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420 © Funding Syftem...Anfwer to R. 1. E. on Peach-Trees. [June, 
of a funding debt, engaged the enquiry 
of political and commercial writers ;— 
few have chofen abfolutely to deny the 
general profperity, while others have 
prefumptuoully concluded, that the 
national debt and taxes may go on to any 
extent, and be fucceeded with a fimilar 
return to profperity. 
The prefent oabfervations are intended 
to correct a very prevalent, but miftaken 
prejudice, that the country is not injured 
fo much by the taxes to pay the intereft 
of that part of the debt which is received 
by ourfelves, as it is by that part of the 
“imtereft which is paid to foreigners, and 
that it is the latter which conftitutes the 
principal lofs to the community. 
The proportion of ftock held by 
foreigners has been eftimated at a fifth; 
that when the debt was 250 millions, 
there was the intereft of 50 millions paid 
to foreigners; fhould the debt be 400 
millions at the clofe of the prefent war, 
it may be prefumed that foreigners ad- 
vance to the country the value of 80 
millions ftock; but, from the -unfettled 
ftate of the continent, this proportion 
will for atime, at leaft, be confiderably 
exceeded; and it is this hope alone 
which can encourage the country to en- 
counter its prefent burdens, and affords 
the only folid expeétation of re-eftablith- 
ing its profperity; for a greater injury 
could not happen, in our prefent circum. 
ftances, than to be either unable, from 
the reduétion of our trade, to employ the 
capital lent by foreigners, or that foreign- 
ers fhould want to withdraw it. 
It requires to be particularly remem- 
bered, that all the money which is lent 
by foreigners is fo much actual increafe 
to our commercial capital, and although 
the nation pays intereft upon it, the fame 
national benefit refults from it, as frem a 
capital borrowed by individuals to im- 
prove in their particular trades; and 
may, in this view, be multiplied and in- 
creafed to any fuppofable extent which 
the nation can employ, beyond what can 
be procured at home. 
The taxcs neceflary to pay this part of 
the intereft are amply repaid by the in- 
creafe of labour and profit which the 
capital itfelf furnifhes to the country ; 
whereas, that proportion of the intereft 
which is paid to the public creditor at 
home is, at firft, all collected from the 
induftrious part of the community, 
whilft only a part of ir returns into cir- 
culation ; by this change, the whole cir- 
culation ys moxe probably diminidhed than 
increafed, 
In the former inftance, a large ufeful 
capital is retained, and improved by 
commerce in return for the intereft. 
In the latter, a large intereft is paid by 
the public, without any capital. 
Thefe obfervations are fubmitted to 
the public, to decide how far it is made 
evident, that the returning profperity of 
this country, after fuch a profufe expen- 
diture, will be chiefly promoted, and, 
in a great meafure, dependent upon a 
large portion of the national debt being 
held by foreigners, for it is from this 
fource that our commerce is furnifhed 
with a capital to fupport the weight of 
the taxes; thus being able to extend our 
foreign trade, and our home confump- 
tion increafed by its enlargement, we are 
enabled to render our foreign commerce 
reciprocally advantageous. Thefe re- 
marks may be continued in a future let- 
ter, by noticing fome of the pofitive evils 
arifing out of the prefent fyftem. 
May 10, 1797. 
¥i.& 

To toe Editor of the Monthly Magazine. 
SIR, 
your correfpondent, R. L. E. page 
363, appears to have a good deal mif- 
conceived the account which was given 
in Vol. I, p. 280, of Mr. Simpson’s 
method of training peach-trees. No 
houfe, fire, or hot-bed, is employed, but 
each tree is planted in its feparate frame, 
which is nothing more than a hot-bed 
frame, only that, being placed en the 
common ground, its fides are made pro- _ 
portionably higher, fo as to allow the 
ftem of the tree planted withiz it on its 
fouth, or lower fide,.to rife to the height 
of three feet five inches, from which 
height the branches are trained almoft 
horizontally under the glafs flides, upon 
a wooden frame, or trellis of Jaths: fo 
that the tree lies within the glaffes on its 
back, as it were, expofed to the influence 
of the fun. The ground is a good rich 
garden foil, from twenty inches to two 
feet thick. No other crop has hitherte 
been attempted to be raifed from the 
ground thus inclofed in the glaffes under 
the trees. The trees were planted in 
November, at four years of age, began to 
bear at fix, bore very plentifully at feven, 
eight, and nine; the prefent is their 
tenth year; but the feafon has been par- 
ticularly unfavourable, and there is not 
much promife of an abundant crop. 
Tam, &c. HORTULANUTS. 
Newcafile, Funé 10, 17970" 
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