As between themselves, the balance is due from the tradesman to the merchant and manufacturer; which latter would receive the benefit to be derived from the change in the value of the currency: but as the debt due from the tradesman would again be found to be due from the public to him, he would not suffer loss.

Some partial instances of prejudice or loss, in this respect, must, however, be expected to occur; but even in these cases of exception, something may be opposed, in the share and sympathy of all, in the great and general improvement of the country.

In the Tract which preceded this publication' it is stated, that the British nation had retired from the late war with the advantage of great increase of the national means, and yet did not enjoy the ease and comfort which are the proper fruits of national power; but, on the contrary, was involved in distress and suffering; and the system of public debt having been assigned, as a principal cause of this anomaly, an inquiry is made into the nature and effect of a public debt, and into the means and consequences of its liquidation.

In the result of this inquiry it appears; That the national advancement in ease and happiness, is greatly checked or altogether prevented, by the burthen of a public debt. That the public debt admits of being liquidated, without any dangerous or mischievous disturbance of property.

That, if this impediment to the prosperity of the country were removed, a state of tranquillity, order, and comparative improvement in the condition and happiness of all, might fairly be expected; that every class and order of society would, in that event, experience benefit correspondent to the increase of the national power; and that the landed proprietor, and the capitalist in particular, would be placed in the enjoyment of very extensive advantages. The advantages which might be expected to result, from the great advancement of the country in riches and power.

And, indeed, it might be pronounced, a priori,

That;

The immediate and entire cessation of the annual demand for the public service, of fourteen millions, which would no longer be required, if the effective system bere suggested, for the liquidation of the public debt, were adopted.

The assessment upon property, the income from which is now

Elements of a Plan for the Liquidation of the Public Debt, pp. 1, 2: 7th Edition.

2 "Further Observations," pp. 41, 42.

either expended in other countries, or becomes the subject of accumulation.

The repression of illicit trade and dealing.

The removal of the great weight on the springs of industry and enterprise, and of the legislative checks to the effectual improvement of the British commercial system.

The extensive reduction of the public expenses.

And,

The extensive reduction of parish rates;

Would produce beneficial effects, fully equal to the advantages which have been deduced, from the adoption of the proposal which has been suggested, for the liquidation of the public debt.

Summary of the Author's Publications on the Liquidation of the Public Debt.

It is endeavoured to be shown;

That the increase in the British Empire, of the means of national riches and power, has been very considerable during the last thirty years.

That individual ease and comfort are not experienced in any proportion to this increase of means; but that, on the contrary, the increasing prevalence of suffering and distress, is generally admitted and deplored.

That the public debt is a chief cause of this anomalous state. That the public debt admits of an early and complete liquidation, upon the basis of a contribution of fifteen per cent., to be levied upon every description of private property, including the amount of the public debt.

That such liquidation of the debt may be effected, without any dangerous or mischievous disturbance of the state of property. That relief from duties, to the extent of thirty millions per annum, nearly, might precede any levy in respect of the proposed contribution of fifteen per cent.

That such remission of duties would, in effect, relieve the country from the payment of at least thirty-six millions per annum, because the consumer pays a considerable advance upon the duty paid by the merchant or dealer, to the Exchequer. That the same remission of duties would be the means of repressing, to a great extent, the fraudulent and injurious practice of

Elements of a Plan for the Liquidation of the Public Debt of the United Kingdom, 7th edition. And the present work.

TO

MR. HEATHFIELD'S SECOND PUBLICATION,

ON THE

LIQUIDATION OF THE PUBLIC DEBT,

ENTITLED,

"FURTHER OBSERVATIONS ON THE PROPRIETY AND EXPEDIENCY OF LIQUIDATING THE PUBLIC DEBT OF THE UNITED KINGDOM." [Printed in No. XXXII. of the Pamphleteer.]

LONDON:

ADDENDA.

SINCE the first publication of this tract, the desire has been expressed, that a more distinct view should be given of the probable effect of the Liquidation of the Public Debt, upon values in general, and upon the circulation and currency, particularly in respect of income and expenditure.

This enquiry may be rested upon the following considerations : namely;

The average rent of land in the year 1792, compared with the average rent of land at the present time (1820).

The rate of interest of money.

The effective value of money, for the purpose of British expenditure, in each of these years.

The probable rate of rent, in the event of the Liquidation of the Public Debt.

The probable effective value of money, for the purpose of British expenditure, in that event.

And,

The probable effect of that measure upon the stock, and debits and credits of merchants, manufacturers, traders, and others.

For the objects of this enquiry, it will be sufficient to proceed upon a general view of these several particulars.

If the average RENT OF LAND, in the year 1792, be taken at fifteen shillings per acre, and in the year 1820, at twenty shillings per acre, and the RENT OF DWELLING-HOUSES in the like proportion of increase, the apparent increase in the rate of rent is onethird.

But, if the effective power of money for the purpose of British expenditure, in the year 1820, be not more than equal to three