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On the 13th of March last, this stock opened at ninety-three one quarter; that is ninety-three pounds five shillings to the hundred; and then declined to ninty-two ž. On the 16th this stock advanced to ninety-four one quarter ; and then declined to ninety-three . Here, in a few days, you see the fluctuation of this stock! One day ninety-seven; another day ninety-two; then ninety-three; then back again to ninety-two;, then up to ninety-four; then down again to ninety-three, and so on, backward and forward, till the whole of the five millions, that should reduce the national debt, is gone. That is to say the whole of the five millions is swept clean off by the Noblemen. Now pay particular attention, while I show you how they perform this slight of band work. Suppose, that my name is Londsdale, or Hertford, that my Drawing Room is burnished with Gold, all drawn out of the before-mentioned five millions; and that I intend to have Gold Doors to my Drawing Room! Very well then, my name is Hertford; I say to you, Mr. Carliie, I shall appoint you Chancellor of the Exchequer. I mean of my exchequer, of course, not the Exchequer of England. Then, as soon as I have appointed you to that Office, you see a Coronet, glittering before you, attached to twenty thousand a year out of the taxes; therefore you instantly lose the sight of your country: you are constantly studying how to please me; if you did not do that, I should instantly turn you out of the office. Very good; now you are in the office. You are one of the sinking fund Commissioners, to reduce the debt. There are five of yok; and there are five millions of money; that is, one million for each Commissioner. You say to me, My dear noble Lord, who shall I appoint Stock Broker? I directly say, Mr. Pincham shall be your Stock Broker. I have agreed with Piucham, he well knows how to act for me! You say to him, Mr. Pincham, I have appointed you my Stock Broker. I am one of the sinking fund Commissioners to reduce the debt; therefore you must act for me on the exchange or in the Rotundo. Here is an order on the Bank of England, for one million of money, that bas just been voted by parliament, out of the Taxes! And Mr. Pincbam, you say smil. ing, you are authorized, by Law, to buy stock of, and to sell stock to yourself. Mr. Pincham opens his eyes, sticks up bis shoulders and laughs most heartily! Stop Mr. Pincham, you have not beard all tbat I have to say on this beart-easing subject. You are to charge two shillings and sixpence, Brokerage money, on every hundred pounds stock that you

buy of yourself; and two shilling and sixpence for every hundred pounds that you sell to yourself. Mr. Pincham laughs as lond as a horse can neigh, and sings out 0! our glorious Constitution in Church and State, as by Law established! But, Mr Pincham, you must divide the two shil. lings and sixpence Brokerage money, between you and me. () yes, O yes, Sir, to be sure. Take care Mr. Pincham to turn the million over often enoligh! Yes, Sir, I will turn it over every day! Shall I turn it orer twice a day? No; Mr. Pincbam once a day will do very well. But, stop, Mr. Pincbam, suppose yon turn this million over ouce a day, how much will the half crowns amount to ? Mr. Pincham bas bis pencil out in a moment. The Brokerage money, on -buying this million of myself, will amount to one thousand two hundred and fifty pounds. Both grip and laugh till their sides shake again!

A rap at the door. Who is there? a poor distressed beggar! O i see, he is a d--dimpostor! send him away. Mr. Pincham you clearly understand all that I have said ? O yes, Sir; very well. Away Mr. Pincham goes on to the Exchange, with an order on the Bank for one million of money.

When he is arrived in the Rotundo, the first thing that he does, is to buy this million of himself. Very good, he has now bought it of himself. The half crowns, Brokerage money, amount to one thousand two hundred and fifty pounds. Mr. Pincham keeps the half, and gives you the other half. Mr. Pincham has six hundred and twenty five pounds; and you have six hundred and twenty five pounds. This is only one day's work, mind that! This one thousand two hundred and fifty pounds, is taken out of the million, that should pay off a part of the debt! The sinking fund Commissioners have, during the last forty years, lost sixteen thousand pounds every day, if we take out Sundays, in this manner! You will understand this pretty well, by, the time that you have read thus far.

Now I step in. Now I Hertford step in. begios to flutter.

Mr. Pincbam, the funds are ninety six I see. dear Noble Lord. Send them up to pinety seven! Yes my dear generous Noble Lord. Mr. Pincham gives a nod to his brethren ; they buy all the stock that is offered for sale. Up the funds go to pinety seven.

Mr. Pincham, yes my Lord. My Lord I came from your village this morning. O! wbat a good name you bave; I have five hundred thousand pounds stock in the founds, I want to sell the whole,

Now the game

Yes my

And there are Tom Lonsdale, and Abraham Wellington, have each two bundred and fifty thousand pounds stock, in the three per cents; for, mind, we removed all our stock, out of the five per cent stock, before the reduction of that took place; therefore we are now receiving between five and six per cent for our money, wbile every body else is receiving only three, and about a half per cent.

Mr. Pincham, you have a million of the nation's money; for he does not know that Pincham bas turned it over every day, therefore you must purchase my half million of stock, Lonsdale's quarter million, and Wellington's quarter million ; all together one million at ninety seven pounds to the hundred. Yes my fine Lord, I will purchase the whole. The stock is instantly transferred to Mr. Pincham; and the nation's noney is instantly paid to us. Mr. Pincham has gotten the million stock, and we have nearly gotten the million of money. I, Hertford, instantly write to one of my brother noble picarooners at Paris; he promulgates news, that pulls the French funds down three or four per cent; for mind the French Noblemen bave the sole command of their printing press; and of course they are interested, in pulling down and in sending up their funds, as we shall presently, see in the same proportion that ours are interested.

Now, Sir, the news is arrived in England; the French funds are four per cent lower; ours instantly fall five per cent, that is to say, our funds are at ninety seven, and instantly fall to pipety two. Then I, Hertford, with Tom Lonsdale, and Abraham Wellington, go to Mr. Pinchami and purchase back the one million of stock at ninety two pounds to the hundred. Mr. Pincham gave us ninety seven pounds for every hundred; and we have given ninety two pounds to Mr. Pincham for every hundred pounds. Here we have cleared five pounds, on every hundred, that there is in one million. We have gained fifty two thousand pounds, out of the million of the nation's money that Pincham had. Mr. Pincham charges one thousand two hundred and fifty pounds to the public, for selling this million of stock, and he also charges one thousand two hundred and fifty pounds to the public for buying this million of stock of us. Mr. Pincham has lost fifty two thousand of the public's money; and he charges a half a crown to the public, for selling every huudred pounds stock; and a half a crown to the public for buying every hundred pounds stock; therefore Pincbam bas lost fifty four thousand five hundred pounds out of his million.

Fifty two thousand I, Lonsdale, and Wellington have gained out of Pincbam's million. He charges two thousand five bundred pounds brokerage money.

One thousand two hundred and fifty he gives you, and keeps one thousand two hundred and fifty to himself. So that Mr. Pincham has now only nine hundred and forty five thousand five bundreds pounds of the public's money, left out of the million tbat he carried into the Royal Exchange. I, and my two Noble brother picaroons, have swept fifty two thousand clear off; you bave gained one thousand two huvdred and fifty pounds; Mr. Pincbam has gained a similar sum ; and nobody has lost any thing. This is the way in which all tbe sinking fund is gone. Five millions, which should bave paid off a part of the natiopal debt, have been thrown completely into the hands of the Noblemen, every year since the sinking fund was first formed.

When Mr. Pitt, or some other Minister in parliament, boasted, in a triumphant manner, that this five millions of a sipking fund, would, in time, pay off tbe wbole debt; Mr. Paine, that worthy good man, compared the proposition to a man with a wooden leg running after a bare, the further he ran the more he was behind. No observation could be more apt than this. Now, Sir, for saying this which is the truth, and for telling the people a few more pice little truths, Mr. Paine was burnt in effigy in almost every Town and Village in this Kingdom! What a base act! What punishment ought the crafty foxite Noblemen to receive, for recommending this effigy burning? They well knew that Mr. Paine was right; then what shall we say to them? I will explain this wooden leg running a little more fully. But, my letter is already too long, so I will make short work.

When Mr. Paine made the above observatidn, the nation was Taxed and Loans made to about ninety millions a year. Eighty, five millions were spent, a part of which the noble

divided amongst themselves, the remainder went to pay the Army, Navy, and so on. Five millions went into the sinking fund which has kept on sinking, till it has all supk into the pockets of the noblemen in the manner before described in this letter. Thus fulfilling Mr. Paine's words to the very letter. He said the longer you go on, in your present system, the more you will be in debt! And we are two millions more in debt now, than we should have been, had we never had any sinking fund. Mind, I have never mentioned this two millions before in this letter, except

in the extract from my other letter. This two millions amounts to fifty thousand pounds a year; that is nearly one thousand pounds a week, all has been taken off the stock Exchange, along with the before mentioned five millions; all swept away by the Noblemen. Other people bave received a part of this money; but, then, I will show you hereafter how the Noblemen work it out of them.

Now, Sir, you here see the manner in which the Noblenien have acted, to get all our money into their possession; with which money they have purchased nearly all the Land in the nation. Is it just for them to keep this Land, and to reduce the fuudholder's income? I think, I have described, in a clear manner, how the Noblemen have taken our money! and, now, they say to the Ministers you must roar out most lustily against the debt You must say, that it is the debt, that causes all the distress in the Country! Lay all the blame on the fundholders! Curse them! and say that they want to inslave the people! Get as many petitions against Slavery presented to the House as you can! Cry out Jews and Jobbers want to flay the poor people alive! But, mind, and take especial care, that you never once hint, even in the most distant degree, that we Noblemen have ever received one penny! Say that we have not received any part ; and that the interest cannot be paid any longer; by that means, we sball shortly be able to sponge off the debt; then we shall have the nation in perfect slavery;: more tight tban the Negroes in the West Indies! I have not half done; but my letter is now too long, vevertheless I will just give, you a copy of the French Law, on the funding system.

Here it is. A Royal ordinance respecting the traffic in Rents, will shortly appear, according to which sales and purchases for time will be Legally recognized. But that no judgment shall be bad upon arrests in cases of non-payment. The Brokers will be declared competent to cover themselves by collateral severity for the risk of the transaction. The number of Brokers to be limitted to sixty. None to be admissible who have not been ten years on the exchange."

This is a pretty Law indeed! and a very near relation to our Law! What a thing! What a Law! What a real highwayman's Law! A French Nobleman may now go to one of their sixty Brokers, and say, Mr. Broker, I want to porchase one million of Francs for time, When the Nobleman

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