- right plunder taken from the industrious and given to the idle and
useless.
Not even at the expense of the owners of realised property are the fundholders entitled to any such advantage. They are entitled to their own (to receive it from the proper parties, the borrowers), but they have no just claim for more than their own. What was borrowed should be paid back, and no more. Peel's measures give them thrice their own, while they work in an opposite direction against land and labour. Let there be a fair adjustment, then. Let the £800,000,000 of capital be reduced according to the change in the value of money and the fall in prices, and let the owners of every description of property be made to pay their equitable share of the adjusted burden; but on no account let another shilling of taxes be raised on account of the debt. No doubt the Chartists will have an eye to this when their day comes; and it is coming fast.
Private obligations affected by Peel's measures should be adjusted upon the same principle as the public debt. Not to do so is to rob one class to enrich another: to persevere in such a course is to invite convulsion. Law is intended to protect property for all; not to create property for any. To pervert it from this, its legitimate function, into an instrument of rapine for the injury and ruin of those it should shield is to arm the nation against the law. This is the very effect Peel's measures are now producing. Hence the necessity for a timely adjustment. The Act of 1819 ought to have provided against any such necessity; and when he introduced his free-trade measures in 1846, he ought to have made provision in his Acts that all public and private liabilities, involving fixed money payments, should be dischargeable only upon a reduced scale to be calculated upon the general fall of prices. Upon this principle all mortgages, leases, contracts, &c., would be open to easy readjustment, and the whole of our taxation might be reduced upon a scale corresponding with the fall of prices, without any necessity for a fresh enactment on the subject. If prices fell one-third, upon the average, all salaries, pensions, &c., would be reduced one-third; and the same in respect of public and private debts, mortgages, leases, &c. As it is, we see no remedy for the mischief but what is pointed out in our third resolution. We said so before Peel's measure became law; and some of the ablest and most experienced men in the kingdom have since publicly expressed a similar opinion.
But enough on the provisional or palliative measures that are needful ere the four resolutions, embodied in the succeeding chapters, shall have had time to operate a full reform of our present iniquitous agrarian and commercial laws and institutions.
