If this could be done it would be a solid and permanent system of revenue, arising out of an unsolid and transitory one.

Any thing like want of faith with the creditors would, however, not only be disgraceful and dishonourable, but would reduce such numbers to beggary, and ruin credit so completely, that the nation would be lost for ever; and, certainly, if we are to be ruined, there is no balancing between ruin with honour and ruin with disgrace.

There is a mode that would be fair and practicable, and the present is the most favourable moment for executing it; indeed, it is perhaps the only one when it has been practicable or would be just.  By practicability and justice, two words very well understood, we mean, in this instance, that it is a moment when those who would have to pay the difference would be willing to do it, would see their interest in doing it, and would feel that they ought to do it.

We mean not to propose any of those imaginary means, by which debts will be paid off without burthens laid on.  We have no talent for schemes, where all is produced from nothing, and no faith in their practicability.

The late and present wars, which have occasioned one-half of the debt, and for which our exertions are to be continued, were undertaken for the preservation of property; for, though the French system is so completely bad that even the beggars in England would be losers by adopting it, yet, it will be allowed, that the evil to people of property would be much greater than to those who have no property.  Let us look to Flanders, Holland, and other countries, and say no if we can.

It was on this idea that an income-tax, afterwards termed a property-tax, was laid on, by which the rich are made to pay, and the poor are exempted.  The justice and expediency of this was universally admitted:  there might be some difference of opinion as to modes and rates, but there was none as to the general principle.

We would, then, propose to RAISE LOANS, at a low rate of interest to reimburse the present creditors, ON THE SAME PRINCIPLE ON WHICH THE PROPERTY-TAX EXISTS, in the following manner: 

There are, by Mr. Pitt’s calculation, (and his may be taken [end of page #243] in order to prevent caviling) 2,400,000,000 L. of capital in the kingdom.  Let us then create a two and a half per cent. stock, into which every person possessed of property should be compelled to purchase at par, in proportion to their capital, so as to redeem fifty millions every year, thereby creating fifty millions of new debt at two and a half per cent. and reimbursing an equal sum bearing an interest of five per cent.

A loan of two per cent. per annum, on each man’s capital would do this, and would never be an object for the safety of the whole, particularly as it would only last for ten years.  As he would have interest at two and a half per cent. he would, in reality, only lose half, that is, one per cent. a year during twelve years; so that a man, with 10,000 L. would only have given 100 L. a year for twelve years.