CHAPTER XIX.
NATIONAL DEBT A MORTGAGE ON REALISED PROPERTY.
Necessity for Adjustment of Public and Private Debts—Their overwhelming
Burden must result in Civil War—Third Resolution the only Remedy—Opinion
of Cobbett—Enormous Increase of Debt through Improvements in
Manufactures—Only just Claims of Public and Private Creditors.
Resolution No. 3 of the League proposes an equitable settlement of questions of grave moment—of questions which will ere long be settled by force out of doors, unless Parliament adjusts them within by fair legislation. It is to the following effect:—
"Pending the operation 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 bonâ 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 hence-*forward held responsible for both capital and interest. At all events, the industrious classes should not be held answerable for it, seeing 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 the mortgagees."
The questions here dealt with are those which, in all probability, are destined to involve England in the great European revolution. If not adjusted somehow in an early session of parliament, we predict they will cause a civil war between the agriculturists and the town "interests"—between the men of acres and the fund and money lords. And should that war ensue, it will merge into a general social war of classes, in the progress of which all will be losers, but the final issue of which will be the extinction of "vested interests" and the proscription of all who would maintain them. Resolution No. 3 is intended to avert such a catastrophe for the sake of all parties. Let us see if we are just in our demands.
The Public Debt is estimated, in round numbers, at £800,000,000.
