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you have said; because, in the kickings" of another and more alarming deand flingings of the old THING, in its" scription, that of the productive capiagony, it seems to me possible, that it "tals of this country being transferred may resort to this foolish scheme of " to other countries, where they would yours. The THING is just in the same "be secure of a more profitable return. state that the French THING was, in" The relief of industry is the remedy years 1786 and 1787, and yours is a against that danger. One of the obscheme just like those that the schemers" jections made to any direct tax in France brought forward, in order to " upon income, even limited, as I have rescue that old THING from the perils, "described, to capital not directly emwith which it was surrounded. Another " ployed in the pursuits of industry, is, reason for my giving your statement at" that it may be very fit as a war mealength is this; that you have all the " sure, but that it is not suited to a shallow brains in the country with you, 66 state of peace. My answer is, that except those amongst the annuitants," this proposition is too general: what particularly the Jews; and if they have " I may be very well adapted to a state any sense, they will approve of your "of peace or war under given circumscheme more decidedly than any body may become inexpedient else. The passage to which I allude," "when the bearing of those circumand with which you introduce your "stances is altogether changed. In scheme, is as follows: (6 war, the wages of labour and the pro"The more general considerations, to "fits of capital may be high. In peace, "which I now claim the attention of " they may be greatly depressed. On "the House, are these: first, that no "the former supposition, taxes bearing "other country in Europe has so large" upon industry will be more lightly a proportion of its taxation bearing "felt; in the latter, their pressure will "directly upon the incomes of labour "be very severe; and, if not alleviated, and productive capital: secondly, that "will daily become more so, by ex"in no other country, of the same ex- hausting the very springs of that in"tent, I think I might say in none of "dustry from which they are derived. "five times the extent of this kingdom," Let gentlemen seriously weigh in their is there so large a mass of income," own minds, whether this be not the belonging to those classes who do not "risk against which it is most urgent "directly employ it in bringing forth" to provide. I have already shown, "the produce of labour: thirdly, that " upon higher authority than my own "no other country has so large a pro-" (that of the Chancellor of the Exche"portion of its taxation mortgaged; in" quer), that the amount remitted by a "proportion to the amount of that" change in our taxation, would be a "mortgage are we interested in any very inadequate measure of the real measure which, without injustice to the " saving, and contingent relief, to inmortgagee, would tend to lessen the "dustry; whilst, on the other hand, “absolute burden of the mortgage: "the produce of the tax to be substi"fourthly, that from no other country" tuted would be commensurate with "in the world does so large a propor- "what it might subtract from the in"tion of the class not engaged in pro- comes of the classes, by which it “duction, (including many of the "would be paid. The landlord, the "wealthy) spend their incomes in foreign "fundholder, the mortgagee, the an"parts. I know I may be told, that, "nuitant of every description, would "by taxing that income, you run the "moreover be directly benefited, to the "risk of driving them to withdraw their "extent of his consumption of the ar"capital altogether. My answer is," ticles upon which the present taxes first, that ninety-nine out of a hun-" might be reduced or abolished. Each "dred of these absentees have no such" would be indirectly benefited, by the "command over the source of their in-" stimulus and additional ease which "come; secondly, that the danger is now" would be given to the industrious

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"classés. Take, for instance, the land- articles consumed by the industrious "c owner. Can any man doubt, that, in classes, by taking these taxes from the proportion to the relief afforded, malt, hops, sugar, candles, soap, and the "would be the means and desire of the like, and laying them upon the fund"industrious classes to consume more holders, the landholders, the "of all the productions of the soil, gagees, and annuitants of all descrip"which constitute their habitual com- tions, the labouring classes, including "forts and luxuries: more meat, more the employers, would have more of "malt, more cheese, more butter, and wages and of profits left in their own "more of all the other articles which hands, wherewith to purchase a greater "cannot be said to be of absolute and quantity than they now do of the neces "primary necessity? Can any man saries and conveniences of life, and that "doubt, that the consumption of these thus they would be rendered more "articles is now checked, if not actual- happy, and, of course, more contented. ly diminished, by the straitened cir- To be sure, this is shallowness per"cumstances of our labouring popula- fectly monstrous: it is worthy of a "tion? Should their condition become creature incapable of putting two ideas "still harder; and, in order to main- together, and making a comparison be"tain our competition in the foreign tween them. It is proceeding upon the "market, I fear that, without the relief supposition that there is to be no war; "which I have suggested, it must, is it it is proceeding upon the supposition, "not obvious that the consumption that nobody feels any tax, that nobody "of these articles, and, with the con- is injured by any tax which does not go “sumption, the price, must decline? immediately out of his own hand into "Should this be the unfortunate career that of the tax-gatherer. It is proceed"in which we are proceeding, we may ing upon the supposition, that, if a hun"have gleams of sunshine, but their dred per cent. were laid on the clear "transient brightness will not be suffi- income of the paper-maker, the book"cient to disperse the thickening gloom seller would have the paper just at the "which will be gathering round us, and same price that he had it before; and "in which all interests and all classes that the readers of books would have "will be finally enveloped. For the them just as cheap as they had them " contentment of the poor man, for the before. It is proceeding upon the sup"comfort of the middling classes, for position, that the landlord would not "the enjoyment of the rich, for the make the tenant pay the income-tax'; "security of all, it becomes the para- that, if he did, the farmer would not "mount duty of those, to whom the charge the additional rent in the price of "welfare and happiness of the country his corn; that if he did, the miller 46 are committed, well to probe the would not charge the additional price of sources of our present difficulties; the wheat in the sale of the flour; and "and if they are satisfied that they are that, if all these were to take care of “produced, in any considerable degree, themselves, the baker would not charge, "by the causes to which I have adverted, in the price of his loaf, the additional "not to be tardy or timid in applying price that he had paid for the flour; and "the remedy." that thus the income tax would be paid by the landlord, and the poor man would get his loaf just as cheap as he got it before. Talk of March hares, indeed ! Never was March hare half so mad as this.

Such are the reasons that serve as the foundation of your scheme. You say, by way of preliminary, "If we cannot "be protected from ruin by any practi“cal diminution in the positive amount of our burdens, we may guard our"selves against that ruin by some "change in the principle and distri“bution of taxution." So that you think, that by taking the taxes off from the

This very proposition of yours shows what a state the whole concern is in: shows that there is no sense any where amongst you: shows, that you are like BRIENNE, and NECKER, and CALLONNE,

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and God knows how many more of them; | funds more than three millions. An every one with his scheme; every one income tax on the land would not bring with his shuffle; with his caisse you more than another three millions d'escompte, and caisse d'amortissement; at this time, including the rent-charges, ever day bringing forth one devil's mortgages, and annuities, on land. scheme or another; but no one ever Would you stop here; or, would you proposing to sweep away the myriads go to the professions? Would you of blood-suckers that hang upon the inake the doctor and lawyer bring their taxes; no one ever proposing to put an books before your commissioners, and end to the squanderings of the court, to would you put their incomes on a par the enormous expenses of the army; no with those of real estates, as you did one ever proposing to take off the taxes before; or, would you look upon theirs and to put no other taxes on in their as productive capital? Would you asstead. sess the parson upon his tithes, and Suppose you had an income tax. As make him pay as much on his lifehold far as it took from the fundholders, and as the lord paid on his freehold ? You from others whose incomes came out of are most cursedly puzzled! Oh, no! the taxes, it would be a reduction of tax-You must have a sweep at the whole; ation; it would be a partial sponge ap- you must bring every farmer and every plied to the Debt; and if that is what shopkeeper to book; or very little will you really mean, there is sense in your you get. Lay thirty per cent. upon the proposition it is a reduction of the in- funds, as Sir James Graham proposed, terest of the Debt, and a reduction of and take ten millions from the malt, half-pay and of other charges on the the sugar, the candles, and the like; taxes. But, why not call it so? and and that will have sense in it: it will why not make the reduction; and why be a flagrant breach of faith: it will have the miserable folly to couple this make you laughed at by some: it will proposition with such vehement declarations against all “breach of national faith"? That this is what you aim at is clear enough. Now, to take, or, rather, to withhold, any part of the interest of the Debt, under any pretence whatsoever, is a breach of every Act of Parliament that ever was made for the raising of a loan; but, if all property; if all income, be assessed in the same proportion that the interest of the Debt is, there does not appear to be any injustice in the thing, however contrary to positive law. But unless the assessment be general; unless it reach every species of income, though I should be very glad to see it done, let me hear no more, I pray you, of railing against the Norfolk Petition; and let the sensible DADDY COKE and his sensible neighbour SUFFIELD recall the protesting edicts which they issued from their barns and holes and corners, in the year 1823. However, what income tax would lay the income tax on him to the you get to supply the place of the thirty millions, now collected by the excise and the customs? An income tax of ten per cent. would not bring you from the

bring you into total discredit: it will overset the whole system; but it will have sense in it, and it will give great relief to the industrious classes.

You seem to have a curious idea about incomes spent in foreign parts. You say, that by taxing the incomes you shall not drive people to withdraw their capital from the country; for that ninety-nine out of a hundred of these absentees have no such command over the source of their income. To be sure, when once a law has been passed, imposing an income-tax, the fundholder, the pensioner, and all those who derive their income from the taxes, must pay the income tax; and the fundholder, if he sell his stock, must sell it loaded with the income tax. But it is not thus with the mortgagee, or other lender of money. It is thus with the landowner; for, if he sell his land, he sells it loaded with the income tax. The moment you

amount of ten per cent., you take away a tenth part of his estate: if worth 10,000l. before, it becomes at once worth only 9,000l. But, mark me, it is not thus

with 10,000l. lent on mortgage. As" we will, say what we may, the imlong as it remains on mortgage, it mense sacrifices and unparalleled exmust pay ten per cent. income tax; but" ertions of the last long war must the mortgagee may take it away when" TELL, in abridging the comforts, and he pleases; and if he cannot get the" adding to the difficulties, of the preincome-tax paid by a borrower, he can sent generation.' remove the capital to some country "Tell"! Tell what? Why, that you where there is no income tax; and, to must have tenfold brass to have the be sure, this is what would be done to a impudence to say, as you now do, that prodigious extent. And, what do you that war was brought to a “glorious mean by realised capital? A large part termination." Folly or impudence unof the farming and trading of the coun- paralleled you must have to call that try, and of the manufacturing also, is termination glorious, which had been carried on by the capital of persons who obtained by means which were to abridge are not farmers or traders or manufac- the comforts and add to the difficulties turerers themselves. And how could of a whole generation! And do you, you distinguish in these cases? And yet while you affect to place reliance on an if you did not distinguish, you would" enlightened public opinion," really tax the capital employed in production. You are puzzled! You are posed!

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think the people of England such beasts as to live out this whole generation in the In short, here is a jumble of ideas; a state of degradation and misery in which miserable shuffling and twisting about, they now are? And have you the impuwhich clearly indicates that there is no dence to think, that they have forgotten plain, no clear principle, no knowledge all the promises of "indemnity for the | amongst you, calculated to rescue the past and security for the future"? and nation from its difficulties; and that, in have you the stupidity to believe that all human probability, England is des- they do not now see how it is that they tined to behold acted over again, on this have been ruined, and who it is that side the channel, the miserable tricks takes from them the fruit of their ingeand contrivances of BRIENNE, NECKER, nuity, care, and labour? You tell us, and CALLONNE. that from the commencement of the But, after all your fine scheming; late war you have been " more or less in after all your confident hopes of the public life." We all know that you nation's riding out the storm; after all have always been receiving more or less your disbelief that a country like of our money; and have you the insoEngland can be reduced at once to a lence to imagine that you can wheedle "state of helpless weakness"; after all us over by your" sanguine hope of the your "just reliance upon the sources effect of an enlightened public opinion ;” "of our wealth and power; your reli- that you can make us forget the money "ance on the energy of our national that you have received, the provision "character, and the industry of an in- for your wife, the part that you have "genious and enterprising population"; acted in the gagging-bills, the dungeonafter your "well-founded confidence" bills, the famous Six Acts, the new and sanguine hope in an "enlightened treason-bills, the poaching transporta"public opinion exercising its salutary tion-bills, and all the rest of that code, "influence upon the councils of minis- which has been enacted since you have "ters, and upon the deliberations of been in Parliament? Oh, no! we are "Parliament"; after all this inflated and not to be wheedled out of our memory disgusting palaver; at the tail of all this by a little blarney: the day for wheedmost abominable nonsense; after forty-ling is past; and you will find that, four octavo pages of scheming for put-after all your lucky career, you have ting things to rights, you come out with still a reckoning to settle.

the following concluding and most con- You see the danger of men carrying soling declaration, which ought to be productive capital out of the country. written in letters of gold: "Do what You are, then, not fool equal to the

pamphleteer, WILMOT HORTON, Who nion." Every man of sense now sees, cannot see that it is not the paupers that, without a parliamentary reform, that are going away. Three millions there can be no real relief, and that sterling, or about that sum, will this convulsion must finally come. And why year be carried to the United States by should a man who has enough to enable English emigrants. What! do you ima- him and his family to live well in gine, that men, with money of their America, and save money too, why own; that men who possess "realised ca- should such a man remain to suffer for pital," will remain to taste of "abridged a generation, or to run the risk that a "comforts, and additional difficulties, violent convulsion might and must ex"during the present generation"? Oh, pose him to? Why should he remain no! none but idiots and cowards and to pay part of the debt, the pensions, the base slaves will, under such circum- dead-weight, the standing army, and the stances, remain to have the honour of paying, all their lives, for the last "glorious war," for your and Burke's pensions, the pensions to Mrs. Herries and her daughters, and the like without end. When at Leicester, the other day, I met with a gentleman, who had "realised capital." He had gone to Philadelphia upon the passing of the dungeon bill of 1817. He had drawn a part of his capital thither from time to time, and is now come here to put the rest into a moveable shape, and to take it away. And his words to me were, that the taxes that he must pay in England would exceed what was necessary for the maintenance of his family in America.

rest of it, not forgetting poor-rates and parsons? No: he will go, to be sure, and leave the tax-eaters and the paupers to settle their accounts in their own way; leave you to get your pensions how you can, and leave the parsons to force any body they can to pay them EasterOfferings."

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The hand of death is upon the system, and your pamphlet proves that you perceive it; for the whole is an anxious attempt to withdraw yourself from it. You have at last found that there may be an end, even to the success of one who has always had power at his back. You have at last found that a state of things may arise to render physical force of no use to those who have been accusAnd who but idiots, cowards, and tomed to employ it. "Dungeon-bills slaves, will remain to suffer for "the" and standing armies are dreadfully present generation," unless bound by powerful things; but their power is some tie which they cannot break?"not of that sort which enables people Thousands are going off, this year, with" to pay taxes." Of the truth of this, capital at their command; and men of making part of my address on my flight large fortune will soon be in the habit to America, you are at last convinced; of going clap on your income tax, and and, I dare say, that in looking back away goes a great part of the "real-over your past life, you now begin to ised capital:" a man with a family, and think that it would have been as well if with money in hand, must be infatuated you had ended, as well as begun, your to remain here to be plucked and beg-life in the pretty and tranquil farmgared during "the present genera- house at OXLEY, in which I was yestion." Read my EMIGRANT'S GUIDE: it terday; when, sitting in the room in will cost you only 2s. 6d. There you which, in all probability, your feet first will see the cause of men with money felt the floor, I could not help saying to going to America; there you may read "nyself, "How much happier would he the destiny of your system; there you" have been, if the glare of false aminay see, that no man of realised capital"bition had never lured him from this and of sense will remain to hand over spot; or, if, being so lured, he had rethat capital to the tools of the borough-" solved, from the first, never to be the mongers; and there you will see (and underling of those whom, in his heart, in the emigration now going on) a real" he must have despised, and the supproof of "an enlightened public opi" porter of a system which his very