The Sun.
London, England, 1827-01-17 00:00:00

nate, if the portaitoteitalinre beeCifpinfirXiat due jigaid to
the interest of the agriculturist without any duty ; but, as this
would be evidently injurious to both proprietors and tenants, I
have adopted a scale for ten years, , gradually decreasing ; an I,
by the end of that period, the major part of the present leas s
will be at an end, and the contracting parties can commence (
a more sure footin'g, and the 'tenants at will would not be in
the least degree hurt by the change. I am aware this duty is
three times higher than that in the year 1790 ; but the circum-
stances of the country are materially changed; and, as the high d
will increase the revenue, as well as extend the protection of ti
home grower, I cannot, at present, anticipate any well-ground, I
objection to it. Although the duty is higher than it was in lino,
your Lordship may, and I have no doubt will, be told, that it is
not half a protecting duty. The landed interest will immediately
say, that part of their income has been taken from them, which
' was guaranteed to them by Acts of Parliament. I observe Col-
quhoun and the free-trade party estimate, that the prohibitory
Coen Laws cost the country twenty-five millions per annum.
Taking this estimate as correct, the country would gain twenty-
five millions annually, but the landed interest would lose it.
There is no doubt the proposal now in hand would assimilate the
price of corn, and, of course, the value of land, to that of the
year 1790
,; and, without the fourth proposal, which is intended
ultimately to assimilate the national debt to that of the same pe-
riod, woeld be an evident injury to the landed interest. The
landed interest at first will suffer by the loss of the above
25,000,0001. annually ; and the proprietors may say with truth
'that they have more to complain of than any other members of
the Commonwealth. It is not enough that they are told that they
have as many acres as their forefathers left them, and may get the.
same rental. This, your Lordship will observe, does not apply to
the 'new proprietors, who scarcely at present receive two per cent.
tor their money ; and, if this proposition of mine is adopted, they
. will get but one per cent. But it may apply to the old proptit,-
, tors; for it is strictly true, that the ancient Nobility Will have the
. same number of acres ; and it is equally tree that they may get
`the same rental that their forefathers dill. Your Lordship is,
however, particularly requested to observe, that you will be told
by them, that is the time of the ancient Nobility, the ancient Go-
vernment had no debt, end, consPquently had not 35,000,0001.
-of _ annual dividends to pay; and that the debt of our modern
Government was created, and continued to increase, in a dere-
.clated sapee currency, since the unfortunate days of the un-
fortunate administration of Lord North ; and that every Mi-
nistry, that_ have followed him, have continued to increase the
.debt, it. has, reached the alarming. sum of 800,000,0001.
and, until this debt can be brought down to the national debt of
the country ie the year 1790, corn cannot, with an equal men-
sure of justve, be brought down to the price'of that period._
}lnt the iniention of my fourth proposal is, to attempt, in some
Measure, to do this.
New, myLord, I come to my last propositions; and, as
thj ie one of immense importance, I have to solicit your Lord-
sliie:s.,iedulgetee,.should I appear a little prOlix in my remarks.
All the financiers, since the days of King William and Mary,
haVesootintied to increase the Revenue, and unfortunately they
have continued to increase the debt along with it ; but, as the
system, which I have the honour to propose to your Lordship, is
intended to lighten the burdens of the country, the Revenue and
the debt must be sradually lowered at one and the same time. In
suggesting this reduction, I am. not so rash as to say,—caecel
the debt, and let the country tee; for lam satisfied, that such a
step would unhinge ;!::: the bonds of society, and plunge in
total ruin the whole interests of the kingdom : but, on consi-
dering the for Many years, I think every one must
be satisfied, gnat it is indispensably necessary to lessen the
debt ; while such an enormous load continues, the coun-
try :must labour under its weight,--and labour, and labour in
vain : foe one may as well expect to leap over the Alps, as ex-
pect that the country can prosper with such a load. But how so
important a measure is to be accomplished, is, and must be, a
matter of-e.xtrente difficulty, if not of utter impossibility, unless
recourse ill:11.3d to steps, which nothing but the urgency of the
Can- 'justify. In' interfering with the solemn engage-
' ante-afthe, country, not only to its own members, but to in-
c4trifluale.and states in every quarter of the globe, much panic
iyouldienine- in the first instance,—some would_say, fly the
4ty,,fersthe Stock-. Exchange will be blown up; but I feel con-
-11444.1.11* - panic would be but temporary, and, in a short
intFinde /null a-reaction would take place in our credit, as to place
iten,a firmer• footing than ever. I have then to propose, .that,
sus e.eertain dry to he fixed, ,say the Ist of January next, one
apcl„,n,squarter pee cent. be deducted annually from the -gross
ainount-Of the National, Debt,—l mean the Capital,—the said
ope and a quarter per cent.-,to he. deducted on the same day
every year, until the debt is reduced, and its amount is down
to the. pun it w.ae before the French Revolution ; that is
to-440,000,000. I mean the deduction to 'take place on the
!Phoning sit:4le, Viz.

•
£800,000,000 0 0
10,000,000 0 0

182 S

1529 .

issi)

790,000,000 0 0
9,875,000 0 0

780,125,000 0 0
9,751,562 10 0

1 SS 1

770,373,487 10 0
9,629,667 19 44

760,743,769 10 74
.. 9,509,227 2 44

751,234,172 8 3
1832

71.1,844,041 10 11
9,273,050 10