23 



one half the rates of price now requircdy only^ wcmld 

 have been required in the year 1 790, if the country 

 had then been entirely free from debt : it follows 

 that in respect of the produce of the land, 

 money prices ought to be increased in consequence 

 of the Public Debt, by the addition of one hundred 

 and fifty millions ; to which must be added at least 

 twenty millions for the greater price now required for 

 manufactured goods and other commodities, through 

 the operation of duties rendered necessary by the 

 debt, besides the sum of fifty millions first men- 

 tioned, as being directly incorporated in the price of 

 Excise and Customs articles. In the aggregate, two 



HUNDRED AND TWENTY MILLIONS, Or SEVEN 



TIMES, nearly, the amount of the annuity paid 

 to the public creditor. If the increase of price 

 thus required he obtained, ihecvW is felt in the checks 

 to industry, incident to a system of high prices. If 

 the increase of price thus required be 7iot obtained, 

 the evil becomes aggravated, and fatal to the har- 

 mony and well-being of the community. The princi- 

 ple of JUSTICE, the very key-stone of the social 

 union, is disturbed. 



Without claiming for this statement more than 

 some approximation to truth, it is obvious that the 

 distribution of the duties through the medium of 

 money prices cannot proceed by the simple addition 

 of any given amount of impost, but if cftcctcd, pro- 

 ceeds by the communication of price from one com- 

 modity or class of commodities to another, and again 



