Star.
London, England, 1817-09-11 00:00:00

TO THE
.EIMIOR OF THE STAR.

Sr. HELM'S PLASM
IS/R•4 beg leave to lay before you the substance
of a Petition which was intenAed to be presented to
the ammo( Commons on the evening of Mr. Baouco
MAWS motion. but which has been unavoidably laid
aside until the next Session. I hope I shall not be
deemed disrespectful in publishing it before the
meeting of Parliament, and that the Members of the
House of Commons in their individual capacity, will
observe, without displeasure, the discussion of thesuls-
ject through the medium of the public press, and that
they will not think their prerogatives encroached on
by the measure being matured before it is presented
to them in the humble form hi a Petition.
There are two ways of disposing of a burthen; the
one, by getting rid of it; and the nthtr, by learning
to hear it. The national debt is characterised as the
chief burthen of the Country, and the cause of all the
present distress ; but I flatter myself the six hundred
millions of fundel property may be be made a source
of vist national advantage, and diffuse throughout
the United Kingdom the convenience of an additional
circulating medium. The disasters of the country
have uithdrawn Irons circulation a prodigious
amount of private paper; this can be sue plied
to the esteot that may be wanted, through the
regulation I have proposed, which has the adVantage
ot not forcing the introduction of paper, but merely
giving a power ot making it subservient to the tem-(
exigency of the kingdom. But it is, in fact,
dissimilar to a paper circulation, as each Debenture
will represent a certificate of substantial property, fur
which every acre of land in she United Kingdom
stands pledged 11 The wealth of nations is certainly
estimated by the amount of their circulating medium.
Parliament may be depended upon for their integrity,
—they will not deny their obligation to fulfil the con-
tracts they have entered into as the agents of the pub-
lic, but they will, through the medium of taxation,
continue taith,ully to discharge the interest of the
sums they have borrowed.
I thertf,re iovite all practical men to state their ob-
jections to my plan, not in the lengthened
disquisi-
tions ot the Bullion question ; but to slew what prac-
tical ill effect could be produced by a Commeicial
Gentleman, who holds three thousand three hunched
3 per Cent. Consols. changing them into Three one
thousand. and Three one hundred pounds Debentures,
and thereby possessing the means of borrowing money
on them, or dispo:ing of them on an emergency.
The Bankers in London, and in every part of the
United Kingdom, would thus possess an available
security, in case of any sudden run upon them ; and
the present necessity of locking up property (Or a
quarter of a year, during the preparation for the Di-
vidends, and the long attendance required to transfer
Stock, would be avoided. _ _

By the present practice, a London Banker, posses-
sing ,R5O 000 Stock, can hardly avail himself of the
use of it after half-past two, although he is obliged
to pa, every claim until five o'clock every day; and
a Banker ot Glasgow cannot transfer his Stack, ex-
cept he gives his personal attendance in Lamdi.ii, or
executes a power of attorney, whereby lie completely
purr himself at the mercy ot his agent.
If it is objected--Exchequer Bills are now appliod
to this purpose— I answer, there are few compara-
tively in circulation, and the Constitution forbids any
prmancni Unloaded Debt ; besides the teem of an
Exchequer Bill obliges an application at the Exche-
quer at certain periods, and it is cut jeer to a variation
of interest, and to be withdrawn by tie Government.
As to the small amount of India Bonds now in
circulation (perhaps only four maligns) they form a
very inadequate supply, and are little known.
My Flail proposes only admiuisug the me of Deben-
tures. Gentlemen of retired habits may continue
holding their Suck; er,.after, having kept their De-
bentures during a time they thoeshi themselves liable
to sudden clainsi, they may elite them again into the
hocks. Practical men will understand me when I
say, the Debentures will be Sciip paid in full. with
the advantage of receiving the half-yearly dividends.
'in the manner of India Bonds.

•If it is objected—The plan would give the dying
the opportunity of injuring the Revenue, by a distri-
bution of their Stock on their death-beds-4 answer,
The same objection ndw applies to Exchequer Bills ;
and any individual may now give a friend the conunul
over one hundred thousand stock in the space of tf‘ree
hours, by metely executing a power of attorney. Ti e.
orls check on the- lout of the Government, is the
Oaths of the administrators, which would equally ap-
ply to the case of Debentures. All the minor regula-
tions lam prepared to meet. nay the subject, with
the utmost deference, before the public ; let the me-
rits I f it be fairly discussed.

How is it 'possible that the proceeds of industry
jhaeuld continue adequate to supply the interest ot the
leereated Funded Capital,, when that Capital is up.
employed and out of circulation 1-1 am, Sir, your
obliged humble servant, WILLIAM DUNK.
ro tat IlCplollllAititlei uiniest ate flaissaons,
114 e 2IUkIEL6 PatITION OP Wil.Llehal Dunn', or or.
141Ablit LONDON.
Samara—that your Petitioner bath had great erperiette in
mat tots of eittance. and assisted the We Right lion. William Pitt
elating his Adativionnion.
',that your temion,r hatelatured a plan, whereby lie is eon.
Slot! this nation :coy be raised to a greater degree ot ?tavern,'
lit every befure tii;tayed.
n making the *puiptontion to 'yoar Honourable HOMO. your
• eirtitioner would humbly hope he will nut be chargeable wish
a:reopen VAN Wall his Majesty% Mialsters. '1 be aventott ot ,tee
lattlett to new meager** t* each, that his Majesty's Ministers
would have been deterred from cotertaloing the illea,ontil it had
obtalutd the culicutreuee of the Corporate lady *hoar* usually
_cocooned on iamb couneloos, and thus. your Honourable House,
j., it,. iudividual cat arity, could not taw had the opponents y of
exercising its delibtrative **Qom, powibly, during the euntittu•
'urge of the present Porn iniect.
Your Petitioner wad rut pregame to Intrude on the attention
of veer Honourable Howse any lengthened detail, knowing the
• subject is familiar to. your legislative wietim, red that you will
lostyperesdee the beneficial effect that would be produced in the
Market, % the facility tbdplan would give to the pre..
ear g. Loses on Stock at any hoar of the day, and in every peril
'et the United Kingdom.
The immense Dormant Capital, the National Debt, now ea-
,letinges a Within on the country, will be changed into a Porta-
.bie firculatfog Medium, applicable to all the purrs., of cash,
transferable in every country, and answering the nicht desirable
rep of currency in those places where barter now only exists.
The relief that would he intently afforded to our eutobits,
where an article of merchandise sometimes panes through three
hands In the comae of a day, for want of a drenbulag modem,
'Pill be fully appreciated by your Honourable House.
YON'. Ntltiellet will, therefore, without farther preface, Fly.
before you his Flu, as rather ragdattoa Va.; every pat df it bits i

before bees In practice), and tracts your Honourable Hasse will
perceive, that Its adoption will afford bantedlate and permanent
relief to the Agrkulture, Trade, Commerce, and Colonies of this
Country. •
Your Petitioner bey leave to observe, Am *although the mea-
sure would cause a great rise In tbe prim of stocks, and the eon-
sequent reduction of the four and bee per cents. that be is net bt
the least interested in such a cirdemstatioe.
The kegolatior is as follows:
Every person possessiou mock may claim any part et kill
transferable debentures of ocgo or) Atop, or upwards.
Tbme debeoturee are re-transferable Into stock.
The Interest paid on thenisolse wrote Utt on the back of each.
The atoms to detect forgeries (by animism' your Petitioner can
lay before you) will be equity effet.tive in London, DlAkdn, Edin-
burgh, Liverpool, Bristol, Indh, or Americas