were reduced to the greatest distress; that many well meaning people filled the newspapers with receipts for potatoe bread, &c. not considering that these experiments in the art of cookery, were more likely to diminish than add to the short stock of provisions then to be divided among us. We had also Soup shops, which aggravated the evil, by supplying the idle with what the industrious wanted. Potatoes were recommended to be

more cultivated. At length Parliament thought it necessary to interfere. When

I heard that this was to be the case, I certainly had hopes-not that I expected that speeches, or acts of Parliament, would lead to an immediate supply of food—but I was in hopes, that the forest laws and common rights would at length be got rid of; and that those people who received parish relief, and others who were struggling to support themselves, by labour in towns, would find employment in cultivating the waste lands of the island; and I was also in hopes that, instead of the military being permitted any longer, by their idleness and bad example in quarters, to injure the morals of the people, that they also would come in for a share of useful labour. I figured to myself that I saw them encamped, or hutted, upon the wastes of the country, and sometimes employed in cultivating the earth, and at other times attending to their military duties. I imagined saw the artillery horses drawing the plough, and at other times the cannon, I could not help following, in my mind's eye, his Majesty (who is so fond of farming), in his tours to review his troops, sometimes as soldiers, sometimes as agricultur

ists. How glorious would it be thought !) for the King to restore what William rendered useless! How easy would it be for him, at any time, to indemnify himself for the loss of Hanover by promoting the culti vation of the New Forest and the numerous, wastes of his kingdom. Alas! Mr. Cobbett, how have my hopes been blasted, for instead of the legislature passing an act to simplify the laws relating to the inclosure of commons and wastes, and by that means giving encourageraent to the bringing into culture u greater breadth of land, in order to supply more of the necessaries of life for the numerous soldiers and sailors in the King's service; for the sailors also in the merchant service, together with the merchants themselves, the manufacturers, and trades-people; for the host of idle gentlemen and gentlewomen, who keep innumerable idie servants and idle horses, to consume the fruits of the earth, and lastly, in order to supply provision for our agel, indi

gent, and infirm poor the Parliament, after much debating, thought that the best method to be adopted was, to give every possible encouragement (and, I believe, a bounty) to farmers to grow potatoes. One person (I think his name was Buxton) made an objection to this measure: he said, f that it would induce farmers to grow that root on land better suited to other crops. I conclude he was aware that, by encouraging the culture of potatoes, we might pos sibly increase the price of butchers' meat, together with the raw materials absolutely necessary for the manufacture of articles in common use in countries in a state of civilization. I apprehend, from what has come to pass, it has been proved, he had suffi cient reason for giving the opinion he did; for, notwithstanding we have had abundant crops since that time, and no disease or failure among the sheep or the cattle, yet meat has kept up at an enormous price. Many persons now farm their lands with much less stock than they used, and cultivate alternate crops of potatoes and grain, sending both to market. Some few keep back the potatoe crops, and apply them to the fatting of cattle: these last ought to be the best judges whether they answer better than turnips or other roots, but it is acknow Jedged they are not it for sheep. Before the legislature interfered, and forced the cultivation of potatoes, the practice, upon all tillage farms, was, to intermix corn, artificial grass, and root crops: the root crops (generally turnips) as well as the grasses, were invariably consumed by the, farmer's own stock; by which means there was a constaut supply of manure upon the farm, and the land was continually improv ing, instead of being exhausted: farmer likewise, with the assistance of the miller, maister, brewer, baker, butcher, clothier, tanner, shoemaker, and tailor, actually furnished almost every necessary of life. Under the Irish potatoe and grain system, without stock, some of these trades must fail. There can be no objection, however, to potatoes as a crop, if, in their raw state, they are found to be as good for sheep, and cattle as turnips, cabbage, carrots, or any thing else: all I contend for is, that they should not be made the chief food" of the lower classes here, as well as in Ireland, which they are gradually becoming. Neither does the population, I apprehend, require to be checked (as I have heard it asserted) in either island: nor should any of the inha bitants for would they with proper inanagement), that is, encouraging manufactures in Ireland and cultivating the wastes in Ergland,

The

Jong continue to be fed upon roots. I shall now observe, that it is not the little niceties, and the little intricacies of farming, that are of such consequence for instance, whether the land should be ploughed with a swing or wheel plough; whether the broad cast or drill husbandry is the most advantageous; whether the South-down, Leicester, or the cross between the two, are the best sheep, and such like matters: but it is absolutely necessary, if we design to have a large army and well-manned and numerous fleets, and, that our taxes should produce what they have done, and that our poor rates should be lessened, and that we should not be in dread of famine by one deficient crop, that we should cultivate a greater breadth of land. In England we want more sheep, more cattle, more roots, more artificial grasses, more grain, more hay in Ireland, coal and manufactures. I therefore say, that if Buonaparté should force us, by shutting us out of the ports of Europe, to employ our capital and industry in cultivating the commons and wastes of England, he will, I think, after all, deserve well of this country, as he will thereby increase our resources.I am, Sir, &c. Sept. 5, 1807.

SINKING FUND.

M. H.

(Being C. S.'s fifth letter, which is particularly submitted to the most serious attention of the Stockholders, Landed and Mercantile interests of the nation.)

SIR,As the charges, if I may so express myself, which I have already made against the funding system and sinking fund (see Political Register, Vol. IX. and X. March 15th, April 19th, August 23d, and Oct. 18th, 1806), remain unanswered, and, I believe, unanswerable; and, as you may be, perhaps, satisfied that it is not for want of knowledge, but for want of principle, that your own, and the hints of different writers, given at different times, in the Political Register, as to what the security of the state directs to be done with these funds, have not been attended to, you may hold it as an opinion, I grant, that I ought to have dropped the subject, and leave sufferings and disappointments to correct those evils which have been hitherto incorrigible to reason and reflection. Perhaps I ought to have done so, because to pursue an useless and a thankless line of conduct is, in all cases, folly in practice, however wise in theory. But, as you have revived the subject, on July the 25th, by the insertion of A. G.'s analysis of Lord Henry Petty's new plan of finance; as the circumstances of the times may incline your

readers a little more, to consider the subject of these funds otherwise than a dry and barren study which belongs to statesmen exclusively; and as my object is to shew, upon the authority of Lord Henry Petty, it he is fairly reported, that we have more obstinacy than ignorance to contend with on the part of those who contend for the advantages of the funding system and sinking fund, I see no harm I can do by reverting again to the subject, if I do no good. For if there be cases in which errors and delusions, frauds and oppressions, can lead to the happiness and security of the deluded and oppressed, I defy the ingenuity of man to apply any of them to the funding system and sinking fund, and shew that their operations can secure similar advantages to the nation. With respect to the sinking fund, as being the immediate subject of my remarks, I have long held it as an opinion that no man, possessing the common powers of reason, could for a moment mistake its present pernicious and ultimate ruinous effect, if he would but attend to the whole of its operations and consequences; to its action and reaction on the nominal value of all real property; and then to the effect of that nominal value upon the real and relative condition of all classes of the community. Unalterably fixed in this opinion, and so far back as the year 1800, when I attempted to draw the public attention to the discharge of the national debt, as contributing its share, in common with speculation, and deficient crops, towards the pauper manufacturing dearness of that and the preceding year, the sinking fund appeared to me in no other light than that of an engine invented by sheer ignorance, or employ, ed by interested design, to create false appearances of national power; to raise false hopes of national relief from the confessed, at last, oppression of the funding system; to increase our nominal wealth, or, medium of exchange; and, therefore, to depreciate its exchangeable value, that is, to raise the price of all exchangeable articles, in the propor tion which the capital discharged, and con sequently thrown into trade, bears to that which was in circulation or trade before any part of the debt was discharged. The idea of discharging the debt, and that of throw ing its capital into trade, cannot be separated. As the stockholders cease to be public anpuitants they must, generally, become private traders of some description. And as the capital in trade is by that means increased, so are those calamities, both public and private, heightened, which as naturally result from its depreciated value, as that deprecated value results from any increase of its quantity.

which is not balanced by a corresponding increase in the productions of agriculture and manufactures. As every article of trade or commerce is already in the possession of owners, the annuitants who go into trade must buy before they can sell. For instance, then, the quantity of goods in the market at any given time, is the same in quantity at another given time, but the sum of money owing to the increase of buyers is doubled at the last period. Consequently, (admitting the prudence or necessity of laying out the whole of their money) the price is advanced 50 per cent, to all traders; and to the consumer more in proportion to the profit they charge upon their capital; which is a clear deduction from the profits of the old traders. Whereas, had the quantity of goods in the market been doubled also, the price would not have risen any, or rather, the value of money would not have fallen: for, in this case it is not, as commonly expressed, the goods that rose, but the money that fell in value. On this principle, which is irrefutable in itself, and undeniable in its application to the subject of our inquiry; and presu ming, that it is naturally impossible to increase the productions of agriculture and manufacture in a corresponding proportion to the increase which the sinking fund, or discharge of the national debt must make in the circulating medium, or capital in trade, it follows, as cause and effect, that the depreciation of its value, with all its consequent ruin to the funded, landed, and mercantile interests, will be in the proportion in which the increase of capital will exceed that of the productions of agriculture and manufacture, when the sinking fund succeeds in discharging the national debt. How far the increase of capital may exceed the increase of these productions, when this admirable fund accomplishes its object, must depend upon the extent to which the agriculture and manufactures of the nation is carried beyond their present state. At this extent I will not even guess; sufficient it is for those to know, who would not go blindfoldedly to destruction, rather than part with the interest which they have in the oppression and plunder of their country, that such extent cannot be equal to the extent of capital which the sinking fund will throw into trade. But, supposing, for the sake of argument, that our agriculture and manufactures, have already found their limit, or, are incapable of extention; 2. that the present capital in trade amounts to 100 millions †, and that no

↑ When Lord Sidmouth introduced the property tax, he gave the annual income of

addition is hereafter made to it by the ability of the bank and country banks, to supply the insatiable cravings of speculation; and, 3. That the funded property amounts to 600 millions; when the debt is discharged, the capital in trade will amount to 700 millions; the depreciation of it will therefore be in the proportion of seven to one of its present exchangeable value; and the effect will be, could human nature endure the wretchedness and torments of the case, that the quartern loaf which now sells for a shilling, must then be sold for 78.; that the taxes and tithes, which now amount to above 70 millions, must then exceed 490 millions, if the present establishments are in existence; that the labour lost to agriculture and manufacture in coining and managing the circulating medium, must be seven times greater than it now is; and that the paupers which now amount to above 1,200,000, must then exceed 8,400,000, supposing the depreciation of money, in its various bearings on the condition of the people, to be the exclusive cause of pauperism. We can admit, Sir, for the sake of argument, that the sinking fund, fed as it may be with paper currency, can liquidate the claims of the public upon govern→ ment and give it time; nay, in 24 hours, if the money could be counted in so short a time; but, as it will produce the effects I have just described, if our agriculture and manufacture be incapable of extention, one of which is to give government a claim upon the public for taxes to the amount of 490 millions annually, the public will have gained nothing but wretchedness, and the loss of the difference between that sum and the taxes which they now pay. Yet, it is impos sible to retreat, and go on with the funding system, because its interest would amount to the same sum in the course of time, and produce similar effects to the public. What then is to be done since we can neither advance or retreat without plunging ourselves deeper into difficulties? Can we stand still? No! for then the Emperor of the French would tax us still heavier, than we are, or can be; seize upon the commerce of the world, and give the laws upon the sea, as well as upon the land. But something must be done, we must either go backward or for ward, or stand still, for we cannot fly up into

the nation, money in circulation, of capital in trade, at only 80,000,000. To take itati 100,000,000, will therefore make the depress ciation appear less than really it will be when the debt is discharged, admitting even that no increase is otherwise made in the circulating medium.

the air and suspend ourselves between heaven and earth; what then must that some thing be? Why, Sir, you have frequently recommended a national bankruptcy, or the stoppage of those annuities, the loss of which would not convert the annuitants into paupers, as the only ineans of relief; and of power to contend with any rational prospect of success, against the more unbounded ambition of Buonaparté; for we would not like him give the law upon land if we could, we are satisfied with the dominion of the sea. But, for this recommendation, Sir, you were publicly rebuked by Mr. Sheridan, I believe, upon the hustings in Covent Garden; and by others of the regiment you were daubed with the titles of Jacobin and Leveller, because, to preserve the independence of your country you would strip such annuitants of their annuities, violate public faith, and ruin public credit; that is, the credit of" the Regiment." O! Mr. Cobbett! you are a bad one; I had almost said a stupid dunce; for what is the independence of your country, when the credit of the Regiment is gone? Cannot you see in a moment, if you are witling, how far the credit of the regiment has diminished the number of our paupers within the last century, or how much greater that number would be if they had no credit? But, to be serious, Sir, and to distinguish the voice of reason from the snarlings of those "who owe their greatness to their country's ruin," when the annuitants whom you would strip of their annuities, come to compare the small portion of the necessaries of life which the interest of their stock now gives them to what they formerly received from it, can they mistake that true faith is not kept with them? And when they look forward to the time when the attempt to maintain faith with them, by means of the Sinking Fund, will leave them but 1-7th of that small quantity to subsist upon,-will saddle them with. their proportion of 490 millions of annual taxes, and reduce them, with a moral certainty, to beggars and paupers, will they not, of their own accord, withdraw their credit from the regiment? will not their fate induce the survivors in the general wreck to withhold their credit also? and will not both join in cursing the day when they became the dupes of their own credulity, and the victims of public credit? On the prin ciples of cause and effect, this will certainly be the result, if the productions of our agriculture and manufactures be not increased to seven times their present weight and measure, or, at least, it will be so in the proportion in which the increase of capital

thrown into trade by the operations of the Sinking Fund, exceeds the increase of these productions. To increase them, however, in any sensible degree, is a thing which I be lieve cannot possibly be done, by any other means than that of employing the stockholders, and other idlers, as to productive industry, in farming and manufacturing for their own use. To this they must come sooner or later, or, go to the workhouse and none to feed or clothe them. Why then call us jacobins and levellers because we would take from them every thing that would not reduce them to paupers, and so save their country and themselves? Why then thus hypocritically attend to their present prejudices at the expenses of their future happiness? Why should not they, as speculators suffer the consequences of their own speculations ? If they had not leut their money, neither they or us would have suffered as we now do and must yet do. I strongly suspect, as before stated, that the Sinking Fund is supported more from obstinacy or design, than from ignorance and conviction. In support of this suspicion, I shall quote Lord Henry Petty, as reported in the Times newspaper, of the 30th of January, when he brought forward his new and captivating plan of finance: on the folly and inefficiency of which, your correspondent A. G. has left no possible doubt. "When the Sinking Fund was established," says his lordship, "Mr. Pitt foresaw the in"conveniency and mischief which might "arise from the extinguishing at once a "very large portion of the National Debt. "If the two Sinking Funds," (the original million a year, and the one per cent, upon all the loans) "had been allowed to ac

"cumulate to their full extent this mis"chief would have followed, that at one

66

and the same tinie an immense capital "would have been destroyed. In fact, by "returning all their capital to the holders of stock, capital itself would cease to be of "value, and the nation might be nearly ruined by that which at first sight might appear a great advantage," (to whom? not surely to men capable of legislating for a people)" however paradoxical it might "Sound" (to whom? I again ask) “be con"sidered that the sudden extinction of the "National Debt would be an evil almost

amounting to a national bankruptcy." I' say, to worsethan a bankruptcy, which would not reduce any of the annuitants to paupers. "It was not merely that the stockholders' "would find themselves materially distress"ed by having all their capital returned to

them at once, at a time when no employ.

nor to enjoy the same profits; for the "stockholders, in such case, not knowing "how to employ their capital to better ad

vantage, would be most formidable com"petitors. It was for these reasons that " he stated that the sudden extinction of "the National Debt would not only be a "most serious injury to the stockholders, but "to the trading part of the community, and "that it would produce the greatest and most "extensive mischief and calamity." Now merchants, traders, and stockholders, I put it to your most serious consideration, whether this be not a complete confirmation of all my arguments, and of all that ever was said or can be said, as to the destructive and calamitous effects of the sinking fund; except as to their notions of the counteracting influence of time. Pitt, the canonized institutor of this fund, and Lord Henry Petty, the trumpeter of his fame, conceive or seem to conceive, that to discharge the debt a little at a time will enable the stockholders to employ their capital with more advantage to themselves, and less disadvantage to the trading part of the community, than they could do if the debt was discharged at once. But, how is little at a time, or time itself to enable them to do this? Why neglect to shew how? They know, you see, upon the principle of numbers and quantity, as well as we can tell them, that if the discharge of the debt, now that traders and capital is not wanted, will add but one stockholder in a year to the number of our traders, and but one pound in a year to our capital in trade; the competition would be as formidable, and the destruction of the capital as complete, when all the stockholders and their capital came into trade, as if they were sent there at an hour's notice. And, therefore, they know, with a similar degree of certainty, that the only influence which time has in this case is, 1. that of making the progress of our destruction imperceptible to our senses; and, 2. that of dividing our opinions as to the cause of our suffering, that we may be ruled with greater ease, if this be not the

policy of their not having followed up their insinuations, as to the advantages of time, with the proof, what other reason can they have? A very good one, they have no proof to give. But be this as it may, Sir, it is not now so likely, as it was seven years ago, when I first took up the subject, for the purpose already stated, that our labour to produce a belief in the inefficiency and mischief of the Sinking Fund, will be lost. The question of its merits, even in parliament, now turns upon a single point, the counteracting influence of time. And therefore if our answer to that question cannot be refuted; if we are not refuted when we answer, that to increase tradesmen and capital however slow, is to ruin both, where neither is wanted; and that our country, is that where, in the present state of her trade and capital, such answer is infallibly sure to strike conviction, and create that union which is indispensibly necessary to ave the inevitable mischiefs and calamities of the funding and unfunding systems.— Mischiefs and calamities, I am most positively convinced of, before which all that policy could suffer the unrelenting hand of a conqueror to inflict sink into nothing.C. S.C. S. August 4, 1807.

LOTTERIES.

SIR,--Permit me to trouble you with, a few remarks upon the new lottery planI thought there was no good to be expected from it; and though it might be called the most beneficial scheme ever offered to the public, I was pretty well convinced, when I saw the word supplementary added to the old plan. It was more calculated to deceive the public, than really to hold out to.it, in these its sapient speculations, any more solid advantages, than have hitherto been experienced, by this cozening mode of collecting a few pounds. I was, therefore, sorry to see this innovation upon the old plan; but reflecting, at the same time, that I had no power to alter it, I lamented that there was a necessity of having recourse to such mea sures, and so it passed. But to-day I saw, at the bottom of one of those precious morsels, a lottery advertisement, the following N. B. Not two blanks to a prize, and. the prizes paid on demand." Hollo, says 1, how I have been mistaken in my judgment of the new supplementary plan; only two blanks to a prize! why, in the old plan,. there were generally nearly four blks to a