2S Mr. Playjab 



treasurer, IMr. Allen, or to his account, 

 at Messrs. Hoare's, bankers, Tleet- 

 strect. 



Tlie great object proposed to be ac- 

 coniplislied by tliis example is, to shew 

 tliat the erecting and conducting of 

 sciiools of similar perfections may be 

 rendered a sonrce of reasonalde gain — 

 thus securing the piopagation of them 

 on the best of all foundations, the inte- 

 rest of those who may undertake them. 



To the Editor of the Monthhj Magazine. 



SIK, 



IN your last Magazine you gave a 

 very gloomy, but a very true, return 

 of our iiiiances ; yet I think it would bo 

 still better to consider what must be the 

 result? Want of foresight has brought 

 us to where we aie, and want of fore- 

 sight may soon take us to a situation 

 from which we never can extricate our- 

 Bclves. 



I, for my part, cannot conceive the 

 great apparent ignorance or indifference 

 cf all parties, with regard to what is 

 evidently awaiting us. 



Ministers said "They must iiave the 

 Income Tax, and they would stand or 

 fall by the measure." They lost it, and 

 4hey continued in place ; wliat can they 

 •xpect but disgrace and failure? 



Opposition made a bold and manly 

 stand to refuse the Income Tax; but 

 by that Act they were bound to withstnnd 

 a lavish expenditine that required the 

 Income Tax. AVhat can they expect 

 lut bankruptcy? They have sanctioned 

 an expenditure of 28 millions a year, 

 •when the free revenue at best is not 

 more than one-third of that sum ! What 

 <lo I say? The free revenue ? Sir, it is 

 more than probable, I believe it is cer- 

 tain, that the taxes m ill so fall off as to 

 leave no free revenue at all. 



In round numbers, and to be distinct 

 and intelligible, I state the matter as 

 follows, for accuracy is not necessary 

 when the evil is so great. 

 Ordinary revenue . . . .£42,O0O,()0O 

 portion of war taxes continued 



still 8,000,000 



on the State [Aug. 1, 



Last year the total income of the na- 

 tion was at hast 300,000,000/. as under: 

 Expended by government in 



1815 .£119,000,000 



Rent of land 40,000,000 



Income of farmers, one-half 



more than rent .... 60,000,000 

 Blen in trade, professions, ar- 

 tists, labourers, v*<r. equal 

 to farmer and landlord . 100,000,000 



Total revenue this year arising 



from fixed taxes . . . 50,000,000 

 Interest of funded 



and unfunded 



debt . . . 30,000,000 

 Sinking Fund . 12,000,000 



42,000,000 



Total individual revenue ."iP.OOOjOOO 

 Now, as tills produced of stan<iii)g 



taxes fifty millions, or about one-sixth, 



say .3*. 8r/. in the piuuid, let us sc« 



M'liat may be expected this year: — 



Expended by government in 



1816 .£70,000,000 



Land rents, some reduced, 



others in arrear, one-third . 27,000,000 



Farmers' incomes,reduced two- 

 thirds . . . • . . . 20,000,000 



Trade, professions, &c. reduced 



oue.fifth 80,000,000 



Say . . 190,000,000 



Thus, reckoning very moderateh for 

 the defalcations of rent, trade, &c. sup- 

 posing tlie coun)laints made to be true, 

 the income of the contributors will be 

 rcdu(;cd to less than two-thirds of what 

 it was last year ; but, to give every ad- 

 vantage to the other side of the question, 

 let us supj)osc if only two-thirds, then 

 the revenue would be reduced fiom fifty 

 millions to thirty-four millions ; but, sup- 

 posing it only to fall ofi' one-fifth instead 

 of one-lhird, we shall have but forty mil- 

 lions, which is not quite equal to the in- 

 ferest of f he debt and the Sinking Fund. 



The Income Tax renewed, and a far- 

 ther api)ropriation of the Sinking I'und 

 to the necessities of the yc.ir, may be 

 resources to a certain amount, and eco- 

 nomy may, and probably from necessity 

 Mill, be the means used for covering the 

 deficit ; and let us see how it will be 

 then — 

 The Sinkini; Fund is twelve 



millions; if one-half is taken, 



that will be 6,000,000 



A modified Income Tax . . 8,000,000 

 Economy to be practised . . 4,000,ooo 



Revenue of 1817 



lilxpenditure . 



18,000,000 

 40,000,000 



58,oro,oo() 

 70,000,000 



Free revenue . . 8,0')(),ooo 



Deficit still . . . 12,000,000 

 Twelve millions will still be wanting, 

 even alter encroaching on the Sinking 

 Fund, so as to greatly injure public cre- 

 dit, and renewing the Property Tax, so 



fts 



