reduction which it
had been found possible to make upon the general expenditure,
particularly on the navy and military services. This amounts to
1,500,000_l._; but there is 450,000_l._ of temporary charge to
be added for the veteran battalions to Ireland. I am myself much
inclined to agree with your view, and to think that with the
present superabundance of capital in the market, the advance of
five millions to the agricultural interest in Exchequer Bills at
four per cent. interest can do little. It may have the effect of
producing a general lowering of the interest on mortgages, and if
this should succeed, it would indeed be a material advantage, and
would also collaterally tend to raise the stocks and to enable us
to save a million and a half by paying off the Five per cents.

Still I am myself very anxious for a reduction of taxation, but it
is true that it is very difficult to determine to what articles
this should be preferably applied for the relief of the land.
Windows would probably be the most direct, and yet that would apply
more efficaciously to the towns than to the country. It has been
already seen how very little relief was produced by the reduction
of the malt duty.

Every day's account from Ireland is worse and worse. There is more
appearance of organization and connexion; nor have we as yet a clue
to any of the directors of it.

I know nothing about Bloomfield, or of what is going on at
Brighton.

You will be amused to hear that from secret and private sources we
have reason to believe that Lord C---- has by this time made
himself master of the military chest of the _army_, containing
500,000 dollars, and has sailed to establish himself _independently_
on the isthmus. Will not this make a good novel for some future
Walter Scott?

To-day the plan for issuing Exchequer Bills to the landed interest
seems to be nearly dropped, and to be changed into a general
proposition for increasing circulation by borrowing four millions
from the Bank. Still I am convinced that we must come to the
reduction of taxation as the only measure of relief which will be
comprehensible.

Ever yours,

C. W. W.

Parliament was opened on the 5th of February by the King in person;
but before the Parliamentary campaign was commenced, some anxiety
was felt by the friends