Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1826-10-05
.Icfnia OF En- Gland.

perhaps not of very high authority, but
It shews which way the current of popu-
lar opinion runs, in the metropolis Of
England:
THE new Parliament stands nominal
ly prorogued to the Goth of August, but
the period is yet assigned for It's assem-
bling for the despatch of business Both
Houses will probably not be summoned
before February--M Ministers will try what
time may do. Six months may abate the
gloom and render the horizon brighter
chance may befriend them, and hush
the clamors of distress. Reduction will
be the last resort, and only conceded
from hard necessity; yet conceded il
must be. The 'Livre Rouge must be
reduced in bulk.--Court places and
Court pensions must iall--excessive tax.
alton is the real source of distress. II
produced the fall OF profits and the de-
cline of manufactures, commerce. and
navigation, in Holland, and it is working
the same results in Great Britain. In
1862, previous to the commencement OF
the Revolutionary disturbances, and in
terest of the public debt of Holland "a
mounted 7s,io0 forms. In 1879, the
epoch of the Union of Utrecht, it rose
to $4,000 forms. In 1861, before the
Invasion of Louis i4th, it had increas-
ed to five millions and half Of forms.
Atthe Peace of Nimeguen, near two
millions more were added. At the
Peace of Ryswick, it amounted to eight
millions and half Inl7lS, at the Trea-
ty Utrecht, it was between Is and IA
millions. In 1850, at the Peace of
Aixds Chapelle, it had swelled another
million. In 1888, at the commence
ment of the French Revelation, the in
terest of the debt of Holland was near
Is millions; and two years after, in
176l, it was upwards of IS millions of
-florins. This ruinous system exactly
resembled our own, and the results are
the same. Holland, too, had her for
ced reductions of interest; the first took
place in 1866, during the administra.
ton of the famous John de Witt, when
the interest to the public creditor was
reduced from to 4 per cent. In 1895,
more than five millions were deducted
from the interest payable by the prov.
ince of Holland. And in despite of ev-
cry effort TO meet the growing deficit in
the Revenue by the imposition Of taxes,
both on necessaries and capital, subse-
quent bankruptcies followed The well
informed Author of the Commerce de-
la Hollanae, traces The decline of that
country entirely to its debt and enor-
nous taxation. The different wars. he
says, terminated by the treaties Of MINI
eguen, of Ryswick, Utrecht, and AK
la Chapelle, compelled this Republic to
strain its credit, and make enormous
loans, to sustain the necessary expens-
es. These loans charged Holland with
an immense sum for interest, which
could not be paid but by an excessive
augmentation OF taxes; and under this
weight, trade, commerce, and manu-
features, declined. Such have been the
effects Of the funding system in Holland
such are its baleful effects in this cSun-
Try; and such viii be the results in eve
~ country, which in despite of these
awful warnings, rushes on unnecessary
vars, and resorts to extravagant LOANS
md excessive taxation as the means of
them. 1t is now no longer a
question, that the disor9ered state ofthe
finances, caused by the overgrown a.
mount of the public debt, was the i'm
Mediate cause of the French revolution.
The celebrated Colbert was aware of
he dangers of the funding system, and
lsed every effort TO prevent its intro
inction. But Lourois thought differ
'ntly-a million of 'rentes,' thus crea-
ed, produced, this minister said, twenty
Millions at once Colbert declared that
LouIois would answer to God for the
prejudice done to France, and the ruin
he was entailing on the People. The
amlly of Bourbon, aud the French ma
ion, siace paid dearly for their folly in
acrlficing the lasting and permanent
advantages that would have resulted
rom following Colbert's system, for the !
Ieiusiye and monetary relief afforded
y the plan OF Lourois. Had the former !
'een adopted, France would have ayoi.
Iedthe disgracefuIand destructive bank
uptcies of 1918 and 1859, and might |
lao have escaped the Revolution Of 1850 !