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appears that the money borrowed by government in

1799, fifteen millions, has been all repaid, besides

five per cent. interest per annum, except 3,513,0001.,

yet the public creditor holds the country as a debtor

for thirty-four millions for that transaction: is this

fair? and the loan of the preceding year 1,620,0001.

is already repaid in full, both principal and interest,

at five per cent., and some hundred thousands over,

yet, though entirely paid, the public creditor still

holds us for 3,669,3001. for that one transaction: is

this fair? .

168

Our government, in continuing to pay more than they

owe, are depriving themselves or their successors of

continuing the finances of the country should great

and extensive calamities befal the nation, which would

add greatly to the general distress and fall particularly

heavy on infancy, old age, and widowhood ; and it is

no pleasant thing to fancy ourselves exactly in the

same situation as insolvent governments .

187

Every principle of honour and interest demands that

the non-resident should be taxed in his property re-
maining in this country, and which is perfectly prac-

ticable.
According to the law of the land, in individual cases,

the fundholder forfeited his claim on receipt of his
first usurious half-yearly dividend, and, according to
right reason, as they have received the bulk of the
principal, they have only a right to the remainder ;

yet if all the unjust gain was suffered to go by
default and half the unjust interest continued, the

arrangement would clear off many millions a-year.

Such conduct as loan-mongers exhibit towards needy

governments would, in the affairs of private life, fix

on their characters great odium; and this unjust
portion of the bargain occasions our government
twice a-year to exhibit a state something like insol-
vency, and the resources of the poor are continually
put in requisition to fulfil an unjust bargain which

presses heavily upon them.
An arrangement which, though still inequitable, yet

approaching nearer to equity in its every step, would

be practicable and very desirable.
The arguments of a loan-monger against it utterly ri-

diculous.

Sinking-fund altogether absurd .

Propriety of effecting an arrangement

CHAPTER IX.

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TO THE KING

AND

ROYAL FAMILY.

In presuming to dedicate the following pages to the honourable, magnanimous, and beloved King of England, as the head of that interesting family so important to the interests and welfare of my country, the writer is not altogether unmindful of the vast difference between the most potent of Sovereigns and a simple individual of his hundred million subjects: yet having always, so far as he recollects, felt cordially towards his king and country, and seeing, hearing, and reading of much crime

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and much distress, particularly among the working classes, and apprehending that it is neither inherent in the nature of man, nor inseparable from his indispensable circumstances, and that it admits of easy remedy, he has endeavoured to exhibit some of his ideas on the subject, and earnestly, though with diffidence, entreats that they may not be altogether disregarded.

Surely this truth must be peculiarly interesting to the King, that, according to the talents bestowed, will be the fruits looked for; and if our King fully avail himself of his perhaps unprecedented opportunity of conferring happiness upon, and greatly increasing in every sense the respectability of millions, according to the great gifts of his mind, and the still greater gifts of his heart, how peculiarly interesting must be his situation, while the consciousness of even more than doubling the great benefit he has hitherto conferred upon the country would enhance every suitable

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