT. THIS ALARMING CRISIS; 
 whether it may not become expedient, on fuch 
 a great emergency as the prefent, to depart 
 from the rule, fo lately ejlablijhed, of appro- 
 priating a certain fum annually, for what is 
 called the liquidation of the National Debt: 
 G an4
 
 ( 42 ) 
 
 and in/lead of that appropriation, to direct 
 THAT VERY SUM to be appropriated, for a 
 year or two, through the medium of the Bank of 
 England, for the purpofe of increafing a more 
 exten/ive and free circulation offae pound bank 
 notes, tofupply the prefent deficiency of currency ; 
 by means of lending fuch five pound notes to a 
 certain amount, TO THE SEVERAL CORPO- 
 RATIONS of great manufacturing townst 
 
 UPON SUFFICIENT SECURITY FOR PAYING 
 THE INTEREST OF THEM ONLY, AT SOME 
 FIXED ADEQUATE RATE, FOR EVER, AS 
 A STATED REVENUE; UNLESS THEY ARE 
 ABLE, AND VOLUNTARILY CHOOSE, TO 
 PAY OFF THE PRINCIPAL. 
 
 AND UPON SECURITY, THAT THEY 
 WILL FROM YEAR TO YEAR, FOR EVER 
 DURING THE SAID SUMS BEING CONTINUED 
 IN THEIR HANDS, EMPLOY THE SAID BANK 
 NOTES, AND THEIR AMOUNT, SO ADVANCED 
 
 BY GOVERNMENT, ONLY IN DISCOUNTING 
 THE BILLS OF PERSONS OF CREDIT, 
 ACTUALLY ENGAGED I> T THE SEVERAL 
 
 BRANCHES
 
 ( 43 ) 
 
 BRANCHES OP TRADE IN EACH OF THOSE 
 RESPECTIVE MANUFACTURING TOWNS; 
 
 at fucb eafy rafes, as may merely be fufficient to 
 raife a proper income for paying the appointed 
 inter eft to Government , and for paying the 
 Jlipends of fucb officers and clerks as Jhall be 
 found needful to tranfacl the bujinefs. 
 
 And, at the fame time, in order to prevent 
 any dangerous, or infidious run upon the 
 Bank, in confequence of this increafe of 
 notes ; to declare, by Att of Parliament, all 
 notes of the Bank of England t to be lawful 
 current payment t without difcount t the fame as 
 gold andfifoer coin is. 
 
 If fuch a ftep as this is taken ; even in cafe 
 the principal money, fo lent, is never paid 
 by the refpedlive corporations ; yet the 
 money fo lent, and which is now applied 
 merely to the liquidation of the National 
 ' Debt, will never be materially miffed : and 
 will be applied to at leaft as benejidal a furpofe 
 as it now is ; and the annual interefl of the 
 money fo lent, will become no inconfiderable 
 objecl: to Government. 
 
 G * A better
 
 ( 44 ) 
 
 A better plan may perhaps be devifed : 
 but the circulation of fmall bank notes, more 
 largely, and freely, under the authority of 
 Government, and the Crown, as a real Jpecies 
 of com* becomes more and more necefTary 
 every day. 
 
 This medium of the Bank, authorized by 
 the Crown, and by Parliament; and thefe 
 notes from ONE fource onfy; ought ever, it 
 fhould feem, to be the unfhaken fource of the 
 circulation of all folid property ; as much as 
 the Mint in the tower, and gold and (ilver 
 coinage is : which latter fpecies of circulation 
 alone can never afford a fufficient currency in, 
 this great and commercial kingdom. 
 
 A circulation of currency more freely in 
 fome (hape or other, proportionable to the 
 immenfe property it contains, this country 
 mud have ; or elfe its wealth rnuft Stagnate ; 
 its operations and energy be ftifled; and it 
 muft periih. - 
 
 The danger and mifchief of felf-created 
 currency, without proper funds, is now 
 generally felt. There is danger, alfo, more
 
 ( 45 ) 
 
 than I can properly exprefs for cboofe properly 
 to exprefs, on this occafion), in the mere paper 
 currency of an unfunded debt: as there is 
 alfo a 'want of its being fufficiently extenfive; 
 or (which is more to the purpcfe), fufficiently 
 fubdivided into fmall fums. 
 
 The real relief \ therefore, muft be an 
 fxtenfton of currency, only with fufficient 
 funds and liability. A currency of the fame 
 kind in effecT:, but far beyond it in liable 
 fupport, with that, which has fo fadly, and - 
 fo raflily been lately, in a private manner, 
 attempted-, and fo inadvertently permitted to 
 go forth in the country at large ; without 
 fuch fufficient funds and ability. 
 
 he Crown, with the advice of the 
 Jegiflature; and byitsfole proper inflrument, 
 the Bank of England (through whofe hands 
 mujl ever unavoidably pafs the greateft part of 
 z\\ perfonal property ; which muftever increafe 
 far beyond the pojjibility of the extent of any 
 other property); Tbe Crown can alone give fuffi- 
 cient (lability, and fupport to this mofl neceflary 
 
 part
 
 ( 46 ) 
 
 part of the vital motion, in the Body Politic. 
 and for want alone of the fupport of this 
 vital motion and circulation, there is now 
 danger of fuch a mortification, and ftagnation ; 
 as muft bring on diffolution ; as effectually as 
 a mortification does in the natural body. 
 
 This country is, in reality, in this 
 inftance, fomewhat in danger of fuffering, if 
 not even of periming, by a political mortifi- 
 cation. 
 
 The wifdom of Parliament, we have every 
 reafon to believe, will finally adopt feme 
 method of relief, more advantageous and 
 effectual than can be fuggefted by any private 
 individual. But, whilft I exprefs the moft 
 earned wifhes for fuch relief, I may venture to 
 add, that there is not furely any danger that 
 the adopting fuch a method ofredrefs as I have 
 ventured to propofe, {hould be injurious j 
 cither by promoting a mere paper currency -, or 
 by giving an opportunity, at any future time, 
 for a run either upon the Bank in London, 
 or upon the Government Banking houfes in 
 
 the
 
 ( 47 ) 
 
 the country : becaufe, in reality, a paper 
 currency does now, at this prefent moment, 
 actually take place, even under the moft 
 disadvantageous circumftances ; as much as it 
 ever can do under the moft advantageous 
 
 This, every man who receives rents, or 
 the- iflues of any property either in the 
 country, or by remittances/row the country, 
 in any part of this kingdom, can teftify. 
 And it is moft true, that even this fort of 
 paper currency -, (thus imprudently allowed, 
 on the foundation only of accident, and for 
 the fake of fupporting merely the private 
 interefts of Provincial bankers, without any 
 proper funds) has yet proved not only of 
 great advantage to the public for a time; 
 inftead of being of any detriment ; but of Jo 
 much advantage; that the country cannot 
 well contrive to do without it : or indeed at 
 all carry on its commerce, and ufual inter- 
 courfe, without fomcthing fimilar fubftituted 
 
 in its room, 
 
 Let
 
 Let us, therefore, ere it be too late, allow 
 ourfelves to think very clofely and deeply 
 on the fubject ; and to lay afide inveterate 
 prejudices; and to free ourfelves from deeply 
 rivetted, mere popular errors. 
 
 The true interefl of a country can never* 
 confift in cherifhing even the leaft of fuch 
 errors; anymore than the perfection of man's 
 underftanding confifts in cherifhing the 
 imaginations of childhood. 
 
 Let us, cautioufly, inftead of being guilty 
 of fuch inadvertency, exert ourfelves 3 guard- 
 ing diligently againit the infidious arts of 
 thofe.who would, at any time, avail them- 
 felves' of fuch popular prejudices, and of 
 temporary accidents, to deceive : and thank- 
 fully confidering, as we ought, that Almighty 
 God has indeed bellowed innumerable, and, 
 if it be not our own fault, inexhauftible 
 bleffings upon this country. 
 
 We may, by wickednefs, blundering, and 
 error, become felo defe : but we may boldly 
 truft, upon the moft rational grounds, and 
 
 frore
 
 ( 49 ) 
 
 from every appearance of things -, that if we 
 do not forfake God, and by neglecting to ufe 
 our understanding aright, feek our own ruin, 
 He will not forfake us ; nor withdraw His 
 fupport from our affe&ionate and gracious 
 Sovereign, who has fo conftantly ftudied to 
 make his welfare confift in the welfare of 
 his people. Neither will the Almighty 
 Goodnefs fufFer a land, whofe inhabitants 
 will but continue to be induftrious, and 
 iincere, to be confounded -, but it is to be 
 hoped will yet, of His great Mercy, blefs 
 fuch land with continued profperity. 
 
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