[1] Fair Payment No Spunge.

CHAP. I. That Now is the Time, and that it is abſo⯑lutely Neceſſary to begin it Now, to rid the Nation of an inſupportable Burthen, whatever other Difficulties are upon us.

THAT what I am to preſs with ſuch Vehemence, and perſuade People to with ſo much Earneſt⯑neſs, may not come headlong upon their Hands, and be as it were cram'd down their Throats by the Power and Multitude of Words without Reaſoning; I demand of the World to clear up the Way to it before I begin.

We are all intent upon reducing the Nation's Debts, and delivering our Coun⯑try from the Embarraſments of Twenty Years Wars, and the unſufferable Burthen of innumerable Taxes; the Thing is be⯑come Popular, every one talks of it, the King has Recommended it, the Parliament have engag'd to conſider of it, Writers [2] and Projectors have prepar'd Schemes for it, and made Propoſals, and the Nation longs to hear whether they may flatter themſelves with the Hopes of it: But ſome Men come and offer an Objection againſt it in the Groſs, and in the Name of all that are on the other Side; and this Objection I meet with very few who have either attempted to remove, or perhaps enquir'd whether they are able to remove it or no.

The Objection is this.

‘'The Project of reducing or redeem⯑ing the Nation's Debts is attended with great Difficulties, will pinch hard in ma⯑ny Caſes, ſeems to be touch'd with Op⯑preſſion in ſome, and even with National Injuſtice in others, at leaſt many pretend ſo; and cry out of Ingratitude, Diſre⯑gard to the Exigencies the Publick was in when they borrow'd their Money, and the hazard the Lenders run at that time whether ever it ſhould be re-pay'd or no: likewiſe the time is not ſo long till many of the Funds will expire, the Exchequer Bills will be all ſunk in Ten Years Thoſe Funds given for 32 Years have ſome of them but 25, others 27, and the longeſt 29 Years to expire, when the Continuance of the ſame Taxes for a little longer will redeem all the reſt, ſo that in about 35 Years at moſt, the Nation may be out of Debt by the courſe of Things; whereas by the Methods [3] which are propoſed it will not be done under 22 Years; the Queſtion then is, What abſolute Neceſſity are we in to puſh the Government upon a thing of ſo much Difficulty, and attended with ſuch Circumſtances, and at ſuch a time of prevailing Danger as this is alſo, and when ſuch great Demands are upon us on other Publick and preſſing Accounts?’

It's hop'd if this weighty Objection, or rather Body of Objections can be removed, what is farther to be ſaid of the Eaſineſs and Profitableneſs of the Deſign will be much better receiv'd and be liſtned to with the more Attention; and therefore in ſtate⯑ing the Objection, I have endeavour'd to do the Objectors all the Juſtice they can deſire, ſtateing the whole Sum of their Ca⯑vils in their own Words, and as fully as they could deſire to have them expreſs'd.

The Sum of the Queſtion is this, What Neceſſity there is of this Attempt at this time? The Anſwer is clear.

It has already been too long that the Nation has groan'd under the heavy Bur⯑then of inſupportable Taxes; the People call Now aloud to their Repreſentatives to be relieved by them. The Oppreſs'd labouring and Trading People, for they are the particu⯑lar People who, I ſay, groan under the Weight, and to whom it is really inſuppor⯑table, at the ſame time that they are rejoyce⯑ing at the Return of King George, and re⯑ceive [4] His Majeſty with Acclamations and Teſtimonies of their Satisfaction at his be⯑ing placed upon the Throne; at the ſame time, I ſay, they ſtretch forth their Hands to him for the Eaſe of their Burthens; for the lightning the Oppreſſions of his Ance⯑ſtors, and ſetting them Free from the Task-Maſters who in Swarms devour their La⯑bour by rapid Exactions upon their common Neceſſaries, ſuch as their Fuell, their Soap, their Hops, their Shoe-Leather, their Salt; they can neither enjoy Day-light or Candle-light, but they pay for the Holes one ſhines in at, and the Wicks the other ſhines out from. 'Tis for this they look upon King George to be their Deliverer, and 'tis this will Rivet his Memory in the Hearts of the Ages to come; this ſhall Record the Illuſtrious Race of Hannover in the Minds of the Common People in a Cha⯑racter more indelible than that of Hiſtory, and in a Tradition never to be worn out till it turn by length of Time into Fable and Romance. When the Name of George may not Occur to the Ignorant Tongues of ſome, he will be remember'd by the General Character, and be referr'd to under the Deſcription of that Good King that took away the Taxes. This is the Reaſon why it ſhould be done now, and no doubt as Queen Anne ſaid of the Union with Scotland, ſo would His Ma⯑jeſty [5] ſay of the Delivering his People from this Bondage, That he ſhould account it the greateſt Glory of his Reign if it might be ſaid this Great Work ſhould b [...] finiſhed in his time.

I might go on to ſay, the Reaſon why this is the Time, is becauſe really the Na⯑tion is not able to bear this Weight any longer; and therefore it was that I call'd it an inſupportable Weight; and ſuch no doubt it is, becauſe, as may eaſily be De⯑monſtrated by ſad Examples, many Fami⯑lies, who were able to ſubſiſt before, have ſunk under the Preſſure, and have been forc'd to give up; Diſſolving into Beggary; which in a Word, ſpeaking of Families, is Deſtruction and Diſſolution; and this proves the Word inſupportable to be moſt Juſt, and to be particularly applicable to this very Caſe, for ſuch Burthens and Preſſures which Families do really ſink under, and by which they are reduc'd to Miſery and Beggary, may very well be ſaid to be inſupportable to them

It has been obſerv'd by ſome who have written judiciouſly on theſe Heads, that the Weight of the Taxes has principally fallen upon thoſe of the People who live not on the Income of their real Eſtates, but on the precarious Fruit of their daily Labour, e⯑ſpecially in Handycrafts, Manufactures, &c. and Mannaging and Conducting the [6] Day-Labour of others under them; including thoſe who live by the buying, ſelling, fetching, carrying, and removing from Place to Place the Produce of the ſaid la⯑bouring Part. It is moſt juſt to ſay, that theſe are by far the moſt Numerous among the Inhabitants of Britain, and are the People who are in many Reſpects the Strength, the Life, and the Soul of the whole Body; like the Hands and the Feet to the Belly, by which it is filled, and the Body made fat and flouriſhing: As theſe are the Support of the whole, ſo they ſhould be the Care of the whole; and the Nurſing Fathers of the Common wealth ought in more than ordinary Manner to ſhow their Regard to them, and to be care⯑ful that they are not diſabled, diſcouraged, and unhing'd from that Labour and that Induſtry which is ſo Uſeful, ſo Profitable, and ſo Eſſential to the Common-wealth as well as to their own Families.

The Labouring and Induſtrious Trades-Men and Manufacturers are not ſo incon⯑ſiderable a part of this Nation, as ſome Peo⯑ple for want of Conſideration have been apt to ſuggeſt: On the contrary, they are indeed the Life of our Commerce; by their Numbers they make our home Con⯑ſumption which ſupports the Landed-Men, make a Demand for the Produce of the Land, keep up the Rents of Farms, and [7] thereby make the Land-Tax produce ſo many Millions. They form our Manu⯑factures which conſumes the Wool, Clothes the whole People, and gives England a juſt Title to the moſt valuable Export of any Nation in the World.

Without theſe, that Plenty which is God's Bleſſing to the Nation would periſh as Dung upon the Ground, and the Corn and Cattle would be our Burthen not our Advantage; till England which is now as the Garden of God would become a For⯑reſt, and like the Land of Canaan ceaſe to flow with Milk and Honey, not for want of Fertility to produce it, but for want of People to conſume it.

Theſe I ſay are the People on whom the Weight of our innumerable Taxes lye now ſo heavy; who pay for their Malt, Salt, Coal, Candle, Soap, Leather, Glaſs-Win⯑dows, and in a Word, for thoſe neceſſary Things which God knows thouſands of them uſed ſparingly before, and are now ſcarce able to uſe at all, till they are brought to bleeding Extremities, and to a Miſery ſcarce to be expreſs'd.

When the firſt of theſe Calamitous Times came upon this Nation, the Poor uſually comforted themſelves with ſaying, That bleſſed be God the Neceſſaries of Li [...] were not Tax'd, and that as the Rich m [...] the War, ſo the Rich pay'd for it; bu [...] [8] was but a little while that this laſted; For Example, it was but a little while that the Calamities of War and the Scarcity of Fo⯑reign Countries rather than our own, rai⯑ſed the Price of Corn, and that to ſuch a Degree, as that beſides the Hardſhip our Poor ſuffered in theſe Parts of England, it's yet freſh in the Memories of us all, that in the Northern Parts of England many periſhed of meer Want, and in Scotland, then a ſeparate Nation, no leſs than 18000 People, as the Writers of that Nation have declared, dyed of meer Famine, the mi⯑ſerable Particulars of which are too many to repeat.

It's a moſt prepoſterous thing to ſay the Poor have paid no Tax upon Corn, let it be enquir'd how many Millions it has coſt the middling working Families of this Nation, ſince the beginning of the firſt War, in the ſeveral riſings of the Prices of Corn, ſometimes upon juſt, ſometimes up⯑on unreaſonable, and ſometimes meer ima⯑ginary Occaſions, which Riſe of the Rate has oftner happened in theſe 25 Years than in an Hundred Years before; nay, ſo has it been managed that Corn has ſcarce ever been at the moderate middling Rate of 4s per Buſhel two Years together ſince the ſecond Year after the Revolution; and as this has been occaſion'd wholly by the War, ſo the War may juſtly have been [9] ſaid to have been one continued Tax upon Corn, and the poor People I ſpeak of, have felt it very ſeverely, even to the Diſtreſs of moſt of their Families and the utter Ru⯑in of many, to whom it has been no Difference whether the Price was exacted as a Duty and Gabel on the Corn, or by accidental raiſing the Price at the Mar⯑ket, which was the Conſequence of the War, and equally Fatal to the Poor as a Tax.

I am not talking now of the Begging Cla⯑mouring Poor, no nor of the meer La⯑bouring-Man who lives by his Hedging and Ditching; but of the Trading, Manufactu⯑ring, Induſtrious middle ſort of People, who keep Servants and Families, and em⯑ploy multitudes of Hands within Doors or without; theſe are the Pillars of the Na⯑tion, and the Support both of Rich and Poor, and in a Word the Payers of our Taxes.

Theſe are the Men whoſe Families are oppreſs'd by the National Uſury, and who are cruſh'd and kept low to feed the Vo⯑racious Luxury of a few Stock-Jobbers, and enrich'd Mony-Lenders: When Publick Faith and Parliamentary Credit are plead⯑ed, or rather pretended, againſt redeeming the Nation from Ruin, let theſe People be heard; is there no Publick Faith plight⯑ed to them? is it not the beſt part of Par⯑liamentary [10] Credit to be juſt to them? Are not theſe Men repreſented in Parliament? Are not thouſands of them Freeholders and Freemen of Corporations, or have other⯑wiſe a Right to Vote in Elections, and did they not ſend their Repreſentatives to Parliament with an entire Dependence upon Parliamentary Credit, [Mark the Word] for themelves, their Wives and Chil⯑dren, (viz.) that their Repreſentatives would never give them up for a Prey to the Avarice and Cruelty of the Nation's Creditors?

There has been much ſaid among us of Equality of Taxes, I ſhall ſpeak of it in a Chapter by it ſelf; but it is eaſie to make it appear there has been no Equality, nor indeed can be, in the Taxing the com⯑mon Neceſſaries of Life, becauſe the Poor uſe as much of them as the Rich, or ſuf⯑fer diſmal Extremities for want of them, and there is no Equality in paying it.

Take a Family of Honeſt Induſtrious Manufacturers, ſuppoſe of a Maſter-Wea⯑ver or any other, who labour hard them⯑ſelves, keep Servants, and employ many Hands to get a moderate Living for a numerous Family; examine how much theſe are oblig'd to ſpend in Coal, Candle, Salt, Soap, Leather, Window-Lights, &c. Examine again the ſame Conſumption in a rich Stock-jobbing Uſurer, who has a thouſand Pounds a Year coming in by [11] Bank, Eaſt-India and South-Sea Dividends, out of all which he pays nothing, and in all the Particulars of the above-named neceſſary Things, does not conſume ſo much as the poor Weaver in his Family, the Sweat of whoſe Brows is extorted to make the other Rich: Pray where is the Parliamentary Credit of all this? Where the National Juſtice of it? Is there no Debt due to the publick Safety, and to the Preſervation of four Millions of the People, for at leaſt ſo many will come within the Denomination I ſpeak of, or the general Calculations of our Numbers in Britain cannot be depended upon.

Let any Man that knows what it is to get his Bread, and the Bread of his Fami⯑ly by his Induſtry, tell me what is the Odds to a labouring Family, between the Days of King Charles II. and the Times we live in; when Bread-Corn was not known for many Years to be above 3s. 6d. to 4s. per Buſhel, and the Name of Taxes, other than Exciſe and Chimny-Money, was hard⯑ly known; and that Exciſe alſo not above one Third of what it is n [...]w; let theſe be compar'd to the preſent Caſe, when Bread Corn is ſeldom under ſix Shillings per Buſhel, often more, the Exciſe treble, eve⯑ry thing both for Eating, and many for Wearing doubled by Taxes, Cuſtoms, &c. and yet the Manufactures he makes are not at [12] all advanc'd in Price, but rather cheape [...] than ever; nay even many of the Materi⯑als of his Manufactures themſelves doub⯑led and heightned in Price, as Oyl in par⯑ticular to the Clothier, Silk to the Silk Manufacturer, by which, if nothing elſe were the Conſequence, their Stock is nar⯑row'd and ſtreightned, and their Induſtry crippled and ſhackled, and all ſtill by Tax⯑es and Cuſtoms.

Add to theſe the Burthens already menti⯑on'd, 5s. per Chaldron upon their Coals at leaſt, a Penny on a Full Pot of ſtrong Beer if they buy it, 4s. a Quarter upon Malt if they Brew their own Beer; a Penny aa Pound on their Candles and on their Soap, 6s. and 8d. per Buſhel for their Salt, and 3d. Half-penny per Pound for their Leather, be⯑ſides Cuſtoms doubled and trebled upon the Linnen, Callicoes, &c. and all Foreign things which they uſe for Neceſſaries for them and their Children. As for Wine, Spice, Coffee, Tea, Chocolate, I will ſup⯑poſe them to be all plac'd out of the reach of thouſands of the poor Families I ſpeak of, by the Extravagance of additional Du⯑ties.

Theſe are the People, and theſe the Circumſtances they are reduced to by the Neceſſities of the Times, and ſhall any Man ask whether it is Neceſſary to deli⯑ver them, and whether this is a time for it or no!

[13] Let ſuch in the next Place reflect how long theſe poor People have born theſe Weights: How long has Trade languiſh⯑ed and the trading part of the Nation e⯑ven fainted under this Load? Have not ſome part of theſe things been laid on 4, others 6, 8, 9, 10, 15, nay, 20 Years? and are not ſome of them entail'd and made perpetual as it were to us and our Heirs for ever? and ſhall we ſay it is not time! Do not we ſee even Nature failing before it, and Trade in many Parts of it and in many Places of this Nation expir'd and loſt! the Manufacturers diſpers'd and gone! ſeeking their Bread in other Parts, perhaps in Foreign Nations! and ſcarce the Ruins of the Trade left, or any Remains to ſhew it by that it had been there; and ſhall we be ask'd why this is to be remedied now? if Cordials are not to be adminiſtred when the Patient is fainting and ſwooning before you, when ſhall it be thought a Sea⯑ſon for it! Certainly the Cry is too great not to be heard, the Complaint too loud not to move the Compaſſions of the whole Nation, and they that would not put their Hands willingly to ſo neceſſary a Work as ſaving ſo many Millions of Peo⯑ple from theſe Hardſhips, would ſcarce throw Water upon their Neighbour's Houſe if they ſaw it on Fire.

[14] As for the Argument againſt the Me⯑thod, or this and that manner of doing i [...] 'tis not the Subject of this Chapter, the Ne⯑ceſſity and Seaſonableneſs of doing it NOW is what I am upon, let the Parliament judge of Methods; and if this is not Practicable, that not Reaſonable, another inconſiſten [...] with publick Faith and Parliamentary Cre⯑dit, let ſuch Methods be laid aſide and others thought on; only let the thing b [...] done, let the Bonds of a Free Nation be knock'd off, let Induſtry and painfu [...] Diligence Things that all wiſe Nations bleſ [...] and encourage, be unſhackled; and let no [...] thoſe that would with honeſt Labour maintain Families, ſupport Trade, and chearfully encourage our Manufactures, b [...] oppreſs'd, ruin'd, and ſent a begging b [...] the Weight of oppreſſive Taxes to ſuppor [...] and carry on a Chimera of Credit; I ſa [...] a Chimera, for certainly breaking Faith wit [...] one to keep it with another, or as we cal [...] it robbing Peter to pay Paul, can never b [...] call'd maintaining Credit, as I ſhall mak [...] plain by and by.

CHAP. II. Of the Nation's Circumſtances, as far as they may ſerve for an Objection againſt redeeming or reducing the Publick Debts.

THEY are not always the beſt Friends to the Nation's Circumſtances who make the loudeſt Complaints about them, and make the niceſt Enquiries into them. But to apply our ſelves to juſt Methods to mend our Circumſtances, is the beſt Teſtimony of our having a right Senſe of them, and of our thoroughly Underſtanding them; Our Circumſtances are bad enough, but not fully ſo bad as thoſe who com⯑plain moſt, ſeem to deſire they ſhould be, and as at laſt they muſt be, if the Meaſures for redeeming them which thoſe Men op⯑poſe are not thought of in time.

To what purpoſe is it to complain of the Nation's Circumſtances, and not mend them? he that offers the Remedy, complains, like a Friend, to adminiſter a Cure; he that op⯑poſes this Cure ſhows he's an Enemy, and complains to Expoſe.

The Nation is in Debt, but bleſſed be God the Nation is not Bankrupt; her Cre⯑ditors have all Security for their Debts; but the Continuance of theſe Securities will [16] ruin the Debtor, and therefore the Friends of the Debtor are for paying off the Prin⯑cipal, and delivering the Debtor Nation) from the miſerable Circumſtance of being eaten up by Uſury; The Creditors, juſtly in that call'd the Nation's Enemies, joyn in crying out of the Circumſtances we are in, but pretend to repreſent them as incu⯑rable, and that there is no Remedy but to ſit ſtill and be devoured.

In this I muſt differ from them, even to Indignation and Reſentment; and do affirm, that as the Work is of ſuch Neceſ⯑ſity as to admit no Delay, ſo even thoſe very Circumſtances which are propoſed as Hindrances are the ſtrongeſt and moſt in⯑vincible Arguments for ſetting about it and diſpatching it out of Hand; let's enquire with them into the Circumſtances of the Nation, I doubt not to make it appear that the worſt of all our Circumſtances is this of our being in Debt; others may be fenc'd againſt and prevented, but this like a Wild Beaſt has graſp'd us in its Voracious Claws, and if we are not reſcued from it we ſhall be inevitably devour'd; Nay, this alone renders all Attempts againſt us Dangerous, for what Rebellion of diſaffected Subjects, what Invaſion of deſperate Enemies from abroad, need we apprehend if the Nation was not in Debt at Home? how are we now ſtartled upon all Occaſions of any [17] little Run upon the Publick Credit as a mortal Wound to the Common-wealth, and Stab to the Heart of the Adminiſtra⯑tion! Whereas, were theſe Scores wip'd off, were theſe Debts and Engagements paid off, and the Nation Unembarraſed from them; with what Vigour and Life would every thing go on? without being put to their Wits Ends for Funds, and Courting the Stock-Jobbers by private Premiums and extravagant Intereſt for Loans! Our Debts are the main Article that darken our Circumſtances, and makes every Rumour alarm us; every Conſpiracy, tho' ſupported but by Beggars and Mad Men, ſeem formidable to us. Were our Debts paid, our Funds clear'd, the Cries of the oppreſs'd People ſtop'd, and the deſtructive Taxes that are ſo ruinous to our Trade, Ma⯑nufactures, and even to the general Indu⯑ſtry of our People, were theſe taken off, and ſome leſs oppreſſive leſs grievous Me⯑thods found out, to pay off what is juſtly Due, and a moderate Intereſt till 'tis done, were theſe things done, our Circumſtan⯑ces would mend at once, the Nation would revive and be reſtor'd, like one recover'd from a languiſhing Diſeaſe.

Then we ſhould not be in ſuch an A⯑larm upon every Motion of the moſt re⯑mote and moſt contemptible Power, and [18] think every Armament, however diſtant and improbable, pointed at us; we ſhould juſtly and without Arrogance, laugh at thoſe People who would joyn the King of Sici⯑ly to the King of Sweden, and talk of an Invaſion from the Levant, as well as from the Baltick.

But 'tis our Debt that makes us a Prey to every Suggeſtion, and afraid of every Wind that ſtirs; Great Britain, once free'd from theſe Encumbrances, would be the Ter⯑ror of mightier Kings than theſe; and they would be far from promiſing themſelves any thing from Attempts to be made upon a Nation, who would be able to blow the ſtrongeſt of them out of the Sea, inſtead of being a Prey to 20 or 30 Men of War.

As to our Circumſtances occaſion'd by Diſaffection, and Rebellion among our own People; and Foreign Invaſion from E⯑nemies, who think to make their Market of theſe Diſaffections; let any reaſonable Perſon but take this one part of that Caſe into Conſideration. (viz.) How much has it been the Dependance of the Parties en⯑gaged in theſe Conſpiracies, that on the leaſt viſible Appearance of an Arm'd and ſufficient Strength to ſupport or encourage ſuch a Rebellion, a Run upon the Bank, and a ſinking of Stocks, would break our Publick Credit, and put all Affairs to a full [19] ſtop, and conſequently into Confuſion? Has not this been the real Caſe on all Oc⯑caſions? nor has their Aim been ill taken; Witneſs the time when the Pretender was ſo near landing in Scotland, when the Jaco⯑bites made ſuch an Allarm, and brought ſuch a Run upon the Bank of England, that had it held but a few Days longer, the Bank muſt have ſtopt Payment; and had the Pretender really Landed, tho' with but that Handful of Men who were with him, the Publick Credit had fallen into ſuch Convulſions that had been (for ought I know) more fatal to England at that time, than the Defeat of an Army.

Is it not abſolutely Neceſſary then to Great Britain, to put it out of the Power of her Enemies to throw her into ſuch FITS as theſe? that we may no more be ſubject to a Blow upon our Vitals, when the Enemy who ſtrikes it is yet at Arms end; this is my meaning, when I ſay, the very Circumſtances which our Enemies alledge as Reaſons againſt their putting an end to our State of Debt, and Bondage to Credit, are invincible Reaſons why we ſhould immediately and without any Delay ſet about it.

The King of France during the late War uſed often to expreſs himſelf on this Subject, that he had rather hear of a Stop [20] put to the Publick Credit in England, that of a Defeat of the Confederate Army; Indeed it was this alone made Britain able to ſupport the War, and to make Efforts ſo much beyond what was to have been rea⯑ſonably expected, from the moſt juſt Eſti⯑mation of the Power of theſe Nations. How much then does it behove us to put our ſelves out of the Danger of a Stop being put to our Credit, by putting an end to our general Dependence upon Credit at all? The way to do this, is to think of ſome Way to diſcharge the Debts we are already engag'd in, and to put the Nation in a Condition to contract no more; this puts an end to all the Plea of Circumſtances, and our preſent Circumſtances correſpond to make this abſolutely neceſſary to be done, and that, if I ſee right, either now or never.

CHAP. III. Of Parliamentary CREDIT, and the true Extent of that Word, as it reſpects Juſtice and Honour due to the People of Great Britain, as well as Loans of Money and Funds.

WE have of late ſo appropriated the Word Parliamentary Credit to the [21] Stability of our Funds, and the Obligation there is upon the Parliament to make good the Conditions upon which People advanc'd their Loans, that we uſe it now as if it had no other Signification. But the Honour of Parliaments is engag'd in ſe⯑veral Material and Eſſential Points, be⯑ſides this; in any of which ſhould the Par⯑liament be deficient, they would ſoon loſe their Credit in every thing elſe.

For Example: How entirely does his Majeſty expreſs himſelf to depend upon the Aſſurances they give him annually, and oftner, in their Addreſſes, that they will ſtand by and aſſiſt His Majeſty againſt all his Enemies at home and abroad. Theſe Addreſſes are but Words, and would be but empty inſignificant Words, nay fatal⯑ly deceiving Words, and would, like the High-Church Addreſſes to King James II, draw him in to depend upon them to his De⯑ſtruction, were they not Pledges of the Faith and Honour of Parliaments, and was not that Effectual thing called Parliamen⯑tary Credit engag'd to make them good: But as the Credit of Parliament is enga⯑ged, no King or Queen in our Age has had the leaſt Reaſon to repent their Depen⯑dance on that Credit, for the Supplies and Aſſiſtance they have demanded, let the Exigencies have been what they will; and [22] they would have very ill been ſaid to have maintain'd Parliamentary Credit, tho' they made good all their Funds and Deficiencies and diſcharg'd with the utmoſt Exactneſs all the Debts and Intereſts contracted, i [...] at the ſame Time they diſhonour'd their own Aſſurances to the King, and ſhould not perform the Promiſes made to his Ma⯑jeſty of Supplies, &c.

Again, What is the Security of the Pri⯑vileges of the People, and upon which we and our Anceſtors ſo effectually have rely'd, and do with ſuch Satisfaction and Aſſu⯑rance ſtill depend, but the Credit of Par⯑liaments, that they will not be call'd Con⯑ſervators of our Liberties in vain? That they will not give up the Liberties of the People they repreſent, nor betray the Truſt repos'd in them by thoſe who choſe them to be their Watchmen and Protectors?

I might inſtance many other Things which in general make up that compre⯑henſive Thing call'd Parliamentary Credit; but I forbear to multiply Words where the Caſe is ſufficiently proved: I have ſtated it thus, to clear up what follows, (viz.▪ As Parliamentary Credit contains many Things, and ſignifies ſeveral Things, beſide [...] meerly what reſpects Borrowing Mony upon Funds, with making good the Deficiencie [...] of, and diſcharging the Debts contracted [23] on thoſe Funds, ſo we muſt not make the General claſh with its own Particulars; we muſt not make Parliamentary Credit in one Article, deſtroy Parliamentary Credit in another; make Publick Faith in one Branch inconſiſtent with the Publick Faith in another: For Example, We muſt not puſh the Letter of Parliamentary Acts, where they admit Conſtructions and Expla⯑nations, to a height inconſiſtent with the Common Rights and Liberties of the Peo⯑ple, which Parliamentary Credit is equal⯑ly engag'd to ſupport. And this is the Reaſon why it is ſaid, The Legiſlative Power cannot be limited from Expound⯑ing, Explaining, Altering, and Repealing all its own Acts. I bring it home to the preſent Caſe with all poſſible Plainneſs.

One Parliament Entails a Debt for a certain Number of Years upon the Nation, on Conditions and with Intereſt, as are or may be expreſs'd in the Borrowing Clauſe.

No Act can with Juſtice diſſolve the Debt it ſelf, becauſe the Morality of the Obliga⯑tion is founded upon the Superior Laws of Juſtice, (viz.) Right and Wrong; which no Parliamentary Power can diſſolve; no nor indeed, No Power on Earth.

But a ſubſequent Parliament may judge thus, that obliging the People of England to a Bondage for Years, for Debt and [24] Ʋſury is the worſt ſort of Bondage, is a Breach of the Natural Liberty of the Sub⯑ject, and they may conſider of Juſt and Equitable Ways of Delivering them; be⯑cauſe Preſerving the Liberty of the Sub⯑ject is a Part of the Natural Duty of Par⯑liaments, and a Branch of Parliamentary Credit, as above As to what thoſe Equi⯑table Ways ſhall be, that is not my preſent Enquiry.

Again, If formerly a Parliament has laid a Tax, which in proceſs of time, whether it was then ſo or not, becomes grievous to one part of the People more than it is to another; or lighter to one part of the People than it is to the other; a ſubſequent Parliament, to whom it is an indiſpenſable Duty ſo to diſpoſe the common Burthens as that they may be born with Equalities and juſt Proportions, and that no part of the People, as near as poſſible, may be preſs'd heavyer than ano⯑ther, much leſs be preſs'd heavyer than they can bear; I ſay, Subſequent Parlia⯑ments may rectify thoſe Inequalities with⯑out doubt, and bring all Perſons to ſuch Proportions as Juſtice and the Nature of the Thing requires; whether it be for lay⯑ing Taxes upon Things formerly agreed not to be tax'd, abating Intereſts where Intereſts were agreed not to be abated, or any other Thing of that Nature. What [25] Obligation the Parliament will think them⯑ſelves under to give the Equivalent, or what Amends they will think themſelves obliged to make to thoſe who may ſuffer in their private Gain by ſuch Things, is not the preſent Queſtion: I am not debate⯑ing the particular Caſes now, but the Right of Power.

Certain it is the Legiſlature cannot limit its ſelf from what it has a Native Right to do; but Subſequent Parliaments may undoe all that Antecedent Parlia⯑ments have done, who had no more Power than themſelves: And therefore, as a late Author ſays, Laws in Britain are only Precedents recommended to Poſterity for their Government; if they like them they let them ſtand as they find them; if not, they Enact others, or Clauſes of others, with this Authoritative Sanction at the End of them, Any Thing in any former Law to the contrary in any wiſe notwith⯑ſtanding.

If in ſuch new Laws, or Amendments to Laws, any private Perſon, or Place, or Body, or part of the People are aggriev'd, they are always, on their Petition, heard by their Council at the Bar of the Houſe, before the Bill paſſes; and if the Houſe ſee Cauſe they concern themſelves to make up the real Loſs to the Petitioners, if any [26] ſuch Loſs appears, or otherwiſe to deter⯑mine as Juſtice and Equity requires.

This Parliamentary Method is ſo unex⯑ceptionably juſt, that I ſee no Reaſon why it ſhould not reach the Caſe of the Funds now in queſtion, as it has, and may, all the Caſes that have, or ever will come before them of that or any other kind; and that therefore it is not for us without Doors to ſay that this or that they cannot do without deſtroying Parliamentary Credit. 'Tis a Part of Parliamentary Credit to maintain Parliamentary Authority; for without Par⯑liamentary Authority they would ſoon have no Parliamentary Credit; let firſt their Power be ſettled, and then 'tis Time to enquire into the Juſtice of their Proceed⯑ings, and to ſpeak as we find.

For Example, to bring it nearer to the Caſe, It is true that the Parliament have ſettled Funds for the Payment of Intereſt on the ſeveral Sums of Money borrow'd, and the ſaid Funds are appropriated to the paying of ſuch and ſuch Annuities, as the Intereſt of the ſaid Loans amount to. No Man will doubt but that the Parliament have a Right, if they ſee Cauſe, to ceaſe or alter the Tax which is the Fund for that Payment, and order ſome other manner of Payment of the ſame Money; for the Juſtice due to the Lender is, that his Mo⯑ney [27] be paid, and 'tis equal to him whether the Fund be the ſame or another, his Secu⯑rity being not ſimply in the Fund, but in the Parliament which gave that Fund, which is always the ſame; and this is what we call Parliamentary Credit in particu⯑lar as to Loans.

CHAP. IV. Of Parliamentary Credit as it reſpects the Publick Debts, and of the Juſtice of a Reſolution to redeem the Publick from the Burthen.

SPeaking of Parliamentary Credit as it reſpects Money borrow'd, it leads to many Proſpects that are now before us; but I wave them all to that of paying off the Nation's Debts. There can be no Ob⯑jection againſt the receiv'd Maxim, That it is the Part of an Honeſt Man to pay his Debts; but our Caſe, as a Nation, unhap⯑pily differs; for the Nation has ſome Cre⯑ditors whoſe Language is, We will not be paid; you bargain'd with us to pay us our Intereſt for 99 Years, and we cannot be oblig'd to take our Principal whether we will or no.

This is a hard Caſe, I confeſs, to the Na⯑tion, and makes us reproach the Memory of thoſe Miniſters of State, ay and Parli⯑aments too, with Breach of Truſt, and want of a faithful Diſcharge of their Duty to the People; who inſtead of preſerving ſacred the Liberties of a Free People with which they were Entruſted, and which, as before, it was a part of Parliamentary-Credit [29] to have preſerv'd, ſold them to Ʋſury, the worſt of Bondage, for almoſt an Hundred Years, and never took care to put in, as was afterwards done, the Words redeemable by Parliament.

BUT ſome, who have much greater Ex⯑perience in theſe things than I, have anſwer'd in Defence of the Parliament and Mini⯑ſtry of thoſe Times, that it is a Miſtake, that we have given a Sanction of Unalter⯑able to thoſe Acts, which neither the Na⯑ture of the Acts, or the Uſage of Par⯑liaments would allow; that all Acts of Parliament are to be underſtood in the true Conſtruction which the Nature of Acts of Parliament allow, viz. to be ſo durable and unalterable as Acts of Parlia⯑ment can be, and no otherwiſe. Nil Dat quod non habet. That for any Parliament of Great Britain to make a Law, with Con⯑dition that no ſubſequent Parliament ſhall alter or repeal it, is to make ſuch a Law as the Parliament it ſelf had no Power to make, and therefore that we cannot be⯑lieve either of that Parliament, or that Government, that when the Term of 99 Years was fixt, as ſome certain Term muſt of Neceſſity be, that therefore it was to be underſtood, that whenever the Parliament of Britain ſhould think fit to pay back the Principal Money, and full Intereſt, it [30] ſhould not be lawful for them to redeem their Fund, and ſet the People free from a Tax, which it was no longer Neceſſary to pay.

The ſame Gentlemen ſay, that it was rather a Miſtake in thoſe People ſince that, who put in thoſe needleſs Words into ſub⯑ſequent Acts for Funds, viz. redeemable by Parliament; Words, ſay they, perfectly uſeleſs, ſeeing no Parliament can lay an unre⯑deemable Fund, any more than they can paſs an unrepealable Law.

If this be ſo, and I confeſs I ſee no Reaſon againſt it, then all the Pretences which are raiſed againſt the Juſtice of re⯑deeming the Annuities for 99 Years are taken away, and the Diſtinction we make of redeemable Funds and not redeemable, is really Unparliamentary, Ignorant, and indeed in the Language of ſuch things Nonſenſical.

But to leave this Point, till we ſee ſome Anſwer to what is thus alledged, I come back to that Part which the Lenders them⯑ſelves own to be otherwiſe.

All the Funds for Annuities for 32 Years, all the Exchequer Bills, all the South-Sea Stock, Eaſt-India Stock, Bank Additi⯑onal Stock, &c. upon which are founded the Claſſes and Courſes, and other Lotte⯑rie, and which amount to many Millions. [31] Theſe it ſeems they will conſent may be paid off when the Parliament plea⯑ſes; that is to ſay, if the Parliament thinks fit to pay them off Principal and Intereſt, they will vouchſafe to take their Money; leaving them therefore concedeing this Grace to the Public, I ſhall make a ſhort Tranſition from the Loan to the Fund, and ſee how the Caſe ſtands with reſpect to a kind of Juſtice due to the People.

The Juſtice due to the Lenders is ſeen in a narrow Compaſs, they muſt be paid their Debt Principal and Intereſt to a Far⯑thing, no Parliament can diſpence with that Part, neither is there any Pretence to, or Deſign of any thing leſs, as is ſaid already.

The Juſtice due to the Borrower is of two Kinds.

• 1. To the Publick, That the publick Debts being clear'd off, the Nation may be reſtor'd to a State of Defence, and to a Capacity in ſome degree pro⯑portion'd to the Figure it ought to make in the World; of which more at large by and by.
• 2. To the People who pay the Taxes. Of thoſe it may be ſaid there is not only a juſt Reaſon, but in a Word an ab⯑ſolute Neceſſity, to relieve them; their [32] Cries are too loud, not to move the Pity of the Government; it was of theſe no doubt that his Majeſty was pleaſed to ſay the Burthen was In⯑ſupportable. I may be free, for I will not call it bold, to ſay, that theſe Taxes are a Yoke which neither we or our Fathers have born; for I believe no Hiſtory can give a Parallel Time, whether in juſt Reigns or Uſurpations, under juſt Kings or Arbitrary Tyrants, that ever the like Load of Taxes lay upon the Backs of the People of Eng⯑land, much leſs were entail'd to them and their Poſterity; as Men would perſwade us thoſe Taxes are.

Well will King GEORGE deſerve the Name of the Deliverer, and the Father of his Country, if he ſhall ſo eſpouſe the Cauſe of his poor oppreſſed Subjects, as to de⯑liver them from the greateſt Burthen of Taxes that ever the Nation groan'd under.

It is the higheſt Juſtice in the World, that the People ſhould be relieved in theſe Taxes, becauſe they pinch us in ſuch ſen⯑ſible Parts as cannot bear them, lying hea⯑vieſt and hardeſt upon that Part of the People, who in all Caſes, till now, our Par⯑liaments have ſpar'd, I mean the middle Sort as they are deſcrib'd before, upon [33] whoſe Induſtry and Application to Buſi⯑neſs our Trade, our Manufactures, our Navigation, in a Word our Proſperity depends. Theſe are the People that as I ſaid are ſold to Uſury, and Juſtice calls upon us all to endeavour to redeem them.

CHAP. V. Of our Neighbour Nations, and with what Diligence they are applying them⯑ſelves at this Time to diſengage themſelves from their Publick Debts.

FRance is the firſt, tho' not the only Inſtance of this National Sagacity. I ſhall not be accuſed of Raſhneſs if I ſay, that I take France to be at this Time the beſt circumſtanc'd Nation in Europe, and more likely now to grow too great for all her Neigbours, than e⯑ver ſhe was by the Power of encroach⯑ing Ambition, in the moſt flouriſhing and ſucceſsful Years of Louis le Grand.

She has been reduc'd Low, and to the Gates of Deſtruction; but having ſlipt cunningly enough, (to ſay no worſe of it) out of the Embarraſement of a dan⯑gerous [34] War, ſhe has loſt no Opportunity to ſtrengthen her ſelf by New, and, to her, Beneficial Alliances; to guar⯑rantee and ſecure the Peace ſhe had gain'd.

And now ſhe ſits down in Peace, en⯑joys a perfect Tranquility, looks upon all the Broils of Europe with an Eye of per⯑fect Indifference; ſhe is not ſo much as an Auxiliar in any of the Wars now kind⯑led in the World; ſhe has no Quarrel with any body, and nobody quarrels with her; and the truly wiſe and politick Regent applies himſelf with an unwearied Ap⯑plication to heal the Wounds of a Twenty Two Years War, to reſtore Commerce, revive his Navy, amaſs Treaſure, and pay Debts.

It's true, he has Ways and Means that conſiſt not with us, ſuch as ſuppreſſing Offices, reducing their Funds by cut⯑ting off the Principal with the Intereſt, ſqueezing the Thieves of the State, and the like; but 'tis not the Manner we are upon, that's nothing to us; But this is remarkable, That the Regent has already ſunk the Publick Debts above Twelve Hundred Millions, by one Me⯑thod or another.

[35] In the next place, he has abated the annual Disburſe, by reducing the Royal Houſehold, leſſening the Numbers of the Gardeners, Muſicians, Pages, Horſes, Grooms, and ſuch People, in a prodi⯑gious manner; ſo that the King's Fa⯑mily is ſmall, the great and pompous Palaces of Verſailles, Meudon, Fountain-Bleau, and others, lye like Houſes un⯑inhabited, and about Three Thouſand Servants of all ſorts, within Doors and without, have been diſmiſs'd.

Add to this, the Reform of the Troops, of whom above a Hundred and Twenty Thouſand Men have been Disbanded, which ſaves an Immenſe Sum.

And that which appears in the room of all, and which is the Glory of the Re⯑gent's Adminiſtration, is this, (viz.) that the Taxes begin to be abated, eſpecially ſuch as the Poor are moſt ſenſible of, as the Taxes upon Eatables, Cattle, Corn, Salt, Fiſh, &c. and upon Fuel and Wine, and they expect farther Eaſe⯑ments from the happy Adminiſtration of a Prince who gives himſelf wholly up to Acts of wiſe Government, and to ſtudy the Eaſe and Felicity of his Country.

I might enlarge upon the like Pru⯑dence of the Dutch in ſetting up Lot⯑teries, [36] reducing their Forces and Pen⯑ſions, that they may eaſe their People, and recover their Loſſes; and the like in Spain, where the Oeconomy is ſuch as has not been known in that negligent Court in any Reign before Philip the Vth, ſince that of Charles the Vth.

And ſhall all the Nations of Europe give their Poor a Taſte of the Bleſſings of Peace by an Eaſe from their moſt ſinking Burthens, and give themſelves a Breathing time from the continual Encreaſe of Publick Debts, and ſhall we alone ſit ſtill and do nothing but run further in! Where will this end, and what Ruin will neceſſarily be the Con⯑ſequence?

It is true, an unnatural Rebellion, and new Threatnings of Foreign Invaſions to foment another, continue to make great Demands upon the Publick, and ſome would give thoſe in for Reaſons why we ſhould adjourn our Thoughts of the Debts paſs'd to another time; but as the Methods for reducing or ſatisfy⯑ing the old Debt have no relation to what is to come, I think it is eaſie to prove that our new Preſſures are no Reaſon at all why the Work ſhould not now be begun, which is the Subject of the next Chapter.

CHAP. VI. Of the Nature of raiſing or falling the National Intereſt of Money, and the Natural Juſtice that all Publick Loans ſhould riſe and fall with it, with ſome Obſervations on the Reverſe of the pre⯑ſent Caſe.

IF there were no other Reaſons for the preſent Argument, of removing our Taxes, than the Diſtreſſes and Ex⯑igencies of the People who groan under the Burthen of them, and which Bur⯑then they are able to bear no longer; I ſay, if there were no other Reaſons, theſe were ſufficient; and I cannot think but what has already been ſaid, amounts to a full Proof, that thoſe Burthens can really be born no longer.

But there are other things to ſay to it, which call loudly in Juſtice to the whole Nation to go about it, particular⯑ly the Proportions of common Juſtice due to the reſt of the Nation. By this common Juſtice, I mean the Equality of the Intereſt of Money.

When the Loans in Parliament were firſt made, the Intereſt of Money was then current at 6 per Cent, this was called [38] Lawful Intereſt, and for this Reaſon the Intereſts for Annuities granted, were all, or the greateſt part of them, allow'd to be at 6 per Cent. at leaſt, with ſomething over upon ſome of them for Encou⯑ragement. Had the Current, or Law⯑ful Intereſt of Money at that time, been at 4 per Cent. and Men had been able to make no more of their Money on o⯑ther Securities, there is no Man ſo weak, who knows any thing of theſe matters, as to think that the Publick Loans would have been for more, except ſo much as they were then allow'd more than the common Intereſt.

When Money encreas'd, and the Na⯑ture of things brought the Parliament, as it were by a common conſent of the whole Nation, to reduce the Intereſt of Money to 5 per Cent. nothing was more wonderful than to think why the Parliamentary Funds were excepted, and the People who had ſo long had the Benefit of their high Intereſt ſhould be ſtill ſeparated from the reſt of the World, and all Mankind's Eſtates ſhould ſink in Value, but theirs.

It might have ſeemed Diſtinction e⯑nough, that they enjoy'd thoſe Intereſts Tax-free, which by the ſeveral Acts for [39] charging Moneys upon Intereſt, others did not; but to keep up the Intereſt of the Publick Moneys when the Intereſt of all private Caſh was ſunk by Act of Parliament, was an Inequality which no Body knew how to account for, except that ſome People ſaid it was Politically done to keep the lending People in Hu⯑mour, leaſt they might have Occaſion for them again.

As to the Juſtice of it, I know loud Clamours have been made by the Peo⯑ple concern'd, upon the Notion of ha⯑ving parted with their Money, on ſuch and ſuch expreſs Conditions; I ſhall ſay nothing more to the Ʋnalterableneſs of the Conditions than as before, that if the Parliament made Conditions with them, with this particular Capitulation, that they ſhould be unalterable, they did what they had no Power to do. But I go back to the Reaſon, the Cauſe, and the Nature of thoſe Conditions▪ They had 6 per Cent. becauſe 6 per Cent. was the law⯑ful current Intereſt of Money in the Na⯑tion, and they might be ſuppoſed to be able to make ſo much of their Money any where elſe, at leaſt upon perſonal Security; for ſuch Government Securities muſt all be claſs'd with thoſe which we [40] call Perſonal; the meaning of this was, that they were to have National lawful Intereſt; but no Man can think, I ſay, that they were not to riſe or fall in their Intereſt, as the lawful Intereſt of Money ſhould riſe or fall: For Example.

Had the Circumſtances of this Nati⯑on, upon what Account ſoever, oblig'd the Parliament to have rais'd the Inte⯑reſt of Money to 10 per Cent, as it was in former Times; I deſire to know what theſe Gentlemen, who had lent their Money on Parliament Securities and Funds, would have ſaid, if they had been the only Perſons who ſhould have been left to make 4 per. Cent of their Money leſs than other People: How loudly would they have complain'd of the Ingratitude of the Government, who took their Money at the common In⯑tereſt of the Day when they wanted the Loan, and when 't was a Service to the Nation to lend it, and ſhould now take no care that they ſhould be upon an e⯑qual Foot of Intereſt with other People, but ſhould take the Advantage of the Letter of their Contract, and tye them down to receive but 6 per Cent. for their Eſtates, when all other People, even thoſe that had done them no Service, [41] were at Liberty to make ſo much greater an Advantage.

Then how full of Reaſonings would they have been upon the Equity of the Caſe, that tho' 'twas true they did lend their Money at 6 per Cent. with ſome little Advantage for Encouragement, it was becauſe the current Intereſt of Money was then no higher, and every Man that lent Money expected no more in Caſes of other Loans: That the Va⯑lue of Money was ſo rated at that time by Law; and they ſtood upon a level in the Rate of their Eſtates with other Men, but that they could not be ſup⯑poſed to lend their Money to the Go⯑vernment, which was an act of Service to their Country; and be forgotten, when a general Alteration of the Face of Things ſhould happen, which might be to their Advantage; that it would be very unjuſt, that others ſhould be allow'd to make 10 per Cent. of their Money, and that they only ſhould be the Men who ſhould ſuffer, and ſit ſtill, and ſee their Eſtates made worſe than other Mens, only becauſe they had lent them to the Government, and had run the hazard of them for the Publick Service; that all ſuch Loans were made by the Rule of [42] the Laws, and that the Intereſt of their Money was ſtated by the Rate of Money at that time; but not to be tyed down, ſo as that the Rate of their Money ſhould not riſe, when the Value of o⯑ther Mens Money ſhould riſe; or that they ſhould not be kept on a level with the reſt of the Nation, as they were when they lent their Money.

If theſe Reaſonings had not been ad⯑mitted, they would have gone on with them THUS: That if their Demand of a higher Intereſt, in Proportion to what new Loans were made at, was not ad⯑mitted, they deſir'd they might have their Principal Money paid them back again, that at leaſt they might be at Li⯑berty to make the beſt of their Eſtates in common with other People; that this was but common Juſtice, and that to deny them this would look like taking Advantage of them, as if the Govern⯑ment had catch'd them, and would hold them; a thing below the Honour of the Publick, and which would make Men cautious for the future how they dealt with them at all; that in Effect it would deſtroy the Publick Credit, make the Miniſtry be look'd upon like Sharpers, that would draw the Subjects in to make [43] a Prey of them, and not give them the due Conſtruction of their Circumſtan⯑ces, according to the Nature of things; that to borrow their Money at a low Intereſt, and then raiſe the lawful Inte⯑reſt of Money in general, was a BITE upon the Lenders; and the Govern⯑ment might now take the ſame Money, and lend it back again, even to ſome of the ſame Perſons; or if not the ſame, to others, and ſo get 4 per Cent. by them, which would be the moſt ſcandalous way of tricking Mankind that ever was heard of; that certainly they had a Right to inſiſt upon being allow'd the com⯑mon lawful Intereſt of Money, and be put upon an Equality with their Neigh⯑bours, or to have their Money paid them back again, that they might make the beſt of it as other Men did of theirs; that if the Intereſt had fallen, as well as it was riſen, there was no doubt but the Government would have thought it ve⯑ry juſt to have oblig'd them to fall with it, or if they had refuſed, would have order'd them to be paid off, that Money at a lower Intereſt might have been borrow'd in the room of it; and that therefore they could not but inſiſt upon it, that they ſhould be either put upon a [44] level with the reſt of the People, in ha⯑ving their Intereſt rais'd, or be paid back their Money and ſent about their Bu⯑ſineſs.

It cannot be call'd begging the Que⯑ſtion, to ſtate the Reverſe of the Caſe in this manner, ſeeing the thing is ſo natural that the Force of the Argu⯑ment is ſcarce to be reſiſted; in the mean time let it ſtand as it is, (viz.) an Appeal to all the World, for the Juſtice and Reaſonableneſs of the Suggeſtion; and there is ſcarce a Man in Exchange-Alley, who, if he would impartially turn the Tables, would not allow that theſe would be the Arguments to be uſed in that Caſe: Why then the ſame way of Reaſoning ſhall not be good in the pre⯑ſent Matter, I can ſee no Reaſon to determine. Let every Man judge as his own Thoughts ſhall guide him; but let them be impartial, and ſpeak of it as if they were not concern'd in the Parti⯑culars; for there is always a great Dif⯑ference between our Freedom of argu⯑ing when the Caſe is our own, and when it is perfectly indifferent, and we are not concern'd one way or other.

CHAP. VII. Of the Juſtice of Lowering the Intereſt of Money in general, and what may be the Advantage of it at this Time.

LOwering the Intereſt of Money is a Juſtice due to Trade, and is judg'd a Credit to the Nation when it can be done, as the juſt Conſequence of Wealth and Plenty. It is a Help to that great and uſeful Article of Home-Trade call'd Perſonal Credit; and, in general, is a great Reaſon to draw money'd Men in⯑to Adventures, Undertakings, and uſeful Embarking themſelves and their Stocks in Manufactures, Diſcoveries, Planting Colonies, and all the Methods of ex⯑tending Commerce.

For theſe and many other Reaſons it has always been eſteem'd the Honour and Advantage of a Nation to reduce the Intereſt of their Money, as often and as low as Circumſtances would ad⯑mit: We need go no fa [...]ther than our own dear-bought Experience to prove this, how offering large Premiums and high Intereſt, (viz.) of 7 and 8 per Cent. with Lotteries; the Allurement of high Prizes, &c. brought Men by Degrees [46] to draw their Money out of Trade at the Beginning of the late firſt War, to the irrecoverable Decay of Paper and perſonal Credit, and the irreparable In⯑jury of Trade; which, however it may on ſome Occaſions have reviv'd, is yet contracted in fewer Hands by many than it was before, which in it ſelf is an In⯑jury ſcarce to be recover'd in ſome Ages of Time.

Money is now flowing in private Hands, inſomuch that we find the Re⯑duction of Intereſt to 5 per Cent. is not ſufficient, and the Bank, Eaſt-India Company, and other Bodies of Men, make their Advantage of it, taking in great Sums of Money daily at 3 and 4 per Cent. and may have even what Sums they pleaſe at that rate of Intereſt. This loudly calls upon the Government to cauſe the national lawful Intereſt of Mo⯑ney to ſink another Step.

While it is otherwiſe, 'tis evident, Foreigners pour in their Money upon us, and lend us Money at 5 per Cent. and buy our Funds at 6 per Cent. Intereſt, with Money which, tho' they borrow at home, they pay but 2 and a half or 3 per Cent. for; ſo that we are made to [47] pay Intereſt to all the Uſurers of Europe, and let our Money lye in the Bank, and o⯑ther Places, at little or no Intereſt at all. Again, if the Public ſhall ſee fit to do Trade this piece of Juſtice, as to reduce Uſury to 4 per Cent. can any Man think it ſhould be juſt, that old Loans ſhould remain diſtinguiſh'd from the reſt, and receive 6 per Cent. or 6 [...] as many do, by which their Principal Sums would advance in Sale, to 23, or 24 Years Purchaſe, which were bought of the Government, at 14, 15, and 16 Years Purchaſe; at worſt, they could but deſire to be plac'd as they now ſtand, (viz.) at one per Cent. above the Common Rate of the National Intereſt, and receive five per Cent. while other People receiv'd but four; but of that in its order.

In the next Place, we ſhould do well to enquire what is the Reaſon, why the low'ring of National Current Intereſt for Money is not complain'd of, as an in⯑jurious and unjuſt thing; ſeeing it is an Arbitrary Invaſion of every Man's Property, taking away ſo much of his dai⯑ly, or yearly Subſiſtence, without giving any Reaſon for it, or Equivalent to it; and is neither better or worſe, than [48] dipping into the Perſonal Eſtates of private People, and taking away a part of the Capital.

There is alſo no queſtion, but it is Grievous, and even Ruinous to many poor Families, and eſpecially ancient People, who have nothing left them to ſubſiſt upon, but the Intereſt of a little Money, plac'd out by the Parents, or Husbands, who left it them, and by which they now live well enough, but will be brought to Miſery for the want of it.

Yet the Reduction of Intereſt is ſo known, ſo unconteſted a Good to the Nation in general, and ſo eminent a Proof of the Proſperity of the Publick, that, generally ſpeaking, no body op⯑poſes or repines at it; every one ſeems pleas'd at it on the Publick Account, whether they are ſo on their own Pri⯑vate Accounts or no; or at leaſt it is ſo general a Good that none cares to be found oppoſing it. Uſury is the Sub⯑ject of univerſal Hatred and Averſion, and no Man cares to be the Advocate of a Cauſe which has ſo few Friends.

If lowering the Intereſt of Money is then a receiv'd Good to the Publick, I cannot doubt but it will as eaſily be [49] accepted by thoſe who have lent their Money on publick Security, as by thoſe who have lent it on Private; I am ſure the Juſtice is the ſame, and the In⯑vaſion of Property is the ſame, and no more; it being a real Sinking the Value of every Man's Eſtate, in one as well as in another; and no Reaſon can be given for the One, but will hold good for the Other.

The Advantages of lowering the Inte⯑reſt of Money at this Time, are too ma⯑ny to be contain'd in the narrow Com⯑paſs of theſe Sheets, and requires a large Volume to ſet them out in their juſt De⯑ſcription; but I ſhall name a few:

• 1. The encouraging perſonal Credit; prompting Men to launch into Trade; to ſupport and encourage thoſe who are already in Trade as before.
• 2. The putting Men of Capital Stocks upon noble Adventures, uſeful Diſcove⯑ries, extending Trade to the remoteſt Parts of the World, and ſearching all the Corners of the Univerſe for the ma⯑king Settlements and Improvements: All which Men have no Thoughts of, while they can ſit ſtill at Home, and make ex⯑orbitant [50] Incomes by the bare Uſe of their Money.
• 3. The ſupplying national Demands up⯑on any ſudden Emergencies of the State, up⯑on eaſier Terms than formerly, and with⯑out ſuch ruinous Entails of Debts, too weighty to be diſcharg'd, or continually charging the landed Men who have al⯑ready paid ſo much.
• 4. Aſſiſting to pay off the heavy Debt which the Nation now groans under, without farther charging the poor Peo⯑ple with more Taxes, and without grie⯑vous and oppreſſive Projects: That the Taxes which now lye on the Nation to the Ruine of the Trade, and impoveriſh⯑ing the People, may be taken off, and the Nation may Once more be ſaid to be truly free; which can never be, while they are in Bondage to Uſury, and muſt pay ſixty Millions Intereſt to diſcharge a Debt of ten Millions Principal, as is the caſe of the Annuities of 99 Years.

CHAP. VIII. Of applying the Intereſt, which ſhall be abated from the Loans, to a ſpeedy Diſ⯑charge of the Funds.

I Propos'd at the entering upon this Diſ⯑courſe, to have ſaid nothing of what ſhall or ſhall not, may or may not be done with the Money, which on a Re⯑bating the Intereſt of publick Money due on Loans, ſhall be done with the Over⯑plus which the Funds produce; but the Publick Diſcourſe on theſe Heads makes it neceſſary: Various Opinions ſpread the Town on theſe Subjects, and wonderful Speculations of Wiſdom occu⯑py the Politicians of theſe Times: Moſt of theſe ſpeaking as they hear, or as they fear, or as they deſire to have it be, but few weighing the Cauſes, Conſequen⯑ces, and Nature of the Thing it ſelf.

1. Some are of the Opinion, this Over⯑plus ſhould be immediately apply'd to the Service of the Year, to avoid putting the Nation upon farther Exigencies, and [52] contracting farther Debts; this, they ſay, is equally ſerviceable, to the paying off the old Taxes, and that while freſh Occaſions preſs the Nation, and call for new Sums every Year, it would be prepoſterous to pay off old Debts juſt on Purpoſe to contract new. But it is to be hop'd, the preſſing Neceſſities of the Govern⯑ment will not always continue; the Re⯑bellion is ſuppreſs'd, and the Rebels re⯑duc'd to Rage and Deſperation: The Storm they have endeavour'd to raiſe Abroad for this Year, is yet only ſo in Perſpective, and may perhaps be pre⯑vented by the Vigilance and Care of the Government; and the World has ſcarce another Quarter from whence any juſt Apprehenſions can be rais'd; and then it may be reaſonable to apply the Money to the Abatement of the old Capital Debt: But to do it now, is nothing but putting Money into the Pocket with one Hand, to take it out with the other; and by raiſing new Funds, and making new Appropriations, to multiply Expences of Management, Charges of Collection, and other hateful Burthens upon the People.

[53] Before I go any farther, I ſhould rea⯑dily give in to this Propoſal, were it not that, as is obſerv'd, the Taxes already appropriated, are ſuch, and ſo grievous to the poor People, and particularly to Trade, that they are inſupportable; and will, if not ſpee⯑dily taken oſt, be fatal not only to our trading People, ſuch as are men⯑tion'd before, but even to Trade it ſelf: And this Neceſſity of a ſpee⯑dy removing thoſe Taxes, becauſe of their grievous and oppreſſive Na⯑ture, is ſuch as really admits of no Delay, and is much greater than that of finding other Funds for new Oc⯑caſions, as might be demonſtrated by many Things too long to enu⯑merate. But to proceed,

2. Some agreeing to the Neceſſity of taking off theſe oppreſſive Taxes, and re⯑lieving the poor induſtrious trading Peo⯑ple by an immediate Act of Parliamen⯑tary Grace, are for paſſing an Act of Parliament to diſſolve at once the ſeve⯑ral Duties upon Coals, Salt, Candles, Soap, Leather, and all thoſe Things which oppreſs the Trade and the Poor to [54] ſuch a Degree as has been ſaid; and to paſs one general Parliamentary Credit for the whole Sum: Cauſing Exchequer Bills, or ſuch Bills of Credit as ſhall be thought fit, to be given for the Money: All Deficien⯑cies to be made good by Parliament, and the Credit of Parliament to be the general Fund. To anſwer all poſſible Objecti⯑ons againſt the Want of an appropriated Revenue, they ask this Queſtion, that ſeeing all Funds are redeemable, all Acts repealable, and every Settlement in Par⯑liament is by the Conſtitution liable to ſuch Alterations, Amendments, and even Diſſolutions, as the Parliament ſhall at any Time think fit; the making one general Parliamentary Act of Credit ſerve to ſupport the whole Payment, is as eſ⯑ſentially ſecure as any appropriated Fund can be; and this, with one Advantage which hitherto has been little conſider'd, (viz) The abating the Expence of Collecti⯑on, Management, Circulation, &c. which a⯑mounts to an immenſe Sum every Year, all paid out of the Pocket of the Poor, and all adding to the Burthen already inſupportable.

This is a Propoſal in it ſelf lyable to ſome Exception, and requires many [55] Things to be ſaid to clear it from Ob⯑jections, and yet is in the main, what might effectually anſwer the End propo⯑ſed, (viz.) to pay off the Debts by juſt Degrees, yet without continuing the op⯑preſſive Taxes we ſpeak of, provided ſuch Ways and Means may be found out to levy the Money yearly, without ſuch particular Taxes as have already caus'd ſuch juſt and heavy Complaints among the People.

Yet this muſt be acknowledg'd, that the Parliament engaging themſelves and the Publick Faith for the Payment, is in it ſelf eſſentially as ſafe as any Fund, which the Parliament is able to repeal and diſſolve; and this is all I ſhall ſay to it here.

3. Others, and thoſe ſupported by the more immediate Reaſon and Nature of the Thing it ſelf, enter upon juſt Cal⯑culations of the proportion'd leſſening the Debt in general, by applying the one per Cent. which then would remain as a Sur⯑plus upon the Funds, to paying off the principal Debts, by yearly, half-yearly, or quarterly Payments; and which, by their Calculations, would diſcharge the whole [56] Debt within Twenty two Years to come.

I muſt confeſs this Application of the Intereſt to the Diſcharge of the Principal is a Method liable to the leaſt Exception, of any Propoſal that I have yet met with, or that I have heard others have yet thought; for if the Reduction of Intereſt is juſt, and the Parliament think it reaſonable to order it to be done, no⯑thing can be more juſt, than that the Money ſhould be appropriated to diſ⯑ing the principal Debt.

The two only Queſtions that occur here, are as follow: And both are, I think, fully ſpoken to already, (viz.)

• 1. Whether the Parliament can reaſo⯑nably leſſen the Intereſt?
• 2. Whether they can juſtly oblige them to take their Principal?

I ſay, theſe two are fully ſpoken to al⯑ready, and I could wiſh to ſee ſome calm Reaſons brought, and in a friendly Manner debated, to convince reaſonable People that it is otherwiſe.

But to give the Adverſary fair Play, and to take them every Way, even by [57] their own Pretenſions, that all Objection may be ſo far remov'd, and every Mouth ſtopp'd that would open it ſelf againſt relieving the poor oppreſs'd Subjects of Great Britain; I ſay, to ſtop their Mouths, and, for Argument Sake, leaving the reſt to future Debates, let us take thoſe only which they call, (however improper⯑ly and nonſenſically) redeemable Funds.

The Redemption of theſe they cannot have the leaſt Objection againſt; and they have no more to do than to come into ſuch Conceſſions to the Govern⯑ment for the ſaid Redemption, as the Na⯑ture of the Thing calls for, (viz.) to re⯑ceive ſuch Intereſt for their Money as the Parliament ſhall think fit to make the equal Current national Intereſt, whether 3 per Cent. or 4 per Cent. and to ſub⯑ſcribe their Aſſent to doing ſo. In which Caſe, their Money to remain 'till the Surplus, out of the preſent Intereſt, ſhall come to pay them off in Courſe. Or that ſuch as ſhall refuſe, to have their Principal ſo paid off, may have their Sums transferr'd to ſuch Subſcribers as are willing to pay their Money on the Terms which the other refuſe; enough of whom will be eaſily found, when no other Way of [58] lending Money upon a higher Intereſt ſhall be allow'd.

It is true, this to be done immedi⯑ately, and theſe Funds diſcharg'd, would immediately give ſome Eaſe to the op⯑preſs'd Nation, by taking off the ſaid Taxes from the Poor, and by giving the People ſome Breathing-time; and let the Parliament alone to aſſert their Right, againſt thoſe who pretend to what they call Funds Unredeemable. If they can carry their Point, if they can maintain that Piece of unparliamentary Engliſh againſt the Houſe of Commons, and perſwade the Nation that they ought to receive 6 and ¾ per Cent. Intereſt, when all the perſonal Eſtates in the Kingdom are oblig'd to take but 4 per Cent. and that the People of Britain ſhall go on to pay Extortion to them for 85 Years to come, 'till they have paid, as is ſaid above, 60 Millions Intereſt for 10 Mil⯑lions Principal; I ſay, if they think they can perſwade the Parliament to this, they muſt try what they can do.

But the Nation will never be brought to think, but that it is very hard to have the Current Intereſt of Money reduc'd, [59] and theſe Men enjoy an Exception that ſhall immediately raiſe their Annuities to 24 Years Purchaſe; while thoſe equally ſecur'd, (as to the Goodneſs of the Fund) are reduc'd to a Parr. And this brings me to the Great, and yet unexamined Article, (viz.) The Equality of Tax⯑ing.

CHAP. IX. Of Equality of Taxes, and the Juſtice due to the People in directing Taxes, ſo as that no Part be oppreſt, but every Part of the People charg'd by ſuch juſt Proportions as may make the Bur⯑then be born without Injury to one ano⯑ther.

IT is not the leaſt Part of the Truſt re⯑poſed by the People of England in the Breaſts of their Repreſentatives, that they ſhould be duly and equally tax'd: That every Burthen be laid with juſt Regard to the Strength of the Shoulders that ſupport it. But I wiſh it might be ſaid that it has been, as it ought to be, the conſtant Care of the Repreſentative, that Burthens are always thus laid. Had this been duly conſider'd, I cannot think that many of thoſe cruel and unequal Taxes, which pinch and afflict thoſe Peo⯑ple chiefly who are leaſt able to ſupport Taxes, had been entail'd upon us.

We hope, from the Juſtice of the pre⯑ſent Parliament, and the natural Tender⯑neſs [61] and Clemency of King George, (the common Father of his People) that they will concur with this Maxim; that every Member of the Body Politick ſhould be burthen'd with the common Weights of the Government, in Proportion to their Strength of bearing them; that they may draw equally in the ſame Yoke, and that the united Strength may thereby be in⯑creas'd and made ſtronger.

I have ſaid ſomething to this already, but it needs explaining, with Reſpect to the ſeveral Ways of the common People being tax'd with the Gentry and Nobili⯑ty in this Nation. In laying Taxes, this is true, tho' perhaps not a regularly de⯑termin'd Obſervation; When Land is Tax'd, the Rich pay more than the Poor; but when the Product of Land is tax'd, the Poor pay more than the Rich.

In explaining this duly, perhaps ſome Things may offer to our Conſideration which have not often occurr'd before. Let us therefore look more narrowly into it: The Rich pay for their Land becauſe they have it; the Poor pay for their daily Neceſſaries, becauſe they have them not. This is a terrible Inequality. For Example: A Rich Man brews his [62] own Beer, becauſe he has Money, he has Veſſels, he has Conveniencies, &c. and on this Account he pays no Exciſe. The poor Man is oblig'd to buy of the Brewer, or perhaps worſe, of the Victu⯑aller, becauſe he has no Money to buy it faſter than his Thirſt preſſes him, or in but ſmall Casks and Quantities; and for this Want of Money he pays Exciſe: And thus of many other Things.

Again, the rich Man eats no more Food, burns no more Coals, &c. than a poor Man; nay, if he is a trading Man, as deſcrib'd before, perhaps not ſo much: A Tax upon Proviſions then, is equal, literally ſpeaking, to the Poor, as to the Rich; but very unequal, in Proportion to their Capacity of paying it.

A Tax in England upon the Neceſſities of Life, is ſomething like the Taille in France, which no Gentleman is to pay; 'tis true, ours pay in ſome Caſes, but, ge⯑nerally ſpeaking, thoſe who live on their own Eſtates, and eat the Produce of their own Lands, pay little or nothing to them. Now the difference lyes here, that the Taille is in France, where the Poor are to be Poor, and the Common [63] People are Slaves, and are uſed as ſuch. But this is in England, where we pre⯑tend to value our ſelves upon making the Common People Eaſy, Free, and their Lives comfortable; where we have always been uſed to ſay the Poor paid nothing, where the Commons have their Liberties, and claim to be well uſed; where Equalities in Taxing is boaſted of, as the Care of the Publick, and e⯑very one is made able to pay what is Demanded of them. Equalities ceaſe to merit their Name, when, whatever their appearance may be, they preſs har⯑der upon one part than upon another. But what ſhall we ſay to thoſe things, which under the Title of Equalities preſs hard upon thoſe who are leaſt able to bear them, and paſs thoſe by who are really incapable of being Oppreſs'd by them.

The Rich feel none of thoſe Taxes, by which the Poor are made miſerable; and upon the Conſideration of this it is that the Repreſentatives of this Nati⯑on always avoided either Taxing the meaner People, or elſe Taxed them ſo lightly, as that they might be able to [64] pay their Charge without Injury to their Subſiſtance.

It was ſeen for ſome Years from the firſt beginning of the War after the Revolution, that great Sums were want⯑ing for the publick Occaſions, and the Miniſtry but ill vers'd in the methods of raiſing thoſe Sums; yet the Parliament always rejected thoſe Propoſals, which ſeemed to pinch the Poorer part of the Nation. Nay, they fail'd not to repeal and diſſolve ſeveral Taxes after they were laid, upon the Petition of the People, when they found them offenſive to the Poor, and Injurious to Trade or to the Manufactures, ſuch as the firſt Tax upon Coals, the firſt Tax upon Paper, the Duties on Glaſs, Earthen Ware, Tobacco Pipes, the Duties on Marriages, Births and Burials, &c.

When they Taxt the Lands they laid it all upon the Landlord, none upon the Tenant; when they Taxt Stock, they Taxt Stock of Tradeſmen and Shop⯑keepers, but no Stock upon Land, and afterwards left off even the Stock of Tradeſmen.

Such was the juſt Concern which the Re⯑preſentatives of this Nation ſhew'd to pre⯑ſerve [65] the Equality and juſt Proportions of Taxes, meaſuring the Burthen by the Condition of thoſe that were to bear it; and this was without queſtion the Foun⯑dation of that generous Confidence the People of England always had in their Repreſentatives, and made them always give themſelves up, ſo entirely and with⯑out reſerve, to whatever was determin'd in Parliament, bearing every Burthen with the utmoſt Reſignation if laid on by Parliament, however afflicting grievous or ruinous in its Conſequence it might be, till they even ſink beneath the Weight.

For I know not by what Fate it has been upon the Nation, we have not all the fine things to ſay of late upon theſe Heads that we had before; whether it is that the Exigence has been greater, or the Care for the meaſure of Burthens leſs. But as if the Poor, the Commerce, the Manufacturer, the general Outcrys of the People, had been of no Weight in the Caſe, ſome of our lateſt Taxes have ſeem⯑ed to have been laid on with leſs Con⯑cern for the People, leſs Juſtice in the Proportions, and leſs Conſideration of the Conſequences, than thoſe I have ſpoken of above.

[66] As the Effect of this want of Care, we find thoſe things Tax'd of late, which at firſt they would have ſcorn'd to touch; and heavy Duties laid, which it was cer⯑tain would pinch and oppreſs the Poor and the Trade more than others: Things which formerly were ſufficient Reaſons why ſuch Taxes were always rejected.

If it be ſaid, they were driven to thoſe things by the Exigence of the Times, and by the Poverty of Funds; it is anſwer'd, That would be a better Reaſon, if there was more Truth to ſupport it. But on the contrary, we ſee many Funds have been propoſed, which have been de⯑clin'd, and many more might yet be found to ſave the Oppreſſion of the Poor, and avoid laying Burthens.

But to avoid the grand Debate with Stock-jobbers and Projectors, the Anſwer is always at hand, The Parliament is a Fund of FUNDS; and therefore, as I ſaid before, were all the preſent Taxes given up to the People, the Security for the Money lent is the ſame, and the Houſe would be oblig'd every Year to raiſe a Sum of three Millions of Money to be paid by Quarterly Payments, till the [67] Intereſt and Principal of the preſent En⯑cumbrances was fully paid off.

Nor can the Parliament be at a loſs to do this, unleſs ſome far more preſ⯑ſing Demands come upon them than yet are, or we hope will be likely to come; and tho' this Work is not deſign'd as a Scheme of Projections, yet I may ſay a Word or two to likely Foundations for raiſing any Sum of Money that the Go⯑vernment may want for ſo great and glorious Ends, as thoſe of clearing the Nation of the preſent inſupportable Bur⯑then of Debt, and of Oppreſſive Taxes which it labours under.

I cannot quit this Article of Equali⯑ties in Taxing, without mentioning with great Regret the ſcandalous Inequality, which is the Foundation of ſo much Oppreſſion and Injuſtice on one hand, and of ſo much Deficiency to the Nation on the other, in the Collecting our Great and Capital Tax call'd the LAND-TAX; a Tax raiſed with ſo much diſ⯑proportion, that, to ſay no more, 2s. in the Pound regularly and equally Col⯑lected, would certainly raiſe the full Sum that 4s. in the Pound now raiſes; or 4s. in the Pound compleatly and equally [68] Collected, would raiſe near double the Sum which has been annually raiſed by it.

Had this Tax been Collected as it ought to have been, and Two Milli⯑ons per Ann. been raiſed by it more than has been, the Debt of the Nation had been leſs by above 20 Millions than now it is, and yet the Landed Men had paid no more than they now pretend to have paid.

When we talk of the Landed Men, and what they have done, what large Efforts they have made, and how heavy the Burthen of the War has lain upon them, do we not ſay in their behalf that the Landed Men have paid a fifth part of their Annual Income to the War? But how do the Gentlemen of Two Thirds of England ſmile at us, or laugh in their Sleeves (as the common way of expreſſing is,) when they accept that Compliment, and know very well that it has not coſt ſome of them 16d. per Pound and others not a Shilling in the Pound, and where it has come higheſt is not one with another above 2s. 4d. per Pound.

[69] While in the Midland, and ſome Sou⯑thern Counties, the Severities have been Great, and the People have paid the ut⯑moſt Penny, nay, in ſome places 4s. 6d. per Pound. A review of this ſcandalous Inequality would be a Work worthy a Parliament that deſir'd to be recorded for the Deliverers of their Country from inſuperable Debts; but of this again in its place.

CHAP. X. Of Inequalities in Taxings, as they re⯑late to the preſent Caſe.

IF Equality in Taxing be thus the Care and Concern of Parliaments, a Truſt committed to the Repreſentatives by the People of England, whom they repre⯑ſent, &c. what then have ſome Parlia⯑ments in times by-paſt been doing? and how have they diſcharged this great Truſt placed in them by the People? ſeeing we find the Nation groaning un⯑der a Weight of the moſt ſcandalous INEQUALITIES in Taxing that can be imagined, ſuch as are indeed the Cauſe of the vaſt Debt we are now load⯑ed with, and the Cauſe of thoſe Oppreſ⯑ſive Funds, which are now entail'd up⯑on us, and our Poſterity: Theſe are

• 1. The Land Tax, mention'd already; which, had it been duly and equally Rated and Collected, would all a⯑long have rais'd four Millions in⯑ſtead of two, and ſaved the Houſe [71] of Commons the Trouble of raiſing Two Millions more every Year, by a ſcandalous Anticipation, or by Loan upon ſome of thoſe heavy Taxes we complain of.
• 2. The freeing all the publick Funds from being Taxt, ſo that whatever Exigence their Country was reduced to, whatever Taxes the poorer ſort of People paid, theſe Men alone enjoy'd an Exemption for the great⯑eſt part of the ready Money in the Nation, tho' at the ſame time they receiv'd one per Cent. Intereſt more for it, than other People are allow'd to make of their Money.
• 3. The Difference of Intereſt of Mo⯑ney, as is ſaid; an Inequality unjuſt in its own Nature, or elſe the Act of Parliament for Reducing the Inte⯑reſt of Money to 5 per Cent. muſt be unjuſt, which I will not ſuggeſt upon any account whatever.
• 4. Not content with theſe Advantages diſtinct from other Men, we find them now claiming an Inequality which would be indeed Exorbitant in its own Nature; and which we do not ſee, I ſay, we do not ſee the [72] Act of Parliament entitles them to, viz. that the reſt of their Inequa⯑lities are unalterable, and that the Parliament it ſelf cannot redeem the Funds they have lent their Mo⯑ney upon.

This is the moſt ſevere of all Inequa⯑lities, and ſerves very well to ſet forth the Evil Conſequences of the reſt; for if this be ſo, the Nation is bound to pay them an immenſe and prodigious Sum for Intereſt of a Debt which they are ready to diſcharge, when all the reſt of the World are obliged, not only not to give, but indeed not to receive ſuch a rate of Intereſt for their Money.

It is hard to imagine, what any ſin⯑gle Man or body of Men can ſay in De⯑fence of ſuch an Unjuſt and Unequal Treatment of the People of England. The moſt that I have met with, from the moſt Arrogant on the other ſide, is, that it was their Bargain; it was the Condition on which they lent their Money, and that they expect it ſhould be perform'd; they have the Publick Faith for it, and they expect the Publick Faith ſhall not be broken with them. I will not ſay, as ſome however [73] do, and think it is with Juſtice too, that the Publick Faith is what the Publick pleaſe to make it: But this I will ſay, the Publick Faith is like the Publick Seal. If the Publick Seal, by the Treachery or Ignorance of the Perſon to whom it is Entruſted, ſhould be affixt to a thing which in its Nature is Unjuſt and Illegal, and which the Publick is not empower'd to Execute, the Action is ipſo facto in⯑valid and will not take place. For Ex⯑ample, ſuppoſe the Publick Seal be fixt to a Grant of Land in the King's Name, which the King really has no Power to Alienate or Grant, the affixing the Seal ſhall be of no force, and the Perſon ſo af⯑fixing it will run the hazard of Cen⯑ſure by proper Judges for the Offence. In like manner, if any Parliament made ſuch a Bargain as theſe Men call it, to give them unjuſt Advantages and Ine⯑qualities, and ſo to entail them; as that future Parliaments ſhould not be em⯑power'd to redeem and buy them back again, reſtoring thereby the juſt Equa⯑lity in Taxes, which all the People of England claim as their undoubted Right; I ſay, ſuch Parliament did what no Parlia⯑ment had Power to do, the Action was [74] void ipſo facto, and the preſent, or any ſubſequent Parliament may, and ſome I queſtion not will, do Juſtice to the Con⯑ſtitution, by declaring their Right, and cenſuring the Action it ſelf as Injurious to the Nation.

There are Inequalities in the Taxes themſelves, but as theſe are ſpoken to under other Heads, I ſay no more to them here.

CHAP. XI. Of the Taking off of Publick Taxes, and the Effect it would have upon Houſe-keeping, Trade, &c.

A Man can hardly refrain, after all that has been ſaid, from flattering the Nation with Hopes, that they ſhall once more live to ſee themſelves delive⯑red from Task-maſters, and Tax-ga⯑therers. It is impoſſible to think far into ſuch a thing without ſome Rapture, ſome little Extaſies upon the Felicities of our Native Country. This would be indeed to taſte the Fruits of Peace, and the Hannover Succeſſion. This would be the reviving the Halcion Days, and bringing the Golden Age once more upon the Earth. Then it would be no more a Proverb or by-Word among us, that there is nothing ſure, but Death and Taxes.

Then if Trade did not flouriſh, Ma⯑nufactures go abroad, Navigation en⯑creaſe, the Poor live eaſie, and eve⯑ry thing go well with us, it muſt be our [76] own Fault. Let me but repreſent now to a Manufacturing Weaver or Clothier, who has a Houſe full of Children, and a Shop or Work-room full of Servants, how it will fare with him; he will have his Coals cheaper by 5s. a Chaldron, his Malt cheaper by 4s. a Quarter, his Bread in all probability cheaper by 2s. a Buſhel, his Candles cheaper by 12d. a Dozen, his Soap by 2s. 6d. a Firkin, his Shoes cheaper, his Linnen, his Cal⯑licoe, and all ſuch things in proportion; in a Word, a Family that now ſpends a Hundred Pounds a Year in Houſe-keeping, ſhall live for Fourſcore, and ſo above and below them in proportion.

Even the People whoſe Intereſt of Mo⯑ney is to be abated, may not be ſuch great Loſers as they ſeem to ſuggeſt; for if they loſe ſomething in their Uſury, th y will have it again in the Subſi⯑ſtance of their Families, if they have any. Suppoſe a Man has 2000l. in theſe Funds for which he received 6 per Cent. before, and is now reduced to 5 per Cent. he muſt have but a ſmall Family, and make but a mean Figure in the World, if by the Abatement of Prices on Food and Cloaths, he does not ſave double to his loſs, by [77] the taking off thoſe Taxes, which he contributes ſomething to, even by every thing he uſes in his Houſe, or wears on his Back, the home bred Cattle, and home Manufacture only excepted.

And where then is the Oppreſſion of all this? and what Regard can he be ſup⯑poſed to have for his Native Country, that can ſit ſtill and not rejoyce to ſee his poorer Neighbours partake of the ſame Deliverance?

Let us Examine, what perhaps few think of in this Caſe, viz. what Effect it will have upon Trade: Our Trading Politicians tells us, 'tis all one to Trade, for the laſt Buyer pays it; the Tradeſ⯑man neither gets or loſes, it's all one to him cheap or dear, he has his Gain upon what he Sells. But theſe are Diſcourſes which come from the Mouths of none, but thoſe who know little of Commerce: There are two Maxims in Trade, which relate to the Dearneſs or Cheapneſs of Goods.

• 1. Dearneſs of Goods leſſens the Conſumption.
• 2. Dearneſs of Goods devours the Tradeſman's Stock.

[78] When Wares fall in Price, not only the People conſume more, but the Tradeſ-man can launch farther into Trade, ſell more in Value, and make a larger Return in a Year. This not only in⯑creaſes his Profit, but as it is in a pri⯑vate Man's Shop, ſo it is inthe general return of the Nation, the Trade is con⯑tracted, the Conſumption is leſſen'd, and the Demand for Goods ſhorten'd, be⯑cauſe the Price by reaſon of high Du⯑ties is enlarged.

Leſſening the Quantity of Goods ſold, affects abundance of the depending Branches of Trade; for Example, Navi⯑gation is leſſen'd, fewer Goods Imported, fewer Ships employ'd to fetch them, fewer Seamen to ſail thoſe Ships, fewer Tradeſ⯑men to build, and fit them out; all De⯑creaſes. After Goods are on Shore, Boats, Carriages, Men, Horſes, all feel the Ef⯑fects of a want of Quantity; ſo that making Goods dear at Market, which is the certain effect of all high Impoſitions, Cramps Trade obliges the Tradeſman to employ more Stock, or return much leſs.

Beſides this, it takes away the Employ of multitudes of Families, that are em⯑ploy'd, as is ſaid, in removing, fetching and carrying Merchandices from Place to Place.

[79] Let us look leſs on the Melancholy part, and take the happy Reverſe: Upon removing the heavy Impoſitions, the Cheapneſs which will follow of courſe will accordingly encreaſe the Conſump⯑tion of all ſorts of Goods, as well Foreign Imported Goods, ſuch as Linnen, Fruit, Spice, Sugar, Tobacco, Wine, Oyl, Silk, Callicoes, Muſlins, Dye Stuffs, Coffee, Tea, Cocoa, and the like, as alſo of our home neceſſaries mention'd already to be ſo hea⯑vily Tax'd. By this encreas'd Conſump⯑tion, Trade will revive of courſe, Na⯑vigation encreaſe, Employment of Men, of Families, of Cattle, of Land, all en⯑creaſes; in a Word, if Taxes were remo⯑ved, Trade in general would encreaſe, Plenty and Cheapneſs make Families eaſy, and the whole Nation flouriſh.