S#^J ^'^< # ZJ^ ^a © vould be a want of circulating Calh, to anfwer the feveral inftalmenrs, it would not be difBcult, to dcvife a temporary means, of fupplying that de- fed, and of rendering abortive,- the attempts of the money-lenders, to take the fame fort of advan^ tao-ej of individuals, which they have been accuf- tomed to take, of the Public. I am, however, very well convinced, that there would not be occafion, for any fuch temporary ex- pedient. There is no fcarcity of money in the kingdom ; for great fums are known to be amaffed in particular hands, to be ready for a ban, and the exchange with other countries, has, for fome time, been much in favour of Great Britain. The expedadon of a high premium from the Public, has been the fole caufe, of colleding money, from all quarters, into a few hands, who will not con^ tmue. C 39 3 tmue, to with-hold it from individuals, when all pxpedlation, of fuch extravagant profit from th^ public, (hall be at an end. But it would greatly facilitate the whole of fuch a plan, if the people could be infpired with a con- fidence, that, when peace fhould be reftored, our ordinary expence would be dirninifhed, and that the Sovereign himfelf, would let the example, which ought to be followed, by a diminution of all fala- ries exceeding a certain fum ; and a very great re- du6tion, ought at any rate to be made, both in the army and navy departments, beyond v/hat took place at the laft peace. That we had no occafion to increafe our eda- blifhment, as we then did, is apparent, from this undeniable fad, that France, at that time, made a confiderable redudlion of her force, below its former peace eftablilhment; and the increafing our own eftablifhment, beyond a cjue proportion to that of our neighbours, can at no time anfwer any- other purpofe, than to excite jealoufy, and to com, pel rival nations, to increafe their eftablifhment, to Jceep pace wjth ours, to the manifeft injury of both countries. And with refped to the reduflion of falaries, I beg leave to obferve, that the idea, that jt is ne- cefTary to annex, high falaries, to offices of trufi: and confidence, is, I believe, extremely erro- neous. The pafTion of ambition, is fufhciently flrong, to induce all men, of liberal minds, to ferve the public, on account of the diftindion, which naturally accompanies fuch fituations. By adding C 40 3 adding to that motive, another bafe one, of avarice, we bring into the competition, another defcription of men, who, forgetting the meannefs of their ta» lents, the indolence of their difpofitions, the cow- ardice of their minds, and their total want of ele- vation, extent of views, and true magnanimity, arc apt, by every unworthy art, to thruft themfelves into public departments, and to conceive, that they have fulfilled, the whole of their duty, when they have received their falaries, whilft they leave the public bufmefs, to be woefully conduced, by Se- cretaries and Clerks. It is fo far from being true, that the higher and more important the office, the falary fhould be the higher, that it is dire<5lly the reverfe, becaufe the honour annexed to high and important offices, is fufEcient, without emolument, to induce all, who are fit to hold them, to afpire eagerly, at thefc fuuations, even to the prejudice of their private fortunes ; and if no falaries were annexed, there is reafon to believe, that very few would be induced to continue in office, after they felt, and the na- tion was convinced, that they were unfit to con- tinue. Notwithftanding the immenfe wafte of public money in the government of France, yet it is a remarkable fa6i:, that almoft the whole eflential bufinefs of the State, is carried on, at this hour, with little or no expence to the public, and that people eagerly prefs forward to a6t in public fitua- tions, merely on account of the honour and the influence, with which it is attended. It I 41 ] tt is well known, that the adminiftration of juftice, is in this manner carried on in France y for people pay a high price, for a law office, and are contented to do the duty, which is very labo- rious, without receiving, by way of falary, any thing like the intereft of their money. Their mo- tive is, that the fituarion gives them rank and pre- eminence amongil their fellow-fubjeds ; and the vuigar opinion, that the Judges in that country, are corrupt, will be found, upon inquiry, to have very little foundation. The duty of almoft every other office in the Provinces, is dilcharged at as cheap a rate to the public : nay, the officers of the army, adually ferve for lefs pay, than is necefiary for their fupport, and, in fpice of the frugality for which they are diftinguiffied, generally ruin their own private fortunes, in the lervice of the State. The wafte of the public treafure, arifes, in that country, from an immenfe (landing army ^ and the idle and profufe extravagance of a Court, which, from the nature of the contlitution, is under no control with refpe^l to its expence. it will probably be faid, that in defpotic Go- vernments, the pofTeffion of office, carries with it a degree of protection, and a pov/er too, of oppref- fion, which in a free country are out of the quef- tion. But I am informed, that in, the Republic of Holland, the falaries of very high and important offices, are exceedingly trifling •, and in our coun- try, we fee, with how much eagernefs, the office of Lord-Lieutenant of a county, is folicited, though attended with expence, inftead of emolument. G If [ 42 ] If the national expence, were reduced within rea- fonable bounds, a great part of the public debt, might, in time of peace, be paid off in a few years, by a faithful application of the Sinking Fund. The whole of the taxes necelTary to be le- vied, might then be eafily thrown, upon a few ar- ticles of luxury, and every oppreffion upon the in- duflry of the people, by taxes on the necefiaries of life, might be entirely removed. The articles of tea, fugar, and tobacco, if fub- jeded to excife, inftead of cuftoms, would of them- felves, raife a very large fum, without any obftruc- tion to induftry — and coffee and chocolate would require to be taxed, in fome degree, to fupport the tea duty. Wine and fpirits, are proper objedls of taxation ; and the duty on wine, would be greatly increafed, by being excifed, as there is little doubt, that at lead one-third of the prefent confumption, is brewed at home. Beer, though not abfolutely a neceflary of life, has become fo in a degree, from the habits and manners of the people. It is, however, a proper objedl of taxation •, and if all other opprefTive taxes were removed, and the whole of the prefent taxes on beer, were annually impofed upon malt, inftead of being levied, on the other ftages of the manu- fafture, it would diilribute the burden more equally, and would even raife more money after lowering the tax -, for I am perfuaded, that in- ftead of about 24. s. or 25 J. per quarter, which may be reckoned the amount of all the prefent du- ties [ 43 ] tics on malt, beer, and ale, if a tax of one guinea per quarter, were impofed on malt, it would raife a revenue of 3,325,000/. on 3,166,666 quarters of mah ', which quantity is a very moderate conipu* ration, of the total confumption of malt. A duty of 12 J. per cent, on fugar, would not be too high, if other opprefTive taxes were taken off ; and this, upon 1.500,000 cwt., would produce 900,000 /. The tax upon tobacco, reckoning the con- fumption at 15,000 hoglheads, of 9001b. to the hogfhead, might yield a very confiderable reve- nue ; for it might be taxed, as in France, to a much higher rate, than the price has, perhaps, ever arofe to, in England, without diminifhing much, the prefent confumption. Suppofe the tax were 2J. per pound, the amount would be 1)3505000 /. and as the duty might be effedually levied by the excife, fo as to prevent fmuggling, and there would be no ground for allowing, as at prefent, ten pounds^n every hogfhead, duty free» any diminution in the confumption, would, I be- lieve, be more than compenfated, by thefe means. A fimilar computation might be made, with refped to the produce of the duty upon tea, coffee, chocolate, wine, and fpirits, and it would be evi- dent, that, from thefe fources alone, without any other taxes or duties, a greater revenue might be raifed, without complaint, and without injury or ob- flrudliontoany one branch of trade, induilry, orma- nufadlure, than would perhaps be neccifary, for every reafonable purpofe of the State ^ and the whole G 2 might [ 44 ] might be levied, at much lefs expence, than at prefent. Another important effefl, of fuch encourage- ment to trade and induftry, would certainly be, to diminifh the heavy burden of poor's rates, al! over England, which, of itfelf, is, at prefent, an enor- mous grievance. Dr. Smith is of opinion, that if raw filk were allowed to be imported, duty free, we fliould foon fupply the greatefb part of Europe with wrought filks •, and this example is fufficient to prove, the extent of the mifchiefs, arifing from our prefent fyftem of taxation. But thefe fpeculations, do not apply to the pre- fent moment ; we are now arrived at a crifis, which calls aloud, for the vigorous exertion of every public virtue -, and on this occafion, all who are attached to their country, ought certainly to for- get, every party prejudice, and every felafh con- fideration, and concur, like men, in putting the national affairs, into the ableft hands, that public confidence may be effedualiy reilored. If this were done, I am convinced, that, confidering the importance of the obje(5ls before us, the hazards to which we are expofed on the one hand, and the glory we may acquire on the other, there would not be wanting, a very general and hearty concur- rence, of the nation at large, to raife the neceffary fupplies within the year ; for this is the moll marked and ftriking characleriftic, of a free State, that every man confiders himfelf, as perfonally in- terefted, in the public profperity j and in the pre- fen^ [ 45 ] fent cafe, every man would feel a pride, in con- templating the effed, which fuch a meafure muft immediately produce, upon the enemies of this country ; and the certainty which it would give, of fpeedily reftoring to Great Britain and its Co- lonies, that happinefs^ pre-eminence, and ffcurity, which, till of late, we had long enjoyed, amongft the furrounding nations. FINIS. ERRATA. Pag^ 19, line 7, at the moord world, add the following as a note : Upon this point, fo contrary to eftabliihed prejudices, I do not expeft, at the firft mention of it, a general afTent. It would require to be difcufTed, at confiderable length, if this were the proper place. Page 20, line 21 ^ for will, read may. APPENDIX. ^7^ HE nature of the terms, faid to have been de- manded of Government, by the money lenders, were diftindly explained, in apaper publifhed in the Public Advertifer^ of the 5th of January 1779, by an Author, whom it is my misfortune not to know, but to whom I think the Public is very much in- debted. I fhall therefore take the liberty of re- printing it here. " As the time is approaching, for what is com- *' monly called opening the Budget, when a con- *' fiderable loan, will probably form a part of the *' year's fupply, that Gentlemen may be prepared " to judge, with feme accuracy, of the fort of bar- '' gain they are making for their Conftituents, the *' following circumftances are recommended to *' their confideration. " It is common to call by the general name of " Intereft, all that confideration, which is paid by *' the borrower of money, to the lender, over and " above the capital, or fum borrowed ; but it " will greatly aflift our judgment, if weaccuftom *' ourfelves to confider that fum only as properly " called Intereft, which muft be paid for money, *' taken up on the moil indifputable fecurity : " Any [ 48 ] «« Any thing above that, is more of the natufe of *' lufurance, *' Thus, if a merchant was to borrow money *' on goods, which he depofited with the lender, " he might be only forced to pay four per cent, *' for a year's loan ; but if the goods were of a ** perifbable or hazardous nature, fo as, not to be *' infured under two per Cent, the lender might " take this rifque on himfelf, and on that account *' would very fairly demand fix per cent. It is *' for the fame reafon, that a bond debt, com- *' monly bears rather higher intereft than a mort- " gage ; becaufe the former, being only a per- ** fonal fecurity, is fubje6l to fome rifque, which <« the latter is not. Government fecurity has been *' ufualiy deemed, a mortgage of the beft fort, on *« account of the punctual payment of intereit, " and the eafe with which the capital may be " called in ^ and, therefore, ought to bear lower " intereft, than any other, and will always do fo, " unlefs, either profufion and mifmanagement, " fhould diffipate our wealth, fafter than our " trade, its great fource, can fupply it, or elfe, *' fome wild and extravagant fcheme of Govern- ♦* ment, fhould, by alarming any part of the world " for its liberties, draw feveral powerful States *' into a combination, to clip our wings •, who, *' by being able to lelTen our commerce, would " certainly diminiih our credit. " As annuities may, perhaps, make a part of " the loan, the following Ihort account of their *' nature^ C 49 3 " naturb may afilft the judgment of any Gentle- " man, not ufed to the calculation of them. " If, inftead of giving fivt per cent, for the *' loan of 100 /. I agree with the lender, to give " him lo/. per ann. till the debt is difcharged, " it is plain, that the firft year's payment, muft " be confidered, as having difcharged the intereft " of the debt for that year, and 5 /. of the prin- ** cipal \ fo that I now only owe 95 /. the intereft « of which, being but 4 /. 15 J. the fecond payment « of 10/. difcharges 5/. 5 j. of the remaining " debt, and reduces it to 89/. 15 J. and it will " be found, that my debt, will be reduced to lefs " than 10/. in fourteen years. From whence I «« conclude, that when the intereft of money is " ?ivt percent, an annuity of 10/. for fourteen " years, is not worth 100/. but the fame annuity *« for fifteen years, is worth more than 100/. " On the fame principle, the value of any an- " nuity may be found, by any perfon, very little " acquainted with figures j and there are tables " ready calculated, for the ufe of perfons, who " have not leifure or inclination, to calculate « themfelves. By thefe tables, it will be found, « that an annuity of 100/. for twenty-nine years, « is worth 1698/. and a fradlion, when intereft " is at four percent, that it is woi-th 1514/. and a " fradion, at ^wt per cent, and 1359/. and a frac- *' tion, at £\x per cent. " The next article which we may expedl, is a *' lottery. It is an ufual method, to give the fub- " fcribers to a loan, a certain number of lottery H !! tickets. [ 50 ] " tickets, at their true value of lo/. each, by " which they make an advantage, of the folly of " fuch people, as will rather give 4 /. or 5 /. for " the permiffion to gamble for 10/. than be out " of Fortune's way, as the expreffion is. For " this advantage, the fubfcribers give Govern- " ment credit for 3 /. each ticket, if the lottery '* does not exceed 50,000 tickets ; though in re- " aiity, the funi levied on the Public, is half as '« much more; and the mifchief beyond my power " to eftimate, by the gaming offices which it en- " courages, to the deftrudlion of induftry. " To this may be added, a confiderable ad- *' vantage to the fubfcribers, by the intereft com- *'^ mencing before the money is advanced, which, " in the laft loan, amounted to two-fifths of a " year's intereft on the whole loan. " To iliuftrate all the above, by one example, *' I will take for granted, that a loan is to be this " year adopted on the plan we have feen in the *' News-papers, " That is^ feven millioits to he hor^ *' rozved^ for which every fuhfcriher of one thoufand " to have 'that capital in 3 per cents, together with " an annuity of '^^ per cent, or thirty-five founds^ '*^ for twenty nine years^ and feven lottery tickets « at 10/. " We (hall fee, at different rates of intereft, " what fort of a bargain, this would be, for the " Public. 2 «« And [ 5» ] « And/r/, we will fuppofe. Government could *' borrow money at 4 per cent, ** 7,000,000 /. of 3 per cents^ which /. s. " then would be at 75 /. would " be worth - - . 5,250,000 o 3 \:per cent, on D", or 245,000/. per annum^ at the above price of 1698/. and a fradlion, for ** each 100/. of this annuity, *' for 29 years, or about 17 years *' purchafe, would be worth - 4,161,006 10 •« 49,000 lottery tickets, at 3 /. - 147,000 o •' Two-fifths of a year's intereft on *' 7,000,000/. at 4 />^r r^rr^;^/ J, at 50/. 3,500,000 o '* Annuity of 245,000 /. at the " above price of 1359/. and a " fradion, for each 100 U of '-** this annuity for 29 years, or " about 13 4^ years purchafe - 35309,721 10 " Lottery Tickets - - 147,000 o «' Two-fifths of a year's intereft on ** y yOOo^ooo l. 2X 6 per cent. - 168,000 o 7,124,721 10 Dedud 7,000,000 o Premium iz^^yzi 10 So that if the News paper had any authority for ftating the above, as the proposed' terms of the loan, the Public would give, alrpoft 2 per €ent, premium, to borrow money, on a fund equal to 6 per cent, never redeemable j but the above mode of calculation, will do for whatever may be the real terms of the loan. ;■'■, ■■^^W;:i-^^^- ^