interest upon them, instead of its being received by individuals as before; that this interest, as fast as it came into the hands of the Commissioners, should, like the money paid to them annually out of the taxes, be laid out in purchasing up more stock from individuals; and that the thing should go on thus, till the last of the Stock, or Debt, got into the hands of Commissioners; when, of course, the government might burn the Great Book, and the National Debt would be paid off. This scheme was very pretty upon paper; it made a fine figure in the newspapers and pamphlets of the day; and looked quite solemn when embodied into an Act of Parliament. There was, to be sure, when people looked into the matter more closely, something rather whimsical in the idea of a nation's paying interest to itself; something very whimsical in a nation's GETTING MONEY by paying itself interest upon its own Stock. Many persons thought so, at the time, and some said so; but the formidable tables of figures made out by court calculators, and the flowery and bold speeches of PITT, soon put all such persons out of countenance, and reduced them to silence; or exposed them to the charge of faction and disaffection and disloyalty. The country, infatuated with its "Heaven-born Minister," became deaf to the dictates of common sense; and, with as much fondness as the mother hangs over her smiling babe, it cherished and fostered the fatal delusion. As the execution of the Sinking-Fund Act proceeded, more and more of the Stock, or parts of the Debt, became of course entered in the Great Book in the names of the Commissioners. Hence arose a new denomination in our national money accounts; namely, the redeemed debt; that is, the parts of the debt, as aforesaid purchased up by the Commissioners, was now called the redeemed debt;" a phrase which contains a contradiction in itself. But, still it was unavoidable; for, it was not paid off; it was bought up, but we had still, and have still, to pay interest upon it; and, therefore, it could not be said to be paid off; for, it would be folly too gross to pretend that we had paid off a debt or a mortgage, for which we were still paying interest. If, indeed, the parts of the debt, which were purchased up by the Commissioners, had been, at once, done away, and we had ceased to pay interest upon them, in then those parts would have been really redeemed. If, for instance, Grizzle Greenhorn's two thousand pounds worth of Stock had been crossed out of the Great Book, and had not been inserted in it again under any other name, that two thousand pounds worth of the debt would have been redeemed in reality. This is the way which the Sinking Fund of the American States operates. They raise yearly a certain sum in taxes; with that sum they purchase up part of their debt; and then that part of the debt ceases to exist in any shape whatever. The next year they raise a like sum in taxes, and again purchase up parcels of the debt. And, thus they proceed, having every succeeding year, less and less interest to pay upon their debt. This is real redemption: this is real paying off. But, the way in which we proceed bears no resemblance to it; nor has any thing in common with it, except it be the name. Let us, before we proceed any further, take a view of the increase of the interest that we have to pay upon the debt. We have seen in Letter III, page 324, how the debt itself has gone on increasing. But, we have not yet taken a look at the increase of the INTEREST; though this is very material, and, indeed, it is the only thing, belonging to the debt, worthy of our attention. The statement of the amount of the debt itself is of no practical use, except as it serves to illustrate, to render more clear, the part of the subject upon which we now are. For as we have seen, the Debt is nothing more than a right possessed by certain persons, called StockHolders, to draw interest from the nation'; or, in other words, to take annually, or quarterly, part of the taxes raised upon the people at large. Let us, therefore, take a look at the progress of this interest. When QUEEN ANNE came At the latter end of the ANTI-JACOBIN WAR, in For the LAST YEAR, that is 1809 ..... 21,778,018 ...... 32,870,608 "dends due on such Part of the Principal "or Capital Stock as shall thence-forth "be paid off by the said Commissioners, " and the Monies payable on such Annuì"ties for Lives or Years as may afterwards 61 cease and determine, SHALL NO There are included in this sum" charges" LONGER BE ISSUED AT THE RE "CEIPT OF HIS MAJESTY'S EXCHE"QUER, but shall be CONSIDERED AS « REDEEMED by Parliament, and shall "remain to be disposed of as Parliament "for management," and, as we have before seen, there is some of the Debt (small portions) called the loans, or debts, of the Emperor of Germany, and of the Prince Regent of Portugal, which, it is possible," shall direct." In what way it might they may repay us; but, this is, as it is called in the account laid before Parliament, during the last session, the "Total "charge on account of Debt, payable in "Great Britain." And, let me ask any sensible man, what consequence it can be to us, what the Debt is called; what consequence by what name the different sorts of it may go, so that the interest upon it still goes on increasing, and so that we have to pay the whole of that interest out of the taxes? have been supposed, that Parliament, in its wisdom, would dispose of these parcels of redeemed debt, I shall not, for my part presume to hazard a conjecture; but, as was before observed, it was easy (the sums being given) to ascertain the time, when the provision in this clause would begin to operate; and, that time was, the year 1808. There was another Act, passed seven years later, (1792), allotting more of the taxes to the same purpose (Chapter 52 of the 32nd year of this king's reign); and still the same provision was made; namely, that, when the produce of the Sinking Fund should amount to 4 millions annually, alt the Stock, or parts of the Debt, that should be purchasea up by the Commis sioners after that time, SHOULD NO LONGER HAVE INTEREST PAID UPON IT OUT OF THE TAXES; but that these parts of the Debt should (mark the words!)" be considered AS REDEEM"ED." And so they would. They really, in that case, would have been redeemed; but the word redeemed is now applied, even in the Accounts laid before Parliament, to those parts of the Debt, bought up by the Commissioners, the divi dend, or interest, on which parts, IS STILL ISSUED AT THE EXCHEQUER; that is to say, is still paid out of the taxes! And all this goes on amongst “the thinking" When PITT's Sinking Fund was established, there was a time fixed, when the interest should begin to be diminished. I mean, a time was fixed, when the people should no longer pay taxes to defray the interest upon the Stock, or parts of the Debt, which should after that time be purchased up by the Commissioners. The time so fixed was 1808, two years ago. The year was not named in the Act; but, it was known to a certainty; because this ceasing to pay interest was to begin, when the interest upon the Stock, or parts of the Debt, bought up, together with the sums paid to the Commissioners out of the taxes, should amount to a certain sum (four millions annually); and, as the sums to be paid to them were fixed, it was a mere question of arithmetic when the paying of interest would cease, agreeably to the terms of the Act; as expressed in the XXth clause, as follows: "And be it fur-people of England! "ther enacted by the authority aforesaid, "that whenever the whole suin annually "receivable by the said Commissioners, including as well the quarterly sum of "two hundred and fifty thousand pounds "herein before directed to be issued from "the Exchequer, as the several Annuities "and Dividends of Stock to be placed to "the Account of the said Commissioners " in the Books of the Governor and Com"pany of the Bank of England, by virtue "of this Act, shall amount in the whole "to FOUR MILLIONS ANNUALLY, the Divi But, what was done, in the long-expect ed year 1808? What was done, when the year of promise came? This is the most interesting part of this most curious his tory; but, as to bring to a close the whole of the discussion, relating to the Sinking Fund, would extend this letter to double its present length, I think it better to make the remaining part of it the subject of another Letter, beseeching you, in the meanwhile, to make up, by your pa tience in the perusal, for whatever want SEPTEMBER 15, 1810.-Liberty of the Press. of clearness may be discovered in the writer. I remain, Gentlemen, Your faithful friend, State Prison, Newgate, Thursday, SUMMARY OF POLÍTICS. (366 on the Convention with the Northern Powers and Mr. Windham's Speech on the Peace of Amiens! I remember this; and, remembering it, I have not the face to bestow hard names; to call "tyrant and monster "and miscreant," the ruler, who, in another country, has made a similar regulation. Such a regulation might, for ought I can pretend to say, be necessary in the East Indies. It might, as according with our colonial system, be very proper. And, there may possibly be persons able to discover reasons why such a regulation is not equally proper in France. To such persons I leave the drawing of the distinc tion. But, again I say, that, while I remember the fact that I have stated, I shall not presume to bestow the names of "tyrant, monster, and miscreant," upon him who has adopted such a regulation in any part of the world.But, after all, what harm has this decree done to the Press in France? In what way has it abridged its liberty? It can now say what it pleases on one side; it can say what it pleases in praise of the government without any fear of LIBERTY OF THE PRESS.Some little while ago, there was published in the London news-papers, an edict, or decree, of the Emperor of France, relating to THE PRESS, according to which decree, the number of Provincial Newspapers was limited to one in each Province, or Department; and, all these country papers, as well, I believe, as those in Paris, were, according to this decree, to be subjected to the previous inspection of the Prefect of the Police, who is a sort of hired Justice of Peace, or Police Magistrate, appointed by, and removable at the will of, the government. Nothing, according to this decree, was to be published, unless it had the approbation of this person. This is what has been call-prosecution, or even of reproof; if there ed an Imprimatur. --The Morning Post were any blunders, any ruinous projects, news-paper, in speaking of this, and in to applaud, it might applaud them freely; holding it up to the observation of its it may attack the opponents of the governreaders, after calling Buonaparté "a base, ment, though I am not sure that the "dile, upstart, tyrannical, insolent miscreant Police Magistrates in France would not " and monster" after having addressed have too much sense of decency to per this to the "fashionable World" of England, mit, in such cases, the use of language for whose amusement and instruction this which would disgrace the lips of poispolite paper is published; after this, and a sardes, and which must inevitably tend to great deal more abuse of the same sort, the defeat its own purpose. The French press Morning Post asks, “how such a decree may do this now; and, unless it was foully "would be relished in England."- -To belied, this was all that it could safely do which 1, for my part, answer, that it would before. The French press has still all the not be relished at all by me; but, that liberty described in the words of my prudence will restrain me from bestowing motto, the author of which motto was, at any hard names upon the author of it, or the memorable time to which it refers us, upon the motives whence it proceeded, stigmatized almost as a traitor, because he, when I recollect that a law, or regulation, in the way of his profession, took upon of nearly the same amount, exists, or did him the legal defence of the use which lately exist, in the East Indies; or, to his client had made of the press. I adopt the "fashionable - World's" phrase, certainly should not like to be subjected in" Our Eastern Empire." I recollect send- to a law, or rule, like that said now to ing out some books, under the care of a exist in France; nor should I be, in the friend, in the year 1802 (I think it was) smallest degree, reconciled to it by being to be sold at Calcutta. An advertisement to:d, that the French press is still as free of them was prepared for the news-paper as any other press upon the continent of at that place and actually inserted; but, Europe; because nothing will ever satisfy two of them being of a political nature, me short of the liberty of writing and the person who inspected the press, crossed publishing whatever I can prove to be them out, thereby, of course, preventing true, subject to the payment of damages, them from being advertised. And what perhaps, for any real injury, that I may do works, reader, do you think these might by maliciously publishing even truth rebe? No other than Lord Grenville's Speech specting private persons and respecting the public, having no weight either of family or of character, conscious that they must be despised by all men of talents and hated by all the rest of the nation for their oppressions, seeing the necessity of stifling the voice of free discussion, and yet too cowardly to make an open and avowed attack upon the press; such men, under the hypocritical pretence of suffering a free press; would, in all likelihood, take off Napoleon's Imprimatur, would repeal his decree, but would take care, by the means of chicane, to stifle, or, at least, nearly stifle, every part of the press, not devoted to themselves.Therefore, though I very much disapprove of Napoleon's decree, and never wish to live under the operation of such a decree, I can conceive a state of things infinitely worse; infinitely more hostile to TRUTH, and, of course, more hostile to public virtue, to all virtue, to all honour, to every good feeling of the heart, and, of course, to the freedom and happiness of the people at large. matters in which the public can have nothing but what they had plundered from interest. I am not decidedly of opinion, that, even in such cases, the publication of truth should subject the party to any sort of punishment. To publish truth maliciously is, like all private scandal, a moral offence; but, I am not decided, that it ought to be, in any way, punishable by law; because such law, explain it how you will, is still a law against truth.--In the proceedings upon the trial of JOHN PETER ZWINGER, in the State of New York, while that State was under the crown of England, is contained in my view of the matter, the true doctrine of the liberty of the press. His advocate, a Mr. Hamilton from Philadelphia, contended, that to be punishable in any way, the thing published must be false; and, upon this ground ZWINGER, to the great honour of the State, was acquitted. In most of the American States the other principle has been acted upon, and, in many cases, most shamefully stretched; but, in the State of New York, the spirit of freedom, as to the press, has always been alive; and, since I left America, an Act of that State, has, I hear, been passed, expressly declaring, that, in all cases of libel, the truth shall be given in evidence, and, if established, shall be admitted as a complete justification; which, indeed, seems nothing more than to say, that the law, shall not set its face against truth.Nothing will ever satisfy me short of this, and, therefore, I stood in no need of hav. ing read MILTON's famous argument against an Imprimatur, to make me dislike a regulation, such as that now adopted in France. But, still, I say, that to live under this regulation is far preferable to that of living under a system of "berty of the press," such as that described in my motto, where the " liberty" is all on "one side;" and, bad as the regulation in question is, in many respects, it is not half so mischievous nor half so degrading to the nation and to those who use the press in particular, as would be a thing called the liberty of the press," but, in fact, a mode of deceiving by the press, such as one may easily suppose possible to exist in a country ike France. Suppose, for instance, Napoleon were to die, and the government were again to assume a sort of mixty-maxty form under the name of Republic, or, no matter what; and that a set of mercenary, mean, malignant men were to get hold of the reins of government such men, possessing no DESERTIONS FROM THE ARMIES.There have, as the reader must have seen, been constant endeavours made of late, to excite a belief, that the armies of Napoleon, serving in Spain and Portugal, have been greatly wasted by desertion; and, indeed, that the armies are become greatly disaffected towards him. Would it were so! But, there is great mischief in encouraging the belief, if the fact be untrue; because, in such case, that belief must end in disappointment, and every disappointment is productive of a want of confidence in future. To encourage the entertaining of hopes that have no foundation, in whatever way this may be done, whether by falshood in words, or in effect, comes under the moralist's definition of lying or criminal falshood, one of the consequences of which always is, to destroy, or to weaken, future confidence.-In consequence of some statements made in one of our principal daily prints, THE TIMES, and one of our prints which is certainly conducted with the greatest degree of ability as well as of candour; in consequence of some statements made in this print, relative to the prospect of affairs in Spain and Portugal, into which statements were introduced some remarks respecting the alledged great desertions from, and disaffection in, the French armies, and also relative to the comparative valour of the soldiers of the 1 this abuse should do any harm to Napoleon; that it should do any good to our cause; that it may do that cause much and lasting injury; and, which is a consideration that ought to have peculiar weight, that it may tend to render worse the lot of our unfortunate countrymen, who are captives in France, where shall we find words to express our reprobation of this abuse? -This writer and his fellowlabourers take as an admitted fact, that Napoleon reads their productions. Either they believe what they say, or they do not. If the latter, I need not characterize them and, if the former, can they suppose that their writings must not tend to English; especially when they, at the same time, charge him with being under the dominion of passion, and addicted to every species of vindictiveness and barba two nations; in consequence of these statements, the MONITEUR, of a date not many days after, put forth the commentary which will be found inserted, together with the statement of THE TIMES, immediately after this Summary.Here the reader will hear both sides; and, if he divests his mind of all desire to be duped, of all the “fashionable world's" polite taste for deception, he will very easily, as he proceeds, brush aside the exaggeration and falshood, and cull out the truth, without any assistance from me, or from any one else. -A remark or two, however, I must offer upon what the print of the "fashionable world" has said upon the subject.In the first place, with a de-irritate him against every thing that is gree of ridiculousness hardly to be supposed possible, it ascribes this long commentary to Napoleon's own pen, and, not seeming to think that its readers will not doubt the fact, it goes on in its remarks ac-rity?. cordingly, actually appearing to look upon itself as engaged in a literary controversy with him, who, unfortunately, is the ruler of all Europe, these islands excepted! To conceit themselves the equals of kings and emperors has, in all ages, I believe, been amongst the most prominent and most certain symptoms of the unhappy malady of madmen. Having, thus without the least ceremony, got into a personal dispute with Napoleon, this editor, whose time is devoted to the entertainment and instruction of "the fa"shionable world," sets on upon his work of answering Napoleon with calling him all manner of bad names; and having decked him out as “a vile, buse, savage, loathsome, cruel, infamous, upstart tyrant," he answers the assertions, which he ascribes to him, by telling him, that " he is a liar.” -Such is the language of the instructor of our "fashionable world; upon which language we will stop here and make a remark or two. Some character in some play that I have read, exclaims: "Oh! " for a curse to kill with!" Whatever one may think of the charity or the manliness of this wish, there is certainly some sense in it. It is not nonsense. And, if the Morning Post could kill, or even wound; if it could destroy or enfeeble, our great and mortal enemy by its abuse, and if that abuse, like the stink-pots used of old, were efficacious in proportion to its quantity, we might wish this editor success, though we declined, even with such an end in view, to participate in his labours. But, when we reflect, that it is impossible that Let those of "the fashionable world," who have kindred and friends. in the power of Napoleon, reflect a little, then, upon the possible consequences of being the patrons and patronesses of this self-degrading and mischievous abuse. ་ -To return to the controversy with the MONITEUR, the point upon which our editor for the polite world gives the French print the "lie direct," is, the enlistment of English captive soldiers into the armies of France. The Moniteur, as will be seen by a reference to the close of the article taken from it, asserts, that some thousands of our men, who were prisoners of war in France, have actually enlisted into the French army. To disprove this the "fa"shionable world's" print calls the Moniteur" a liar," as (the reader will see) the MONITEUR had called the COURIER. -But, though there is little difference here in point of language, there is a good deal, I am afraid, in point of fact; for, the assertion of the COURIER appears to have been wholly false; totally destitute of truth; a pure invention; while, there is but too much reason to fear, that the "lie" has been given to the MONITEUR, with, at least, no certainty of its having asserted a falshood; and even with some reason to suppose that its assertion was true. For, in the month of November last, there was published in the Morning Chronicle, a letter from a Gentleman just returned from France, the author of which letter was said to be known to the editor, the veracity of which letter the editor answered for, and which letter contained the following passage; |