386 
consideration of rate of exchange, to 
the treasury in London, and we all 
know that this is done half-yearly, to 
an amount of forty millions per annum. 
1 then appealed to facts in regard to 
the distribution of the hali-yearly 
twenty millions, and proved that fif- 
teen of them are paid over to public 
annuitants resident in or near London, 
or abroad; while only a small portion 
is slowly returned by round-about 
channels into the country for agricul- 
tural produce; the remainder being ex- 
pended in foreign luxuries, in exalting 
the price of the funds, in foreign loans, 
and in all the means by which cupidity 
employs capital. And J inferred, as a 
consequence of these premises, that, 
though capital super-abounds in Lon- 
don, the country is nevertheless drain- 
ed of all circulating medium. That to 
raise it to meet the prevalent pay- 
ments of rents and taxes, farming- 
stocks and estates are obliged to be 
sold one after the other at any price 
which they will produce, and, con- 
sequently, that universal paupcrism 
threatens the yeomanry, proprietors, 
and agricultural intcreats, as well as 
all the handicrafts and branches of 
trade dependent upon them. 
1 then solved the enigma of dimi- 
nished and constantly diminishing 
prices, by shewing, that price depends 
on the local circulation at the place of 
sale; that, if the circulating medium 
left in any district is constantly drawn 
off, the actual prices in the market 
of that district must be proportionally 
reduced, with little practical reference 
to prices in other markets ; and that the 
prices in Smithficld are governed by 
those in the five hundred other markets 
scattered over the empire, because 
-high prices in any one market would 
produce such an excess of supply as 
would reduce its prices to the level of 
ali others. 1 shewed, too, how prices 
were kept up during the war by the 
expenditure of loans in the purchases 
of contractors, by whom the demand 
was. constantly kept equal to the 
supply. 
In support of these important doc- 
trines, I appealed to the known state 
of the country and that of Londen, 
.shewing, that, in the former, the me- 
Janchoiy circumstances were such as 
the causes were calculated to pro- 
duce; and that, in London, every 
feature of excessive capital was cvi- 
dceatin splendid improvements, in yil- 
Non- Residents. 
[Dee. t 
lages converted into towns of. elegant 
mansions, in the ready discount of 
bills, in the reduced rate of mterest, in 
the progressive rise in the funds, 
(every one per cent. in which absorbs 
two or three millions of capital,) and, 
finally, in foreign loans, at which the 
Jews, and other monied interests, 
grasp as means of employing the 
money drawn from the labour and 
misery of the people of England. 
While all these circumstances, arising 
from taxation, are aggravated by mo- 
dern manners, which lead the greater 
proportion of landlords to spend their 
rentals in town-houses, at watering 
places, and in foreign countries. 
Such being the evils, l now proceed 
to discuss the remedies. The disease 
is desperate, and the remedies cannot 
consist of palliatives. They are of a 
radical kind, which threaten the disso- 
lution of the body-politic, and the re- 
medies must be equally radical. Shifts, 
temporary expedients, and words, will 
be of no avail. 
Sacrifices must be made by all. 
We must give up half to save the 
remainder, just as we consent to suffer 
the amputation of a mortified limb. 
The fund-holder may at present hug 
himself in his fancied exemption from 
the general misery, but this exemption 
can only be temporary. With the 
means of the country, the means of 
paying his interest must cease, and 
he will then become the most abject 
and helpless of paupers. 
One of two things is necessary :— 
either less must be drawn from the 
country by diminishing the interest 
of the public debt; or by enacting 
regulations, by which the sums col- 
lected may be re-expended at the 
place of collection. 
Public faith or personal liberty must 
be violated. There is no alternative. 
In the choice of evils, which is the 
least? 
It must, at the same time, not be 
concealed, that the abatement of in- 
terest which would relieve the country 
must be considerable, if non-residence 
among the payers is tolerated; for the 
principle itself of non-resident re- 
ceivers, in whatever degree it exists, 
is injurious. Such a class as a body 
of state-annuitants is a social pheno- 
menon which never before existed in 
any country; and, if to this monstrosity 
be superadded the fact, that they herd 
in one town, and its vicinity, it will be 
obvious 
