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" ther the interest of the Debt. He is one of the brothers of that " To that, however, he could not Smith of Nottingham, who was a
give bisi consentras it appeared banker, or-stocking manufacturer, Sito him to be contrary to all the or both, in Nottingham about "rules of a wise political eco-thirty years ago. This SMITH
was made a lord during the time You will remark here on the of Pitt, and is TIUW callod Lord word operation. This pretty gen- CARRINGTON. For what reason, tleman is a great man fór ope- God above knows, for I am sure rations! You will remark also on I do not. However, he is a the word forced; and on the word large proprietor of certain prefurther; so that, you see, either cious things; and he has several hé regards his operation relative brothers in the House of Comto the five per cents. as a reduc- mons, and one son, I believe. tion of the interest of the Debt, One of these brothers is the idenor he regards this discounting at tical John Smith, whose speech four 'per cent. by the Bank as I am about to lay before you, and being a measure, which is, as a who is one of the bankers in, I matter of course, to lead to a re- believe, the greatest shop of that duction of all the interest of the sort in London, excepting that of Debt from five per cent. to four the Borough Bank itself. per cent.
Now, then, you will please furVery well, stick a pini there, ther to observe, that, when the then, so far, so good. But you Kentish Petition praying for a have now to hear these broken just reduction of the National sentences; these half-uttered in- Debt, was before the House, this tentions, more fully and broadly very Mr. Smith fell upon it in stated by John Smith. And the most violent manner. Hebefore we go any further we must called it atrocious ; said he was observe who this John Smitu is. himself a Freeholder of Kent, and
that he was ashamed of the con- f" the peace were, as he hoped it duct of his brother freeholders. “ would, to continue if economy In short, every thing that man were strictly practiced, he hopcould say, in a short speech, was “ed to see the 41 per cent. resaid by him, against the prayer “ duced to 4; and the 4's and 34 for a juot roduction vf that intciest ituctd 10 3. Such an arrangeof the Debt.
“ ment would effect an important Let us now see what this same saving to the public, and that man said on the first of July, ought to be the great object carrying along in our minds what " which Parliament should have was, said by the Chancellor of“ in view." the Exchequer before : his words
Pray look well at the words. were these, as I find them re- You that have sold out of the ported in the Morning Chronicle. funds and got your money safe,
“ Mr. J. Smith said, he was lock well at the words, and con“ most
friendly to the principle of sider well whom they come from. "s reducing the interest paid to Let those who have not yet sold " the public creditor. There were out of the funds pay still more -" two ways of effecting that ob- attention to these words, and "ject; one a fraudulent recollect from whom they come;
way, a way which would lead and also recollect that they are " to the ruin of the country, to an explanation to the dark hints " the destruction of its institu- thrown out by the Chancellor of “ tions, and in particular to the the Exchequer. It is, I hope, “ speedy destruction of the land- pretty clear to you what the in- ed interest [hear, hear, hear !]. tention is, but I must, neverthe“ The other means was by rais- less, offer you a few remarks “ing the funds to induce the pub- upon it. “ lic creditor to take something You see that this man, though “ less in the way of interest. If he so roughly trea:ed the people
of Kent for manfully proposing a proclaim, as in the case of the just reduction of the interest of five per cents., but without a para the Debt, is, himself, most ticle of law to show for it; to friendly" to the principle of re-proclaim the intention of the goduction of the interest of the vernment to reduce the stock, Debt. He does noi say a juot and to put the question to them reduction; but he is not for what in the way of dissent instead of he calls a fraudulent reduction; assent; and then pass a law to but, as I shall presently show bind them to this compulsory you, the way that he proposes bargain. would be both unjust and frau- This is the inducing scheme. dulent.
It would fail of the great object; The scheme is to raise the that is to say, it would not save funds, as he calls it; that is to the landlords estates. I have no say, by one trick and another, to doubt, that, if once begun, it get the funds up to a high no- would by no means stop at takminal price.
And what then ? ing off a half per cent. of the inWhy, then, “to induce the pub- terest, as this Smith proposes ; 66 lic creditor to take something I have no doubt that it would go “ less in the way of interest." on till it did not leave a half per Now, mark this word induce. cent. ; but it could never go on How are the fundholders to be quietly to this length. There induced to take less than five would be a hubbub and a blowing per cent. ? How are they to be up long before it came to two induced to let their stock be re- per cent. duced to a lower denomination ? But pray mark the injustice of Why by getting the great ones, the scheme. For, according to as I once before observed, to this scheme, there would be no combine and give their assent; discrimination. All the Widows' or, which is much more likely, to funds all over the country; all
the Friendly Societies; all the case is so plain that every one
Savings Banks people; all the must see the bottom of it. ignorant and deluded creatures As to the feasibility of the that have placed their collections, scheme, though I am aware that their only security against poverty nothing is equal in stupidity in a in old age; all these who have besotted fundholder ; though I placed their money in the funds, am aware that the wretch wiń as it is called, all the property believe in almost anything rather placed in the funds by the com- than give up his notion of infallipulsory decrees of the Court of bility in the funds; though I am Chancery; all these parties, who aware that the base and unnatucannot, if they would, put them- ral monster will almost cut your selves in a state of security, would throat for endeavouring to awaken be thus robbed, stripped of their him to a sense of his danger; stift last farthing under the name of it does seem impossible that the inducement!
crawling creature should not see
at the next touch, or the touch The men of Kent prayed for after, that he is in danger of wanta just reduction of the National ing a bit of bread, unless he in Debt, and this Smitu called it time rescues himself from the fraudulent. Fraudulent means
peril. It does seem impossible something done slily ; something, that any person should suffer their done under false pretences; some-only means of existence to rëmăin thing that has deception in it. in such a state ; and, therefore, Which was fraudulent, then; the the scheme, one would think, must proposition, the open, distinct, necessarily fail, by the whole proposition of the men of Kent; thing going to peices, at the first or the scheme which we have here or second of those touches that laid before us? It is useless to this SMITH recommends. A press this point any further. The If there be (a thing of which I very much doubt) any good manticipate in the Borrows of the chilor woman who is a fundholder, dren of the foolish and the proby their own free will, let such digate! One of the strongest inperson consider in time, what ducements to care and virtuous must be the effect of the induce conduct in parents is, the reflec ments, the prospect of which gives tion that they lead to the security such joy to this SMITH. Let such and happiness of their children. person reflect on the probable Any law, therefore, that would worth of the stock after the next compel the whole community to touch ; and, if there be children contribute towards putting the to provide for, what must the per-children of the foolish and the son having the care of those chil- wicked upon the same footing as dren be, if he or she suffer them those of the wise and the virtuous to be exposed to the consequence would be a law against the order of even the first of these touches of nature, and against every prinHowever, children must abide by ciple of justice. the fate prepared for them by Let those parents, guardians, parents, guardians, and trustees. and trustees, who wilfully expose ". The fathers have eaten sour children to the peril, bear this in “grapes, and the children's teeth mind; and let them remember,
are set on edge;" by which ob- that they, and they only, are servation the Scripture would warn responsible for all the conseus, that it is reasonable that the quences. As to such as are of children of the foolish or wicked full age and full power to act for parents, should, from natural themselves, to no pity will they causes, suffer on account of that be entitled. They can now at folly or wickedness. It would be any moment put themselves in a the extreme of injustice if a law state of security; and even those were made to make the children who are restrained by trustees, of the wise and the virtuous par- can sell out their interest in the