Blackwood's Edinburgh Magazine, Volume 66, No. 410, December 1849. Various

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СКАЧАТЬ upon good authority, that from fifteen to twenty per cent of every loan raised in England, has, directly or indirectly, found its way to the coffers of those unconscionable Shylocks; so that it is small wonder if we hear of colossal fortunes coexisting with extreme national depreciation and distress. We might, indeed, estimate their profits at a much higher rate. Dr Charles Davenant, in his essay on the Balance of Trade, written in the earlier part of the last century, remarked – "While these immense debts remain, the necessities of the government will continue, interest must be high, and large premiums will be given. And what encouragement is there for men to think of foreign traffic (whose returns for those commodities that enrich England must bring no great profit to the private adventurers) when they can sit at home, and, without any care or hazard, get from the state, by dealing with the exchequer, fifteen, and sometimes twenty, thirty, forty, and fifty per cent? Is there any commerce abroad so constantly advantageous?" We apprehend not. Capital is defined by the economists as the accumulation of the savings of industry. Such men as Rothschild have no doubt been industrious, but not according to the ordinary acceptation of the term. Their industry is of a wholesale kind. It is confined to a resolute and systematic endeavour to avail themselves of the savings of others; and we need hardly state that, in this pursuit, they have shown themselves most eminently successful.

      The remarkable change which took place in the monetary system of England, under the auspices of William, could not, of course, have been effected without the concurrence of parliament. That body had certainly no reason to charge him with neglect of their interests. The representatives of the people for the first time began to understand, that there might be certain perquisites arising from their situation as men of trust, which could be made available to them, provided they were not too scrupulous as to the requirements of the crown. The mastiff which had bayed so formidably at James and his predecessors, because none of them would deign to cajole him, became at once amenable to a sop. Mr Macaulay should have written: "The revolution of 1688 did not introduce the practice of regularly summoning parliaments; what it introduced was the practice of regularly bribing them." Mr Francis, though an apologist of King William, who, as he thinks, was compelled to act thus from imperious necessity, is not blind to this stigma on his memory. He also believes that the settled animosity between England and France, which has caused so many wars, and led to such an extravagant expenditure of blood and treasure, is mainly to be attributed to the persevering efforts of William of Orange. The following summary is of much interest: —

      "The parliamentary records of William's reign are curious. The demands which he made for money, the hatred to France which he encouraged, and the frequent supplies he received, are remarkable features in his history. Every art was employed; at one time a mild remonstrance, at another a haughty menace, at a third the reproach that he had ventured his life for the benefit of the country. The bribery, during this reign, was the commencement of a system which has been very injurious to the credit and character of England. The support of the members was purchased with places, with contracts, with titles, with promises, with portions of the loans, and with tickets in the lottery. The famous axiom of Sir Robert Walpole was a practice and a principle with William; he found that custom could not stale the infinite variety of its effect, and that, so long as bribes continued, so long would supplies be free. Exorbitant premiums were given for money; and so low was public credit, that of five millions granted to carry on the war, only two and a half millions reach the Exchequer. Long annuities and short annuities, lottery tickets and irredeemable debts, made their frequent appearance; and the duties, which principally date from this period, were most pernicious."

      These things are elements of importance in considering the political history of the country. They explain the reason why the great bulk of the nation never cordially supported the new succession; and why, for the first time in English history, their own representative house lost caste and credit with the commons. Fifty years later, when Charles Edward penetrated into the heart of England, he met with no opposition. If the inhabitants of the counties through which he passed did not join his standard, they thought as little of making tiny active opposition to his advance; thereby exhibiting an apathy totally at variance with the high national and independent spirit which in all times has characterised the English, and to be accounted for on no other ground than their disgust with the new system which, even then, had swollen the amount of taxation to an extent seriously felt by the commonalty, and which had so corrupted parliament that redress seemed hopeless within the peaceful limits of the constitution. The proclamation issued by the prince, from Edinburgh, bore direct reference to the funded debt, and to the notorious ministerial bribery; and it must have found an echo in the hearts of many, who began to perceive that the cry of civil and religious liberty is the standard stalking-horse for every revolution, but that the result of revolutions is too commonly an imperative demand upon the people for a large augmentation of their burdens, backed too by the very demagogues who were the instigators of the violent change. In this crisis, the moneyed interest, which William had so dexterously created, saved the new dynasty – less, certainly, from patriotism, than from the fear of personal ruin.

      It is a memorable fact that, from the very first, the Tory party opposed themselves strenuously to the creation and progress of the national debt. It is well that those who, in our own times, bitterly denounce the system which has landed us in such inextricable difficulties, and which has had the effect of rearing up class interests, irreconcilably opposed to each other, in once-united England, should remember that for all this legacy we are specially indebted to the Whigs. Except by Tory ministers, and in one case by Walpole, no attempt has been made to stem the progress of the current; and this consideration is doubly valuable at this moment, when it is proposed, by a vigorous effort, to make head against the monster grievance, and, by the establishment of an inviolable sinking-fund, to commence that work which liberal and juggling politicians have hitherto shamefully evaded. It is more than probable that "the moneyed interest" will throw the whole weight of their influence in opposition to any such movement; unless, indeed, they should begin already to perceive that there may be worse evils in store for them than a just liquidation of their claims. Matters have now gone so far as to be perilous, if no practicable mode of ultimate extrication can be shown. Real property cannot be taxed any higher – indeed, the landowners have claims for relief from peculiar burdens imposed upon them, which in equity can hardly be gainsaid. The property and income-tax, admittedly an impolitic impost in the time of peace, cannot remain long on its present footing. To tax professional earnings at the same rate as the profits of accumulated capital, is a manifest and gross injustice against which people are beginning to rebel. There is no choice left, except between direct taxation and a recurrence to the system which we have abandoned, of raising the greater part of our revenue by duties upon foreign imports. The former method, now openly advocated by the financial reformers, is, in our opinion, a direct step towards repudiation. Let the fundholders look to it in time, and judge for themselves what results are likely to accrue from such a policy. One thing is clear, that if no effort should be made to redeem any portion of the debt – but if, on the contrary, circumstances should arise, the probability of which is before us even now, to call for its augmentation, and for a corresponding increase of the public revenue – the financial reformers will not be slow to discover that the only interest hitherto unassailed must submit to suffer in its turn. The Whigs are now brought to such a pass, that they cannot hope to see their way to a surplus. We shall have no more of those annual remissions of duties, which for years past have been made the boast of every budget, but to which, in reality, the greater part of our present difficulties is owing. Had a sinking fund been established long ago, and rigidly maintained, and at the same time the revenue kept full, the nation would ere now have been reaping the benefit of such a policy. We should have had the satisfaction of seeing our debt annually diminishing, and the interest of it becoming less; whereas, by the wretched system of fiddling popularity which has been pursued, the debt has augmented in time of peace, the annual burdens absolutely increased, ruinous competition been fostered, and internal jealousies excited. The Whigs, who arrogate for themselves, not only now but in former times, the guardianship of the liberties of Britain, have taken especial pains to conceal the fact that they were, in reality, the authors of our funding system, and the bitterest opponents of those who early descried its remote and ruinous consequences. Their motives cannot be concealed, however it may be their interest at the present time to gloss them over. Lord Bolingbroke СКАЧАТЬ