"

ever, the class to which Sir Thomas Metcalf belongs, however great the sum may be; which they pay in the first instance towards the exigencies of the state. I therefore, ask• you, Sir, can any power upon earth apply "the principle upon which the bill is founded," to the corporation of that supreme ar-. bitrator of our lives and fortunes, in every possible way in which the abundance or scantiness of money can render is happy or miserable?—No, Sir, with the appearance of every thing that is plausible, liberal, and patriotic on their side, they take the advan

merchants offers, and discount bills for them to an amount, the interest of which will far excced their proportion of the tax, perhaps, before they pay a shilling towards it. Sir, can you deny this charge, and account in any other way for the millions which they have added to their capital, and the hundreds of thousands of pounds which they have otherways divided among themselves, while the

pleases with his own property." But, as this right, or, the freedom of trade, renders it a thing naturally impossible that any power on earth can apply the equitable" pinciple on which the bill is founded, to the Roses, or any other men of property, so far as to bind them to contribute even a shilling towards the exigencies of the state; and, as it is next to impossible, that the Eroad bot "tomed administration, the united wisdom " and talents of the country," could have the assurance to shove themselves into office ignorant of the fact, what object, Sir, could you promise to your elf from the introduc-tage which the pressure of the fax upon the tion of the less equitable principle of your exceptions, if it be not a puzzle, if it be not a de ermination to support to the last extremity, that profound and general ignorance of finance, and of the bearings of free trade, on the general stafe of the community, which brought Mr. Pitt into office, and kept him there for above 20 years; and which, in a little more than a century created more Work-houses than Mansions, greatly in- pressure of taxes were multiplying the creased as the Mansions since are? Do you number of paupers in a given proportion to Sir, in spite of the example which you itself? If you cannot, Sir, my readers must have in Mr. Rose's case, and of the evidences consider my evidence as conclusive, that the which even Mr. Rose himself, able as he is proprietors of the Bank, any more than the to direct Lord Henry Petty as to the choice of Roses, and the Grenvilles, &c. will not consubjects of taration, derives from the ad- tribute a shilling towards the exigencies of vance which has taken place in the price of the state. Well then, Sir, can you apply corn, tea, and tobacco, since the property the principle of the bill to the Merchants? tax was agitated in parliament, think that For as government have instituted a bank for Mr. Rose or any other man of property, their accommodation, aud as the accommomeans to contribute a farthing towards the dations which the bank gives them, are no exigencies of the state, of the tax upon ser- less liberal than disinterested, though far vanis, carriages, and beer, or any other tax short of what their speculative stomachs which they may recommend or support? If crave, and would digest if they could get it; you do, Sir, you will have the candour to one would think, that their practice would leave out the clear obscure in argument, and not be an inch behind their professions in openly put the negative upon the following contributing towards the exigencies of the questions to which I feel myself entitled to state. But, no, Sir; their principle as indigive the answer I do; not only from my viduals is, and can any other influence them attention to the delusive and unequitable collectively? every man for himself." bearings of free trade, but also from my Consequently, their endeavours individualknowledge of the growing wealth of such ly as well as collectively, are exerted to the nien as the Roses, the Grenvilles, and the highest possible pitch, to add the discount Jenkinsons, under the accumulating pressure paid by them to the bank, to the taxes laid of taxes, while they appear to Sir Thomas apon them by government, and both to the Metcalf and other financial luminaries of price of the articles in which they deal; in the commercial world, to sacrifice, of all the, very saine manner in which Mr. Rose others, the most," towards the exigencies of adds his liberally granted imposts to the rent the state, and in defence of the stake which, of his farms;' and as the farmer adds the adthey have to preserve." I declare it, Sir, as dition to the price of his grain, and so on,my positive conviction, and I do so with all till consumers are found, who cannot takethe sincerity of which the human mind is the benefits of free trade, and shift the burcapable, that the Bank of England is the den from themselves on the shoulders of great governing engine with which the freesome other party. Sir, can you deny this dom of trade will defeat the principle on shifting practice of the merchants to be the which the property bill is founded, and ex-fact, and assign their immense command of empt from the payment of any tax what- the national wealth, nay, their usurpation of

from the percentage of all parties. To com-
plete this transfer bankers have nothing to
do but to be true to themselves, to exchange"
one another's paper, and discount that of the
merchants. The command which this ac→
commodating and accumulating practice, has
already given them of the national wealth,
leaves them little or nothing to do to possess
themselves of the whole. For the power of
their accommodating, fand is similar in al
its circumstances to that of your sinking fund,
except in this particular, namely, that there,
is nothing to impede, but every thing to acce-
lerate the motion of the first, while the liqui-
dating power of the latter is destroyed by the
necessity which it creates on the
part of
go-
vernment, of borrowing annually to its own'
amount, to repay as much of the public ex-
pense, as it would itself repay, were it not
visionarily and expensively applied to the
discharge of the national debt. And as to
the wretchedness of the state to which the
accommodating fund will reduce the mer-

the national government to any other defineable cause? Or, will you venture to assert, that in their progress to this wealth and power, they have contributed a shilling, and much less in proportion to their means of subsistence, towards the exigencies of the state? If you will not, I shall consider the fact as established; namely, that our merchants and bankers will not only evade the property tax, but add millions sterling to their wealth from the pressure of that tax on those who cannot take the advantages which the general freedom of trade offers, and shift the tax from themselves on the shoulders of some other party. But, here, Sir, by getting rid of the jargon of college taught financiers, and following the practice of merchants and bankers in its natural course, while they have a right to do as they please with their own property," we have come at a secret worth knowing" even to merchants themselves. With respect to the principle of evading the payment of all taxes every man is a merchant or bankerchants, as well as the limited annuitants, and' who is not a limited annuitant, a labourer, a clerk, or a person who had saved something, or had something left him on which to live. independent of labour. This description of persons cannot take benefits of free trade, and shift any burden from theirselves upon some other party. Consequently they are under the absolute necessity, not only of deducting from the sum which they were in the habit of laying out with the merchants annually, the percentage which you mean to take annually from their incomes, but also of paying from the remaining cents, the percentage which the merchants lay upon their goods, not only to cover the taxes, but to make their fortune in the bargain. The limited annuitants, even were they exempted from all direct taxes, cannot withstand the progressive pressure of the percentage which the merchants thus progressively lay on their goods, to cover the progressive increase of taxes; consequently, they drop into the work-house and become panpers as taxes increase. And as the merchants lose the difference between their incomes, or, if you please, earnings in that asylum of wretchedness, and what it had been in the field, workshop, counting-house, and in a state of independance of either, they themselves follow these victims of free trade, into the same grave of moral and political justice. And so on, limited annuitants falling first, and merchants tumbling after them, till the "freedom of trade" transfers the property of both to the baukers, who are the only gainers in the case, and reduces both to that state of wretchedness, which naturally exempts itself

judging from the number of paupers with which it has already incominoded the nation, no doubt can remain as to the addition which it will make to the number of paupers, while it continues an engine of destruction in the hands of free trade. To convince you then, Sir, or rather, I hope, those who cajole you out of your consistency, that you cannot be "the man of the people" and support this engine;-even the merchants themselves, that the accommodations which " they receive from it, or you either, as the basis of your warhke power and military plans, are but "Will o' the Wisps which lead you to your doom," I think it is only necessary to state the difference between the number of paupers which is now a burden to the nation, and that which it had to carry in the 16th century, when the Whigs estaElished the engine, let loose the passions, and united the hands of free trade. At the ever memorable and glorious revolution of 1688," six years before the bank was established, the poors rate in England and Wales, including the county assessments, which go to defray county expense, as distinct from the charges of the poor, amounted only to £665,302. (Vide Sir F. M. Eden on the State of the Poor.) Dividing this sum, even including the county rates, by the wretched pittance of four pence per day, for each pauper, gives their number, at only 139,977 or 1-8th of the population. Fourpence was then about the price of a quartern loaf of bread. And can we possibly think, that all the charges of this wretched character to the nation in house-room, food, raiment,

"

&c. can amount to less than the the value of this revolution consists in its having esta this much bread? And if we take his charges blished the bill of rights, on the ruins of the at more, the number of paupers must be restrictive laws of Henry VIII. and of proportionably smaller. At the ever memb- Queen Elizabeth. In doing this, it apparable period at which you, Sir, stepped into rently diminished the right of doing wrong the "bed of roses," the number of paupers in the hands of government, and really inin the same divisions of the United King- creased it in the more liable to do wrong doms, is given, by parliament, at no less hands of bankers and merchants; of men than 1,200,000 which is more than 1-9th of who have no knowledge of finance beyond the population of these divisions; and allow- the skin deep surface of pounds, shillings, ing but a shilling per day each, which is less and pence; of men whose avowed leading than the price of a quartern loaf, their principle of action is, the detestable and anticharges to the public is no less than patriotic rule of every man for himself, £21,600,000 sterling, if bank notes be ster- and the devil, not "God for us all." The ling money. Parliament, however, does not 25 of Henry VIII. prevented the consolidagive the poors rateveen at £6,000,000 that tion of faris, and the conversion of them is, at 3d per day, that is, perhaps, at more into pasture for sheep, under the then great than the common charge per day of a fox penalty of 3s. 4d. per week. And in the hound or a pointer dog. And so much the reign of Queen Elizabeth, a stop was not better, since the broad bottomed wisdom, only put to buildings in and about London, virtue, and talents of the country, had not but the number of lodgers to be admitted into the courage and sagacity, as their first per- any house, was positively regulated by law, formance in office, to unmask the broader so sensible were the legislators of those seated injustice of Free Trade, in all its bear- times of the tendency which the farm con ings on the state of the nation. For, as this solidating system, and the unlimited extenfund of paupers added to that of the mercesion of cities and towns had to create pau nary soldiers which the Whigs mean to create pers, as well as thieves, robbers, and vagafor the defence of bankers, and both to the bonds. Yet more than a century's knowfund of expensive commissioners which they ledge of the increase of these characters, has are establishing to free the House of Com not convinced the whigs of their error; I mons from the trouble of investigating the had almost said of their inability to legislate. public accounts, inherit every property of For, let us but cast our eye around the face the sinking fund, and reduce all but the of the country, and we see nothing but large bankers to the wretched allowance of less than farms and gentleman farmers, And judging 3d per day, with the same degree of certain from the buildings which have been erected, ty and progressive power with which that and which are rapidly going on in and about fund would sink the national debt, were not London, and in and about every city and an accumulating burden to impede its pro- town in the United Kingdoms, the inference gress; the merchants, or all who are not is, that agriculture is to be deserted aitoge strictly limited annuitants, as well as those ther; that all the gentlemen farmers, with who are, will either feel and see the evil of their labourers, mean to become gentlemen, free trade as it overwhelms them, and call and labouring merchants and mechanics, as for its remedy; or they will sink under its soon as the buildings are finished to receive pressure with that manly fortitude and resig- them!!! Whigs and Tories, both notorious nation, which would dignify, even at the bad fans, if you can see your error foot of the gibbet, the exit of Forty even now, you have seen it by far too late. Thieves." Long, Sir, as these observations For your power and energy, your military are, such is my sense of the importance plans, and plans of reform in the different which attaches itself to what may be farther departments of government, which are all said upon the subject, that I have no power excellent merely as such, can never reach the to quit it without making some direct re-evils of free trade, as they deal destruction. marks on the glories of the revolution of 1688. This whig measure, Sir, had the best of theories for its basis; but, alas, they mistook the means of carrying them into practice; and an increase of 1,100,000 paupers is the indisputable effect. Unless it be shewn clearly, but disgracefully and barbarously, that each pauper does not cost the public the value of a quartern loaf per day. It appears to me, Sir, that the particular in glories of

around them by means of paper currency, and repair the injury which their parent, your bill of rights has done to the happiness of the people, and the character of your country, as cruel and unjust to herself, proud and overbearing towards others.-C. S.— May 22, 1800.

FATE OF THE FUNDS.

SIR-After what has appeared at different