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yield to the power of idea. Twenty years have they fought against it, and have been beaten almost to destruction; under the protection of heaven, they have at length overcome their enemies, who have now changed sides with them. Thus authority is the work of an idea equally good with the other. The prince who denies it will sink to the level of common mortals, and he alone will reign who rears his head to the skies. He who drags on his heavy and confined existence on earth will be the slave of error and passion, and his name will be blotted from the page of history.

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WHATEVER may be the difference of opinion, as to the causes and motives of the late war, it is evident that the British nation retires from the contest with the advantage of great increase in all the means of political power.

In agricultural and cultivated surface, the increase is considerable ; in the British American Colonies, in the Antilles, in Asia, in the south of Africa, and in the British Isles, the augmentation of territory, of population, and of production, constitutes great accessions of power.

In inanufactures, generally, the ability of the United Kingdom to maintain successful competition, throughout the world, is demonstrated; the British warehouse is the resort of all nations for clothing, in most of the varieties required by the convenience and taste of each ; the increase of demand on British Industry, exerted in the useful arts, is indisputable.

And so happy is the distribution of these several interests, so fortunate the relation of the several parts to each other, so harmonious the whole, as to produce, necessarily, a mighty arm, for protection and defence, in the marine, by which the intercourse, for the exchange of the natural and artificial productions of each, is conducted.

The effect of this harmonious and powerful combination has been experienced, in the invincible fleets and armies of Great Britain, and in the unexampled expenditure by which those fleets and armies have been maintained.

How, then, does it happen, that the increase of public happiness is not only not co-extensive with the increase of power in the body politic, but is to be contemplated, as declining in the inverse ratio of that increase? That power in the whole, is suffering and sorrow in the individual?

The causes of the anomaly may be reduced to four general heads, namely,

The System of the Public Debt.
The want of a clear and well-defined System of Provision for

those to whom facility of employment is not presented at

home, by means of Colonisation. The Poor Laws. Education, as respects all classes of the community.

Of these important subjects, the first mentioned, only, is intended for present consideration, because, relief from urthen of the public debt, appears to be indispensable to the successful institution of corrective or remedial measures, with reference to all departments of social life.

Industry is the vital principle of property; abstracted from labor, the land, the spindle, and the loom, are alike inert and unproductive : a free course to honest exertion, and protection and compensation to the industrious, are, therefore, first principles in the social compact. A public debt, whatever the circumstances in which it may originate, bears adversely upon those principles : the duties and taxes, inseparable from a public debt, enhance the price of all productions, particularly the price of agricultural produce; the market for the productions of labour, and particularly of agricultural labour, is, consequently, circumscribed; the course of industry is checked. The enhanced price of food, and of all necessaries of life, disturbs the relation between the rate of labour and the price of subsistence, and places at hazard the compensation due to the active and industrious classes of the community. The charge of interest for loans of money ought, therefore, never to be incurred by the state, or, if necessary, as the alternative from a greater evil, should, with the least possible delay, be removed by the fair and honest discharge of the principal debt.

Great Britain has so long been accustomed to a national debt, so many conveniences actually do result and so many advantages appear to results from her system of public debt, as to render the approach to the question of final and complete liquidation, anxious, and not unmixed with the apprehension of the charge of temerity, The British system of public annuities is sanctioned by time, is recommended by the facilities which it accords to the annuitant, and is familiarised by use.

But, if the positions now advanced, be true generally, they are true, more especially, with regard to Great Britain ; for, abstracted from the active disposition and industrious habits of her people, her empire is only a name: the sanction of a limited period of time, cannot alter the inherent character of things ; if, for upwards of a century, a system of public annuities has been recognised and acted upon by the Government, necessity has ever been the plea for call. ing into action a measure always held to be objectionable ; and experience cannot be urged in favor of the attempt to support and continue, the recent extension of the system : the convenience of individuals, is not to be indulged to the prejudice of the best interests of the community, and the apparent advantages will be seen, as the illusions of the fancy, if the system be at variance with the first principles of society, if the labourer be deprived of his fair reward, if, in consequence, the good order and well-being of the state, be fearfully borne upon and interrupted.

The public debt of Great Britain is, for the most part, concocted on peculiar principles, principles which can only be justified by necessity, and severe, indeed, must be the necessity which can justify their application.

It is not lawful, between individuals, to condition for the payment of interest, and, also, for further compensation, by an addition to the principal sum advanced, on re-payment of the loan; a contract of such description, between individuals, would be held to be repugnant to fair and honest principle ; would disgrace the lender, and injure, if not destroy, the credit of the borrower.-What, however, is conditioned, what undertaken in a British loan? An examination of the three per cent. annuities will lead to sufficient explanation.

In a bargain between the public and the loan-contractor, under which a three per cent. annuity is created, it is conditioned, that in consideration of the advance or payment of a sum of money, ordinarily varying between fifty-five and sixty-five pounds, a transferable annuity shall be granted, of three pounds; the annuity not to be redeemable, compulsorily, for any less consideration than one hundred pounds : and, as it may be convenient to the annuitant, to sell the annuity, without awaiting the forced redemption ; the Government becomes bound to carry, periodically, into the market for public securities, to purchase public annuities, sums of money, progressively increasing with the progressive amount of the annuities, actually, from time to time, bought up : under the arrangements for this purpose, the amount applicable to the reduction of the debt of the United Kingdom for the year ended 5th January, 1819, was fifteen millions six hundred and twenty thousand five

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