Note (return) — GREAT BRITAIN AT THE COMMENCEMENT OF THE YEAR 1843.

"I will now state what is the measure which I propose, under a sense of public duty, and a deep conviction that it is necessary for the public interest; and impressed at the same time with an equal conviction"—[mark, by the way, the exquisite judgment with which this suggestion was here thrown in!]—"that the present sacrifices which I call on you to make, will be amply compensated, ultimately, in a pecuniary point of view, and much more than compensated, by the effect which they will have in maintaining public credit and the ancient character of this country. Instead of looking to taxation on consumption—instead of reviving the taxes on salt or on sugar—it is my duty to make an earnest appeal to the possessors of property, for the purpose of repairing this mighty evil. I propose, for a time at least, (and I never had occasion to make a proposition with a more thorough conviction of its being one which the public interest of the country required)—I propose that, for a time to be limited, the income of this country should be called on to contribute a certain sum for the purpose of remedying this mighty and growing evil, ... should bear a charge not exceeding 7d. in the pound, which will not amount to 3 per cent, but, speaking accurately, L.2, 18s. 4d. per cent—for the purpose of not only supplying the deficiency in the revenue, but of enabling us, with confidence and satisfaction, to propose great commercial reforms, which will afford a hope of reviving commerce, and such an improvement in the manufacturing interests as will re-act on every other interest in the country; and by diminishing the prices of the articles of consumption and the cost of living, will, in a pecuniary point of view, compensate you for your present sacrifices; whilst you will be, at the same time, relieved from the contemplation of a great public evil."4