XXVIU 



national debt. All these schemes were most plaus- 

 ible and ingenious, except that they uniformly forgot 

 that for the payment of eight hundred millions, 

 eight hundred millions must some how or other 

 be raised ! My warranty reformers are of a very 

 similar stamp. One and all lose sight of the real 

 question at issue, which is not whether unsound- 

 ness is a risk or not, but on whom that risk should 

 be thrown ; or how far and in what proportion it 

 should be distributed between the buyer and seller. 

 The most attentive reconsideration of the subject, 

 and frequent discussion of it with men best qualified 

 to judge, have convinced me yet more firmly that 

 the suggestion of Mr. Sewell, mentioned at page 

 296, and which I have there endeavoured to reduce 

 to a practical form, affords the only means of 

 putting the doctrine of soundness upon an intel- 

 ligible and simple principle. It is extremely diffi- 

 cult to move large and influential bodies, especially 

 where they consist of men like the members of the 

 Jockey Club, whose official duties relate almost 

 exclusively to the higher business of the sporting 

 world : but though the affairs of the turf are of 

 paramount importance to these exclusives, they 

 might effect a most important good to the more 

 humble portion of the community, if they would 

 condescend so far, by countenancing a judicious 



