1824.] 



On the Spirit oj Modern Improvement. 



28</ 



insensibly, and without a murmur. 

 It was a well-known object of Sir 

 Robert Walpole,to have extinguished 

 the former. 



The Land-tax Redemption Act of 

 Mr. Pitt, was undoubtedly laudable 

 in the end proposed, but miserably 

 deficient in the means of accomplish- 

 ment. For it might easily be fore- 

 seen, that the low assessments only 

 would be purchased; and, these being 

 now bought np, the Act remains a 

 mere dead letter. The inducements 

 now held out, are not suflicient to 

 render it operative, which is a defect 

 much to be regretted. 



lu the present state of the national 

 finances, the primary and indispen- 

 sable object, if Ministers are not 

 wholly devoid of energy and foresight, 

 — and certainly no comparison can 

 be made between the present leaders 

 of the House of Commons, Mr. Can- 

 ning, and Mr. Robinson, and their 

 predecessors. Lord Castlereagh, and 

 Mr, Vansittart — the primary object, 

 must be to enable this country to 

 engage in another war without making 

 any addition to the present enormous 

 debt. War is, indeed, a monster to 

 be abhorred and deprecated ; but by 

 a nation so great and powerful as 

 Britain, it ought not, and need not, 

 to be the subject of fear. Nor can 

 we hope that, in the progress of human 

 affairs, this country should be exempt 

 from the dire necessity of engaging 

 in it. To be well prepared for war 

 is, indeed, the most effectual means of 

 avoiding it. 



Had Mr. Pitt adopted the plan of 

 War-taxes, at tiie commencement of 

 hostilities with France, in 1793, the 

 eventual accumulation of debt to an 

 amount so terrific would have been 

 precluded. But, if we are true to 

 ourselves, the salvation of the coun- 

 try — such are still its wonderful re- 

 sources — is far from being imprac- 

 ticable ! The advantage taken by the 

 Government in the late reduction of 

 the 5 and 4 per Cent. Stocks, is un- 

 questionably fair and equitable ; but it 

 is attended with one disadvantage, not 

 perhaps generally adverted to, viz. 

 that the reduction of interest mate- 

 rially impedes the operation of the 

 Sinking Fund. For, supposing the 

 debt to bear 5 per cent, interest, a 

 sinking fund of live millions would, 

 in less than fifteen years, discharge 

 one hundred millions, and consequent- 



ly double its annual amount; while 

 on a debt bearing 3 per cent, in- 

 terest only, such liquidation would 

 take seven years longer. Suppose 

 then, a debt of eight hundred millions, 

 at 5 per cent. ; at the end of forty-live 

 years, seven hundred millions would 

 be discharged; but, at 3 per cent., 

 five hundred millions only wouM be 

 paid off within the same term. 



It is true, that an immediate and 

 important benefit accrues to the na- 

 tion from the reduction of interest, 

 by the remission of taxes ; but, on 

 either plan, the actual appropriation 

 of five millions, as a sinking fund, 

 is highly requisite, and indispensable, 

 unless it be openly avowed, that the 

 present debt is destined to l)e eternal ; 

 and the momentous question then re- 

 mains, by what means a future war, 

 just and necessary of course, is to be 

 supported? It is scarcely, however, 

 within the limits of possibility, that 

 it should be again necessary to bribe 

 foreign nations to fight their own 

 battles ; again necessary to maintain 

 vast armies on the continent, and, 

 at the same time, to subsidize half 

 the Monarehs of Europe though it 

 cannot be doubted that Great Britain 

 will never be backward to contribute 

 her just quota to maintain tlie balance 

 of power in Europe, against ♦he en- 

 croachments of any continental des- 

 pot, other states cordially co-opera- 

 ting. But, in the common course of 

 things, a maritime war is all we have 

 to look to ; and, in such a war, Eng- 

 land may stand against the world ! 



To invigorate her efl'orts in a future 

 naval contest, which is the only war 

 that can be considered as truly na- 

 tional, it were extremely to be wished, 

 that our present civil and military 

 establishments should be materially 

 reduced ; in which case, the whole of 

 the assessed taxes might, in all pro- 

 bability, after no long interval, be 

 altogether abolished during the con- 

 tinuance of peace; but to be revived 

 as war-taxes, in case of the renewal 

 of hostilities. Other war-taxes, inclu- 

 ding the income or property-tax, dis- 

 continued at the last peace, might be 

 re-established to the amount of four- 

 teen or fifteen millions ; and to these 

 might be added, rfu/ing- war, the entire 

 produce of the sinking fund, constitu- 

 ting, on the whole, a grand aggregate 

 of at least twenty-five millions ; a 

 sum certainly adequate to the ox- 

 pens«, 



