50 



landholder, or mortgagee of lai)d, or that of a creditor of a 

 Bank of deposit, as proposed ** Further Observations on the 

 propriety and expediency of liquidating the Public Debt,"' 

 or to some other description or character arising from the 

 possession and command of property. 



The public creditor or annuitant is not strictly speaking 

 a proprietor ; but considering him to be such, the liquida- 

 tion of the Public Debt would neither add to the capital 

 of the country, nor diminish the number of proprietors ; 

 although, in simplifying the circulation of money, it would 

 vary the relation of the public annuitant from a position 

 which bears destructively upon the best interests of the 

 country, to some other relation more beneficial to himself', 

 and of a benevolent aspect towards the community. The 

 mode by which the distribution of income would be effected, 

 would be varied from extreme complexity to simplicity, 

 without disturbing the comparative position of the different 

 classes of proprietors in respect of income, but not without 

 essential improvement and advantage to every description 

 of proprietor, including the public annuitant. 



The public Creditor, who now requires and receives an 

 income, through the medium of duties, is a party to a sys- 

 tem which without the ambitious reach, or malign disposi- 

 tion, or even the intention, has the effect of the most subtle 

 and severe tyranny. The claim of the public creditor 

 can only be satisfied, under the present system, hy means of 

 the successful exertion of the industry of the country. 

 The levy of money for the satisfaction of the public credi- 

 tor, through the medium of duties, by rendering increased 

 money prices for the national productions necessary, 

 opposes the interchange of property, by preventing pro- 

 duction at low costs ; and the great amount, now required 



' pp. 59. 60. 



