Excerpt from Enquiry Into the Expediency and Practicability of Reducing the Interest on the National Debt: And a Plan for Effectuating That Measure, With the Concurrence of the Fundholders
To the paper system, but unfortunately that cannot be done without again alter ing the value of every commodity, and disordering every private contract now ex isting; the only remedy is to adapt our expenditure to the altered circumstances, and if a Sovereign in Gold be equal to thirty shillings in Paper-money, to spend only 20 shillings where we before spent 30 shillings. Partial reductions in the' Public expenditure have already been made without producing any sensiblei're lief, and it seems now to be generally felt that some plan must be resorted to for reducing the heaviest of our burthens the interest on the Debt, which, (including the charge for emancipating the Slaves, ) is about 99 Millions, or Two-thirds ofthe whole Public Expenditure!
The Fundholders have benefitted greatly by the change in the Currency.
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