412 



possible ; neither is it dcnicJ, that the 

 measure proposed v\ ould be a breach of 

 ,t}ie most solemu eugagcments, and a 

 inost atrocious invasion of the sacred 

 ,;yig;hts of property, upon wljicii the very 

 \c\nS <^:"'tl existence of society depends ; 

 Vut, like otiiers capaljle of making such 

 a proposition, they plead the necessity 

 of the case as an excuse for the atrocity 

 flf their conduct. Like convicted 

 ^'(thieves before their judge, they only 

 .'plead poverty as a defence of their 

 ("^Oiimes ; they tell us the nation is unable 

 to pay its debts; they allirm that this 

 great, this wealthy kingdom — which 

 ' they represented only the other day as 

 " the pride, the envy, and the admira- 

 tion of the world,"— is now in the slate 

 of a bankrui)t tradesman ; and therefore 

 call upon its creditors, not to accept, 

 Ijut in pity to oiler, a composition. But, 

 passing over the puerile absurdity of 

 eomparing, as they do, a great and 

 powerful nation to a miserable indivi- 

 dual, let me ask, dois any one ever ac- 

 cept of a composition but when ho is 

 certain that the efl'ccts are unequal to 

 the debts? And if you think it possible, 

 that those wlio assert that such is the 

 case with this kingdom— that its debts 

 exceed the whole of its prt.vperty — I will 

 Acquit them of intentional falsehood, and 

 fleem them knaves instead of fools; but 

 that the statement is one of the grossest 

 falsehoods ever attempted to be imposed 

 on the most ignorant and credulous 

 inultitude, must be so evident to every 

 one at all acquainted with the subject ; 

 iand the reasoning by which they attempt 

 to support it, is so pitiably contemptible, 

 that nothing could have induced me to 

 jiotice it, but the desire of preventing 

 the timid and uninformed portion of the 



Mr. Anderson on the AbilUy^ [Dec. 1, 



four millions; taking it, however, at 

 only Ijfty-scven tuillions, as stated by 

 Mr. Western, this source of revenue 

 alone is equal to double the interest 

 payed the national creditor, which at 

 once demonstrates the egregious false-' 

 hood, in asserting that the national reve- 

 nue is unequal to its debts. But the re- 

 venue derived Irom house-rent is at 

 least equal to twenty-three juillions, and 

 if to this we add the revenue of the nati- 

 onal creditor, which, diflercnt from every 

 other species of revenue, contributes to 

 its own formation, we tind that these 

 three sources of revenue jaoduce an ag- 

 gregate equal to four times the sum an- 

 nually paid to tiio national creditor. If, 

 however, we look at the produce of the 

 iuconie-ta>i, the result will be still mor» 



favourable : in 1815 it produced up- 

 wards of foiuteeu millions, of which the 

 stockholders paid about 2,800,0001. 

 which makes the income arising from 

 slock equal to only one-fifth of all the 

 incomes upon which the tax was levied, 

 even supposing tliey had all paid lull ten 

 per cent. But, unless with respect to 

 stock, and other government annuities, 

 this was far, very far, from being the 

 case, as we are well assured, especially 

 from what we know in respect to laud. 

 Although it is acknowledged that land- 

 rent amounted to upwards of Ofty-seven 

 millions, and was probably nuicli more, 

 yet there was only thirty-four millions, 

 returned for taxes; consequently, ac- 

 cording to Mr. \\ esteru's statement, the 

 laud paid :<carcely six per cent, instead 

 often; and this siifticio4jt!y agrees with 

 the statement of Mr. Hunt, a conside- 

 rable proprietor : he asserted, and the 

 assertion remains uncontradicted, that 

 neither he, nor a noble lord his neigh- 

 bour, and a great landholder, paid more 

 than live per cent, on tlieir rents. But, 

 if such were the case in respect to in- 

 come arising from land, what must have 

 been the case in respect to income when 

 there were scarcely any data on which to 

 form an estimate? Supposing, however, 

 that all other income, except laat arising 

 from stock and govenuuent ammities, 

 had payed full five per cent., which is 

 certainly makii.g a very high estimate ; 

 it is evident that the income arising from 

 equal sixteen miiiroas ; but the Board of stock docs not amount to more than one- 

 iS^riculture, who have the best means of tenth of all the ii.comes upon which the 



stockholders from being alarmed, and 

 l)y that means swindled out of their 

 -property. 



It will always be very difficult, if not 

 ampossible, to ascertain the exact 

 amount of all the incomes of the com- 

 anunity ; there are, however, data sulii- 

 cieut for making au estimate, which 

 must be perfectly satisfactory. When 

 the average rent of laud was only ten 

 sliiliings an acre, the wisole of the rent 

 was sui'posed, by the best judges, to 



information on the subject, and certainly 

 do not intend to cxagi.ci ale, make the 

 average rent now equal to forty shillings 

 Kn aero; consequently the aggregate of 

 ^li ilic rents ought to amount to 5J.\ty- 



tax was levied. But what will prove 

 beyond a doubt that llio aggregate 

 amount of all the incomes of the nation 

 far exceeds the estimates of the most 

 ^auguiofi cakuklois, is the. immense 



