(38)
Let us further consider, that if our taxes were now all to be paid into the Exchequer at once, and on the same day, there would not on that day be left a single shilling in circulation for the wants and transactions of the country: whereas if a similar regulation had been in force in 1790, though all the taxes had then been paid in on the same day, there would have remained a greater sum in circulation than the whole amount of Bank Notes at present outstanding, and which has been so absurdly stated as a grievance and an excess.
Let us also reflect, that in 1790 our taxes were in proportion to our income as 1 to 5; whereas at present they are only in proportion to our income as 1 to about 5⅓; and if taxes seem to press upon the kingdom so much more heavily at present than in 1790, may it not arise from the facility of paying them being diminished by the comparative deficiency of our currency?—If our currency were extended to the same proportion with our income and taxes, as we enjoyed in 1790, and if a more judicious repartition of our taxes were made, might not the Nation hope to enjoy as much ease in every respect as before the war?—I know not why the country is to be sacrificed to a pernicious and chilling system, founded on the assumption of an excess in the issue of Bank Paper, which is demonstrated to be unfounded, and a system too which is utterly incompetent to produce its object? When I advert to the comparative burthens and abilities of the country before the war and at present, according to the views I have taken, I cannot but indulge a gratifying hope of increasing prosperity and diminished incumbrances, provided the government will continue uniformly an encouraging and protecting policy, and pot suffer to be introduced a principle of impoverishmentunder
