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shillings; and during the last five years of the twenty, one hundred
and eight shillings. In the course of these twenty years, the
government borrowed near five hundred millions of real capital, for
which on a rough average, exclusive of the sinking fund, it engaged
to pay about five per cent. But if corn should fall to fifty
shillings a quarter, and other commodities in proportion, instead of
an interest of about five per cent. the government would really pay
an interest of seven, eight, nine, and for the last two hundred
millions, ten per cent.

To this extraordinary generosity towards the stockholders, I should
be disposed to make no kind of objection, if it were not necessary
to consider by whom it is to be paid; and a moment's reflection will
shew us, that it can only be paid by the industrious classes of
society and the landlords, that is, by all those whose nominal
incomes will vary with the variations in the measure of value. The
nominal revenues of this part of the society, compared with the
average of the last five years, will be diminished one half; and out
of this nominally reduced income, they will have to pay the same
nominal amount of taxation.

The interest and charges of the national debt, including the sinking
fund, are now little short of L40 millions a year; and these L40
millions, if we completely succeed in the reduction of the price of
corn and labour, are to be paid in future from a revenue of about
half the nominal value of the national income in 1813.

If we consider, with what an increased weight the taxes on tea,
sugar, malt, leather, soap, candles, etc., etc. would in this case
bear on the labouring classes of society, and what proportion of
their incomes all the active, industrious middle orders of the
state, as well as the higher orders, must pay in assessed taxes, and
the various articles of the customs and excise, the pressure will
appear to be absolutely intolerable. Nor would even the ad valorem
taxes afford any real relief. The annual fourty millions, must at
all events be paid; and if some taxes fail, others must be imposed
that will be more productive.

These are considerations sufficient to alarm even the stockholders
themselves, indeed, if the measure of value were really to fall, as
we have supposed, there is great reason to fear that the country
would be absolutely unable to continue the payment of the present
interest of the national debt.

I certainly do not think, t