A Dispassionate
REMONSTRANCE
OF THE
Nature and Tendency
O F T H E
L AW S now in FORCE
FOR THE
Redu£tion of Intereft;
AND. THE
Confequences that muft inevitably flow from
them, if continued in their prefent Form.
WITH
A Propofal for univerfal and immediate Redrefs,
by alleviating the Burthen of the People in ge»
neral, compleating at once the Reduc^tion pro-
pofed, rcinitating the Parliament in its Power
of Redemption, giving better Satisfadion to the
public Creditors, and providing more efFedtually
for the Support of the Crown.
Humbly addreffed to the Commons o? Great
Britain in Parliament aflembled.
LONDON:
Printed for J. Robinson, at the Golden-Lion in
Liidgate-Street. m.dcc.li.
( I )
HJ
se' '
A DtSPASSIONATE
REMONSTRANCE, ^c.
ON E of the great advantages of
a fubjed:, under a free govern-
ment, is thfe liberty he enjoys of
exhibiting his complaints when aggrieved,
and expoling the hardfhips he thinks him-
"^ felf unjuftly, or unduly loaded with. One
" of his greatefl obligations is that of reveal-
ing and publifliing whatever may come to
I' his Knowledge for the good of the com-
^ munity, of deteding and explaining what-
^ ever he fhall underlland to have a tenden-
j^x;y contrary to the public benefit and ad-
'^ vantage. This is his duty as a member of
^ fbciety ; and, in proportion as he conforms
to, or deviates from it, he merits the cha-
B radter
420767
( 2 )
radter either of a true and zealous friend to
his country, or of a negligent and unwor-
thy member of the republic.
The redudion of interefl on that part
of the national debt, which had been con-
tracted by the government at the rate of
four, to three per cent^ was undoubtedly a
matter of the greatefl confequence to the
nation. It had fo manifeil a tendency to
tile, general benefit, that nothing could be
thought more patriotic. The very attempt
of fuch an alteration, in fo large a part of
the public property, wherein fo many thou-
fands were interefted, ought to -be confi-
dered as great and noble in itfelf. ■*
_ Bu T it has happened, that what has been
done towards the accomplifliment of this
great purpofe, is in danger of falling fliort of
,the public expediation. This fad, fo boldly
,;iffertcd, is not the lefs true for having been
little fecn and adverted to. We doubt not
to make tliis appear, in the following pa-
ges, to the judgment of every intelligent
•,;jLpd impartial reader. If it Ihall be found,
^tiiat calamit}% rather than redrefs, is likely
to fiov/ from the reduction-laws, as they
now
(3 )
now ftand, the author of thefe papers will
contribute nothing to the difcovery, but a
bare expofition of fads, as they have actual-
ly paft, and of the confequences that muft
unavoidably refult from them.
In the mean time, it is here folemnly
declared, that there is no intention, in the
prefent undertaking, of promoting the views
of any particular party, or of impeaching
the charadler of any perfon, in public or
private life, who might be concerned in
promoting laws, which, at the iirft glance,
have fo falutary an appearance. If any
man fuffers, it will be accidentally only j
and he will be the beft judge, whether the
errors afcribed to him were the effeds of
overlight or deiign. A regard to the pub-
lic good is the fole motive which adds one
more to the great number of writers on
public affairs. It is, indeed, the fole mo-
tive, which ought to be of weight with au
honeil and independent Briton.
It is moft extraordinary, it is matter of
the utmoft furprife and aflonifliment, that
though more than a year has now pafTed
fjnce this affair of the redudtion of intereil
B 2 has
(4)
has been brought qn the carpet, and the
ads relating to it havie begun to take ef-
fed:, no body feems to have difcovered,
or fufpedted the incompetency of thp
projedt, which is become legally binding
upon all who have fubfcribed to it. Is it
credible, that in a country which yields the
palm to no other, for men of the greatefl
abilities, in thp knowledge of commerce,
credit, circulation, and public accounts, not
one fhould have yet appeared, who has ex-
amined a matter of this great importance to
the bottom, and viewed it in all poflible
lights ? And yet, ftrange as fuch a pofi-
tion may feem, nothing has hitherto ap-
peared that may enable us tq deny the truth
of it.
How cqmes this veil to be fpread over
the eyes of Britons ? Is it blindnefs ? Is it
infatuation, that has taken this univerfal
poficfTion of our minds ? Are we deter-
mined to let all things proceed juft as they
may ? to receive and give efficacy to every
crude propofal that comes recommended
under the fandion of great names ? If fo, it
muft be acknowledged, that we are funk
into a ftatc of moft deplorable infenfibillty.
It
(s)
It is certain we did not, when the projed
of the prefcnt laws firft appeared, pay much
regard to the complaints of individuals, who
were to be eventual fufFerers by the rcducr
tion of intereft : but, who would have
thought we fhould be fo regardlefs of the
public, as to be utterly inattentive to the con-
iequences that may affed: it, in an affair of
fo great cpnciprn ?
The author of thefe flieets, not find-
ing himfelf difpofed to enjoy any part of
this fallacious fecurity, has had recourfe to
the power of numbers, in order either to re-
move his own fufpicions, if irnaginary only,
or to fpread the neceflary alarm of the ge-
neral danger, if this was difcovered to be
real. He was fully convinced by repeated
experiment, that it behoved him to en-
gage in the latter talk, ungrateful as it
might be to himfelf, and unwelcome as it
muft unavoidably be to the patrons of
the new laws. In lliort, he found that,
by the fcheme now in force, the public
would be deprived, in a part of its mem-
bers, of 580,000 1. per annum ^ it has hi-
therto received 3 and yet, that it would not
foliedtively p.btai^ the leaft general equiva-
lent
(6)
lent for this partial injury. Nor was this
all : it likewife appeared to him, that in
order to raife this fum of 580,000 1. which
is actually flopped, in its wonted circulation
to thofe members of the community who
have a fhare in the public credit, the whole
nation does not pay lefs than double that
funi, or J, 1 60,000 1. per annum.
He has had frequent conferences upon
this fubjeift with a gentleman, his moft ho-
noured and refpefted friend, who, already
in the meridian of hfe, has diftinguifli-
ed himfelf equally by his vigilance and
abilities in many weighty affairs. This
gentleman, whom he will not offend
by any more direct indications, but who
will be fufhciently known by thefe pe-
culiar character iflics, has been pleafed to
beflow fome calm confideration on the fol-
lowing propofals and calculations : the rc-
fult of which has been, that he thinks them
not only plaufible, but folid ; worthy to be
read, not merely as matters of amufement,
but to be weighed with folemn deliberation,
on account of their manifefl: tendency to,
public utility.
But
(7 )
But this, which fome may already think
too much, though to the judicious it will
appear no more than was necefTary, fhall
fuffice by way of introdudlion. Let us now
proceed to the fads and calculations them-
felves.
The debts of the nation, contraded at
the intereft of four per cent, amount to a-
bout 58,000,000.* By the redu<flion of
thefe to an intereft of only three per cent.
there will be an annual faving to the public
of 580,000/. What more delirable could
be done, in the prefent ftate of the nation.
* The feveral fums of the national debts, which carry an
intereft after the rate of four pounds per cent, per annum,
are precifely as follow :
L s. d.
To the proprietors of certain annuities
payable at the Exchequer 3 1 2,000 o o
To the governor and company of the
bank of England 8,4.86,800 o O
To the proprietors of certain annuities
transferrable there 18,402,472 o 10
To the Eall India company 3,200,000 o o
To the S. S. Company, and the proprie-
tors of the old und new S. S. annuities 27,302,203 5 S\
Total with an intereft of 4/. /'rr£-«!/'.^fr«»i:. 57,703,475 6 4I
which
(8)
which groans under the burthen of tht in-
terefl: only, with fcarce fo much as a diftant
profpc<ft of ever redeeming the principal ?
A BtiL w^s prepared for this purpofe,
and brought into parliament by thofe mini-
fters who were concerned in the admini-
ftration of the public revenue* In conjunc-
tion with thcfe, appeared a diftinguifhed
patriot, whofe judgment, in matters of
this nature, has for many years had great
weight with the public. This propofal was
received by the Icgiilature, with all that ea-
gernefs and fatisfadion that might be ex-
pe(5ted in the reprcfentatives of a peo-
ple, whofe burthen they (hared, and were
concerned to alleviate, the firft opportu-
nity that fhould offer. The good difpofition
of the commons, in embracing a projedt fo
vifibly calculated for a general benefit, can
never be fpoken of with too much applaufe
and gratitude,
It is well known, however, that the
gentlemen who compofe the lower houfe of
parliament, are moil of them defcended
from anticnt families, and live on their pa-
trimoiii;il cflatcs. They are unacquainted
with
(9)
with iigures and calculations in matters of
fo complicated a nature, as the prefent ac-
cumulation of public debts. They relied
therefore with the utmoft confidence upon
the men of bufmefs among them, who,
they trufted, had fully confidered the matter
before they moved for bringing in the bill.
There was room to hope in thefe circum-
flances, and in this temper of the houfe,
that no confiderable obflrudlions would a-
rife againft the pafTing of this bill into a
law. In fad, it went through both
houfes with fuch diligence and expedition,
that but little was known of the contents
of it without doors, and that to a few only,
who had not time to conlider it coolly, and
publifli their objedions againft it, before it
received the fandion of royal authority.
The fame Induflry was vifible in the pro-
moters of this ad, when it came to be car-
ried into execution. What happened par-
ticularly, on that occafion, is fo frefh in e-
very man's memory, that it is needlefs to ex-
patiate on it in this place. One circum-
ftance, however, was fo very remarkable,
that it muft not be palTed over in filence,
even in this fuccind relation,
C The
( 10 )
N
The proprietors of the funds, apprehend-
ing tliat they were feledted from all the refl
of their fellow fubjeds, to bear alone the
whole weight of the redudlion ; and con-
<::eivirig, that this lingular hardfliip was un-
•jiiftly impoled on them, after they had fo
•readily advartced their money to fupply the
public neceflities, in times of war and
rebellion, were greatly alarmed, and en^
deavoured to communicate their own fenti-
Tnents of this fevere treatment to the whole
nation. They even hinted, that, by this
m^afure, a breach was made in the public
f^th, which had hitherto been the great
bank of fecurity to nejir 80 millions of pri-
vate property. They argued, that, at this
rate of proceeding, the minifters might think
proper, a few years hence, not only to make
tinother redudion of the intereft, but to de-
falcate as much as they pleafed of the prin-
cipal like wife. They pleaded, that, if this
law 'took effed, fome fort of indemnity or
■advantage ought to be given to them, as an
-equivalent for what they Were to fufFer, and
to fupport the fmall annuitants, on v/hom
this blow would fall mofl heavily, under the
diflrcfs into which they muft inevitably be
^ iT preci-
{ " )
precipitated. But all thefe allegations were
difrcgarded, under the pretence, that pri-
vate benefit muft ever give way to the pub-
lic utility. All the methods that could be
thought of were put in pradice, to forward
and facilitate the complete execution of this
at^. The public creditors were flattered
and cajoled to induce them to comply with
a law, which, tho' adually pafled in all the
forms, was to be obligatory only upon thofe,
who fubfcribed their acquiefcence in it.
Even compulfory means were not omitted^,
in regard to fuch of thefe creditors, over
whom the miniflry had a compulfive power.
But tho' all thefe engines were fet on
work, and plied with the utmoft diligence
by the minifterial agents, the grand fcheme
proceeded at firft but very flowly, and their
was fmall probability that it would ever an-
fwer the end propofed. At this crifis, on
the 6th of February 1749-50, a pamphlet
made its appearance, which was univer-
fally afcribed to the fame eminent patriot,
whofe concurrence with the miniflry pro-
cured fuch a quick paffage through the
houfe to the law itfelf. The miniftry
depended much upon the aliiilance they
C 2 Ihould
( X2 )
fTiould receive from this performance ;
which, fuch was at that time the credit
of the author, did not in the leaft balk
their expedations. It was anfwered in
vain by another gentleman, famous alfo
for his fkill in political arithmetic
As recourfe may fljU be had to this piece,
we fliall be the more fparing in the extrads
we make from it. In one part of it, are
thefe words, " This maxim cannot be de-
" nied, that no money ought to be raifed on
" the people, but what is employed for the
" good of the public i and, confequently,
" that no more than is npceflary fhould be
" paid for intereft, becaufe that is raifed on
" the people."
This is a frank declaration, and the truth
it contains is undeniable : bwt how little the
pro)e(fl, which it was calculated to promote,
is founded on this maxim j and confequent-
ly, how little folidity there is in the ufe that
was here made of it, will be flievvn a little
further.
The poor annuitants, proprietors of the
funds, had butfmall comfort from this pub-
lication
( 13 )
lication. In anfwer to their complaints and
remonftrances, they were coldly given to
underftand, in the fame language that had
been before orally ufed, *' That the parlia-
" ment cannot, without injuftice to the pub-
" lie, confider the cafe of private perfons,
" however pityable, to the prejudice of the
" public." But this aflertion is entirely delufive,
fince it imports no lefs than an affirmation,
that the parliament was bereaved of its au-
thority to make fuch conceflions, and grant
fuch indemnifications, where juftice feemed
abfolutely to require them, as might in fomc
meafure be adequate to the hardships impo-
fed by this new law. It was very plain,
from the univerfal companion that was rai-
fcd towards the poor fufferers, that it would
not have been difficult to have found fome
means for their relief. Every individual of
eafy fortune, and humane difpofition, would
have been ready to concur in any meafure,
and to contribute to any expence, that might
have been requifite for this purpofe, not lefs
equitable than charitable.
The remainder of this memorable pam-
phlet is employed in menaces of a treatment
yet more fevere, which thofe were to ex-
pedl
( ^4)
pe<5l who fufFered the time, limited by the
new law, to elapfe without fubfcribing.
This was alfo extending to the bulk of un-
influenced creditors, an artifice, which had
been previoufly pra(Stifed upon fuch as were
dependent.
These menaces, which were uttered
with an air of authority, had a moft extra-
ordinary effect. ^The herd of poor proprie-
tors, who knew the worfl of what was al-
lotted for them by the law then in force, but
could not forefee how much this feverity
might be enhanced by a fupplemental ad,
were terribly frightened, and ran precipitate-
ly to accept the prefent articles, by fubfcri-
bing their feveral fhares of property in the
public funds.
The opportunity, which now prefented
itfelf, was too fair not to be improved : the
Bank was perfuaded, by a little proper ma-
nagement, to give the whole affair a recon-
fideration j the confequence of which was,
that the corporation now fubmittcd to thofc
very terms, which it had before rejeded as
unjuft and unreafonable. The other mo-
nied bodies, following the example of this,
it
( 15)
it appeared, on the laft day of February,
1749-50, that not more than 16 or 17
millions, out of the whole 58, remained to
be fubfcribed.
It is averred, that the managers, ihi/hed
with this great fuccefs, refufed to admit a
confiderable number of perfons who offer-
ed to fubfcribe. This was undoubtedly
done to punifh them for their tardy obedi-
ence. Nothing now remained, when the
day which limited the firft fubfcription was
over, for thofe who unhappily had either
negledled to fubfcribe, or been rejected up-
on their appearance for that purpofe, but to
undergo the penalty they had been threa-
tened with in the minifterial Conjiderations.
So great a majority of the public creditors
was already obtained, that the vengeance
would not have been fufficiently exemplary,
had it extended to a much fmaller part of
them than are now obnoxious to it.
The fame induftry, which had proceed-
ed thus far, loft no time in procuring
a fecond ad, whereby the fentence of
the non-obfequious proprietors was open-
ly pronounced. It contained in fub-
llance.
( i6)
fiance, that the 3^ per cent, which was
granted to the fir ft fubfcribers for feven years,
fhould be given to thefe for five years only i
nor was their principal to be irredeemable
for any longer time. But, on the other
hand, this ufage was the more fevere, as
mapy of thefe non-conformifts were -fo-
reigners, fome of whom had not fufficient
time to receive advice of the parliamentary
offer, to confider it maturely, and to tranf-
mit the proper inftrudtions to their agents or
correfpondents in London.
Thus, by thefe two acfts, which received
their currency from the fair charad:er, both
for knowledge and integrity, of one perfon,
the Britifli Parliament, the only uncontroul-
able power in thefe iflands, a power which
knows no fuperior under the fun, an afi^em-
bly which, in the juftice and redtitude of
its decrees, the magnanimity and generofity
of its grants, was never equalled by any o-
ther fenate, antient or modern, gave a fanc-
tion to a fcheme, which, however repre-
fented by the propofers, will appear, in
the nature and tendency of it, to be, at
bcft, but an infufficicut contract betwixt
the
(17)
the public and the public creditors. The
honour of the nation is the more concerned
in this confideration, for the reafon juft gi-
ven J becaufc they are not native fubjedts
only, but many of them foreigners, who
cannot be fuppofed to be aduated by
any other motive, tlian a reliance on par^
liamentary faith, that the terms of their
firft Gontrad fhall invariably fllnd good,
that ire implicated in the confcquences of
-thefe new laws, which have, in fad, given
a new conftitution to the national credit it-
iclf:
It is furely wnWorthy of the dignity of a
Britifh Parliameht, and therefore what can
never be fuppofed to happen, for this great
Jfegiflative body, wittingly and knowingly, to
clofe with any projed or propofal, that is
not vilibly calculated for public benefiti
But, at the fame time, it is very poffible for
a few men, who either impofe on them-
felves, or would gladly impofe on others by
calculations, to introduce, under the moft
plaufible pretences, fuch fpecious reprefen-
tations of the public grievances, and their
natural remedies, as may mifguidc the wif-
D dom
( x8 )
dom of the nation, and occafion a fatal er-
ror in the efFed, where there could not pof-
libly be any in the defign. And whenever
this has happened, and the knowledge of it
chas been made pubUc, it never was thought,
"it never Ihould be thought a derogation from
-that wifdom, that it condefcends, upon this
after-view of things, to corredt thofe mif-
takes, which are always infeparable frorA
human nature, even when it appears in the
greateft perfe(3:ion in fuch illuftrious afleth-
bles. This, is, indeed, ftill to purfue the
public good in preference even to the prefer*-
vation of a charader, to which fuch an af-
fembly, of all the focietics on earth, has the
fairefl pretenfions. -.'ir; ^inofrr
Whatever, therefore, may be the opi^
nions, or views of particular perfons ; what-
ever fupplemental fchemes they may have
to propofe, in order to glofs over the defedls
of one that was fundamentally wrong, it is
not to be doubted but that, if any thing bet-
ter can be offered as an alternative to the
whole projed:, which now begins to take
cffed, it will be accepted, and fubftituted
in its room. It is in this confidence, that
we
{ 19)
we venture to proceed to fome farther ex-
planation, and examination of the two adts
in queftion.
It appears by the firft of thefe a<5ls,
that the plan for the redudlion of inte-
rcft was artfully contrived, and rendered,
by the very conftrudtion of it, very much
perplexed. The term of feven years, dur-
ing which this law was to be executing
itfelf, before it could take full efFedl, in-
volved fuch variety of intricate calculations,
and gave fo many different views of the fub-
jed:, that there was not one in a hundred
of thofe concerned, who could arrive at a
clear and competent knowledge of the rea-
fons, upon which he was folicited to
give his afTent. A large portion of faith, in
their wifdom and forefight, purified from
all mixture of criticifm, was all that was
required upon this occafion.
Whether any other views were veil-
ed under this difguife, and if any, what
they were, this writer does not pretend to
fay. They themfelves, who introduced this
plan, befl know what they intended by it.
D 2 But
( aa )
put to any cpnfiderate perfon, who is not iw
their fecrets, it muft appear, that their aim
was to continue the railing of all taxes that
were neceflary before a reduction was talker
pd of; that is, 580,000!. a year, more
than will b0 wanted at the end of fcver^
years, and 290,000!. immediately, comr
mencing with the prefent year, when one
half orjy of the intended reduftion begins
to take placf. Of the latter, at l^aft, there
can be no doubt, fince nothing is faid in
^ither acft concerning the prefent eafeofthe
people. N^i/j it is even ordered and ap?
pointed, that all the prefent taxes fhall be
continued, as a fecurity to the proprietors^
and that the furplufes or favings fhall go tq
the linking fund, and be applied towards the
difcharge of the principal of the national
debt.
But how far fuch a method of proceeding
is confonant with the public good, to which
all new regulations refpedling the public re-
venue, ought to have an obvious and cer-
tain tendency, we may leave thefe gen-
tlemen themfelvcs, who have made this
( 21 )
great alteration in the nature of property,
to declare and explain.
To continue taxes, when there is no po-
fitive need of them, is a moil enormous in-
juftice done to the people, and a wanton a-
bufe of power in thofe who are invefted
with it : and that there was not, on this oc-
eafion, the leaft need to continue fuch part
c)f the taxes, as m}ght be found equivalent
to the favings, which the redudion would
immediately caufe, is demonftrable beyond
all controverfy.
• What is it that th^fe gentlemen mean
by the public good ? Is the language of
placemen apd their agents to be always un-
intelligible ? Till they explain themfelves
fully and candidly upon this fubjedt, other
perfons will ufe the right, which they na-
turally have, of judging agreeably to the in-
fornriation of their fenfes. The vulgar have
no idea of public good, where the people
do not receive fome adlual and politive be-
nefit, or, at leaft, are not relieved from fome
burthen, under the weight of which they
hav« been opprefTed and ai5i<^ed.
Whei^exn
( " )
Wherein confifts the fpcclal favour of
having our principal made irredeemable
during the term of fcven years, when by
the other condition, annexed to this, we arc
aflured, that it is only to reduce the value of
our property at the end of thofe feven years ?
If one thoufand pounds have been hitherto
worth to me forty pounds a year, and I had
reafon to think, before the promulgation of
the redudiion laws, that it would continue
of the fame value to the end of my life, or
as many years as the principal remained un-
difchargcd j it could certainly give me no
true confolation to be informed, that, at the
end of one year, my thoufand pounds fhould
be worth but thirty- five pounds per ann,
and at the end of feven years more, thirty
pounds per ami. only : with this extraordi-
■ary addition, that it is granted to me, as a
particular indulgence, not to have any part
of my thoufand pounds reimburfed till the
end of thofe iewen years, when my money
will have adually loft one quarter part of
its value : for fo I muft efteem it, tho' the
nominal fum ftill remains the fame s becaufe
it will bring me in only three fourths of the
income.
( 23 )
income, which I received from it before the
pafiing of the laws in qucftion.
And the hardfhip of my cafe is ftill aggra-
vated, if I am obliged to refled, that, while
my income is thus curtailed, my neceffary ex-
pences muft unavoidably continue the fame':
which will moft certainly happen, while no
provifion is made to leiTen the number or
quantity of thofe taxes, which enhance to
me the price of almoft every commodity,
that I can eat, drink, or wear. And I have
the further mortification to know, at the
fame time, that this advanced price does not
confift merely of the money that goes to the
fervice of the government, to pay the inte-
reft or principal of the national debt, but
that it is doubled by the charges of collect-
ing, and the extraordinary profits exacted by
the importer, manufadurer, or retailer, up-
on whom the colledlion is immediately
made, before any of the goods thus taxed
;can come into the hands of the confumer.
If the public utility had been chiefly in
view, it might have been eafy immediately
to have relieved the people, in the whole
fum of 580,000!. a year, to which the fa-
viiigs,
iu)
.vings, at the end of fcven ycarsi WiW isr
mount. In this cafe, there was nothing to
be done, but to remit taxes in thofe particu-
lars where they arc moft burthenfome, to
the value of thefe 580,000 1. clear produce
in the exchequer, and to have taken from
the finking fund (which might better have
jfpared it for this purpofe, than for any others
as being more agreeable to the original in-
tent of its inftitution) the fum of 290,060 Is
9. year, during the feven years, in which the
half above three per cent, is to be continued^
^$i tfee principal to remain irredeemable.
The very relinquiHiing the power of re-
demption, to which the finking fund was
appropriated, in regard to fo large a portion
of the national debt, as 58 millions, and for
a period fo long as feven years, does of itfelf
fufficiently fhew, that a more proper appli-
cation of the produce of that fund, during
the time in which the primitive ufe of it
was in a manner fufpended, could not pofli?
bly be made or thought of*
But when we come to confider, that, in
order to raife the 290,0001. by the prefent
method, the fumof 1,160,000/. mufl be an-
nually
( 25 )
riually levied upon the people, which we
fhall by and by demonftrate to be the real
cafe, this fingular method will be the more
vifible, and cannot but flrike every reader,
who has. either an intereft in, or a concern
for the eafe and felicity of the fubjcds of
Great Britain.
The pretext for continuing the fame le-
vies on the people, as formerly, was, that by
fo doing, the finking fund would receive zn
annual increafe of 290,000!. during the
feven years' next enfuing, and of 580,000 1.
afterwards :. which fums flill accumulating,
and being added to the other produce of that
fund, would make a very fpeedy progrefs
in difcharging the principal of the national
debt.
This is very plaufible in theory, and
might have been fo in practice, if no
more than the bare fum, accounted for in
the treafury, were to be raifed on the peo-
ple j and if the relief of the people, who
have fo long groaned under the prefent bur-
then of opprefTive taxes, c^jd not deferve to
be firfl:, and chiefly confidered, in a projedl
of this nature. But fince the apologifl of the
E new
{ 26 )
new laws has himfelf plainly acknowledged,
in the words we have quoted froni him, the
neceflity of paying this primary regard to the
cafe of the people ; his own fcheme may be
produced againft him, as not having the leaft
immediate tendency towards this falutary,
and mofl delirable purpofe. And that, in
order to raife 290,000 1. the people actually
pay 1,160,000 1. a year, will more fully ap-
pear as we proceed.
Such ufage as this, from men who
by their polls and ftations ought to be the
patrons of the public, cannot but be re-
fented wi:h great indignation, if it fliould
be fo undairftood by the injured people.
A nation of flaves, under the moft mer-
cilefs of tyrants, would fcarcely meet
with more fevere treatment, than Britons,
who call themfelves free fubjedls, have
inflicted on them by the prefent fyftem.
We are jufl emerged from a bloody, expen-
live, and unfuccefsful war, which induced
fuch an increafe of the former national
debt, as now requires an additional load of
998,000 1. a year, to pay the intereft of it
only. The conditions of the peace, by
which we are difengaged from that war,
were
( 27)
were very much unlike fuch as Britons ufed
to fubmit to. They were, indeed, impofed
upon us by necefTity, at a time, when we
were reprefented, at leaft, as utterly incapa-
ble of continuing the war any longer. And
in fuch circumftances as thefe, inftead of giv-
ing thofe fubjed:s, who had fo chearfully
fubmitted to the burthen of fuch extraordi-
nary and ineffedtual expences, that relief
to which they had a natural claim, it
fhould feem ungrateful, by a refined flretch
of politics, varni{hed over with an un-
fubftantial pretence of the public benefit,
to contrive a continuance of the fame load,
which themfelves had acknowledged to
be intolerable, and urged as the motive of
their accepting fuch terms of peace, as were
by no means to the honour or advantage of
this nation.
The finking fund itfelf, to which the
290,000 1. a year, pretended favings, are or-
dered to be added, has, for many years, been
the moft convenient and ufeful implement of
minifterial hocus poms. The fmall addition,
which this fund will annually receive, with-
in the feven years, will be attended with, and
even produ(5tive of a real lofs to the nation of
E 2 4,060,000 1,
( 28 )
4,o6o,ooo 1. in the whole fevcn years, as will
alfo be fhcwn in its proper place, by an
Uncontcftable ftate of the affair in plain
numbers.
And furely the public creditors themfelves,
who advance'd, in times of neceflity, the fe»
veral fums which conflitute the capital of thd
national debt, or are the reprefentatives of
thofe who advanced fuch fums,' are not 'un-
worthy of confideration, as a diftiridt body,
in a fcheme which fo much affe(5ts their pro-
perty, as this for a general redudion of inte-
reft upon the loans at 4 per cent. But how
different from this is the prefent ftate of
things, when, tho' the people in general are
not relieved, a new grievance is impofed on
this fet of men, who had all the fecurity of
public faith in their favour ? How cruel
is fuch a fyftem, which, under the fair pre-
text of public utility, confers no real be-
nefit on the whole community, and yet in-
fli(fts a new hardship on fo confidcrable a
part of that community, as the body of pub-
lic creditors !
It is neceffary to make one more remark,
that is too important to be omitted, before
we
( 29 )
we proceed to the eftimates, whkh the rea-
der, doubtlefs, by this time expeds :
The law for the redudlioi:i of intereft, as
it now ftands, contains in it fufficient matter
of provocation to deftroy the whole credit of
this nation. If that fatal effedt has not hap-
pened, we muft afcribe it rather to an acci-
dental felicity, than to any prudential mea-
fures that were taken to prevent fo woful a
confequence. This felicity feems to have a-
rifen chiefly from the ignorance of thofe,
who are . interefted in . this event; but did
not difcover vail "the danger they were run-
ning themfelves: into/ r It "may not be de-
cent, after fuch 'an affurance, as has lately
been 'given us, 'to affirm, t that our* credit'
both abroad and ' at home, tho' . it is not
ruined, hath greatly fuffered by the pre-
vailing fyftem. - But a man, who* has made
diligent inquiry on this fubjeil, may, how-
ever, fafely a'iTert, that, whatever the mana-
gers affed; to fay, he has not been able to
difcover any inftances of ncVv life aad fpirit
acquired to this credit. ■/ •
The two ads being immediately in force,
upon their firll promulgation, muft inevita-
bly
{ 30 )
bly be executed, in their full extent, as they
have already begun to be during the laft year,
unlefs fomething better, without delay, can
be fubftituted in their {lead. By thefe laws,
the prefent ftatc of the whole bufincfs is
briefly this:
The reduAion they eflablifh is of i per
cent, on about 58 millions of capital, which
amounts to 580,000!. a year.
One moiety whereof, being 290,000 1. is
referved to the proprietors for feven years,
by the payment allotted them of i half /^fr
cent, during that term : And the other moiety
or 290,000 1. is ordered to be added to the
finking fund, as an increafe of that pro-
vifion, for liquidating the capital debt.
The alteration, which was fuperinduced
by the fecond ad:, in contradling the feven
years, granted to the firft proprietors, to five
only, for thofe who had till then flood out^
is not taken notice of in thefe calculations, to
avoid perplexity. The number of fubfcri-
bers to the lafl conditions is but fmall, in
comparifon with thofe who accepted the firfl ^
and the difference, upon the whole, is too
incon-
{ 30
inconfiderable to be worthy of notice in a
general view of the fubjcft.
These premifes being admitted, thecal*
culation in fhort flands thus :
That a faving of 580,000/. per annum
amounts in fcven years to 4,060,000 jT.
That half that fum is pafd
to the proprietors, and, in the
courfe of feven years, amounts
to 2,030,000 jT.
And that the other moiety,
which goes gradually to the
iiicreafe of the^ linking fund,
will confifl likewife of 2,030,000 ^.
Th I s laft fum may be very eafily mif-t
taken, by the unwary, for a real faving to
the nation of 2,030,000 /. To obviate this
fallacious idea, it is necelTary to take notice,
that the account here is only fuch as it ap-
pears in the tranfadions betwixt one office
and another ; as, for inftance, betwixt the
Exchequer and the Treafury. It regards on-
ly the net receipt at thofe offices, and is no-
thing but a mode of keeping their accounts
clear with each other.
What
( 32 )
What concctns^ the. nation is another,
and a quite different thing. The queftion
here is, to know how much is adtually raifed
upon the fubje(ft, and how far that fum is,
in reality, employed to the public advan-
tage* Perhaps an exaft calculation of the
grofs fum, annually raifed, is not practi-
cable by any perfon, except by thofe who
are converfant in the public offices. And
how very fliy thefe gentlemen are in com-
municating fecrets of this nature, is well
known to all who have had occafion to ap-
ply to them, on particular articles only« As
this knowledge, therefore, is wanting, we
mufl make ufe of the beft means of infor-
mation that are left in our power.
It is the opinion of fome gentlemen, who
have Written very judicioufly on public af-
fairs, that the monicsr raifed, and colle<fi:ed
by taxes from the people, amount to near
three times as much as the fums that arc
brought into the Treafury, under the title
of net produce. The reafons they give for
this opinion, arifin^ from the great number
of officers employed in the coUedlion, from
incidents, from extraordinary but unavoid-
able
( 33 )
able charges, have greatly the air of plau-
fibility.
But,, that We may hot be fufpedled of
a defign \q exaggerate the matter, we will
embrace the more moderate fuppofition.
Which puts the monies paid by the people
at the rate only of two for one, of what is
accounted for in the Exchequer* This will
be fufficient for our prefent purpofe; If a
redrefs of the matters complained of fhould
be taken in hand, it will be eafyfor our le-
giflators to come at all the exadnefs that is
neceflary, by ordering the proper accounts
to be laid before them. Taking the pro-
portion then to be, as here ftated, only two
for one, it will appear.
That to raife 580,000 A
upon the fubjedl, for the
payment of intereft money,
there muft be paid, in reali-
ty, by the people, no lefs
than double that fum, which
amounts to, per amium, 1, 1 60,000 jf.
And this being continuec^
for feven years, will give the
prodigious fum of 8,120,000^.
F The
( 34 ) 1;
The contrivers of the prc-
fent fyftem have applied one
moiety of the net produce, or
$90,000 /. a year, to the pay-
ment of the I half per cent,
intereft, which, in feven years
makes 2,030,000 jT.
So that the remaining 6,090,000 ^,
levied on the fubjeift, upon account of the
fuppofed necefiity of railing that moiety of
the net produce (the other moiety of this
produce, not being at all wanted for any
current fervice) are abfolutely extorted from
an exhaufted people, to anfwer no prefent
good purpofc. And if from thefe 6,090,000/.
we dedudl the other moiety of net produce,
or 2,030,000 /. more, there will ftill remain
4,060,000 /. which are abfolutely over-
raifed on the public, and cannot anfwer any
purpofe at all, prefent or future, except that
of continuing and increafing the general op-
preffion and diilrefs.
It is ebvious from thefc remarks, that
twice as much money is raifed on the peo-
ple, as is fufficient both to pay the i half
per cent, intereft, and make an annual ad-
dition of 290,000/. to the finking fund,
: even
( 35 )
even fuppofing this method of proceeding
had been moft eligible. But fince it has
alfo been fliewn, that it would have been
much better to take the interefl money
from the finking fund, and relieve the peo*-
pie, than to make an addition to that fund,
by continuing the burthen of all the prefent
taxes, the confequence naturally is, that the
whole 1, 1 60,000 1. which is annually levied
upon the people, under the pretence of pay-
ing only 290,000 1. a year, is altogether
needlefs, and can ferve only to keep up a
number of ufelefs officers.
And here the pidure arifes frefh to the
imagination, whether we feek it or no, of
the deplorable ftate of Great Britain, at the
time when this power is thus exercifed by
her unfeeling tafk-mafters. The war, from
which we had been releafed but little more
than a year, had left us loaded with fuch a
new burthen of debts, as required but two
thoufand pounds lefs than a whole million
annually, to pay the additional interefl: only
of thefe moft recent anticipations. Was
this a time, either in prudence or policy, in
juftice or humanity, to think of introducing
fuch a new ftate of the national debts, as
F 2 would
{ 36 )
would deprive the proprietors of thofc debts,
who arc no inconfiderable part of the na-
tion of 580,000!. clear revenue, without
eailng the whole community, of which
they are members, in the value of one {bil-
ling yearly ? Surely no. Will not the con-
trary appear, in this treatment of a generous,
brave, and loyal people ?
How fuch a Project as this could be
formed, is in itfelf amazing : and it is yet
piore amazing, hovv it could be fwallow-
cd by the multitude, under the colourable
pretext of a national benefit.
These afls have already been in force
one whole year, and by the execution of
them, 580,0001. are in reality loft to the
public. The reafon of this is plain, though
the redudion even of the firft half J^er cent-.
did not take place within that year. For,
if it had been a fundamental article of thofc
laws, that the people fhould be immediately
relieved (as doubtlefs it ought to have been)
the taxes continued for the payment of the
intereft /hould have been immediately taken
off, and the one per cent, for the year juft
elapfed.
■( 37 )
dapfcd, as well as the one half per cent, for
the fubfequent feven years, have been if-
fued from the finking fund, on the fuppo-
fition, that the other conftituent parts of
thefe laws had been the fame then, as at
prefent. But it is demonftrable, that even
this would not have been the bell way of
attaining the end propofed ; and we fhall
prefently fhew, that it was very pradicable
to relieve the people, to complete the re-
duction at once, to continue the right of
redemption in the parliament, to give better
fatisfadtion to the public creditors, and to
provide more effectually for the fupport of
the crown, all by one fimple and plain law,
not lefs intelligible, nor lefs practicable, than
the laws now in being.
As this better method, however, was
not embraced at firft, and the damages that
have hitherto accrued to the public are ir-
retrievable, the beft that can now be done
is to flop the progrefs of a growing evil, by
a new redreffing law, which fhall correCl
the fundamental errors of the laws now in
force, and procure all thofe folid advantages
that are jufl new enumerated from the pre-
^ ^ent
42076^
( 38 )
fcnt time, not only through the limited
term of feven years, but for ever after.
In a word, the hardfhips now impofed
on the nation, though perhaps not hither-
to feverely felt, are of fuch a nature, that
they muft conftantly increafe in the prefent
courfe of things, till they become intoler-
able. They ought not to be continued,
therefore, any longer than juft while a re-
medy can be applied, unlefsj the policy of
the prefent times be utterly to opprefs and
difcourage the people, and deflroy the trade,
credit, and real property of the nation.
In the prefent Hate of the 58,000,000,
there remains only about 7,000,000 un-
fubfcribed, under one or the other of the
laws of lafl feflion. In this 7,000,000 if
we comprehend the ilock of the South Sea
Company, coniifling of about 3,600,000 1.
there will then remain only 3,400,000 1. or
thereabouts, of unfubfcribed annuities : for
which, without queftion, there is fome ex-
pedient under confideration, to bring the
proprietors of fuch annuities to a compli-
ance, under the guife of fome fpecious fa-
tisfa<ftion.
It
( 39)
It is univerfally certain, however, that
when any work or project is originally
wrong in principle, it cannot be fo amend-
ed, repaired, or fupplied, as to make it ef-
fectually anfwer all the fame good purpofes,
as a work or projed:, that is at fir ft con-
certed with better judgment, and has a more
ihort and natural tendency to reach the
grand obje(5t in view.
It is prefumed, that enough has been
already faid to demonftrate the pernicious
tendency of the laws that are in force by
the two adls of laft feflion j laws which are
now executing every day, and muft con-
tinue increafing the fatal effedls of their o-
peration to the end of the term prefcribed
by them, unlefs an immediate ftop be put
to that operation, by fubftituting a more ra-
tional and falutary law in their ftead.
Th e femonftrator proceeds therefore to
propofe the remedy he has thought of; the
plan of a new law, whereby all the grie-
vances induced by the former laws may be
redrefled : and he humbly hopes, from the
known equity of the Britifh parliament,
the
(40)
the interefl which many of the members
who compofe it have in fuch redrefs, and
the tender regard they all pay to their con-
conftituents, that a remedy, which is de^
monftrably attainable, will be approved and
applied ; unlcfs fomething better fhould
flart, upon this review of the fubjedt, that
would more efFe(5lually anfwer the fame
purpofe.
This propofal is, that, in order to reduce
immediately the interefl from four to three
per cent, upon all the debts bearing four
per cent, to the end of the laft year, and
amounting to about 58,000^000, for whicli
grofs fum the interefl of per cent, only, pro-
pofed to be taken off or reduced, amounts
to 580,000 1. a year, an offer be made to
the proprietors of the funds, creditors of
the public in the faid debts, whether they
have or have not fubfcribed under the laws
now in being, that, on accepting, by a cer-
tain limited time, an interefl after the rate
of only three per cent, per annuniy commen-
cing from Chriflmas lafl, and to be redeem-
able by parliament at pleafure j they fliall
have a premium, by way of indemnity for
their lofs of one half per cent, for {Qwtn
years,
(41 )
years, of four pounds per cent, on every?
hundred pounds of their principal : and
that this premium fhall be given them by
a negotiable lottery ticket, original value
eight pounds capital, upon which an annual
intereft (hall be paid of three per ce?it. ac-
cording to the value it ihall bear among the
prizes, when determined by the drawing.
To be intitled to which ticket, every pro-
prietor fliall advance to the government the
other four pounds, which, with the gratuity
or premium, make up eight pounds, the
original worth of the ticket, at the time of
receiving the faid tickets
There feems no room to doubt, but that
this propofal, when thoroughly confidered
and well underftood (and it fcarcely can be
miflaken, when confidered) will be accept-
ed by all the proprietors in general, be-
caufe the premium of four per cent, is to be
given at once, and is one half per cent, more
than what has been granted by the adls now
in force, to be paid gradually in the courfe
of feven years, at the rate of only one half
per cent, per annum. This needs no farther
explanation, it being obvious, at the firft
glance, that one half per cent, per annum, is
G only
(40
only three and a' half per cent, in the whol6
/even years. We may fairly add, that four
fer cent, immediately advanced, is wortH
more than it would be in feven diftin<ft e-»
qual payments, at the diftance of a yea^
from each other : confcquently, that the
four per cent, premium, propofed by this
method, is really more than one half^^r cent,
better than the three and a half granted
by the prefent laws, which can truly be
fated only as fo much to be advanced at the
diitance of three years and a half from this
time, which is the medium betwixt the
prefent and the expiration of the feven years,
limited by the parliament for the payment
ti that fum.
Now, as it IS not cuflomary for mankind
(efpecially in an age, which cannot be called
the moft difinterefted) when an alternative
is offered to them, to refufe the moft ad-
vantageous part, and embrace that which
is the leaft beneficial 3 we may fafely con-
clude, that this propofal, which, in fuch
different refpcfts, is manifeftly preferable
to the grants contained in the prefent laws,
will meet with all the fuccefs that can be
defircd.
( 43 )
dclired, in order to fix, at once, the new
terms betwixt the public and the public cre-
ditors, without the auxiliary reinforcement
of new contracts, new adts of parliament, or
new claufes in the ordinary ads of fupply.
Add to this, that the very projed: of a
lottery, in which there will be fuch a mul-
titude of chances, cannot but have its allure--
ments in the prefcnt age. We fhall demon-
flrate, as we proceed, that thefe allure-
ments are not more fallacious than thofe of
any other lottery, that has been inftituted by
authority ; and confequently, that they can-
not have any fignal bad efFed:, either upon
the difpofition, or the property of the peo-
ple of Great Britain.
The legillature, by paffing fuch a new
law to redrefs the overlights of the
laws, now in force, will add a frefh tef^
timony to the many that have already dif-
tinguifhed the prefent parliament, of that
iuftice, magnanimity, conflant attention, and
Jincere regard to the whole community,
which ought ever to chara(fterize the repre-
fentatives of a free commercial people. The
G 2 Com-
( 44 )
Commons of Great Britain will openly ac-
knowledge, that, tho* they were prevailed
on to give a fandion to a projcdl lefs con-
ducive than they had imagined to the end
propofed, and attended with greater diffi-
culties in its progrefs to that end ; this was
merely owing to the edrneft reprefentations
of men, of whofe abilities in fuch matters,
and integrity in general, they had fuch an opi-
nion, as not to fufped: they could be milled
by fubmitting to their guidance. They will
fhe\V, that, in order to obtain a redrefs of
grievances, nothing more is necejfTary than
to make a decent and perfpicuous exhibiti-
on of them : that the mere miflake, if it
really were fuch, of thofe who refufed the
terms offered by the former acfts, becaufe
they thought them not altogether equitable,
or agreeable to the public fecurity, by which
their property was held, is not, in the opi-
nion of a Britifli fenate, a fufficient motive
to preclude them from all compaffion.
In a word, fuch an emendatory law will
do equal credit to the good fenfe, the
juftice, and the humanity of the Britifli par-
liament.
It
( +5 )
i
It will, at the fame time, re-eftablifh the
honour and credit of the nation in foreign
countries, where, in the opinion of perfons
who have only the common information of
their fenfes, it hath certainly fuffered very
coniiderably.
May a few words more be added on this
fubjeft without danger of offence ? to pre-
fcribe, or even to advife, might here be in-
folence ; but to fuggeft, to make an hum-
ble tender of opinior^s which are founded on
experience, will, it is hoped, be thought
excufable.
It may fometimes be prudent, where the
end to be obtained is great and important,
not to prefer the moft frugal means to thofe
which afford the fairefl profpedl of fuccefs.
In the prefent cafe, than which a more im-
portant can fcarcely ever arife, the principal
object is to make the fuccefs entire and cer-
tain, upon terms the mofl equitable to all
the parties interefled in it : and if this can-
not be done, in every refpedt, with all that
ccconomy which might be defired where
the
(+6)
the ultimate point is to favc, it is fubmitted
to- fuperior judgment, which of the two
ought to be riiked, the completion of the
whole work, or the chance of a little extra-
ordinary expence in the progrefs of it.
We will only jufl add, with regard to
lotteries, that they arc not always of fuch
pernicious confequenccj as the prejudices of
our political reafoners aifedt to make them.
§ome perfons, it is true, may, by every
fcheme of this kind, obtain particular advan-
tages to themfelves. But why fhould thefe
be grudged, provided they are moderate,
when the projed: they necefTarily attend is
obvioufly calculated for the public utility ?
That this is the cafe, in the propofal now
under confideration, has we prefume, beei^
iTiade fufficiently apparent.
If this redrefs fhould take place, the pro-
grefs and effed-S of its operation may be thus
calculated.
The premium of four per cent, on 58
millions, tho' borrowed on anruiities at three
per cent, is in reality laid out, and advanced
to
( 47 )
to the proprietors, as an indemnification fot
their lofs of one half per cent, in feven fuc-
ceflive years. The whole amount of this
premium is 2,320,000 1. of which the year-
ly intereft is 69,600 1.
And if taxes, to the full value of 580,000!.
a year, are taken off, from the inftant that
this redrefling fcheme begin&.to operate (as
in juflice they ought to be, fince the necef-
fity of levying them will no more exift) ther^
will be juft an equal fum faved in the term of
two years, in dilburfement from the people,
to counter-balance this defed: in the income
or receipt at the Exchequer. This is per-
fedly intelligible, and fets the whole affair in
a clear and impartial light, without the leafl
referve or collufion. The gvernment do, in-
deed, ftand chained with a new rent of
69,600 1. a year, for interefl of the premi-
ums advanced : but what is this fum, when
weighed againfl the more weighty confider-
ation, that the government will remain for
ever difcharged from an interefl of 580,000!.
a year, and the people from the adlual pay-
ment, to make good that intereft, and the
charges of colledling and incidents, of
1,160,000, 1. at the firfl hand : that is, ac-
cord-
(48 )
cording to the mode and proportion, where-
in all perfons are afFedled by the taxes they
pay to the government, whether more or lefs
may be finally received in the treafury, as
the net produce of thofc taxes ?
There cannot be the Icaft reafon, there-
fore, to apprehend, that any new burthen
will, by thi&^ method, be impofed on the
public, or that the reduction of intereft will,
be paid for too dearly, by the eflablifhment of
this 69,6001. a year i fince it is asmanifeft,
as numbers can make things appear, that
580,000 1. vifible ilTue from the treafury,
and double that fum, or 1,160,000 1. cer-
tainly drawn out of the pockets of the peo-
ple, will, from that inftant, be faved to all
perpetuity. If this propofal (hould be em-
braced, there will, indeed, be grateful ac-
knowledgments due to providence,which has
pointed out fo falutary a remedy for our pre-
fent bleeding wounds ; but no caufe for re-
pining at the expencc that will be incurred,
in effedting fo capital a cure.
Let us expatiate a little on the advan-
tages, which mufl unavoidably flow from
a gene-
f 49)
a general redrfefs, in the manner here pro-
poied.
It is not to be doubted, but that the re-
dud:ion will univerfally take place, except
perhaps for the capital flock of the South
Sea Conipany : and, if this exception fhould
adually ftand in the way, it may not be a-
mifs to leave the original fund in the primi-
tive ftate of its firft inftitutionj if it is the
company's right.
ITh e parliament, by fuch a law as is here
propofed, will refume the right, of which
it ought never to be deprived, nor can be
deprived, otherwife than by its own autho-
rity, of redeeming, when it pleafes, any part
or parts of the national debt, by a reimburfe-
ment of the capital loan. This right, by
the laws now in being, it has entirely given
up.
As there will be 580,000 lottery tickets,
/or each of which the proprietors are pe-
remptorily to advance four pounds to the
government, this will immediately raife
2,320,000!. for the public fervice, the ap-
propriation of which may, and ought to be,
H entire-
( so }
(jiitiiely at the difpofal of the parUanicnt.
This fum ought to be confidered as fo much
borrowed on annuities of three per cent, to
be employed for the fervice of the nation,
and in eafe of the fubjedt, with regard to
fuch taxes as are mofl burthenfome. What
thofe taxes are, private judgment, after in-
timating as much as becomes it, muft fi-
lially be left to the colle(5tive wifdom of the
nation. But certain it is, that fo large a fum,
however employed to the relief of the peo-
ple, mufl be productive of great, and al-
mofl unfpeakable advantages.
It may be objecfled, **That 580,000 will
be a moft enormous number of tickets j that
the fhare of them, which muft fall into the
hands of thofe who have large property in
the national debts, may become a burthen
and incumbrance inftead of a benefit j and
that the tedious inconveniency of drawing
fo many tickets will give difguft, as it muft
occafion a great wafte of time, and a long
fufpenfion of that decifion, on which the
hopes of many thoufands will depend, al-
moft to the laft."
In
(51 )
In anfwer to this, it is agreed, " That
the number of tickets is, indeed, unprece-
dented ; but, that methods may be found
out for drawing them, with as much faci-
lity as a fmaller number, by dividing them
into clafles, fo that the fate of one clafs
(hall determine that of all the reft, of which
the numbers muft be throughout progref-
fively fimilar." For inftance j fuppofe the
whole five hundred and eighty thoufand
tickets to be diftributed into five clafi^es, of
one hundred and fixteen thoufand each, and
diftinguiflied by the letters A, B, C, D, E,
It is here plain, that the drawing of the clafs
A would determine the fate of all the other
clafTes, and that Bi, Ci, Di, Ei, would
be intitled to the fame prizes as Ai. Thi$
may be farther illuftrated in a complete
fcheme of the lottery, if the prefent pro-
pofal fliould he acceptable.
However, as the fpirit of gaming, at
this time, prevails all over Europe, and had
better, fmce it cannot be totally fuppreffed,
be diverted to the fervice of the public, than
to the private ruin of individuals 3 this re-
monftrator has thought of a method, which
H 2 will
( 52 -)
will make that general fpirit to turn, for
ibme years, to the advantage of England,
by attracting commifTions from abroad,
which will occafion, if not an increafe of
fpecie, yet a ipore quick and beneficial cir-
culation of it in this kingdom. The plan
pf this fpheme he will lay before the public,
if he meets with encouragement from au-
thority, by fuch an acceptance of this, as
he is fully convinced it deferves. Without
fuch a regard fjiewn to his honeft endea-
vours, it would be heartlefs to continue them,
find fruitlefs to burthen the world with more
writings, of fuch a nature, a§ it did not
felifli.
The remonflrator farther apprehends,
^at he can render yet more important fer-
yice to the nation, in patter? of more laft-
ing confequence than thefe, of which he
now treats. He propofes, if the bleflings
of life and health be continued to him, to
do this with ^11 convenient expedition, by
addreffing fome thoughts to the public,
which, if they are not approved, hp is cer-
tain can dp no injury ; but if they are ap-
proved, as he has reafon to hope they will
be, he is convinced will moft fignally con-
tribute
( 53 )
tribute to the general utility of this nation.
Perhaps his hints, at their produ(5lion, may
appear imperfedt and abortive j but, if they
are radically legitimate, and produced from
indifputable principles, they will, at leaft,
furnifli matter for improvement to others of
more extenfive capacity. He will wait with
patience, however, to fee the fuccefs of the
prefent reprefentation, before he gives any
farther trouble either to himfelf or the public.
Th o u g h it be faid of the Almighty,
that he cannot lie, yet this is, without the
leaft doubt, concerning his omnipotence : In
like manner, it may be faid of the Briti{h
parliament, that it cannot poffibly do ill ;
but this with an additional T^^o, that is in-
feparable from all humanity, and degrades
the higheft perfed:ion of human wifdom,
in a comparifon with the deity j that it can-
not knmvijjgly do this ill. Though its power
be uncontroulable, as far as human power
can be fo, its judgment is not always infal-
lible, or guarded againft every defign to
mifmform or mifguide it.
To
( 54)
To return from this digreflion (if that
may be fo called which obvioully tends to
exemplify and illuflrate our fubjedt) ; let
it be remembered, that, in confequence of
the full execution of the laws now in force,
the annual lofs to the nation of 580,000/.
viiibly negotiated in the public offices, will
arnount, in the courfe of (even years, to
the fum of 4,060,000 1. of obvious lofs. And
we may with great truth affirm, that the
real lofs, though a third part of it be not
fo obvious, will, agreeably to the calcula-
tions we have given, amount to no lefs than
6,090,000!. The 290,000!. continued to
be levied on the public, without neceffity,
and diverted to the ufe of the finlcing fund,
is, in reality, fo much lofs to the people,
who can be no otherwife gainers, in mat-^
ters of this nature, than by an alleviation of
the burthen immediately incumbent on
them.
This remonftrator is humbly of opinion,
though he all along fubmits to better judg-
ment, that the propofal he has now ex-
hibited
( 55 )
liibited will not eafily be matched, aC
the prefent, for the facility and convenience
with which it may be executed ; and the
great advantages of which it muft natural-
ly be produd:ive. There is no injury to
any perfon whomfoever, either attached to
it, or that probably can flow from it. There
is no bad intention, dictated by rcfentment,
levelled even againft the propofers and a-
gents in the fcheme, that is here condemn-
ed. As we cannot abfolutely convid: them
of any fraudulent defign, we have no ob-
jection to the fufFering all that has happen-
ed to pafs, as the effed: of inadvertency
and involuntary error. Nay, we are willing
to allow, that what has already been done,
though it has not a diredt tendency to the
great end in view, has, however, fo far
paved the way to a general redudion of
intereft, on the four per cents^ that the e-
vent itfelf is become certain, and may be
terminated with much greater eafe than it
could have been, if no previous fleps had
been taken, that might introduce the pre-
fent propofal.
After all thefe explications, it is con-
ceived, that the plea of not knowing the
beft
( 56 )
beft means of redrefling the general grie-
vance will no more exifl : and, in this cafef
it cannot be doubted, but that the redrefs^
fo obvioufly and circumftantially pointed
out, will be chearfully undertaken, and ac-
complifhed with all that juftice and equity,
which an oppreffed people have a right
to cxpeft, and may with the greateft
confidence depend upon from an illuftrious
aflembly, chofen from among themfelveSi
and charged with all the cares that regard
the fafety and well-being of the whole com-
munity, of which they are members.
These gentlemen, thus honourably dif-
tinguifhed and delegated, will have the fa-
tisfacflion to fee joy difFufe itfelf afrefli over
the countenances of all their fellow citizens,
heaven will be invocated to let its bleflings
defcend on their heads, for their readinefs to
do juftice, to remove every grievance, as foon
as it is difcovered to them, and to confer all
the good within the reach of a power, that
is almoft uncircumfcribed.
As thofe at the head of affairs, are, doubt-
lefs, the beft judges of what taxes ought to
be
( 57 )
be taken off, in order to give an immediate
eafe to the people of 580,000 1. a year, net
produce, in the treafury j this remonftrator
will only take the liberty to intimate here
his own opinion, that fome attention to the
laft five per cent, charged on all dry goods
imported, might be productive of very be-
neficial effe6ts. That new impofition is very
feverely felt by our American colonies in
particular : . nor are the planters and mer-
chants only affedted by it, but the public in
general. For tho' five per cent, in matters
of trade, feems but a fmall proportion of the
whole, yet fuch is its operation here (as can
be {hewn, when the demonftration is called
for) that the capital of many perfons, inte-
refted in this trade, is greatly reduced by it :
and fuch is its pernicious efficacy in one
form or other, at leafi: on fome articles, that
the retailer and confumer are injured by it
to the value of no lefs than twenty or thirty
per cent. This is, doubtlefs, a great obflruc-
tion to trade in general j and it is the more
grievous to Britons, as thefe fatal confe-
quences extend chiefly to our own plantati-
ons in the Weft Indies, which are, at the
fame time, fubjecft to a perpetual and danger-
I ous
( 58 ) '
ous rivalfliip from induftrious and vigilant
neighbours.
The fait duty is likewife an impoft of
the utmoft bad confequence : for, tho' it does
not fenfibly affedt people in eafy circum-
ilances, its fatal influence extends to navi*
gation, and makes a confiderable increafe in
freightage. It is a grievous oppreflion on all
the laborious poor in the country, who em-
ploy themfelves either in the culture of the
lands, or in the manufa(5lure of our native
commodities. The way of living in gene-
ral, among thefe low people, requires very
confiderable quantities of provifions prefer-
ved by fait, which, as the families of the
poor are frequently very numerous, be-
comes in the whole a very heavy cxpencc
and great burthen.
The fame tax is, and ever will be while
continued, a great obftrudtion to all thofe
fchemes for extending the Britifh fifheries,
which feem at prefent, with the utmofl juf-
tice and reafon, to be favourite fubjed:s with
the people of thefe iilands. Without relief
in this article, it is to be doubted, that the
herring fifliery will in fome mcafure lan-
guiili.
( 59 )
guiili, and that the fifhery for pilchards,
cod, and other fpecies, will never be ad-
vantageoufly eftablifhed.
This grievance arifes not merely from the
duty nominally paid, but from the many
frauds in confequence of it, which are com-
mitted by thofe through whofe hands this
invaluable commodity pafTes, but for which
no pretext could remain, if the duty on it
were wholly taken off. As for w^hat has
been borrowed upon this duty, at the rate
of three and a half /^r cent, an agreement
might be made with the creditors for an in-
demnification by lottery tickets, or by fuch
other means, as to the wifdom of parlia-
ment fhould feem moil convenient. Even
the prefent fcheme (with all due deference
be it fpoken) would enable the legiflature to
redeem the whole fait loan at once, without
any new duty, out of the two millions
three hundred and twenty thoufand pounds,
which would be advanced to the public by
the four pounds upon every ticket.
I 2 A Brief
(6o)
A Brief State of the whole Argument.
THE public debts, for which
4I. per cent. per ann. have
been hitlierto paid^ amount to
near
The intereft 0558,000,000 at
Ji^per cent, per ann. is^
Of which the fourth part, pro-
pofed to be annually -faved, by
the redu(ftion of i per cent, at
the end of feven vears, is
And during thofe leven years,
in which the creditors are to re-
ceive three and a half /J^r cejit. the
annual faving is
But it has been (hewn, that,
upon the moft moderate calcu-
lation, the people pay 2 1. for e-
very i 1. that is brought into
the treafury: fo that for the
580,0001. or I per cent, on the
58,000,000, the people a<flually
pay
And as no abatement of taxes
h.a^ been made, in conjunction
with the faving upon the inte-
58^000,000
2,320,000
580,000
290,000
i,i6c,cco
re
il:
(6i )
reft of the national debt, either
for the feven years, in which
290,000!. are annually wanted,
o: for the fubfequent time when
the reduction is to take place,
and confequently the whole
580,0001. ^fr ayin. will be faved
it follows, that the public is un-
neceflarily charged, during the
firil: {fL\^n years, with an over-
rate of
And after the expiration of
thofe feven years, this over-rate
will amount to the entire fum of
870,000!. multiplied by 7
fhew, that the public, in the
courfe of the {f^tw years next
enfuing, is condemned to an ac-
tual lofs of
This laft calculation fuppofes
it neceflary, that the pubhc
fliould pay the one half per cent,
which the creditors are to re-
ceive during the feven years.
But it has been further dcmon-
ftrated, that the 290,000 1.
being the amount of the half
pr cent, might have been
jC.
870,000
1,160,000
6,090,000
more
f 62 )
more equitably charged on the
iinking fund : fo that the public
which ought to have been im-
mediately eaTed to the amount
of the whole faving, is in fad:
charged with an over-rate, in
the whole feven years, of 8,120,000
And for ever after, in the pre-
fent ftate of things, with an an-
nual over-rat« of 1,160,000
For as to the 290,0001. per <inn, ordered
by the prefent laws to the finking fund, in-
ftead of fo much taken from that fund, it is
of no avail to the immediate relief of the peo-
ple, who continue to pay their whole taxes,
and confequently to pay for this 290^000 1. as
well as for the like fum appropriated to
the half />^r cent, no lefs than 580,000!.
fo that the true ftate of the unneceflary pay-
ments, which might all have ceafed, if only
290,000 1. per cinn. had been taken from the
fmking fund, will appear to be.
To the public creditors one half per
cent, on 58,000,000 290,000
Expenccs of collecling and negotiating
the fame zgc.coo
To the finking fund 290,000
Expences of colledling and negotiating
as before 29->,oco ^__
1,160,000
We
( 63 )
A.
We put this cafe in thefc different lights,
that every one may be fatisfied there is no
fallacy in the ftating of it. Now the me-
thod by which we propofe to eafe the peo*
pie from the adual payment of 1,160,000 1.
a year, or 580,000 1. a year, net produce at
the Exchequer, is this.
That taxes, to th6 amount of 580,000 /*
per aunum^. net produce, or 1,160,000/.
per amtuniy adlual payment by the people,
be immediately releafed and repealed, in
fuch manner, and upon fuch articles, as to
the wifdom of parliament fhall feem moft
convenient.
That the entire reducflion of intereft on
the 58,000,000 from four to three ^^rf^«f.
may be enacfled to take place from Chrift-
mafs laft, when, by the prefent laws, the
reduction of only i half per cent, is to
commence.
That in order to indemnify the credi-
tors, that have property in thefe 58,000,000,
a premium of 4 1. upon every hundred be
given to them in a transferrable lottery
ticket.
( 64)
ticket, the original value of which (hall be
8 1. to the bearer.
N. B. It is here obvious, that four per
cent, is i half^^r cent, more than would a-
rife from the annual half now granted for
feven fucceflive y'^ars j and becomes ftill the
more valuable by being given at once,
whereas the value of the prefent gratuity
can be computed only at the mean diftance
of three years and a half.
That in. order to make up
the other 4 1, upon each ticket,
every proprietor do advance to
the government the faid fum of
4I. for every 100 1. of ftock
in his pofTefiion ; for which he
iliall be intitled to an annual in-
tereft of 3 per cent. By this
method the government will
be immediately furnifhed with
the fum of £. 2,320,000
Which fum may be applied, either to
difcharge the capital of fome burthcnrome
tax, to the current fcrvice of the (late in
cafe
(65 )
eafc of the annual fupplics, or to what other
purpofe foever fhall be judged moft proper.
That the 3 per cent, on this
new loan of 2,320,000!. will
amount annually to no more
than jT. 69,600
Which may eafily be taken from the fur-
plufes of the remaining taxes, without any
new burthen on the people.
That to obviate the objection againft
the great number of 580,000 tickets, thefe
tickets may be divided into different claffes ;
fo that the fate of one clafs may determine
that of the fimilar numbers in all the other
claffes, with refpedl to blanks and prizes.
That the prize-tickets after drawing be
transferrable, as fo much flock, anfwering
to the value they acquire in the drawing.
FINIS,
(67)
APPENDIX.
UPON reviewing the foregoing
fheets, a doubt has occurred,
which, as it feems of importance,
we think proper not to fupprefs.
The feveral taxes, which were at firft
given for a number of years, and have fince
been made perpetual, or which were origi-
nally granted in perpetuity, were all appro-
priated to the difcharge of thofe particular
loans, or parts of the national debt, for
which they were mortgaged to the refpec-
tive creditors. Now the difficulty is to know,
whether, tho' the great power of the Britifh
parliament be acknowledged, it would be al-
together confonant with the honour, good
faith, and wifdom of that illuftrious affem-
bly, to relieve the people from the payment
of any one of thofe taxes, before the credi*
tors, to whom it ftands as a fecurity, are
paid off, or otherwife fatisfied ? Would it
not be necefTary, therefore, in cafe a law
fhould
(68 )
fhould be enacted according to the tenor of
this propofal, that the particular fecurities of
the fcveral loans fhould be all given up and
difcharged, and the aggregate amount, or
produce of all the taxes, accepted as a gene-
ral and common fecurity for the whole ac-
cumulated public debt ?
S u c H a coalition of the funds would put
all the public creditors upon the fame foot-
ing, and could not be injurious to any of
them : for the fecurity of the Britifh parlia-
ment would be equally valid to every cre-r
ditor in this general manner, as it now is
under the feveral particular fpecifications.
An union was indeed formerly made of
the three old funds, and the famous finking
fund, for the payment of the old debts, ap-.
pointed to arife out of the furpluffes of them
all in common. But we do not remember,
that any fuch coalefcent law has been made
with regard to the new loans, which re-
main feverally detach'd from each other,
and from the old funds ; except where the
furpluffes of them are ordered to the fink-
jng fund by a fpecial appointment.
This
(69)
This creates a perplexity and inconve-
nience, which, it is prefumed, might be ea-
fily removed by a claufe to the following
pitrport :
" That the public creditors, proprietors
" of flock, fhall accept this gratuitous pre-
** mium or indemnification of ^per cent, by
*' a lottery ticket, in full payment of their
" capital, now bearing 4 per cent, per ann.
" by doing which, they ihall be entitled to,
" and declare their acceptance of, a new ca-
" pital flock, of the fame value as their for-
" mer, at the interefl of only 3 per cc?if,
" per ann. fubjedl to be redeemed by parlia-
" ment at will : and that, for this new loan
" or capital, they fliall have the fame fecu-
" rities, as before, in the taxes now fubfifl-
" ing 5 but with this condition, that the
" parliament fhall have liberty, in proportion
" as the relief of the public becomes prac-
" ticable, to take oft and abolifh fuch par-
" ticular taxes, part of the faid fecurities, as
" to the wifdom of the houfe fhall feem mofl
" convenient : or to eflabllih fuch new and
*' lefs burthenfome taxes, as may be fufficient
" in the room of thcfe, which are now
^' found moll grievout; tc the people.'^
By
( 70 )
By this means, there would be a gene'ral
union of all the national debt, at the rate of
only 3/'^r cent, including the twenty millions
of funds, that were created at that rate.
And it might be neceffary to ena(fl far-
ther, in order to complete this union, or co-
alition, " That fuch of the public creditors,
" as live in Great Britain, fhall have fix
" months, and thofe who refide beyond fea,
" one year, allowed them to iignify either
" to the Exchequer or Treafury, if they
*' think proper, their non-acceptance of the
*' terms propofed, and diffent from any law
*' to alter the fecurities they had at the firft
*' advancement of their refpedive loans."
The legiflature would then have time to
take fuch other meafures as might be ne-
ccflliry and equitable, with thefe diilentient
creditors : and as to thofe who might not
make any fuch fignification, their filencc
fhould be deemed a compliance with the
conditions, offered for an union with all the
other creditors of the public.
T r n 1 S.
lS™\'l"'^'fJ'^*'''f^HAH.
'ALU IT,
A A 000 150 584