sionating the unfortunate monarch incautiously delivered up to, and borne away by, the ineptitude and perversity of a destructive, faction, the people resolved to re-establish a constitutional throne, and at the same time save their déluded king. Would to God this example may serve as a lesson to factious men, by causing them to see that their triumphs, however brilliant they may appear, are and always will be ephemeral; that Reason, as well as Nature, never loses its rights, and that when an enlightened nation knows and seeks its own good, there is no force sufficient to resist it.

"Naturam expellas furca, tamen usque recurret." Hor.

ADDENDA

ΤΟ

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:

OTHER

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 ex-
penditure, 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 Bri-
tish 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

fifths of the effective power of money in the year 1792; if twenty shillings be only equal, in the year 1820, to twelve shillings in the year 1792, the RENT OF LAND must be considered as being reduced in the proportion of one-fifth, and not increased in the pro portion of one-third. Supposing even rent to be as well and punctually paid in the year 1820, as in the year 1792.

2

By the measure proposed, three shillings and nine-pence of these twenty shillings, would be required under the assessment of fifteen per cent.; but, gradually and soon, the effective value of money, for the purpose of British expenditure, would become more than equal to the currency of 1792, for the like purpose.

On the supposition of the entire liquidation of the debt, and of the limitation of public relief to the incapable poor only, the amount of duties, taxes and rates to be required, would be very considerably less than in the year 1792. Since that time, the improvement and increase of the national territory and dependencies, of private property, of consumption, and in the productive powers of the national industry, has been very considerable; and although the increase of reut of land from 15s. per acre to 20s. per acre, is supposed, the burthen remaining to be sustained (in the event of the liberation of the country from debt) considered with relation to the means upon which that burthen would bear, would be very much lighter than in the year 1792. Money prices may be expected to decline in proportion to the reduction in the weight of impost, and the improvement in the productive powers of industry; and it may be inferred that the currency, after the liquidation of the debt, would be more effective, for the purpose of British expenditure, than the currency of the year 1792: it will be presumed, at the rate of not less than twenty per cent. It may be considered that the shilling would become equal to one shilling and two-pence halfpenny, nearly, of the currency of the year 1792.

In this case, the sixteen shillings and threepence which would remain to the landed proprietor for rent, after subtracting the assessment of fifteen per cent., would become equal, for the purpose

It is obvious that the alteration of money prices since the year 1792, varies in different situations. In towns, particularly in the metropolis, the difference is greater than in the country; and the variance between different parts of the country is considerable: a calculation of common application cannot therefore be given. The reader will, of course, adjust the calculation to the standard of his own information.

2

Taking the rent at 25 years purchase
The assessment of 15 per cent would be
at five per cent, 3s. 9d. per annum,

£25
3 15 or

3 By the word currency, as used in this tract, is meant simply, the power of money in commanding the possession of the necessaries and comforts of life, without regard to any distinction between a metallic and a paper

currency,