51 



ill respect of the public creditor, has the eflfect of oppressing 

 with severe difficulty, nearly all who are engaged in the busi- 

 ness of agriculture, and materially affects the manufacturer. 

 Can a class of persons, deriving an income through such 

 means, in any point of view be necessary ? Can it be 

 deemed reasonable or right, that the hand of industry 

 should be paralised by means of the very parties who de- 

 mand, not only sustenance and support, but the mainte- 

 nance of a princely bearing from that very hand ? 



The effect of the liquidation of the Public Debt, upon 

 the plan which has been proposed, could not lower the 

 power to consume in atii/ individual now entitled to in- 

 come in the way of a public annuity. Such persons are 

 fairly and fully entitled to be maintained in the compara- 

 tive situation, as to income, which they now occupy, and 

 any proposition which might imply a deviation from (hat 

 principle, ought at once to be rejected. The object pro- 

 posed by the liquidation of the Public Debt is, not 

 the relief of one class at the expense of another, but 

 the relief and improvement of the condition of all ; and 

 that relief would be effected, in the first instance, by ren- 

 dering unnecessary a considerable part of the amount now 

 aimually levied in respect of the Public Debt, and by levy- 

 ing the remainder directly upon property, either annually, 

 or in a sum to be received in full and final satisfaction 

 of the claim in respect of the debt, as might be best 

 adapt«;d to the situation and disposition of individual 

 proprietors. IJy which means the great increase of 

 money price now rendered necessary, in respect of all 

 national productirms and imported commodities, would 

 no longer be required, excepting that some caution and 

 guard, as already suggested, might be considered prudent 

 to prevent any other than a somewhat gradual return to u 



