Chronicles and characters of the stock exchangeFrancis, John, of the Bank of England
History
Chronicles and characters of the stock exchange
Francis, John, of the Bank of England
Speculation; Stock Exchange (London, England)
Mr. Henley, a few months ago, brought forward a motion to deduct ten
per cent. from all official salaries, and the motion was deservedly
negatived. But such motions, when meant to meet a great difficulty,
are too contemptible to notice; and would only pauperize the feelings
of those who are already almost pauperized in purse. Let Mr. Henley
think of the salaries paid at the Custom-House, the Post-Office, and
Somerset House, before he again introduces a proposal on a principle
so broad that it is unworthy a statesman, and insulting to an
educated, an intelligent, and a trustworthy class.
To reduce or pay off the national debt may be gigantic, but it is not
impossible; and the writer closes the present chapter with a review
of some of the proposals which have been laid before the public.
In 1715, a pamphlet was published, entitled, “A Method that will
enable the Government to pay off that Part of the Public Debt which
is redeemable by Parliament,” by which twenty-one millions were to
be paid in seventeen years, by bills of credit without interest.
Soon after the accession of the present royal family, Mr. Archibald
Hutcheson presented a plan which excited much attention at the
time, and is well entitled to recapitulation; and his principal
propositions were,—
1. That the sums severally assessed on the lands of Great Britain
for the land-tax of 1713 be made payable as a rent-charge in fee for
ever, out of the several respective lands, redeemable at any time by
the proprietors paying twenty-two years’ purchase.
2. That the said rents, or the money raised by redemption or
assignments of the same, be applied to the discharge of the public
debt.
3. That one tenth part of all annuities for life, and all other rents
issuing out of the aforesaid lands, and of all sums of money secured
by mortgage, and of all other debts which affect lands, be entirely
remitted to their respective proprietors.
4. That the proprietors of such land be empowered to sell so much
of them as shall be sufficient to redeem the aforesaid respective
rent-charges.
5. That one tenth part of all the debts secured by public funds be
remitted.
6. That one tenth part of all the other net personal estates of all
the inhabitants of Great Britain, which affect land and public funds,
be applied to the payment of the public debt.
7. That 2_s._ in the pound be made payable yearly out of the salaries
and perquisites of all offices and places.
8. That the legal interest be reduced to four per cent. per annum.
Public-domain text, read in full here on John Shaqi.
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