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