Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-06-27

more likely than any tBing 10 fOAetc the dS-
tresseS ia England, hy opening new market
likely 50 happen in TINE 20 be Ot service against
the present difficulty, while other causes ~ .
Siuitsf kind arc operating against the English.
Mos. ct the continental! nations OF turOpe are !
CNclSding British manufactures from their ter /
ritOr.es. with a view 10 tie encouragement at /
tlier OWn; and these regulations ATE now tir /,
better enforced thdn The cVgt'Hs.f0' Sg,icM at /
ponarNrte helm. considered at present the !
true u,,iioral pOicyui TIE countries tta' enact
.henn 'lie same system j. prevailing 10 q Ger
tain Q. ~sce i'm the United States, and WILL CnU-
iilmr 80 gain ground; taa,, ON the whole, Il
MAY be asserted With safety, ;i,at the demand
Sos the productions Of British labor, Instead OF
incrraSIae. Will regularly dccl1Ec.
'.i.uS. while Tie pressure OF the debt andtaS-
e continues n iU!l force. there Is no event
w;ihu tlc compass OF probability, one might
perhaps yafcy say. moral possibility, That can
give such an extraordinary stimulus TO DuSi-
ness as 1T all 10 cOWntCryaiaGcc ITS effects. IN
fact. tiie very necessity ofan extraordinary sill
muirs. proves that IN scnCrailt cannot be eN-
pected 20 exist The only permanent situation
OF country is the ont which IS the result OF
ordinary times. Extraordinary ctrcun>tan-
ceS mal paceit. from time 20 time, IN eNtraor-
binary situations tut iii the long run nature
mus, have its way.
But II is said hy some, wait few years, aud
disease, misery, and want, vil do your work:
ihe SuDeriiuouS population viii be ground
down to the point where the regular demand
for labor affords employment for all, dud then
all will u" once more prosperous and happy
Fine coadiutCis these for humane AND en-
iiwhtcucd government Characterization. how
ever, even this sad eeiuge from the storms OF
fate VIII be found insufficient. Nothing hut
the active employment of all The capnal can
SuprOrt the country under the enormous
weight of the burden. / he point, therefore,
to be looked after is not the employment ot all
the people, bur Of ali the finds. " hen misery
has anuihilaied the superAuouS third oi the
e,able before. will only press with heavier force
on the remaining two thirds. II hall were
swept off, while the faxes remain the same, II
is clear ihat the distress of the other halt would
only TIC the greater; and II the whole property
OF the country were concentrated IN one ind,-
Viiual, accompanied with the obligation 10
support all the burdens, his distress would bc
the same with that Of theua:ion now. The rea!
evil being that in consequence of the great i'm
positions, there can be 10 pro:itable employ
mert FOR capital III ordinary t.u.es.
Such being the extent of the diStrcsSes i'll
England, and such thC Importantly ot their
renewal, we arrive at the point which connects
them with the financial erharTassmentS or the
government. and constitutes in tact the political
crisis mentioned in my last letter
I. The tareS being no'C so heary and oppressive,
caniot possibly be increased. The amountof re-
ceipts from them tell short last wear two or
three millions. and they were collected with
very great diiiicultyand distress to individuals
When the nominal increase of taxes makes
them less productive, it is certain that thevare
already pushed beyond the highest possible
point of expediency. To raise them higher
would only diminish tile amount of receipts still
more. Iie tIrcS, therefore, cUnHot DC Increased.
But.
, The system carn2t 20 on ,rithoat Ms tarcs are
increased because the present amount Of an
nual receipts is not sufficient to discharge the
interest of the debt, and to support the peace
establishment upon the lowest footing TO which
it can be reduced. There was Il difference be-
ha it,Is I'M
counts made up last winter of nine millions,
although eleven millions were received of ar
rearS upon The property tax, which had been
repealed before. This year there will be moth
lng from that source, which reduces the
ceipts at Once eleven millions; in addition to
which deficiency there is every reason to cx
pect still greater falling OF in the receipts
from the remaining taxes. IT IS true that the
amount Of the expenses on the peace estab
i,Shment has been reduced about six millions :;
but, nOtwithsta landing this, il is not easy TO cal
cu.dte for the current YearVpOn deficit of less
than from IL to 70 millions.
How can this be supplied; BY taxes to the
amount That cannot he, for. as have shown
already, the prodUctvcUess OF the taxes cannot
he Increased. aya lOaH 10 the amount. Be-
sides the evident :mpoSsi5iity OF getting along
with system that reqnires an annual loan Of
fifteen or twenty millions ~ tlmc OF Uczcc 10
pay the interest of debts already existing, this
eEpcd,eut >tili Involves the diUCuity of new
burdens. q o raise twenty millions by loan
GrHcs tIc creation of nearly tliriy-hve mn
lions OF new stock and the imposition OF near
"a million ia new taxes, and this annually. Can
Che Difficulty be got over by airy other cxpJd-
ems. such s the issue Of eEcheqGCr bills, OF
iVanccsh b, the bank? These Il IS well Known,
are only loans in another form, and Will come
last TO the same result, the imposition of new
burdens upon the people
This then is the pont to which the rulers Of
England are now rCdUcei-Ihe tQres calsBot be
nude more prodGciire The system c0Gnot IN az
he Itr.fsf1
fire the system H,pSt stop.
The force of this conclusion depends, am
perfectly sensible, upon the correctness of the
two premises Of which, however the FIRST op!y
is questionable and checrfuliV admit that IL
Mr.. Nsnsittart, aud his cOadlutOTs, disease and
5llscry, can devise any way Of auglncHting smE
tlcien,iy the product.ycueSS Of the faxes my
conclusion is false Whcn however we re.
view the extent of the present distress, tie vast
nominal amount Of the taxes, and the deiicien-
cy in their products, and when we recGiiect
that no Iegcrdemain tricks for raising muuev
have IN the end proved eiieCtuai that even
the magical Sinking, lnnd has been found al
last TO be a bubble FINK il viii Do admitted
that there is a reasonable moral certainty in
the FIRST assertion. However fins NAV be. and
whether tie rulers OF Great Britain do or do
not succeed la escaping from tie present diff
Gently, The ARRIVAL Os ths period when ilc re-
ccipts Of thc taxes are not sufficient 10 meet
the interest Of the debt, and the lowest peace
establishment, is most Unques tOuably the oc.
currence OF very important crisis in IL
nance.
Ii was The opinion Of Iiume about the mid
die of tie last century, that when tire debt Of
Great Britain should amount to one hundred
millions, Il national bankruptcy would he III
cvi;ahle. His opinion was founded on the i
dea tliat when il boCaRie obviously impossible
ever TO discharge TIC principal, the credit Of
the nation wogii fail. JIG has been proved,
however. by experiment that though the pay
mcut Of the priuCisa al money was impossible.
the debt rl;clit be converted, by the punctnai
payment oi the interest into sort Of perne-
tsal annuity, aud credit remain Il firm ~ ever.
N rnL,ain. M Ln .LcNEn In what .NaY nller In.