Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1846-02-25

The CAUSE HEAVY BURDENS GREAT
BRITAIN, AND National DEBT; COM
PRlsING RAPID SURVEY OF SOME OF THE GREAT
EVENTS, ESPECIALLY CONNECTED WITH THE FL
NANcEs OF BRrTTsH HIsroRy, DURING THE LAST
HUNDRED AND FIFTY YEARS.
1t is an admitted fact, that larger sums are
paid annually by the people of Great Britain and
Ireland, as taxes and duties, than by any other
nation in tho world. The pressure and distress
occasioned by these demands, arc however, prob
ably, not greater, OH the whole, than suffered
by tho inhabitants Of many other countries but,
on the contrary, less severe: because the wealth,
intelligence, and moral condition Of tho British
and, consequently, their capabilities. arc, gene
rally speaking. superior to those of other nations.
Far DO j: from tho writer Of these pages TO
excite discomfort, whe,o grateful feelings ought
rather 10 prevail. Yet white thankful for the
blessings partake, let also consider the ORR
gin Of tho evils suffer. With view to
warning for tho future, it is therefore, proposed
to investigate the main cause of our great pccu-
mary burdens, and Of that overwhelming debt,
which absorbs largo annual expenditure,
and presses SO heavily on the resources and on
ergies Of the country.
The National Debt Of the United Kingdom, ac-
cording to tho bcs. authorities, appears to have
amounted, at the end Of 1912, to about S03 mill
lions of pounds sterling; and tho sum annually
required to pay tho interest, the terminablo
nutics, and tho management, to ittle less than
29a millions, being more than the whole expenses
Of the Government, besides. That the obligation
TO raiso 50 vast an amount every year, operates,
Of necessity. oppressive weight tho peo-
pie at largo, Notwithstanding other advantageous
circumstances, requires demonstration. We
proceed. therefore. to take rapid historical sur
voy Of the causes which have led to the contrac-
ton of this debt, and to the burthcns thus cntai.cd
on the present and on future generations.
In the early periods of tho history Of Britain.
as we'll as Of othor nations, through tho policy of
the rulers. or rather through their ignorance of
modern financial expodicnts, tho public expenses
were, with little exception, betrayed they arose
from year to year; without involving postcrity,
by tho anticipation of future revenues and the
contraction Of public debts. Tho monarchs and
their advisers often hardprcsscd to provide
for their expenditure; and rough and severe
the expedients they rcsorted 10, for the purpose
Of procuring money for necessary objects, as
well as to CRAFTY their inordnate desires, and TO
be- avenged on their enomes. Still they wero
compelled to limit their expenses by tho current
means which could be raised from tho people.
These, in their turn, demanded concessions of
moro equal laws and grenter liberty, the price
Of their pecuniary sacrifices; hence such conten-
tons often resulted. both in promoting peace for
the time being. and in laying tho foundation Of
greater freedom and equality FOR posterity.
Charles H. OG60,) was tho first king Of Great
Britain, who adopted system of borrowing on
tho national crcdit which he did, by granting
life nnnuiiies to such advanced him sums of
money, for the indulgence of tho habits of extrav
aganco and profigacy that prevailed at his court.
The debts thus incurred were mostly paid off or
compromised; the remainder were compa ratively
trihing, and these little, if at all, increased
by his successor. At tho abdication Of James
ii. (l6SS.) tho amount is stated to have been
f56O,O0O or rather moro than half million
sterling.
l. IL g
that the foundation was first laid of that perma
nent National Debt, which has since swollen to
so alarming a ma gnitudc. To this reign owe,
indeed, tho legal recognition Of those great p-in-
ciples Of religious liborty, which have been pro-
ductve of many blessings; and at the samc
time firm stand was made against the introduce
ton Of Popsh authority, which had threatened,
under his predecessor, to become again dominant
in Eng But unhapply King William was
a soldier; passonately fond of war, wel-skied
in its tactics, and deeply Interested in the in
trigucs and contests, which at that time involved
many nations the continent Of Europe. On
condition that he should be supplied with tho
means of prosecuting his warlike schemes abroad
and thus securing tho acknowledgment of his
sovereignty. he readily consented. not only to
CRAFTY the various desires of his Lords ana
Commons, but also to mortgage the revenues OF
the nation, regardless of future consequences.
To conciliate the landed interest, he needed TO
tho imposition Of considerable bounty the
expectation of British corn; by means Of which,
and of the hostilitcs between his party and tina,
Of tho late king. the price of bread was greatly
enhanced, to tho extreme distress Of the laboring
classes. The land-tax and various other duties
wore laid on for the first time, to supply his ne
ccsstics; and the amount annually drawn from
the pockets of the people was vastly augmen ted.
At his first accession to the crown it was only
about two millions.
The first cight years Of the reig On Of William
Ill. were spen: in war; with the avowed object
Of compelling his acknowledgment King of
Great Britain from other European states, and of
humbling the power of the Bourbons. This
war, which was in great degree offensive. cost
tho nation twen,y-one millions in loans, and ten
million in taxes: consequently. at the conclusion
Of the treaty Of Ryswick. September Goth, 1897.
National Debt found to have been incurred.