£18 
funds competent to produce all the ad- 
vantages which they do at present. 
Were we, however, to place the debt on 
the footing I have proposed, and wisely 
make a radical change both in our 
foreign and domestic policy, @ thing 
which we shall ere long be obliged to 
do, our financial arrangement of what- 
ever description would not be liable to 
be in the least affected by any external 
or foreign influence whatsvever. I shall 
now proceed to examine for a moment, 
how people engaged in tradé would be 
aifected by the discharging of the nati- 
vnal debt in the manner I have pro- 
posed. Ve have seen, that more than 
thirteen millions, a sum censiderably 
greater than the whole amount of the 
mcome-tax, would have to be raised an- 
nually from somewhat lessthan 3th of the 
property of the country, and although 
taxes would be taken off to the amount 
of more than twenty millions annually in 
‘consequence of this measure, still this 
part of the public would be but little 
benefited by it. They would have to 
pay to the stockholder for the first year, 
as mucli in interest as they now pay in 
taxes. The charge of interest indeed, 
would decrease in proportion as they 
advanced in discharging the capital of 
their debt. Weare to consider there- 
fore,a portion less than 4th of the national 
property, ds being levied upon tor the first 
year at least, to the amount of near 
44 millions, and for the amount of all 
the present taxes besides, except the in- 
come tax: and it is to be Cofisidered too; 
that this will have for the most part to 
be paid by people engaged in trade. It 
would seem at the first blush, that to 
take so much (3<th of their whole property) 
annually, for five successive years, from 
commercial people, would be productive 
-of great inconvenience to them ; but if 
we reflect a little, we shall see reason to 
think that this will be by no means the 
ease. Every man’s capital would be 
levied upon in the same proportion, and 
therefore every man would stand exactly 
in the same relative situation after, as he 
did before, the money was paid. Trade 
at least, as carried on at present, is a 
sort of warfare; it is a struggle who can 
get the greatest share of the good things, 
and. amass thé greatest quantity of 
wealth. AS in contests of a diiferent 
nature, he that has the longest sword, so 
in this he that has the longest purse, 
usually gets the victory ; but if all the 
swords, as well as all the pursés, are 
equally curtailed, it is evident that the 
- 
> 
Lord Erskine’s Opinion on Summary Attachment. [Jone 1; 
combatants will stand in the same reé 
lative situation after, as they did before 
their weapons were shortened. Neither 
would the diminution of individual cas 
pital tend to diminish the, spirit of com- 
mercial eiterprise: It is mot so much 
the absolute as the relative accumulation 
of capital, which creates and invigorates 
cominiercial speculation. It is evident 
indeed, that the national capital wuuld — 
not on the whole be diminished ; it would 
only be divided amongst a greater num- 
ber of hands; and would therefore, in all 
probability, be productive of greater be- 
nefit to the country. The dinsinution ~ 
of the price of goods, consequent on the 
diminution of duties and taxes, would 
render our present circulating medium 
more than adequate to carry on the 
commercial intercourse of the country. 
This superfluous currency would be the 
same as an accession of fresh capital; 
and might be turned to the greatest-na- 
tional advantage, by being employed in 
the culture of the waste lands; under a 
general inclosure act. - 
i 
For the Monthly Magaziné. 
On the practice exercised by the TWo 
HOUSES Of PARLIAMENT of construing 
LIBEL into CONTEMPT, dnd PUNISHING 
at by their OWN ORDER. 
[Opinion of lord Erskine, on the right of 
Summary Attachment, even by the courts — 
of lawj given so long back as 1785, on the 
occasion of an Attachment issued by the 
Court of King’s Bench of Ireland against 
the magistrates of Leitrim, for being enga= 
ged in holding a meeting for areformin the 
representation of the peoplt in parliament: 
It is applicable to the case_ of Mr. Gale 
Jones, because the proceeding against hint 
is for an act that might clearly, safely, and 
effectually, have been brought before the 
ordinary courts of law.] ; 
_ IN A LETTER TO A FRIEND, 
sir, Bath, Fan. 13, 1785. 
FEEL myself very much honoured 
by your application to me on an 
occasion so important to the public free= 
dom; and I only lament that neither 
my age nor experience are such as to 
give my opinion aby authority with the 
court in which you practice: but where- 
ever [ have no doubt, 1 am always ready 
to say what I think; and you are, there= 
fore, very welcome to my most public. 
sentiments, if any use ¢an be made of 
them. . 
You have very properly confined your 
ihc to the particular case, furnished’ 
4 me 
