"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 his consent, as it appeared banker, or stocking manufacturer, "to him to be contrary to all the or both, in Nottingham about "rules of a wise political eco-thirty years ago. This SMITH 66 nomy." was made a lord during the time You will remark here on the of Piu, and is now called 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 pin 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. He before we go any further we must called it atrocious; said he was observe who this JOHN SMITH is. himself a Freeholder of Kent, and

that he was ashamed of the con- "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 practised, he hopcould say, in a short speech, was "ed to see the 44 per cent. resaid by him, against the prayer "duced to 4; and the 4's and 34 for a just roduction of the interest of the Debt.

"

reduced 10 3. Such an arrange"ment would effect an important

Let us now see what this same 66

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 "reducing the interest paid to "the public creditor. There were

speedy destruction of the land"ed interest [hear, hear, hear !]. "The other means was by rais

"ing the funds to induce the pub

"lic creditor to take something

sider well whom they come from. Let those who have not yet sold out of the funds pay still more attention to these words, and recollect from whom they come; and also recollect that they are an explanation to the dark hints thrown out by the Chancellor of the Exchequer. It is, I hope, pretty clear to you what the intention is, but I must, nevertheless, offer you a few remarks upon it.

You see that this man, though "less in the way of interest. If he so roughly treated the people

B

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 par

the Debt, is, himself,

66

most ticle of law to show for it; to

of re-proclaim the intention of the go

friendly" to the principle duction of the interest of the vernment to reduce the stock, Debt. He does not say a just 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

dulent.

The scheme is to raise the funds, as he calls it; that is to say, by one trick and another, to

This is the inducing scheme.

It would fail of the great object;

that is to say, it would not save the landlords estates. I have no doubt, that, if once begun, it would by no means stop at tak

get the funds up to a high nominal price. And what then? ing off a half per cent. of the inWhy, then, "to induce the pub-terest, as this Smith proposes; "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

1

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 to a in old age; all these who have besotted fundholder; though I placed their money in the funds, am aware that the wretch will 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 infàllipulsory 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; still 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 SMITH 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 remain thing that has deception in it. in such a state; and, therefore, Which was fraudulent, then; the the scheme, one would think, must necessarily fail, by the whole thing going to peices, at the first or second of those touches that this SMITH recommends. If there be (a thing of which I

proposition, the open, distinct, proposition of the men of Kent; or the scheme which we have here laid before us? It is useless to press this point any further. The

very much doubt) any good man | ticipate in the sorrows of the chilor woman who ho is a a fundholder, dren of the foolish and the proby their own free will, let such fligate. 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 reflecments, 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 person having the care of those children be, if he or she suffer them to be exposed to the consequence of even the first of these touches?

However, children must abide by

children of the foolish and the wicked upon the same footing as those of the wise and the virtuous would be a law against the order of nature, and against every principle of justice.

Let those parents, guardians, and trustees, who wilfully expose

the fate prepared for them by. parents, guardians, and trustees. "The fathers have eaten sour children to the peril, bear this in 66 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 conse us, 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 folly or wickedness. It would be the extreme of injustice if a law were made to make the children

be entitled. They can now at any moment put themselves in a state of security; and even those who are restrained by trustees,

of the wise and the virtuous par- can sell out their interest in the