us
look to Flanders, Holland, and other countries, and say no if we can.

It was on this idea that an income-tax, afterwards termed a property-
tax, was laid on, by which the rich are made to pay, and the poor are
exempted. The justice and expediency of this was universally
admitted: there might be some difference of opinion as to modes and
rates, but there was none as to the general principle.

We would, then, propose to RAISE LOANS, at a low rate of interest
to reimburse the present creditors, ON THE SAME PRINCIPLE ON
WHICH THE PROPERTY-TAX EXISTS, in the following manner:

There are, by Mr. Pitt's calculation, (and his may be taken [end of
page #243] in order to prevent caviling) 2,400,000,000 L. of capital in
the kingdom. Let us then create a two and a half per cent. stock, into
which every person possessed of property should be _compelled_ to
purchase at par, in proportion to their capital, so as to redeem fifty
millions every year, thereby creating fifty millions of new debt at two
and a half per cent. and reimbursing an equal sum bearing an interest
of five per cent.

A loan of two per cent. per annum, on each man's capital would do
this, and would never be an object for the safety of the whole,
particularly as it would only last for ten years. As he would have
interest at two and a half per cent. he would, in reality, only lose half,
that is, one per cent. a year during twelve years; so that a man, with
10,000 L. would only have given 100 L. a year for twelve years.

At the end of ten years, the interest of the national debt would be
reduced to one-half its present amount, which, together with the war-
taxes, would be sufficient to prevent the necessity of creating more
debt. This, however, is not all, a more prompt effect and advantage
may be expected. It is more than probable, that the moment our enemy
found that the nation, could, without any great exertion, put its
finances on a permanent footing, the present contest would finish. It is
now only continued, in hopes of ruining our finances, and it is on the
accumulation of the debt that the expectation of that is alone founded.

We observed, in the beginning of this Chapter, that most people are
biased by hope or fear, in examining a question of great importance;
and that, therefore, they do not state it quite fairly, without being
sensible of their error. In the case of the gloomy calculators of this
country, fear and anxiety operated in causing a miss