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and Five per cents., to three per cent., would bean infallible consequence of the Three per Cent. Consols. being at 100.

Mr. Vansittart would thus have to felicitate the nation on a saving of about four millions per annum ; or, in other words, four millions of taxes would be taken off. If we go on philosophising, that like causes produce like effects, we arrive at a still more selicitous state; for the funded debt being thus made virtually circuláteable to the bearer, we should be so advantaged by its use, that we could not permit the sinking fund to deprive us of so valuable a circulating medium, and it would therefore follow that the sink, ing fund must be abolished ! Thus five millions more of taxes would be taken off, making a total of nine millions per annum to be removed, of the national burthens! What a change this, from the heretofore gloom of Englishmen! Where would then be the prediction, that “ the Christmas dividend would be the last that could be paid;" instead of this, the danger of prosperity must be guarded against, and our fifty thousand ministers of religion must be instructed to warn the nation against the perils attendant ou an excess of political health !

No circulation of private Notes payable to the bearer would be permitted, but such as were founded on equivalent deposits; the privileges, therefore, of the funded proprietors would be so great, that numbers of them would avail themselves of the advautage of double interest, and capital would be thus increased. A general advancement of agriculture, commerce, and manufactures, would take place, and the consequent reduction of the poor-rates !!! The lessening of the public burthens to the enormous amount of nine millions, would inspire an impulse to national improvements, such as never was before experienced. We should be like the released Israelites, if the following taxes were obliterated :

The duty on Salt

Window Lights




The Bank of England has set the example of issuing no more notes than the amount of their property authorises, and their present issue is founded on the most severe scrutiny. The directors have, therefore, a claim on the Legislature, to impose a similar scrutiny on every other banking concern, as country bank notes are now virtually the circulating medium of the empire. Is it just that provincial banks should issue notes uulimitedly, and the bank of England be obliged periodically to exhibit an inventory of their goods and chattels !

But it is contended, that such an exhibition to the legislature is obligatory on the part of the Bank of England, as the public should be protected against issues of notes unauthorised by a corresponding capital. This is readily adnfitted :--but shall the safety of the metropolis alone engross the protection of Parliament? Are the remaining seventeen millions of people to have no share in their solicitude? Can country bankers plead that they have a right to issue a circulating medium of double the extent of that of the Bank of England, and yet render no satisfaction to the national representatives?

But, it may be said, the plan of making the circulation of the country dependent on a correspondent deposit of Govern ment security is identically the same as the making of the funded property itself circulateable to the bearer. - True:' and every argument that I used, to prove the awful destruetion of capital which is occasioned by the fornr now used, of “ Inscriptions in the Bank books," is applicable to the present subject.

The Chief Justice of Ely, in his notes on Blackstone, b. 1, é. 8, says, “ The principal of the debt is the exact amount of the property which the nation has lost from its capital for ever," and “the effect is precisely the same as if so much of its wealth had been thrown into the sea ;" but by making the funded property virtually circulateable to the bearer, it will be so far restored to useful employment. It is overwhelming to the country to exact from the proceeds of industry thirty millions per annum, for the interest of that capital which is unemployed and out of circulation.

The propriety of conceding a tranferable security to the funded proprietor has been admitted by the literary arbiters, in their review of my pamphlet, entitled “The Soul of Mr. Pitt," the which showed the propriety of such a concession. The AntiJacobin Review says, “ We are convinced that the experiment may be tried with the utmost safety.” The Gentleman's Magazine says, “ We have no objection to the plan of Mr. Dunn, or any other plan which facilitates the augmentation of capital whenever the commerce of the country requires it." The Monthly Review pays equal regard to my plan; and practical men are almost universally desirous of its adoption. 'Gentlemen of the West end of the town amuse themselves with writing about public credit, although they never ventured to approach the purlieus of the money market. Financial subjects not being matters of abstract calculation, but of practical results, it necessarily follows, that it is impossible to adopt any arrangements which are not at variance with some of the fancied theories of these gentlemen.

If it is objected, that the transposition of funded property into notes circulateable to the bearer, would cause so great an augmentation in the circulating medium, as to produce a rise in the prices of the necessaries of life.-1 answer : That an increase of Stamp-duty would effectually guard against an excessive issue, and at the same time materially assist the revenue. Besides, a great part of the National Debt consists of stock “subjected” to various purposes, and which only can be transferred for the limited and specified uses directed by the testators and deeds of settlement.

The present situation of the country, in respect to emigration, particularly calls for an augmentation of the circulating medium : nearly a third part of the Bank of England notes are withdrawn; and machinery has superseded the necessity of employing a great part of our population.

Instead of oppressing the country with poor-rates, and degrading the laboring classes by insisting on their receiving the fruits of their labor in the form of alms, it is now determined to disperse British energies throughout our colonies. The Cape of Good Hope, the Canadas, and Australasia, open their extended plains. If this is attended to, the consumption of home manufactures would be greatly increased, and the absence of a pauper popula. tion, and the reduction of taxes, will make us, as a manufacturing people, capable of competing in prices with every nation upon earth. I will not lose the opportunity of referring to the highlyfinished work of Mr. Frend: he very forcibly observes, that the application of capital to the improvement of the country remains untried. How many villages, says he, are there in England, whose roads are scarcely passable, and the parish goes on, from year to year, expending a paltry sum, hardly sufficient to preserve them from indictment. A considerable sum, well laid out at once, would produce an acknowledged benefit to both rich and poor. If the race of our hardy peasantry is to be perpetuated, let the shrewd overseer calculate, whether it would not be to the advantage of the parish to render them independent. I do not doubt, that, except in the instance of the diseased and impotent, those who now receive the miserable parish dole, might, by a trifling expenditure, be. transformed into beings of eminence.

Wedo not understand colonization. The Romans, when they took possession of this country, then called the fag-end of the earth, pierced it with roads, and in a short time the desert was turned : into fertile fields, and villas and temples rose in every direction. We have to lament the narrow-minded view of vulgar politics, and the petty expedients of the present day. On the other hand, if we attend to the discoveries of men of mind, we shall find that if a parish borrow a thousand pounds at five per cent., and raise fiftyfive pounds a year, the whole debt would be paid off in the fiftieth year from the time that the debt was contracted !!!

What a total disregard to the energies of capital does that clergyman show, when, forgetful of the simplicity of the patriarchal ages, he would recommend the restraining of marriages among the poor! he might as well recommend the enlargement of Covent Garden Piazzas. When he reads the lesson prescribed to him as a duty in the church service, and prononnces, “ Blessed is the man that has his quiver full,”(of children,) he should be careful to be consistent:--but if he will forsake the political economy of the hero of Jaffa, he will find that there is a perfect consistency between the language of the Bible, and the learning and practice of Greece and Rome, in this respect. The Ronan legions were not more capable of labor than the supernumeraries in our streets, or the roundsmen of our villages; yet the Romans, when engaged in almost continual warfare with the Aborigines of this country, filled it with their refinenients. They considered the number of people as the strength of nations. Great Britain is identified with her colonies, and hundreds of industrious cultivators would expatriate themselves to become possessors of estates. The late war ought to have taught this country the energies that capital inspires; and it would be blasphemy against heaven, and the eternal disgrace of human prudence, if greater and more beneficial operations could not be effected during a time of peace!

How applicable then will be the introduction of additional circus lating medium? The high prices which will be given for Government securities, when this plan is adopted, will force the.present proprietors to apply their capital for the advantage of colonies.

But the respectability of the present countiy bankers should be preserved, as an integral part of our vational greatness; they blush, themselves, at the presumption which a forty-pounds licence inspires! Shall individuals dare to foist on the unsuspecting peasantry millions of one-pound notes, with no other certificate of property than the yearly Stamp-office receipt? The United States, although they admit, in general, British law; yet they have avoided this error, and require additional proofs of property. Many a country pedlar may be presuined to be sufficiently responsible to issue notes, if a licence is the only qualifications have heard an eminent


banker lament the circumstance; and when it is announced" in Parliament, that a Cork Bank has failed for three hundred thousand pounds, and will only pay one shilling in the pound, it is time to expect legislative interference.

The most considerable part of our commerce, at this time, is derived from our own settlements. In the air and sun of England so salabrious that, with equally good land, and surrounded by a British population, does an estate in Upper Cauada, or the Cape of Good Hope, offer no charms? Britons, who reiterate that they "rule the waves," are they terrified at a three months' voyage ? or, is a Canadian winter insuperable to constitutions habituated to weekly changes of thirty degrees ?

In Australasia every European fruit flourishes, besides many that are indigenous to the climate. The Cape of Good Hope, from its extent and its connexion with India, may hereafter rival the United States; and in Upper Canada, the peach and the nectarine ripen in the open air ! In Ossiniboia, an extensive district near the sources of the Mississipi and the Missouri, Lord Selkirk has established about 500 persons, with the advantage of water-carriage, where the natural produce of the soil is cherries, pears, grapes, &c.; where salt springs and coal-mides are common; and where horses and cows may be left out all the winter. : It is declared, on oath, in papers laid before the House of Commons, during the last Sessions, “ That the Red River country is the most delightful the deponent ever visited; that the soil is fertile beyond any he has ever seen; and the climate so healthy, that during his whole residence there, (thirteen years,) he never knew any person to have a fever, or to be troubled with any sickness which did not arise from casualties.” “That the price often paid to an Indian for a buffalo is only two horn combs.” May it not be asked, Can such domains be the property of a people who are piled together in filthy workhouses ? 4. . Much bas been said in the House of Commons, as to the inconveniencies suffered by the emigrants in Upper Canada; but be it remembered, these principally consisted of disappointed trans-Alleganian adventurers, who had expended every mean of 'support in their wilderness tour. A direct voyage to Van Dieman's land may be made by a steerage passenger for thirty pounds; and to the Cape of Good Hope, for fifteeny pounds! It is pitiable that the legislature should remain ignorant of the trifling expense which parishes would incur by the support of their poor in our Colonies, prior to their reaping their first barvest. Reckoning that a man eats 280lb. of pork, or its equivalent, and that he requires 250lb. of flour, during the first twelve months, for his entire support; yet

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