agreeable cast. Trade, commérée, and manufactures may revive; by their revival, and by keeping at peace, we may have a real sinking fund, by having in fact an excess of income above expenditure; the revival of manufactures and commerce may give employment to numbers still dependent on charity; but the blots on our national character will yet remain-namely, the large proportion of our population preferring charity to work; the debasement of character producing this preference, and in its turn resulting from it: the other evil is the great increase of crimes, and the apparent inadequacy of the most severe criminal code in existence to stop the current of crime.

That this picture of a large portion of our poor population is not overcharged, is too manifest from documents of the most public notoriety. In 1776 the poor rates were 1,679,5857.; in the year 1803 they had increased to 5,161,8137.; and in the year 1815 they amounted to nearly 8,000,000l. As the population of England since the year 1776 has not increased in nearly the same proportion, it is plain that the poor at present form a larger part of the population than they did at that period. Besides, in esta blishing this comparison we should reflect, that at present the sums given by private charity, or through charitable institutions, for the relief of the poor, are much greater than they were in 1776.

To judge of the real prosperity and happiness of a nation, and of the real efficacy of a good government, we must look into the interior of that nation. When we reflect that Britain has come out of the most arduous, protracted, and expensive contest, in which any people ever engaged, with scarcely any

permanent evil resulting from it; when we investigate the amount of her revenue, and her commerce, and learn the immense wealth of her merchants and landholders; we are naturally disposed to regard her as a most prosperous and happy nation. But the reverse of the picture is not seen; it is kept out of view; when brought forward, it presents a different result: in it may be seen abject dependence of mind, the most grinding poverty, and the most abandoned profligacy; not amongst a few, but spread over a large proportion of her population.

It is certainly the duty of a wise government, when its attention is not occupied by war, to devote a large portion of it to the state of the great mass of the people; and though in such a country as Britain, where revenue and expenditure are so nearly equal, (besides an immense debt,) much must be overlooked or even sacrificed for the time, which is connected with the morals and improved condition of the people, it cannot be expected that the government will take immediate and decisive measures to root out the evils of pauperism and depravity of morals; yet they certainly ought to be preparing themselves for such a line of conduct, and to avoid as much as possible, by what they actually do or per. mit, adding vigour to these evils.

As the ministers agreed to the appointment of a committee to investigate the poor laws, it is probable they mean at some future period to reform the administration of them, or perhaps to alter some of their provisions and enactments. But hitherto the only step taken by government of a decisive and permanent nature, to relieve the poor and unemployed, has been to en

courage

courage emigration to Canada; and this step they seem to have adopted, in order, if possible, to turn the channel of emigration, from the United States to our own possessions in America. It is not probable, however, that the attempt will succeed on any large scale; and, indeed, it has already been in a great measure abandoned. The climate of the United States is so much better than that of Canada, that this circumstance alone would induce many to prefer the former; besides, there must be a much greater demand for labour in the former, where such immense tracts of land are beginning to be cleared and settled; and the greatest proportion of those who emigrate are from their circumstances and experience much better qualified to la. bour under others than to purchase land for themselves. Emigration to the United States, not only from Great Britain and Ireland, but from nearly all parts of the continent of Europe, has accordingly been excessive; and certainly, if there are no modes by which that part of the population that the cessation of war, and the decline of manufactures and commerce, have thrown destitute, can be employed in their native countries; it is in every respect much better that they should emigrate where they can support themselves by their own labour, than that they should remain a burthen on their countrymen, oppressed with poverty and abject in mind. But it appears to us, that they might be supported in their native countries: their object in emigrating to America is either to purchase land themselves, or to labour for those who have purchased it. Are there no lands in Europe uncultivated; in exactly the same condition as those lands which the

emigrants cross the Atlantic to purchase or cultivate? Is it necessary that the inhabitants of Germany should spend their little all in gaining the shores of Europe, that they may there sell their liberty and labour, perhaps for years, in order to purchase a passage to America? Are there no uncultivated lands in Germany? Does not the adjoining country of Poland present immense tracts of land, which, if cleared and cultivated, would be as productive as any land in America? Are England, and Scotland, and Ireland, so completely cultivated, that no ground can be found, on which those might labour who are now forced to cross the Atlantic to seek subsistence? To these questions, even as they relate to the United Kingdom, an answer must be given in the affirmative. Why, therefore, is emigration not rendered unnecessary by providing land and emplovment at home? It certainly will not be contended that emigration is a blessing to a country; that a country is benefited by a diminution of population. If, indeed, a country is overstocked with people, it is better that the redundancy should emigrate than starve at home, or become a burthen on those who labour;-then it is necessary, but a necessary evil; it can never be a positive and desirable blessing; and therefore it ought always to be prevented if by any means it can be.

There are undoubtedly great difficulties attending the plan proposed, of finding land and labour at home for those who would otherwise emigrate ;-but ought not government to endeavour to overcome those difficulties? When war is to be carried on and taxes are to be levied for that purpose, all difficulties vanish; the interests and pro

perty

perty of individuals must give way to what is deemed to be the public good; and are individual interests and property to be infringed upon, only when the public good is to be promoted by the destruction of the human species? Are they to be held sacred, when it may be promoted by preserving the lives and increasing the comforts of mankind? In all European countries, individuals or parts of the community have certain rights over the waste and uncultivated lands;-but does not the good of the whole require that these rights should be given up for an adequate compensation, in order that these lands may support those who must otherwise starve, or be supported by charity, or emigrate? Would not the European governments be in the end amply repaid, if they purchased these lands, and disposed of them on low terms? Is it not likely that those who are now forced to emigrate would prefer remaining in their native lands, provided they could obtain employment? In short, is not this plan practicable, and would it not be advantageous, both to government and the people, though arranging

its details and carrying it into exe cution must necessarily be attended with many difficulties?

We are aware of one objection drawn from the doctrines of Mr. Malthus:-it may be said, this mode of relief would be only temporary; an excess of population would soon again take place, and the same misery now felt, would ensue. But the reply to this objection is obvi. ous in the first place, it may be made to the increased cultivation of land in America as well as in Europe; it might have been made to the first colonization of America: if it were a sound objection, it would lie even against the peopling of the world at all. And secondly, it is certainly a worthy object both of policy and humanity, to increase the number of those who can support themselves in independence and comfort; and by the very terms of the objection it is admitted, that at the future period anticipated and dreaded, there would be a larger number of people supported in independence and comfort by their own labour than there are at present.

IN

N some of our preceding volumes we have considered the several principles on which the currency and finances of this country are at present grounded; or rather the state into which they have been

brought by the operation of va rious circumstances. This state is such as most directly and strongly to prove the truth of a position, sometimes true and applicable with respect to individuals, but almost

always

always so with regard to the affairs of nations,-viz. that erroneous, impolitic, and prejudicial measures or habits may be pursued for such a length of time, and so intimately mixed up with the very frame of society, that the suffering them to continue is almost a less evil than their eradication. All are afraid that the currency of the country is at present, and has been for some time, in an unhealthy state; because, it is in that state which is necessarily exposed to great and even sudden fluctuations of value. But as this state of our currency has continued so long as to be mixed up with our financial system; and as, moreover, it has been and is beneficial to certain classes of the community, the replacing it by the old condition of our currency is represented either as an impracticable, a useless, or a disadvantageous expedient. In the year 1817, a bill was passed by parliament for the resumption of cash. payments by the bank in June 1818; and during the currency of the former year the bank took measures which indicated a determination to resume the payments entirely at the specified period.-Before, however, we advert more particularly to the nature of those measures and their consequences, it will be proper to advert to the finances of last year; as, to all who understand this branch of political economy it must be apparent, that the currency of a country and its finance are closely and mutually dependent on each other.

The grand feature in the finances of Great Britain is its national debt; were this paid off, its revenue, even if taxes were taken off to a large amount, would more than equal its expenditure. Before, therefore, the finance of this country can be properly understood, the exact nature of this national debt must be clear

ly explained. We have already, in a former volume, given a brief ex planation of its nature and origin, but it may be proper here to ex plain them more fully; and this, in our opinion, is done in the fol lowing familiar illustration of the several principles of the funding system, as applicable to the public debt of Great Britain.

A nation, like an individual, may contract debts in a variety of diffe. rent ways.

When an individual borrows money, he may do so, in the first place, on the security of his simple obligation, granted in the form of a bill, or a bond, for the repayment of the principal sum in a certain time, with interest.

If he finds his personal security insufficient, he may pledge his real property, for the repayment, in dif. ferent ways.

He may make over to the lender, for his repayment, the rents of such a portion of his estate as will be sufficient to pay up the debt in the course of the next year; or he may make over such a portion of these rents as will be sufficient, not to pay the whole debt in one year, but to pay the interest, and a certain portion of the principal, every year, and thus to extinguish the whole debt in a certain number of years.

If he requires money, and yet does not wish to have his revei ue tied up to this extent, he may obtain loans, by pledging such parts of his rents as will be sufficient to pay the lender a yearly annuity in place of the principal or interest of the debt. In this case, the lender will have no right to demand repayment of the money lent; but, in place of it, will be entitled to an annual payment, which may be, either for his life, or that of some other person, for a fixed term of

years,

years, or for ever. In all these cases, the annual payment will vary according to the length of time that the annuity will probably endure. Annuities for lives will be naturally the highest. Annuities for a term of years will generally be lower than those for lives, as the term will be usually longer than the probable endurance of life annuities and perpetual annuities will be the lowest of all.

These different modes, by which debt may be contracted by private individuals, are mentioned, as familiar, but exact illustrations of the different methods by which the public debt of Great Britain has been contracted.

A part of this debt consists of money borrowed upon the credit of bills or bonds for its repayment, exactly similar to those of private individuals. Part of the money raised every year, to meet the necessary supplies, is procured by issuing exchequer bills, navy bills, and ordnance bills or debentures; the nature of which is distinctly explained, by saying, that they are bills or bonds granted by the state, (and all of the same nature, but differing in name, merely because they issue from different offices of government), for repayment of money advanced by individuals.

Another part of the money rais ed by government is procured by anticipation of the revenue, as it is called; or by pledging certain of the taxes for its repayment. Go vernment may raise a sum of money, by making over to the lender the produce of a certain tax, till such time as the money is repaid, Such of the taxes as are annually imposed, are regularly pledged, or anticipated, every year, for payment of sums, which government obtains, upon their credit, before

they are payable; and the lenders receive payment of their advances, as the produce of the mortgaged taxes come in. This mode of raising money is carried into effect through the medium of the bank of England, who make annual advances to government, and receive from the produce of the taxes mortgaged, the amount of these advances, with interest, and, of course, a profit on the transaction; so that the taxes thus anticipated are rendered considerably less productive than they would otherwise be. This method of raising money, therefore, is a disadvantageous and improvident one, and ought not to be resorted to, unless it is ascertained that the necessary supplies cannot be procured in any less expensive way.

This mode of borrowing money, by anticipation of the taxes, led the way to the system of funding, under which the great mass of our enormous debt has been contracted. England had no public debt that deserves the name till the Revolution. The foundation of it was laid during the war which terminated in the peace of Ryswick in 1697. During that war, government obtained loans by the method of anticipation, which has been already described; that is, on a loan being made, certain taxes were mortgaged to such an amount as it was estimated would pay it up in a certain small number of years;

for which period the taxes were accordingly mortgaged. It was generally found, however, that, at the expiration of that term, the produce of the taxes had been insufficient to pay up the loan; and therefore the mortgage was prolonged for an additional term. In this manner a number of different loans were contracted, and a number of mortgages