In an earlier portion of the volume, the writer briefly advocated annuities as one mode of treating the national debt. There would in this be no breach of faith to the present public; there would be no dread of a general bankruptcy; there would be no need of loans; and, had this principle been carried out, the national debt would be yearly diminishing. In ten years nearly two millions of terminable annuities will expire; and it behoves the government to inquire into the effect which the conversion of the interminable debt into terminable annuities would have on the money market.
It is absolutely idle for the Financial Reform Association to think of effectually lowering the taxation of the country while twenty-eight millions are paid for interest; and it is to be feared that great evil will accompany whatever good they may achieve. That there are many offices which might be abolished; that it is a rule in England that the least worked should be best paid; that an extravagant system of barbaric grandeur exists; that the army and the navy, the pulpit and the bar, are conducted unwisely; and that great men are paid great salaries for doing nothing,—are indisputable; but it is equally so, that great savings have been effected, and that great efforts are making to economize further. There is a faith pledged to the public servant as much as to the public creditor; and, whether he be a colonel or a clerk, a man of peace or a man of war, it is impracticable, imprudent, and unjust to attempt that which would as much break faith with him, as to cease to pay the dividends on the national debt would be to break faith with the national creditor.
These things are paltry and puerile compared with that which, excepting a total revision of taxation, can alone materially meet the difficulties of England; and the gentlemen of the Reform Association are aware of this. They may cut down salaries; lower the defences of the country; abolish expensive forms and ceremonies; amalgamate a few boards of direction; reduce the civil list; and do away with all sinecures. But the evil is too vast, and the difficulties are too gigantic, to be met in so simple a manner. Nor will these gentlemen be satisfied with it while there are 800 millions at which to level their Quixotic spear. Repudiation was darkly alluded to at one meeting of the Association; and, though it has since been denied, it is to be feared that time only is required to ripen the attempt.
Mr. Henley, a few months ago, brought forward a motion to deduct ten per cent. from all official salaries, and the motion was deservedly negatived. But such motions, when meant to meet a great difficulty, are too contemptible to notice; and would only pauperize the feelings of those who are already almost pauperized in purse. Let Mr. Henley think of the salaries paid at the Custom-House, the Post-Office, and Somerset House, before he again introduces a proposal on a principle so broad that it is unworthy a statesman, and insulting to an educated, an intelligent, and a trustworthy class.
To reduce or pay off the national debt may be gigantic, but it is not impossible; and the writer closes the present chapter with a review of some of the proposals which have been laid before the public.
In 1715, a pamphlet was published, entitled, “A Method that will enable the Government to pay off that Part of the Public Debt which is redeemable by Parliament,” by which twenty-one millions were to be paid in seventeen years, by bills of credit without interest. Soon after the accession of the present royal family, Mr. Archibald Hutcheson presented a plan which excited much attention at the time, and is well entitled to recapitulation; and his principal propositions were,—
1. That the sums severally assessed on the lands of Great Britain for the land-tax of 1713 be made payable as a rent-charge in fee for ever, out of the several respective lands, redeemable at any time by the proprietors paying twenty-two years’ purchase.
2. That the said rents, or the money raised by redemption or assignments of the same, be applied to the discharge of the public debt.
3. That one tenth part of all annuities for life, and all other rents issuing out of the aforesaid lands, and of all sums of money secured by mortgage, and of all other debts which affect lands, be entirely remitted to their respective proprietors.
4. That the proprietors of such land be empowered to sell so much of them as shall be sufficient to redeem the aforesaid respective rent-charges.