igZ Mr. Play fair on reducing the Interest of the Funded Debf. [Nov. 1 



To another of your correspondents, 

 permit me to intimate that, the ocean 

 may be supposed to contain immensely 

 less lime at this time than it did before 

 <he chalk stratum was deposited from it. 

 A stratum of chalk, of 800 feet thick at 

 this time, and deposited from the ocean, 

 not oidy cleared the salt water from 

 much lime, but that great deposit ap- 

 pears to have been made in such a man- 

 lier, as miglit be expected, fiora such a 

 quantily of lime, to smother all the 

 cornua-ammouis, and several other gc- 

 Hcraoffish. John AiiDDLETON. 



Lamhelh, 



To the Editor of the Monthly Magazine, 



SIR, 



I OBSERVE that men of all parties 

 deprecate any diminution of the in- 

 terest of our funded debt, as being an 

 «ict of the most culpable nature, and a 

 breach of faith wifli the public creditor. 

 In answer to such persons. I have to 

 say, that necessity has no law; that, 

 where an act is impossible, the non-pcr- 

 ibrraance of that act is not culpable; 

 obligation ceases when means fail of 

 performance, and every agreement 

 amongst mankind is made under this 

 conviction; and therefore, if the impossi- 

 bility of performing a contract is ascer- 

 tained, there is no breach of faith. 



I am well aware tiiat those very per- 

 sons who are so pertinacious now, will 

 change when they see the impossibility 

 of their scheme of paying without 

 abating a farthing is im|)racticable ; but, 

 as they arc such sticklers for justice, I 

 ipust ask of them, if they do not attach 

 great criminality to borrowing alter 

 it is evident that we cannot pay. 



When the debt now existing was 

 contracted, the insolvency of the nation 

 was not foreseen, and therefore there 

 was no deception : ministers expected 

 tiiat when parliament saw the state of 

 affairs they would continue the war 

 taxes, and they probably did not foresee 

 the distressed state of the country that 

 has since taken place ; they therefore 

 might borrow money with the fairest 

 intentions. 



Now, (hat facts have demonstrated 

 the impracticability of going on even to 

 pay the interest, more money cannot be 

 borrowed with innocent intention and 

 bonouralde expectation ; yet the ten- 

 dency of the conduct of those persons 

 who protest against any diminution of 

 interest, is to make us go on blindly and 

 oonlidently borrowing, until the situa- 

 tion bccoaics dcsperat*. 



Thus, sir, in fact, the sticklers for 

 strict honour and justice, in despite of 

 impossibility, are (inadvertently perhaps) 

 eneoin'aging a real act of dccejilion. 



The law makes a conii)!ete distinction 

 between the insolvent man whom ne- 

 cessity obliges to leave unjvaid debts 

 which were contracted with a fair pro- 

 bability of being able to pay, and the 

 man who contracted debts which ho 

 knew he never could pay. The one is 

 unfortunate and innocent, and treated 

 as such, the other as gnilty ; and to the 

 circumstance that the law makes this 

 distinctii'U. I may add, tiiat the distinc- 

 tion is founded on the raturc of things. 



It behoves those persons who protest 

 against any diminution of interest, to 

 shew how we can continue to pay the 

 interest as it is, and (he other cxpences 

 of the state that are inevital)lc ; for, un- 

 less they can do that, they ought to de- 

 sist from resisting a nicasure that must 

 become necessary, unless wliat will be 

 infinitely worse takes place, namely, 

 a complete bankrui)tcy. 



I do certainly think tiiat every possi- 

 ble economy ought to lie made, and 

 every sinecure abolished, before the 

 lawful creditor is reduced in his inte- 

 rest ; but then how short a way will such 

 abolitions go towards reducing a dimi- 

 nution of expenditure that willmatc- 

 lially alter the case — I mean, sir, that 

 will materially diminish the deficiency. 



Those persons who are eternally cry- 

 ing out about p(Misions and ]5lacemeii, 

 exaggerate the evil of which they com- 

 plain ; and I highly approve oi' what 

 i\Ir. Sheridan said on this subject about 

 seven years ago. 



" I agree," said that able man, " witli 

 those who would abolish useless ofTiccs, 

 and withdraw unearned pensions; but I 

 will not join with them in making the 

 people hope that this measure will bring 

 any effectual relief; (he whole sum (hat 

 would be saved by such measures v\onld 

 not amount to three days' expenditure." 

 'i'lie manly mind of Sir. Sheridan dis- 

 dained to deceive the people by leading 

 them to expect relief when it could not 

 be obtained, and there is certainly a 

 considerable degree of criminality in 

 leading them into such an error; but 

 let us see, by figures, what conld bo 

 done by stiaiiiing every pouit, that is, by 

 making all the economy possible, ai;d 

 seizing on the Sinking Fund. 

 Permanent taxes as 



tliey are . . ^30,000,000 

 War taxes nowexisting 6,000,000 



Cam»d forward . 36,000,000 



Brought 



