"3. Pending the operations of these measures, it is desirable to mitigate the burdens of taxation and of public and private indebtedness upon all classes who suffer thereby,—the more especially as these burdens have been vastly aggravated by the recent monetary and free trade measures of Sir Robert Peel. To this end, the Public Debt and all private indebtedness affected by the fall of prices should be equitably adjusted in favour of the debtor and productive classes, and the charges of Government should be reduced upon a scale corresponding with the general fall of prices and of wages. And, as what is improperly called the National Debt has been admitted, in both Houses of Parliament, to be in the nature of a bona fide mortgage upon the realised property of the country, it is but strict justice that the owners of this property, and they only, should be henceforward held responsible for both capital and interest. At all events, the industrious classes should not be held answerable for it, seeing that the debt was not borrowed by them, nor for them, nor with their consent, and that even had it been so, they have had no assets left them for the payment of it. Moreover, the realised property of this country, being estimated at eight times the amount of the debt, the owners or mortgagers have no valid excuse or plea to offer on the score of inability, for refusing to meet the claims of their mortgagees.
"4. The gradual resumption by the State (on the acknowledged principles of equitable compensation to existing holders or their heirs) of its ancient, undoubted, inalienable dominion and sole proprietorship over all lands, mines, turbaries, fisheries, &c., of the United Kingdom and our Colonies; the same to be held by the State, as trustees in perpetuity for the entire people, and rented out to them in such quantities and on such terms as the law and local circumstances shall determine;—because the land, being the gift of the Creator to ALL, can never become the exclusive property of individuals; because the monopoly of the land in private hands is a palpable invasion of the rights of the excluded parties, rendering them more or less the slaves of landlords and capitalists, and tending to circumscribe or annul their other rights and liberties; because a monopoly of the earth by a portion of mankind is no more justifiable than would be the monopoly of air, light, heat, or water; and because the rental of land (which justly belongs to the whole people) would form a national fund adequate to defray all charges of the public service, execute all needful public works, and educate the population, without the necessity for any taxation.
"5. That, as it is the recognised duty of the State to support all those of its subjects who from incapacity or misfortune are unable to procure their own subsistence, and as the nationalization of landed property would open up new sources of occupation for the now surplus industry of the people (a surplus which is daily augmented by the accumulation of machinery in the hands of the capitalists), the same principle which now sanctions a public provision for the destitute poor should be extended to the providing a sound system of National Credit, through which any man might (under certain conditions) procure an advance from the national funds arising out of
